The increase in intangible assets results from the business combinations in the 2023 fiscal year and the corresponding goodwill and relates primarily to MNG Kargo as well as DHL Logistics, note 2.
With the final purchase price allocation for the Monta Group, its opening balance sheet changed and led to a €25 million adjustment to the recognition of intangible assets. As part of this, as of December 31, 2022, internally generated intangible assets increased by €18 million, purchased brand names by €6 million and purchased customer lists by €17 million, while goodwill fell by €16 million, note 2and 4.
Purchased software, concessions, industrial rights, licenses and similar rights and assets are reported under purchased intangible assets. Internally generated intangible assets relate to development costs for internally developed software.
22.2 Allocation of goodwill to CGUs
For the purposes of annual impairment testing in accordance with IAS 36, the Group determines the recoverable amount of a CGU, or a group of CGUs, on the basis of its value in use. This calculation is based on projections of free cash flows that are initially discounted at a rate corresponding to the posttax cost of capital. Pretax discount rates are determined iteratively.
The cash flow projections are based on the detailed planning for EBIT, depreciation and amortization, investment planning adopted by management, as well as changes in net working capital, and take both internal historical data and external macroeconomic data into account. The cash flow forecasts include the expenses for decarbonization measures planned to achieve the targets for reducing emissions by 2030 for expanding the use of sustainable fuels and technologies in fleets and buildings. As part of the planning for the Post & Parcel Germany CGU, assumptions regarding the regulations of the German Postal Act, which is currently undergoing revision, were taken into account on the basis of the draft legislation. If there are changes to the draft legislation, if it is not possible to withdraw from the provision of the universal postal service, or if the new law is not passed in a timely manner, these represent material risk factors; however, the probability of their occurrence is considered to be low. From a methodological perspective, the detailed planning phase covers a three-year planning horizon from 2024 to 2026. By contrast, an extended planning phase of five years was applied for the eCommerce CGU. The eCommerce division is only in its sixth year of existence and has not yet reached a steady state. This is attributable to relatively high levels of planned capital expenditure over the next three years, during which the estimated EBIT will not yet reflect business growth. The expectation is that a stable state will be achieved in 2028. Planning is supplemented by a perpetual annuity representing the value added from 2027 onward, or following the extended planning phase. This is calculated using a long-term growth rate, which is determined for each CGU or each CGU group separately and is shown in the table below. The growth rates applied are based on long-term real growth figures for the relevant economies, growth expectations for the relevant sectors and long-term inflation forecasts for the countries in which the CGU or CGU group operates. The cash flow forecasts are based both on past experience and on the effects of the anticipated future general market trend. In addition, the forecasts take into account growth in the respective geographical submarkets and in global trade, and the ongoing trend toward outsourcing logistics activities. Cost trend forecasts for the transport network and services also have an impact on value in use. A key planning assumption for the impairment test is the EBIT margin for the perpetual annuity.
The pretax cost of capital is based on the weighted average cost of capital. The (pretax) discount rates for the significant CGU or CGU group and the growth rates assumed in each case for the perpetual annuity are shown in the following table:
Discount rate
Growth rate
%
2022
2023
2022
2023
Express
9.7
11.8
2.0
2.0
Global Forwarding, Freight
Global Forwarding
9.9
10.9
2.5
2.5
Freight
10.2
11.1
2.0
2.0
Supply Chain
10.0
10.0
2.5
2.5
eCommerce
10.5
10.9
1.5
1.5
Post & Parcel Germany
10.2
10.0
0.5
0.5
The change in the discount rate primarily reflects the change in interest rates in general.
On the basis of these assumptions and the impairment tests carried out for the individual CGUs or CGU groups to which goodwill was allocated, it was established that the recoverable amounts for all CGUs or CGU groups exceed their carrying amounts. No impairment losses were recognized on goodwill in any of the CGUs or CGU groups as of December 31, 2023.
When performing the impairment test, DHL Group conducted sensitivity analyses for the significant CGUs or CGU groups in accordance with IAS 36.134 for potential changes to the EBIT margin, the discount rate and the growth rate. These analyses – which included varying the essential valuation parameters within an appropriate range – did not reveal any risk of impairment to goodwill.
23 Property, plant and equipment
Overview of property, plant and equipment, including right-of-use assets
€m
Land and buildings
Technical equipment
and
machinery
Operating and office
equipment
Aircraft
Transport equipment
Advance payments
and assets
under development
Total
Cost
Balance as of January 1, 2022
18,333
7,291
2,475
8,143
4,624
2,070
42,936
Additions from business combinations1
165
26
60
–22
91
6
326
Additions
2,558
296
163
1,123
799
2,654
7,593
Reclassifications
515
638
98
490
83
–1,865
–41
Disposals
–591
–185
–263
–357
–429
–20
–1,845
Currency translation differences
–11
30
22
282
–2
39
360
Balance as of December 31, 2022/January 1, 2023
20,969
8,096
2,555
9,659
5,166
2,884
49,329
Additions from business combinations1
156
30
19
0
26
1
232
Additions
2,454
263
163
773
943
1,835
6,431
Reclassifications
878
686
107
914
88
–2,725
–52
Disposals
–1,158
–292
–260
–439
–523
–48
–2,720
Inflation adjustments pursuant to IAS 29
41
17
8
0
3
0
69
Currency translation differences
–205
–64
–36
–216
–25
–17
–563
Balance as of December 31, 2023
23,135
8,736
2,556
10,691
5,678
1,930
52,726
Depreciation and impairment losses
Balance as of January 1, 2022
6,854
4,175
1,816
2,952
2,236
0
18,033
Additions from business combinations1
22
12
34
0
32
0
100
Depreciation
1,742
491
241
822
604
0
3,900
Impairment losses
27
6
4
0
9
0
46
Reclassifications
1
–1
–3
0
0
0
–3
Reversals of impairment losses
–18
–4
–3
0
–9
0
–34
Disposals
–447
–160
–250
–298
–377
0
–1,532
Currency translation differences
12
20
17
78
4
0
131
Balance as of December 31, 2022/January 1, 2023
8,193
4,539
1,856
3,554
2,499
0
20,641
Additions from business combinations1
82
24
16
0
15
0
137
Depreciation
1,888
527
243
875
660
0
4,193
Impairment losses
6
1
0
17
4
0
28
Reclassifications
1
5
–7
0
1
0
0
Reversals of impairment losses
–2
0
0
0
0
0
–2
Disposals
–678
–266
–250
–344
–468
0
–2,006
Inflation adjustments pursuant to IAS 29
11
4
4
0
1
0
20
Currency translation differences
–95
–32
–27
–74
–15
0
–243
Balance as of December 31, 2023
9,406
4,802
1,835
4,028
2,697
0
22,768
Carrying amount as of December 31, 2023
13,729
3,934
721
6,663
2,981
1,930
29,958
Carrying amount as of December 31, 2022
12,776
3,557
699
6,105
2,667
2,884
28,688
1 Including proportionate change from joint operations.
Disclosures on right-of-use assets are contained in note 41.
Property, plant and equipment increased both due to capital expenditure as well as from the acquisition of companies.
Additions to transport equipment include additional expenditure of €244 million (previous year: €179 million) for the electrification of the fleet of pickup and delivery vehicles. The additional expenditure for investments in technologies for making new buildings climate-neutral amounted to €38 million (previous year: €24 million).
Advance payments relate only to advance payments on items of property, plant and equipment for which the Group has paid advances in connection with incomplete transactions. They relate, in particular, to the renewal of the Express air fleet. Assets under development relate to items of property, plant and equipment in progress as of the reporting date for whose production internal or third-party costs have already been incurred.
24 Investment property
The investment property largely comprises leased property encumbered by heritable building rights and developed and undeveloped land.
€m
2022
2023
Cost
Balance as of January 1
71
31
Additions
8
0
Reclassifications
–44
–9
Disposals
–4
–2
Currency translation differences
0
–1
Balance as of December 31
31
19
Depreciation and impairment losses
Balance as of January 1
23
9
Depreciation and impairment losses
1
1
Disposals
–3
–1
Reclassifications
–12
–2
Currency translation differences
0
–1
Balance as of December 31
9
6
Carrying amount as of December 31
22
13
of which right-of-use assets
9
8
25 Investments accounted for using the equity method
In the income statement, net income from investments accounted for using the equity method increased by €200 million to €161 million. This was due to income from the change in consolidation method for DHL Logistics (formerly Danzas AEI Emirates) in the amount of €114 million, as well as proceeds from the disposal of 0.88% of shares in Global-E Online, Israel, totaling €46 million. The following table does not include this amount, because the former Danzas AEI Emirates is no longer accounted for using the equity method.
The table below is an overview of the carrying amount in the consolidated financial statements and selected financial data for those companies that, both individually and in the aggregate, are not of material significance for the Group.
Associates
Joint ventures
Total
€m
2022
2023
2022
2023
2022
2023
Balance as of January 1
95
70
16
6
111
76
Additions
7
25
0
25
7
50
Disposals
0
–19
–4
–1
–4
–20
Impairment losses
0
0
–7
0
–7
0
Changes in Group’s share of equity
Changes recognized in profit or loss
–34
4
2
–3
–32
1
Profit distributions
–2
–2
0
0
–2
–2
Changes recognized in other comprehensive income
4
–2
–1
1
3
–1
Balance as of December 31
70
76
6
28
76
104
Aggregate financial data
Profit after income taxes
–34
4
2
–3
–32
1
Other comprehensive income
4
–2
–1
1
3
–1
Total comprehensive income
–30
2
1
–2
–29
0
The additions to associates relate primarily to the Saudi Arabian company ASMO Advanced Logistics Services Co. LLC with 51%. Because there is currently no possibility to determine the relevant activities, DHL Group cannot exercise any control over the company. Another addition to associates is RailDirect LLC, United Arab Emirates, with 49% of shares, while the addition of the Polish company APM Solutions Sp. z o.o. with 49% of shares is allocated to joint ventures. Among others, disposals of associates relate to DHL Logistics (formerly Danzas AEI Emirates LLC), as the method of consolidation changed with the acquisition of the remaining 60% of shares. The company is now fully consolidated, note 2. Flexible Lifestyle Employment Company Limited, the UK joint venture that was impaired in the amount of €7 million in the previous year, was sold in the first half of 2023.
26 Financial assets
Noncurrent
Current
Total
€m
2022
2023
20221
2023
20221
2023
Debt instruments (loans and receivables) at amortized cost (AC)
256
252
1,548
578
1,804
830
Debt instruments at fair value through profit or loss (FVTPL)
261
306
23
29
284
335
Equity instruments at fair value through profit or loss (FVTPL)
1
1
0
0
1
1
Equity instruments at fair value through other comprehensive income (FVTOCI)
Financial assets decreased primarily due to the liquidation of short-term investments that are recognized under debt instruments measured at amortized cost.
The lease assets relate primarily to receivables from certain embedded subleases, note 7.
The notional amounts of the outstanding lease payments have the following maturity dates:
MATURITIES OF UNDISCOUNTED LEASE PAYMENTS
€m
2022
2023
Up to 1 year
168
171
More than 1 year to 2 years
159
198
More than 2 years to 3 years
120
119
More than 3 years to 4 years
91
91
More than 4 years to 5 years
64
63
More than 5 years
209
173
Total undiscounted lease payments
811
815
Interest component included over entire term
–111
–136
Receivable from leasing
700
679
of which current
168
171
of which noncurrent
532
508
For details on impairment losses, default risk, maturity structures and restraints on disposal, see note 43.
27 Other assets
€m
20221
2023
Prepaid expenses
1,249
1,110
Tax receivables
817
711
Pension assets, noncurrent only
355
154
Recoverable start-up costs, noncurrent only
134
143
Accrued other income
170
131
Other assets from insurance contracts
110
79
Contract assets
142
73
Receivables from insurance matters
92
54
Receivables from employees
33
35
Miscellanous other assets, of which noncurrent: 91 (previous year: 92)
The decrease in prepaid expenses is attributable primarily to the Global Forwarding, Freight division and relates to lower prepayments for transport services at the end of the year.
Of the tax receivables, €533 million (previous year: €623 million) relates to VAT, €135 million (previous year: €135 million) to customs and duties and €43 million (previous year: €59 million) to other tax receivables.
Pension assets decreased, primarily because of remeasurements in the United Kingdom, note 37.
As of the reporting date, miscellanous other assets include carrying amounts of certificates held as part of the emission-trading systems in the EU and the United Kingdom totaling €61 million (previous year: €56 million).
Miscellaneous other assets include a large number of individual items.
Deferred taxes have not been recognized for loss carryforwards expected to not be usable in the amount of around €1.2 billion (previous year: €1.4 billion). Of these, around €0.4 billion (previous year: €0.6 billion) is attributable to loss carryforwards from US subsidiaries for state taxes. The tax loss carryforwards for which no deferred tax assets were recognized do not expire prior to 2029. Moreover, deferred taxes have not been recognized for temporary differences expected to not be usable in the amount of around €0.5 billion (previous year: €0.2 billion).
Deferred taxes have not been recognized for temporary differences of €749 million (previous year: €675 million) for accrued earnings of German and foreign subsidiaries, because these temporary differences will probably not reverse in the foreseeable future.
29 Inventories
€m
2022
2023
Finished goods and goods purchased and held for resale
181
498
Work in progress
490
302
Raw materials, consumables and supplies
243
257
Advance payments
13
4
Inventories
927
1,061
The increase in finished goods is attributable mainly to real estate development projects. Adequate impairment losses were recognized.
30 Trade receivables
Trade receivables amounted to €10,537 million (previous year: €12,253 million). This includes deferred revenue amounting to €976 million (previous year: €1,167 million). For information on impairment losses, default risk and maturity structures, see note 43.
31 Cash and cash equivalents
€m
2022
2023
Bank balances
2,569
2,714
Cash equivalents
1,153
868
Cash
9
9
Other cash and cash equivalents
59
58
Cash and cash equivalents
3,790
3,649
Of the €3,649 million in cash and cash equivalents, €1,598 million was not available for general use by the Group as of the reporting date (previous year: €1,956 million). Of this amount, €1,516 million (previous year: €1,880 million) was attributable to countries where exchange controls or other legal restrictions apply (mostly China, India, Thailand and Taiwan) and €82 million (previous year: €76 million) primarily to companies with noncontrolling-interest shareholders.
32 Assets held for sale and liabilities associated with assets held for sale
Assets
Liabilities
€m
2022
2023
2022
2023
Sale of aircraft (DHL Air Limited) – Express segment
0
55
0
0
Other
0
0
0
0
Assets held for sale and liabilities associated with assets held for sale
0
55
0
0
DHL Air Limited, United Kingdom, is modernizing its fleet of aircraft and intends to sell three aircraft and multiple engines with a fair value of €55 million. The most recent measurement prior to reclassification to assets held for sale led to an impairment loss of €17 million. The sale is expected to be completed in the first quarter of 2024.
33 Issued capital and purchase of treasury shares
As of December 31, 2023, KfW Bankengruppe (KfW) held a 20.49% interest, unchanged from the previous year, in the share capital of Deutsche Post AG. Free float accounts for 74.82% of the shares (previous year: 76.26%) and the remaining 4.69% (previous year: 3.25%) of shares are owned by Deutsche Post AG. KfW holds the shares in trust for the Federal Republic of Germany.
33.1 Changes in issued capital
The issued capital amounts to €1,239 million. It is composed of 1,239,059,409 no-par-value registered shares (ordinary shares) with a notional interest in the share capital of €1 per share and is fully paid up.
CHANGES IN ISSUED CAPITAL AND TREASURY SHARES
€m
2022
2023
Issued capital
Balance as of January 1
1,239
1,239
Balance as of December 31
1,239
1,239
Treasury shares
Balance as of January 1
–15
–40
Purchase of treasury shares
–30
–24
Issue/sale of treasury shares
5
6
Balance as of December 31
–40
–58
Total as of December 31
1,199
1,181
33.2 Authorized and contingent capital
The Articles of Association can be accessed on the company’s website or in the electronic company register. They may also be viewed in the commercial register of the Bonn Local Court.
AUTHORIZED AND CONTINGENT CAPITAL AS OF DECEMBER 31, 2023
Amount
€m
Purpose
Authorized Capital 2021
(Annual General Meeting on May 6, 2021)
130
Increase in share capital against cash/noncash contributions
(Authorization until May 5, 2026)
Contingent Capital 2017
(Annual General Meeting on April 28, 2017)
75
Issue of options/conversion rights
(Authorization until May 7, 2018)
Contingent Capital 2018/1
(Annual General Meeting on April 24, 2018)
12
Issue of Performance Share Units to executives
(Authorization until October 8, 2020)
Contingent Capital 2020/1
(Annual General Meeting on August 27, 2020)
12
Issue of Performance Share Units to executives
(Authorization until August 26, 2023)
Contingent Capital 2022/1
(Annual General Meeting on May 6, 2022)
20
Issue of Performance Share Units to executives
(Authorization until May 5, 2027)
Contingent Capital 2022/2
(Annual General Meeting on May 6, 2022)
40
Issue of options/conversion rights
(Authorization until May 5, 2027)
Authorized capital 2021
The Board of Management is authorized, subject to the consent of the Supervisory Board, to issue up to 130 million new, no-par-value registered shares until May 5, 2026, in exchange for cash and/or noncash contributions and thereby increase the company’s share capital by up to €130 million. The authorization may be used in full or for partial amounts. Shareholders generally have preemptive rights. However, subject to the approval of the Supervisory Board, the Board of Management may disapply the shareholders’ preemptive rights to the shares covered by the authorization. No use was made of the authorization in the fiscal year.
Contingent capital 2017
The contingent capital increase serves to issue bonds with warrants, convertible bonds and/or income bonds as well as profit participation certificates, 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 million 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 fiscal year in which they are issued. The authorization was exercised 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. Contingent capital was not utilized in the 2023 fiscal year.
Contingent capital 2018/1
The contingent capital increase serves to grant Performance Share Units (PSUs) to selected Group executives. The share capital was increased on a contingent basis 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 fiscal year in which they are issued. Contingent capital was not utilized in the 2023 fiscal year.
Contingent capital 2020/1
The contingent capital increase serves to grant Performance Share Units (PSUs) to selected Group executives. The share capital was increased on a contingent basis 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 fiscal year in which they are issued. Contingent capital was not utilized in the 2023 fiscal year.
Contingent capital 2022/1
The contingent capital increase serves to grant Performance Share Units (PSUs) to selected Group executives. The share capital was increased on a contingent basis by up to €20 million through the issue of up to 20 million no-par-value registered shares. The new shares participate in profit from the beginning of the fiscal year in which they are issued. Contingent capital was not utilized in the 2023 fiscal year.
Contingent capital 2022/2
The contingent capital increase serves to issue bonds with warrants, convertible bonds and/or income bonds as well as profit participation certificates, or a combination thereof, in an aggregate principal amount of up to €2 billion and to grant options or conversion rights for up to 40 million shares with a proportionate interest in the share capital not to exceed €40 million. The share capital was increased on a contingent basis by up to €40 million. The new shares participate in profit from the beginning of the fiscal year in which they are issued. Contingent capital was not utilized in the 2023 fiscal year.
33.3 Authorization to acquire treasury shares
By way of a resolution adopted by the Annual General Meeting on May 4, 2023, the company is authorized to acquire treasury shares in the period to May 3, 2028, of up to 10% of the share capital existing when the resolution was adopted. The authorization permits the Board of Management 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 authorized to acquire treasury shares totaling up to 5% of the share capital existing when the resolution was adopted by means including using derivatives. The prior resolution dated May 6, 2021, and the authorization granted until May 5, 2026, to purchase treasury shares were revoked for the period beginning when the new authorization took effect.
Share buyback program
In February 2022, the Board of Management of Deutsche Post AG had initially resolved a share buyback program for up to 50 million Deutsche Post AG shares at a total purchase price of up to €2 billion. On February 14, 2023, the Board of Management of Deutsche Post AG resolved to increase the number of shares to be bought back to up to 105 million shares and the total purchase price up to €3 billion. The repurchased shares will either be retired, used to service long-term executive remuneration plans and any future employee participation programs or used to meet potential obligations if rights accruing under the 2017/2025 convertible bond are exercised. The repurchase will end in December 2024 at the latest. Detailed information on the individual tranches can be found in the following table.
PRIOR TRANCHES OF THE SHARE BUYBACK PROGRAM 2022/2024
Total volume
€m
Maximum duration
Buyback
Number
Buyback volume (excluding transaction costs)
€m
Average price
per share €
Tranche I
800
April 8, 2022, to November 7, 2022
21,931,589
790
36.00
Tranche II
500
November 9, 2022, to March 31, 2023
12,870,144
500
38.85
Tranche III
500
June 26, 2023, to September 29, 2023
11,664,906
500
42.86
Tranche IV
600
November 13, 2023, to April 19, 2024
3,531,8371
150
42.44
1 Up to December 31, 2023.
In the 2023 fiscal year, treasury shares were also acquired and issued to executives to settle the 2022 tranche and claims to matching shares under the 2018 tranche. The 1.5 million shares were acquired at an average price per share of €41.30 for a total of €62 million.
A total of 3.1 million shares were issued to the executives concerned to settle the 2019 PSP tranche and 0.4 million shares to settle the Employee Share Plan.
Deutsche Post AG held 58,079,379 treasury shares as of December 31, 2023 (previous year: 40,320,726).
33.4 Disclosures on corporate capital
In the 2023 fiscal year, the equity ratio (total equity divided by total assets) was 34.3% (previous year: 34.6%). The corporate capital is monitored using the net gearing ratio, which is defined as net debt divided by the total of equity and net debt.
2 Relates to liabilities from overpayments, for example.
3 Relates to, for example, receivables from cash on delivery, creditors with debit balances and receivables from loss compensation.
34 Reserves
34.1 Capital reserves
The change in capital reserves primarily relates to the capital increases or decreases from the following items:
€m
2022
2023
Balance as of January 1
3,533
3,543
Change due to Share Matching Scheme
8
31
Change due to Performance Share Plan
3
4
Change due to Employee Share Plan
–1
1
Balance as of December 31
3,543
3,579
34.2 Retained earnings
In addition to the changes from dividend distributions, changes from remeasurements of the net pension provisions and the recognition of consolidated net profit, retained earnings also include the changes from capital increases and decreases, which are described in more detail in the following:
CAPITAL INCREASE/DECREASE
€m
2022
2023
Obligation share buyback 2022 under tranche II/reversal
–275
275
Change due to Share Matching Scheme
39
22
Change due to Performance Share Plan
23
21
Change due to Employee Share Plan
16
14
Share buyback obligation 2022/2024 under tranche IV
0
–450
Share buyback 2022/2024
–987
–903
Other
–11
1
Total
–1,195
–1,020
The fourth tranche of the share buyback program, with a total volume of up to €600 million, began on November 13, 2023, and is being implemented by an independent financial services provider until April 19, 2024, on the basis of an irrevocable agreement. At the time the agreement was concluded, the resulting obligation was charged in full to retained earnings and recognized as a financial liability. It was reduced by the buyback transactions carried out by December 31, 2023. The obligation to repurchase shares after December 31, 2023, is included in the amount of €450 million.
35 Equity attributable to Deutsche Post AG shareholders
The equity attributable to Deutsche Post AG shareholders in the 2023 fiscal year amounted to €22,477 million (previous year: €23,236 million).
Dividends
Dividends paid to the shareholders of Deutsche Post AG are based on the net retained profit of €9,216 million reported in Deutsche Post AG’s annual financial statements in accordance with the HGB. The Board of Management is proposing a dividend of €1.85 per no-par-value share carrying dividend rights (proposed and distributed in the previous year: €1.85). This corresponds to a total dividend of €2,170 million. Moreover, the Board of Management is proposing to transfer €1,000 million from net retained profit to other revenue reserves. The amount of €6,046 million remaining after deduction of the planned total dividend and the transfer to other revenue reserves will be carried forward 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 of the Annual General Meeting.
DIVIDEND DISTRIBUTION
Total
€m
Dividend per share
€
In the 2023 fiscal year for the year 2022
2,205
1.85
In the 2022 fiscal year for the year 2021
2,205
1.80
36 Noncontrolling interests
This balance sheet item includes adjustments for the interests of non-Group shareholders in consolidated equity from acquisition accounting, as well as their interests in profit or loss. The following table shows the companies to which the noncontrolling interests relate:
€m
20221
2023
DHL Sinotrans International Air Courier Ltd., China
There are material noncontrolling interests in the following two companies: DHL Sinotrans International Air Courier Ltd. (Sinotrans), China, which is assigned to the Express segment, provides domestic and international express delivery and transport services. DHL Group holds a 50% interest in the company. Deutsche Post AG holds a 75% interest in Blue Dart Express Limited (Blue Dart), India, which is assigned to the eCommerce segment. Blue Dart is a courier service provider.
The following table gives an overview of the aggregated financial data of Sinotrans and Blue Dart:
FINANCIAL DATA FOR MATERIAL NONCONTROLLING INTERESTS
Sinotrans
Blue Dart
€m
2022
2023
2022
2023
Balance sheet
ASSETS
Noncurrent assets
178
162
124
144
Current assets
826
761
153
157
Total ASSETS
1,004
923
277
301
EQUITY AND LIABILITIES
Noncurrent provisions and liabilities
57
46
22
26
Current provisions and liabilities
343
406
100
104
Total EQUITY AND LIABILITIES
400
452
122
130
Net assets
604
471
155
171
Noncontrolling interests
302
236
34
38
Income statement
Revenue
2,867
2,851
619
576
Profit before income taxes
713
533
78
41
Income taxes
180
137
16
11
Profit after income taxes
533
396
62
30
Other comprehensive income
0
–38
–7
–7
Total comprehensive income
533
358
55
23
attributable to noncontrolling interests
267
179
14
6
Dividend distributed to noncontrolling interests
309
245
4
2
Consolidated net profit attributable to noncontrolling interests
267
198
15
8
Cash Flow Statement
Net cash from operating activities
500
437
53
50
Net cash from/used in investing activities
–17
–16
–14
–27
Net cash used in financing activities
–642
–515
–37
–24
Net change in cash and cash equivalents
–159
–94
2
–1
Cash and cash equivalents as of January 1
711
550
15
17
Effect of changes in exchange rates on cash and cash equivalents
–2
–35
0
0
Cash and cash equivalents as of December 31
550
421
17
16
The portion of other comprehensive income attributable to noncontrolling interests largely relates to the currency translation reserve. The changes are shown in the following table:
€m
2022
2023
Balance as of January 1
8
7
Transactions with noncontrolling interests
0
–1
Total comprehensive income
Changes from unrealized gains and losses
–1
–26
Changes from realized gains and losses
0
0
Currency translation reserve as of December 31
7
–20
37 Provisions for pensions and similar obligations
The Group’s most significant defined benefit retirement plans are in Germany and the United Kingdom. A wide variety of other defined benefit retirement plans in the Group are to be found in the Netherlands, Switzerland, the United States and a large number of other countries. There are specific risks associated with these plans along with measures to mitigate them.
37.1 Plan features
Germany
In Germany, Deutsche Post AG has an occupational retirement benefit arrangement based on a collective agreement, which is open to new hourly workers and salaried employees. Depending on the weekly working hours and wage/salary group, retirement benefit components are calculated annually for each hourly worker and salaried employee and credited to an individual pension account. A 2.5% increase on the previous year is included in every newly allocated component. When the statutory pension falls due, the hourly workers and salaried employees can choose whether to receive payment as a lump sum or in installments, or lifelong monthly benefit payments that increase by 1% each year. The large majority of Deutsche Post AG’s obligations relates to vested entitlements of hourly workers and salaried employees from a previous agreement, and to legacy pension commitments toward former hourly workers and salaried employees who have left or retired from the company. In addition, retirement benefit arrangements are available to executives below the Board of Management level and to specific employee groups through deferred compensation, in particular. For information on the pension scheme for the Board of Management, see note 47.2.
The prime source of external funding for Deutsche Post AG’s respective retirement benefit obligations is a contractual trust arrangement, which also includes a pension fund. The trust is funded on a case-by-case basis in line with the Group’s finance strategy. In the case of the pension fund, the regulatory funding requirements can, in principle, be met without additional employer contributions. Part of the plan assets consists of real estate that is leased out to the Group on a long-term basis. In addition, Versorgungsanstalt der DeutschenBundespost (VAP – Deutsche Bundespost institution for supplementary retirement pensions), a shared pension fund for successor companies to Deutsche Bundespost, is used for some of the legacy pension commitments.
Individual subsidiaries in Germany have defined-benefit retirement plans that were acquired in the context of acquisitions and transfers of operations and that are closed to new entrants. Contractual trust arrangements are in place for two subsidiaries for external funding.
United Kingdom
In the United Kingdom, the Group’s defined benefit pension arrangements are closed to new entrants and for further service accrual.
The Group’s defined benefit pension arrangements in the United Kingdom have mainly been consolidated into a Group plan with different sections for the participating divisions. These are funded mainly via a Group trust. The amount of the employer deficit contributions must be negotiated with the trustee in the course of funding valuations, which are carried out every three years and most recently in 2021. Normal contribution amounts no longer accrue because the arrangements have been closed.
Other
In the Netherlands, collective agreements require that those employees who are not covered by a sector-specific plan participate in a dedicated defined benefit retirement plan. The dedicated plan provides for annual accruals that are subject to a pensionable salary cap. The plan provides for monthly benefit payments that are indexed in line with inflation, on the one hand, and the funds available for such indexation, on the other. In Switzerland, employees receive an occupational pension in line with statutory requirements, where pension payments depend on the contributions paid, an interest rate that is fixed each year, certain annuity factors and any pension increases specified. A separate plan providing for lump-sum payments instead of lifelong pension payments exists for specific higher wage components. In the United States, the companies’ defined benefit retirement plans have been closed to new entrants and accrued entitlements have been frozen.
The Group companies fund their dedicated defined benefit retirement plans in these three countries primarily by using respective joint funding institutions. In the Netherlands and in Switzerland, both employers and employees contribute to plan funding. In the United States, no regularly recurring contributions are currently made in this regard – with the exception of some limited employer deficit contributions that were resumed in the year under review.
37.2 Financial performance of the plans and determination of balance sheet items
The present value of defined benefit obligations, the fair value of plan assets and net pension provisions changed as follows:
Present value of
the defined
benefit obligations
Fair value of plan
assets
Effect of asset
ceilings
Net pension
provisions
€m
2022
2023
2022
2023
2022
2023
2022
2023
Balance as of January 1
18,503
13,451
14,785
11,977
46
107
3,764
1,581
Current service cost, excluding employee contributions
251
169
0
0
0
0
251
169
Past service cost
–13
–14
0
0
0
0
–13
–14
Other administration costs in accordance with IAS 19.130
0
0
–11
–12
0
0
11
12
Service cost1
238
155
–11
–12
0
0
249
167
Interest cost on defined benefit obligations
301
561
0
0
0
0
301
561
Interest income on plan assets
0
0
241
505
0
0
–241
–505
Interest on the effect of asset ceilings
0
0
0
0
0
2
0
2
Net interest cost
301
561
241
505
0
2
60
58
Income and expenses recognized in the income statement
539
716
230
493
0
2
309
225
Actuarial gains (–)/losses (+) – changes in demographic assumptions
43
–72
0
0
0
0
43
–72
Actuarial gains (–)/losses (+) – changes in financial assumptions
Change in the effect of asset ceilings excluding interest
0
0
0
0
59
8
59
8
Remeasurements recognized in the statement of comprehensive income
–4,599
697
–2,304
–95
59
8
–2,236
800
Employer contributions
0
0
90
70
0
0
–90
–70
Employee contributions
30
28
30
30
0
0
0
–2
Benefit payments
–741
–764
–568
–579
0
0
–173
–185
Settlement payments
–15
0
–14
0
0
0
–1
0
Transfers
0
13
3
0
0
0
–3
13
Acquisitions/divestitures
–2
13
–6
0
0
0
4
13
Currency translation effects
–264
86
–269
103
2
7
7
–10
Balance as of December 31
13,451
14,240
11,977
11,999
107
124
1,581
2,365
1 Including other administration costs in accordance with IAS 19.130 from plan assets.
In the year under review, the remeasurements caused net pension provisions to rise. Total payments amounting to €304 million are expected with regard to net pension provisions in 2024. Of this amount, €233 million is attributable to the Group’s expected direct benefit payments and €71 million to expected employer contributions to pension funds.
The disaggregation of the present value of defined benefit obligations, fair value of plan assets and net pension provisions, as well as the determination of the balance sheet items, is as follows:
€m
Germany
United Kingdom
Other
Total
December 31, 2023
Present value of the defined benefit obligations
7,736
3,822
2,682
14,240
Fair value of plan assets
–5,655
–3,958
–2,386
–11,999
Effect of asset ceilings
0
35
89
124
Net pension provisions
2,081
–101
385
2,365
Reported separately
Pension assets
0
121
33
154
Provisions for pensions and similar obligations
2,081
20
418
2,519
December 31, 2022
Present value of the defined benefit obligations
7,254
3,735
2,462
13,451
Fair value of plan assets
–5,665
–4,054
–2,258
–11,977
Effect of asset ceilings
0
0
107
107
Net pension provisions
1,589
–319
311
1,581
Reported separately
Pension assets
0
319
36
355
Provisions for pensions and similar obligations
1,589
0
347
1,936
In the “Other” area, the Netherlands, Switzerland and the United States account for a share in the corresponding present value of the defined benefit obligations of 46%, 19% and 8%, respectively (previous year: 47%, 19% and 9%, respectively).
Additionally, rights to reimbursement from former Group companies existed in the Group in Germany in the amount of €9 million (previous year: €10 million), which had to be reported separately under financial assets. Corresponding benefit payments are being made directly by the former Group companies.
37.3 Additional information on the present value of defined benefit obligations
The significant financial assumptions are as follows:
%
Germany
United Kingdom
Other
Total
December 31, 2023
Discount rate (defined benefit obligations)
3.30
4.60
3.31
3.65
Expected annual rate of future salary increase
3.00
n.a.
2.70
2.93
Expected annual rate of future pension increase
2.25
2.90
1.75
2.49
December 31, 2022
Discount rate (defined benefit obligations)
4.00
4.90
3.89
4.23
Expected annual rate of future salary increase
3.00
n.a.
2.74
2.94
Expected annual rate of future pension increase
2.25
3.00
2.36
2.76
The discount rates for defined benefit obligations in the eurozone and the United Kingdom were each derived from an individual yield curve comprising the yields of AA-rated corporate bonds and taking into account membership composition and duration. For other countries, the discount rate for defined benefit obligations was determined in a similar way, provided there was a deep market for AA-rated (or, in some cases, AA- and AAA-rated) corporate bonds. By contrast, government bond yields were used for countries without a deep market for such corporate bonds.
For the annual pension increase in Germany, fixed rates in particular must be taken into account, in addition to the assumptions shown. The effective weighted average therefore amounts to approximately 1.00% (previous year: 1.00%).
The most significant demographic assumptions made relate to life expectancy and/or mortality. For the Group companies in Germany, they are based on the HEUBECK-RICHTTAFELN 2018 G. Life expectancy for the retirement benefit plans in the United Kingdom was based mainly on the S3NMA_H/S3PFA_H tables of the Continuous Mortality Investigation (CMI) of the Institute and Faculty of Actuaries, adjusted to reflect plan-specific mortality according to the latest funding valuation. Future mortality improvements were taken into account based on the current CMI projections model and an updated long-term trend assumption. For other countries, their own country-specific current standard mortality tables were used.
If one of the significant financial assumptions were to change, the present value of the defined benefit obligations would change as follows:
Change in assumption
percentage points
Change in present value
of defined benefit obligations
%
Germany
United Kingdom
Other
Total
December 31, 2023
Discount rate
1.00
–10.43
–10.50
–12.91
–10.90
(defined benefit obligations)
–1.00
12.94
12.75
16.65
13.58
Expected annual
0.50
0.09
0
0.93
0.22
rate of future salary development
–0.50
–0.09
0
–0.85
–0.21
Expected annual
0.50
0.28
4.17
6.11
2.41
rate of future pension increase
–0.50
–0.26
–4.08
–4.58
–2.09
December 31, 2022
Discount rate
1.00
–8.36
–10.99
–12.95
–9.93
(defined benefit obligations)
–1.00
10.64
13.48
16.72
12.54
Expected annual
0.50
0.10
n.a.
0.91
0.22
rate of future salary development
–0.50
–0.08
n.a.
–0.82
–0.19
Expected annual
0.50
0.29
4.20
6.11
2.43
rate of future pension increase
–0.50
–0.25
–4.05
–4.67
–2.11
These are effective weighted changes in the respective present value of the defined benefit obligations, for example taking into account the largely fixed nature of the pension increase for Germany.
A one-year increase in life expectancy for a 65-year-old beneficiary would increase the present value of the defined benefit obligations by 4.16% in Germany (previous year: 3.95%) and by 2.31% in the United Kingdom (previous year: 3.19%). The corresponding increase for other countries would be 2.78% (previous year: 2.75%) and the total increase would be 3.41% (previous year: 3.52%).
When determining the sensitivity disclosures, the present values were calculated using the same methodology used to calculate the present values as of the reporting date. The presentation does not take into account interdependencies between the assumptions; rather, it supposes that the assumptions change in isolation. This would be unusual in practice, since assumptions are often correlated.
The weighted average duration of the Group’s defined benefit obligations as of December 31, 2023, was 12.0 years in Germany (previous year: 9.8 years) and 12.1 years in the United Kingdom (previous year: 13.0 years). In the other countries it was 15.1 years (previous year: 16.1 years), and in total it was 12.6 years (previous year: 11.8 years).
A total of 30.3% (previous year: 29.2%) of the present value of the defined benefit obligations was attributable to active beneficiaries, 19.5% (previous year: 19.3%) to formerly employed beneficiaries and 50.2% (previous year: 51.5%) to retirees.
37.4 Additional information on the fair value of plan assets
The fair value of the plan assets can be disaggregated as follows:
€m
Germany
United
Kingdom
Other
Total
December 31, 2023
Equities
1,015
78
779
1,872
Fixed-income securities
1,687
3,071
1,002
5,760
Real estate
1,746
246
341
2,333
Alternatives1
479
215
54
748
Insurances
501
0
139
640
Cash
218
67
20
305
Other
9
281
51
341
Fair value of plan assets
5,655
3,958
2,386
11,999
December 31, 2022
Equities
426
57
636
1,119
Fixed-income securities
855
3,053
1,018
4,926
Real estate
1,821
272
329
2,422
Alternatives1
481
255
50
786
Insurances
510
0
132
642
Cash
1,552
83
40
1,675
Other
20
334
53
407
Fair value of plan assets
5,665
4,054
2,258
11,977
1 Primarily included absolute-return products and private-equity investments.
Quoted market prices in an active market exist for around 60% (previous year: 58%) of the total fair values of plan assets. The remaining assets for which no such quoted market prices exist are attributable as follows: 17% (previous year: 18%) to real estate, 12% (previous year: 12%) to fixed income securities, 5% (previous year: 6%) to insurances, 3% (previous year: 3%) to alternatives and 3% (previous year: 3%) to other. The majority of the investments on the active markets are globally diversified, with certain country-specific focus areas.
Real estate included in plan assets in Germany with a fair value of €1,615 million (previous year: €1,689 million) is occupied by DHL Group.
In the previous year, hedging measures resulted in a decrease in the proportion of equity and fixed-income holdings and an increase in the proportion of the cash holdings, particularly in Germany. In particular in Germany also, the investment of plan assets was realigned in light of the changed capital market environment and the proportion of cash holdings was once again significantly reduced in the year under review.
Asset-liability studies are performed at regular intervals in Germany and the United Kingdom, as well as, among other places, the Netherlands, Switzerland and the United States, for the purpose of matching assets and liabilities; the strategic allocation of plan assets is adjusted accordingly. Strategic asset allocation for the respective plans is mainly carried out on the basis of the structure of the underlying obligations. As part of this, different strategies are pursued in some individual countries. These strategies include, among others, the comprehensive hedging of obligations (liability-driven investment) and securing future cash flows (cash-flow-driven investment). The common factor in the strategies is that they are determined in consideration of the respective regulatory framework and in consideration of return expectations and the risk-bearing ability of the company. Due to the plan-related derivation of the capital investment strategies in consideration of the specific economic parameters, there are significant differences in the alignment of the investments.
ESG criteria are taken into account in the management of pension assets, in particular as part of risk management and thus as part of the long-term direction of the investment strategy.
37.5 Risk
Specific risks are associated with the defined benefit retirement plans. This can result in a (negative or positive) change in DHL Group’s equity through other comprehensive income, whose overall relevance is classed as medium to high. In contrast, a low relevance is attached to the short-term effects on staff costs and net finance costs. Potential risk mitigation is applied depending on the specifics of the plans.
Interest rate risk
A decrease (increase) in the respective discount rate would lead to an increase (decrease) in the present value of the total obligation and would in principle be accompanied by an increase (decrease) in the fair value of the fixed income securities contained in the plan assets. Further hedging measures are applied, in some cases using derivatives.
Inflation risk
Pension obligations – especially relating to final salary schemes or schemes involving increases during the pension payment phase – can be linked directly or indirectly to changes in inflation. The risk of increasing inflation rates with regard to the present value of the defined benefit obligations has been mitigated in the case of Germany, for example, by switching to a system of retirement benefit components and, in the case of the United Kingdom, by closing the defined benefit arrangements. In addition, fixed rates of increase have been set and increases partially capped, and/or lump-sum payments have been provided for. There is also a positive correlation with interest rates.
Investment risk
The investment is in principle subject to a large number of risks; in particular, it is exposed to the risk that market prices may change. This is managed primarily by ensuring broad diversification and the use of hedging instruments.
Longevity risk
Longevity risk may arise in connection with the benefits payable in the future due to a future increase in life expectancy. This is mitigated, in particular, by using current standard mortality tables when calculating the present value of the defined benefit obligations. The mortality tables used in Germany and the United Kingdom, for example, include an allowance for expected future increases in life expectancy.
38 Other provisions
Other provisions break down into the following main types of provision:
Noncurrent
Current
Total
€m
2022
2023
2022
2023
2022
2023
Other employee benefits
670
737
114
146
784
883
Technical reserves (insurance)
571
651
178
130
749
781
Aircraft maintenance
200
215
73
53
273
268
Tax provisions
278
163
278
163
Restructuring provisions
10
6
45
46
55
52
Miscellaneous provisions
450
453
471
541
921
994
Other provisions
1,901
2,062
1,159
1,079
3,060
3,141
38.1 Changes in other provisions
€m
Other
employee
benefits
Restructuring
provisions
Technical
reserves
(insurance)
Aircraft maintenance
Tax
provisions
Miscellaneous
provisions
Total
Balance as of January 1, 2023
784
55
749
273
278
921
3,060
Changes in the consolidated group
0
0
0
0
0
6
6
Utilization
–487
–31
–173
–52
–61
–295
–1,099
Currency translation differences
–19
–1
–3
–5
–4
–7
–39
Reversal
–26
–8
–48
–16
–142
–113
–353
Unwinding of/changes in discount rate
9
0
2
0
1
6
18
Reclassification
–12
0
0
5
0
–6
–13
Addition
634
37
254
63
91
482
1,561
Balance as of December 31, 2023
883
52
781
268
163
994
3,141
The provision for other employee benefits primarily covers workforce reduction expenses such as severance payments, partial retirement and early retirement as well as stock appreciation rights (SARs) and jubilee payments. A total of €30 million was added for the active early retirement program in the Post & Parcel Germany division. The increase in other employee benefits results primarily from higher additions to the obligations for partial retirement and pension plans in the United States compared to the previous year.
Technical reserves (insurance) consist mainly of outstanding-loss reserves and IBNR (incurred but not reported) reserves, note 7. The provision for aircraft maintenance relates to obligations for major aircraft and engine maintenance by third-party companies. Of the tax provisions, €67 million (previous year: €140 million) relates to VAT, €25 million (previous year: €31 million) to customs and duties and €71 million (previous year: €107 million) to other tax provisions.
Miscellaneous provisions include a large number of individual items. The risks from business activities relate primarily to provisions for guarantees and compensation payments to customers as well as provisions for losses from onerous contracts. In addition, miscellaneous provisions include the obligation to return the securities for CO2 emissions certificates in the amount of €70 million (previous year: €70 million).
€m
2022
2023
Litigation costs, of which noncurrent: 59 (previous year: 53)
130
161
Risks from business activities, of which noncurrent: 16 (previous year: 35)
129
109
Miscellaneous other provisions, of which noncurrent: 378 (previous year: 362)
662
724
Miscellaneous provisions
921
994
38.2 Maturity structure
The maturity structure of the provisions recognized in the 2023 fiscal year is as follows:
The amounts due to banks comprise mainly current overdraft facilities and long-term loans due to various banks. Other financial liabilities relate primarily to the obligation of €450 million for the repurchases still to be carried out from the fourth tranche of the share buyback program and the liability of €142 million for the acquisition of the remaining shares in the Monta Group. In addition, other financial liabilities include the balance sheet accounts reclassified from other liabilities, note 4.
Bonds
The 2013/2023 bond of Deutsche Post AG was fully repaid in October 2023.
On June 26, 2023, Deutsche Post AG placed its first sustainability-linked bond with an issue volume of €500 million and a term through 2033. The interest rate of the bond is coupled with the medium-term target of significantly reducing greenhouse gas (GHG) emissions by 2030. The cash inflow and the liability were recognized on July 3, 2023. The ten-year term ends on July 3, 2033. The bond has a fixed interest rate of 3.375% per year. However, if one of the targets set for the reduction of greenhouse gas emissions for 2030 is not reached, the coupon to be paid increases beginning in the year 2031. The revenue will primarily be used for general company purposes, including the refinancing of existing financial liabilities.
SIGNIFICANT BONDS
2022
2023
Nominal coupon
%
Notional volume
€m
Issuer
Carrying amount
€m
Fair value
€m
Carrying amount
€m
Fair value
€m
Bond 2012/2024
2.875
700
Deutsche Post AG
699
699
700
696
Bond 2013/2023
2.750
500
Deutsche Post AG
500
502
n.a.
n.a.
Bond 2016/2026
1.250
500
Deutsche Post AG
499
472
499
486
Bond 2017/2027
1.000
500
Deutsche Post AG
497
452
498
469
Bond 2018/2028
1.625
750
Deutsche Post AG
744
690
745
716
Bond 2020/2026
0.375
750
Deutsche Post AG
747
688
748
706
Bond 2020/2029
0.750
750
Deutsche Post AG
748
649
748
687
Bond 2020/2032
1.000
750
Deutsche Post AG
747
610
747
669
Bond 2023/2033
3.375
500
Deutsche Post AG
n.a.
n.a.
498
512
Convertible bond 2017/20251
0.050
1,000
Deutsche Post AG
982
914
989
950
1 Fair value of the debt component; the fair value of the convertible bond 2017/2025 is €980 million (previous year: €956 million).
Convertible bond
The convertible bond issued carries a conversion right that allows holders to convert the bond into a predetermined number of Deutsche Post AG shares.
In addition, Deutsche Post AG was granted a call option allowing it to repay the bond early at face value plus accrued interest if Deutsche Post AG’s share price more than temporarily exceeds 130% of the conversion price applicable at that time. The convertible bond has a debt component and an equity component. In subsequent years, interest will be added to the carrying amount of the bond, up to the issue amount, using the effective interest method and recognized in profit or loss.
CONVERTIBLE BOND
2017/2025
Issue date
Dec. 13, 2017
Issue volume
€1 billion
Outstanding volume
€1 billion
Exercise period, conversion right
Dec. 13, 2020, to June 13, 20251
Exercise period, call option
Jan. 2, 2023, to June 10, 2025
Value of debt component at issue date2
€946 million
Value of equity component at issue date3
€53 million
Transaction costs (debt/equity component)
€4.7/€0.3 million
Conversion price at issue
€55.69
Conversion price after adjustment4
in 2018
€55.61
in 2019
€55.63
in 2020
€55.74
in 2021
€55.66
in 2022
€55.00
in 2023
€54.42
1 Excluding possible contingent conversion periods according to the bond terms.
2 Including transaction costs and call option granted.
3 Recognized in capital reserves.
4 After dividend payment.
40 Other liabilities
€m
20221
2023
Liabilities to employees
2,766
2,700
Tax liabilities
1,709
1,590
Contract liabilities, of which noncurrent: 86 (previous year: 62)
516
501
Deferred income, of which noncurrent: 139 (previous year: 136)
274
275
Postage stamps (contract liabilities)
144
152
Miscellaneous other liabilities, of which noncurrent: 55 (previous year: 99)
For reasons of clarity, all items that relate to transactions with employees are reported under liabilities to employees. Of the tax liabilities, €735 million (previous year: €739 million) relates to VAT, €661 million (previous year: €767 million) to customs and duties and €194 million (previous year: €203 million) to other tax liabilities.
Miscellaneous other liabilities include a large number of individual items.
Maturity structure
There is no significant difference between the carrying amounts and the fair values of the other liabilities due to their short maturities or near-market interest rates. There is no significant interest rate risk because most of these instruments bear floating rates of interest at market rates.
