DHL 2014 Annual Report Download - page 48

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REPORT ON ECONOMIC POSITION
Overall Board of Management assessment
of the economic position
Group achieves annual targets
Deutsche Post  Group reached the targets it had set for nancial year : the
Group’s revenue,  and operating cash ow all increased. e German parcel busi-
ness in the Post - eCommerce - Parcel (PeP) division and the international business in
the Express division continued to generate dynamic growth. Earnings in the Supply
Chain division likewise beneted from a high level of new business and continuing
restructuring programmes, whereas margin pressure and transformation costs had a
noticeable impact on the Global Forwarding, Freight division. Capital expenditure in-
creased to around . billion as planned. Operating cash ow registered a positive
trend. e Group’s nancial position remains solid on the whole in the opinion of the
Board of Management.
Forecast / actual comparison
. Forecast /actual comparison
Targets  Results  Targets 

• Group: . billion to . billion.
• PeP division: around . billion 1.
•  divisions: . billion to . billion 2 .
• Corporate Center /Other: better than –. billion.

• Group: . billion.
• PeP division: . billion.
•  divisions: . billion.
• Corporate Center /Other: –. billion.

• Group: . billion to . billion.
• PeP division: at least . billion.
•  divisions: . billion to . billion.
• Corporate Center /Other: around –. billion.

Will continue to develop positively and
increaseslightly.

, million (previous year: , 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.
Cash flow
Net cash from operating activities:
, million(previous year: , million).
Cash flow
Free cash flow to cover at least dividend payment
in May .
Capital expenditure (capex)
Increase investments to around . billion.
Capital expenditure (capex)
Invested: . billion.
Capital expenditure (capex)
Increase investments to around . billion.
Dividend distribution
Pay out   to   of the net profit as dividend.
Dividend distribution
Proposal: pay out . of net profit asdividend.
Dividend distribution
Pay out   to   of the net profit as dividend.
Employee Opinion Survey
4
Increase approval rating of key performance
indicator Active Leadership to  .
Employee Opinion Survey
4
Key performance indicator Active Leadership
achieves an approval rating of  .
Employee Opinion Survey
4
Increase approval rating of key performance
indicator Active Leadership to  .
1 Forecast increased over the course of the year.
2 Forecast narrowed over the course of the year.
3 Prior-period amounts adjusted due to a revised calculation basis.
4 Explanation Group management, page .
Deutsche Post  Group —  Annual Report
42