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Deutsche Post AG Interim / Quarterly Report 2017
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Interim / Quarterly Report
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Deutsche Post Finance B.V.
Semi-Annual Report
30 June, 2017
Deutsche Post Finance B.V., Maastricht
Table of contents
-
Management Report 3
1.1 Introduction 3
1.2 Business activities 3
1.3 Legal relationships 3
1.4 Main business developments 3
1.5 Future business developments 4 -
Financial Statements 5
2.1 Balance sheet 5
2.2 Statement of comprehensive income 6
2.3 Statement of changes in shareholders’ equity 7
2.4 Cash flow statement 8
2.5 Notes to the Financial Statements 9
(1) General overview 9
(2) Basis of accounting 9
(3) Financial risk management 9
(4) Derivative financial instruments and hedging 11
(5) Shareholders’ equity 12
(6) Bonds long-term and short-term 12
(7) Interest income 14
(8) Interest expenses 14
(9) Disclosure on financial instruments 14
(10) Income tax expense 16
(11) Cash flows 16
(12) Related party transactions 16
(13) Employees 16
(14) Director’s remuneration 16
(15) Commitments and rights not included in the balance sheet 16 -
Post balance sheet events 17
-
Responsibility Statement 17
Deutsche Post Finance B.V., Maastricht
1. Management Report
1.1 Introduction
This report includes the Financial Statements of Deutsche Post Finance B.V. (“The Company”) as at 30 June, 2017. The Company is part of Deutsche Post DHL Group (“The Group”).
1.2 Business activities
The principal activity of the Company consists of raising capital in order to lend funds to Deutsche Post DHL group companies.
1.3 Legal relationships
General information
The Company was incorporated in the Netherlands, Rotterdam on 13 April, 1999 and is now listed in the Commercial Register of the Chamber of Commerce for Limburg under number 24.29.26.43. The Company is owned 100% by Deutsche Post International B.V. in Maastricht, the Netherlands. Ultimate shareholder is Deutsche Post AG in Bonn, Germany.
Management Board
The Management Board currently consists of two members:
- Mr. Roland Buss
- Mr. Timo van Druten.
Business address
Pierre de Coubertinweg 7N, 6225 XT Maastricht
1.4 Main business developments
The dominant activity affecting the Company in the first half year of 2017, was the repayment of the EUR 750.000.000, 1,875% bonds on 27 June 2017.
As the Company did not perform any activities on the capital markets, in particular did not refinance the matured bonds, the balance sheet total of the Company clearly has been reduced to EUR 553.079.547 compared to the end of last year [31 December 2016: EUR 1.471.779.036].
The Company’s result after taxation per 30 June 2017 amounts to a gain of EUR 625.665. Excluding the income from hedge ineffectiveness, totaling EUR 202.084, the 2017 minimum margin result amounts to a profit of EUR 423.581 [30 June 2016: EUR 457.948].
This profit meets the management’s expectations and is in line with the Company’s calculated minimum profit margin.
The ineffectiveness recognized in the statement of comprehensive income results from strict hedge accounting requirements.
The main risks affecting the Company are interest and currency risks. Interest risks as well as currency risks are hedged according to guidelines of the Group by the Group’s Central Treasury.
The variety of instruments used for hedging purposes and the policies are described in the notes to the Financial Statements.
1.5 Future business developments
The liquidity situation of the Group remains solid. The management of the Company is not aware of any plans to raise funds from the capital markets in 2017.
The Company will persist as a Group finance company and any possible future proceeds of debt issues will be lent within the Group.
Maastricht, 6 September, 2017
The Management Board:
Deutsche Post Finance B.V., Maastricht
2. Financial Statements
2.1 Balance sheet
| Amounts in EUR | Note | 30 June, 2017 | 31 December, 2016 |
|---|---|---|---|
| Non-current assets | |||
| Long-term loans receivable | 514.111.290 | 500.111.290 | |
| Non-current derivatives | (4) | 36.013.044 | 50.594.812 |
| 550.124.334 | 550.706.102 | ||
| Current assets | |||
| Short-term receivables | 52.568 | 906.194.791 | |
| Cash pool receivables | 2.890.311 | 14.866.086 | |
| Other receivables | 12.334 | 12.057 | |
| 2.955.213 | 921.072.934 | ||
| 553.079.547 | 1.471.779.036 | ||
| Shareholders’ equity | (5) | ||
| Share capital | 18.500 | 18.500 | |
| Capital reserve | 2.000.000 | 2.000.000 | |
| Hedge reserve | 0 | 2.263.248 | |
| Retained earnings | 16.945.967 | 16.320.302 | |
| 18.964.467 | 20.602.050 | ||
| Long-term liabilities | |||
| Bonds long-term | (6) | 533.975.507 | 541.109.406 |
| 533.975.507 | 541.109.406 | ||
| Short-term liabilities | |||
| Bonds Short term | (6) | 0 | 749.339.088 |
| Current derivatives | (4) | 0 | 145.310.818 |
| Accrued interest | 125.343 | 15.401.884 | |
| Other current liabilities and accruals | 14.230 | 15.790 | |
| 139.573 | 910.067.580 | ||
| 553.079.547 | 1.471.779.036 |
The notes are an integral part of the Company’s Financial Statements.
Deutsche Post Finance B.V., Maastricht
Deutsche Post Finance B.V., Maastricht
2.2 Statement of comprehensive income
| Amounts in EUR | Note | 1 January - 30 June, 2017 | 1 January - 30 June, 2016 |
|---|---|---|---|
| Interest income | (7) | 11.360.676 | 11.982.378 |
| Interest expenses | (8) | (10.879.657) | (11.467.026) |
| Other gains and losses | 202.084 | (181.685) | |
| Other operating expenses | (57.438) | (57.404) | |
| Profit before taxes | 625.665 | 276.263 | |
| Income tax expense | 0 | 0 | |
| Profit for the year | 625.665 | 276.263 | |
| Items that may be subsequently reclassified to profit or loss | |||
| Changes in hedge reserve | (2.263.248) | (2.878.630) | |
| Total Comprehensive loss | (1.637.583) | (2.602.367) |
The profit for the year is attributable to the parent.
The notes are an integral part of the Company's Financial Statements.
Deutsche Post Finance B.V., Maastricht
Deutsche Post Finance B.V., Maastricht
2.3 Statement of changes in shareholders' equity
Movements in shareholders' equity during the financial year were as follows:
| Amounts in EUR | Total | Share capital | Capital reserve | Cash flow hedge reserve | Retained earnings |
|---|---|---|---|---|---|
| At 1 January 2016 | 28.355.149 | 18.500 | 2.000.000 | 11.078.885 | 15.257.764 |
| Movements 2016 Valuation Financial Instruments | (2.878.630) | 0 | 0 | (2.878.630) | 0 |
| Net result 2016 | 276.263 | 0 | 0 | 0 | 276.263 |
| Balance at 30 June, 2016 | 25.752.782 | 18.500 | 2.000.000 | 8.200.255 | 15.534.027 |
| At 1 January, 2017 | 20.602.050 | 18.500 | 2.000.000 | 2.263.248 | 16.320.302 |
| Movements 2017 Valuation Financial Instruments | (2.263.248) | 0 | 0 | (2.263.248) | 0 |
| Net result 2017 | 625.665 | 0 | 0 | 0 | 625.665 |
| Balance at 30 June, 2017 | 18.964.467 | 18.500 | 2.000.000 | 0 | 16.945.967 |
The notes are an integral part of the Company's Financial Statements.
Deutsche Post Finance B.V., Maastricht
Deutsche Post Finance B.V., Maastricht
2.4 Cash flow statement
| Amounts in EUR | 30 June, 2017 | 30 June, 2016 |
|---|---|---|
| Cash inflow | ||
| Repayment of loans | 851.237.873 | 0 |
| Interest inflow | 56.919.929 | 57.498.996 |
| Cash pooling/IHB decrease | 11.975.775 | 0 |
| Total Cash inflow | 920.133.577 | 57.498.996 |
| Cash outflow | ||
| Redemption of maturing bonds | (750.000.000) | 0 |
| New allocation of loans | (25.000.000) | 0 |
| Interest outflow | (54.836.430) | (55.415.398) |
| Other outflows (SLA etc.) | (59.274) | (56.038) |
| Cash pooling / IHB increase | 0 | (2.027.560) |
| Net Outflow of maturing FX derivatives | (90.237.873) | 0 |
| Total Cash outflow | (920.133.577) | (57.498.996) |
| Net cash flow | 0 | 0 |
Gross cash flows include cash movements from and towards the cash pool balance. The cash pool balance is related to the cash pool agreement between Deutsche Post Finance B.V. and Deutsche Post AG.
| Cash pool balance | 2017 | 2016 |
|---|---|---|
| Opening balance at 1 January | 14.866.086 | 12.171.547 |
| Net cash flow | (11.975.775) | 2.027.560 |
| Closing balance at 30 June | 2.890.311 | 14.199.107 |
All cash flows are considered to be operating cash flows.
The notes are an integral part of the Company's Financial Statements.
Deutsche Post Finance B.V., Maastricht
2.5 Notes to the Financial Statements
(1) General overview
Deutsche Post Finance B.V. (hereafter “The Company”), having its statutory seat in Maastricht, was incorporated in the Netherlands, Rotterdam on 13 April, 1999 and is now listed in the Commercial Register of the Chamber of Commerce for Limburg under the number 24.29.26.43. The Company is owned 100% by Deutsche Post International B.V. in Maastricht, the Netherlands. The ultimate shareholder is Deutsche Post AG in Bonn, Germany.
The principal activity of the Company consists of raising capital in order to lend funds to Deutsche Post DHL group companies.
Items included in the Financial Statements are measured using the currency of the primary environment in which Deutsche Post Finance B.V. operates (“the functional currency”). The Financial Statements are presented in Euro, which is the Company’s presentation currency and functional currency.
The Company has no subsidiaries, joint ventures or associates. The Company itself is a part of the Group and the financial results of the Company are incorporated into the IFRS Consolidated Financial Statements of the Group.
The date of approval of these Financial Statements by the Management Board is 6 September, 2017.
(2) Basis of accounting
The interim Financial Statements as of 30 June, 2017, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and related interpretations issued by the International Accounting Standards Board (IASB) for interim financial reporting, as adopted by the European Union. These interim Financial Statements thus include all information and disclosures required by IFRS to be presented in condensed interim Financial Statements. The accounting policies applied to the condensed interim Financial Statements are generally based on the same accounting policies used in the Financial Statements for the financial year 2016. For further information on the accounting policies applied, please refer to the Financial Statements for the year ended 31 December 2016, on which these interim Financial Statements are based.
Departures from the accounting policies applied in the financial year 2016 consist of the new or amended international accounting pronouncements under IFRS required to be applied since financial year 2017.
Annual Improvements to IFRS (2014 – 2016 Cycle)
The improvements relate also among others to IFRS 12 “Disclosure of interests in other entities”. It clarifies that the disclosure requirements for interests in other entities also apply to interests that are classified as held for sale or distribution. The amendment does not affect the Financial Statements of Deutsche Post Finance B.V.
(3) Financial risk management
The principal activity of Deutsche Post Finance B.V. consists of raising capital in order to lend funds to Deutsche Post DHL group companies. These activities result in financial risks that may arise from changes in exchange rates and interest rates. Both risks are hedged according to the Group’s guidelines by the Group’s Central Treasury.
Internal guidelines govern the universe of actions, responsibilities and controls necessary for using derivatives. Suitable risk management software is used to record, assess and process hedging transactions. It is also used to regularly assess the effectiveness of the hedging relationships. The Group only enters into hedging transactions with prime-rated banks. Each bank is assigned a counterparty limit, the use of which is regularly monitored.
The Group’s Board of Management receives regular internal information on the existing financial risk and the hedging instruments deployed to limit them.
The fair values of the derivatives used may be subject to substantial fluctuations depending on changes in exchange rates and interest rates. These fluctuations in fair value are not to be viewed in isolation from the underlying transactions that are hedged. Derivatives and hedged transactions form a unity with regard to their offsetting value development.
Interest rate risk and interest rate management
Interest rate risk arises from changes in market interest rates for financial assets and financial liabilities. To quantify the risk profile, according to the Group’s guidelines, all interest-bearing receivables and liabilities are recorded, interest rate analyses are regularly prepared, and the potential effects on the net interest income are examined. The Group uses interest rate derivatives, such as interest rate swaps and options, to reduce financing costs and optimally manage and limit interest rate risks by adjusting the ratio of fixed to variable interest agreements.
As at 30 June 2017 fixed rate bonds with a total notional volume of EUR 500 million were outstanding, maturing in 2022. The bonds are used to grant floating interest rate EUR loans to other Deutsche Post DHL group companies. The EUR 500 million bonds have been transformed into a floating rate liability with a fixed to float receiver interest rate swap. For this interest rate swap fair value hedge accounting is applied.
The proceeds of the EUR 750 million bonds having matured on 27 June 2017 have been used to grant a fixed rate USD 943 million loan to a Deutsche Post DHL group company in the US. The respective foreign currency and interest rate risk was hedged using a fixed to fixed cross currency interest rate swap. Cash flow hedge accounting was applied for this instrument.
Foreign exchange risk
According to the Group’s risk management guidelines the recorded currency risks arising from financial transactions are usually hedged in full.
These risks are hedged using financial derivatives, such as currency forwards, swaps and cross currency interest rate swaps.
The Company does not use derivative instruments for speculative purposes. The Company currently is not exposed to any currency risks.
Liquidity risk
The Group ensures a sufficient supply of cash for Group companies at all times via a largely centralized liquidity management system. Deutsche Post Finance B.V. is one of the most important financing entities within the Group. Therefore the Company issued bonds which are fully guaranteed by Deutsche Post AG.
Deutsche Post Finance B.V., Maastricht
Deutsche Post Finance B.V., Maastricht
(4) Derivative financial instruments and hedging
Derivative financial instruments
The following table provides an overview of the derivatives applied by the Company:
Fair values:
| 30-06-2017 | 31-12-2016 | |
|---|---|---|
| EUR | EUR | |
| Interest rate swap (negative value) | 0 | 0 |
| Interest rate swap (positive value) | 36.013.044 | 50.594.812 |
| Cross-currency interest rate swap (negative value) | 0 | (145.310.818) |
| Cross-currency interest rate swap (positive value) | 0 | 0 |
| Total FV of all derivative financial instruments | 36.013.044 | (94.716.006) |
The positive market value of the interest rate swap is included in the non-current assets.
The fair value of the interest rate hedging instrument was calculated on the basis of discounted expected future cash flows, using a discounted cash flow model using observable market input.
Nominal amounts:
| 30-06-2017 | 31-12-2016 | |
|---|---|---|
| EUR | EUR | |
| Interest rate swaps | 500.000.000 | 500.000.000 |
| Cross-currency interest rate swaps | 0 | 750.000.000 |
Fair value hedges
An interest rate swap with a volume of EUR 500.000.000 was concluded in 2012 to hedge the fair value risk of the nominal amount of the fixed interest Euro-denominated bond maturing in 2022. The positive fair value of this fixed to floating interest rate swap amounts to EUR 36.013.044 [31 December 2016: EUR 50.594.812].
Cash flow hedges
Cash flow hedges were entered into to hedge the interest and currency cash flow risk on bonds/loans resulting from foreign currency and interest changes.
In 2012 the Company granted a long term USD denominated fixed interest loan (maturity 2017). In order to hedge the associated risks, the Company entered into a fixed to fixed cross-currency interest rate swap, changing the fixed USD 943.125.000 receivables of the loan into a fixed EUR 750.000.000 receivable and related interest receivable. The loan and the hedge matured on 27 June 2017, resulting in an exchange gain of EUR 90.237.873, thus fully compensating the loss from the USD loan.
Deutsche Post Finance B.V., Maastricht
(5) Shareholders' equity
Share capital
The authorized share capital of the Company as at 30 June, 2017 amounts to EUR 90.000 and consists of 180 ordinary shares each of EUR 500. The issued share capital amounts to EUR 18.500 and consists of 37 ordinary shares with a nominal value of EUR 500 each, which are fully paid.
Capital reserve
On 23 May, 2002 the shareholder paid a capital contribution amounting to EUR 2.925.697. On the same date the shareholder approved offsetting the negative retained earnings as at 31 December, 2001, amounting to EUR 925.697, against the capital reserve.
Hedge reserve
Net gains or losses from changes in the fair value of the effective portion of a cash flow hedge are taken directly to the hedge reserve. The hedge reserve is released to income when the hedged item is settled. The ineffective portion of the cash flow hedges is excluded from the hedge reserve and recognized in profit and loss for the year. At 30 June, 2017 there are no hedges that qualify for cash flow hedge accounting. As a result the hedge reserve should be assumed to be zero.
(6) Bonds long-term and short-term
On 25 June, 2012 the Company issued EUR 750.000.000, 1,875% bonds of 2012/2017 with an issue price of 99,467% and EUR 500.000.000, 2,950% bonds of 2012/2022 with an issue price of 99,471%.
The bonds issued by the Company are fully guaranteed by Deutsche Post AG. The EUR 750.000.000, 1,875% bonds were paid back on 27 June 2017.
Nominal amounts:
| Bonds | 30-06-2017 | 31-12-2016 |
|---|---|---|
| EUR | EUR | |
| Bond 2017 | 0 | 750.000.000 |
| Bond 2022 | 500.000.000 | 500.000.000 |
| 500.000.000 | 1.250.000.000 | |
| 30-06-2017 | 31-12-2016 | |
| EUR | EUR | |
| 1 – 5 years, nominal value | 500.000.000 | 750.000.000 |
| > 5 years, nominal value | 0 | 500.000.000 |
| 500.000.000 | 1.250.000.000 |
The fair values of the bonds are as follows:
| Bonds | 30-06-2017 | 31-12-2016 |
|---|---|---|
| EUR | EUR | |
| Bond 2017 | 0 | 757.710.000 |
| Bond 2022 | 563.060.000 | 572.130.000 |
| 563.060.000 | 1.329.840.000 |
The carrying amounts of the amortized costs of the bonds (before the fair value adjustments relating to hedging) are as follows:
| Bonds | 30-06-2017 | 31-12-2016 |
|---|---|---|
| EUR | EUR | |
| Bond 2017 | 0 | 749.339.088 |
| Bond 2022 | 497.513.304 | 497.282.759 |
| 497.513.304 | 1.246.621.847 |
The carrying amounts of the bonds (after fair value adjustment relating to hedging) are as follows:
| Bonds | 30-06-2017 | 31-12-2016 |
|---|---|---|
| EUR | EUR | |
| Bond 2017 | 0 | 749.339.088 |
| Bond 2022 | 533.975.507 | 541.109.406 |
| 533.975.507 | 1.290.448.494 |
The effective interest rates were as follows:
| Bonds | 30-06-2017 | 31-12-2016 |
|---|---|---|
| Bond 2017 | - | 2,0613% |
| Bond 2022 | 1.0611% | 1,1164% |
Deutsche Post Finance B.V., Maastricht
Deutsche Post Finance B.V., Maastricht
(7) Interest income
The interest income arises from settled and unsettled balances with related parties, which the Company shows as receivables. The interest income from affiliated companies can be specified as follows:
| 1 January – 30 June, 2017 | 1 January – 30 June, 2016 | |
|---|---|---|
| EUR | EUR | |
| Deutsche Post DHL group companies | 13.339.922 | 14.523.548 |
| Interest expenses from cross-currency swap | (1.979.246) | (2.541.170) |
| 11.360.676 | 11.982.378 |
(8) Interest expenses
Interest expenses due on bonds can be specified as follows:
| 1 January – 30 June, 2017 | 1 January – 30 June, 2016 | |
|---|---|---|
| EUR | EUR | |
| Interest expenses (fixed) Bond 2017 | (6.857.877) | (6.993.144) |
| Interest expenses (fixed) Bond 2022 | (7.314.384) | (7.335.031) |
| Interest income from interest rate swap related to Bond 2022 | 4.797.760 | 4.359.781 |
| Amortization of the bond discount and issue costs | (891.457) | (877.019) |
| Guarantee provision | (613.699) | (621.613) |
| (10.879.657) | (11.467.026) |
(9) Disclosure on financial instruments
The following table presents the financial instruments recognized at fair value and those financial instruments whose fair value is required to be disclosed; the financial instruments are presented by the level in the fair value hierarchy to which they are assigned. The simplification option under IFRS 7.29a was exercised for current assets and short-term liabilities with predominantly short maturities. Their carrying amounts as at the reporting date are approximately equivalent to their fair values.
Level 1 mainly comprises debt instruments measured at amortized cost.
In addition to these instruments, interest rate and currency derivatives are reported under Level 2. The fair values of the derivatives are measured on the basis of discounted expected future cash flows, taking into account forward rates for currencies and interest rates (market approach). For this purpose, price quotations observable on the market (exchange rates and interest rates) are imported from information platforms customary in the market into the treasury management system. The price quotations reflect actual transactions involving similar instruments on an active market. Any currency options used are measured using the Black-Scholes option pricing model. All significant inputs used to measure derivatives are observable on the market.
No instruments have been disclosed under Level 3.
No financial instruments have been transferred between levels in the current financial year.
Recurring fair value measurement
Financial assets and liabilities per 30 June 2017
| EUR | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | 0 | 582.142.902 | 0 | 582.142.902 |
| Current assets | 0 | 0 | 0 | 0 |
| Total assets | 0 | 582.142.902 | 0 | 582.142.902 |
| Liabilities | ||||
| Long-term liabilities | (563.060.000) | 0 | 0 | (563.060.000) |
| Short-term liabilities | 0 | 0 | 0 | 0 |
| Total liabilities | (563.060.000) | 0 | 0 | (563.060.000) |
Financial assets and liabilities per 31 December 2016
| EUR | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | 0 | 583.718.643 | 0 | 583.718.643 |
| Current assets | 0 | 0 | 0 | 0 |
| Total assets | 0 | 583.718.643 | 0 | 583.718.643 |
| Liabilities | ||||
| Long-term liabilities | (572.130.000) | 0 | 0 | (572.130.000) |
| Short-term liabilities | (757.710.000) | (145.310.818) | 0 | (903.020.818) |
| Total liabilities | (1.329.840.000) | (145.310.818) | 0 | (1.475.150.818) |
Level 1: Quoted prices for identical instruments in active market
Level 2: Inputs other than quoted prices that are directly or indirectly observable for instruments
Level 3: Inputs not based on observable market data
The simplification option under IFRS 7.29a was exercised for short-term receivables from affiliated companies, cash pool receivables, other receivables, accrued interest and other current liabilities and accruals with predominantly short maturities. Their carrying amounts as at the reporting date are approximately equivalent to their fair values.
Financial assets and liabilities are set off on the basis of netting agreements (master netting agreements) only if an enforceable right of set-off exits and settlement on a net basis is intended as at the reporting date. If the right of set-off is not enforceable in a normal course of business and the master netting arrangements creates a conditional right of set-off that can only be enforced by taking
Deutsche Post Finance B.V., Maastricht
legal action, the financial assets and liabilities must be recognized in the balance sheet at their gross amounts as at the reporting date.
To hedge cash flow and fair value risks, Deutsche Post Finance B.V. enters into financial derivative transactions with Deutsche Post AG. There are no netting agreements for these contracts. Therefore all derivatives are recognized at their gross amount in the Financial Statements.
(10) Income tax expense
The Company is part of the fiscal unity formed with Deutsche Post International B.V. and its affiliated companies in the Netherlands. Current and deferred income tax assets and liabilities of the Company have been included and recognized in the accounts of Deutsche Post International B.V. as head of the fiscal unity.
(11) Cash flows
The principal activity of the Company consists of raising capital in order to lend funds to Deutsche Post DHL group companies. Therefore all activities, relating to interest received and paid are classified as operating activities. All transactions and balances of the Company within the in-house bank of the Deutsche Post DHL Group are classified as changes in working capital (changes in receivables and payables).
The Company has not received or paid any dividends during 2017.
(12) Related party transactions
Deutsche Post Finance B.V. is involved in various related party transactions. For more details, we refer to these Financial Statements.
(13) Employees
The Company has no employees. Employees of the Deutsche Post European Financial Shared Services in Maastricht and the Treasury Center in Bonn perform the administrative activities.
(14) Director's remuneration
The Management Board of the Company currently consists of two members:
- Mr. Roland Buss
- Mr. Timo van Druten.
The members of the Management Board do not receive any remuneration from the Company.
(15) Commitments and rights not included in the balance sheet
The Company is part of the fiscal unity headed by Deutsche Post International B.V. as a consequence the Company is liable for all corporate income tax liabilities of the fiscal unity.
The tax position of the Company is accounted for and included in the consolidated tax position of the head of the fiscal unity, Deutsche Post International B.V. In line with Group policy the income tax expenses are not being charged to the Company, but remain with the head of the fiscal unity.
Deutsche Post Finance B.V., Maastricht
- Post balance sheet events
No post balance sheet events have occurred.
- Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company, and the management report of the Company includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal opportunities and risks associated with the expected development of the Company.
Signatures:
Maastricht, 6 September, 2017
The Management Board:
Deutsche Post Finance B.V., Maastricht