DHL 2002 Annual Report Download - page 5
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4
Can an entrepreneur in Germany comment on 2002 without complaining? In my
opinion, he has to!
One thing is for sure: we will all remember 2002 as a difficult year. Economic
conditions in Germany, Europe and worldwide were unsatisfactory, the stock markets
did not recover and fears of terrorist attacks and war persisted.
In this kind of situation, it is tempting to adopt a “wait and see” attitude and
anxiously take cover until the storm has passed. But this is not the sort of behavior
that entrepreneurs can afford to indulge in. Our job is to rise to challenges and trans-
form them into successes so that we can identify prospects for the future.
Therefore, on the following pages, Deutsche Post World Net will be reporting to
you on the solutions that we are developing for our customers and the achievements
that we realized in the year under review.
What challenges did we face?
Conditions on the international stock markets remained poor in 2002. A glance at our
share price development shows that Deutsche Post World Net, like other companies,
was also impacted by this. Nevertheless, our shares managed to clearly outperform the
DAX for most of the period until mid-June 2002.
However, the summer dealt us two hard financial blows with the European
Commission’s state aid ruling and the decision to lower German letter rates as of
January 1, 2003. These events led to a significant drop in our share price that, un-
fortunately, could not be recouped by the end of the year.
I am nonetheless firmly convinced that your confidence in Deutsche Post stock
will prove worthwhile and ultimately pay off. After all, you are the co-owner of a Group
that demonstrated once again in 2002 that it can achieve sustained development and
success on the basis of solid and self-sufficient financial and corporate structures.
What did we achieve?
2002 saw Deutsche Post World Net leverage its core strengths, persistently adhere to
its strategic path and attain new milestones. We pursued a solid management strategy
and met our expectations for the fiscal year as a whole. I would like to give you two
examples of this:
1. We received valuations from the leading rating agencies that rank in the
upper third in global comparison with other groups of our size. These ratings were
reconfirmed after the European Commission issued its rulings. The rating agencies