Deutsche Post DHL - Annual Report 2011 - 27 Investments in associates

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Consolidated Financial Statements

Notes to the Consolidated Financial Statements of Deutsche Post AG

Balance sheet disclosures

27 Investments in associates

Investments in associates changed as follows:


€m
	2010	2011
As at 1 January	1,772	1,847
Changes in Group’s share of equity
Changes recognised in profit or loss	56	60
Profit distributions	–4	0
Changes recognised in other comprehensive income	93	10
Impairment losses	–69	–72
Elimination of intercompany profits and losses	–1	0
Reclassified to current assets	0	–1,801
Carrying amount as at 31 December	1,847	44

Investments in associates principally relate to Air Hong Kong Ltd, China, Danzas AEI Emirates LLC, United Arab Emirates and Unipost Servicios Generales S.L., Spain. The complete list is shown in Note 58 in the list of shareholdings.

The decline in investments in associates is largely due to the reclassification as held for sale at the end of February 2011 of the carrying amount of the investment in Deutsche Postbank AG (€1,801 million); Notes 3 and 36.

Further disclosures on impairment losses are contained in Note 18.

The following tables show a summary of the aggregate income statements and balance sheets of the associates. The amounts do not relate to the shares attributable to Deutsche Post DHL, but are presented based on a notional 100% shareholding.