DHL 2014 Annual Report Download - page 180

. Authorisation to acquire treasury shares
In nancial year , use was made of the authorisation to acquire
treasury shares granted until  April  by the Annual General
Meeting on  April  and extended on  May . e
Annual General Meeting on  May  resolved to revoke the
authorisation as of the eective date of the new authorisation. By
way of a resolution adopted by the Annual General Meeting on
 May , the company continues to be authorised to acquire
treasury shares in the period to  May  of up to   of
the share capital existing when the resolution was adopted. e
author isation permits the Board of Management to exercise it for
every purpose permitted by law, and in particular to pursue the
goals mentioned in the resolution by the Annual General Meeting.
Treasury shares acquired on the basis of the authorisation,
with shareholders’ subscription rights disapplied, may continue
to be used for the purposes of listing on a stock exchange outside
Germany. In addition, the Board of Management remains author-
ised toacquire treasury shares using derivatives.
As part of the Share Matching Scheme, Deutsche Post 
issued a total of ,, shares to executives in the current nan-
cial year. To this end, , shares were acquired on the market
for a total of  million in the rst quarter of . e average
purchase price per share was .. A further , shares were
acquired for a total of  million and an average purchase price
per share of . in the second and third quarter. Furthermore,
, shares that were required in addition, were bought for a pur-
chase price per share of . in the fourth quarter.
e treasury shares acquired to settle the  tranche of the
Share Matching Scheme for executives due in  (shares allo-
cated to participating executives) were purchased for a total price
of  million. e average purchase price per share was ..
As at  December , Deutsche Post  held ,,
treasury shares.
. 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.
Corporate capital
 m
2013 2014
Total financial liabilities 5,896 5,080
Less cash and cash equivalents –3,414 –2,978
Less current financial assets –821 –351
Less long-term deposits – 55 – 60
Less non-current derivative financial instruments –107 –192
Net debt 1,499 1,499
Plus total equity 10,034 9,580
Total capital 11,533 11,079
Net gearing ratio () 13.0 13.5
 Capital reserves
An amount of  million was transferred to the capital reserves
in the period up to  December . Of this amount,  mil-
lion was attributable to the Share Matching Scheme ( Decem-
ber :  million),  million to the Performance Share Plan
and  million and  million to the capital increases; Note .
Capital reserves
 m
2013 2014
At  January 2,254 2,269
Addition / issue of rights under Share Matching
Scheme
 tranche 1 1
 tranche 3 4
 tranche 4 4
 tranche 17 4
 tranche 10 21
 tranche 0 10
Total additions 35 44
Exercise of rights under Share Matching Scheme
 tranche – matching shares 0–8
 tranche – investment and incentive shares –20 0
 tranche – investment and incentive shares 0 –23
Total exercised –20 –31
Total for Share Matching Scheme 15 13
Addition / issue of rights under Performance Share
Plan
 tranche 0 3
Capital increases 0 54
Capital reserves at  December 2,269 2,339
e exercise of the rights to shares under the  and 
tranches reduced the capital reserves by  million (previous year:
 million for the  tranche) due to the issuance of treasury
shares in this amount to the executives.
On issue of the convertible bond on Deutsche Post  shares,
the conversion right in the amount of  million was recognised
in capital reserves; Note .
 Other reserves
 m 1 Jan. 2013
adjusted 1
2013
adjusted 1
2014
  revaluation reserve 3 2 0
  revaluation reserve –1 68 170
  hedging reserve –7 37 –28
Currency translation reserve – 469 – 924 – 483
Other reserves – 474 – 817 –341
1 Note .
Deutsche Post  Group —  Annual Report
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