DHL 2012 Annual Report Download - page 181

. Disclosures on corporate capital
e equity ratio was .  in nancial year  (previous
year: . ). e company’s capital is monitored using the net
gearing ratio which is dened as net debt divided by the total of
equity and net debt. In the previous year, the informative value of
this key gure was limited due to the company’s net liquidity and
was therefore not disclosed.
Corporate capital
 m
2012
Total financial liabilities 4,776
Less cash and cash equivalents 2,400
Less current financial assets 252
Less long-term deposits 57
Less non-current derivative financial instruments 115
Net debt 1,952
Plus total equity 12,164
Total capital 14,116
Net gearing ratio  13.8
 Other reserves
 m
2011 2012
Capital reserves 2,170 2,254
  revaluation reserve 90 –1
  hedging reserve –34 –7
  revaluation reserve 5 3
Currency translation reserve – 517 – 463
Other reserves 1,714 1,786
. Capital reserves
 m
2011 2012
Capital reserves as at  January 2,158 2,170
Share Matching Scheme
Addition / issue of rights
under Share Matching Scheme
 tranche 3 2
 tranche 17 4
 tranche 13 18
 tranche 0 10
Exercise of rights under Share Matching Scheme
 tranche –21 0
 tranche 0 –24
12 10
Conversion right 0 74
Capital reserves as at  December 2,170 2,254
An amount of  million ( December :  million)
was transferred to the capital reserves in the period up to  Decem-
ber  for the various tranches of the Share Matching Scheme.
e exercise of the rights to shares under the  tranche
in April  reduced the capital reserves by  million ( previous
year:  million for the  tranche) due to the issuance of treas-
ury shares in this amount to the executives.
On issue of the convertible bond on Deutsche Post  shares,
the conversion right was recognised in capital reserves; Note .
.   revaluation reserve
e revaluation reserve comprises gains and losses from
changes in the fair value of available-for-sale nancial assets that
have been recognised in other comprehensive income. is reserve
is reversed to prot or loss either when the assets are sold or other-
wise disposed of, or if the fair value of the assets falls signicantly
or permanently below their cost.
 m
2011 2012
As at  January 87 93
Currency translation differences 1 0
Unrealised gains / losses –8 –12
Share of associates 13 – 81
Realised gains / losses 0 0
Revaluation reserve as at  December before tax 93 0
Deferred taxes –3 –1
Revaluation reserve as at  December after tax 90 –1
.   hedging reserve
e hedging reserve is adjusted by the eective portion of a
cash ow hedge. e hedging reserve is released to prot or loss
when the hedged item is settled.
 m
2011 2012
As at  January –36 –39
Additions –4 –29
Disposals in balance sheet (basis adjustment) 0 6
Disposals in income statement 1 59
Hedging reserve as at  December before tax –39 –3
Deferred taxes 5–4
Hedging reserve as at  December after tax –34 –7
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Balance sheet disclosures
177