Deutsche Post AG is a listed corporation domiciled in Bonn, Germany.
The accompanying condensed consolidated interim financial statements as at 30 June 2010 were prepared in accordance with the International Financial Reporting Standards (IFRS) and related interpretations issued by the International Accounting Standards Board (IASB) for interim financial reporting, as adopted by the European Union. These interim financial statements thus include all information and disclosures required by IFRS to be presented in condensed interim financial statements.
Preparation of the condensed consolidated interim financial statements for interim financial reporting in accordance with IAS 34 requires the Board of Management to exercise judgement and make estimates and assumptions that affect the application of accounting policies in the Group and the presentation of assets, liabilities, income and expenses. Actual amounts may differ from these estimates. The results obtained thus far in financial year 2010 are not necessarily an indication of the further development of the course of business.
The accounting policies applied to the condensed consolidated interim financial statements are generally based on the same accounting policies used in the consolidated financial statements for financial year 2009. For further information on the accounting policies applied, please refer to the consolidated financial statements for the year ended 31 December 2009, on which these interim financial statements are based.
The income tax expense for the reporting period was deferred on the basis of the tax rate expected to apply to the full financial year.
Departures from the accounting policies referred to above consist of the new or amended international accounting pronouncements under IFRS required to be applied since financial year 2010.
Following the amendments to IFRS 3 (Business Combinations) and IAS 27 (Consolidated and Separate Financial Statements), acquisition-related costs of a business combination are no longer capitalised, but are recognised as expenses in profit or loss. In this context, the corresponding provisions of IAS 7 (Statement of Cash Flows) were also amended; Note 4.
As a result of amendments contained in the “Annual Improvements to IFRS” that became effective as at 1 January 2010, the revised IAS 39 (Financial Instruments: Recognition and Measurement) in particular has had an effect on Deutsche Post DHL’s consolidated financial statements. Due to this amendment, the forward sale of 27.4% of the Postbank shares, which was previously not recognised, has been required to be recognised at fair value since 1 January 2010; Note 3.
The other new or amended pronouncements shown below have no material effect on the consolidated financial statements:
• IFRS 1 (First-Time Adoption of International Financial Reporting Standards)
• IFRS 2 (Share-based Payment)
• IAS 39 (Financial Instruments: Recognition and Measurement)
• IFRIC 12 (Service Concession Arrangements)
• IFRIC 15 (Agreements for the Construction of Real Estate)
• IFRIC 16 (Hedges of a Net Investment in a Foreign Operation)
• IFRIC 17 (Distributions of Non-cash Assets to Owners)
• IFRIC 18 (Transfers of Assets from Customers)
Detailed explanations on these can be found in the 2009 Annual Report, Note 4 “New developments in international accounting under the IFRS”.
The accompanying condensed consolidated interim financial statements have been reviewed.