DHL GROUP Deutsche Post AG
Annual Financial Statements (HGB)
as at 31 December 2020
Contents
Balance sheet
Income statement
Notes
Annexes
Annex 1 | Statement of changes in fixed assets |
Annex 2 | Maturity structure of liabilities |
Annex 3 | List of shareholdings |
Annex 4a | Notifications of changes in voting rights |
and 4b | in accordance with the Wertpapierhandelsgesetz |
(WpHG - German Securities Trading Act) | |
Annex 5 | Treasury shares |
Responsibility statement
Auditor's report
The management report of Deutsche Post AG and the group management report were prepared in accord-ance with section 315 (5) in conjunction with section 298(2) of the Handelsgesetzbuch (HGB - German Commercial Code) and published in the 2020 Annual Report of Deutsche Post DHL Group. The annual finan-cial statements and the management report, which has been combined with the Group management report, of Deutsche Post AG for financial year 2020 are published in the Federal Gazette and are also available on the Company Register website.
The annual financial statements of Deutsche Post AG and the Annual Report of Deutsche Post DHL Group can also be accessed on the Internet @dpdhl.com/en/investors.
Balance sheet as at 31 December 2020
Assets
€mA.
Fixed assets
I. Intangible assets
II. Property, plant and equipment
III. Non-current financial assets
B.
Current assets
I. Inventories
II. Receivables and other assets
III. Securities
IV. Cash and cash equivalents
C.
Prepaid expensesEquity and lia-bilities
€m
A.
Equity 26-29
I. Subscribed capital 27 Calculated value of treasury shares
Issued capital
(Contingent capital: €207 million)
II. Capital reserves 28
III. Revenue reserves 28
IV. Net retained profit 29
B.
Provisions
C.
Liabilities
D.
Deferred income
31-33
NotesNotes
18 19 20
21 22
23 24
25
34 35
1,237
-1
31 Dec. 2019
31 Dec. 2020 |
190 3,430 15,713 |
19,333 |
68 |
19,251 |
1,208 2,767 |
23,294 |
385 |
43,012 |
31 Dec. 2020 |
1,239 0 |
1,239 4,670 4,480 |
7,977 |
18,366 |
5,388 |
19,186 |
72 |
43,012 |
1783,20915,782
19,169
6617,471
81,315
18,860
28638,315
31 Dec.
2019
1,236
4,6184,4576,484
16,7954,88916,568
6338,315
Income statement for 2020
1 January to 31 December 2020
€m
Notes
1. Revenue 36
2. Other own work capitalised 37
3. Other operating income 38
4. Materials expense 39
a. Expenses for consumables and supplies
and goods purchased and held for resale -277
b. Cost of purchased services -4,672
5. Staff costs 40
a. Wages, salaries and emoluments -6,702
b. Social security contributions,
retirement benefit expenses and assistance benefits -1,672
6. Amortisation of intangible assets 41 and depreciation of property, plant and equipment
7. Other operating expenses 42
8. Financial result 43
9. Taxes on income 44
10. Result after tax
11. Net profit for the period
12. Retained profits brought forward from the previous
year 45
13. Net retained profit 29
-15,494
15,614
14,957
-4,949
-8,374
-1,861
2,215
-85 2,250 2,250
4,234 6,484
2019
-310
32 625
2020 | |
15,585 53 972 | |
16,610 | |
-307 | |
-4,900 | -5,207 |
-6,821 -1,711 | -8,532 -291 |
-2,156 | |
-16,186 2,765 -274 | |
2,915 | |
2,915 5,062 7,977 |
Notes to the Annual Financial Statements of Deutsche Post AG
BASIS OF PRESENTATION
(1)
Disclosures identifying the corporation
(2)
Basis of accounting
(3)
Classification of the balance sheet and the income statement
Deutsche Post AG, whose registered office is in Bonn, is entered in com-mercial register B of the Bonn Local Court under number 6792.
Deutsche Post AG (DPAG) is a large corporation within the meaning of section 267 of the Handelsgesetzbuch (HGB - German Commercial Code). The annual financial statements for the year ended 31 December 2020 were prepared in accordance with the accounting and reporting provisions of the HGB (sections 238ff. and 264ff. of the HGB) and of the Aktiengesetz (AktG - German Stock Corporation Act) (sections 150-160 of the AktG).
As the parent company of Deutsche Post DHL Group, Deutsche Post AG prepares consolidated financial statements on the basis of the Interna-tional Financial Reporting Standards (IFRS), in accordance with sec-tion 315e(1) of the HGB. For this reason, no consolidated financial state-ments are prepared in accordance with the HGB.
The Company prepares the consolidated financial statements for the largest and smallest number of companies that are included in the con-solidated financial statements.
The annual and consolidated financial statements are published in the Bundesanzeiger (Federal Gazette).
The financial year is the calendar year.
The total cost (type of expenditure) method was applied to the income statement. Amounts are presented in millions of euros (€m).
To enhance the clarity of presentation, balance sheet and income state-ment headings are shown in aggregated form; they are broken down and explained separately in the notes.
ACCOUNTING POLICIES
Application of the accounting policies detailed below was basically unchanged as against the previous year. Changes not described in the accounting policies or the basis of presentation are explained in relation to the items in question.
(4)
Intangible assets
(5)
Property, plant and equipment
Purchased intangible assets are carried at cost, including incidental costs of acquisition, and reduced by straight-line amortisation and write-downs. Write-downs are recognised if the impairment is expected to be permanent. The useful life is five years; this is reduced appropriately in the event of shorter contract terms.
The option under section 248(2) of the HGB is exercised for internally generated intangible assets. These have been recognised at cost (devel-opment cost) since 1 January 2010 and are normally amortised over five years or their useful life, if longer.
Cost includes attributable direct costs from the consumption of goods and the utilisation of services, as well as an appropriate portion of indirect materials and labour costs, and depreciation and amortisation expenses attributable to the development process.
Property, plant and equipment that is used for business operations for more than one year is carried at cost, including incidental costs of acqui-sition, and reduced by straight-line depreciation.
In addition to direct costs, cost includes an appropriate share of indirect materials and labour costs. Borrowing costs are not capitalised.
The following useful lives are applied:
Useful lives
Buildings |
Technical equipment and machinery |
IT systems |
Other operating and office equipment |
Low-value assets with original cost of between €250 and €1,000 |
20 to | 50 years |
10 to | 20 years |
4 to | 5 years |
8 to | 10 years |
5 years |
Additions to property, plant and equipment are depreciated rateably. Write-downs are recognised if the net realisable values of individual as-sets are lower than their carrying amounts and impairment is expected to be permanent.
Subsidies received are reported under deferred income and reversed over the useful life of the property, plant and equipment.
An annual pooled item within the meaning of section 6(2a) of the Ein-kommensteuergesetz (EStG - German Income Tax Act) is recognised for low-value assets whose cost, net of any input tax contained in that amount, is more than €250 and up to €1,000. The annual pooled item is depreciated over five years through the income statement. The item is not reduced if an item of operating assets is disposed of before the end of the five-year period. Assets whose cost (net of any input tax) is less than €250 are recognised in full as operating expenses in the year of their acquisition.
(6)
Non-current financial assets
Shares in affiliated companies, other equity investments and long-term securities are carried at cost or, if their value is expected to be perma-nently impaired, at the lower net realisable value. If the reasons for per-manent impairment no longer exist, the write-downs are reversed up to net realisable value, but not exceeding original cost.
Shares and other equity investments in foreign affiliated companies that were purchased in foreign currencies are translated at the acquisition date exchange rate. If the currency risk of newly acquired companies was hedged, their carrying amounts are translated at the hedging rate.
The cost of long-term loans at below-market interest rates or non-inter-est loans corresponds to their present value at the grant date. Other loans are carried at their principal amounts. Interest cost added back on dis-counted loans is reported under additions.
(7)
Inventories
(8)
Receivables and Other assets
(9)
Securities
(10)
Cash and cash equivalents
(11)
Prepaid expenses
Spare parts for conveyor and sorting systems at freight mail centres are reported at fixed values under inventories; other consumables and sup-plies are carried at moving or weighted average prices at the balance sheet date. Goods purchased and held for resale are measured at cost or at moving average prices. Appropriate valuation allowances are applied where necessary, with the strict principle of the lower of cost or market being applied. Work in progress is measured at cost, while prepayments are measured at the amount paid.
Receivables and other assets are carried at their principal amounts less any specific valuation allowances.
The general risk of counterparty default is taken into account on the basis of past experience using a general bad debt allowance.
Securities classified as current assets are carried at cost or the lower net realisable value at the balance sheet date.
Bank balances, cash-in-hand and cheques are carried at their nominal amounts. Cash denominated in foreign currency is measured at the mid-dle spot rate on the reporting date.
Expenses incurred prior to the balance sheet date that represent ex-penses for a specific period after that date are recognised as prepaid ex-penses.
The Company exercises the option set out in section 250(3) of the HGB and recognises discounts as assets.
Any difference between the settlement amount and the value on issu-ance of a liability is included in prepaid expenses and amortised over the term of the liability.
(12)
Equity
Subscribed capital is carried at its nominal amount.
(13)
Provisions
Provisions are recognised at the settlement amount dictated by prudent business judgement. Other provisions with a remaining maturity of more than one year are discounted at the average market interest rate for the preceding seven financial years corresponding to their remaining ma-turity.
Provisions for pensions and similar obligations are recognised on the ba-sis of actuarial reports. They are measured using the projected unit credit method. These provisions are calculated using the 2018 G tables created by Prof. Dr Klaus Heubeck. Increases in wages and pensions and staff turnover are taken into account. The provisions are recognised at their settlement amount, which reflects discounting at the average market in-terest rate for the preceding 10 years as published by the Bundesbank. A remaining maturity of 15 years is assumed in accordance with section 253(2) sentence 2 of the HGB.
The Company has exercised the option to recognise indirect pension ob-ligations as provisions as set out in section 28(1) of the Einfüh-rungsgesetz zum Handelsgesetzbuch (EGHGB - Introductory Act to the German Commercial Code).
For the addition to provisions for pensions arising from the measurement requirements of the Bilanzrechtsmodernisierungsgesetz (BilMoG - Ger-man Accounting Law Modernisation Act) as at 1 January 2010, the option to allocate this amount rateably over 15 years has been exercised. This annual addition is reported in other operating expenses.
In accordance with section 246(2) sentence 2 of the HGB, assets that are not accessible to any other creditors and that may only be used to meet liabilities from pension obligations or similar long-term obligations are recognised at fair value as plan assets and offset against corresponding provisions.
If the fair value of the plan assets exceeds their historical cost, the excess amount is subject to a restriction on distribution in accordance with sec-tion 268(8) of the HGB.
The same applies to working time accounts financed by employees accu-mulating working time credits and deferring a portion of their salary. The accounts are classified as externally funded obligations. The value of the provisions depends on the changes in value of the plan assets which are to be funded by Deutsche Post AG and which are measured at fair value.
Provisions for pensions also include pension obligations assumed under joint liability arrangements.
Provisions for taxes and other provisions are recognised in the amount required to settle the obligation according to prudent business judge-ment. All discernible risks are taken into account in an appropriate man-ner when measuring the provisions. Provisions with a remaining maturity of more than one year are discounted as at the reporting date using the discount rate published by Deutsche Bundesbank. The discount rate used is the average market rate for the past seven financial years for the ma-turity concerned.
Deutsche Post AG has entered into partial retirement agreements with varying terms and conditions; these are based both on the "block model" and on the "continuous reduced working hours model". In addition, par- tial retirement allowances are paid. Two types of obligations arise in this context; both are measured at their present value in accordance with ac-tuarial principles and are recognised separately from each other.
(14)
Liabilities
(15)
Deferred income
(16)
Currency translation
Liabilities are carried at their settlement amount. Where the redemption amount of a liability is higher than the value on issuance, the difference is capitalised and allocated over the term of the liability.
Receipts prior to the balance sheet date that represent income for a spe-cific period after that date are recognised as deferred income.
Foreign currency transactions are translated at the historical exchange rate at the date of initial recognition.
Balance sheet items are measured as follows:
Non-current foreign currency receivables are recognised at the offer rate when the receivable is recognised or at the lower of cost or market using the middle spot rate at the reporting date (principle of imparity). Current foreign currency receivables (maturity of one year or less) and cash funds or other current foreign currency assets are translated at the middle spot rate at the balance sheet date.
Non-current foreign currency liabilities are recognised at the bid rate when the liability is recognised or at the higher closing rate, using the middle spot rate at the reporting date (principle of imparity). Current for-eign currency liabilities (maturity of one year or less) are translated at the middle spot rate at the balance sheet date.
The application of hedge accounting is explained in note 49.
(17)
Deferred taxes
Deferred taxes are attributable to differences between the amounts rec-ognised for assets, liabilities, prepaid expenses and deferred income in the HGB financial statements and in the tax accounts that will reverse in future periods. At Deutsche Post AG, this covers both differences relating to the Company's own balance sheet items and those relating to compa- nies in its consolidated tax group and to partnerships in which Deutsche Post AG holds an equity interest. Tax loss carry forwards are taken into account in addition to temporary differences if they are expected to be utilised in the next five years.
Deferred taxes are calculated on the basis of an effective tax rate of 30.5%, which is expected to apply at the time the differences reverse. De-ferred tax liabilities are offset against deferred tax assets. The Company exercises the option set out in section 274(1) sentence 2 of the HGB and consequently does not present net deferred tax assets on the balance sheet.
BALANCE SHEET DISCLOSURESDISCLOSURES ON ASSETS
(18)
Intangible assets
(19)
Property, plant and equipment
The changes in and composition of intangible assets are presented in the statement of changes in fixed assets (Annex 1). Development costs in-curred for internally generated software are capitalised.
Development costs of €52 million were capitalised for internally gener- ated intangible assets in the reporting period. This relates to a large num-ber of individual projects.
The changes in and composition of property, plant and equipment are presented in the statement of changes in fixed assets (Annex 1).
The additions of €164 million to land and buildings primarily relate to real estate, leasehold improvements, buildings at mail and freight mail centres, and extensions to external installations made at a number of op-erating facilities.
Investments in technical equipment and machinery in the amount of €109 million mainly comprise conveyor and sorting systems, pack sta-tions and charging stations for electric-powered vehicles.
The investments of €69 million in other equipment, operating and office equipment are primarily attributable to general operating and office equipment and IT equipment.
The additions of €133 million to assets under construction relate mainly to investments in real estate, mail and parcel centres, as well as to con-veyor and sorting systems.
(20)
Non-current financial assets
Changes in non-current financial assets are presented in the statement of changes in non-current assets (Annex 1). The list of shareholdings is contained in Annex 3 to these notes.
Non-current financial assets are composed of the following items:
Non-current financial assets
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Shares in affiliated companies | 7,319 | 7,361 |
Loans to affiliated companies | 8,393 | 8,286 |
Long-term securities | 68 | 64 |
Other loans | 2 | 2 |
15,782 | 15,713 |
The major portion of shares in affiliated companies comprises €6,719 million for Deutsche Post Beteiligungen Holding GmbH and €598 million for DHL Distribution Holdings Ltd.
Shares in affiliated companies increased by €42 million due to the rever- sal of an impairment loss.
Loans to affiliated companies as at 31 December 2020 mainly relate to
Deutsche Post Beteiligungen Holding GmbH (€6,400 million), DHL Global Management GmbH (€1,400 million) and Deutsche Post Fleet GmbH (€469 million).
Long-term securities comprise fund units that serve to secure provisions for pensions at subsidiaries. This item relates to an international multi-asset fund consisting mainly of fixed-income securities. The securities are carried at cost.
Inventories
Inventories | ||
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Consumables and supplies | 38 | 40 |
Goods | 28 | 28 |
66 | 68 |
The consumables and supplies item contains office materials, supplies, spare parts and other maintenance materials, among other things.
The goods item comprises philatelic materials and other merchandise.
(22)
Receivables and
Other assets
Receivables and other assets
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Trade receivables | 506 | 426 |
Receivables from affiliated companies | 16,017 | 18,232 |
thereof trade receivables 14 | ||
(previous year: 31) | ||
Receivables from other equity investments | 18 | 4 |
thereof trade receivables 0 | ||
(previous year: 0) | ||
Other assets | 930 | 589 |
17,471 | 19,251 |
€8,218 million (previous year: €5,393 million) of receivables from affili-
ated companies relates to receivables from intragroup in-house banking and €3,382 million (previous year: €2,526 million) relates to receivables
from profit transfer agreements. Short-term loan receivables from affili- ated companies decreased to €6,618 million (previous year: €8,067 mil-
lion).
Securities
(24)
Cash and cash equivalents
(25)
Prepaid expensesSecurities
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Other securities | 8 | 1,208 |
The increase was due to the purchase of money market funds.
The €2,767 million (previous year: €1,315 million) in cash and cash equivalents reported at the balance sheet date is attributable to cash in hand, cash in transit and bank balances.
The prepaid expenses of €385 million at the reporting date (previous year: €286 million) primarily relate to advance payments to BAnst PT (Bundesanstalt für Post- und Telekommunikation), (€200 million) as well as advance payments of civil servants' emoluments (€79 million).
This item also includes discounts in the amount of €47 million on bonds issued.
DISCLOSURES ON EQUITY AND LIABILITIES
(26)
Equity
(27)
Subscribed capital
Equity | ||
31 Dec. | ||
€m | 31 Dec. 2019 | 2020 |
Subscribed capital | 1,237 | 1,239 |
Treasury shares | -1 | 0 |
Issued capital | 1,236 | 1,239 |
Capital reserves | 4,618 | 4,670 |
Revenue reserves | ||
Other revenue reserves | 4,457 | 4,480 |
Net retained profit | 6,484 | 7,977 |
16,795 | 18,366 |
Equity at 31 December 2020 increased by a total of €1.571 million year-on-year. Further details on equity are given in the following sections.
SHARE CAPITAL
The share capital as at 31 December 2020 was composed of 1,239,059,409 (previous year: 1,236,506,759) registered no-par value shares. New shares were issued for the Performance Share Plan for ex-ecutives as part of a contingent capital increase amounting to €2,552,650.
As at 31 December 2020, the shareholder structure was as follows: 985,198 thousand shares (79.5%) are in free float. KfW Bankengruppe's interest in Deutsche Post AG amounted to 253,861 thousand shares (20.5%).
The notional amount of any treasury shares still held by the Company was deducted from the Company's share capital on the face of the bal-ance sheet. The Company held no treasury shares as at 31 December 2020.
Notifications of changes in voting rights in accordance with sections 33 and 40 of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) are given in Annexes 4a and 4b to the notes.
Authorised/contingent capital at 31 December 2020
Authorised Capital 2017 (AGM on 28 April 2017)Contingent Capital 2014 (AGM on 27 May 2014)
Purpose
Increase in share capital against cash/non-cash contributions (Authorisation until 27 April 2022)
Issue of options to executives (Authorisation until 07 May 2018)
Authorised Capital 2017
The Board of Management is authorised, subject to the consent of the Supervisory Board, to issue up to 160 million new, no-par value regis-tered shares until 27 April 2022 in exchange for cash and/or non-cash contributions and thereby increase the company's share capital by up to €160 million. The authorisation may be used in full or for partial
amounts. Shareholders generally have subscription rights. However, subject to the approval of the Supervisory Board, the Board of Manage- ment may disapply the shareholders' subscription rights to the shares
covered by the authorisation. No use was made of the authorisation in the reporting period.
Contingent Capital 2014
The contingent capital increase serves to grant Performance Share Units (PSUs) to selected Group executives. The new shares participate in profit from the beginning of the financial year in which they are issued. In finan-cial year 2020 the authorisation resulted in the creation of 2.55 million new shares that were issued to executives in September to settle claims from bonus year 2016. The share capital was contingently increased by up to €35 million through the issue of up to 35,027,242 new no-par value
registered shares.
Contingent Capital 2017
The contingent capital increase serves to issue bonds with warrants, con-vertible bonds and/or income bonds as well as profit participation certif-icates, or a combination thereof, in an aggregate principal amount of up to €1.5 billion, and to grant options or conversion rights for up to 75 mil-lion shares with a proportionate interest in the share capital not to exceed
€75 million. The new shares participate in profit from the beginning of the financial year in which they are issued. The authorisation was exer-cised in part in December 2017 by issuing the convertible bond 2017/2025 in an aggregate principal amount of €1 billion. The share capital was increased on a contingent basis by up to €75 million. Contin-
gent capital was not utilised in financial year 2020.
Contingent Capital 2018/1
The contingent capital increase serves to grant Performance Share Units (PSUs) to selected Group executives. The new shares participate in profit from the beginning of the financial year in which they are issued. The share capital was contingently increased by up to €12 million through the
issue of up to 12 million no-par value registered shares. Contingent cap-ital was not utilised in financial year 2020.
Contingent Capital 2018/2
The contingent capital increase serves to issue bonds with warrants, con-vertible bonds and/or income bonds as well as profit participation certif-icates, or a combination thereof, in an aggregate principal amount of up to €1.5 billion, and to grant options or conversion rights for up to 33 mil-
lion shares with a proportionate interest in the share capital not to exceed €33 million. The new shares participate in profit from the beginning of
the financial year in which they are issued. The share capital was in-creased on a contingent basis by up to €33 million. Contingent capital
was not utilised in financial year 2020.
Contingent Capital 2020/1
The contingent capital increase serves to grant Performance Share Units
(PSUs) to selected Group executives. The share capital was contingently increased by up to €12 million through the issue of up to 12 million no-
par value registered shares. The new shares participate in profit from the beginning of the financial year in which they are issued. Contingent capi-tal was not utilised in financial year 2020.
Contingent Capital 2020/2
The contingent capital increase serves to issue bonds with warrants, con-vertible bonds and/or income bonds as well as profit participation certif-icates, or a combination thereof, in an aggregate principal amount of up to €1.5 billion, and to grant options or conversion rights for up to 40 mil-
lion shares with a proportionate interest in the share capital not to exceed €40 million. The new shares participate in profit from the beginning of
the financial year in which they are issued. The share capital was in- creased on a contingent basis by up to €40 million. Contingent capital
was not utilised in financial year 2020.
Authorisation to acquire treasury shares
By way of a resolution adopted by the Annual General Meeting on 28 April 2017, the company is authorised to acquire treasury shares in the period to 27 April 2022 of up to 10% of the share capital existing when the res-olution was adopted. The authorisation permits the Board of Manage-ment to exercise it for every purpose permitted by law, and in particular to pursue the goals mentioned in the resolution by the Annual General
Meeting. In addition, the Board of Management is authorised to acquire treasury shares totalling up to 5% of the share capital existing when the resolution was adopted by means including using derivatives.
Share Matching Scheme
To settle the claims from bonus years 2019 and 2016 of the Share Matching Scheme, 2,003,334 shares were purchased in March and April
(2020 Share Buyback Programme) at an average price per share of €21.59 (March) and €24.03 (April) for an aggregate amount of €45 mil-
lion.
A total of 1,853,627 shares were issued to beneficiaries (bonus year 2019) in April 2020 at a price of €23.83.
Treasury shares were acquired on the market as part of the 2020 and
2016/2017 Share Buyback Programmes in order to service long-term executive remuneration programmes. In April 2020, these shares were used to settle claims under the Share Matching Scheme (bonus year
2016). A total of 1,133,401 shares at a share price of €24.78 each were
issued to eligible employees.
Annex 5 contains further details on the changes in treasury shares.
Performance Share Plan
In September, the share capital was increased on a contingent basis to settle claims under the Performance Share Plan (bonus year 2016). The share capital was increased by 2,552,650 shares.
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Reserves
Capital reserves
Share Matching Scheme
Under the terms of the Share Matching Scheme introduced in 2009, a portion of the short-term variable remuneration component (annual bo-nus) for eligible employees is paid in the form of Deutsche Post AG shares (incentive shares). All eligible employees can also individually increase the equity component they acquire by converting a further portion of their variable remuneration into shares (investment shares). After the four-year lock-up period expires, the eligible employees are then awarded the same number of Deutsche Post AG shares in addition (matching shares).
The capital reserves in accordance with section 272(2) no. 2 of the HGB increased by €2 million to accommodate the claims to deferred incentive shares acquired in the current financial year. These rights will be settled in April of the following year by delivering treasury shares. The claims ac- quired in the previous year (€2 million) were deducted from the capital reserves when the incentive shares were settled in the reporting period.
A total of €25 million for claims to matching shares acquired up to 31 De-cember 2019 was withdrawn from the capital reserves and reported in other provisions.
An amount of €3 million was transferred to the capital reserves due to the difference in the purchase price and the issuing price of the treasury shares under the Share Matching Scheme (section 272(2) no. 1 of the HGB).
Performance Share Plan
In 2014 the former Stock Appreciation Rights programme was replaced with the new Performance Share Plan (PSP). Performance Share Units are rights based on the share price that are settled at the end of the wait-ing period in shares of the Company.
In September, the share capital was increased on a contingent basis to settle claims under the Performance Share Plan (bonus year 2016). The capital reserves increased by €74 million as a result.
Revenue reserves
Share Matching Scheme
The shares acquired in the reporting period to settle claims under the
Share Matching Scheme (bonus years 2019 and 2016) led to a €43 mil- lion decrease in the revenue reserves.
The revenue reserves increased by €42 million due to the issue of shares to beneficiaries (bonus year 2019) and by €4 million due to the settle- ment of rights from the 2016 tranche.
Treasury shares were acquired on the market as part of the 2016/2017 Share Buyback Programme in order to service long-term executive re-muneration programmes. In April 2020, these shares were used to settle claims to matching shares from bonus year 2016. The revenue reserves increased by €23 million as a result.
The revenue reserves decreased by €3 million as a result of the difference in the purchase price and the issuing price of the treasury shares under the Share Matching Scheme.
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Net retained profit
On 27 August 2020, the Annual General Meeting resolved to distribute €1,422 million of the €6,484 million net retained profit for financial year 2019 and to carry forward €5,062 million to new account. The dividend was paid out in financial year 2020.
Including the net profit for the current financial year of €2,915 million, the net retained profit for 2020 amounts to €7,977 million.
(30)
Amounts subject to restrictions on distribution
Amounts subject to restrictions on distribution as at 31 December 2020 resulted from the capitalisation of internally generated software, the fair value measurement of plan assets and different calculations of the pre-sent value of provisions for pensions (the difference between the 7-year and the 10-year average discount rate).
Amounts subject to restrictions on distribution
€m
31 Dec. 2019
31 Dec. 2020
Internally generated software
Difference between the fair values of plan assets and their cost
64
246
252
Difference between present value calcula-tions of provisions for pensions using a 7-year and a 10-year discount rateDeferred tax assets
816
824
136
144
1,262
The amounts subject to restrictions on distribution are covered by dis-tributable reserves.
(31)
Provisions
The provisions are composed of provisions for pensions, provisions for taxes and other provisions.
Provisions
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Provisions for pensions | ||
and similar obligations | 3,310 | 3,606 |
Provisions for taxes | 199 | 230 |
Other provisions | 1,380 | 1,552 |
4,889 | 5,388 |
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Provisions for pensions and similar obligations
Provisions for pensions and similar obligations relate on the one hand to obligations on the part of Deutsche Post AG towards its own current em- ployees and pensioners in the amount of €3,593 million (previous year: €3,296 million). In addition, corresponding obligations of €13 million (previous year: €14 million), which were incurred by subsidiaries and which Deutsche Post AG assumed under joint liability arrangements, are reported under this item.
Provisions for pensions for Deutsche Post AG's current employees and pensioners are composed of the following items:
Provisions for pensions and similar obligations
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Provision for indirect benefit obligations | ||
Benefit obligations * | 115 | 154 |
Unrecognised difference (BilMoG) | -4 | -3 |
111 | 151 | |
Provision for direct benefit | ||
obligations | ||
Benefit obligations * | 3,350 | 3,574 |
Unrecognised difference (BilMoG) | -165 | -132 |
3,185 | 3,442 | |
Total pension provisions | ||
Benefit obligations * | 3,465 | 3,728 |
Unrecognised difference (BilMoG) | -169 | -135 |
3,296 | 3,593 | |
*Offset against plan assets |
Provisions for pensions relate firstly to benefit commitments to salaried employees and hourly workers that establish a direct benefit claim against Deutsche Post AG, and secondly to indirect pension obligations to employees covered by collective wage agreements.
An aggregate addition of €507 million was calculated during the remeas- urement of the provisions for pensions as at 1 January 2010 due to the introduction of the BilMoG; the calculation was based on actuarial reports (projected unit credit method; Heubeck 2005 G mortality tables). €280 million of this amount was attributable to direct benefit obligations and €227 million to indirect benefit obligations. Deutsche Post AG is spread- ing the addition over 15 years in accordance with section 67(1) of the EGHGB. The total annual additions amount to €34 million and are re-ported in other operating expenses.
The total interest expenses of €593 million incurred in relation to provi-sions for pensions included income of €52 million from plan assets/as- sets.
Indirect benefit obligations
Indirect benefit obligations are granted and funded via the Versorgungs-anstalt der Deutschen Bundespost (VAP) and DP Pensionsfonds AG. After the benefit obligations were offset against assets, a net provision of €151 million was recognised for indirect benefit obligations.
Adequate provisions were recognised at the balance sheet date for indi-rect benefit obligations to hourly workers and salaried employees.
Direct benefit obligations
Provisions for direct benefit obligations amounted to €3,442 million as at 31 December 2020.
As at the reporting date, Deutsche Post AG's plan assets as defined by section 246(2) sentence 2 of the HGB amounted to €4,109 million (fair value); these were offset against the obligations of €7,683 million less the unrecognised difference of €132 million. The acquisition cost of the plan assets amounted to €3,746 million.
Assumption of obligations under joint liability arrangements
In previous years, Deutsche Post AG entered into agreements with sub-sidiaries in which it assumed joint liability for individual pension obliga-tions on the part of these subsidiaries. These obligations amounted to €13 million as at the reporting date.
The indirect and direct benefit obligations and the obligations for which Deutsche Post AG has assumed joint liability were calculated using the 10-year average discount rate in accordance with section 253(2) of the HGB. The difference in the amounts calculated for the benefit obligations using the 7-year average rate and the 10-year average rate is €824 mil- lion.
The income/expense resulting from the change in the discount rate is re-ported in the financial result. The provisions for pensions were calculated on the basis of the following assumptions:
Calculation of pension provisions
31 Dec. 2019 | 31 Dec. 2020 | |
Annual wage and salary increases | 1.0% to 2.5% | 1.0% to 2.5% |
Annual pension increases | 1.0% to 1.75% | 1.0% to 1.75% |
Average staff turnover | 1% | 1% |
Discount rate | 2.71% | 2.30% |
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Provisions for taxes and other provisions
The provisions for taxes and other provisions item is composed of the following:
Provisions for taxes and other provisions
€m | 31 Dec. 2019 | 31 Dec. 2020 |
1. Provisions for taxes | 199 | 230 |
2. Other provisions | ||
a) Provisions for staff costs | ||
Restructuring | 282 | 331 |
Bonuses | 142 | 133 |
Vacation claims | 111 | 118 |
Overtime and other claims for time off | 106 | 116 |
Variable salaries and wages | 50 | 58 |
Other | 116 | 155 |
b) Miscellaneous other provisions | ||
Assumption of obligations | 211 | 224 |
Postage stamps | 125 | 130 |
Outstanding supplier invoices | 76 | 97 |
Other | 161 | 190 |
Subtotal 2.a) und 2.b) | 1,380 | 1,552 |
1,579 | 1,782 |
Total of 1. and 2.
Provisions for taxes
Provisions for taxes relate to tax expenses for the current year and po-tential tax arrears payable due to ongoing external tax audits, including the interest attributable to these arrears.
Restructuring
This item primarily includes the expenses for an early retirement pro-gramme for civil servants and expenses for partial retirement and sever-ance payments.
At the end of 2011, Deutsche Post AG used a collective agreement to in-troduce a special retirement model in the form of a combined partial re-tirement and working time account model. The top-up payments arising under the partial retirement arrangements in this model are recognised as provisions. Provisions are recognised for the payments made by em-ployees into their working time accounts.
Pension liability insurance (plan assets within the meaning of section 246(2) of the HGB) has been taken out to meet the obligations resulting from the working time accounts. The provisions required for the working time accounts and the receivable under the pension liability insurance have been offset against each other.
The following overview shows the basis for offsetting:
Basis for offsetting
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Settlement amount for obligations under | ||
demographic fund/working time accounts | -629 | -703 |
Fair value of the insurance | 629 | 703 |
Excess of plan assets over retirement benefit | ||
obligations | 0 | 0 |
No cost was recognised for the insurance policies, since the payments made by the participating employees are transferred directly to the in-surance company.
Income from plan assets amounted to €13 million in the reporting period (previous year: €13 million).
Assumption of obligations
In previous years, Deutsche Post AG entered into contracts in which it un-dertook vis-à-vis a number of subsidiaries to assume responsibility inter-nally for certain pension obligations on the part of these subsidiaries. The obligations assumed by Deutsche Post AG amounted to €224 million as at the reporting date.
Non-current provisions were discounted using the discount rate pub-lished by the Deutsche Bundesbank for the average maturity of the obli-gations.
Postage stamps
The provision for postage stamps relates to stamps that have been sold by the reporting date but for which the corresponding service has yet to be performed. Utilisation of prior-year stocks in the amount of €125 mil- lion was assumed in financial year 2020. €130 million was added to the provision, based on external expert reports prepared in 2015 and peri-odic updates made on the basis of internal data.
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Liabilities
Liabilities
€m
31 Dec. 2019
31 Dec. 2020
Bonds thereof convertible bond: 1,000 (previous year: 1,000)
5,004
6,950
Amounts due to banks
472
232
Trade payables
941
Liabilities to affiliated companies thereof trade payables 118
8,996
9,951
(previous year: 111)
Liabilities to other equity investments
27
40
thereof trade payables 0
(previous year: 0)
Other liabilities thereof taxes: 319 (previous year: 310)
1,128
1,101
thereof social security: 0
(previous year: 0)
16,568
The maturity structure of the liabilities is presented in the "Maturity structure of liabilities" table (Annex 2).
No loans were secured by mortgage charges as at 31 December 2020.
Three bonds totalling €750 million each were issued in May 2020. The Bond 2012/2020 was repaid in December 2020 as planned (€300 mil-lion).
The details of the bonds issued are shown in the following table:
Bonds
Interest rate | Amount | |
in % | issued | |
Bond 2012/2024 | 2.875 | €700 million |
Bond 2013/2023 | 2.750 | €500 million |
Bond 2016/2021 | 0.375 | €750 million |
Bond 2016/2026 | 1.250 | €500 million |
Bond 2017/2027 | 1.000 | €500 million |
Bond 2018/2028 | 1.625 | €750 million |
Bond 2020/2026 | 0.375 | €750 million |
Bond 2020/2029 | 0.750 | €750 million |
Bond 2020/2032 | 1.000 | €750 million |
Convertible bond 2017/20251 | 0.050 | €1,000 million |
1 Conversion premium: |
40% €55.69
Conversion price:
Changes in the convertible bond 2017/2025 are shown in the following table:
Changes in the convertible bond
Changes in the convertible bond 2017/2025
Price 1 €
Conversion ratio per bond 2
Cash dividend €
Issuance
55.69
1,795.6771
After adjustment in 2018
55.61
1,798.1264
1.15
After adjustment in 2019
55.63
1,797.4721
1.15
After adjustment in 2020
55.74
1,794.1916
1.15
1 The conversion price (not rounded) is the result of dividing the principal amount of €100,000 by the adjusted conversion ratio
2 Calculation agent: Conv-Ex Advisors Limited.
The amounts due to banks mainly comprise liabilities from promissory note loans (€150 million) and the sale of residential building loans (€49
million).
Deutsche Post AG manages the residential building loans as a trustee.
The payments received are forwarded to the purchasers of the loans (banks) in accordance with a defined interest and principal payment schedule.
As borrowers make unscheduled repayments on existing loans, some of the funds initially remain with Deutsche Post AG due to the defined inter-est and principal payment schedule, and are forwarded to the purchasers of the loans at a later date. Liabilities due to banks therefore include an amount of €49 million (previous year: €63 million) from unscheduled re-
payments.
Liabilities to affiliated companies mainly comprise liabilities from Group cash management (in-house banking) in the amount of €9,273 million (previous year: €8,836 million).
Other liabilities chiefly relate to liabilities from an early retirement pro-gramme, tax liabilities and a liability in connection with a property sale.
A matching item for the purchase price payments of €201 million that were received has been recognised under other liabilities due to condi-tions precedent relating to real estate sales.
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Deferred income
In 2015, the Company acquired, against payment, liabilities for pension commitments by subsidiaries by way of an assumption of obligations. The difference between the settlement amount under the HGB and the amount under the IFRSs (€34 million) was recognised as deferred in-come and will be reversed using the straight-line method over the ex-pected average duration of the obligations. As at 31 December 2020, the amount recognised in deferred income was €23 million.
Apart from this, deferred income largely comprises subsidies for electric-powered vehicles.
INCOME STATEMENT DISCLOSURES
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Revenue
Revenue by business unit | ||
€m | 2019 | 2020 |
Germany* | 11,851 | 12,880 |
Post Germany | 7,882 | 7,716 |
Mail Communication & E-Post | 4,855 | 5,085 |
Dialogue Marketing | 2,013 | 1,693 |
Other Post Germany | 1,014 | 938 |
Parcel Germany | 3,969 | 5,164 |
International* | 1,963 | 2,079 |
Other Post & Parcel* | 673 | 176 |
Total Post & Parcel Germany revenue | 14,487 | 15,135 |
Total other services | 470 | 450 |
Overall total revenue | 14,957 | 15,585 |
* Prior-year figures restated due to changes in product allocations and reporting structures: revenue from transporting documents and goods across Germany's borders has been presented as International revenue.
The increase in revenue is mainly the result of the German parcel busi-ness, which in turn saw growth from an increase in volumes and the re-turn of parcel delivery by the former DHL Delivery regional companies to Deutsche Post AG as part of the retroactive merger as at 1 January 2019. Increased parcel volumes are attributable to the restrictions in place due to the pandemic and the associated rise in deliveries of online purchases.
In financial year 2019, revenue of €480 million from the retroactive mer- ger as at 1 January 2019 was reported under Other Post & Parcel.
Other services totalling €450 million (previous year: €470 million)
mainly include reimbursement for employee leasing, rental agreements and leases, and income from service level agreements.
Revenue by geographical region: | ||
€m | 2019 | 2020 |
Germany | 14,145 | 14,744 |
Europe (excluding Germany) | 552 | 579 |
Other regions | 260 | 262 |
14,957 | 15,585 |
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Other own work capitalised
Other own work capitalised is reported in the amount of €53 million (pre-vious year: €32 million). This item relates primarily to own work in con-nection with the recognition of internally generated intangible assets, which has been permitted since 1 January 2010.
(38)
Other operating income
Other operating income
€m
2019
2020
Income from currency translation
Income from the reversal of provisions
Fees and reimbursements
Income from derivatives
342 77 47 25
579 72 67 47
Write-up of investment
Income from disposals of fixed assets
Miscellaneous
0 3 131
42 38 127
625
972
Other operating income comes primarily from currency translation
(€579 million), reversal of provisions (€72 million) and fees and reim-bursements (€67 million).
The strong volatility in the foreign exchange market, particularly in the case of the US dollar, and the effects of currency hedging led to higher income from currency translation in the reporting period.
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Materials expense
The materials expense is composed of the cost of consumables, supplies and goods purchased and held for resale, and the cost of purchased ser-vices.
Cost of consumables and supplies and goods purchased and held for resale
€m | 2019 | 2020 |
Operating supplies | 91 | 125 |
Fuel and heating materials | 109 | 104 |
Goods purchased and held for resale | 44 | 39 |
Spare parts and repair materials | 33 | 39 |
277 | 307 | |
Cost of purchased services | ||
€m | 2019 | 2020 |
Transportation costs | 2,325 | 2,503 |
Rental and lease expenses (incl. | ||
additional property expenses) | 628 | 643 |
Commissions | 601 | 612 |
Purchased IT services | 224 | 214 |
Maintenance expenses | 161 | 164 |
Proprietary software development | 119 | 142 |
Miscellaneous | 614 | 622 |
4,672 | 4,900 |
The miscellaneous sub-item mostly comprises the costs of agency agree-ments with affiliated companies.
Costs in accordance with section 285 no. 22 of the HGB relating to IT de- velopment amounted to €142 million in financial year 2020. €52 million of this amount was capitalised.
(40)
Staff costs/ employees
Staff costs/employees
€m
2019
Wages, salaries and emoluments
6,702
6,821
Social security contributions, retirement bene-fit expenses and assistance benefits
1,672
1,711
thereof for retirement benefit expenses 499 (previous year: 477)
8,374
Expenses for wages, salaries and emoluments increased by €158 million year-on-year.
In financial year 2020, expenses for early retirement programmes amounted to €108 million (previous year: €139 million), while severance payments came in at €58 million (previous year: €52 million). The work of the employees of Deutsche Post AG under pandemic conditions was recognised with a one-time payment made to employees totalling €50 million. An additional bonus payment was agreed in collective bar-gaining negotiations in financial year 2020, which resulted in expenses of €43 million.
The increase in social security contributions, retirement benefit expenses and other benefit expenses by €39 million was mainly due to higher so-cial security contributions (€26 million) and an increase in retirement benefit expenses (€22 million).
Since financial year 2000, Deutsche Post AG has been legally required to contribute 33% of the pensionable gross emoluments of its active civil servants and the notional pensionable gross emoluments of its civil serv-ants on leave of absence to the Postbeamtenversorgungskasse (PVK - Postal Civil Servant Pension Fund). The Bundesanstalt für Post und Tele-kommunikation Deutsche Bundespost (BAnst PT) performs the PVK's tasks.
It falls to the German federal government to guarantee that the PVK is always in a position to meet its obligations.
Contributions made to the BAnst PT in the reporting period amounted to €376 million. The prior-year amount was €409 million.
The average number of employees classified by employee groups in the period under review was as follows:
Employee groups
2019 | 2020 | |
Salaried employees and hourly workers | 156,798 | 160,153 |
Civil servants | 26,296 | 23,611 |
183,094 | 183,764 |
The number of salaried employees and hourly workers rose by 3,355 be-tween the reporting dates. The number of civil servants dropped by 2,685.
The number of full-time equivalents at the reporting date was 166,143 (previous year: 156,989).
New employees have not been granted civil servant status since 1 Janu-ary 1995. Employees with civil servant status as at that date are perma-nent civil servants who continue to be governed by the provisions of civil servant law.
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Amortisation of Intangible assets and depreciation of property, plant and equipmentAmortisation and depreciation
€m | 2019 | 2020 |
Amortisation of intangible assets | 59 | 48 |
Depreciation of property, plant and equip- | ||
ment | ||
- Land and buildings | 50 | 52 |
- Technical equipment and machinery | 82 | 77 |
- Other office equipment | 119 | 114 |
310 | 291 |
Impairment losses of €0 million were recognised in the reporting period (previous year: €23 million).
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Other operating expenses
Other operating expenses | ||
€m | 2019 | 2020 |
Exchange rate losses | 344 | 621 |
Service level agreement DP Fleet GmbH | 324 | 397 |
Public relations expenses | 213 | 199 |
Expenses for the BAnst PT and | ||
Museum Foundation | 152 | 162 |
Compensation payments | 103 | 122 |
Travel, entertainment and training expenses | 104 | 74 |
Other business taxes | 61 | 60 |
Cost of purchased cleaning, transport | ||
and security services | 47 | 59 |
Miscellaneous | 513 | 462 |
1,861 | 2,156 |
The strong volatility in the foreign exchange market, particularly in the case of the US dollar, and the effects of currency hedging led to higher exchange rate losses in the reporting period.
The miscellaneous sub-item includes expenses for legal, consulting and audit costs; insurance premiums and fees as well as expenses under sec-tion 67(1) and (2) of the EGHGB (addition to provisions for pensions un-der the BilMoG).
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Financial result
Financial result
€m 2019
2020
Income from profit transfer agreements 2,525 thereof from affiliated companies: 3,382 (previous year: 2,525)
Income from equity investments 56
thereof from affiliated companies: 17 (previous year: 56)Net investment income 2,581
3,399
Other interest and similar income 143 thereof from affiliated companies: 69 (previous year: 90)
105
Income from long-term loans 17 thereof from affiliated companies: 21 (previous year: 17)
21
Interest and similar expenses -526 thereof from affiliated
-760
companies: -29 (previous year: -53)
thereof from unwinding of discounts: -619
(previous year: -345)
Net interest income -366
-634
Financial result 2,215
The financial result comprises net investment income and net interest in-come.
The change in net investment income is mainly due to the €857 million increase in income from profit transfer agreements attributable to Deutsche Post Beteiligungen Holding GmbH. Deutsche Post Be- teiligungen Holding GmbH's earnings were the result of very good oper- ating results generated by the subsidiaries and the reversal of the write-down of the carrying amount of the investment in a subsidiary.
The decline in net interest income was mainly attributable to income from plan assets/assets, which was down €364 million due to a de- creased return. In contrast, interest expense from interest on provisions for pensions was down €86 million. Income from plan assets/assets is set off against the interest expense from pension provisions and reported as a net figure.
(44)
Taxes on income
An expense of €274 million was recognised under taxes on income in the
reporting period. Expenses attributable to the reporting period amounted to €268 million. In previous years, expenses of €6 million were
reported.
Offsetting deferred tax assets and deferred tax liabilities (net presenta-tion method) resulted in net deferred tax assets at the balance sheet date.
Since the Company does not exercise the recognition option set out in section 274(1) sentence 2 of the HGB, no deferred tax assets are recog-nised on the balance sheet.
Deferred tax assets result primarily from differences between the carry-ing amounts of provisions for pensions, other provisions and liabilities in the financial statements and their tax base. Deferred tax assets were also recognised in respect of tax loss carry forwards that will reverse within the next five years according to the Company's projections. Deferred
taxes are calculated on the basis of a tax rate of 30.5%.
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Retained profits brought Forward from the previous year
Retained profits brought forward from the previous year amount to €5,062 million.
(46)
Appropriation of net profit
The following overview shows the appropriation of the net retained profit for the previous year, as resolved by the Annual General Meeting:
€m | 31 Dec. 2019 | 31 Dec. 2020 |
Net retained profit for the previous year | 5,653 | 6,484 |
Dividend distribution | 1,419 | 1,422 |
Retained profits brought forward | 4,234 | 5,062 |
Based on the net retained profit for financial year 2020 in the amount of €7,977 million, the Board of Management will propose a dividend of €1.35 per no-par value share carrying dividend rights. This corresponds to a total dividend of €1,673 million. The amount of €6,304 million re-
maining after deduction of the planned total dividend will be carried for-ward to new account.
The final total dividend will be based on the number of shares carrying dividend rights at the time the Annual General Meeting resolves upon the appropriation of the net retained profit on the day the AGM convenes.
OTHER DISCLOSURES
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Off-balance sheet items
Trust activities
Trust activities as at 31 December 2020 relate to loan administration for housing construction promotion and to the responsibilities agreed in ac-cordance with section 119 of Book 6 of the Sozialgesetzbuch (SGB - Ger-man Social Security Code) relating to cash benefit payments by pension insurance funds (Postal Pension Service).
The trust assets for the Postal Pension Service as at 31 December 2020 amounted to €102 million (previous year: €75 million).
The trust assets for housing construction promotion amounted to €57 million (previous year: €73 million).
As at 31 December 2020, Deutsche Post AG administered trust assets of €224 million (previous year: €229 million) resulting from the sale of re-
ceivables from business clients.
These transactions do not result in significant future benefits or risks for Deutsche Post AG.
Other financial obligations
Other financial obligations amounted to €3,066 million at the balance sheet date. Of this figure, €2,724 million is attributable to affiliated com-
panies. There were no other financial obligations to associates or from pension obligations.
In the previous year, other financial obligations amounted to €2,974 mil-lion, including obligations of €2,636 million to affiliated companies.
The following overview shows the remaining maturities of other financial obligations:
Other financialobligations
up to | of more than | of more | ||
Total | 1 year | 1 year up to | than | |
€m | 5 years | 5 years | ||
Total | 3,066 | 1,145 | 1,064 | 857 |
thereof pension obligations | 0 | |||
thereof to affiliated companies | 2,724 | 887 | 1,008 | 829 |
thereof to associates | 0 |
thereof with a remaining maturity
Other financial obligations are primarily the result of long-term rental agreements and leases. In keeping with the Group leasing model, all Deutsche Post AG properties are leased from Deutsche Post Immobilien
GmbH, which acts as the Group's centralised property leasing company.
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Contingencies
Deutsche Post AG has furnished a large number of comfort letters, sure-ties and guarantees to secure loan, lease, supplier, delivery and service agreements to be entered into by Group companies, associates and joint ventures. This enabled the Group to obtain better contract terms locally.
Due to past experience and continuous monitoring of the liquidity situa-tion in its companies, Deutsche Post AG is of the opinion that the risk of the comfort letters, sureties and guarantees being called must be consid-ered extremely low. Therefore there was no need to recognise a liability for these contingencies on the balance sheet.
Contingencies relating to guarantees in accordance with section 765 of the Bürgerliches Gesetzbuch (BGB - German Civil Code), which were solely due to affiliated companies, amounted to €777 million (previous year: €799 million).
Guarantees amounting to €7,293 million (previous year: €7,094 million) were issued. Of this amount, guarantees totalling €7,281 million (previ-ous year: €7,080 million) were issued in respect of affiliated companies.
Comfort letters issued amounted to €121 million (previous year: €288 million). These were issued solely to affiliated companies in the year un- der review (previous year: €283 million).
Moreover, the figures above also contain contingencies (exclusively guarantees to affiliated companies) in the amount of €122 million (pre- vious year: €103 million), which were specifically furnished in respect of retirement obligations.
In addition to the contingent liabilities referred to above, Deutsche Post AG issued declarations of joint and several liability (403 Verklaringen - section 403 guarantees - under Dutch law) for 21 subsidiaries in the Netherlands in order to dispense with disclosing their financial state- ments. The liability declarations cover all of the companies' legal trans- actions.
(49)
Hedging policy and derivatives
As an international company, Deutsche Post AG is inevitably exposed to financial risks such as those from movements in exchange rates, interest rates or commodity prices. As part of its centralised risk management system, Deutsche Post AG assumes the role of an in-house bank within Deutsche Post DHL Group. In this capacity, Group-wide financial risks are centralised as far as possible and external hedging transactions are en- tered into with banks in order to hedge the Group's position; some of these transactions are in turn transferred internally to Group companies. Primary and derivative financial instruments are used to offset risks from exchange rate, interest rate and commodity price movements.
The following table provides an overview of the derivative financial in-struments employed and their notional amounts and fair values as at 31 December 2020:
€m
Notional amount
Fair value
Affili-ated com-paniesThird par-tiesTotalAffili-ated com-paniesThird par-tiesTotalInterest rate products Interest rate swaps thereof positive fair values thereof negative fair values
Currency transactions Currency forwards thereof positive fair values thereof negative fair values
Commodity price transac-tions
Commodity price swaps thereof positive fair values thereof negative fair valuesTotal
500
0
500
-24 0
0 -24 0 0
-24 0 -24
0
4,488
4,488
0
-24 -24
0 23 23 0 -47 -47
0
45
45
0
-7 -7
0 0 0 0 -7 -7
5,033 -55
The notional volume is calculated as the sum of the absolute amounts of the individual transactions. A distinction is made between intragroup transactions (in-house bank function) and external transactions with banks. The fair values are calculated as the net unrealised gains and losses in each class of derivative from the measurement of the positions.
The fair values of currency forwards were determined on the basis of cur-rent market prices, taking into account forward premiums and discounts.
The fair values of the interest rate swaps were measured on the basis of discounted expected future cash flows and include accrued interest. The fair values of these instruments were determined using the Group's
treasury management system. The fair values of commodity price swaps were provided by the banks with which the hedges were originally con-cluded.
Under the HGB, derivatives represent executory contracts that are gen-erally not recognised in the balance sheet. Executory contracts are meas-ured in accordance with the principle of imparity under the HGB. A provi-sion for expected losses is created to reflect unrealised losses from exec-utory contracts, while unrealised gains are not recognised. A provision for expected losses must therefore generally be reported for derivatives with a negative fair value at the balance sheet date.
As an exception to this basic rule, hedge accounting in accordance with section 254 of the HGB may be applied to derivatives under certain con-ditions. If hedge accounting is applied, assets, liabilities, executory con-tracts or highly probable forecast transactions are combined with finan-cial instruments to net out offsetting changes in value or cash flows re- sulting from the occurrence of comparable risks. Either the "gross hedge presentation method" or the "net hedge presentation method" may be
used. If the gross hedge presentation method is used, the fair values of the derivatives are recognised in the income statement; if the net hedge presentation method is used, the carrying amounts are not adjusted to reflect fair value changes resulting from effective hedging relationships.
Deutsche Post AG exercised the option to apply hedge accounting in the following cases as at the reporting date:
Foreign currency receivables and liabilities from external bank balances, in-house bank balances and loans (recognised hedged items) with a net volume of €3,046 million were combined - using the gross hedge
presentation method - with currency forwards (hedging instruments) with a net volume of €3,046 million to form homogeneous portfolio
hedges for each currency to hedge the currency risk. The hedged risk was €19 million. Where the gross hedge presentation method is used, the
positive or negative fair values of the derivatives in question are recog-nised in other assets/other liabilities in the balance sheet.
The relevant portfolios are adjusted on a continuous basis. Where neces-sary, the maturities of hedging instruments falling due are extended us-ing new hedging instruments. Due to the differing maturity dates for hedged items and hedging instruments, the carrying amounts of the hedged items in the balance sheet, which increased by €2 million, are off-
set by corresponding hedging instruments with a negative net fair value of €-19 million. Corresponding other operating income and expense items were recorded in the income statement. Hedge effectiveness is prospectively assessed using the critical terms match method and retro-spectively measured using the cumulative dollar-offset method, whereby only value changes attributable to spot prices are included.
Hedge effectiveness is expected to be 100% since the primary measure-ment characteristics of the hedged items and hedging transactions match.
A provision for expected losses amounting to €1 million was recognised
for the portion of the fair values of the hedging instruments not attribut-able to changes in spot prices and thus not included in the hedging rela-tionship.
External commodity price swaps totalling €45 million (fair value: €-7 million) were combined with very likely future transactions into a macro hedge using the net hedge presentation method to hedge com- modity risk. The hedged risk was €7 million. The future transactions con-
stitute planned purchases of diesel fuel in the notional amount of €45 million during the period up to the end of December 2022. Hedge effec-tiveness is prospectively assessed using the critical terms match method and retrospectively measured using the cumulative dollar-offset method. Hedge effectiveness is expected to be 100% since the primary characteristics of the hedged items and hedging transactions match.
A provision for expected losses of €7 million was recognised for the syn-
thetic fixed-price procurement transaction resulting from the hedge.
Hedge accounting was not used for the following:
External currency transactions with a volume of €942 million (net fair value: €-8 million; this includes positive fair values (€1 million) and neg-
ative fair values (€-9 million)) maturing in 2025 were not hedged be-cause the underlying risks are not attributable to Deutsche Post AG, but to other Group companies. A provision for expected losses of €9 million
was recognised for the negative fair values of these transactions.
A provision for expected losses of €16 million was recognised for an in- ternal interest rate swap with a volume of €500 million (fair value: €-24
million, including €-7 million in accrued interest), which matures in 2022.
Total provisions for expected losses on derivatives as at 31 December 2020 amounted to €33 million (previous year: €28 million).
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List of shareholdings
(51)
Declaration of Conformity with the German Corporate Governance Code
(52)
Auditor's fee
(53)
Report on post-balance sheet date events
The list of shareholdings in accordance with section 285 nos. 11, 11a and 11b of the HGB is contained in Annex 3.
The Board of Management and the Supervisory Board of Deutsche Post AG jointly published the Declaration of Conformity with the German Cor-porate Governance Code for financial year 2020 required by section 161 of the AktG. The full text of the Declaration of Conformity is continuously available to the public on the Internet atwww.corporate-governance-code.de and on the website atwww.dpdhl.com(section 161(2) of the AktG).
Information on the auditor's fee is given in the consolidated financial statements of Deutsche Post AG and is therefore not disclosed here on the basis of the exemption provided for under section 285 no. 17 of the HGB.
Deutsche Post AG and its German subsidiaries also received other assur-ance services mainly including certificates for the internal control sys-tem. Other services were chiefly services within the scope of the further development of the internal control system outside the financial organi-sation.
There were no events after the balance sheet date that could have a ma- terial effect on Deutsche Post AG's results of operations, financial posi- tion and net assets.
(54)
Board of Management and Supervisory Board
Board of Management remuneration
The remuneration paid to members of the Board of Management in fi- nancial year 2020 totalled €12.56 million (previous year: €13.62 mil- lion). Non-performance-related components accounted for €8.26 mil- lion (previous: year €8.15 million) and €4.30 million was attributable to the annual bonus paid (including deferral 2018) as a performance-re-lated component (previous year: €5.47 million). An additional €3.88 mil- lion of the annual bonus was transferred to the medium-term component (deferral) (previous year: €2.88 million) and will be paid out in 2023 sub-ject to the condition that the required EAC, an indicator of sustainability, be reached.
In financial year 2020, the Board of Management members additionally received a total of 816,498 SARs, which at the issue date were valued at €8.00 million (previous year: €9.90 million).
Remuneration of active members of the Board of Management
Individual remuneration of active members of the Board of Management: (financial year 2020)
Annual base salary
Fringe benefitsAnnual bonus 2020 (paid)
€
Frank Appel, Chairman
Ken Allen
2,060,684 1,005,795
49,759 1,020,039
Oscar de Bok (since 1. Oct. 2019)
715,000
101,726 21,856
502,898 195,124
321,750
Melanie Kreis
Tobias Meyer (since 1. Apr. 2019)
937,750 715,000
17,849 21,649
457,153 356,200
Thomas Ogilvie
John Pearson (since 1. Jan. 2019)
883,333 715,000
12,578 73,916
427,865 96,275
357,500
Tim Scharwath
900,833
28,398
436,358 129,773
Payout | Share of | Value of |
from | annual bonus | SARs at date |
medium- | transferred to | of |
term com- | medium-term | grant |
ponent | component | |
2018 | 2020* | |
1,020,039 | 2,060,705 | |
502,898 | 1,005,833 | |
321,750 | 715,008 | |
457,153 | 930,040 | |
356,200 | 715,008 | |
427,865 | 930,040 | |
357,500 | 715.008 | |
436,358 | 930,040 |
0 **
-
0 *** -
-
* This amount will be paid out in 2023 provided the sustainability indicator is reached.
** No payments were made to Frank Appel, who waived his 2018 annual bonus, including the deferred portion (see Annual
Report 2018).
*** No payments were made to Melanie Kreis, who waived her 2018 annual bonus, including the deferred portion (see Annual
Report 2018).
Individual remuneration of active members of the Board of Management: (financial year 2019)
€
Frank Appel, Chairman
Ken Allen
Oscar de Bok (since 1. Oct. 2019)
Melanie Kreis
Tobias Meyer (since 1. Apr. 2019)
Thomas Ogilvie
John Pearson (since 1. Jan. 2019)
Annual base salary
Fringe benefitsAnnual bonus 2019 (paid)Payout from medium-term com-ponent 2017
Share of annual bonus transferred to medium-term component 2019*Value of SARs at date of grant
2,060,684 1,005,795
50,933 100,672 13,499
754,520 952,351
754,520 2,796,980
402,217 487,945
402,217 1,432,255
178,750
71,482
-
71,482
-
930,000 536,250
20,674 20,045
335,963 405,892
335,963 1,324,340
205,947
-
205,947 1,018,183
763,333 715,000
14,079 86,469
268,388 116,188
268,388 1,081,290
262,977
-
262,977 1,018,183
Tim Scharwath
799,583
40,620
301,043 196,780
301,043 1,224,656
* This amount will be paid out in 2022 provided the sustainability indicator is reached.
Defined contribution pension commitments
Individual breakdown of contribution-based pension commitments in financial year 2020
Pension commitments
Board of Management's Total |
benefit entitlements contribution |
Present value | Staff costs for | ||
as at 31 Dec. | pension | ||
2020 | obligations, | ||
€ | for 2020 | financial year | |
2020 | |||
Ken Allen | 352,028 | 4,262,047 | 377,687 |
Oscar de Bok | |||
(since 1. Oct. 2019) | 250,250 | 703,388 | 193,801 |
Melanie Kreis | 325,500 | 2,406,933 | 285,521 |
Tobias Meyer | |||
(since 1. Apr. 2019) | 250,250 | 919,041 | 219,864 |
Thomas Ogilvie | 301,000 | 966,505 | 283,699 |
John Pearson | |||
(since 1. Jan. 2019) | 250,250 | 516,399 | 250,688 |
Tim Scharwath | 301,000 | 991,552 | 301,772 |
Total | 2,030,278 | 10,765,865 | 1,913,032 |
Individual breakdown of contribution-based pension commitments in financial year 2019
Pension commitments
Present value | Staff costs for | ||
as at 31 Dec. | pension | ||
2019 | obligations, | ||
€ | for 2019 | financial year | |
2019 | |||
Ken Allen | 352,028 | 3,751,808 | 341,727 |
Oscar de Bok | |||
(since 1. Oct. 2019) | 62,563 | 475,292 | 457,602 |
Melanie Kreis | 325,500 | 1,958,159 | 265,336 |
Tobias Meyer | |||
(since 1. Apr. 2019) | 187,688 | 629,158 | 583,842 |
Thomas Ogilvie | 250,250 | 603,687 | 209,474 |
John Pearson | |||
(since 1. Jan. 2019) | 250,250 | 250,354 | 244,225 |
Tim Scharwath | 250,250 | 646,550 | 235,463 |
Total | 1,678,529 | 8,315,008 | 2,337,669 |
Board of Management's Total |
benefit entitlements contribution |
Legacy final salary-based pension commitments
Individual breakdown of final-salary-based existing pension commitments in financial year 2020
Pension commitments
Board of Management's | Pension | Maximum | Staff costs for | Present |
benefit entitlements | level on 31 | pension | pension | value as at |
Dec. 2020 | level | obligations, | 31 Dec. 2020 | |
financial year | ||||
2020 | ||||
(in %) | (in %) | € | € | |
Frank Appel, Chairman | 50 | 50 | 858,514 | 23,729,964 |
Total | 858,514 | 23,729,964 |
Individual breakdown of final-salary-based existing pension commitments in financial year 2019
Pension commitments
Board of Management's | Pension | Maximum | Staff costs for | Present |
benefit entitlements | level on 31 | pension | pension | value as at |
Dec. 2019 | level | obligations, | 31 Dec. 2019 | |
financial year | ||||
2019 | ||||
(in %) | (in %) | € | € | |
Frank Appel, Chairman | 50 | 50 | 229,336 | 20,644,037 |
Total | 229,336 | 20,644,037 |
Benefits paid to former members of the Board of Management or their surviving dependants in financial year 2020 amounted to €8.92 million (previous year: €6.26 million). Provisions for current pensions were rec-ognised in the amount of €87.2 million (previous year: €85.5 million).
Supervisory Board remuneration
Remuneration for the members of the Supervisory Board is governed by article 17 of the Articles of Association of Deutsche Post AG, according to which Supervisory Board members only receive fixed annual remunera- tion in the amount of €70,000 (as in the previous year).
The Supervisory Board chairman and the Supervisory Board committee chairs receive an additional 100% of the remuneration, and the Supervi-sory Board deputy chair and committee members receive an additional 50%. This does not apply to the Mediation or Nomination Committees.
Those who only serve on the Supervisory Board or its committees, or act as chair or deputy chair, for part of the financial year are remunerated on a pro-rata basis.
As in the previous year, Supervisory Board members receive an attend- ance allowance of €1,000 for each plenary meeting of the Supervisory
Board or committee meeting that they attend. They are entitled to the re-imbursement of out-of-pocket cash expenses incurred in the exercise of their office. Any value added tax charged on Supervisory Board remuner-ation or out-of-pocket expenses is reimbursed.
The remuneration for 2020 totalled €2.6 million, as in the previous year.
The following table shows the remuneration paid to each Supervisory Board member:
Remuneration paid to Supervisory Board members
€
2019 | 2020 | |||||
Fixed com- | Attendance | Fixed com- | Attendance | |||
Board members | ponent | allowance | Total | ponent | allowance | Total |
Dr Nikolaus von Bomhard (Chair) | 315,000 | 17,000 | 332,000 | 315,000 | 21,000 | 336,000 |
Andrea Kocsis (Deputy Chair) | 245,000 | 16,000 | 261,000 | 245,000 | 19,000 | 264,000 |
Rolf Bauermeister (until 15 July 2020) | 140,000 | 12,000 | 152,000 | 75,833 | 9,000 | 84,833 |
Dr Günther Bräunig | 91,875 | 6,000 | 97,875 | 105,000 | 11,000 | 116,000 |
Dr Mario Daberkow | 70,000 | 4,000 | 74,000 | 70,000 | 6,000 | 76,000 |
Ingrid Deltenre | 105,000 | 8,000 | 113,000 | 116,667 | 14,000 | 130,667 |
Jörg von Dosky | 70,000 | 4,000 | 74,000 | 70,000 | 6,000 | 76,000 |
Werner Gatzer (until 12 February 2020) | 140,000 | 14,000 | 154,000 | 17,500 | - | 17,500 |
Gabriele Gülzau | 70,000 | 4,000 | 74,000 | 70,000 | 6,000 | 76,000 |
Thomas Held | 105,000 | 8,000 | 113,000 | 105,000 | 10,000 | 115,000 |
Dr Heinrich Hiesinger | 43,750 | 3,000 | 46,750 | 81,667 | 8,000 | 89,667 |
Mario Jacubasch | 70,000 | 4,000 | 74,000 | 70,000 | 6,000 | 76,000 |
Thomas Koczelnik | 175,000 | 19,000 | 194,000 | 175,000 | 25,000 | 200,000 |
Thorsten Kühn (since 28 August 2020) | - | - | - | 37,917 | 4,000 | 41,917 |
Dr Jörg Kukies (since 16 April 2020) | - | - | - | 99,167 | 16,000 | 115,167 |
Ulrike Lennartz-Pipenbacher | 70,000 | 4,000 | 74,000 | 70,000 | 6,000 | 76,000 |
Simone Menne | 105,000 | 11,000 | 116,000 | 105,000 | 16,000 | 121,000 |
Roland Oetker (until 27 August 2020) | 140,000 | 12,000 | 152,000 | 93,333 | 9,000 | 102,333 |
Lawrence R. Rosen (since 27 August 2020) | - | - | - | 26,250 | 2,000 | 28,250 |
Dr Stefan Schulte | 140,000 | 11,000 | 151,000 | 140,000 | 16,000 | 156,000 |
Stephan Teuscher1 | 105,000 | 11,000 | 116,000 | 116,667 | 18,000 | 134,667 |
Stefanie Weckesser | 105,000 | 11,000 | 116,000 | 105,000 | 16,000 | 121,000 |
Prof. Dr-Ing. Katja Windt | 70,000 | 4,000 | 74,000 | 70,000 | 6,000 | 76,000 |
1 Stephan Teuscher receives €1,500 per year for membership of the DHL Hub Leipzig GmbH Supervisory Board.
Governing bodies of the Company
Members of the Supervisory Board Financial year 2020
Shareholder Representatives (as at 31 December 2020)
First name, last name | Profession |
Dr Nikolaus von Bomhard | Chair of the Supervisory Board and former Chair of the Board of |
Management, Münchener Rückversicherungs-Gesellschaft AG | |
(Munich Re) | |
Dr Günther Bräunig | Chief Executive Officer of KfW Bankengruppe |
Dr Mario Daberkow | Member of the Managing Board of Volkswagen |
Financial Services AG | |
Ingrid Deltenre | Member of various boards of directors, |
former Director General of the European Broadcasting Union | |
Werner Gatzer | State Secretary, Federal Ministry of Finance |
(until 12 February 2020) | |
Dr Heinrich Hiesinger | Member of various supervisory boards, former Chair of the Board |
of Management, thyssenkrupp AG | |
Dr Jörg Kukies | State Secretary, Federal Ministry of Finance |
(since 16 April 2020) | |
Simone Menne | Member of various supervisory boards, |
former member of the Board of Managing Directors | |
of Boehringer Ingelheim GmbH | |
Roland Oetker | Managing Director of |
(until 27 August 2020) | ROI Verwaltungsgesellschaft mbH |
Lawrence A. Rosen | Member of various supervisory boards, former member of the |
(since 27 August 2020) | Board of Management of Deutsche Post AG |
Dr Stefan Schulte | Chairman of the Executive Board of Fraport AG |
Prof. Dr-Ing. Katja Windt | Member of the Board of Management of SMS group GmbH |
Employee representatives | |
First name, last name | Profession |
Andrea Kocsis | Deputy Chair of the ver.di National Executive Board and Head of |
(Deputy Chair) | Postal Services, Forwarding Companies and Logistics on the |
ver.di National Executive Board | |
Rolf Bauermeister | Trade Union Secretary, ver.di National Administration |
(until 15 July 2020) | |
Jörg von Dosky | Chair of the Group and Company Executive Representation Com- |
mittee, Deutsche Post AG | |
Gabriele Gülzau | Chair of the Works Council, Deutsche Post AG, Mail Branch, |
Hamburg | |
Thomas Held | Chair of the Central Works Council, Deutsche Post AG |
Mario Jacubasch | Deputy Chair of the Group Works Council, |
Deutsche Post AG | |
Thomas Koczelnik | Chairman of the Group Works Council, Deutsche Post AG |
Thorsten Kühn | Head of Postal Services, Co-determination and Youth, and Head |
(since 28 August 2020) | of National Postal Services Group at ver.di National Administra- |
tion | |
Ulrike Lennartz-Pipenbacher | Deputy Chair of the Central Works Council, |
Deutsche Post AG | |
Stephan Teuscher | Head of Wage, Civil Servants and Social Policies in the Postal |
Services, Forwarding Companies and Logistics Department, | |
ver.di National Administration | |
Stefanie Weckesser | Deputy Chair of the Works Council, |
Deutsche Post AG, Mail Branch, Augsburg |
Members of the Board of Management | |
Financial year 2020 | |
First name, last name | Department |
Dr Frank Appel | Chief Executive Officer |
Global Business Services | |
Ken Allen | eCommerce Solutions |
Oscar de Bok | SUPPLY CHAIN |
Melanie Kreis | Finance |
Dr Tobias Meyer | Post & Parcel Germany business unit |
Dr Thomas Ogilvie | Human Resources |
Corporate Incubations | |
John Pearson | EXPRESS |
Tim Scharwath | GLOBAL FORWARDING, FREIGHT |
Additional memberships held by members of the Supervisory Board in supervisory and controlling bodies of other companiesShareholder representatives
First name, last name
MembershipsDr Nikolaus von BomhardDr Günter BräunigDr Mario DaberkowIngrid DeltenreWerner Gatzer
(until 12 February 2020)
a) Münchener Rückversicherungs-Gesellschaft AG (Munich Re) (Chairman)
b) Athora Holding Ltd., Bermuda (Board of Directors, Chair)
a) Deutsche Pfandbriefbank AG (Chair)
Deutsche Telekom AG
b) No memberships
a) No memberships
b) Volkswagen Participações Ltda.1, Brazil (Supervisory Board) Volkswagen Holding Financière S.A.1, France
(Supervisory Board)
Volkswagen Payments S.A.)1, Luxembourg (Supervisory Board, Chair)
Softbridge-Projectos Tecnológicos S.A.1, Portugal (Administrative Board)
VW Credit, Inc., USA (Board of Directors)1
Volkswagen S.A., Institución de Banca Múltiple1, Mexico (Supervisory Board)
1 Volkswagen AG group mandate
a) No memberships
b) Givaudan SA, Switzerland (Board of Directors)
Banque Cantonale Vaudoise SA, Switzerland (Board of Directors) Agence France Presse, France (Board of Directors)
Sunrise Communications AG, Switzerland (Board of Directors) (until 9 November 2020)
Akara Funds AG, Switzerland (Board of Directors) (since 31 August 2020)
a) Flughafen Berlin Brandenburg GmbH PD-Berater der öffentlichen Hand GmbH (Chair)
b) No memberships
Dr Heinrich Hiesinger
Dr Jörg Kukies (since 16 April 2020)
Simone MenneRoland Oetker
(until 27 August 2020)Lawrence A. Rosen (since 27 August 2020)
Dr Stefan Schulte
a) BMW AG
Fresenius Management SE (since 1 July 2020) ZF Friedrichshafen AG (since 1 January 2021)
b) No memberships
a) KfW IPEX-Bank GmbH2 (Supervisory Board)
b) KfW Banking Group Deputy Member of the Board of Directors)
2 Group mandate, KfW Bankengruppe
a) BMW AG
Springer Nature KGaA (until 20 February 2020) Henkel AG & Co. KGaA (since 17 June 2020)
b) Johnson Controls International plc, Ireland (Board of Directors) Russell Reynolds Associates Inc., USA (Board of Directors)
a) No memberships
b) Rheinisch-Bergische Verlagsgesellschaft mbH (Supervisory Board) (until 31 March 2020)
a) Lanxess AG
Lanxess AG Deutschland GmbH3
b) Qiagen N. V., Niederlande (Supervisory Board, Chair)
3 Group mandate, Lanxess AG
a) No memberships
b) Fraport Ausbau Süd GmbH (Supervisory Board, Chair)4 Fraport Regional Airports of Greece A S.A., Greece (Board of Directors, Chair) 4
Fraport Regional Airports of Greece B S.A., Greece (Board of Directors, Chair) 4
Fraport Regional Airports of Greece Management Company S. A., Greece (Board of Directors, Chair) 4
Fraport Brasil S.A. Aeroporto de Porto Alegre, Brazil (Supervisory Board, Chair) 4
Fraport Brasil S.A. Aeroporto de Fortaleza, Brazil (Supervisory Board, Chair) 4
4Group mandate, Fraport AG.
Prof. Dr-Ing. Katja Windt
a) Fraport AG
b) No memberships
Employee representatives | |
First name, last name | Memberships |
Jörg von Dosky | a) PSD Bank München eG |
b) No memberships | |
Stephan Teuscher | a) DHL Hub Leipzig GmbH (Deputy Chair) |
b) No memberships |
a) Membership of other supervisory boards required by law
b) Membership of comparable supervisory bodies of German and foreign companies
Additional memberships held by members of the Board of Management in supervisory and controlling bodies of other companies
First name, last name
Memberships
Ken Allen
a) No memberships
b) Blue Dart Express Ltd. India (Board of Directors) 1
1 Intragroup appointment
a) Membership of supervisory boards required by law
b) Membership of comparable supervisory bodies of German and foreign companies
Annexes
64
Statement of changes in fixed assets for the period 1 January 2020 to 31 December 2020 Annex 1 to the Notes | |||
€ m | Acquisition and production cost | Amortisation/Depreciation | Book values |
1. Intangible assets Intern. gen. intangible assets Purchased Concessions, Software Progress payment | Jan. 1, Additions 2020 Reclas-sifi-cation Disposals Dec. 31, 2020 | Jan. 1, 2020 Amort./ Deprec. Appri-ciationReclas-sifi-cation Disposals Dec. 31, 2020 | Jan. 1, Dec. 31, 2020 2020 |
244 358 4 52 21 7 0 5 -5 22 274 74 310 0 6 | 152 276 0 21 27 0 0 0 0 0 0 0 10 163 66 237 0 0 | 92 111 82 73 4 6 | |
606 80 0 96 590 | 428 48 0 0 76 400 | 178 190 | |
2. Property, plant and equipment Land and buildings Techn. equipment and machine Other equipment Assets under construction | 3,155 2,543 1,372 151 164 109 69 133 59 22 6 -87
| 1,515 1,644 853 0 52 77 114 0 0 8 0 0 0 0 0 0 2 1,565 16 1,697 87 880 0 0 |
|
7,221 475 0 124 7,572 | 4,012 243 8 0 105 4,142 | 3,209 3,430 | |
Subtotal 1. / 2. | 7,827 555 0 220 8,162 | 4,440 291 8 0 181 4,542 | 3,387 3,620 |
3. Non-current financial assets Investments in affiliated companies Loans to affiliated companies Securities kept as fixed assets Other loans | 7,491 8,393 68 2 0 0 2 0 0 0 0 0 0 7,491 107 8,286 6 64 0 2 | 172 0 0 0 0 0 0 0 42 0 0 0 0 0 0 0 0 130 0 0 0 0 0 0 | 7,319 7,361 8,393 8,286 68 64 2 2 |
15,954 2 0 113 15,843 | 172 0 42 0 0 130 | 15,782 15,713 | |
Total | 23,781 557 0 333 24,005 | 4,612 291 50 0 181 4,672 | 19,169 19,333 |
Maturity structure of liabilities as at 31 December 2020
Annex 2 to the notes
Balance at 31 Dec. 2019 | Balance at 31 Dec. 2020 | |||||||
€ m | Total | Total | ||||||
due within 1 year | therof after 1 year | thereof after 5 years | due within 1 year | therof after 1 year | thereof after 5 years | |||
Bonds thereof convertible: 1,000 31 Dec. 2019: 1,000 Due to banks Trade payables Liabilities to affiliated companies thereof trade payables: 118 31 Dec. 2019: 111 Liabilities to other equity investments thereof trade payables: 0 31 Dec. 2019: 0 Other liabilities thereof taxes: 319 31 Dec. 2019: 310 thereof social security: 0 31 Dec. 2019: 0 | 304 273 941 8,996 27 880 | 4,700 199 0 0 0 248 | 2,750 22 0 0 0 8 | 5,004 472 941 8,996 27 1,128 | 750 45 912 9,951 40 891 | 6,200 187 0 0 0 210 | 4,000 8 0 0 0 3 | 6,950 232 912 9,951 40 1,101 |
Total | 11,421 | 5,147 | 2,780 | 16,568 | 12,589 | 6,597 | 4,011 | 19,186 |
List of shareholdings
Annex 3 to the Notes
Group | |||||
equity share | Equity in | Net income in | |||
Name | Country, Headquarters | % | Currency | thousands | thousands |
Affliated Companies included in the Consolidated Financial Statements | |||||
Europe | |||||
ABIS GmbH | Germany, Frankfurt/Main | 100,00 | EUR | 62 | 979 |
Agheera GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
ALTBERG GmbH | Germany, Coburg | 94,50 | EUR | 0 | 0 |
Albert Scheid GmbH 6), 9) | Germany, Cologne | 100,00 | EUR | 1.022 | 0 |
AO DHL International | Russia, Moscow | 100,00 | EUR | 3.282 | 17.646 |
Cargus Express Curier S.R.L. | Romania, Bucharest | 100,00 | EUR | 18.546 | 326 |
CSG GmbH 6), 9) | Germany, Bonn | 51,00 | EUR | 13.838 | 0 |
CSG.TS GmbH 6), 9) | Germany, Neu-Isenburg | 100,00 | EUR | 4.012 | 0 |
Dahlia Propco SASU | France, Le Bourget | 100,00 | EUR | 3.994 | -16 |
Danmar Lines AG | Switzerland, Basel | 100,00 | EUR | 22.160 | -10.526 |
Danzas Deutschland Holding GmbH 6), 9) | Germany, Frankfurt/Main | 100,00 | EUR | 4.025 | 0 |
Danzas Fashion Service Centers B.V. | Netherlands, Waalwijk | 100,00 | EUR | 791 | -10 |
Danzas Grundstücksverwaltung Frankfurt GmbH | Germany, Frankfurt/Main | 100,00 | EUR | 24.549 | -564 |
Danzas Holding AG | Switzerland, Basel | 100,00 | EUR | 200.993 | 72.910 |
Danzas Verwaltungs GmbH | Germany, Frankfurt/Main | 100,00 | EUR | 18.073 | 871 |
Danzas, S.L. | Spain, San Sebastián | 100,00 | EUR | 792.121 | 15.534 |
Delivered on Time Limited | United Kingdom, Chertsey | 100,00 | EUR | 245 | -328 |
Deutsche Post (Komerca) Limited | Ireland, Dublin | 100,00 | EUR | 7.246 | -91 |
Deutsche Post Adress Beteiligungsgesellschaft mbH 6), 9) | Germany, Bonn | 100,00 | EUR | 416 | 0 |
Deutsche Post Adress Geschäftsführungs GmbH | Germany, Bonn | 51,00 | EUR | 69 | -3 |
Deutsche Post Adress GmbH & Co. KG 14) | Germany, Bonn | 51,00 | EUR | 20.704 | 16.364 |
Deutsche Post Assekuranz Vermittlungs GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 51 | 0 |
Deutsche Post Beteiligungen Holding GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 6.718.500 | 0 |
Deutsche Post Customer Service Center GmbH 6), 9) | Germany, Monheim | 100,00 | EUR | 43 | 0 |
Deutsche Post DHL Beteiligungen GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 1.507.025 | 0 |
Deutsche Post DHL Corporate Real Estate Management GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 51 | 0 |
Deutsche Post DHL Corporate Real Estate Management GmbH & Co. Logistikzentren KG 14) | Germany, Bonn | 100,00 | EUR | 42.295 | -40 |
Deutsche Post DHL Corporate Real Estate Management GmbH & Co. Objekt Weißenhorn KG | Germany, Bonn | 100,00 | EUR | 0 | 0 |
Deutsche Post DHL Express Holding GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 8.843.025 | 0 |
Deutsche Post DHL Research and Innovation GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 7.500 | 0 |
Deutsche Post Dialog Solutions GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 1.126 | 0 |
Deutsche Post Direkt GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 65 | 0 |
Deutsche Post E-POST Solutions GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 13.792 | 0 |
Deutsche Post Finance B.V. | Netherlands, Maastricht | 100,00 | EUR | 37.561 | -7.759 |
Deutsche Post Fleet GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 511.115 | 0 |
DHL Parcel Europe FR | France, Issy-les-Moulineaux | 100,00 | EUR | 13.218 | 1.706 |
Deutsche Post Global Mail (Netherlands) B. V. | Netherlands, Utrecht | 100,00 | EUR | 3.609 | 337 |
Deutsche Post Global Mail (UK) Limited | United Kingdom, Croydon | 100,00 | EUR | 29.841 | 14.620 |
Deutsche Post Immobilien GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
Deutsche Post InHaus Services GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 1.534 | 0 |
Deutsche Post International B.V. | Netherlands, Amsterdam | 100,00 | EUR | 10.399.086 | 307.119 |
Deutsche Post Investments GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
Deutsche Post IT Services GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 39.229 | 0 |
Deutsche Post IT Services (Berlin) GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
Deutsche Post Mobility GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 6.055 | 0 |
Deutsche Post Reinsurance S.A. | Luxembourg, Luxembourg | 100,00 | EUR | 17.828 | 437 |
Deutsche Post Shop Essen GmbH 6), 9) | Germany, Essen | 100,00 | EUR | 25 | 0 |
Deutsche Post Shop Hannover GmbH 6), 9) | Germany, Hanover | 100,00 | EUR | 25 | 0 |
Deutsche Post Shop München GmbH 6), 9) | Germany, Munich | 100,00 | EUR | 25 | 0 |
Deutsche Post Zahlungsdienste GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 3.878 | 0 |
DHL (Cyprus) Ltd. | Cyprus, Nikosia | 100,00 | EUR | 3.799 | 200 |
DHL Air Limited | United Kingdom, Hounslow | 100,00 | EUR | 220.706 | 4.230 |
DHL AirWays GmbH 6), 9) | Germany, Cologne | 100,00 | EUR | 30 | 0 |
DHL Automotive GmbH 6), 9) | Germany, Hamburg | 100,00 | EUR | 4.091 | 0 |
DHL Automotive Offenau GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 275 | 0 |
DHL Automotive s.r.o. | Czech Republic, Neprevazka | 100,00 | EUR | 6.632 | -412 |
DHL Aviation (France) SAS | France, Le Bourget | 100,00 | EUR | 3.419 | 556 |
DHL Aviation (Netherlands) B.V. | Netherlands, Haarlemmermeer | 100,00 | EUR | -16.634 | 1.250 |
DHL Aviation (UK) Limited | United Kingdom, Hounslow | 100,00 | EUR | 29.426 | 4.275 |
DHL Aviation NV/SA | Belgium, Steenokkerzeel | 100,00 | EUR | 33.444 | 5.244 |
DHL Consulting GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
DHL Copenhagen HUB Denmark A/S | Denmark, Kastrup | 100,00 | EUR | 122 | 32 |
DHL Delivery GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
DHL Distribution Holdings (UK) Limited | United Kingdom, Hounslow | 100,00 | EUR | 171.223 | 16.705 |
DHL Ekspres (Slovenija), d.o.o. | Slovenia, Trzin | 100,00 | EUR | 1.166 | 499 |
DHL Exel Slovakia, s.r.o. | Slovakia, Senec | 100,00 | EUR | 2.019 | -880 |
DHL Exel Supply Chain (Poland) Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | -9.222 | -2.434 |
DHL Exel Supply Chain (Spain), S.L.U. | Spain, Madrid | 100,00 | EUR | 24.195 | 7.099 |
DHL Supply Chain (Sweden) AB | Sweden, Stockholm | 100,00 | EUR | -8.572 | -1.771 |
DHL Exel Supply Chain Limited | United Kingdom, Bedford | 100,00 | EUR | 599.459 | 191 |
DHL Exel Supply Chain Portugal, S.A. | Portugal, Alverca | 100,00 | EUR | 5.954 | -728 |
DHL Exel Supply Chain Trade (Poland) Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | 1.923 | 221 |
DHL Express (Austria) GmbH | Austria, Guntramsdorf | 100,00 | EUR | 15.677 | 4.513 |
DHL Express (Czech Republic) s.r.o. | Czech Republic, Ostrava | 100,00 | EUR | 4.783 | 2.326 |
DHL Express (Denmark) A/S | Denmark, Broendby | 100,00 | EUR | 82.653 | 5.223 |
DHL Express (Finland) Oy | Finland, Helsinki | 100,00 | EUR | 7.402 | 2.090 |
DHL Express (Hellas) S.A. | Greece, Athens | 100,00 | EUR | 5.250 | 1.265 |
DHL Express (Iceland) EHF | Iceland, Reykjavik | 100,00 | EUR | 3.540 | 731 |
DHL Express (Ireland) Ltd. | Ireland, Dublin | 100,00 | EUR | 15.716 | 3.176 |
DHL Express (Italy) S.r.l. | Italy, Peschiera Borromeo | 100,00 | EUR | 114.870 | 27.747 |
DHL Express (Luxembourg) S.A. | Luxembourg, Contern | 100,00 | EUR | 3.819 | 517 |
DHL Express (Norway) AS | Norway, Oslo | 100,00 | EUR | 18.625 | 2.916 |
DHL Express (Poland) Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | 18.089 | 3.006 |
DHL Express (Schweiz) AG | Switzerland, Basel | 100,00 | EUR | 9.135 | 11.760 |
DHL Express (Slovakia), spol. s r. o. | Slovakia, Bratislava | 100,00 | EUR | 5.014 | 1.513 |
DHL Express (Sweden) AB | Sweden, Stockholm | 100,00 | EUR | 8.168 | 4.332 |
DHL Express (UK) Limited | United Kingdom, Hounslow | 100,00 | EUR | 164 | -1.077 |
DHL Express Bulgaria EOOD | Bulgaria, Sofia | 100,00 | EUR | 3.207 | 887 |
DHL Express Customer Service GmbH 6), 9) | Germany, Monheim am Rhein | 100,00 | EUR | 25 | 0 |
DHL Express Estonia AS | Estonia, Tallinn | 100,00 | EUR | 7.598 | 347 |
DHL Express Germany GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 6.618 | 0 |
Group | |||||
equity share | Equity in | Net income in | |||
Name | Country, Headquarters | % | Currency | thousands | thousands |
DHL Express Hungary Forwarding and Services LLC | Hungary, Budapest | 100,00 | EUR | 3.941 | 1.571 |
DHL Express Macedonia d.o.o.e.l. | Macedonia, Skopje | 100,00 | EUR | 2.138 | 251 |
DHL Express Network Management GmbH 6), 9) | Germany, Schkeuditz | 100,00 | EUR | 25 | 0 |
DHL Express Portugal, Lda. | Portugal, Moreira da Maia | 100,00 | EUR | 16.567 | 1.755 |
DHL Express Spain S.L. | Spain, Madrid | 100,00 | EUR | 46.078 | 7.765 |
DHL Fashion Retail Operations GmbH 6), 9) | Germany, Mönchengladbach | 100,00 | EUR | 21.628 | 0 |
DHL Finance Services B.V. | Netherlands, Maastricht | 100,00 | EUR | 4.327 | 2.213 |
DHL FoodLogistics GmbH 6), 9) | Germany, Cologne | 100,00 | EUR | 258 | 0 |
DHL Freight (Belgium) NV | Belgium, Kontich | 100,00 | EUR | 569 | -2.564 |
DHL Freight (France) SAS | France, Marne-la-Vallée | 100,00 | EUR | -16.184 | -14.569 |
DHL Freight (Netherlands) B.V. | Netherlands, Tiel | 100,00 | EUR | -42.734 | -2.238 |
DHL Freight (Sweden) AB | Sweden, Solna | 100,00 | EUR | 19.752 | 29.547 |
DHL Freight CZ s.r.o. | Czech Republic, Ostrava | 100,00 | EUR | 4.005 | 956 |
DHL Freight d.o.o. | Croatia, Zagreb | 100,00 | EUR | 1.019 | 54 |
DHL FREIGHT d.o.o. Belgrade | Serbia, Belgrade | 100,00 | EUR | 2.226 | -101 |
DHL Freight Denmark A/S | Denmark, Brondby | 100,00 | EUR | 0 | 0 |
DHL Freight Finland Oy | Finland, Vantaa | 100,00 | EUR | 6.786 | 2.896 |
DHL Freight Germany Holding GmbH 6), 9) | Germany, Düsseldorf | 100,00 | EUR | 419.585 | 0 |
DHL Freight GmbH 6), 9) | Germany, Düsseldorf | 100,00 | EUR | 11.922 | 0 |
DHL Freight Hungary Forwarding and Logistics LLC | Hungary, Budapest | 100,00 | EUR | 9.935 | 1.164 |
DHL Freight Slovakia, s.r.o. | Slovakia, Bratislava | 100,00 | EUR | 0 | 0 |
DHL Freight Spain, S.L. | Spain, San Sebastián | 100,00 | EUR | 6.136 | 202 |
DHL GBS (UK) Limited | United Kingdom, Bracknell | 100,00 | EUR | 23.825 | 2.450 |
DHL Gertner International GmbH | Germany, Altentreptow | 51,00 | EUR | 249 | 213 |
DHL Global Forwarding (Austria) GmbH | Austria, Fischamend | 100,00 | EUR | 20.628 | 3.165 |
DHL Global Forwarding (Belgium) NV | Belgium, Machelen | 100,00 | EUR | 6.416 | 2.624 |
DHL Global Forwarding (CZ) s.r.o. | Czech Republic, Prague | 100,00 | EUR | 14.454 | 2.544 |
DHL Global Forwarding (Denmark) A/S | Denmark, Kastrup | 100,00 | EUR | 8.623 | -55 |
DHL Global Forwarding (Finland) Oy | Finland, Vantaa | 100,00 | EUR | 7.288 | 1.915 |
DHL Global Forwarding (France) SAS | France, Villepinte | 100,00 | EUR | 33.034 | -2.735 |
DHL Global Forwarding (Ireland) Limited | Ireland, Dublin | 100,00 | EUR | 20.323 | 2.808 |
DHL Global Forwarding (Italy) S.p.A. | Italy, Pozzuolo Martesana | 100,00 | EUR | 33.692 | 5.280 |
DHL Global Forwarding (Luxembourg) S.A. | Luxembourg, Luxembourg | 100,00 | EUR | 1.238 | -528 |
DHL Global Forwarding (Netherlands) B.V. | Netherlands, Hoofddorp | 100,00 | EUR | 29.948 | 3.536 |
DHL Global Forwarding (Norway) AS | Norway, Skedsmokorset | 100,00 | EUR | 3.342 | 2.252 |
DHL Global Forwarding (Sweden) AB | Sweden, Stockholm | 100,00 | EUR | 17.509 | 2.370 |
DHL Global Forwarding (UK) Limited | United Kingdom, Chertsey | 100,00 | EUR | 92.081 | 3.900 |
DHL Global Forwarding Customs, LLC | Russia, Moscow | 100,00 | EUR | 33 | 0 |
DHL Global Forwarding d.o.o. | Croatia, Zagreb | 100,00 | EUR | 851 | 227 |
DHL Global Forwarding d.o.o. Belgrade | Serbia, Belgrade | 100,00 | EUR | 1.957 | 155 |
DHL Global Forwarding GmbH 6), 9) | Germany, Frankfurt/Main | 100,00 | EUR | 7.242 | 0 |
DHL Global Forwarding Hellas S.A. of International Transportation and Logistics | Greece, Piraeus | 100,00 | EUR | 8.213 | -133 |
DHL Global Forwarding Hungary Kft. | Hungary, Budapest | 100,00 | EUR | 8.941 | 2.436 |
DHL Global Forwarding LLC | Russia, Khimki | 100,00 | EUR | 2.223 | 803 |
DHL Global Forwarding Management GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 10.359 | 0 |
DHL Global Forwarding Portugal, Unipessoal, Lda. | Portugal, Moreira da Maia | 100,00 | EUR | 6.368 | -74 |
DHL Global Forwarding Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | 11.176 | 6.835 |
DHL Global Forwarding Spain, S.L.U. | Spain, Madrid | 100,00 | EUR | 18.314 | 5.652 |
DHL GLOBAL FORWARDING, logistika, d. o. o. | Slovenia, Brnik | 100,00 | EUR | 3.757 | 450 |
DHL Global Mail OOO | Russia, Moscow | 100,00 | EUR | -192 | -1.097 |
DHL Global Management GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 3.618.590 | 0 |
DHL Global Match (UK) Limited | United Kingdom, Bracknell | 100,00 | EUR | 1.337 | 2.111 |
DHL Hauptvogel International GmbH | Germany, Klipphausen | 51,00 | EUR | 582 | 459 |
DHL Holding (France) SAS | France, Le Bourget | 100,00 | EUR | 264.468 | 21.497 |
DHL Holding (Italy) S.r.l. | Italy, Peschiera Borromeo | 100,00 | EUR | 647.433 | 16.419 |
DHL Holdings (Ireland) Ltd. | Ireland, Dublin | 100,00 | EUR | 1 | 0 |
DHL Home Delivery GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 179 | 0 |
DHL Hub Leipzig GmbH 6), 9) | Germany, Schkeuditz | 100,00 | EUR | 25 | 0 |
DHL Information Services (Europe) s.r.o. | Czech Republic, Prague | 100,00 | EUR | 85.072 | 10.546 |
DHL International (Albania) Ltd. | Albania, Tirana | 100,00 | EUR | 516 | 219 |
DHL International (Ireland) Ltd. | Ireland, Dublin | 100,00 | EUR | 1.111 | -6 |
DHL International (Romania) S.R.L. | Romania, Bucharest | 100,00 | EUR | 3.941 | 1.605 |
DHL International (UK) Limited | United Kingdom, Hounslow | 100,00 | EUR | 109.064 | 29.369 |
DHL Express (Netherlands) B.V. | Netherlands, The Hague | 100,00 | EUR | 63.425 | 9.272 |
DHL MEÐUNARODNI VAZDUŠNI EKSPRES DOO BEOGRAD | Serbia, Belgrade | 100,00 | EUR | 3.146 | 450 |
DHL International d.o.o. | Croatia, Zagreb | 100,00 | EUR | 2.338 | 411 |
DHL International Express (France) SAS | France, Le Bourget | 100,00 | EUR | 38.928 | 14.675 |
DHL International GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 1.353.453 | 0 |
DHL International Ltd. | Malta, Luqa | 100,00 | EUR | 1.158 | 144 |
DHL International NV/SA | Belgium, Diegem | 100,00 | EUR | 9.167 | 4.659 |
DHL International Ukraine JSC | Ukraine, Kiev | 100,00 | EUR | 3.463 | 890 |
DHL International-Sarajevo d.o.o. | Bosnia and Herzegovina, Sarajevo | 100,00 | EUR | 902 | 328 |
DHL Latvia SIA | Latvia, Mārupe | 100,00 | EUR | 1.573 | 308 |
DHL Leupold International GmbH | Germany, Oberkotzau | 51,00 | EUR | 1.765 | -48 |
DHL Logistics (Schweiz) AG | Switzerland, Basel | 100,00 | EUR | 27.893 | 208 |
DHL Logistics (Slovakia), spol. s r.o. | Slovakia, Senec | 100,00 | EUR | 4.887 | 1.126 |
DHL Logistics (Ukraine) Ltd. | Ukraine, Kiev | 100,00 | EUR | 748 | -177 |
DHL Logistics Bulgaria EOOD | Bulgaria, Sofa | 100,00 | EUR | 1.161 | 169 |
DHL Logistics Estonia OÜ | Estonia, Tallinn | 100,00 | EUR | 8.892 | 1.768 |
DHL Logistics Lietuva UAB | Lithuania, Vilnius | 100,00 | EUR | 4.410 | 1.424 |
DHL Logistics OOO | Russia, Chimki | 100,00 | EUR | 95 | -819 |
DHL Logistics S.R.L. | Romania, Bucharest | 100,00 | EUR | 4.328 | 2.486 |
DHL Logistik Service GmbH | Austria, Vienna | 100,00 | EUR | 724 | -72 |
DHL Management (Schweiz) AG | Switzerland, Basel | 100,00 | EUR | 25.069 | -2.990 |
DHL Management Services Limited | United Kingdom, Hounslow | 100,00 | EUR | 18 | 10 |
DHL Nordic AB | Sweden, Stockholm | 100,00 | EUR | 62.071 | -4.180 |
DHL Paket (Austria) GmbH | Austria, Vienna | 100,00 | EUR | 20.596 | 8.358 |
DHL Paket GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 45.000 | 0 |
Betreibergesellschaft Verteilzentrum GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
DHL Parcel (Belgium) NV | Belgium, Ternat | 100,00 | EUR | 6.785 | -1.545 |
DHL Parcel (e-Commerce) B.V. | Netherlands, Utrecht | 100,00 | EUR | 39.060 | 29.941 |
DHL Parcel (Netherlands) B.V. | Netherlands, Utrecht | 100,00 | EUR | -410 | 31.024 |
DHL Parcel (Speedpack) NV | Belgium, Brussels | 100,00 | EUR | 2.906 | -872 |
DHL Parcel (Switzerland) AG | Switzerland, Pratteln | 100,00 | EUR | 4.666 | 4.801 |
DHL Parcel Iberia S.L. 1) | Spain, San Sebastián | 100,00 | EUR | 124.005 | -4.927 |
DHL Parcel A Coruna Spain, S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Alacant Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Araba Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Barcelona Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
Group | |||||
equity share | |||||
Name | Country, Headquarters | % | Currency | ||
DHL Parcel Bizkaia Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Cantabria Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Castello Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Ciudad Real Spain, S.L. 1) | Spain, Ciudad Real | 100,00 | EUR | - | - |
DHL Parcel Gipuzkoa Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Girona Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Huelva Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Illes Balears Spain, S.L. 1) | Spain, Barcelona | 100,00 | EUR | - | - |
DHL Parcel Jaén Spain S.L. 1) | Spain, Ciudad Real | 100,00 | EUR | - | - |
DHL Parcel Lugo, Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Madrid Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Malaga Spain S.L. 1) | Spain, Malaga | 100,00 | EUR | - | - |
DHL Parcel Navarra Spain, S.L. 1) | Spain, Navarra | 100,00 | EUR | - | - |
DHL Parcel Pontevedra Spain S.L. 1) | Spain, Vigo | 100,00 | EUR | - | - |
DHL Parcel Sevilla Spain S.L. 1) | Spain, Sevilla | 100,00 | EUR | - | - |
DHL Parcel Support Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Tarragona Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Valencia Spain, S.L.U. 1) | Spain, Picanya | 100,00 | EUR | - | - |
DHL Parcel Valladolid Spain S.L. 1) | Spain, San Sebastián | 100,00 | EUR | - | - |
DHL Parcel Zaragoza Spain, S.L. 1) | Spain, Zaragoza | 100,00 | EUR | - | - |
DHL eCommerce Nordic AB | Sweden, Stockholm | 100,00 | EUR | 17.440 | 4.365 |
DHL Parcel Polska Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | 32.998 | 2.141 |
DHL Parcel Slovensko spol. s r.o. | Slovakia, Bratislava | 100,00 | EUR | 728 | -136 |
DHL Parcel UK Holding Limited | United Kingdom, Slough | 100,00 | EUR | -1.142 | -2.694 |
DHL Parcel UK Limited | United Kingdom, Slough | 100,00 | EUR | 52.790 | 10.608 |
DHL Pipelife Logistik GmbH | Austria, Vienna | 100,00 | EUR | 183 | -152 |
DHL Real Estate (UK) Limited | United Kingdom, Milton Keynes | 100,00 | EUR | 37.886 | 17.179 |
DHL Service Central SARL | France, La Plaine Saint-Denis | 100,00 | EUR | -13 | 48 |
DHL Services Limited | United Kingdom, Milton Keynes | 100,00 | EUR | 32.652 | 17.386 |
DHL Services Logistiques SAS | France, La Plaine Saint-Denis | 100,00 | EUR | -7.722 | -7.312 |
DHL Shoe Logistics s.r.o. | Czech Republic, Pohořelice | 100,00 | EUR | 4.660 | 308 |
DHL Solutions (France) SAS | France, La Plaine Saint-Denis | 100,00 | EUR | 89.263 | -907 |
DHL Solutions Fashion GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 151 | 0 |
DHL Solutions GmbH 6), 9) | Germany, Hamburg | 100,00 | EUR | 9.240 | 0 |
DHL Solutions k.s. | Czech Republic, Ostrava | 100,00 | EUR | 3.597 | 1.485 |
DHL Sorting Center GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
DHL Stock Express SAS | France, La Plaine Saint-Denis | 100,00 | EUR | 4.728 | 638 |
DHL Supply Chain (Belgium) NV | Belgium, Mechelen | 100,00 | EUR | 2.906 | -384 |
DHL Supply Chain (Denmark) A/S | Denmark, Greve | 100,00 | EUR | -16.352 | 545 |
DHL Supply Chain (Finland) Oy | Finland, Vantaa | 100,00 | EUR | 6.146 | 476 |
DHL Supply Chain (Ireland) Limited | Ireland, Dublin | 100,00 | EUR | 2.591 | 798 |
DHL Supply Chain (Italy) S.p.A. | Italy, Milan | 100,00 | EUR | 105.840 | 6.704 |
DHL Supply Chain (Leipzig) GmbH 6), 9) | Germany, Hamburg | 100,00 | EUR | 25 | 0 |
DHL Supply Chain (Netherlands) B.V. | Netherlands, Utrecht | 100,00 | EUR | 89.476 | 22.744 |
DHL Supply Chain (Norway) AS | Norway, Skedsmokorset | 100,00 | EUR | 2.405 | -796 |
DHL Supply Chain (Poland) Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | 544 | 87 |
DHL Supply Chain Hungary Limited | Hungary, Ullo | 100,00 | EUR | -216 | -241 |
DHL Supply Chain International Limited | United Kingdom, Bracknell | 100,00 | EUR | 8.354 | 132 |
DHL Supply Chain Limited | United Kingdom, Milton Keynes | 100,00 | EUR | 488.661 | -30.379 |
DHL Supply Chain Management B.V. | Netherlands, Schiphol | 100,00 | EUR | -3.750 | -2.217 |
DHL Supply Chain Management GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 981 | 0 |
DHL Supply Chain VAS GmbH 6), 9) | Germany, Bonn | 100,00 | EUR | 25 | 0 |
DHL Supply Chain, s.r.o. | Czech Republic, Pohořelice | 100,00 | EUR | 20.751 | -26 |
DHL Technical Distribution B.V. | Netherlands, Veghel | 100,00 | EUR | -2.422 | -29 |
DHL Trade Fairs & Events GmbH 6), 9) | Germany, Frankfurt/Main | 100,00 | EUR | 607 | 0 |
DHL Trade Fairs and Events (UK) Limited | United Kingdom, Chertsey | 100,00 | EUR | 334 | -63 |
DHL Voigt International GmbH | Germany, Neumuenster | 51,00 | EUR | 1.673 | 1.549 |
DHL Wahl International GmbH | Germany, Bielefeld | 51,00 | EUR | 937 | 147 |
DHL Worldwide Express Logistics NV/SA | Belgium, Diegem | 100,00 | EUR | 26.102 | -1.952 |
DHL Worldwide Network NV/SA | Belgium, Diegem | 100,00 | EUR | 7.170 | 797 |
DigiHaul Limited | United Kingdom, Milton Keynes | 100,00 | EUR | 278 | 0 |
DZ Specialties B.V. | Netherlands, Maastricht | 100,00 | EUR | 371.874 | 5.192 |
Erste End of Runway Development Leipzig GmbH 6), 9) | Germany, Cologne | 100,00 | EUR | 25 | 0 |
Erste Logistik Entwicklungsgesellschaft MG GmbH 6), 9) | Germany, Hanover | 100,00 | EUR | 25 | 0 |
Eurodifarm S.r.l. | Italy, Casalmaiocco (Lodi) | 100,00 | EUR | 28.670 | 1.934 |
European Air Transport Leipzig GmbH 6), 9) | Germany, Schkeuditz | 100,00 | EUR | 1.798 | 0 |
Exel (Wommelgem) NV | Belgium, Wommelgem | 100,00 | EUR | 0 | -19 |
Exel France SA | France, La Plaine Saint-Denis | 100,00 | EUR | 91.747 | 5 |
Exel Group Holdings (Nederland) B.V. | Netherlands, Veghel | 100,00 | EUR | 42.589 | -196 |
Exel Holdings Limited | United Kingdom, Bedford | 100,00 | EUR | 709.827 | 593 |
Exel International Holdings (Netherlands 1) B.V. | Netherlands, Veghel | 100,00 | EUR | 690.568 | 0 |
Exel International Holdings (Netherlands 2) B.V. | Netherlands, Veghel | 100,00 | EUR | 782.153 | 3.738 |
Exel Investments Limited | United Kingdom, Bracknell | 100,00 | EUR | 208.080 | -154 |
Exel Investments Netherlands B.V. | Netherlands, Veghel | 100,00 | EUR | -5.857 | -47 |
Exel Limited | United Kingdom, Bracknell | 100,00 | EUR | 1.174.618 | 277.185 |
Exel Logistics Property Limited | United Kingdom, Bedford | 100,00 | EUR | 19.412 | 1.720 |
Exel Overseas Limited | United Kingdom, Bracknell | 100,00 | EUR | 248.642 | 2.590 |
Exel UK Limited | United Kingdom, Bracknell | 100,00 | EUR | 30.262 | -2.139 |
F.X. Coughlin B.V. | Netherlands, Duiven | 100,00 | EUR | 5.768 | -13 |
FACT Danmark A/S | Denmark, Kastrup | 100,00 | EUR | 3.015 | 475 |
Freight Indemnity and Guarantee Company Limited | United Kingdom, Bedford | 100,00 | EUR | 18 | 0 |
Fuels Transport & Logistics Limited | United Kingdom, Milton Keynes | 100,00 | EUR | 0 | 0 |
Gerlach & Co Internationale Expediteurs B.V. | Netherlands, Venlo | 100,00 | EUR | 5.396 | 1.663 |
Gerlach & Co. NV | Belgium, Antwerp | 100,00 | EUR | 6.815 | 776 |
Gerlach AG | Switzerland, Basel | 100,00 | EUR | 4.941 | 6.090 |
Gerlach Custom Services UK Limited | United Kingdom, London | 100,00 | EUR | -340 | -829 |
Gerlach Customs Services EOOD | Bulgaria, Sofia | 100,00 | EUR | 446 | 36 |
Gerlach European Customs Services, spol. s r.o. | Slovakia, Senec | 100,00 | EUR | 670 | 120 |
Gerlach European Services S.R.L. | Romania, Bucharest | 100,00 | EUR | 392 | 76 |
Gerlach Sp. z o.o. | Poland, Dabrowa | 100,00 | EUR | 3.955 | 633 |
Gerlach Spol s.r.o. | Czech Republic, Rudna u Prahy | 100,00 | EUR | 3.358 | 2.547 |
Gerlach Sweden AB | Sweden, Tullinge | 100,00 | EUR | 2.222 | 791 |
Gerlach Zolldienste GmbH 6), 9) | Germany, Düsseldorf | 100,00 | EUR | 102 | 0 |
Giorgio Gori (France) SAS | France, Châtenoy-le-Royal | 100,00 | EUR | 2.457 | 485 |
Giorgio Gori S.r.l. | Italy, Collesalvetti (Livorno) | 100,00 | EUR | 55.380 | 7.691 |
Global-Invest II Sp. z o.o. | Poland, Warsaw | 100,00 | EUR | 3.306 | -14 |
Goldcup 19328 AB | Sweden, Solna | 100,00 | EUR | 5 | 0 |
Gori Iberia S.L. | Spain, Barcelona | 100,00 | EUR | 2.933 | 989 |
Equity in thousands
Net income in thousands
Group equity shareCountry, Headquarters
%CurrencyEquity in thousands
Net income in thousands
Gori Iberia Transitarios, Limitada Greenplan GmbH
Higgs International Limited Hull, Blyth (Angola) Limited Hyperion Properties Limited 5)
interServ Gesellschaft für Personal- und Beraterdienstleistungen mbH 6), 9) it4logistics GmbH 6), 9)
Joint Retail Logistics Limited 5) Karukera Transit SAS
LLC DHL Express LLC Gerlach Ukraine Luftfrachtsicherheit-Service GmbH 7b) Manton Wood Management Company Limited McGregor Cory Limited
Mitradiopharma S.r.l. Mitsafetrans S.r.l.
NFC International Holdings (Ireland) Ocean Overseas Holdings Limited OOO Customs Services
Pharma Logistics B.V. Pharma Logistics NV
Power Europe (Cannock) Limited Power Europe (Doncaster) Limited Power Europe Development Limited 5) Power Europe Development No. 3 Limited Power Europe Limited
Power Europe Operating Limited PPL CZ s.r.o.
Psary-Invest Sp. z o.o. RISER ID Services GmbH Saloodo! GmbH 6), 9) Scherbauer Spedition GmbH 7b) Servicios Manipulación a Retailers, S.L. SIA DHL Logistics Latvia
StarBroker AG StreetScooter GmbH 6), 9) StreetScooter Engineering GmbH Tradeteam Limited
Trucks and Child Safety Limited 5) UAB DHL Lietuva
UK Mail Group Limited Veron Grauer (France) SAS Véron Grauer AG
Vetsch AG, Internationale Transporte 1)
Vetsch Internationale Transporte GmbH 1)
DHL 2-Mann-Handling GmbH 6), 9)
Americas
AEI Drawback Services Inc.
Aero Express del Ecuador (TransAm) Ltda. Agencia de Aduanas DHL Express Colombia Ltda. Agencia de Aduanas Suppla S.A.S.
AGENCIA DE ADUANAS DHL GLOBAL FORWARDING (COLOMBIA) S.A. NIVEL 1 Air Express International USA, Inc. 1)
Radix Group International, Inc. 1)
Circuit Logistics Inc.
Connect Logistics Services Inc. Danzas Corporation
DHL Aero Expreso S.A. 12) DHL (Bahamas) Limited DHL (Barbados) Ltd. DHL (Bolivia) SRL DHL (BVI) Ltd.
DHL (Costa Rica) S.A.
DHL (Honduras) S.A. de C.V. DHL (Jamaica) Ltd.
DHL (Paraguay) S.R.L.
DHL (Trinidad and Tobago) Limited DHL (Uruguay) S.R.L.
DHL Arwest (Guatemala) S.A. DHL Arwest (Panama) S.A. DHL Aviation (Americas), Inc. DHL Aviation SCR, S.A.
DHL Corporate Services SC México
DHL Customer Solutions & Innovations (USA) Inc. DHL Customer Support (Costa Rica) S.A.
DHL Customs (Costa Rica) S.A.
DHL de Guatemala S.A.
DHL Dominicana SA
DHL eCommerce (Chile) S.A. DHL Express (Argentina) S.A. DHL Express (Brazil) Ltda. DHL Express (Canada) Ltd. DHL Express (Chile) Ltda. DHL Express (Ecuador) S.A.
DHL Express (El Salvador) S.A. de C.V. DHL Express (USA), Inc.
DHL Express Aduanas Peru S.A.C. DHL Express Aduanas Venezuela C.A. DHL Express Colombia Ltda.
DHL Express México, S.A. de C.V. DHL Express Peru S.A.C.
DHL Fletes Aereos, C.A. DHL Freight USA Inc.
DHL Global Forwarding (Argentina) S.A.
DHL Global Forwarding (Brazil) Logistics Ltda. DHL Global Forwarding (Canada) Inc.
DHL Global Forwarding (Chile) S.A.
DHL Global Forwarding (Colombia) S.A.S.
Portugal, Matosinhos Germany, Bonn
United Kingdom, Chertsey United Kingdom, Bracknell United Kingdom, Bedford Germany, Bonn Germany, Potsdam United Kingdom, Bracknell France, Pointe-à-Pitre Russia, Khimki Ukraine, Kiev
Germany, Frankfurt/Main United Kingdom, Milton Keynes United Kingdom, Bracknell Italy, Milan
Italy, Milan Ireland, Dublin
United Kingdom, Bracknell Russia, Khimki Netherlands, Rotterdam Belgium, Mechelen United Kingdom, Bracknell United Kingdom, Bracknell United Kingdom, Bracknell United Kingdom, Bracknell United Kingdom, Bracknell United Kingdom, Bracknell Czech Republic, Říčany Poland, Warsaw Germany, Berlin Germany, Bonn Germany, Neutraubling
Spain, Servicios Manipulación a Retailers, S.L. Latvia, Marupe
Switzerland, Basel Germany, Aachen Germany, Aachen
United Kingdom, Bedford United Kingdom, Bedford Lithuania, Vilnius
United Kingdom, Slough France, Tremblay-en-France Switzerland, Basel Switzerland, Buchs Austria, Wolfurt Germany, Bonn
USA, Columbus Ecuador, Guayaquil Colombia, Bogotá Colombia, Bogotá Colombia, Bogotá USA, Miami
USA, Miami Canada, Toronto Canada, Calgary USA, Miami
Panama, Panama City Bahamas, Nassau Barbados, Bridgetown Bolivia, Santa Cruz de la Sierra British Virgin Islands , Tortola Costa Rica, San José Honduras, San Pedro Sula Jamaica, Kingston Paraguay, Asunción
Trinidad and Tobago, Port of Spain Uruguay, Montevideo
Guatemala, Guatemala City Panama, Panama City USA, Plantation Costa Rica, San José Mexico, Tepotzotlán USA, Plantation Costa Rica, San José Costa Rica, San José Guatemala, Guatemala City Dominican Republic, Santo Domingo Chile, Santiago de Chile
Argentina, Buenos Aires Brazil, São Paulo Canada, Brampton Chile, Santiago de Chile Ecuador, Quito
El Salvador, San Salvador USA, Plantation
Peru, Callao Venezuela, Caracas Colombia, Bogotá Mexico, Mexico City Peru, Callao Venezuela, Caracas USA, Plantation Argentina, Buenos Aires Brazil, São Paulo Canada, Mississauga Chile, Santiago de Chile Colombia, Bogotá
100,00
100,00
100,00
60,00
EUR EUR EUR EUR
929 328
1.767 -2.763
10.623 170
3.262 -195
100,00
100,00
100,00
EUR EUR EUR
-4.988 0
76 0
792 0
100,00
100,00
100,00
100,00
EUR EUR EUR EUR
0 0
1.164 98
2.280 2.709
69 -5
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
50,00
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
2.368 362
0 0
23.614 4.802
7.673 340
30.850 3.129
37.836
0
223.160 26.494
735 767
809 -1
17.585 -303
2.056 -87
0 0
100,00
100,00
100,00
100,00
100,00
100,00
100,00
EUR EUR EUR EUR EUR EUR EUR
0 0
0 0
6 0
4.525 957
95.783 9.955
8.121 -24
2.445 2.254
100,00
EUR
25 0
100,00
100,00
100,00
50,00
EUR EUR EUR EUR
4.660 -118
541 399
127 -118
11.072 -3.955
100,00
100,00
100,00
EUR EUR EUR
7.378 0
25 0
-127.514
-57.054
100,00
100,00
100,00
100,00
100,00
EUR EUR EUR EUR EUR
42 0
5.932 482
25.954 0
4.156 1.120
-998 -1.483
100,00
100,00
100,00
EUR EUR EUR
143 -167
- 25
- 0
100,00
100,00
EUR EUR
9.935 2.586
29 160
100,00
100,00
100,00
EUR EUR EUR
1.308 -26
685 -244
3.266 661
100,00
EUR
51.002 -120.498
100,00
100,00
100,00
100,00
EUR EUR EUR EUR
- 51
- 59
3.987 4.099
24.882 102.041
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
49,80
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
38.818 9.361
1.494 91
2.052 122
1.245 -50
362 31
2.232 -3.769
4.802 104
2.385 335
2.061 525
1.569 4
3.018 563
0 -1.016
1.819 1.007
1.492.045 58.047
631
1
2.190 1.685
3.641 -19
976 562
-1.807 -10
1.707 738
1.517 77
150 0
5.710 3.225
8.076 1.628
-38.405 15.452
10.809 680
2.493 699
1.919 51
327.105
111.166
2.520 392
40 154
14.271 1.045
106.408 57.537
7.606 -1.347
41 134
25.805 1
3.930 1.393
19.359 5.033
44.604 6.563
19.543 627
12.571 2.746
Group equity shareCountry, Headquarters
%CurrencyEquity in thousands
Net income in thousands
DHL Global Forwarding (Ecuador) S.A. DHL Global Forwarding (El Salvador) S.A. DHL Global Forwarding (Guatemala) S.A. 1)
DHL Zona Franca (Guatemala) S.A. 1)
Carga Aerea Internacional S.A. (Carinter). 1)
Transportes Expresos Internacionales (Interexpreso) S.A. 1)
DHL Global Forwarding (Mexico) S.A. de C.V.
DHL Global Forwarding (Nicaragua) S.A. DHL Global Forwarding (Panama) S.A. 1)
DHL Holding Panama Inc. 1)
DHL Global Forwarding Aduanas Peru S.A.
DHL Global Forwarding Deposito Aduanero (Colombia) S.A. DHL Global Forwarding Management Latin America Inc. DHL Global Forwarding Peru S.A.
DHL Global Forwarding Venezuela, C.A.
DHL Global Forwarding Zona Franca (Colombia) S.A. DHL Guadeloupe SAS
DHL Holding Central America Inc.
DHL Information Services (Americas), Inc. DHL International Antilles SARL
DHL International Haiti SA DHL Logistics (Brazil) Ltda. DHL Management Cenam S. A.
DHL Metropolitan Logistics SC Mexico S.A. de C.V. DHL Network Operations (USA), Inc.
DHL Nicaragua, S.A.
DHL of Curacao N.V. DHL Panama S.A.
DHL Regional Services, Inc. DHL S.A.
DHL Servicios, S.A. de C.V. DHL Sint Maarten N.V.
DHL Supply Chain (Argentina) S.A. DHL Supply Chain (Chile) S.A.
DHL Supply Chain Automotive Mexico S.A. de C.V. DHL Supply Chain Colombia S.A.S.
DHL Supply Chain de Lima S.A.C DHL Transportes (Brazil) Ltda. DHL Zona Franca El Salvador S.A. Dimalsa Logistics Corp.
DPWN Holdings (USA), Inc. EC Logistica S.A.
EV Logistics Exel Canada Ltd.
Exel Freight Connect Inc. Exel Global Logistics Inc. Exel Inc.
Exel Logistics Argentina S.A.
DHL SOLUCOS LOGISTICAS (BRAZIL) LTDA. Genesis Logistics Inc.
Giorgio Gori USA, Inc. Global Mail, Inc.
Gori Argentina S.A. GORI CHILE S.A.
Harmony Logistics Canada Inc. Hyperion Inmobiliaria S.A. de C.V. Hyperion Properties Inc.
International Transportation (USA) 1, Inc. International Transportation (USA) 2, Inc. International Transportation (USA) 3, Inc. KLS Logistics Services Inc.
Marias Falls Insurance Co., Ltd. Matrix Logistics Services Ltd. Olimpo Holding S.A.
Polar Air Cargo Worldwide, Inc. 7c) Polar Transportes Rodoviários Ltda. Relay Logistics Inc.
Rio Lopes Transportes Ltda Saturn Integrated Logistics Inc. Serviceuticos Ltda.
Sky Courier, Inc. Skyhawk Transport Ltd. Standard Forwarding LLC Suppla Cargo S.A.S. Suppla S.A. Tafinor S.A. 5)
TCL Supply Chain (Canada) Inc. Tibbett & Britten Group Canada Inc. Tibbett & Britten Group North America, LLC Tracker Logistics Inc.
Trillium Supply Chain Inc.
Unidock's Assessoria e Logistica de Materiais Ltda. Vensecar Internacional, C.A.
Vensecar International (Barbados) Inc. Zenith Logistics Inc.
Asia Pacific
23i Private Limited
Asia Overnight (Thailand) Ltd. Blue Dart Aviation Ltd.
Blue Dart Express Limited Danzas (China) Ltd. Danzas AEI (HK) Limited
Danzas AEI Logistics (Shanghai) Co. Ltd. DANZASMAL Domestic Logistics Services Sdn. Bhd. 7b) Deutsche Post Global Mail (Australia) Pty Ltd.
De Xin Warehousing Management (Tianjin) Co., Ltd. DHL (Chengdu) Service Ltd.
DHL Air Freight Forwarder Sdn. Bhd. 7c) DHL Asia Pacific Shared Services Sdn. Bhd.
Ecuador, Quito
El Salvador, San Salvador Guatemala, Guatemala City Guatemala, Guatemala City Guatemala, Guatemala City Guatemala, Guatemala City Mexico, Mexico City Nicaragua, Managua Panama, Panama City Panama, Panama City Peru, Callao Colombia, Bogotá USA, Plantation Peru, Lima Venezuela, Caracas Colombia, Bogotá Guadeloupe, Baie Mahault Panama, Panama City USA, Plantation Martinique, Lamentin Haiti, Port-au-Prince Brazil, São Paulo Costa Rica, Heredia Mexico, Tepotzotlán USA, Plantation Nicaragua, Managua Curaçao, Curaçao Panama, Panama City USA, Plantation Guatemala, Guatemala City Mexico, Cuautitlán Izcalli Sint Maarten, Philipsburg Argentina, Buenos Aires Chile, Santiago de Chile Mexico, Tepotzotlán Colombia, Bogotá Peru, Lima Brazil, São Paulo
El Salvador, Antiguo Cuscatlan Puerto Rico, San Juan
USA, Plantation Argentina, Buenos Aires Canada, Vancouver Canada, Toronto USA, Wilmington USA, Palm City USA, Boston
Argentina, Buenos Aires Brazil, Camacari
USA, Westerville USA, Hoboken USA, Weston Argentina, Godoy Cruz Chile, Santiago de Chile Canada, Toronto Mexico, Tepotzotlán USA, Westerville USA, Plantation USA, Plantation USA, Plantation USA, Westerville Bermuda, Hamilton Canada, Toronto Brazil, Campinas USA, Purchase Brazil, São Paulo Canada, Toronto Brazil, São Paulo Canada, Toronto Colombia, Bogotá USA, Sterling Canada, Brampton USA, East Moline Colombia, Bogotá Colombia, Bogotá Uruguay, Montevideo Canada, Toronto Canada, Toronto USA, Westerville Canada, Calgary Canada, Ontario Brazil, Barueri Venezuela, Maiquitia Barbados, Belleville, St.Michael Canada, Toronto
Singapore, Singapore Thailand, Bangkok India, Mumbai India, Mumbai China, Hong Kong China, Hong Kong China, Shanghai Malaysia, Kuala Lumpur Australia, Mascot China, Tianjin China, Chengdu Malaysia, Petaling Jaya Malaysia, Kuala Lumpur
100,00
100,00
EUR EUR
1.035 -593
2.982 138
100,00
100,00
100,00
EUR EUR EUR
8.770 1.106
100,00
EUR EUR EUR
- - -- - -
100,00
24.293 8.987
100,00
-1.018 -429
100,00
EUR
5.409 794
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
51,00
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
-
-2.127 365
2.107 139
574 -1
7.862 1.458
-226 -659
1.787 175
-68 26
65.295 391
8.084 1.138
1.295 222
-32 -361
120.052 -5.027
-4.581 -3.562
63.062 6.703
416.521 1.419
-351 -720
968 136
2.916 447
-21.966 -967
400 -523
-35 16
-42 -72
363 -1.467
3.804 97
10.115 4.177
1.919 489
1.730 423
1.719 -42
550 0
2.676 1.246
9.794.201 365.215
17
0
1.704 1.724
25.742 9.519
513 205
-777 788
381.130 161
188.835 52
-141 -1.011
2.660 5.769
20.424 6.035
269.342 81.839
1.077 713
3.513 1.118
459 475
3.200 132
0 0
0 0
0 0
0 0
217 -105
47.165 -16.594
-17.388 -1.803
4.629 -31
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
49,00
99,99
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
10.626 0
6.616 -566
219 218
10.987 4.622
209 223
629 47
5.462 4.166
0
0
1.233 -8.195
4.174 1.373
31.709 -2.279
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
99,09
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
4
0
1.036 1.614
31.749 10.290
17.833 18.593
572 587
-1.035 -1.040
11.808 6.032
23.364 961
24.711 454
639 196
100,00
100,00
100,00
100,00
100,00
100,00
75,00
EUR EUR EUR EUR EUR EUR EUR
7.255 74
335 5
801 -4.053
81.423 1.781
3.773 -1.709
0 -54
1.923 260
100,00
100,00
100,00
49,00
EUR EUR EUR EUR
2.693 655
-2.650 1.299
11.384 -61
863 -7
100,00
49,00
EUR EUR
529 255
3.675 936
Group | |||||
equity share | Equity in | Net income in | |||
Name | Country, Headquarters | % | Currency | thousands | thousands |
DHL Aviation (Hong Kong) Ltd. | China, Hong Kong | 99,85 | EUR | 33.382 | 3.204 |
DHL Aviation Services (Shanghai) Co., Ltd. | China, Shanghai | 100,00 | EUR | 41.690 | 1.255 |
DHL Distribution (Thailand) Limited | Thailand, Nonthaburi | 100,00 | EUR | 112.729 | 12.668 |
DHL eCommerce (Hong Kong) Limited | China, Hong Kong | 100,00 | EUR | 20 | -871 |
DHL eCommerce (India) LLP | India, Mumbai | 100,00 | EUR | -32.632 | -29.843 |
DHL eCommerce (Japan) K.K. | Japan, Tokyo | 100,00 | EUR | -2.138 | 184 |
DHL eCommerce (Malaysia) Sdn. Bhd. | Malaysia, Puchong | 100,00 | EUR | -7.620 | 1.544 |
DHL eCommerce (Philippines) Corporation | Philippines, Pasay City | 100,00 | EUR | 143 | -10 |
DHL eCommerce (Singapore) Pte. Ltd. | Singapore, Singapore | 100,00 | EUR | -827 | 345 |
DHL eCOMMERCE SOLUTIONS (THAILAND) LIMITED | Thailand, Bangkok | 99,70 | EUR | -1.250 | -962 |
DHL eCommerce Solutions (VN) JSC | Vietnam, Hochiminh | 51,00 | EUR | 60 | -11 |
DHL Exel Logistics (Malaysia) Sdh. Bhd. 7c) | Malaysia, Kuala Lumpur | 49,00 | EUR | 2.750 | 21 |
DHL Express (Australia) Pty Ltd. | Australia, Sydney | 100,00 | EUR | 26.993 | 9.823 |
DHL Express (Brunei) Sdn. Bhd. | Brunei Darussalam, Bandar Seri Begawan | 90,00 | EUR | 987 | 74 |
DHL Express (Cambodia) Ltd. | Cambodia, Phnom Penh | 100,00 | EUR | 6.648 | 1.435 |
DHL Express (Fiji) Pte Ltd. | Fiji, Suva | 100,00 | EUR | 1.132 | 50 |
DHL Express (Hong Kong) Limited | China, Hong Kong | 100,00 | EUR | 26.238 | 12.918 |
DHL Express (India) Pvt. Ltd. | India, Mumbai | 100,00 | EUR | 112.348 | 18.363 |
DHL Express (Macao) Limited | China, Macao | 100,00 | EUR | 366 | 152 |
DHL Express (Malaysia) Sdn. Bhd. | Malaysia, Petaling Jaya | 70,00 | EUR | 6.163 | 1.963 |
DHL Express (New Zealand) Limited | New Zealand, Auckland | 100,00 | EUR | 6.049 | 2.002 |
DHL Express (Papua New Guinea) Ltd. | Papua New Guinea, Port Moresby | 100,00 | EUR | 239 | -122 |
DHL Express (Philippines) Corp. | Philippines, Makati City | 100,00 | EUR | 8.937 | 1.290 |
DHL Express (Singapore) Pte. Ltd. | Singapore, Singapore | 100,00 | EUR | 174.552 | 10.300 |
DHL Express (Taiwan) Corp. | Taiwan, Taipei | 100,00 | EUR | 25.726 | 9.443 |
DHL Express (Thailand) Limited | Thailand, Samutprakarn | 100,00 | EUR | 6.307 | 348 |
DHL Express International (Thailand) Ltd. | Thailand, Bangkok | 100,00 | EUR | 19.495 | 2.238 |
DHL Express Laos Sole Company Limited | Laos, Vientiane | 100,00 | EUR | 2.812 | 1.633 |
DHL Express, Unipessoal, Lda. | East Timor, Dili | 100,00 | EUR | 428 | -3 |
DHL Express Nepal Pvt. Ltd. | Nepal, Kathmandu | 100,00 | EUR | 3.053 | 813 |
DHL Global Forwarding (Australia) Pty Ltd. | Australia, Tullamarine | 100,00 | EUR | 58.019 | 13.233 |
DHL Global Forwarding (Bangladesh) Limited | Bangladesh, Dhaka | 100,00 | EUR | 4.776 | 959 |
DHL Global Forwarding (China) Co., Ltd. | China, Shanghai | 100,00 | EUR | 141.439 | 65.397 |
DHL Global Forwarding (Fiji) Limited | Fiji, Lautoka | 100,00 | EUR | 1.340 | 51 |
DHL Global Forwarding (Hong Kong) Limited | China, Hong Kong | 100,00 | EUR | 82.673 | 77.042 |
DHL Global Forwarding (Korea) Ltd. | South Korea, Seoul | 100,00 | EUR | 11.660 | 9.866 |
DHL Global Forwarding (Malaysia) Sdn. Bhd. | Malaysia, Petaling Jaya | 100,00 | EUR | 26.876 | 8.897 |
DHL Global Forwarding (New Zealand) Limited | New Zealand, Auckland | 100,00 | EUR | 10.229 | 3.067 |
DHL Global Forwarding (Philippines) Inc. | Philippines, Pasay City | 100,00 | EUR | 6.968 | 3.102 |
DHL Global Forwarding (PNG) Limited | Papua New Guinea, Port Moresby | 74,00 | EUR | 2.091 | 358 |
DHL Global Forwarding (Singapore) Pte. Ltd. | Singapore, Singapore | 100,00 | EUR | 138.965 | 37.020 |
DHL Global Forwarding (Singapore) Pte. Ltd., Taiwan Branch | Taiwan, Taipei | 100,00 | EUR | 9.346 | 10.481 |
DHL Global Forwarding (Thailand) Limited | Thailand, Bangkok | 100,00 | EUR | 22.078 | 5.678 |
DHL Global Forwarding (Vietnam) Corporation 7a) | Vietnam, Ho Chi Minh City | 49,00 | EUR | 14.687 | 12.190 |
DHL Global Forwarding Caledonie | New Caledonia, Noumea | 100,00 | EUR | 4.596 | 525 |
DHL Global Forwarding Freight Shared Services (India) LLP | India, Mumbai | 100,00 | EUR | 7.758 | 5.406 |
DHL Global Forwarding Japan K.K. | Japan, Tokyo | 100,00 | EUR | 18.403 | 14.458 |
DHL Global Forwarding Lanka (Private) Limited | Sri Lanka, Colombo | 70,00 | EUR | -1.035 | -495 |
DHL Global Forwarding Management (Asia Pacific) Pte. Ltd. | Singapore, Singapore | 100,00 | EUR | 282.243 | 17.517 |
DHL Global Forwarding Myanmar Limited | Myanmar, Rangoon | 100,00 | EUR | 1.082 | 138 |
DHL Global Forwarding Pakistan (Private) Limited | Pakistan, Karachi | 100,00 | EUR | 3.167 | 815 |
DHL Global Forwarding Polynesie S.A.R.L. | French Polynesia, Faaa | 100,00 | EUR | 5.350 | 185 |
DHL Holdings (New Zealand) Limited | New Zealand, Auckland | 100,00 | EUR | 37.680 | 1.765 |
DHL Incheon Hub Ltd. | South Korea, Incheon | 100,00 | EUR | 17.773 | 1.002 |
DHL Information Services (Asia-Pacific) Sdn. Bhd. | Malaysia, Puchong | 100,00 | EUR | 23.154 | 5.972 |
DHL INFORMATION SERVICES (INDIA) LLP | India, Mumbai | 100,00 | EUR | 7.232 | 2.280 |
DHL International Kazakhstan, TOO | Kazakhstan, Almaty | 100,00 | EUR | 1.495 | 46 |
DHL ISC (Hong Kong) Limited | China, Hong Kong | 100,00 | EUR | 17.334 | 6.140 |
DHL Japan Inc. | Japan, Tokyo | 100,00 | EUR | 57.360 | 9.838 |
DHL Keells (Private) Limited 7c) | Sri Lanka, Colombo | 50,00 | EUR | 4.945 | 766 |
DHL Korea Limited | South Korea, Seoul | 100,00 | EUR | 43.989 | 5.801 |
DHL Logistics (Cambodia) Ltd. | Cambodia, Phnom Penh | 100,00 | EUR | 2.048 | 186 |
DHL Logistics (Kazakhstan) TOO | Kazakhstan, Aksai | 100,00 | EUR | -2.013 | -463 |
DHL Logistics Private Limited | India, Mumbai | 100,00 | EUR | 114.036 | 20.519 |
DHL Management Services (Shanghai) Co., Ltd. | China, Shanghai | 100,00 | EUR | 300 | -142 |
DHL Pakistan (Private) Limited | Pakistan, Karachi | 100,00 | EUR | 1.385 | -738 |
DHL Project & Chartering Limited | China, Hong Kong | 100,00 | EUR | 5.580 | 458 |
DHL Properties (Malaysia) Sdn. Bhd. | Kuala Lumpur, Shah Alam | 69,98 | EUR | 2.705 | -615 |
DHL RES (Australia) Pty Limited | Australia, Rhodes | 100,00 | EUR | 0 | 0 |
DHL RES Investment Holding Limited | China, Hong Kong | 100,00 | EUR | 247 | -15 |
DHL SCM K.K. | Japan, Saitama | 100,00 | EUR | -60 | 309 |
DHL Sinotrans Bonded Warehouse (Beijing) Co., Ltd. | China, Beijing | 100,00 | EUR | 2.745 | 899 |
DHL Sinotrans International Air Courier Ltd. 7c) | China, Beijing | 50,00 | EUR | 378.552 | 307.843 |
DHL Supply Chain (Australia) Pty Limited | Australia, Rhodes | 100,00 | EUR | 67.878 | 17.980 |
DHL Supply Chain (Korea) Ltd. | South Korea, Seoul | 100,00 | EUR | 1.314 | 2.132 |
DHL Supply Chain (Malaysia) Sdn. Bhd. | Malaysia, Kuala Lumpur | 100,00 | EUR | 10.058 | 1.985 |
DHL Supply Chain (New Zealand) Limited | New Zealand, Auckland | 100,00 | EUR | 37.006 | 2.961 |
DHL Supply Chain (Taiwan) Co. Ltd. | Taiwan, Taipei | 100,00 | EUR | 9.592 | 2.174 |
DHL Supply Chain (Thailand) Limited | Thailand, Bangkok | 100,00 | EUR | 30.146 | 2.192 |
DHL Supply Chain (Vietnam) Limited | Vietnam, Ho Chi Minh City | 100,00 | EUR | 7.775 | 714 |
DHL Supply Chain (Vietnam) Transportation JSC | Vietnam, Ho Chi Minh City | 51,00 | EUR | -13.353 | -4.736 |
DHL Supply Chain India Private Limited | India, Mumbai | 100,00 | EUR | 56.043 | 4.930 |
DHL Supply Chain K.K. | Japan, Tokyo | 100,00 | EUR | 32.549 | 11.286 |
DHL Supply Chain Management Phils., Inc. | Philippines, Binan City | 100,00 | EUR | 655 | 352 |
DHL Supply Chain Myanmar Ltd. | Myanmar, Rangoon | 100,00 | EUR | -963 | -570 |
DHL Supply Chain Phils., Inc. | Philippines, Manila | 100,00 | EUR | 6.087 | 2.416 |
DHL Supply Chain Singapore Pte. Ltd. | Singapore, Singapore | 100,00 | EUR | 31.406 | 7.686 |
DHL Transportation (Philippines) Incorporated 7b) | Philippines, Paranaque City | 40,00 | EUR | 123 | -9 |
DHL Worldwide Express (Bangladesh) Private Limited | Bangladesh, Dhaka | 90,00 | EUR | 14.712 | 505 |
DHL-VNPT Express Ltd. | Vietnam, Ho Chi Minh City | 51,00 | EUR | 8.315 | 965 |
Exel Consolidation Services Limited | China, Hong Kong | 100,00 | EUR | 2.430 | 5 |
Exel Logistics Services Lanka (Private) Ltd. | Sri Lanka, Peliyagoda | 100,00 | EUR | 3.390 | 382 |
Ezyhaul (Thailand) Co., Ltd. | Thailand, Bangkok | 100,00 | EUR | 151 | -90 |
Ezyhaul Pte. Ltd. | Singapore, Singapore | 74,50 | EUR | 1.640 | -1.914 |
Ezyhaul Sdn. Bhd. | Malaysia, Petaling Jaya | 100,00 | EUR | -185 | -201 |
Ezyhaul Philippines Inc | Philippines, City of Makati | 100,00 | EUR | 128 | -47 |
Ezyhaul Transport Co., Ltd. (new) | Thailand, Bangkok | 49,00 | EUR | -753 | -848 |
FC Dear Leasing Ltd. 3) | Japan, Tokyo | 0,00 | EUR | 0 | 4.227 |
Gori Australia Pty Ltd. | Australia, Brighton-Le-Sands | 100,00 | EUR | 5.590 | 2.164 |
MSAS Global Logistics (Far East) Limited | China, Hong Kong | 100,00 | EUR | 1.124 | -4 |
Group | |||||
equity share | Equity in | Net income in | |||
Name | Country, Headquarters | % | Currency | thousands | thousands |
Mulura Logistics Private Ltd. | India, Bangalore | 100,00 | EUR | 1.544 | 68 |
PT. Birotika Semesta 7c) | Indonesia, Jakarta | 0,00 | EUR | 13.648 | -3.076 |
PT. Danzas Sarana Perkasa | Indonesia, Jakarta | 100,00 | EUR | 1.285 | -4 |
PT. DHL Global Forwarding Indonesia | Indonesia, Tangerang | 100,00 | EUR | 24.055 | 4.570 |
PT. DHL Supply Chain Indonesia | Indonesia, Jakarta | 90,34 | EUR | 15.924 | 5.019 |
PT.DHL Supply Chain Transport Indonesia | Indonesia, Jakarta | 100,00 | EUR | 145 | 0 |
PT. Ezyhaul Technologies Indonesia | Indonesia, Jakarta | 49,00 | EUR | 145 | 0 |
Shanghai Danzas Freight Agency Co. Ltd. | China, Shanghai | 100,00 | EUR | 1.374 | -53 |
Skyline Air Logistics Ltd. | India, Mumbai | 99,99 | EUR | 2.320 | 86 |
SL FUJI CO., LTD3) | Japan, Tokyo | 0,00 | EUR | 0 | 4.227 |
StarBroker (Hong Kong) Limited | China, Hong Kong | 100,00 | EUR | 22 | -4 |
StreetScooter Japan K.K. | Japan, Tokyo | 100,00 | EUR | 104 | 10 |
DHL Summit Solutions, Inc. | Phillipines, Pasig City | 50,00 | EUR | -600 | -895 |
Tianjin Logistics Investment Holding Limited | China, Hong Kong | 95,00 | EUR | 11.623 | 204 |
TLC Nutmeg Co., Ltd. 3) | Japan, Tokyo | 0,00 | EUR | 0 | 0 |
Trade Clippers Cargo Limited | Bangladesh, Dhaka | 100,00 | EUR | 252 | -24 |
Violet Ltd.3) | Japan, Tokyo | 0,00 | EUR | 0 | 4.227 |
Watthanothai Company Ltd. 7a) | Thailand, Bangkok | 49,00 | EUR | 273 | 21 |
Other regions | |||||
Air & Ocean General transport, forwarding (shipping), Customs Clearance & Maritime services | |||||
Iraq, Baghdad | 100,00 | EUR | 13.816 | 4.341 | |
AI-Durra AI-Hamraa AI-Lamia Company for General Transport with limited Liability | Iraq, Baghdad | 100,00 | EUR | 35 | 0 |
Danzas Bahrain WLL 7b) | Bahrain, Manama | 40,00 | EUR | 294 | 95 |
DGF Cameroon PLC | Cameroon, Douala | 65,00 | EUR | -114 | -885 |
DHL (Israel) Ltd. | Israel, Tel Aviv | 100,00 | EUR | 18.033 | 1.158 |
DHL (Mauritius) Ltd. | Mauritius, Port Louis | 100,00 | EUR | 556 | -185 |
DHL (Namibia) (Pty) Ltd. | Namibia, Windhoek | 100,00 | EUR | 941 | 28 |
DHL (Tanzania) Ltd. | Tanzania, Dar es Salaam | 100,00 | EUR | -300 | 211 |
DHL Aviation (Maroc) SA | Morocco, Casablanca | 100,00 | EUR | 9.479 | 1.995 |
DHL Aviation (Nigeria) Ltd. | Nigeria, Lagos | 100,00 | EUR | 403 | 201 |
DHL Aviation (Pty) Limited | South Africa, Boksburg | 100,00 | EUR | 5.926 | 190 |
DHL Aviation EEMEA B.S.C.(c) | Bahrain, Manama | 100,00 | EUR | 8.255 | 7.954 |
DHL Aviation Kenya Ltd. | Kenya, Nairobi | 100,00 | EUR | 17 | 0 |
DHL Egypt WLL | Egypt, Cairo | 100,00 | EUR | 3.341 | 145 |
DHL Ethiopian Airlines Logistics Services Share Company 7b) | Ethiopia, Addis Ababa | 48,98 | EUR | 558 | 331 |
DHL Express (Rwanda) Limited | Rwanda, Kigali | 100,00 | EUR | 341 | 19 |
DHL Express Maroc S.A. | Morocco, Casablanca | 100,00 | EUR | 7.416 | 1.449 |
DHL Food Logistics Egypt Ltd. | Egypt, Alexandria | 97,20 | EUR | 947 | 158 |
DHL Freight Tasimacilik ve Lojistik Hizmetleri A.S. | Turkey, Istanbul | 100,00 | EUR | -28 | -770 |
DHL Ghana Limited | Ghana, Accra | 100,00 | EUR | 1.898 | 895 |
DHL Global Forwarding & Co. LLC 7c) | Oman, Muscat | 40,00 | EUR | 6.394 | 815 |
DHL Global Forwarding (Angola) - Comércio e Transitários, Limitada | Angola, Luanda | 100,00 | EUR | 1.750 | 10.386 |
DHL Global Forwarding (Congo) SA | Republic of the Congo, Pointe-Noire | 100,00 | EUR | -4.476 | -92 |
DHL Global Forwarding (Gabon) SA | Gabon, Libreville | 99,00 | EUR | -146 | -901 |
DHL Global Forwarding (JSC) - Libya for delivery of goods services 7a) | Libya, Tripoli | 49,00 | EUR | 1.606 | 345 |
DHL Global Forwarding (Kenya) Limited | Kenya, Nairobi | 100,00 | EUR | 1.144 | -123 |
DHL Global Forwarding (Kuwait) Company WLL 7b) | Kuwait, Safat | 49,00 | EUR | 4.813 | 595 |
DHL Global Forwarding (Senegal) S.A. | Senegal, Dakar | 100,00 | EUR | -392 | -270 |
DHL Global Forwarding (Uganda) Limited | Uganda, Kampala | 100,00 | EUR | -145 | -499 |
DHL Global Forwarding Abu Dhabi LLC 7b) | United Arab Emirates, Abu Dhabi | 49,00 | EUR | 13.342 | 1.236 |
DHL Global Forwarding Azerbaijan LLC | Azerbaijan, Baku | 100,00 | EUR | -870 | 33 |
DHL GLOBAL FORWARDING COTE D'IVOIRE SA | Ivory Coast, Abidjan | 100,00 | EUR | -1.202 | -1.345 |
DHL Global Forwarding Lebanon S.A.L. 7c) | Lebanon, Beirut | 50,00 | EUR | 3.742 | 2.184 |
DHL Global Forwarding Nigeria Limited | Nigeria, Lagos | 100,00 | EUR | 1.070 | 760 |
DHL Global Forwarding Qatar LLC 7b) | Qatar, Doha | 49,00 | EUR | 6.725 | 2.969 |
DHL Global Forwarding S.A.E. | Egypt, Cairo | 100,00 | EUR | 13.562 | 3.410 |
DHL Global Forwarding SA (Pty) Limited | South Africa, Boksburg | 100,00 | EUR | 39.185 | 4.368 |
DHL Global Forwarding Tasimacilik A. S. | Turkey, Istanbul | 100,00 | EUR | 7.543 | 2.308 |
DHL Internacional Guinea Ecuatorial S.L. | Republic of Equatorial Guinea, Malabo | 100,00 | EUR | -2.048 | -290 |
DHL International (Algerie) SARL | Algeria, Algiers | 100,00 | EUR | 2.107 | 921 |
DHL International (Angola) - Transportadores Rápidos, (SU) Limitada | Angola, Luanda | 100,00 | EUR | 429 | 62 |
DHL International (Bahrain) WLL 7c) | Bahrain, Manama | 49,00 | EUR | 55 | 2.034 |
DHL International (Congo) SARL | Democratic Republic of the Congo, Kinshasa | 100,00 | EUR | -1.724 | 163 |
DHL International (Gambia) Ltd. | Gambia, Kanifing | 100,00 | EUR | -7 | 1 |
DHL International (Liberia) Ltd. | Liberia, Monrovia | 100,00 | EUR | -239 | 100 |
DHL International (Pty) Ltd. | South Africa, Isando | 100,00 | EUR | 11.619 | 1.902 |
DHL International (Pvt) Ltd. | Zimbabwe, Harare | 100,00 | EUR | 1.328 | 309 |
DHL International (SL) Ltd. | Sierra Leone, Freetown | 100,00 | EUR | -84 | -135 |
DHL International (Uganda) Ltd. | Uganda, Kampala | 100,00 | EUR | 812 | 14 |
DHL International B.S.C.(c) | Bahrain, Manama | 100,00 | EUR | 3.192 | 2.102 |
DHL International Benin SARL | Benin, Cotonou | 100,00 | EUR | 1.004 | 160 |
DHL International (Botswana) Proprietary Limited | Botswana, Gaborone | 100,00 | EUR | 603 | 56 |
DHL International Burkina SARL | Burkina Faso, Ouagadougou | 100,00 | EUR | -2.175 | -573 |
DHL International Cameroun SARL | Cameroon, Douala | 100,00 | EUR | 162 | 358 |
DHL International Centrafrique SARL | Central African Republic, Bangui | 100,00 | EUR | 157 | 27 |
DHL International Congo SARL | Republic of the Congo, Brazzaville | 100,00 | EUR | -2.032 | -287 |
DHL International Cote D'Ivoire SARL | Ivory Coast, Abidjan | 100,00 | EUR | 581 | -50 |
DHL International Gabon SA | Gabon, Libreville | 100,00 | EUR | -1.825 | -274 |
DHL International Guinee SARL | Guinea, Conakry | 100,00 | EUR | 762 | -113 |
DHL International Iran PJSC | Iran, Tehran | 100,00 | EUR | 578 | -72 |
DHL International Madagascar SA | Madagascar, Antananarivo | 100,00 | EUR | 2.668 | 880 |
DHL International Malawi Ltd. | Malawi, Blantyre | 100,00 | EUR | -95 | 42 |
DHL International Mali SARL | Mali, Bamako | 100,00 | EUR | 864 | -109 |
DHL International Mauritanie SARL | Mauretania, Nouakchott | 100,00 | EUR | -967 | -426 |
DHL International Niger SARL | Niger, Niamey | 100,00 | EUR | 543 | 73 |
DHL International Nigeria Ltd. | Nigeria, Lagos | 100,00 | EUR | 5.962 | 650 |
DHL International Reunion SARL | Réunion, Sainte Marie | 100,00 | EUR | 1.519 | 275 |
DHL International Tchad SARL | Chad, Ndjamena | 100,00 | EUR | 100 | 115 |
DHL International Togo SARL | Togo, Lomé | 100,00 | EUR | 360 | 773 |
DHL International Transportation Co WLL 7c) | Kuwait, Safat | 0,00 | EUR | 1.589 | 2.358 |
DHL International Zambia Limited | Zambia, Lusaka | 100,00 | EUR | 676 | -91 |
DHL Lesotho (Proprietary) Ltd. | Lesotho, Maseru | 100,00 | EUR | 250 | 45 |
DHL Logistics Ghana Ltd. | Ghana, Accra | 100,00 | EUR | 2.124 | -447 |
DHL Logistics Kenya Limited | Kenya, Nairobi | 100,00 | EUR | -108 | 0 |
DHL LOGISTICS MEDHUB | Morocco, Tanger | 100,00 | EUR | -174 | -184 |
DHL Logistics Middle East DWC-LLC | United Arab Emirates, Dubai | 100,00 | EUR | 4.701 | -793 |
DHL Logistics Morocco S.A. | Morocco, Casablanca | 100,00 | EUR | 85 | -32 |
DHL Logistics Tanzania Limited | Tanzania, Dar es Salaam | 100,00 | EUR | -593 | 0 |
Country, Headquarters
Group equity share %CurrencyEquity in thousands
Net income in thousands
DHL Lojistik Hizmetleri A.S. DHL Mocambique Lda. DHL Oil + Gas (Angola) Ltda.
DHL Operations BV Jordan Services with Limited Liability DHL Qatar Limited W.L.L 7b)
DHL Regional Services Limited DHL Regional Services Ltd. DHL Senegal SARL
DHL Supply Chain (South Africa) (Pty) Ltd. DHL Supply Chain Kenya Limited
DHL Supply Chain Tanzania Limited DHL Swaziland (Proprietary) Ltd.
DHL Worldwide Express & Company LLC DHL Worldwide Express (Abu Dhabi) LLC 7b) DHL Worldwide Express (Dubai) LLC 7b) DHL Worldwide Express (Sharjah) LLC 5), 7b) DHL Worldwide Express Cargo LLC 5), 7b)
DHL Worldwide Express Ethiopia Private Limited Company DHL Worldwide Express Kenya Limited
DHL Worldwide Express Tasimacilik ve Ticaret A.S. Document Handling (East Africa) Ltd.
DGF for import & export. SAE
Exel Contract Logistics (Nigeria) Limited Exel Saudia LLC 7a)
F.C. (Flying Cargo) International Transportation Ltd. Guinet Transit Service SARL
Giorgio Gori International Freight Forwards (Pty) Ltd. Hull, Blyth (Angola) Ltd. (Angolan branch)
Saudi Advanced Project Logistics Services LLC Sherkate Haml-oNaghl Sarie DHL Kish
SNAS Lebanon SARL
SNAS Postal Est. 7c)
SSA Regional Services (Pty) Ltd. Trans Care Fashion SARL (Morocco) 5) Ukhozi Logistics (Pty) Ltd.
Affiliated Companies not included in the Consolidated Financial Statements 13)
Europe
ASG Leasing Handelsbolag 5), 9), 11)
Beteiligungsgesellschaft Privatstraße GVZ Eifeltor GBR 4), 14)
Business Mail Limited 9), 11)
Business Post Group Limited 9), 11)
Business Post Limited 9), 11)
Compass Point (St Ives) Management Company Limited 9), 11)
Deutsche Post Altersvorsorge Sicherung e.V. & Co. Objekt Gronau KG 9), 12)
Deutsche Post Grundstücks- Vermietungsgesellschaft beta mbH 9), 11)
Deutsche Post Grundstücks-Vermietungsgesellschaft beta mbH & Co. Objekt Leipzig KG 9), 12)
Deutsche Post Pensionsfonds AG 9), 11)
Deutsche Post Pensions-Treuhand GmbH & Co. KG 9), 11)
DHL Pensions Investment Fund Limited 5), 9), 11)
DHL Trustees Limited 5), 9), 11)
DSC Healthcare Trustees Limited 9), 11)
Exel Secretarial Services Limited 5), 9), 11)
Exel Freight Management (UK) Limited 8)
Rosier Distribution Limited 4), 5)
Siegfried Vögele Institut (SVI) - Internationale Gesellschaft für Dialogmarketing mbH 6), 9)
StreetScooter Schweiz AG 9), 11)
Tankfreight Limited 5), 9), 11)
UK Mail Express Parcels and Mail Limited 9), 11)
UK Mail Limited 9), 11)
UK Today Couriers Limited 9), 11)
UNITRANS Deutschland Gesellschaft für Terminverkehre mbH 9), 11)
Web-Despatch.com Limited 9), 11)
Americas
Deutsche Post World Net USA Inc. 5), 9), 11)
DHL Express (Belize) Limited 4), 5)
DHL International (Antigua) Ltd. 4), 5)
Inversiones 3340, C.A. 4)
Power Packaging, Inc. 5)
Safe Way Argentina S.A. 4); 5)
Asia Pacific
Concorde Air Logistics Ltd. 9)
DHL Customs Brokerage Corp. 8)
DHL Danzas Air & Ocean (Cambodia) Ltd. 2), 8)
DHL Express LLP 4), 5)
Exel Logistics Delbros Philippines Inc. 4), 8)
PT. Cargotama Multi Servisindo 5)
Other regions
DANZAS AEI (Private) Ltd. 4), 5)
Danzas AEI Intercontinental LTD 4), 8)
DHL Air Freight Forwarder (Egypt) WLL 4), 8)
Elder Dempster Ltda. 5), 9)
Exel Contract Logistics (SA) (Pty) Ltd. 4), 5)
Tibbett & Britten Egypt Ltd. 8)
Joint Operations (Quota Consolidation)Europe
Aerologic GmbH
Turkey, Istanbul Mozambique, Maputo Angola, Luanda Jordan, Amman Qatar, Doha Nigeria, Lagos Mauritius, Port Louis Senegal, Dakar
South Africa, Germiston Kenya, Nairobi Tanzania, Dar es Salaam Eswatini, Mbabane Oman, Ruwi
United Arab Emirates, Abu Dhabi United Arab Emirates, Dubai United Arab Emirates, Sharjah United Arab Emirates, Dubai Ethiopia, Addis Ababa Kenya, Nairobi Turkey, Istanbul Kenya, Nairobi Egypt, Cairo Nigeria, Lagos
Saudi Arabia, Al Khobar Israel, Tel Aviv Réunion, Le Port South Africa, Ferndale Angola, Luanda Saudi Arabia, Khobar Iran, Tehran Lebanon, Beirut Saudi Arabia, Riyadh South Africa, Sandton Morocco, Casablanca South Africa, BoksburgSweden, Stockholm
Germany, Grafschaft-Holzweiler United Kingdom, Slough United Kingdom, Slough United Kingdom, Slough United Kingdom, Bracknell Germany, Bonn
Germany, Bonn Germany, Bonn Germany, Bonn Germany, Bonn
United Kingdom, Bedford United Kingdom, Bedford United Kingdom, Bracknell United Kingdom, Bracknell United Kingdom, Chertsey United Kingdom, Hounslow Germany, Königstein Switzerland, Oensingen United Kingdom, Bracknell United Kingdom, Slough United Kingdom, Slough United Kingdom, Slough Germany, Düsseldorf United Kingdom, SloughUSA, Washington D.C. Belize, Belize City
Antigua and Barbuda, St. Johns Venezuela, Caracas
USA, Westerville Argentina, Buenos AiresIndia, Mumbai Philippines, Pasay City Cambodia, Phnom Penh Kazakhstan, Almaty Philippines, Manila Indonesia, JakartaZimbabwe, Harare Malawi, Blantyre Egypt, Cairo Angola, Luanda
South Africa, Elandsfontein Egypt, Cairo
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
100,00
49,00
70,00
49,00
49,00
49,00
49,00
99,85
51,00
49,00
50,00
90,00
0,00
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
-874 -729
-422 -765
1.133 471
367 42
6.589 2.799
0 0
1 0
2.029 -850
-4.094 -14.704
3.052 -831
1.684 323
370 15
2.999 1.232
1.449 1.393
-607 -785
111 0
67 0
3.860 1.422
243 255
46.701 -6.438
-98 -69
-9 -20
-16.638 0
16.042 586
130.342 11.612
1.147 146
357 25
-14.926
-16.271
1.679 993
0 0
-7.487 -2.235
48 13.447
1.018 354
-316 0
-30 0
100,00 SEK 53,54 EUR
-33 0
100,00
100,00
100,00
100,00
100,00
100,00
GBP GBP GBP GBP EUR EUR
17
-1
0
4
0
0
-
- - - - -2 2.384 0
100,00 EUR 0 -1.192
100,00
100,00
100,00
100,00
100,00
100,00
100,00
74,00
EUR EUR GBP GBP GBP GBP GBP GBP
3.439 -25
10 0
0 0
0 0
0 473
0 0
0 0
100,00 EUR
- 50
- 0
100,00 CHF 519 257
100,00 100,00 100,00 100,00
GBP GBP GBP GBP
2 0
69,23 EUR 100,00 GBP
345
0
0
0
0
- - - 9 -
100,00 USD
100,00 EUR
100,00 USD
100,00 USD
100,00 ARS
49,00 VES
99 - - 0 0 -
- - - - 0 -
99,54 INR
100,00 PHP
100,00 USD
100,00 KZT
100,00 IDR
60,00 PHP
49.948 - - 2 - 0
-71 - - - - 0
100,00 USD
100,00 MWK
100,00 AOA
100,00 ZAR
99,90 EGP
50,00 EGP
- - - 485 - -
- - - - - -
Germany, Leipzig
50,00 EUR
46.534
27.160
Group | |||||
equity share | Equity in | Net income in | |||
% | Currency | thousands | thousands | ||
50,00 | GBP | 22.020 | 2.192 | ||
50,00 | GBP | 43.660 | 3.789 | ||
49,00 | JPY | 11.793.894 | 96.877 | ||
Cargo Center Sweden AB 1), 9), 11) | Sweden, Stockholm | 50,00 | SEK | 21.957 | -5.008 |
Link Commerce Ltd. 4) | United Kingdom, London | 9,43 | GBP | - | - |
Relais Colis SAS 9), 12) | France, Creteil | 48,90 | EUR | 23.814 | -7.700 |
Resilience360 GmbH 1), 4) | Germany, Bonn | 32,00 | USD | - | - |
Americas | |||||
Integracion Aduanera S. A. 4), 5) | Costa Rica, San José | 51,00 | CRC | - | - |
Resilience360 Inc. 1), 4) | USA, Delaware | 32,00 | USD | - | - |
Stormpulse Inc. 1), 4) | USA, Austin | 32,00 | USD | - | - |
Supply Network Visibility Holdings, LLC 1), 4) | USA, Delaware | 32,00 | USD | - | - |
Asia Pacific | |||||
Danzas Intercontinental, Inc. (Philippines) 2), 8) | Philippines, Manila | 39,98 | PHP | -3.367 | - |
Myanmar DHL Limited 9), 11) | Myanmar, Rangoon | 49,00 | MMK | 4.583.130 | 2.214.639 |
Robotic Wares Private Limited 9) | India, New Delhi | 12,94 | INR | 228.799 | -494.798 |
Tasman Cargo Airlines Pty. Limited 9), 11) | Australia, Mascot | 48,98 | AUD | 10.928 | 815 |
Other Regions | |||||
Bahwan Exel LLC 12) | Oman, Muscat | 44,10 | OMR | 464 | 1.338 |
Danzas AEI Emirates LLC | United Arab Emirates, Dubai | 40,00 | AED | 219.765 | 75.269 |
Global-E Online Ltd. 9), 11) | Israel, Kiryat Ono | 16,19 | USD | 2.879 | -6.655 |
Non-consolidated associated companies 13) | |||||
Europe | |||||
Airmail Center Frankfurt GmbH 2), 9) | Germany, Frankfurt/Main | 20,00 | EUR | 4.650 | 687 |
Compador Dienstleistungs GmbH 2), 9) | Germany, Berlin | 26,00 | EUR | 0 | 696 |
Diorit Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG 2), 9),10) | Germany, Mainz | 49,00 | EUR | 0 | 21 |
European EPC Competence Center GmbH 2), 9) | Germany, Cologne | 30,00 | EUR | 595 | 15 |
Expo-Dan 4), 5) | Ukraine, Kiev | 50,00 | UAH | - | - |
Gardermoen Perishable Center AS 9), 11) | Norway, Gardermoen | 33,33 | NOK | 15.828 | 1.392 |
Jurte Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG 9), 10), 12) | Germany, Mainz | 94,00 | EUR | 24 | 1 |
production.net AC GmbH 9), 11) | Germany, Aachen | 26,00 | EUR | 714 | 236 |
Americas | |||||
BITS Limited | Bermuda, Hamilton | 40,00 | BMD | 2.371 | 209 |
Consimex S.A. 9), 11) | Colombia, Medellin | 29,22 | COP | 9.506 | 244 |
DHL International (Cayman) Ltd. | Cayman Islands, George Town | 40,00 | KYD | 2.070 | 245 |
Other Regions | |||||
DHL Yemen Company Limited (Express Courier) 2), 9) | Yemen, Sanaa | 49,00 | YER | -29.279 | 2.688 |
Drakensberg Logistics (Pty) Ltd. 2), 9) | South Africa, Ladysmith | 50,00 | ZAR | 714 | 1.415 |
Reported IFRS data | |||||
Footnotes: |
Joint Ventrues (at Equity Consolidation)
Europe
Flexible Lifestyle Employment Company Limited 9), 12)
Health Solutions Team Limited 9), 11)
Asia Pacific
Yamato Dialog & Media Co. Ltd. 9)
Country, Headquarters
United Kingdom, Wrexham United Kingdom, BracknellJapan, Tokyo
Associated Companies (Accounting treatment in the Consolidated Financial Statements following the Equity Method)
Europe
1 | Only subgroup data available | 8 | In liquidation |
2 | Numbers from 2017 | 9 | Local GAAP |
3 | Special purpose entity | 10 | Voting rights |
4 | Data not available | 11 | Numbers from 2019 |
5 | Dormant | 12 | Numbers from 2018 |
6 | Numbers after profit transfer | 13 | Not included, because they do not have significant influence on the Group's net assets, financial |
7a | Inclusion due to majority of voting rights | position and results of operations | |
7b | Inclusion based on company's contractual agreements | 14 | Partner with unlimited liability is Deutsche Post AG or other consolidated |
7c | Inclusion based on other contractual arrangements | subsidiary, acc. § 313 (2) Nr.6 local GAAP |
75
Annex 4 a to the notes
Notifications of changes in voting rights in accordance with section 33 ff of the Wertpapierhandelsgesetz
(WpHG - German Securities Trading Act) in 2020 (1)
Notifica-tion thres hold | Date on which threshold was crossed or reached | Voting rights in accordance with sections 33, 34 of the WpHG (1) | Reason for notification: purchase/sale of | Instruments in accordance with section 38 no.1 of the WpHG (2) | Instruments in accordance with section 38 no.2 of the WpHG (2) | |||||
Notifying party | in % | Date | in % | Ab s o l u te | Shares with voting rights | Ins tru-m ents | in % | Ab s o l u te | in % | Abs olute |
BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA BlackRock, Inc., Wilmington, Delaware, USA | 5 5 5 5 5 5 5 5 5 | 25 June 2020 26 June 2020 30 June 2020 15 July 2020 28 July 2020 29 July 2020 18 September 2020 03 December 2020 01 February 2021 | 4.9990 5.0001 4.9970 5.0030 4.9900 5.0020 4.9300 5.0300 4.9500 | 61,809,999 61,826,586 61,788,837 61,858,793 61,726,360 61,849,069 61,015,845 62,383,791 61,262,254 808 | x x x x x x x x x | x x x x x x | 0.04 0.02 0.01 0.06 0.07 0.07 0.02 0.01 0.004 | 494,553 253,205 119,595 741,491 894,428 806,490 232,567 96,851 49,379 | 0.07 0.07 0.07 0.06 0.06 0.06 0.05 0.03 0.04 | 832,392 834,519 846,748 787,766 692,827 683,885 633,383 430,457 526,404 |
1 Notifications until 14 February 2020 are reported in the notes to the Annual Financial Statements as at 31 December 2019
Additional notifications related to changes in the shares of voting rights but did not lead to any new cases of thresholds being crossed or reached within the meaning of section 40(1) of the WpHG.
Notifications until 12 noon on 18 February 2021 are shown in the table.
76
Notifications of changes in voting rights in accordance with section 26(1) resp. section 33 and 34 of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) published in previous years | Notifica-tion threshold | Date on which threshold was crossed or reached | Voting rights in accordance with section 33, 34 of the WpHG | Note | |
Notifications of changes in voting rights in accordance with section 33 and 34 of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) in 2019 | in % | in % | absolute | Shareholder | |
Notifying party | 3 3 3 3 3 3 3 3 | 25 April 2019 26 April 2019 28 May 2019 31 May 2019 04 June 2019 07 June 019 18 June 2019 03 July 2019 | 3.0800 2.8900 3.0700 2.8900 3.1900 2.9900 3.1300 2.9300 | 38,118,386 35,760,223 37,921,339 35,778,597 39,500,956 36,991,136 38,733,419 36,170,436 | Norges Bank Norges Bank Norges Bank Norges Bank |
Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway Ministry of Finance on behalf of the State of Norway, Oslo, Norway |
77
Continuation
Annex 4 b to the notes
Date on which threshold was crossed or reached | Voting rights in accordance with section 21, 22 of the WpHG | |||
Notifications of changes in voting rights in accordance with section 26(1) of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) in 2015 | in % | in % | absolute | |
BlackRock Group Limited, London, U.K. BlackRock Group Limited, London, U.K. | 3 3 | 6 October 2015 27 October 2015 | 3.0500 2.9500 | 36,936,885 35,743,960 |
Notifications of changes in voting rights in accordance with section 26(1) of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) in 2014 | ||||
BlackRock International Holdings, Inc. New York BlackRock International Holdings, Inc. New York | 5 5 | 20 January 2014 28 April 2014 | 5.2000 4.9900 | 62,926,776 60,361,715 |
BlackRock Jersey International Holdings L.P., St. Helier, Jersey BlackRock Jersey International Holdings L.P., St. Helier, Jersey | 5 5 | 20 January 2014 28 April 2014 | 5.2000 4.9900 | 62,926,776 60,361,715 |
BlackRock Group Limited, London, U.K. BlackRock Group Limited, London, U.K. | 5 5 | 20 January 2014 14 April 2014 | 5.0400 4.9900 | 60,921,221 60,471,892 |
BlackRock Advisors Holdings, Inc., New York | 5 | 30 April 2014 | 4.9800 | 60,268,201 |
BlackRock Following a review, conducted in close collaboration with the Federal Financial Supervisory Authority (BaFin), of the way BlackRock has interpreted its voting rights disclosure obligations under German law, BlackRock entities are filing a statement representing their holdings as at the settlement date of 25 September 2014. The statement does not reflect a change in BlackRock's current holdings of voting rights. The statement simply updates information currently in the market regarding BlackRock's holdings in Deutsche Post AG. Further, the statement does not signify any change in investment strategies pursued. Also, BlackRock issues a press release detailing the BlackRock group entities and their respective voting rights in Deutsche Post AG and other relevant German issuers athttp://www.blackrock.com/corporate/en-gb/news-and-insights/press-releasesand on Bloomberg. | 30 September 2014 | |||
Notifications of changes in voting rights in accordance with section 26(1) of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) in 2013 | ||||
Federal Republic of Germany, represented by the Federal Ministry of Finance, Berlin, Germany 2 | 25 | 9 April 2013 | 24.8900 | 300,894,984 |
BlackRock , Inc., New York 1 | 5 | 16 July 2013 | 5.0100 | 60,512,289 |
BlackRock Financial Management, Inc., New York 1 | 5 | 18 July 2013 | 5.0200 | 60,678,117 |
BlackRock Holdco 2, Inc., Wilmington 1 | 5 | 18 July 2013 | 5.0200 | 60,678,117 |
BlackRock International Holdings, Inc. New York | 3 | 22 July 2013 | 3.0600 | 36,962,694 |
BlackRock Jersey International Holdings L.P., St. Helier, Jersey | 3 | 22 July 2013 | 3.0600 | 36,962,694 |
BlackRock Advisors Holdings, Inc., New York | 5 | 8 November 2013 | 5.0100 | 60,574,232 |
1 Additional notifications related to changes in the shares of voting rights but did not lead to any new cases of thresholds being crossed or reached within the meaning of section 40(1) of the WpHG (until 31.12.2017: section 26(1) of the WpHG).
2 As at the 31 December 2020 reporting date, the share of voting rights held by the KfW Bankengruppe (KfW) amounted to 20.5%. The Federal Republic of Germany holds an indirect stake in Deutsche Post AG via KfW.
78
Treasury shares from 1 January 2020 to 31 December 2020
Annex 5 to the Notes
Number
Amount of share capital (€)
Proportion of share capital
(%)Change in revenue reserves (€)
Change in capital reserves
(€)Share price
(€)Date
Treasury shares at 1 Jan. 2020
Treasury shares acquired under Share Matching Scheme (SMS)
Acquisition of Treasury shares (SMS)
Acquisition of Treasury shares (SMS)
983,694
1,405,000 598,334
0.114% 0.048%
-28,926,736.57 -13,779,233.15
21.59 24.03
Mar. 20
Apr. 20
Acquisition of Treasury shares Share Matching Scheme (SMS) 1)
2,003,334
2,003,334.00
0.162%
-42,705,969.72
22.32
Total acquisition of Treasury shares
2,003,334
-42,705,969.72
Treasury shares issued under Share Matching Scheme (SMS)
Issuance Incentive and Investment Shares 2) (acquisition 2020)
Issuance Matching Share 3) (acquisition 2020)
Issuance Matching Share 3) (acquisition 2016/17)
-1,853,627 -149,707 -983,694
0.150% 0.012% 0.079%
39,514,598.43 3,191,753.24
2,803,705.98
23.83
368,279.22 24.78
23,392,243.32 24.78
4)
Apr. 20
4)
Apr. 20
4)
Apr. 20
Treasury shares issued under Share Matching Scheme (SMS)
-2,987,028
-2,987,028.00
0.241%
66,098,594.99
3,171,985.20
24.19
Total Treasury shares issued
-2,987,028
Treasury shares at 31 Dec. 2020
1) Bonus year 2019 - Issuance 2020: 1,853,627 / Bonus year 2016 - Issuance 2020: 149,707
2) Bonus year 2019 - Issuance 2020
3) Bonus year 2016 - Issuance 2020
4) Issue price according to plan conditions
0
Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the annual financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of Deutsche Post AG, and the management report, which has been combined with the Group management report, includes a fair review of the development and performance of the business and the position of Deutsche Post AG, together with a description of the material opportunities and risks associated with the expected development of Deutsche Post AG.
Bonn, 19 February 2021
Deutsche Post AG
The Board of Management
Dr Frank Appel | Ken Allen |
Oscar de Bok | Melanie Kreis |
Dr Tobias Meyer | Dr Thomas Ogilvie |
John Pearson | Tim Scharwath |
INDEPENDENT AUDITOR'S REPORT
To Deutsche Post AG, Bonn
REPORT ON THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND OF THE MANAGE-MENT REPORT
Audit Opinions
We have audited the annual financial statements of Deutsche Post AG, Bonn, which comprise the balance sheet as at December 31, 2020, the statement of profit and loss for the financial year from January 1 to December 31, 2020, and the notes to the financial statements, including the presentation of the recogni-tion and measurement policies. In addition, we have audited the management report of Deutsche Post AG, which is combined with the group management report, for the financial year from January 1 to December 31, 2020. In accordance with the German legal requirements, we have not audited the content of those parts of the management report listed in the "Other Information" section of our auditor's report.
In our opinion, on the basis of the knowledge obtained in the audit,
the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law and give a true and fair view of the assets, liabilities and financial position of the Company as at December 31, 2020 and of its financial performance for the financial year from January 1 through December 31, 2020 in compliance with German Legally Required Accounting Prin-ciples, and
the accompanying management report as a whole provides an appropriate view of the Company's po- sition. In all material respects, this management report is consistent with the annual financial state-ments, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our audit opinion on the management report does not cover the content of those parts of the management report listed in the "Other Information" section of our auditor's re- port.
Pursuant to § [Article] 322 Abs. [paragraph] 3 Satz [sentence] 1 HGB [Handelsgesetzbuch: German Com-mercial Code], we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the management report.
Basis for the Audit Opinions
We conducted our audit of the annual financial statements and of the management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as "EU Audit Regu-lation") in compliance with German Generally Accepted Standards for Financial Statement Audits promul-gated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). We performed the audit of the annual financial statements in supplementary compliance with the International Standards on Auditing (ISAs). Our responsibilities under those requirements, principles and standards are further de- scribed in the "Auditor's Responsibilities for the Audit of the Annual Financial Statements and of the Man- agement Report" section of our auditor's report. We are independent of the Company in accordance withthe requirements of German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services pro-hibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the annual financial statements and on the management report.
Key Audit Matters in the Audit of the Annual Financial Statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual financial statements for the financial year from 1 January to 31 December 2020. These matters were addressed in the context of our audit of the annual financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.
In our view, the matters of most significance in our audit were as follows:
❶ Valuation of shares in affiliated companies
❷ Pension provisions
Our presentation of these key audit matters has been structured in each case as follows:
① Matter and issue
② Audit approach and findings
③ Reference to further information
Hereinafter we present the key audit matters:
❶ Valuation of shares in affiliated companies
① In the annual financial statements of the Company, shares in affiliated companies amounting to € 7,361 million (17.1% of total assets) are reported under the "Financial assets" balance sheet item.
Shares in affiliated companies are measured in accordance with German commercial law at the lower of cost or fair value. The fair values are calculated as the present values of the expected future cash flows according to the planning projections prepared by the executive directors, using discounted cashflow models. Expectations relating to future market developments and assump-tions about the development of macroeconomic factors are also taken into account. The discount rate used is the individually determined cost of capital for the relevant financial asset. Based on the values calculated and other documentation, there was no need to recognize impairment losses.
The outcome of this valuation exercise is dependent to a large extent on estimates made by the executive directors of the future cash flows, and on the respective discount rates and rates of
growth employed. The valuation is therefore subject to material uncertainty. In the light of this background and the highly complex nature of the measurement as well as the material signifi-cance for the net assets and financial performance of the Company, this matter was of particular significance during our audit.
② As part of our audit we assessed the methodology employed for the purposes of the valuation exercise, among other things. In particular, we assessed whether the fair values had been appro-priately determined using discounted cashflow models in compliance with the relevant measure-ment standards. We based our assessment, among other things, on a comparison with general and sector-specific market expectations as well as on explanations from the executive directors regarding the key planning value drivers underlying the expected cash flows. In the knowledge that even relatively small changes in the discount rate applied can have a material impact on the company value that is calculated in this way, we also focused our testing in particular on the pa-rameters used to determine the discount rate applied, and evaluated the measurement model. In our view, the valuation parameters and underlying valuation assumptions used by the executive directors are appropriate overall, taking account of the available information, for the purpose of appropriately measuring the shares in affiliated companies.
③ The Company's disclosures on financial assets are contained in Item 20 of the notes.
❷ Pension provisions
① In the annual financial statements of the Company, pension provisions amounting to € 3,606 mil- lion (8.4% of total assets) are reported under the "Provisions for pensions and similar obligations"
balance sheet item. The pension provisions comprise the net amount of direct obligations to the Company's own employees and pensioners amounting to € 7,683 million (less the difference not balanced of € 132 million from the BilMoG conversion) and the fair value of the plan assets amounting to € 4,109 million and also include the indirect obligations recognised as a liability from the external pension institutions' shortfall in the amount of € 151 million. Corresponding ob- ligations amounting to € 13 million are also reported under the balance sheet item, for which the
Company has internally declared collateral promises with performance obligations.
The pension plan obligations resulting from direct and indirect pension commitments are meas-ured using the projected unit credit method. This requires in particular that assumptions be made as to the long-term salary and pension trend, average life expectancy and staff fluctuation. The
Company's plan assets and external pension institutions' assets are measured at fair value, which in turn involves estimation uncertainty.
In our view, these matters were of particular significance during our audit, as the recognition and measurement of this item, which is of a significant amount, is to a large extent based on the esti-mates and assumptions made by the Company's executive directors.
② During our audit we evaluated, among other things, the actuarial reports obtained and the profes-sional qualifications of the external actuaries. We also assessed, among other things, the appro-
priateness of the specific features of the actuarial calculations and the quantity structure, the ac-tuarial parameters and the valuation approach on which the valuations were based. Based on this, among other things we checked the calculation of provisions and the presentation in the balance sheet and the notes. For the audit of the fair value of the plan assets and the assets of the external pension institutions we obtained bank and fund confirmations, evaluated on a sample basis the methods on which the relevant valuations were based as well as the valuation parameters applied, and assessed the property valuation reports.
Based on our audit activities we were able to satisfy ourselves that the assessments and assump-tions made by the executive directors were substantiated and sufficiently documented.
③
The Company's disclosures on pension provisions are contained in Item 32 of the notes.
Other Information
The executive directors are responsible for the other information. The other information comprises the following non-audited parts of the management report:
the statement on corporate governance contained in the "Governance" section of the management report pursuant to § 289f HGB and § 315d HGB
the non-financial statement pursuant to Article 289b paragraph 1 German Commercial Code and Ar-ticle 315b paragraph 1 German Commercial Code included in section "Non-Financial Statement" of the management report
Our audit opinions on the annual financial statements and on the management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information
is materially inconsistent with the annual financial statements, with the management report or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Executive Directors and the Supervisory Board for the Annual Financial State-ments and the Management Report
The executive directors are responsible for the preparation of the annual financial statements that comply, in all material respects, with the requirements of German commercial law, and that the annual financialstatements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German Legally Required Accounting Principles. In addition, the exec-utive directors are responsible for such internal control as they, in accordance with German Legally Re-quired Accounting Principles, have determined necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the annual financial statements, the executive directors are responsible for assessing the Company's ability to continue as a going concern. They also have the responsibility for disclosing, as appli-cable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided no actual or legal circumstances conflict therewith.
Furthermore, the executive directors are responsible for the preparation of the management report that as a whole provides an appropriate view of the Company's position and is, in all material respects, con-sistent with the annual financial statements, complies with German legal requirements, and appropri-ately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a management report that is in accordance with the applicable German legal require-ments, and to be able to provide sufficient appropriate evidence for the assertions in the management report.
The supervisory board is responsible for overseeing the Company's financial reporting process for the preparation of the annual financial statements and the management report.
Auditor's Responsibilities for the Audit of the Annual Financial Statements and of the Management Report
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the management report as a whole provides an appropriate view of the Company's position and, in all material respects, is consistent with the annual financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future develop-ment, as well as to issue an auditor's report that includes our audit opinions on the annual financial state-ments and on the management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in ac-cordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) and supplementary compliance with the ISAs will always detect a material misstatement Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could rea-sonably be expected to influence the economic decisions of users taken on the basis of these annual finan-cial statements and this management report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also
Identify and assess the risks of material misstatement of the annual financial statements and of the management report, whether due to fraud or error, design and perform audit procedures re-sponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten-tional omissions, misrepresentations, or the override of internal controls.
Obtain an understanding of internal control relevant to the audit of the annual financial state-ments and of arrangements and measures (systems) relevant to the audit of the management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems of the Company.
Evaluate the appropriateness of accounting policies used by the executive directors and the rea-sonableness of estimates made by the executive directors and related disclosures.
Conclude on the appropriateness of the executive directors' use of the going concern basis of ac-counting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the annual financial statements and in the man-agement report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern.
Evaluate the overall presentation, structure and content of the annual financial statements, in-cluding the disclosures, and whether the annual financial statements represent the underlying transactions and events in a manner that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compli-ance with German Legally Required Accounting Principles.
Evaluate the consistency of the management report with the annual financial statements, its con-formity with German law, and the view of the Company's position it provides.
Perform audit procedures on the prospective information presented by the executive directors in the management report. On the basis of sufficient appropriate audit evidence we evaluate, in par-ticular, the significant assumptions used by the executive directors as a basis for the prospective information and evaluate the proper derivation of the prospective information from these as-sumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-nal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unless law or regula- tion precludes public disclosure about the matter.
OTHER LEGAL AND REGULATORY REQUIREMENTS
Assurance Report in Accordance with § 317 Abs. 3b HGB on the Electronic Reproduction of the Annual Financial Statements and the Management Report Prepared for Publication Purposes
Audit Opinions
We have performed an assurance engagement in accordance with § 317 Abs. 3b HGB to obtain reasonable assurance about whether the reproduction of the annual financial statements and the management report (hereinafter the "ESEF documents") contained in the attached electronic file "DP_AG_EA+KLB_ESEF-2020-12-31.zip" and prepared for publication purposes complies in all material respects with the require- ments of § 328 Abs. 1 HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance engagement only extends to the conversion of the information con-tained in the annual financial statements and the management report into the ESEF format and therefore relates neither to the information contained within this reproduction nor to any other information con-tained in the above-mentioned electronic file.
In our opinion, the reproduction of the annual financial statements and the management report contained in the above-mentioned attached electronic file and prepared for publication purposes complies in all ma-terial respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format. We do not express any opinion on the information contained in this reproduction nor on any other information con-tained in the above-mentioned electronic file beyond this reasonable assurance conclusion and our audit opinion on the accompanying annual financial statements and the accompanying management report for the financial year from January 1 to December 31, 2020 contained in the "Report on the Audit of the An-nual Financial Statements and on the Management Report" above.
Basis for the Audit Opinions
We conducted our assurance engagement on the reproduction of the annual financial statements and the management report contained in the above mentioned attached electronic file in accordance with § 317 Abs. 3b HGB and the Exposure Draft of IDW Assurance Standard: Assurance in Accordance with § 317 Abs. 3b HGB on the Electronic Reproduction of Financial Statements and Management Reports Prepared for Publication Purposes (ED IDW AsS 410) and the International Standard on Assurance Engagements 3000 (Revised). Accordingly, our responsibilities are further described below in the "Auditor's Responsibilities for the Assurance Engagement on the ESEF Documents" section. Our audit firm has applied the IDW Stand- ard on Quality Management: Requirements for Quality Management in the Audit Firm (IDW QS 1).
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF documents includ-ing the electronic reproduction of the annual financial statements and the management re-port in accord-ance with § 328 Abs. 1 Satz 4 Nr. 1 HGB.
In addition, the executive directors of the Company are responsible for such internal control as they have considered necessary to enable the preparation of ESEF documents that are free from material non-com-pliance with the requirements of § 328 Abs. 1 HGB for the electronic reporting format, whether due to fraud or error.
The executive directors of the Company are also responsible for the submission of the ESEF documents together with the auditor's report and the attached audited annual financial statements and audited man-agement report as well as other documents to be published to the operator of the German Federal Gazette [Bundesanzeiger].
The supervisory board is responsible for overseeing the preparation of the ESEF documents as part of the financial reporting process.
Auditor's Responsibilities for the Assurance Engagement on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We exercise professional judgment and maintain professional skepticism throughout the assurance engagement. We also:
Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance conclusion.
Obtain an understanding of internal control relevant to the assurance engagement on the ESEF docu-ments in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance conclusion on the effectiveness of these controls.
Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815 in the version applicable as at the balance sheet date on the technical specification for this electronic file.
Evaluate whether the ESEF documents enables a XHTML reproduction with content equivalent to the audited annual financial statements and to the audited management report.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as auditor by the ordinary general meeting on August 27, 2020. We were engaged by the Supervisory Board on November 30, 2020. We have been the auditor of Deutsche Post AG, Bonn since the Company first met the requirements as a public interest entity within the meaning of Section 319a (1) Clause 1 of the German Commercial Code (HGB) in the 2000 financial year.
We declare that the audit opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
RESPONSIBLE AUDITOR
The German Public Auditor responsible for the engagement is Verena Heineke.
Except for statements of historical fact, information contained in these annual financial statements may constitute forward-looking statements, which include but are not limited to, current plans, estimates and projections as well as all other information available to Deutsche Post AG at the time this report was completed. These statements are not guarantees of future performance. Instead, they depend on a number of factors and are subject to various risks and uncertainties and are based on assumptions that may prove to be inaccurate. It is possible that actual performance and results may differ from the forward-looking statements made in this quarterly statement. Deutsche Post AG undertakes no obligation to update the forward-looking statements contained in this report except as required by applicable law. If Deutsche Post AG updates one or more forward-looking statements, no assumption can be made that the statement(s) in question or other forward-looking statements will be updated regularly.
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