DHL 2008 Annual Report Download - page 138

Deutsche Post World Net Annual Report 2008
 e following table shows the disposal and deconsolidation
e ects of fully consolidated companies.  ere were no signi cant
disposals in  nancial year .
Disposal and deconsolidation effects of fully consolidated companies
€ m
2007 2008
Disposal effects
Intangible assets 7 0
Property, plant and equipment 15 1
Non-current fi nancial assets 3 0
Inventories 1 0
Receivables and other assets 154 11
Receivables from fi nancial services 2,546 0
Cash and cash equivalents 47 2
IAS 39 reserves – 6 0
Provisions – 1,807 – 3
Trade payables and other liabilities – 139 – 8
Liabilities from fi nancial services – 31 0
Financial liabilities – 2 0
Deferred taxes, net – 6 0
Revenue 51 12
Effect of deconsolidation 456 – 1
Joint ventures
 e following table provides information about the balance
sheet and income statement items attributable to the signi cant joint
ventures included in the consolidated  nancial statements:
As at 31 December
€ m
2007 1) 2008 1)
BALANCE SHEET
Intangible assets 48 65
Property, plant and equipment 813
Receivables and other assets 93 37
Cash and cash equivalents 18 8
Trade payables and other liabilities – 93 – 37
Provisions – 2 – 2
Financial liabilities – 20 – 42
INCOME STATEMENT
Revenue 2) 352 208
Profi t from operating activities (EBIT) 19 8
1) Proportionate amounts.
2) Revenue excluding internal revenue.
 e consolidated joint ventures relate primarily to Express
Couriers Ltd. (New Zealand), Express Couriers Australia Pty Ltd. (Aus-
tralia) and Bahwan Exel  (Oman).  Logistics (China) Co. Ltd.,
China (formerly Exel-Sinotrans Freight Forwarding Co. Ltd.) was
included in the income statement items until March  inclusive.
Since April , it has been included in the consolidated  nancial
statements as a fully consolidated company.
Net assets
€ m Carrying
amount Adjustments 1) Fair value
Intangible assets 33 24 57
of which customer list 32 24 56
Property, plant and equipment 6 0 6
Current assets and cash
and cash equivalents 94 094
Current liabilities – 81 0– 81
Deferred taxes – 10 – 7 – 17
Total net assets (100 %) 42 17 59
Proportionate net assets acquired 21 930
1) Adjustments to customer relationships of € 12 million and adjustments to deferred taxes
of € 4 million relate to the 50 % interest held previously. These amounts were recognised in the
revaluation reserve (see Note 40.4).
 e remaining   of the shares of the company purchased
contributed   million to consolidated revenue.  e company has
signi cant service relationships with the Group. If the remaining  
of the shares had been acquired as at January , the company
would have contributed   million to consolidated revenue.
Insignifi cant acquisitions
During  nancial year , the Group also made further
acquisitions which neither individually nor in the aggregate had a
signi cant e ect on the Group’s net assets,  nancial position and
results of operations.
Insignifi cant acquisitions
€ m Fair value at the date
of acquisition 1)
ASSETS
Non-current assets 15
Current assets 46
Cash and cash equivalents 14
75
EQUITY AND LIABILITIES
Non-current liabilities – 6
Current liabilities – 44
– 50
Acquisition costs 83
Goodwill 58
1) Corresponds to the carrying amount.
 e insigni cant acquisitions contributed a total of   mil-
lion to consolidated revenue and  –  million to consolidated .
If all the companies had been fully consolidated as at January ,
the amounts would have changed only insigni cantly.
In  nancial year , a total of   million was spent on
acquiring subsidiaries, net of the cash and cash equivalents acquired
(previous year:   million).  e purchase prices of the acquired
companies were paid by transferring cash and cash equivalents. Fur-
ther details about cash  ows can be found in Note 50.
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