(54) Other financial obligations

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The following information was audited by PricewaterhouseCoopers.

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In addition to provisions, liabilities and contingent liabilities, there are other financial obligations amounting to €6,778 million (previous year: €5,028 million) from non-cancelable operating leases as defined by IAS 17. €2,049 million of this relates to the acquisition of Exel.

The Group’s future non-cancelable payment obligations under leases are attributable to the following asset classes:

Leases  
€m 2004 2005
     
Land and buildings 4,192 5,975
Technical equipment and machinery 121 209
Other equipment, operating and office equipment 449 402
Aircraft 266 192
  5,028 6,778

The acquisition of Exel led to an increase in non-cancelable payment obligations under leases for land and buildings of €1,918 million. Future payment obligations for technical equipment and machinery rose by €131 million due to the acquisition of Exel.

The maturity structure of future non-cancelable payment obligations from operating leases is presented below:

Minimum lease payments  
€m 2004 2005
     
Minimum lease payments    
Year 1 after reporting date 858 1,296
Year 2 after reporting date 743 1,008
Year 3 after reporting date 595 809
Year 4 after reporting date 491 708
Year 5 after reporting date 393 506
Year 6 after reporting date and thereafter 1,948 2,451
  5,028 6,778

The present value of discounted minimum lease payments is €5,368 million (previous year: €3,845 million), based on a discount factor of 4.55% (previous year: 5.0%). Overall, rental and lease payments of €1,615 million (previous year: €1,516 million) arose in 2005, of which €911 million (previous year: €918 million) relates to non-cancelable leases.

Future lease obligations from non-cancelable leases relate primarily to the following companies:

Future lease obligations  
€m 2004 2005
     
Deutsche Post AG/Deutsche Post Immobilien GmbH 2,230 1,976
Express and Logistics companies 1,959 2,080
Exel group n.a. 2,049
Other Group companies (including Deutsche Postbank group) 839 673
  5,028 6,778

The purchase obligation for investments in noncurrent assets amounted to €932 million.

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