DHL 2013 Annual Report Download - page 209

Financial assets and liabilities are set o on the basis of net-
ting agreements (master netting arrangements) only if an enforce-
able right of set-o exists and settlement on a net basis is intended
as at the reporting date.
If the right of set-o is not enforceable in the normal course
of business, the nancial assets and liabilities are recognised in the
balance sheet at their gross amounts as at the reporting date. e
master netting arrangement creates a conditional right of set-o
that can only be enforced by taking legal action.
To hedge cash ow and fair value risks, Deutsche Post 
enters into nancial derivative transactions with a large number
of nancial services institutions. ese contracts are subject to
a standardised master agreement for nancial derivative trans-
actions. is agreement provides for a conditional right of set-o,
resulting in the recognition of the gross amount of the nancial
derivative transactions at the reporting date. e conditional right
of set-o is presented in the table.
Settlement processes arising from services related to postal
deliveries are subject to the Universal Postal Convention and the
 Agreement. ese agreements, particularly the settlement
conditions, are binding on all public postal operators for the spec-
ied contractual arrangements. Imports and exports between
two parties to the agreement during a calendar year are oset in
an annual statement of account and presented on a net basis in
the nal annual statement. e nal statement is prepared by the
creditor. Receivables and payables covered by the Universal Postal
Convention and the  Agreement are presented on a net basis
at the reporting date. e tables above show the receivables and
payables before and aer osetting.
 Contingent liabilities
e Group’s contingent liabilities total , million (pre-
vious year: , million).  million of the contingent liabil-
ities relates to guarantee obligations (previous year:  mil-
lion),  million to warranties (previous year:  million)
and  million to liabilities from litigation risks (previous year:
 million).
e other contingent liabilities declined by  million, from
 million in the previous year to  million.
 Other financial obligations
In addition to provisions, liabilities and contingent liabilities,
there are other nancial obligations amounting to , million
(previous year: , million) from non-cancellable operating
leases as dened by  .
e Group’s future non-cancellable payment obligations
under leases are attributable to the following asset classes:
Lease obligations
 m
2012 2013
Land and buildings 5,100 4,966
Aircraft 647 524
Transport equipment 450 512
Technical equipment and machinery 65 67
Other equipment, operating and oce equipment 48 47
 equipment 15 13
Lease obligations 6,325 6,129
e decrease in lease obligations by  million to
, million is a consequence of the reduction in the remaining
terms of legacy agreements, especially for real estate and aircra
which, in the main, are not matched by the same volume of new
leases.
Maturity structure of minimum lease payments
 m
2012 2013
Less than  year 1,504 1,465
More than  year to  years 1,107 1,109
More than  years to  years 837 853
More than  years to  years 642 651
More than  years to  years 500 475
More than  years 1,735 1,576
6,325 6,129
e present value of discounted minimum lease payments is
, million (previous year: , million), based on a discount
factor of .  (previous year: . ). Overall, rental and lease pay-
ments amounted to , million (previous year: , million),
of which , million (previous year: , million) relates to
non-cancellable leases. , million (previous year: , mil-
lion) of future lease obligations from non-cancellable leases is pri-
marily attributable to Deutsche Post Immobilien GmbH.
e purchase obligation for investments in non-current assets
amounts to  million (previous year:  million).
205Deutsche Post DHL 2013 Annual Report
Notes
Other disclosures
Consolidated Financial Statements