DHL 2014 Annual Report Download - page 65
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Net assets
. Selected indicators for net assets
31 Dec. 2013
adjusted 1
31 Dec. 2014
Equity ratio % 28.3 25.9
Net debt m1,499 1,499
Net interest cover 25.8 20.7
Net gearing % 13.0 13.5
to debt % 34.4 27.7
1 Note .
2 Calculation Financial position, page .
Consolidated total assets increased
e Group’s total assets amounted to , million as at December , , mil-
lion higher than at December (, million).
At , million, non-current assets were up on the previous year, increasing
markedly by , million. Intangible assets rose by million to , million:
in addition to advance payments for the project, this item increased primarily due
to the impact of foreign currency eects on goodwill. Property, plant and equipment
also rose by million to , million, driven primarily by investments in the
divisions. Non-current nancial assets rose from , million to , million, due
mainly to an increase in loans and receivables.
At , million, current assets were on a par with the previous year (, mil-
lion). Inventories declined by million to million. Current nancial assets
decreased signicantly by million to million, largely because we liquidated
short-term investments in money market funds and used them in part to repay a bond.
Trade receivables rose by million to , million, driven to a signicant extent
by revenue growth and currency eects. Other current assets also increased, rising by
million to , million. e reasons for the million decline in cash and
cash equivalents to , million are described in the section entitled Financial position.
Assets held for sale declined by million to million, mainly due to the completion
of the sale of a number of properties in Germany.
At , million, equity attributable to Deutsche Post shareholders was
million lower than at December (, million). Although consolidated
net prot for the period made a positive contribution, actuarial losses on pension
obligations and the dividend payment to our shareholders in particular led to a decrease
in equity.
Page f.
Deutsche Post Group — Annual Report
59
Group Management Report — REPORT ON ECONOMIC POSITION — Financial position — Net assets