The Group’s total assets amounted to €37,763 million as at 31 December 2010, €3,025 million or 8.7% more than at 31 December 2009.
Non-current assets rose from €22,022 million to €24,493 million, mainly because non-current financial assets increased by €1,745 million to €3,193 million particularly as a result of the measurement of the derivatives from the planned Postbank sale. Intangible assets also increased, rising €314 million to €11,848 million primarily due to an increase in goodwill that is attributable to currency translation differences. In contrast, property, plant and equipment declined by €90 million to €6,130 million, as a result of depreciation and impairment losses as well as the reclassification of assets as held for sale. Investments in associates increased from €1,772 million to €1,847 million, due to the positive development of Postbank’s earnings amongst other things. At €973 million, deferred tax assets were up €305 million on the prior-year level.
Current assets rose from €12,716 million to €13,270 million. Trade receivables in particular rose as a result of the higher sales volume, climbing by €1,137 million to €6,046 million. In contrast, current financial assets fell by €1,239 million to €655 million, primarily due to the sale of securities classified as available for sale. Inventories of €223 million as at the reporting date were almost unchanged year-on-year. Cash and cash equivalents increased by €351 million or 11.5% to €3,415 million. Although the dividend payment to shareholders was one of the factors that reduced this item by €725 million, the sale of current financial assets increased it. In contrast, assets held for sale decreased by €66 million to €113 million following the completion of the sale of the DHL Express day-definite domestic businesses in the UK and France.
Equity attributable to Deutsche Post AG shareholders increased by €2,335 million or 28.6% compared with 31 December 2009, to €10,511 million. The increase was primarily due to the higher consolidated net profit for the period and currency translation differences, whereas the dividend payment for financial year 2009 reduced this item.
Current and non-current liabilities increased from €16,788 million to €17,640 million, primarily because trade payables rose by €846 million to €5,707 million. The increase in other current liabilities from €3,674 million to €4,047 million is mainly due to the abolition of the VAT exemption for business customers in the MAIL division. Financial liabilities were reduced by €417 million to €7,022 million. This applies in particular to non-current financial liabilities, in part because we repaid a €178 million municipal bond in the USa. At €9,427 million, non-current and current provisions were also slightly below the prior-year level (€9,677 million). They were mainly used for restructuring measures, which primarily affected the US express business.