Assets and liabilities

Group’s total assets increase

The Group’s total assets amounted to €37,415 million as at 30 June 2010, €2,677 million (7.7%) more than at 31 December 2009. 

The major part of this increase (€2,422 million) was attributable to non-current assets, which amounted to €24,444 million on the reporting date. In particular, non-current financial assets increased from €1,448 million to €2,925 million as a result of the measurement of the derivatives from the Postbank sale. Intangible assets increased by €648 million to €12,182 million, primarily because of a rise in goodwill due to currency translation differences. Property, plant and equipment, at €6,183 million, was more or less at its 31 December 2009 level, whereas investments in associates rose by €80 million to €1,852 million. In particular, Postbank’s profit had a positive effect here. Deferred tax assets increased from €668 million to €848 million as at the reporting date. 

Current assets rose by 2.0%, from €12,716 million to €12,971 million. Trade receivables in particular rose as a result of the higher sales volume, climbing €870 million to €5,779 million. Other current assets also rose significantly, due in particular to the deferral of the prepaid annual contribution to the Bundes-Pensions-Service. In contrast, cash and cash equivalents decreased compared with 31 December 2009 from €3,064 million to €2,065 million. Amongst other things, the dividend payment to shareholders reduced this item by €725 million. Current financial assets declined from €1,894 million to €1,671 million, mainly because we reduced current money market investments. The completion of the sale of DHL Express UK’s and DHL Express France’s day-definite domestic business was the main reason for the decline in assets held for sale from €179 million to €123 million. 

Equity attributable to Deutsche Post AG shareholders increased by €1,898 million (23.2%) compared with 31 December 2009, to €10,074 million. This was mainly due to the improvement in the consolidated net profit and currency translation differences, whereas the dividend payment to our shareholders reduced this figure. 

Current and non-current liabilities increased by €825 million compared with 31 December 2009 to €17,613 million, primarily because trade payables rose in line with the increasing volume of business. In addition, income tax liabilities rose by €105 million to €397 million. The completion of the sale of the day-definite domestic express business in the UK and France led to the derecognition in full of the liabilities associated with the assets held for sale. At €7,487 million, financial liabilities were slightly up on the reporting date for the comparative period (€7,439 million). Other non-current and current liabilities increased from €4,046 million to €4,377 million, primarily because a rise in amounts payable to employees led to an increase in other current liabilities. At €9,633 million, non-current and current provisions were slightly below the figure for 31 December 2009 (€9,677 million).