DHL 2000 Annual Report Download - page 31
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Group Management Report
23
Strong cash flow
Cash flow I (operating profit before working capital changes) increased
compared with 1999 from €1.5 billion to €3.5 billion. The main reasons
for this strong upturn were the improved pre-tax profits,which rose from
€0.8 billion to €2.04 billion,as well as increased depreciation.The changes
in working capital,which had contributed positively to the cash flow in the
previous year,was negative in 2000. Combined with the increased interest
and tax payments,the result was a net cash inflow of €2 billion compared
with €4.6 billion in 1999.The working capital was impacted in particular
by trends in the receivables and liabilities from financial services that were
highly volatile.
As a result of reduced cash disbursements for the acquisition of companies,
the net cash used for investing activities,€3.3 billion in 1999,fell to €2.3
billion in 2000.Overall the level of cash and cash equivalents in the Group
remained unchanged at €1.9 billion.
Continued high level of investment
As in previous financial years investments remained at a high level overall.
The segment investments in the Group amounted to €3.2 billion.
The trends vary depending on the corporate division.In the case of EXPRESS
and LOGISTICS, that made large acquisitions in the past few years,invest-
ments declined in 2000 by €0.6 billion and €0.3 billion, respectively. By
contrast, the MAIL corporate division increased investments by €0.1 bil-
lion. Essentially we further improved the IT systems in that segment and
raised the automation rate.
Cash flow*
in billions
* Before changes in working capital
1.5
1999 2000
3.5
+ 133 %
Investing activities
in billions
2.7
1999 2000
3.2
+ 18%