Deutsche Post DHL Annual Report 2014

2014 Annual Report

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To our shareholders

 
 
      2013
adjusted1
  2014   +/– %   Q4 2013
adjusted1
  Q4 2014   +/– %
Revenue   €m   54,912   56,630   3.1   14,450   15,365   6.3
Profit from operating activities (EBIT)   €m   2,865   2,965   3.5   888   905   1.9
Return on sales2   %   5.2   5.2     6.1   5.9  
EBIT after asset charge (EAC)   €m   1,501   1,551   3.3      
Consolidated net profit for the period3   €m   2,091   2,071   –1.0   772   640   –17.1
Free cash flow   €m   1,669   1,345   –19.4   1,128   1,114   –1.2
Net debt4   €m   1,499   1,499   0.0      
Return on equity before taxes   %   26.7   26.3        
Earnings per share5     1.73   1.71   –1.2   0.64   0.53   –17.2
Dividend per share     0.80   0.856   6.3      
Number of employees7       479,690   488,824   1.9      
  • Targets 2014
  • Results 2014
  • Targets 2015
  • EBIT
    • Group: €2.9 billion to €3.1 billion.
      PeP division: around €1.3 billion1.
      DHL divisions: €2.0 billion to €2.2 billion2.
      Corporate Center/Other: better than €–0.4 billion.
    • Group: €2.97 billion.
      PeP division: €1.30 billion.
      DHL divisions: €2.02 billion.
      Corporate Center /Other: €–0.35 billion.
    • Group: €3.05 billion to €3.20 billion.
      PeP division: at least €1.3 billion.
      DHL divisions: €2.1 billion to €2.25 billion.
      Corporate Center /Other: around €–0.35 billion.
  • EAC
    • Will continue to develop positively and increase slightly.
    • €1,551 million (previous year: €1,501 million)3.
    • Will continue to develop positively and increase slightly.
  • Cash flow
    • Net cash from operating activities will continue to develop positively and increase slightly.
    • Net cash from operating activities: €3,040 million (previous year: €2,989 million).
    • Free cash flow to cover at least dividend payment in May 2015.
  • Capital expenditure (capex)
    • Increase investments to around €1.9 billion.
    • Invested: €1.88 billion.
    • Increase investments to around €2.0 billion.
  • Dividend distribution
    • Pay out 40% to 60% of the net profit as dividend.
    • Proposal: pay out 49.7% of net profit as dividend.
    • Pay out 40% to 60% of the net profit as dividend.
  • Employee Opinion Survey4
    • Increase approval rating of key performance indicator Active Leadership to 71%.
    • Key performance indicator Active Leadership achieves an approval rating of 71%.
    • Increase approval rating of key performance indicator Active Leadership to 72%.
Revenue 2011
adjusted
2012
adjusted
2013
adjusted
2014
Post - eCommerce - Parcel (until 2013 Mail)   13,973   13,972   15,291   15,686
Express   11,691   12,778   11,821   12,491
Global Forwarding, Freight   15,118   15,666   14,787   14,924
Supply Chain   13,223   14,340   14,227   14,737
Divisions total   54,005   56,756   56,126   57,838
Corporate Center/Other
(2007: Corporate Center/Other and Consolidation)
 
1,260
 
1,203
 
1,251
 
1,343
Consolidation   –2,436   –2,447   –2,465   –2,551
Total (continuing operations)   52,829   55,512   54,912   56,630
Discontinued operations        
Profit/loss from operating activities (EBIT) 2011
adjusted
2012
adjusted
2013
adjusted
2014
Post - eCommerce - Parcel (until 2013 Mail)   1,107   1,048   1,286   1,298
Express   916   1,110   1,083   1,260
Global Forwarding, Freight   440   514   478   293
Supply Chain   362   419   441   465
Divisions total   2,825   3,091   3,288   3,316
Corporate Center/Other
(2007: Corporate Center/Other and Consolidation)
 
–389
 
–423
 
–421
 
–352
Consolidation   0   –3   –2   1
Total (continuing operations)   2,436   2,665   2,865   2,965
Discontinued operations        

Consolidated net profit/loss for the period
 
1,266
 
1,762
 
2,211
 
2,177
Cash flow/capex/depreciation, amortisation
and impairment losses
2011
adjusted
2012
adjusted
2013
adjusted
2014
Net cash from/used in operating activities   2,371   –203   2,989   3,040
Net cash used in/from investing activities   –1,129   –1,697   –1,765   –1,087
Net cash used in/from financing activities   –1,547   1,199   –110   –2,348
Capex (2007: including purchased goodwill)   1,716   1,697   1,747   1,876
Depreciation, amortisation and impairment losses   1,274   1,339   1,337   1,381
Assets and capital structure 2011
adjusted
2012
adjusted
2013
adjusted
2014
Non-current assets   21,225   21,568   21,370   22,902
Current assets   17,183   12,289   14,091   14,077
Equity (excluding non-controlling interests)   11,009   9,019   9,844   9,376
Non-controlling interests   190   209   190   204
Current and non-current provisions   9,008   8,978   8,481   10,411
Current and non-current liabilities1   18,201   15,651   16,946   16,988
Total assets   38,408   33,857   35,461   36,979
Employees/staff costs
(continuing operations)
2011 2012
adjusted
2013
adjusted
2014
Number of employees2   As at 31 Dec.   471,654   473,626   479,690   488,824
Full time equivalents3   As at 31 Dec.   423,502   428,129   434,974   443,784
Average number of employees2       467,188   472,321   478,903   484,025
Staff costs   €m   16,730   17,770   17,776   18,189
Staff cost ratio4   %   31.7   32.0   32.4   32.1
Key figures revenue/income/assets
and capital structure
2011 2012
adjusted
2013
adjusted
2014
Return on sales5   %   4.6   4.8   5.2   5.2
Return on equity (ROE) before taxes6   %   15.2   23.6   26.7   26.3
Return on assets7   %   6.4   7.4   8.3   8.2
Tax rate8   %   23.7   20.2   14.0   15.5
Equity ratio9   %   29.2   27.3   28.3   25.9
Net debt (+)/net liquidity ()10   €m   –938   1,952   1,499   1,499
Net gearing11   %   –9.1   17.5   13.0   13.5
Dynamic gearing12   years   –0.4   –9.6   0.5   0.5
Key stock data 2011 2012
adjusted
2013
adjusted
2014
Basic earnings per share13     0.96   1.36   1.73   1.71
Diluted earnings per share14     0.96   1.30   1.66   1.64
Cash flow per share13, 15     1.96   –0.17   2.47   2.51
Dividend distribution   €m   846   846   968   1,03016
Payout ratio   %   72.7   51.6   46.3   49.7
Dividend per share     0.70   0.70   0.80   0.8516
Dividend yield   %   5.9   4.2   3.0   3.1
Price-to-earnings ratio17       12.4   12.2   15.3   15.8
Number of shares carrying dividend rights   millions   1,209.0   1,209.0   1,209.0   1,211.2
Year-end closing price     11.88   16.60   26.50   27.05

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2014 Annual Report

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