DHL 2015 Annual Report Download - page 64
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Deutsche Post Group — Annual Report
Finance strategy .
Credit rating
• Maintain “+” and “Baa” ratings, respectively.
• to debt used as dynamic performance metric.
Dividend policy
• Pay out to 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.
• Issue bonds to cover long-term capital requirements.
Investors
• Reliable and consistent
information from the
company.
• Predictability of expected
returns.
Group
• Preserve financial
andstrategic flexibility.
• Assure low cost
ofcapital
1.
1 Weighted average cost of capital Group management, page .
Funds from operations represents operating cash ow before changes in working
capital plus interest received less interest paid and adjusted for operating leases, pensions
and non-recurring income or expenses, as shown in the following calculation. In add-
ition to nancial liabilities and surplus cash and near-cash investments, the gure for
debt also includes operating lease liabilities as well as unfunded pension liabilities.
to debt .
m
2014 2015
Operating cash flow before changes in working capital 3,061 2,656
Interest received 45 47
Interest paid 188 76
Adjustment for operating leases 1,283 1,413
Adjustment for pensions 122 239
Non-recurring income / expenses 74 65
Funds from operations 4,397 4,344
Reported financial liabilities 5,169 5,178
Financial liabilities at fair value through profit or loss 145 125
Adjustment for operating leases 5,953 6,394
Adjustment for pensions 7,174 6,103
Surplus cash and near-cash investments 1 2,256 2,641
Debt 15,895 14,909
to debt 27.7 29.1
1 Reported cash and cash equivalents and investment funds callable at sight, less cash needed for operations.
54