DHL 2012 Annual Report Download - page 111
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Please find page 111 of the 2012 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Against this backdrop, we expect consolidated to reach between . billion
and . billion in nancial year . e division is likely to contribute between
. billion and . billion to this gure. Compared with the previous year, we expect an
additional improvement in overall earnings to between . billion and . billion in
the divisions. At around –. billion, the Corporate Center / Other result should
be on par with the previous year.
In , we plan to invest a maximum of . billion. In the coming years, we expect
this gure to fall back to a normal level. In line with our Group strategy, we are targeting
organic growth and anticipate only a few small acquisitions in , as in the previous
year. In , operating cash ow will recover from the one-time charges in the reporting
year and benet from the expected earnings improvement.
Even in the face of an uncertain economic climate, particularly in the western
economies, we believe that the Group will experience good earnings momentum. We
expect a similarly positive business trend in as another step towards the earnings
targets we dened for . e cost reduction measures and growth programmes
initiated in the division are expected to keep stable at billion at the least,
even though letter volumes are likely to continue their slow decline due to electronic
substitution. In the divisions, we expect , taking the earnings contribution in
as the baseline, to improve at an annual average of to in the period from
to as trading volumes continue to recover.
Our nance strategy calls for paying out to of net prots as dividends as
a general rule. At the Annual General Meeting on May , we intend to propose
to the shareholders that a dividend per share of . be paid for nancial year
(previous year: .).
Projected financial position
Creditworthiness of the Group remains adequate
Based on the projected earnings trend for , we expect the “ to debt”
performance metric to improve and the rating agencies to continue to rank our credit-
worthiness as adequate.
Liquidity remains solid
We anticipate a deterioration in our liquidity in the rst half of as a result of
the annual prepayment due to Bundes-Pensions-Service für Post und Telekommuni-
kation in January and the dividend payment for nancial year in May. However,
our operating liquidity situation will improve again signicantly towards the end of the
year due to the upturn in business that is normal in the second half.
In view of the January maturity date for the bond issued by Deutsche Post
Finance . . in the amount of . billion, we shall analyse the option of renancing
under the Debt Issuance Programme and borrow from the capital market if necessary.
Deutsche Post DHL Annual Report
Group Management Report
Outlook
Projected financial position
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