12 Intangible assets and property, plant and equipment
Investments in intangible assets (not including goodwill), property, plant and equipment acquired and right-of-use assets amounted to €2,609 million in the first half of 2024 (previous year: €2,523 million).
CAPITAL EXPENDITURES
|
| €m |
June 30, 2023 |
June 30, 2024 |
| Intangible assets (not including goodwill) |
135 |
112 |
| Acquired property, plant and equipment |
|
|
| Land and buildings |
64 |
60 |
| Technical equipment and machinery |
89 |
77 |
| Transport equipment |
112 |
149 |
| Aircraft |
84 |
69 |
| IT equipment |
33 |
24 |
| Operating and office equipment |
31 |
31 |
| Advance payments and assets under development |
729 |
594 |
| |
1,142 |
1,004 |
| Right-of-use assets |
|
|
| Land and buildings |
881 |
1,012 |
| Technical equipment and machinery |
16 |
18 |
| Transport equipment |
192 |
249 |
| Aircraft |
116 |
170 |
| Advance payments |
41 |
44 |
| |
1,246 |
1,493 |
| Total |
2,523 |
2,609 |
Goodwill changed as follows:
CHANGE IN GOODWILL
|
| €m |
2023 |
2024 |
| Cost |
|
|
| Balance as of January 1 |
13,775 |
14,064 |
| Additions from business combinations1 |
447 |
0 |
| Inflation adjustments pursuant to IAS 29 |
25 |
49 |
| Currency translation differences |
–183 |
81 |
| Balance as of December 31/June 301 |
14,064 |
14,194 |
| Amortization and impairment losses |
|
|
| Balance as of January 1 |
1,061 |
1,056 |
| Currency translation differences |
–5 |
10 |
| Balance as of December 31/June 30 |
1,056 |
1,066 |
| Carrying amount as of December 31/June 301 |
13,008 |
13,128 |
1 Prior-year figures adjusted, note 4.
|
Additions to goodwill in 2023 were mainly attributable to the acquisitions of MNG Kargo and DHL Logistics.
13 Financial assets
|
| |
Noncurrent |
Current |
Total |
| €m |
Dec. 31, 2023 |
June 30, 2024 |
Dec. 31, 2023 |
June 30, 2024 |
Dec. 31, 2023 |
June 30, 2024 |
| Debt instruments (loans and receivables) at amortized cost (AC) |
252 |
260 |
578 |
633 |
830 |
893 |
| Debt instruments at fair value through profit or loss (FVTPL) |
306 |
355 |
29 |
32 |
335 |
387 |
| 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) |
24 |
28 |
0 |
0 |
24 |
28 |
| Derivatives with hedge accounting |
2 |
8 |
11 |
24 |
13 |
32 |
| Derivatives without hedge accounting (M&A) |
25 |
28 |
0 |
2 |
25 |
30 |
| Derivatives without hedge accounting |
0 |
0 |
44 |
74 |
44 |
74 |
| Lease assets |
508 |
476 |
171 |
181 |
679 |
657 |
| Financial assets |
1,118 |
1,156 |
833 |
946 |
1,951 |
2,102 |
The increase of €151 million in financial assets related mainly to pension plans in the United States (€49 million) and to derivatives (€54 million).
Net impairments for the first half of 2024 amounted to expenses of €32 million (previous year: income of €12 million).
14 Issued capital and purchase of treasury shares
As of June 30, 2024, KfW held a 16.99% interest in the issued capital of Deutsche Post AG (December 31, 2023: 20.49%). Free float accounts for 80.41% of the shares and the remaining 2.6% of shares are owned by Deutsche Post AG.
By way of a resolution of the Board of Management dated May 2, 2024, the issued capital was reduced by €39 million through the retirement of 39,059,409 treasury shares. The issued capital is now composed of 1,200,000,000 no-par-value registered shares (ordinary shares) with a notional interest in the issued capital of €1 per share and is fully paid up.
CHANGES IN ISSUED CAPITAL AND TREASURY SHARES
|
| €m |
2023 |
2024 |
| Issued capital |
|
|
| Balance as of January 1 |
1,239 |
1,239 |
| Capital reduction through retirement of treasury shares |
0 |
–39 |
| Balance as of December 31/June 30 |
1,239 |
1,200 |
| Treasury shares |
|
|
| Balance as of January 1 |
–40 |
–58 |
| Purchase of treasury shares/retirement of treasury shares |
–24 |
24 |
| Issue/sale of treasury shares |
6 |
3 |
| Balance as of December 31/June 30 |
–58 |
–31 |
| Total as of December 31/June 30 |
1,181 |
1,169 |
Share buyback program 2022/2025
The fifth tranche of the share buyback program 2022/2025 started on May 9, 2024. The buyback will be carried out through December 30, 2024, on the basis of an irrevocable agreement by an independent financial services provider. With the share buyback program 2022/2025, a total of up to 130 million treasury shares are to be purchased at a price of now up to €4 billion through the end of 2025.
TRANCHES OF THE SHARE BUYBACK PROGRAM 2022/2025
|
| |
Total volume
€m |
Maximum duration |
Buyback
Number |
Buyback volume
€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 October 31, 2023 |
11,664,906 |
500 |
42.86 |
| Tranche IV |
600 |
November 13, 2023, to April 19, 2024 |
13,887,118 |
600 |
43.21 |
| Tranche V |
600 |
May 9, 2024, to December 30, 2024 |
3,717,5311 |
1441 |
38.841 |
| Total |
3,000 |
|
64,071,288 |
2,534 |
|
1 As of the reporting date on June 30, 2024.
|
The shares bought back as part of tranche V can be used for the purposes specified under note 3.
Share Matching Program
In the first half of 2024, 3 million treasury shares, acquired for a total of €119 million at an average purchase price of €39.60 per share, were issued to executives to settle the 2023 SMS tranche and claims to matching shares under the 2019 tranche.
Deutsche Post AG held 31,216,520 treasury shares as of June 30, 2024.
15 Reserves
Capital reserves
CAPITAL INCREASE/DECREASE
|
| €m |
2023 |
H1 2024 |
| Changes due to share-based remuneration programs |
36 |
–3 |
| Capital reduction through retirement of treasury shares |
0 |
39 |
| Total |
36 |
36 |
Retained earnings
CAPITAL INCREASE/DECREASE
|
| €m |
2023 |
H1 2024 |
| Share buyback 2022/2025 |
–1,078 |
–585 |
| Changes due to share-based remuneration programs |
57 |
50 |
| Capital reduction through retirement of treasury shares |
0 |
–39 |
| Other |
1 |
0 |
| Total |
–1,020 |
–574 |
Tranche V of the share buyback program 2022/2025, with a total volume of up to €600 million, began on May 9, 2024, and is being implemented by an independent financial services provider until December 30, 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 June 30, 2024. The obligation to repurchase shares after June 30, 2024, is included in the amount of €456 million.
