The amounts reported as non-current assets held for sale and liabilities associated with non-current assets held for sale in accordance with IFRS 5 relate to the following items:
|
|
| |||||||
|
€m |
Assets |
Liabilities | ||||||
|---|---|---|---|---|---|---|---|---|
|
|
31 Dec. 2007 |
30 June 2008 |
31 Dec. 2007 |
30 June 2008 | ||||
|
Deutsche Post AG – real estate |
18 |
978 |
0 |
0 | ||||
|
DHL Information Services (Europe) s.r.o., Czech Republic – IT equipment |
0 |
101 |
0 |
25 | ||||
|
DHL Information Services (Americas), Inc., USA – IT equipment |
0 |
39 |
0 |
0 | ||||
|
Asia-Pacific Information Services Snd Bh, Malaysia – IT equipment |
0 |
7 |
0 |
0 | ||||
|
DHL Express (France) SAS – land/buildings |
26 |
4 |
0 |
0 | ||||
|
Deutsche Post IT Services GmbH, Germany – IT equipment |
0 |
1 |
0 |
0 | ||||
|
Deutsche Postbank Group – credit card and sales financing business (BHW Bank AG) |
565 |
0 |
44 |
0 | ||||
|
Other |
6 |
0 |
0 |
0 | ||||
|
Non-current assets held for sale and liabilities associated with non-current assets held for sale |
615 |
1,130 |
44 |
25 | ||||
Around €962 million relates to the sale of Deutsche Post AG real estate to US investor Lone Star, as announced in November 2007. The portfolio comprises around 1,300 properties located mainly in Germany. An initial payment of €250 million was made towards the purchase price in June 2008. The remainder of the purchase price is expected to be paid by the end of 2008. Under the terms of the agreement, the contract will take economic effect on 1 July 2008. Deutsche Post World Net will lease back the majority of the properties.
In January 2008, Deutsche Post World Net and Hewlett-Packard Services (HP) had signed a letter of intent to transfer responsibility for some of Deutsche Post World Net’s global IT operations to HP Services. This covered IT operations in Prague (Czech Republic), Scottsdale (Arizona, USA), Cyberjaya (Malaysia) and a number of European countries. As at 30 June 2008, IT equipment amounting to €148 million was reported as non-current assets held for sale.
The Deutsche Postbank Group’s sale of the credit card and sales financing business of BHW Bank AG was completed in the first quarter of 2008. The acquirer was Landesbank Berlin.