DHL 2011 Annual Report Download - page 65

Current and non-current liabilities increased by   million from  , million
to  , million, primarily because trade payables rose by   million to  , mil-
lion. At  , million, other current liabilities were slightly higher than the prior-year
 gure ( , million). At  , million,  nancial liabilities remained practically un-
changed from their level as at  December  ( , million). However, there was
a fundamental change in the maturity structure: the liabilities relating to the planned
Postbank sale were reclassi ed from non-current  nancial liabilities to current  nancial
liabilities, in line with the methodology applied to the related assets. Current and non-
current provisions were reduced from  , million to  , million, mainly due to
the utilisation of restructuring provisions.
Balance sheet indicators remain positive
Our net liquidity declined from  , million as at  December  to   mil-
lion as at  December , in part because cash paid to acquire property, plant and
equipment and intangible assets increased substantially to  , million (previous year:
 , million).  e equity ratio improved by . percentage points to . . Net inter-
est cover shows the extent to which net interest obligations are covered by .  is
indicator increased from . to .. As we have net liquidity, the informative value of
net gearing is limited. We therefore do not present or comment on it here.
. Net liquidity (–) / net debt (+)
m
2010 2011
Non-current fi nancial liabilities 6,275 1,346
Current fi nancial liabilities 747 5,588
Financial liabilities 7,022 6,934
Cash and cash equivalents 3,415 3,123
Current fi nancial assets 655 2,498
Long-term deposits 1 120 56
Positive fair value of non-current fi nancial derivatives 1 2,531 94
Financial assets 6,721 5,771
Financial liabilities to Williams Lea minority shareholders 28 36
Mandatory exchangeable bond 2 2,796 2,926
Collateral for the put option 2 1,248 1,298
Net effect from measurement of Postbank derivatives 3 2,389 2,159
Non-cash adjustments 1,683 2,101
Net liquidity (–) / net debt (+) −1,382 −938
1 Reported in non-current fi nancial assets in the balance sheet.
2 Reported in non-current or current fi nancial liabilities in the balance sheet.
3 Reported in non-current or current fi nancial assets and liabilities in the balance sheet.
Deutsche Post DHL Annual Report 
Group Management Report
Economic Position
Assets and liabilities
59