DHL 2009 Annual Report Download - page 150

Disposal and deconsolidation effects of fully consolidated companies
 m 2008 2009
Other
companies
Deutsche
Postbank
Group
Other
companies
Disposal effects
Intangible assets 0 – 4
Property, plant and equipment 1 – 12
Non-current fi nancial assets 0 – 10
Receivables and other assets 11 – 48
Assets held for sale1) 0 243,684 0
Cash and cash equivalents 2 – 7
Provisions –3 – – 4
Trade payables and other liabilities – 8 –– 43
Financial liabilities 0 – – 9
Liabilities associated with assets
held for sale1) 0 –238,734 0
Total consideration received 0 1,194 3
Deconsolidation gains / losses (–) –1 444 –22
 Data before deconsolidation.
Sale of Deutsche Postbank shares:  e transaction agreed for
the sale of  million Postbank shares ( rst tranche) to Deutsche
Bank  closed on  February . Deutsche Bank  received a
.  interest in Deutsche Postbank  from Deutsche Post DHL
in return for  million Deutsche Bank shares from a capital in-
crease.  e Deutsche Bank  share package was sold on the
market in the period up to the beginning of July. Twenty- ve mil-
lion shares were fully collateralised using a forward and call / put
transaction.  e additional proceeds generated from this transac-
tion are due to Deutsche Bank  and have been deposited with
Deutsche Bank  as collateral. Settlement for the derivatives and
thus the release of the collateral will take place upon exercise of
the mandatory exchangeable bond in , see Note .  e sale of
the interest in Deutsche Postbank  a ected earnings in  by
  million.  is amount is contained in the pro t from discon-
tinued operations and in net  nance costs / net  nancial income. Of
this amount,   million is due to the deconsolidation gain.  e
remaining .  interest in Deutsche Postbank  is reported as an
equity-accounted investment under investments in associates. For
information on the other tranches, please refer to Note .
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  December
 m
20081) 20091)
 
Intangible assets 65 82
Property, plant and equipment 13 24
Receivables and other assets 37 50
Cash and cash equivalents 8 11
Trade payables, other liabilities –37 – 50
Provisions –2 – 4
Financial liabilities – 42 – 62
 
Revenue2) 208 211
Profi t from operating activities  8 8
 Proportionate single-entity fi nancial statement data.
 Revenue excluding intragroup revenue.
 e consolidated joint ventures relate primarily to Express
Couriers Ltd., New Zealand; Express Couriers Australia Pty Ltd.,
Australia; AeroLogic GmbH, Germany; and Bahwan Exel ,
Oman.
 Signifi cant transactions
In addition to the changes in the consolidated group cited in
Note , the following signi cant transactions a ected the Group’s
net assets,  nancial position and results of operations in  nancial
year :
As part of the sale of Deutsche Postbank shares, see Note ,
an additional interest of .  will be transferred to Deutsche
Bank  a er three years when a mandatory exchangeable bond on
Postbank shares becomes due (second tranche).  e mandatory ex-
changeable bond was issued by Deutsche Post  in February 
with a maturity of  months and fully subscribed by Deutsche
Bank .  e bond will be exercised through transfer of  million
Deutsche Postbank  shares.  e mandatory exchangeable bond
consists of an advance payment and a forward transaction and
must therefore be recognised as a prepaid forward transaction. As
at  December , a non-current liability of around  . billion
plus accrued interest expense of   million were recognised in
the balance sheet.  e embedded forward transaction is de nitely
excluded from the scope of   and must be recognised as an un-
completed transaction as at the reporting date. Recognition of the
forward transaction changes as of  January ; see Note .
In a third tranche, Deutsche Post  and Deutsche Bank 
have agreed on options for the sale / purchase of a further .  of
the Postbank shares.  ese derivatives cannot be exercised until
February  at the earliest.  e options are reported under non-
current  nancial assets (  million) and non-current  nancial
liabilities (  million). Net  nance costs / net  nancial income con-
tains gains of   million from changes in the fair value of the op-
tions.  e carrying amount of the options fell by   million due
to the increase in the price of Postbank shares between initial rec-
ognition of the options and the reporting date. Deutsche Bank 
provided collateral in the amount of around  . billion for the
purchase price of the remaining .  of Postbank shares, which
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Basis of preparation
133