| Cash flow statement (Postbank at equity) |  | |
|---|---|---|
| €m | 2004 | 2005 |
| January 1 to December 31 | restated | |
| Net profit before taxes1) | 1,869 | 2,663 |
| Net finance cost excluding net income from measurement at equity | 816 | 664 |
| Depreciation/amortization of noncurrent assets | 1,699 | 1,777 |
| Gains on disposal of noncurrent assets | –32 | –165 |
| Non-cash income and expense | 100 | 77 |
| Net income from measurement at equity1) | –350 | –330 |
| Change in provisions | –1,207 | –2,466 |
| Taxes paid | –45 | –260 |
| Net cash from operating activities before changes in working capital | 2,850 | 1,960 |
| Changes in working capital | ||
| Inventories | –9 | 17 |
| Receivables and other assets | –806 | –277 |
| Liabilities and other items | 543 | –43 |
| Net cash from operating activities | 2,578 | 1,657 |
| Proceeds from disposal of noncurrent assets | ||
| Divestitures | 1,535 | 1,142 |
| Other noncurrent assets | 534 | 521 |
| 2,069 | 1,663 | |
| Cash paid to acquire noncurrent assets | ||
| Investments in companies | –767 | –4,135 |
| Other noncurrent assets | –1,662 | –1,905 |
| –2,429 | –6,040 | |
| Interest and dividends received | 240 | 226 |
| Postbank dividend | 589 | 137 |
| Current financial instruments | –112 | 154 |
| Net cash used in (previous year: net cash from) investing activities | 357 | –3,860 |
| Change in financial liabilities | 429 | –275 |
| Dividend paid to Deutsche Post AG shareholders | –490 | –556 |
| Dividend paid to other shareholders | 0 | –8 |
| Issuance of shares under stock option plan | 0 | 65 |
| Interest paid | –458 | –375 |
| Net cash used in financing activities | –519 | –1,149 |
| Net change in cash and cash equivalents | 2,416 | –3,352 |
| Effect of changes in exchange rates on cash and cash equivalents | –14 | –45 |
| Change in cash and cash equivalents due to changes in consolidated group | 46 | 0 |
| Cash and cash equivalents at January 1 | 2,333 | 4,781 |
| Cash and cash equivalents at December 31 | 4,781 | 1,384 |
| 1) | Prior-period amounts restated in accordance with the consolidated financial statements |
The cash flow statement including Postbank at equity is based on the consolidated financial statements including Postbank at equity. This means that the cash flows of Deutsche Postbank group are eliminated, but the cash flows between Deutsche Post World Net and Deutsche Postbank group are reincluded. In addition, net income from the measurement of Deutsche Postbank group at equity is included as non-cash income in net cash from operating activities. The dividend paid by Deutsche Postbank AG to Deutsche Post AG is included in cash flows from investing activities. All other items are treated in the same way as in the consolidated cash flow statement. Further disclosures relating to the cash flow statement can be found in note 50.
Bonn, February 15, 2006
Deutsche Post AG
The Board of Management