DHL 2012 Annual Report Download - page 44
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. Finance strategy
Credit rating
• Maintain “ +” and “Baa ” ratings, respectively.
• to debt used as dynamic performance metric.
Dividend policy
• Pay out – of net profit.
• Consider cash flows and continuity.
Excess liquidity
. Increase plan assets of German pension plans.
. Pay out special dividends or execute share buy-back
programme.
Debt portfolio
• Syndicated credit facility taken out as liquidity reserve.
• Debt issuance programme established for issuing bonds.
• Bonds could be issued to cover long-term capital
requirement.
Investors
• Reliable and consistent information
from the company.
• Predictability of expected returns.
Group
• Preserve financial and strategic flexibility.
• Assure low cost of capital
1.
1 Weighted average cost of capital Group management, page f.
Funds from operations represents operating cash ow before changes in
working capital plus interest and dividends received less interest paid and adjusted for
operating leases, pensions and non-recurring income or expenses, as shown in the fol-
lowing calculation. In addition to nancial liabilities and available cash and cash equiva-
lents, the gure for debt also includes operating lease liabilities as well as unfunded
pension liabilities.
. to debt
m
2011 2012
Operating cash flow before changes in working capital 2,234 219
Interest and dividends received 72 46
Interest paid 163 296
Adjustment for operating leases 1,104 1,243
Adjustment for pensions 153 130
Non-recurring income / expenses 208 2,671
Funds from operations 3,608 4,013
Reported financial liabilities 7,010 4,816
Financial liabilities related to the sale of Deutsche Postbank 4,344 0
Financial liabilities at fair value through profit or loss 137 117
Adjustment for operating leases 5,295 5,187
Adjustment for pensions 5,639 4,509
Surplus cash and near-cash investments 1 2,286 1,224
Debt 11,177 13,171
to debt 32.3 30.5
1 Surplus cash and near-cash investments are defined as cash and cash equivalents and investment funds callable at sight,
less cash needed for operations.
Deutsche Post DHL Annual Report
40