Assets and liabilities

Group’s total assets increase

The Group’s total assets amounted to €37,138 million as at 31 March 2010, €2,400 million more than at 31 December 2009.

Non-current assets rose from €22,022 million to €23,762 million, in particular because non-current financial assets increased by €1,463 million, mainly as a result of the measurement of the derivatives from the Postbank sale. Intangible assets increased by €206 million to €11,740 million, primarily because of currency translation differences affecting goodwill. By contrast, property, plant and equipment declined slightly by 1.1% to €6,150 million. Deferred tax assets increased from €668 million to €709 million.

Current assets increased by 5.2%, from €12,716 million to €13,376 million, mainly because receivables and other current assets rose from €7,157 million to €8,108 million as a result of the higher sales volume. The deferral of the prepaid annual contribution to Bundes-Pensions-Service also contributed to this increase. Cash and cash equivalents decreased by €368 million compared with 31 December 2009 to €2,696 million. The completed sale of DHL Express UK’s day-definite domestic business reduced assets held for sale, whilst the planned sale of real estate increased this item. Overall, assets held for sale increased slightly from €179 million to €187 million. At €1,916 million, current financial assets were almost at the same level as at 31 December 2009 (€1,894 million).

Compared with 31 December 2009, equity attributable to Deutsche Post AG shareholders rose by €2,043 million to €10,219 million, primarily as a result of the higher consolidated net profit for the period and currency translation differences.

The increase in non-current and current liabilities is mainly attributable to other current liabilities, which increased by €479 million to €4,153 million, primarily because of an increase in amounts payable to employees. In addition, income tax liabilities rose by €98 million to €390 million. At €7,417 million, financial liabilities were basically unchanged compared with 31 December 2009 (€7,439 million). Whilst current financial liabilities declined by €58 million, non-current financial liabilities grew slightly by €36 million to €6,735 million. Non-current and current provisions decreased from €9,677 million to €9,492 million, in particular because some of the provisions for restructuring measures recognised last financial year were utilised. Despite the general economic recovery, trade payables only increased moderately by €11 million to €4,872 million.