DHL 2014 Annual Report Download - page 56
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e decline in operating provisions is due to the reversal of restructuring provisions
in the Express division, amongst other factors. e increase in other non-current assets
and liabilities contributed to the rise in the net asset base.
. Net asset base (non-consolidated)
m 31 Dec. 2013
adjusted 1
31 Dec. 2014 + / – %
Intangible assets and property, plant and equipment 18,681 19,540 4.6
Net working capital – 681 – 512 –24.8
Operating provisions (excluding provisions for pensions
and similar obligations) –2,654 –2,505 –5.6
Other non-current assets and liabilities –16 –8 – 50.0
Net asset base 15,330 16,515 7.7
1 Prior-period amounts adjusted due to a revised calculation basis.
Financial position
. Selected cash flow indicators
m 2013
adjusted 1
2014
Cash and cash equivalents as at December 3,414 2,978
Change in cash and cash equivalents 1,114 –395
Net cash from operating activities 2,989 3,040
Net cash used in investing activities –1,765 –1,087
Net cash used in financing activities –110 –2,348
1 Note .
Financial management is a centralised function in the Group
e Group’s nancial management activities include managing cash and liquidity; hedg-
ing interest rate, currency and commodity price risk; arranging Group nancing; issuing
guarantees and letters of comfort and liaising with rating agencies. We steer processes
centrally, which allows us to work eciently and successfully manage risk.
Responsibility for these activities rests with Corporate Finance at Group headquar-
ters in Bonn, which is supported by three Regional Treasury Centres in Bonn (Germany),
Weston and Singapore. ese act as interfaces between headquarters and the
operating companies, advise the companies on all nancial management issues and
ensure compliance with Group-wide requirements.
Corporate Finance’s main task is to minimise nancial risk and the cost of capital,
whilst preserving the Group’s continuous nancial stability and exibility. In order to
maintain its unrestricted access to the capital markets, the Group continues to aim for a
credit rating appropriate to the sector. We therefore monitor the ratio of our operating
cash ow to our adjusted debt particularly closely. Adjusted debt refers to the Group’s net
debt, allowing for unfunded pension obligations and liabilities under operating leases.
Deutsche Post Group — Annual Report
50