Financial liabilities represent all interest-bearing obligations of Deutsche Post World Net not classified as liabilities from financial services.
|
|
| ||||||
|---|---|---|---|---|---|---|---|
|
€m |
2006 |
2007 | |||||
| |||||||
|
|
|
| |||||
|
Non-current financial liabilities |
|
| |||||
|
Bonds |
1,794 |
1,950 | |||||
|
Liabilities due to banks |
455 |
616 | |||||
|
Finance lease liabilities |
711 |
551 | |||||
|
Liabilities to Group companies |
30 |
42 | |||||
|
Other financial liabilities1) |
5,553 |
5,466 | |||||
|
|
8,543 |
8,625 | |||||
|
|
|
| |||||
|
Current financial liabilities |
|
| |||||
|
Bonds |
634 |
2 | |||||
|
Liabilities due to banks |
351 |
362 | |||||
|
Finance lease liabilities |
24 |
74 | |||||
|
Liabilities to Group companies |
28 |
23 | |||||
|
Other financial liabilities |
908 |
1,095 | |||||
|
|
1,945 |
1,556 | |||||
|
Financial liabilities1) |
10,488 |
10,181 | |||||
The decline in current liabilities is caused by the fact that on 4 October 2007 the five-year, fixed-income bond issued in 2002 by Deutsche Post Finance B.V. was repaid from operating cash flows in a principal amount of €636 million.
42.1 Bonds
The following table contains further details on the company’s bonds totalling €1,952 million (previous year: €2,428 million). The bonds issued by Deutsche Post Finance B.V. are fully guaranteed by Deutsche Post AG.
|
|
| |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
2006 |
2007 | |||||||||
|
|
Nominal coupon |
Issue volume |
Issuer |
Carrying amount €m |
Fair value |
Carrying amount €m |
Fair value | |||||||
|
Bond 2002/2007 |
4.25% |
€636 million |
Deutsche Post Finance B.V. |
634 |
637 |
0 |
0 | |||||||
|
Bond 2002/2012 |
5.125% |
€679 million |
Deutsche Post Finance B.V. |
692 |
706 |
677 |
686 | |||||||
|
Bond 2003/2014 |
4.875% |
€926 million |
Deutsche Post Finance B.V. |
960 |
948 |
952 |
916 | |||||||
|
Bond 2003 |
1.15% |
US$230 million |
DHL Holdings Inc., USA, via Kenton County Airport Board |
142 |
142 |
129 |
129 | |||||||
|
Bond 2007 |
variable |
US$270 million |
Wilmington Airpark LLC, USA, via Dayton-Montgomery County Port |
0 |
0 |
194 |
194 | |||||||
|
|
|
|
|
2,428 |
2,433 |
1,952 |
1,925 | |||||||
In April 2007 an interest-subsidised municipal bond of US$270 million was issued by the Dayton-Montgomery County Port Authority to finance the Wilmington Airpark LLC hub in Ohio, USA. The bond is tax exempt with a term of 30 years.
42.2 Due to banks
The following table contains the terms and conditions of significant individual contracts reported under amounts due to banks (€978 million; previous year: €806 million):
|
Terms and conditions |
| |||||||
|---|---|---|---|---|---|---|---|---|
|
|
|
|
2006 |
2007 | ||||
|
|
Interest rate |
Term |
Carrying amount |
Carrying amount | ||||
|
Deutsche Post International B.V., Netherlands |
4.923 |
Dec. 2011 |
125 |
112 | ||||
|
Deutsche Post International B.V., Netherlands |
3-month floater |
June 2011 |
72 |
57 | ||||
|
Deutsche Post International B.V., Netherlands |
5.81 |
Feb. 2011 |
51 |
34 | ||||
|
Deutsche Post AG, Germany |
4.565 |
Dec. 2010 |
0 |
200 | ||||
|
|
|
|
248 |
404 | ||||
The above-mentioned liabilities due to banks are fully guaranteed by Deutsche Post AG.
42.3 Liabilities from finance leases
Finance lease liabilities of €625 million (previous year: €735 million) mainly relate to the following items:
|
|
| |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
€m |
Leasing partner |
Interest rate |
Maturity |
Asset |
2006 |
2007 | ||||||
|
DHL Operations B.V., Netherlands |
Barclays Mercantile Business Financing Limited, London |
3.745% |
2027/2028 |
16 aircraft |
419 |
382 | ||||||
|
Deutsche Post AG, Germany |
T-Systems Enterprise Services GmbH, Deutschland |
– |
2011 |
IT equipment |
46 |
33 | ||||||
|
DHL Networks Operations Corp., USA |
Abx Air Inc., USA |
7.55% |
2010 |
59 aircraft |
26 |
18 | ||||||
The leased assets are recognised in property, plant and equipment at carrying amounts of €709 million (previous year: €808 million). The difference between the carrying amounts and the liabilities results from longer economic useful lives of the assets compared with a shorter repayment period for the rental. The notional amount of the minimum lease payments totals €1,084 million.
|
|
| |||
|---|---|---|---|---|
|
€m |
Present value |
Notional amount | ||
|
Less than 1 year |
74 |
56 | ||
|
1 to 2 years |
49 |
55 | ||
|
2 to 3 years |
32 |
72 | ||
|
3 to 4 years |
30 |
42 | ||
|
4 to 5 years |
26 |
35 | ||
|
More than 5 years |
414 |
824 | ||
|
Maturity structure of minimum lease payments in 2007 |
625 |
1,084 | ||
42.4 Other financial liabilities
|
|
| ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
€m |
|
2006 |
2007 | ||||||
| |||||||||
|
Subordinated debt |
Deutsche Postbank Group |
5,048 |
5,603 | ||||||
|
Loan from |
Deutsche Post AG |
0 |
347 | ||||||
|
Loan notes due to Exel’s existing shareholders |
Deutsche Post AG |
164 |
126 | ||||||
|
Loan from Bundes-Pensions-Service |
Deutsche Post AG |
800 |
42 | ||||||
|
Miscellaneous financial liabilities |
Other Group companies |
449 |
443 | ||||||
|
Other financial liabilities1) |
|
6,461 |
6,561 | ||||||
Subordinated debt of Deutsche Postbank Group relates to subordinated liabilities, hybrid capital instruments, profit participation certificates outstanding and contributions by typical silent partners. Due to the current residual maturity structure, only €3,521 million (previous year: €3,354 million) of these items represents liable capital as defined by the Basel Capital Accord. A total of €2,006 million (previous year: €1,668 million) of the subordinated debt is hedged against changes in fair value. €4.1 billion (previous year: €4.2 billion) of the subordinated debt bears fixed interest rates, whilst €1.6 billion (previous year: €0.8 billion) bears floating rates of interest.
