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Deutsche Post AG Interim / Quarterly Report 2019
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Interim / Quarterly Report
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Deutsche Post Finance B.V.
Semi-Annual Report
30 June, 2019
Deutsche Post Finance B.V., Maastricht
Table of contents
Page
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Management Report 3
1.1 Introduction 3
1.2 Incorporation 3
1.3 Organizational Structure 3
1.4 Share Capital 3
1.5 Business overview, Purpose and Objects 3
1.6 Management Board 4
1.7 Main business developments 4
1.8 Future business developments 5
1.9 Diversity 5
1.10 Responsibility Statement 5 -
Financial Statements 6
2.1 Balance sheet 6
2.2 Statement of comprehensive income 7
2.3 Statement of changes in shareholders' equity 8
2.4 Cash flow statement 9
2.5 Notes to the Financial Statements 10
(1) General overview 10
(2) Basis of accounting 10
(3) Critical accounting estimates and judgments 10
(4) Related party transactions 11
(5) Financial risk management 11
(6) Derivative financial instruments and hedging 12
(7) Shareholders' equity 12
(8) Bonds long-term and short-term 13
(9) Interest income 13
(10) Interest expenses 13
(11) Disclosure on financial instruments 13
(12) Income tax expense 15
(13) Cash flows 15
(14) Employees 15
(15) Director's remuneration 15
(16) Commitments and rights not included in the balance sheet 15 -
Post balance sheet events 16
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, 2019. The Company is part of Deutsche Post DHL Group (“The Group”).
1.2 Incorporation
The Company is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) and was incorporated in the Netherlands, Rotterdam on 13 April, 1999. It is governed by the laws of the Netherlands. The Company is now listed in the Commercial Register of the Dutch Chamber of Commerce under number 24.29.26.43. Its official seat is in Maastricht, the Netherlands, its business address is Pierre de Coubertinweg 7N, 6225 XT Maastricht, the Netherlands, telephone number +31 (43) 3564000.
The Company is a privately held company and is not subject to public corporate governance standards. The Company is not required to have an audit committee under the laws of the Netherlands due to an exemption under article 3 of the Decree implementing (i) Directive 2014/56/EU amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts and (ii) Regulation (EU) 537/2014 on specific requirements regarding statutory audits of public-interest entities and amending the Decree implementing Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (Besluit instelling auditcommissie). It does not have an audit committee.
The Legal Entity Identifier (LEI) of the Company is 52990063W8KQHQMF4M43.
1.3 Organizational Structure
The Company is owned 100% by Deutsche Post International B.V. Deutsche Post International B.V. has its official seat in Amsterdam and its business address at Pierre de Coubertinweg 7N, 6225 XT Maastricht, the Netherlands. The Company is owned 100% by Deutsche Post Beteiligungen Holding GmbH, which is, in turn 100% owned by Deutsche Post AG in Bonn, Germany. The Company has no subsidiaries, joint ventures or associates.
1.4 Share Capital
As of 30 June 2019, the authorized share capital of the Company amounted 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.
1.5 Business overview, Purpose and Objects
The Company engages in several activities in the field of finance. The Company serves as a vehicle for the financing activities of Deutsche Post DHL Group including the issuance of bonds. The principal activity of the Company consists of raising capital in order to lend
funds to Deutsche Post DHL Group companies. According to article 2 of the articles of association the objects of Deutsche Post Finance B.V. are:
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a. to issue, purchase and sell bonds, debt instruments, shares, profit sharing certificates, options and other securities of any form or, to otherwise enter into loan transactions as debtor, including, the borrowing and lending of moneys of and to general partnership or a limited partnership of which the Company is a general partner;
b. to provide credit, to lend moneys and to guarantee loans or to otherwise provide security for obligations to pay;
c. apart from the above to perform financial transactions of whatsoever nature;
d. to participate in, to perform managing activities for and to supervise other companies or businesses;
e. to acquire, transfer, to perform custody services and operation of assets of whatsoever nature. -
To perform other activities that in any way can be considered to be in line with the activities mentioned above, are a result of those activities or are in any way instrumental to those activities.
1.6 Management Board
The Management Board currently consists of two members:
Mr. Roland W. Buss
Mr. Timo L.F. van Druten.
1.7 Main business developments
Global economic growth continued to slow down in the first half of 2019. Certain industrial countries were particularly impacted.
The emerging economies in Asia recorded a slight loss of momentum at a high level. Chinese economic growth also slowed down slightly and economic output in Japan again showed only a minimal increase.
The upturn in the United States continued. However, after a good start to the year, economic momentum slipped notably in the second quarter. Gross fixed capital formation continued to increase on the whole, with consumer spending remaining the growth driver. The US Federal Reserve retained its key interest rate at 2,25% to 2,50%.
The Eurozone economy registered modest growth in the first half of the year. Nonetheless, the upturn in gross fixed capital formation proved to be robust. Private consumption continued to rise, although without being able to develop any greater momentum. Foreign trade had a negative impact on economic growth relative to the prior year period. The European Central Bank kept its key interest rate at 0,00% and announced its intention to maintain that level at least into 2020.
From January to end of June of 2019 there were no events that materially affected the Company's net assets, financial position and results from operations. In particular the Company did not perform any activities on the capital markets.
Deutsche Post Finance B.V., Maastricht
The balance sheet total of the Company nearly stayed unchanged compared to the end of 2018. The Company's result after taxation per 30 June 2019 amounts to a gain of EUR 333.924. Excluding the income from hedge ineffectiveness, totaling EUR 111.115 and the income resulting from movement for expected credit losses under IFRS 9 of EUR 5.408, the 2019 minimum margin result amounts to a profit of EUR 217.401 [30 June 2018: EUR 172.998].
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 risks. Interest risks are hedged according to the 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.
1.8 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 2019.
The Company will persist as a Group finance company and any possible future proceeds of debt issues will be lent within the Group.
1.9 Diversity
In the context of article 2:391 paragraph 7 BW we declare that during issuance of the Financial Statements, the Company does not comply with the requirement that at least 30% of the seats in the management board have to be held by the female gender. This is not a deliberate choice, but a consequence of the fact that only limited changes have been taken place in the management board.
1.10 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.
Maastricht, 29 August, 2019
The Management Board:
Deutsche Post Finance B.V., Maastricht
2. Financial Statements
2.1 Balance sheet
| Amounts in EUR | Note | At 30 June, 2019 | At 31 December, 2018 |
|---|---|---|---|
| Non-current assets | |||
| Long-term loans receivable | 508.046.089 | 508.040.682 | |
| Non-current derivatives | (6) | 31.073.558 | 37.433.124 |
| 539.119.647 | 545.473.806 | ||
| Current assets | |||
| Short-term receivables | 50.425 | 71.361 | |
| Cash pool receivables | 9.906.924 | 9.691.713 | |
| 9.957.349 | 9.763.074 | ||
| 549.076.996 | 555.236.880 | ||
| Shareholders’ equity | (7) | ||
| Share capital | 18.500 | 18.500 | |
| Capital reserve | 2.000.000 | 2.000.000 | |
| Retained earnings | 17.135.021 | 16.801.097 | |
| 19.153.521 | 18.819.597 | ||
| Long-term liabilities | |||
| Bonds long-term | (8) | 529.783.970 | 528.590.505 |
| 529.783.970 | 528.590.505 | ||
| Short-term liabilities | |||
| Accrued interest | 125.000 | 7.813.014 | |
| Other current liabilities and accruals | 14.505 | 13.764 | |
| 139.505 | 7.826.778 | ||
| 549.076.996 | 555.236.880 |
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
(For the half year ended 30 June 2019)
| Amounts in EUR | Note | 2019 | 2018 |
|---|---|---|---|
| Interest income | (9) | 3.225.974 | 3.110.034 |
| Interest expenses | (10) | (2.958.410) | (2.871.313) |
| Other gains and losses | 116.523 | (9.749) | |
| Other operating expenses | (50.163) | (65.723) | |
| Profit before taxes | 333.924 | 163.249 | |
| Income tax expense | 0 | 0 | |
| Profit for the year | 333.924 | 163.249 | |
| Total Comprehensive income | 333.924 | 163.249 |
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
(For the half year ended 30 June 2019)
Movements in shareholders' equity during the financial year were as follows:
| Amounts in EUR | Total | Share capital | Capital reserve | Retained earnings |
|---|---|---|---|---|
| At 1 January 2018 | 19.246.398 | 18.500 | 2.000.000 | 17.227.898 |
| IFRS 9 first time adoption | (877.316) | 0 | 0 | (877.316) |
| At 1 January 2018 after adoption | 18.369.082 | 18.500 | 2.000.000 | 16.350.582 |
| Movements 2018 | ||||
| Valuation Financial Instruments | 0 | 0 | 0 | 0 |
| Net result 2018 | 163.249 | 0 | 0 | 163.249 |
| Balance at 30 June, 2018 | 18.532.331 | 18.500 | 2.000.000 | 16.513.831 |
| At 1 January, 2019 | 18.819.597 | 18.500 | 2.000.000 | 16.801.097 |
| Movements 2019 | ||||
| Valuation Financial Instruments | 0 | 0 | 0 | 0 |
| Net result 2019 | 333.924 | 0 | 0 | 333.924 |
| Balance at 30 June, 2019 | 19.153.521 | 18.500 | 2.000.000 | 17.135.021 |
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
(For the half year ended 30 June 2019)
| Amounts in EUR | 2019 | 2018 |
|---|---|---|
| Cash inflow | ||
| Interest inflow | 17.996.911 | 17.873.362 |
| Total Cash inflow | 17.996.911 | 17.873.362 |
| Cash outflow | ||
| New allocation of loans | 0 | (30.000.000) |
| Interest outflow | (17.732.278) | (17.648.861) |
| Other outflows (SLA etc.) | (49.422) | (66.381) |
| Total Cash outflow | (17.781.700) | (47.715.242) |
| Net cash flow | 215.211 | (29.841.880) |
| Cash pool balance at 1 January | 9.691.713 | 34.789.525 |
| Cash pool balance at 30 June | 9.906.924 | 4.947.645 |
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.
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
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 of Maastricht 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. The Company together with Deutsche Post AG has a EUR 8 billion Debt Issuance Programme.
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 29 August, 2019.
(2) Basis of accounting
The interim Financial Statements as of 30 June, 2019, have been prepared in accordance with the International Financial Reporting Standards (IAS 34) as adopted by the European Union and also comply with the financial reporting requirements included in section 9 of Book 2 of the Dutch Civil Code. 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 2018. For further information on the accounting policies applied, please refer to the Financial Statements for the year ended 31 December 2018, on which these interim Financial Statements are based.
Departures from the accounting policies applied in the financial year 2018 consist of the new or amended international accounting pronouncements under IFRS required to be applied since financial year 2019. The amendments have no effect on the interim financial statements.
The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Financial Statements, are disclosed in the following notes.
There have not been any changes in accounting policies in the first half year of 2019.
(3) Critical accounting estimates and judgments
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continuously evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Deutsche Post Finance B.V., Maastricht
(a) Impairment losses on loans
Loans issued by the company are revalued at each balance sheet date. The borrowers’ creditworthiness is monitored on an ongoing basis. Information published by rating agencies on the capital market is used to assess the creditworthiness of debtors and to calculate a potential future loss. A short-cut method is used to determine the expected credit loss on low credit risk intercompany loans: It assumes that the default probability for the intercompany loans is that of the lowest investment grade. The latest relevant one-year global default rate as published by Standard & Poor’s was 0,17% at the end of 2018.
(b) Fair value of the derivative
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques (level 2 of the IFRS 13 fair value hierarchy). These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. With regard to the existing interest rate swap with Deutsche Post AG the fair value was calculated with a discounted cash flow method and the applicable market Euro swap rate at the end of June 2019 was -0,35%.
Changes in assumptions about these factors could affect reported fair value of financial instruments.
(4) Related party transactions
Deutsche Post Finance B.V. is involved in various related party transactions. For more details we refer to these Financial Statements.
(5) 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 2019 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.
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.
(6) Derivative financial instruments and hedging
Currently, one interest rate swap exists. The 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 fair value of the swap was calculated on the basis of discounted expected future cash flows, using a discounted cash flow model and observable market input.
The positive fair value of the swap amounts to EUR 31.073.558 [31 December 2018: EUR 37.433.124].
The positive market value is included in the non-current assets.
(7) Shareholders’ equity
Share capital
The authorized share capital of the Company as at 30 June, 2019 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.
Deutsche Post Finance B.V., Maastricht
(8) Bonds long-term and short-term
On 25 June, 2012 the Company issued EUR 500.000.000, 2,950% bonds of 2012/2022 with an issue price of 99,471%. The bonds are fully guaranteed by Deutsche Post AG.
The nominal amount of the bonds has not changed. The fair value of the bonds amounts to EUR 547.095.000 [31 December 2018: EUR 546.100.000] at the balance sheet date. The carrying amount after fair value adjustment relating to hedging was EUR 529.783.970 [31 December 2018: EUR 528.590.505].
(9) 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 amounts to EUR 3.225.974 [30 June 2018: EUR 3.110.034].
(10) Interest expenses
Interest expenses due on the bonds can be specified as follows:
| 1 January – 30 June, 2019 | 1 January – 30 June, 2018 | |
|---|---|---|
| EUR | EUR | |
| Interest expenses (fixed) Bond 2022 | (7.314.052) | (7.314.384) |
| Interest income from interest rate swap related to Bond 2022 | 4.848.455 | 4.928.620 |
| Amortization of the bond discount and issue costs | (244.879) | (237.604) |
| Guarantee provision | (247.934) | (247.945) |
| (2.958.410) | (2.871.313) |
(11) 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.
Deutsche Post Finance B.V., Maastricht
Recurring fair value measurement
Financial assets and liabilities per 30 June 2019
| EUR | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | 0 | 560.601.337 | 0 | 560.601.337 |
| Current assets | 0 | 0 | 0 | 0 |
| Total assets | 0 | 560.601.337 | 0 | 560.601.337 |
| Liabilities | ||||
| Long-term liabilities | (547.095.000) | 0 | 0 | (547.095.000) |
| Short-term liabilities | 0 | 0 | 0 | 0 |
| Total liabilities | (547.095.000) | 0 | 0 | (547.095.000) |
Financial assets and liabilities per 31 December 2018
| EUR | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | 0 | 568.500.146 | 0 | 568.500.146 |
| Current assets | 0 | 0 | 0 | 0 |
| Total assets | 0 | 568.500.146 | 0 | 568.500.146 |
| Liabilities | ||||
| Long-term liabilities | (546.100.000) | 0 | 0 | (546.100.000) |
| Short-term liabilities | 0 | 0 | 0 | 0 |
| Total liabilities | (546.100.000) | 0 | 0 | (546.100.000) |
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
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 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.
Deutsche Post Finance B.V., Maastricht
(12) 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.
(13) 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 2019.
(14) 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.
(15) Director’s remuneration
The Management Board of the Company currently consists of two members:
- Mr. Roland W. Buss
- Mr. Timo L.F. van Druten.
The members of the Management Board do not receive any remuneration from the Company.
(16) 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
Deutsche Post Finance B.V., Maastricht
- Post balance sheet events
No post balance sheet events have occurred.
Maastricht, 29 August, 2019
The Management Board:
Deutsche Post Finance B.V., Maastricht
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