DHL 2014 Annual Report Download - page 76

DEUTSCHE POST SHARES
Highly volatile equities markets
e stock markets were extremely volatile in . e  saw high levels of uctuation
between its annual low of , points on  October and its high of , points on
 December. Volatility was similarly high on the    as a result of geopolit-
ical and monetary policy factors that gave rise to nervousness amongst investors. e
stock markets registered signicant price declines on a regular basis, above all due to the
Russia-Ukraine conict, Middle East trouble spots and concerns regarding economic
performance in the emerging economies. Falling oil prices and the - exchange
rate also contributed to uncertainty on the nancial markets. Central banks all over
the world attempted to counteract these trends by adopting expansive monetary pol-
icies. anks in particular to improved  economic indicators and hopes of additional
stimulus from the European Central Bank, equities prices increased somewhat more
signicantly at the end of the year, which at least allowed the European stock markets
to close the year with slight gains. e  ended the year  at , points, a gain
of . . e    registered growth of .  year-on-year.
. Deutsche Post shares: multi-year review
2008 2009 2010 2011 2012 2013 2014
Year-end closing price  11.91 13.49 12.70 11.88 16.60 26.50 27.05
High  24.18 13.79 14.46 13.83 16.66 26.71 28.43
Low  7.18 6.65 11.18 9.13 11.88 16.51 22.30
Number of shares millions 1,209.0 1,209.0 1,209.0 1,209.0 1,209.0 1,209.0 1,211.2 1
Market capitalisation as at  December  m 14,399 16,309 15,354 14,363 20,069 32,039 32,758
Average trading volume per day shares 7,738,509 5,446,920 5,329,779 4,898,924 4,052,323 4,114,460 4,019,689
Annual performance including dividends  – 45.5 18.3 –1.4 –1.3 45.6 63.9 5.1
Annual performance excluding dividends  – 49.3 13.3 –5.9 – 6.5 39.7 59.6 2.1
Beta factor 2 0.81 0.91 0.95 1.19 0.88 0.86 0.94
Earnings per share 3  –1.40 0.53 2.10 0.96 1.36 7 1.73 1.71
Cash flow per share 4  1.60 – 0.48 1.59 1.96 – 0.17 2.47 2.51
Price-to-earnings ratio 5 –8.5 25.5 6.0 12.4 12.2 7 15.3 15.8
Price-to-cash flow ratio 4, 6 7.4 –28.1 8.0 6.1 –97.6 10.7 10.8
Dividend  m 725 725 786 846 846 968 1,030 8
Payout ratio  – 112.6 30.9 72.7 51.6 46.3 49.7 8
Dividend per share  0.60 0.60 0.65 0.70 0.70 0.80 0.85 8
Dividend yield  5.0 4.4 5.1 5.9 4.2 3.0 3.1
1 Increase due to the operation of a bonus programme for executives Note .
2 Three-year beta; Source: Bloomberg.
3 Based on consolidated net profit after deduction of non-controlling interests Note .
4 Cash flow from operating activities.
5 Year-end closing price / earnings per share.
6 Year-end closing price / cash flow per share.
7 Adjusted to reflect the application of   .
8 Proposal.
Deutsche Post  Group —  Annual Report
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