- About Us
- Group Management Report
- Corporate Governance
- Consolidated Financial Statements
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet
- Cash flow statement
- Statement of Changes in Equity
- Segment reporting
- Notes
- Basis of preparation
- Income Statement Disclosures
- Balance Sheet Disclosures
- 26 Intangible assets
- 27 Property, plant and equipment
- 28 Investment property
- 29 Investments in associates
- 30 Non-current financial assets
- 31 Other non-current assets
- 32 Deferred taxes
- 33 Inventories
- 34 Income tax assets and liabilities
- 35 Receivables and other current assets
- 36 Current financial assets
- 37 Cash and cash equivalents
- 38 Assets held for sale and liabilities associated with assets held for sale
- 39 Issued capital
- 40 Other reserves
- 41 Retained earnings
- 42 Equity attributable to Deutsche Post AG shareholders
- 43 Minority interest
- 44 Provisions for pensions and other employee benefits
- 45 Other provisions
- 46 Financial liabilities
- 47 Other liabilities
- 48 Trade payables
- Cash Flow Disclosures
- Other Disclosures
- Responsibility Statement
- Auditors’ Report
29 Investments in associates
Investments in associates developed as follows:
| €m | ||
| 2008 | 2009 | |
| As at 1 January | 203 | 61 |
| Additions | 0 | 1,561 |
| Changes in Group’s share of equity | ||
| Changes recognised in profit or loss | 2 | 28 |
| Profit distributions | –1 | –1 |
| Changes recognised in other comprehensive income | 0 | 123 |
| Disposals | –143 | 0 |
| Carrying amount as at 31 December | 61 | 1,772 |
The change reported in investments in associates is primarily due to Deutsche Postbank AG. Since March 2009, the 39.5% interest in the company remaining following the sale of the 22.9% stake has been accounted for using the equity method. Since this also accounts for the largest portion of this balance sheet item, the following table only reports the assets, liabilities, income from banking transactions and net profit of Deutsche Postbank AG (all items 100%).
Deutsche Postbank AG’s figures have been based on the last published interim financial statements as at 30 September 2009 and the last published consolidated financial statements as at 31 December 2008 because audited consolidated financial statements from Deutsche Postbank AG for the year ending 31 December 2009 were not available when Deutsche Post AG’s consolidated financial statements were prepared. This does not apply to the preliminary annual results for 2009 which were taken from a press release.
| €m | ||
| 2008 | 2009 | |
| Assets | 231,2821) | 239,280 |
| Liabilities | 226,2631) | 234,002 |
| Income from banking transactions3) | 11,2321) | 6,963 |
| Profit (+)/loss (–) | –8862) | 76 |
| 1) | Amounts not including the restatement by Deutsche Postbank AG. |
| 2) | Preliminary amounts including the restatement by Deutsche Postbank AG. |
| 3) | Income from banking transactions includes interest income, commission income and net trading income. |
The equity investment in Deutsche
Postbank
AG attributable
to Deutsche
Post AG had a market valuation of €1,977 million as
at 31 December 2009, based on the price of €22.88 per share. As
at 31 December 2009, Deutsche
Post AG held 86,417,432 shares of
Deutsche
Postbank.
All Postbank
shares were pledged as collateral
in connection with the second and third tranches of the sale of the
interest in Postbank,
see 
Notes
2, 3 and 50.
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