DHL 2012 Annual Report Download - page 53

Current and non-current liabilities declined by , million to , million.
It was mainly the sale of the remaining Postbank shares and the repayment of a bond
that fell due in October that reduced current nancial liabilities by , million to
 million. By contrast, non-current nancial liabilities increased to , million,
mainly as a result of the issuance of several bonds with a total volume of , mil-
lion and a convertible bond in the amount of  million. Overall nancial liabilities
were , million lower than at  December , at , million. Trade payables
were reduced by  million to , million. In addition, other current liabilities
declined by  million to , million. Current and non-current provisions fell
from , million to , million, mainly because pension provisions were utilised
to fund pension obligations. We also reassessed and utilised restructuring provisions
recognised in previous years. Further provisions were utilised in connection with the
additional  payment.
Net debt amounts to , million
As at  December , our net debt amounted to , million. Our net liquid-
ity of  million as at  December  was reduced in particular by the dividend
payment ( million), the prepaid annual contribution to Bundes-Pensions-Service
( million), the additional  payment ( million) and the amount demanded
as repayment of state aid that was transferred to a trust account ( million). In ad-
dition, the funding of pension obligations increased non-current liabilities. e equity
ratio improved by . percentage points to . , primarily due to the disposal of Post-
bank. Net interest cover shows the extent to which net interest obligations are covered by
. is indicator fell from . to ., mainly because of the interest expense from
the additional  payment. Net gearing was .  at  December .
. Net liquidity (–) / net debt (+)
 m
2011 2012
Non-current financial liabilities 1,346 4,399
Current financial liabilities 5,588 377
Financial liabilities 6,934 4,776
Cash and cash equivalents 3,123 2,400
Current financial assets 2,498 252
Long-term deposits 1 56 57
Positive fair value of non-current financial derivatives 1 94 115
Financial assets 5,771 2,824
Financial liabilities to Williams Lea minority shareholders 36 0
Mandatory exchangeable bond 2 2,926 0
Collateral for the put option 2 1,298 0
Net effect from measurement of Postbank derivatives 3 2,159 0
Non-cash adjustments 2,101 0
Net liquidity (–) / net debt (+) –938 1,952
1 Reported in non-current financial assets in the balance sheet.
2 Reported in current financial liabilities in the balance sheet.
3 Reported in current financial assets and liabilities in the balance sheet.
Deutsche Post DHL Annual Report 
Group Management Report
Economic Position
Assets and liabilities
49