In addition to Deutsche Post AG, the consolidated financial statements for the period ended 31 December 2007 generally include all German and foreign operating companies in which Deutsche Post AG directly or indirectly holds a majority of voting rights, or whose activities it can in some other way control. The companies are consolidated from the date on which Deutsche Post World Net is able to exercise control.
The companies listed in the table below are consolidated in addition to the parent company Deutsche Post AG.
|
Consolidated group |
| |||
|---|---|---|---|---|
|
|
2006 |
2007 | ||
|
Number of fully consolidated companies (subsidiaries) |
|
| ||
|
German |
133 |
113 | ||
|
Foreign |
920 |
857 | ||
|
Number of proportionately consolidated joint ventures |
|
| ||
|
German |
2 |
1 | ||
|
Foreign |
6 |
12 | ||
|
Number of companies accounted for at equity (associates) |
|
| ||
|
German |
4 |
3 | ||
|
Foreign |
32 |
18 | ||
The list of the Group’s shareholdings in accordance with Section 313(2) Nos. 1 to 4 and (3) of the HGB is published in the Electronic Federal Gazette. In addition, a complete list of Deutsche Post AG’s shareholdings has been filed with the commercial register of the Bonn Local Court. A list of the significant subsidiaries, joint ventures and associates included in the consolidated financial statements is presented in Note 53.
The following table gives an overview of significant acquisitions required to be included and new company formations in financial year 2007:
|
Companies included for the first time |
| |||||||
|---|---|---|---|---|---|---|---|---|
|
|
Equity interest % |
Inclusion method |
Date of acquisition/ initial inclusion |
Notes | ||||
|
|
|
|
|
| ||||
|
|
|
|
|
| ||||
|
The Stationery Office Holdings Limited, United Kingdom |
100 |
Fully consolidated |
10 January 2007 |
Purchased | ||||
|
|
|
|
|
| ||||
|
EXPRESS |
|
|
|
| ||||
|
ASTAR Air Cargo Holdings LLC, USA |
49 |
Fully consolidated |
8 June 2007 |
Purchased | ||||
|
Polar Air Cargo Worldwide Inc., USA |
49 |
Measured using equity method |
25 June 2007 |
Purchased | ||||
|
AeroLogic GmbH, Germany |
50 |
Proportionately consolidated |
26 September 2007 |
Formed | ||||
|
|
|
|
|
| ||||
|
LOGISTICS |
|
|
|
| ||||
|
FC (Flying Cargo) International Transportation Ltd., Israel |
100 |
Fully consolidated |
31 December 2007 |
Purchased | ||||
|
|
|
|
|
| ||||
|
FINANCIAL SERVICES |
|
|
|
| ||||
|
Postbank Versicherungsvermittlung GmbH, Germany |
100 |
Fully consolidated |
8 May 2007 |
Formed | ||||
The following disposal and deconsolidation effects from fully consolidated companies have been determined:
LOGISTICS
In March 2007, Deutsche Post World Net sold 100% of the shares of Vfw AG, Germany. This resulted in a deconsolidation gain of €59 million, which was reported in other operating income.
FINANCIAL SERVICES
In addition, BHW Lebensversicherung AG, including its special funds, and the 50% interests in PB Versicherung AG and PB Lebensversicherung AG were sold effective 30 September 2007. The gain on deconsolidation amounted to €391 million and was reported in other operating income.
EXPRESS
In October 2007, DHL EXPRESS sold Dedicated Distribution Services B.V., the Netherlands, and Van Osselaer-Pieters Colli Service B.V.B.A., Belgium, to Österreichische Post AG. The transaction gave rise to a gain on deconsolidation amounting to €7 million.
|
Disposal and deconsolidation effects of fully consolidated companies |
| |
|---|---|---|
|
€m |
2007 | |
|
Disposal effects |
| |
|
Intangible assets |
7 | |
|
Property, plant and equipment |
15 | |
|
Non-current financial assets |
3 | |
|
Inventories |
1 | |
|
Receivables and other assets |
154 | |
|
Receivables from financial services |
2,546 | |
|
Cash and cash equivalents |
47 | |
|
IAS 39 reserves |
–6 | |
|
Provisions |
–1,807 | |
|
Trade payables and other liabilities |
–139 | |
|
Liabilities from financial services |
–31 | |
|
Financial liabilities |
–2 | |
|
Deferred taxes, net |
–6 | |
|
Revenue |
51 | |
|
Effect of deconsolidation |
456 | |
Joint ventures
The following table provides information about the balance sheet and income statement items attributable to the significant joint ventures included in the consolidated financial statements:
|
|
| ||||||
|---|---|---|---|---|---|---|---|
|
As at 31 December |
20061) |
20071) | |||||
| |||||||
|
|
|
| |||||
|
Balance sheet |
|
| |||||
|
Intangible assets |
46 |
48 | |||||
|
Property, plant and equipment |
10 |
8 | |||||
|
Receivables and other assets |
69 |
93 | |||||
|
Cash and cash equivalents |
24 |
18 | |||||
|
Trade payables and other liabilities |
–77 |
–93 | |||||
|
Provisions |
–1 |
–2 | |||||
|
Financial liabilities |
–14 |
–20 | |||||
|
|
|
| |||||
|
Income statement |
|
| |||||
|
Revenue |
433 |
352 | |||||
|
Profit from operating activities (EBIT) |
17 |
19 | |||||
The consolidated joint ventures relate primarily to Express Courier Ltd. (New Zealand) and Exel-Sinotrans Freight Forwarding Co. Ltd., China.
