DHL 2014 Annual Report Download - page 198

Another large payment item, the dividend payment to the
shareholders of Deutsche Post , was up  million on the pre-
vious year at  million. e cash paid to acquire treasury shares
also rose, up from  million to  million, mainly due to the
repurchase of shares from the two capital increases to settle our
Share Matching Scheme. At  million, interest payments were
 million higher than in the previous year, primarily because in-
terest on the bonds issued in the previous year fell due for the rst
time in October.
. Cash and cash equivalents
e cash inows and outows described above produced cash
andcash equivalents of , million; Note . is represents
a year-on-year decline of  million.
OTHER DISCLOSURES
 Risks and financial instruments of the Group
. Risk management
As a result of its operating activities, the Group is exposed to nan-
cial risks that may arise from changes in exchange rates, commod-
ity prices and interest rates. Deutsche Post  Group manages
these risks centrally through the use of non-derivative and de-
rivative nan cial instruments. Derivatives are used exclusively to
mitigate non-derivative nancial risks, and uctuations in their
fair value should not be assessed separately from the underlying
transaction.
e Group’s internal risk guidelines govern the universe of
actions, responsibilities and necessary controls regarding the use
of derivatives. Financial transactions are recorded, assessed and
processed using proven risk management soware, which also
regularly documents the eectiveness of hedging relationships.
Portfolios of derivatives are regularly reconciled with the banks
concerned.
To limit counterparty risk from nancial transactions, the
Group may only enter into this type of contract with prime-rated
banks. e conditions for the counterparty limits individually
assigned to the banks are reviewed on a daily basis. e Group’s
Board of Management is informed internally at regular intervals
about existing nancial risks and the hedging instruments de-
ployed to mitigate them. Financial instruments are accounted for
and measured in accordance with  .
Information on risks and risk mitigation in relation to the
Group’s dened benet retirement plans can be found in Note ..
Liquidity management
e ultimate objective of liquidity management is to secure the sol-
vency of Deutsche Post  Group and all Group companies. Con-
sequently, liquidity in the Group is centralised as much as possible
in cash pools and managed in the Corporate Center.
e centrally available liquidity reserves (funding availabil-
ity), consisting of central short-term nancial investments and
committed credit lines, are the key control parameter. e target is
to have at least  billion available in a central credit line.
e Group had central liquidity reserves of . billion (pre-
vious year: . billion) as at  December , consisting of cen-
tral nancial investments amounting to . billion plus a syndi-
cated credit line of  billion.
e maturity structure of non-derivative nancial liabilities
within the scope of   based on cash ows is as follows:
Maturity structure of financial liabilities
 m
Less
than 1 year
More
than 1 year
to 2 years
More
than 2 years
to 3 years
More
than 3 years
to 4 years
More
than 4 years
to 5 years
More
than 5 years
At  December 
Non-current financial liabilities 82 99 854 580 1,070 2,206
Other non-current liabilities 0 2 2 2 1 154
Non-current liabilities 82 101 856 582 1,071 2,360
Current financial liabilities 353 0 0 0 0 0
Trade payables 6,922 0 0 0 0 0
Other current liabilities 342 0 0 0 0 0
Current liabilities 7,617 0 0 0 0 0
At  December  1
Non-current financial liabilities 82 156 233 849 662 3,379
Other non-current liabilities 0 11 3 3 2 130
Non-current liabilities 82 167 236 852 664 3,509
Current financial liabilities 1,306 0 0 0 0 0
Trade payables 6,358 0 0 0 0 0
Other current liabilities 346 0 0 0 0 0
Current liabilities 8,010 0 0 0 0 0
1 Prior-period amounts adjusted, Note .
Deutsche Post  Group —  Annual Report
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