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Annual Report 2001
Integrated worldwide logistics
is our future.

Table of contents

  • Page 1
    Integrated worldwide logistics is our future. Annual Report 2001

  • Page 2
    ... efficient logistics companies in the world. We offer our customers global mail, express delivery and logistics services, innovative and comprehensive e-business solutions and a wide range of financial services. In our efforts to become the number one global player in the logistics market, we pursue...

  • Page 3
    ... will receive GZS's print data, then print, envelope and frank the letters before delivering them promptly. Computer manufacturer IBM splits from its 60 previous distribution partners and instead entrusts the Europe-wide transport of its high-tech equipment to two Deutsche Post World Net companies...

  • Page 4
    ... of BHF (USA) Holdings Inc., an American bank with total assets of â,¬ 3.6 billion (December 31, 2001). Its core competencies are corporate finance and commercial real estate loans. By acquiring BHF Holdings, Deutsche Post World Net has created a strategic platform on which to develop its worldwide...

  • Page 5
    ...38 39 42 48 Letter to our Shareholders Board of Management Group Management Report Highlights Economic Environment Business Developments Corporate Strategy Environmental Report Research & Development Risk Report Supplementary Report Outlook Deutsche Post Stock Employees 100 102 103 104 105 106 156...

  • Page 6
    ... of September 11, 2001. The global economy now faces new tasks and challenges. I believe, however, that this also offers us great opportunities because now is the time when the world needs strong companies and courageous entrepreneurs. Deutsche Post World Net is ready to meet these challenges. We...

  • Page 7
    ... a loss-making national public-sector agency we have created Deutsche Post World Net - a profitable, international Group for global integrated logistics services. We are on the path to becoming the number one global player in the logistics market. Read about it for yourselves: our Annual Report 2001...

  • Page 8
    Dr. Edgar Ernst Finance Prof. Dr. Wulf von Schimmelmann FINANCIAL SERVICES Dr. Peter E. Kruse EXPRESS (Euro Express), LOGISTICS (from Jan.1, 2002) Dr. Klaus Zumwinkel Chairman of the Board of Management

  • Page 9
    The Group Board of Management Walter Scheurle Personnel Dr. Hans-Dieter Petram MAIL Uwe R. Dörken EXPRESS (Worldwide Express)

  • Page 10
    ... the steep economic downturn in the year following our IPO, we have succeeded in surpassing the revenue and earnings of the record year 2000. In 2001 Deutsche Post World Net became increasingly international and powerful, placing it in an excellent position in the global growth market logistics.

  • Page 11
    The Group Group Management Report Excellently prepared for the global growth market logistics: Deutsche Post World Net.

  • Page 12
    ... our high-potential EXPRESS and LOGISTICS divisions. Here we are beginning to see the fruits of our restructuring and integration work in recent years. The situation at a glance: Deutsche Post World Net improved its international position and performance once again in 2001. Foreign revenues climbed...

  • Page 13
    ...Group Group Management Report We continued our systematic transformation from a pure-play postal service provider to a global supplier of integrated logistics solutions in the year under review. The first results of this process can already be seen: our EXPRESS Corporate Division increased revenues...

  • Page 14
    ... in the global economy, with growth rates in the key economic regions declining from the end of 2000 onwards. The terrorist attacks on New York and Washington on September 11, 2001 further increased the uncertainty surrounding economic developments. According to the International Monetary Fund (IMF...

  • Page 15
    ...in world trade and global output (1973 - 2001). Stable growth on the mail market The domestic and international mail market continued its growth in the year under review. Despite the increased use of electronic media, the traditional letter has been able to hold its own as a means of communication...

  • Page 16
    ... downturn did affect market growth in Germany: while revenues on the German CEP market rose by some 6% in 2000, growth of around 5% was recorded in the year under review. Higher fuel and staff costs forced Deutsche Post World Net to raise prices for parcel services in mid-2001. Almost all our...

  • Page 17
    ... future of this market lies in globalization and supply chain management. The latter consists of customer-specific solutions for end-to-end processes along the logistics supply chain. In the year under review, the market for customerspecific solutions recorded the largest growth rate of any of the...

  • Page 18
    Financial market turmoil, cost pressure and consolidation in the banking sector 2001 was not a good year for the stock markets. Stock market prices fell from one low to the next. The sliding prices unsettled the majority of investors, who became increasingly unwilling to invest in shares and fund ...

  • Page 19
    ...fiscal year 2001, Deutsche Post World Net increased its revenue by 2.1% to â,¬33.4 billion. Not including the interest-rate related revenues of the FINANCIAL SERVICES Corporate Division, the revenues of the MAIL, EXPRESS and LOGISTICS Corporate Divisions rose by a total of 4.7%. The share of revenue...

  • Page 20
    ...) earnings per share for fiscal year 2001 are â,¬1.42 (up 4.4%). Further information on the individual income and expense items is presented in the Notes. MAIL Despite the weak economy, at â,¬11.7 billion the MAIL Corporate Division was able to maintain its revenue level. Core services provided...

  • Page 21
    ... its revenue in the year under review by â,¬0.4 billion to â,¬6.4 billion, although competition on all markets served by its three business divisions has increased. These business divisions are: Express Germany (domestic parcel services), Express Europe (European parcel services) and Global Mail...

  • Page 22
    ...-art financial services, from payment transactions through loans and investment to insurance. At â,¬7.6 billion, revenues from the FINANCIAL SERVICES Corporate Division were slightly down on the previous year's figure of â,¬8.0 billion. This drop of 4.8% is due to lower money market interest rates...

  • Page 23
    ...113 2,657 1,583 5,353 Minority interest Provisions Provisions for pensions and other employee benefits Tax provisions Other provisions Liabilities Financial liabilities Trade payables Liabilities from financial services Other liabilities 2,308 2,404 131,532 4,058 140,302 Total equity and liabilities...

  • Page 24
    ... financial instruments and cash and cash equivalents within the Group both increased yearon-year. National and international cash pools are used for cash surpluses in order to optimize costs. Deferred tax assets relate in particular to tax loss carryforwards at Deutsche Post AG and the Deutsche...

  • Page 25
    ... the companies consolidated. Cash flow I from operations is determined by adjusting the net profit for the year before taxes for noncash items. * The complete consolidated financial statements including the Deutsche Postbank group accounted for at equity can be found at the end of this Annual Report...

  • Page 26
    ...is largely due to the increase in net profit before taxes (up â,¬44 million on the previous year to â,¬2,018 million). In the case of working capital, a cash inflow was recorded in the year under review for receivables and other current assets (previous year: cash outflow). This meant that Cash flow...

  • Page 27
    ... Increased dividend The Board of Management has proposed a dividend distribution of â,¬412 million for fiscal year 2001 which corresponds to a dividend of â,¬0.37 per share (previous year: â,¬0.27 per share). The dividend distribution will thus be within the range envisaged at the time of our IPO...

  • Page 28
    ... end of the year under review, Deutsche Post World Net concluded contracts with the major fuel producers for the procurement of fuel in Europe. Slight decrease in workforce Change in workforce by corporate division Dec. 31, 2001 Dec. 31, 2000 Change in % MAIL EXPRESS LOGISTICS FINANCIAL SERVICES...

  • Page 29
    ... acquisitions and further develop our service portfolio as appropriate. Using cross-selling to leverage our customer base Deutsche Post World Net has more than 5 million business customers worldwide: 100,000 in the LOGISTICS Corporate Division, 260,000 in EXPRESS, 3.3 million in the MAIL Corporate...

  • Page 30
    ... optimized worldwide. One example of this joint use of transportation is Danzas'"Parcel Intercity", a high-speed freight train which not only transports logistics shipments, but also consignments for our domestic parcel service and the MAIL Corporate Division. Cooperation between Express Germany...

  • Page 31
    ... in the secure transport of high-value goods such as jewelry. On July 1, 2001, Deutsche Post Wert Logistik GmbH was transferred to our UK partner, the Securicor group. Leveraging new business platforms Leveraging our global customer base Cross-divisional, customer-specific service packages...

  • Page 32
    ... its shareholders, its customers and the public informed about its environmental activities on a regular basis. We hope to produce a separate environmental report for the first time in 2003. In 2001, the Group created the Policy and Environment Corporate Department in order to manage these measures...

  • Page 33
    ... and services for its customers in the past fiscal year. SIGNTRUST turns the Internet into a secure platform for signing contracts and the settlement of financial services, using data encryption and electronic signature technology. Deutsche Post World Net is the first European postal company to...

  • Page 34
    ... receives a twice-yearly report on the major opportunities and risks within the Group. In fiscal year 2001, the risk management system was the subject of internal auditing, and was also examined for its suitability as part of the external audit of the annual financial statements. Deutsche Post World...

  • Page 35
    ...the European Union is currently under discussion. At present, a reduction of the weight limit stipulated by the EU Postal Services Directive to 100g as of 2003 and 50g as of 2006 seems realistic. This opens up additional business opportunities for Deutsche Post World Net on the European mail markets...

  • Page 36
    ... As a Group, we are predominantly active in the services sector, and so have no primary marketing or production risks. Our domestic sorting centers for letters and parcels are constantly and systematically monitored to prevent business interruptions. In addition, we have contingency plans to ensure...

  • Page 37
    ... of operations of the Group. The use of modern hardware and software reduces the risk of disruption to our information technology (IT) systems. In addition, we have established a specific IT security management structure whose bodies and functions are described in detail in a manual. Corresponding...

  • Page 38
    ... commercial parcel service: the independent, lean marketing and sales organization can now operate more effectively and with greater customer orientation. On January 1, 2002, our information technology activities were also transferred to a separate company. This wholly-owned subsidiary with a staff...

  • Page 39
    ... mail market is expected. Economic developments and world political events in the wake of September 11, 2001 also left their mark on the market for courier, express and parcel services. On the CEP market, we are expecting market growth in 2002 of 3% in Germany and 7% throughout Europe. During times...

  • Page 40
    ...and the future development of the advertising market. In 2002, the first-time consolidation of DHLI will give a significant boost to EXPRESS Corporate Division revenues.We will focus in particular on the restructuring and integration of DHLI into the Group. The poor state of the economy in 2002 will...

  • Page 41
    ... our company's long-term development potential, which will also benefit • our customers through global service, • our shareholders through growth, dividends and increased value and • our employees through secure workplaces. Bonn, February 21, 2002 Deutsche Post AG Board of Management 41

  • Page 42
    ... after its initial listing Deutsche Post stock moved up to a higher level: on March 19, 2001 it was admitted to the Deutsche Aktienindex (DAX), making it one of the 30 most important German stocks. At our first Annual General Meeting following our IPO, which was held on June 27, 2001, more than...

  • Page 43
    The Group Deutsche Post Stock Amid turmoil on the stock exchanges, Deutsche Post stock ascended to the ranks of the blue chips.

  • Page 44
    ...mid-October, following media reports of alleged anthrax-laced letters in Germany. On the last trading day of 2001, it closed at â,¬14.99 which corresponds to a drop of 34.5%. Deutsche Post stock data 2001 2000 Change in % Earnings per share Dividend per share Cash flow per share2) Return on equity...

  • Page 45
    ...6,431.14 Our market capitalization at the end of the year was â,¬16.7 billion (end-2000: â,¬25.7 billion). Deutsche Post stock with international free float Our shareholder structure is as follows: as of December 31, 2001, 50% plus 26 of the shares were held by the Federal Republic of Germany, and...

  • Page 46
    ...to hold a majority of the shares in the company. The Federal Minister of Finance said in December 2001:"Further steps toward the privatization of Deutsche Post AG ...will be taken if the conditions on the capital markets are right." Management stock option plan At the time of our IPO, Deutsche Post...

  • Page 47
    ... the USA. We invited analysts to the presentation of our annual financial statements and the publication of our half-yearly figures, as well as organizing conference calls to announce our quarterly figures on March 31 and September 30. We have also increased contact with our private investors, with...

  • Page 48
    .... Deutsche Post World Net owes the fact that this is possible to its employees. These people work together closely across the boundaries of our corporate divisions, embodying the spirit of integrated service. Forward-looking training and performance-related pay help our employees to meet these...

  • Page 49
    The Group Employees Over 320,000 people with a single goal: to satisfy each and every one of our customers.

  • Page 50
    ... of newly acquired companies. In the other corporate divisions, we continued to reduce the number of employees as planned. Performance-related remuneration for our employees Since January 1, 2001, Deutsche Post AG has been operating a new non-civil service collective pay agreement. Since this...

  • Page 51
    The Group Employees We rewarded the motivated work of both salaried employees on collective pay scales and civil servants with efficiency bonuses. Our corporate executives have considerable influence on the increase in the value of our Group. When we went public, we launched a stock option plan for...

  • Page 52
    ... the annual "employee health day" at our headquarters in Bonn, our health truck also visits employees at our branches. Our employees can receive expert on-site advice on health and fitness and undergo a fitness check supervised by a doctor. Forward-looking training In 2001, we raised the number of...

  • Page 53
    ...-based management". The increasing internationalization of our Group means that the demand for employee mobility is also growing. To help with the planning of international staff deployment, we have created a central human resources office that helps executives when switching between Group companies...

  • Page 54
    ...degree to which we can offer the integrated services of our four corporate divisions on a global scale. Working with each other, learning from each other - this is the concept behind our dual integration program of inward integration throughout the Group and outward integration toward the customer.

  • Page 55
    Corporate Divisions Integration Integration will make us the number one global player in the logistics market.

  • Page 56
    ... services simultaneously requires integration between our corporate divisions. So in one case, we have the Group companies DHL and Postbank working on a joint project for our client Fiat Auto. And in another we have our logistics subsidiary Danzas and the Business Division Express Europe working...

  • Page 57
    ...offer European express services to 420 million people. And that's with companies that have a strong presence and a trusted name on their home markets. But they work for Deutsche Post World Net and have been integrated into our Group." Q: Seizing new positions, growing stronger and becoming a global...

  • Page 58
    ...MAIL Corporate Division is supporting integration: Livening up the German market with mailshots and direct marketing campaigns. When the postman makes dreams come true ...Twice a year...their home by Deutsche Post - just two of the 24 million standard catalogs printed and mailed by Quelle every year....

  • Page 59
    Corporate Divisions Mail

  • Page 60
    ...logistics manager: Quelle finds new customers by using Infopost if it knows the address of the person in question. If not, it can use an unaddressed mail campaign, which can cover whole town districts at once.At the same time, Quelle receives a permanently up-to-date mailing list from Deutsche Post:

  • Page 61
    Corporate Divisions Mail Customers' addresses are matched using Germany's largest relocation database - at Deutsche Post. Other people like the Werners who prefer to order from home rather than go shopping benefit from the complete Deutsche Post service without even noticing. Quelle has established...

  • Page 62
    ... written communication services in Germany in the MAIL Corporate Division, which is composed of the Business Divisions Mail Communication, Direct Marketing and Press Distribution. With a nationwide infrastructure of around 13,000 retail outlets, 140,000 mail boxes and 62,300 delivery districts...

  • Page 63
    ...Germany 3.3% Competitors' market share 0.6% Letters >200g 95.0% Deutsche Post 5.0% Others 2.7% Local post 1.1% Self-delivery 0.6% Remailing Market volume: â,¬7.8 billion (2001). Following the boom in 2000, the growth trend in the advertising industry has slowed considerably in the year under review...

  • Page 64
    ... at a high level: 9,293 million letter items. We have our business services to thank for this success because the sales we generated with business customers increased slightly despite the weak economy. A key factor in this development was the expansion of so-called hybrid mailings; we receive data...

  • Page 65
    Corporate Divisions Mail Overview of Business Division Mail Communication 8% Hybrid mail services 9% Service and supplementary products 16% Private communication 67% Business communication The Business Division Direct Marketing saw a slight decrease in sales by 0.8% to 10.0 billion mail items. ...

  • Page 66
    ...high quality in mail delivery Technischer Ãœberwachungsverein (TÃœV) Rheinland again audited and certified letter transit times in 2001. Its conclusion was that Deutsche Post World Net delivered 95% of letters to their recipients one day after mailing in the year under review. In terms of addressed...

  • Page 67
    ... even closed for a short time or had their services curtailed. Deutsche Post World Net has taken all possible precautions as part of a comprehensive security concept to protect customers and employees alike. Professional crisis management enabled us to continue to run our Germany-wide mail logistics...

  • Page 68
    ... genius for Scottish high tech. Since February 2001, the Business Division Express Europe has been exclusively responsible for the distribution of IBM computers throughout Europe. Together with our logistics subsidiary Danzas, it transports around 15,000 truckloads of hardware a year from the IBM...

  • Page 69
    Corporate Divisions Express

  • Page 70
    ... partners, which cost time, money and nerves. Now it solely relies on Deutsche Post World Net. This is only made possible by the smooth interplay of a complex service mechanism, that integrates many Group subsidiaries: for example in its Business Division Express Europe, Deutsche Post World...

  • Page 71
    ...for customers on the European mainland are handed over to Danzas Eurocargo. The transport requires precision, international experience and networked thought and action, which are Deutsche Post World Net's key strengths. IBM no longer needs to worry about the complex background workflows. The company...

  • Page 72
    ... mail services, and is composed of the Business Divisions Express Germany, Express Europe and Global Mail. EXPRESS also has a new business division called Worldwide Express which was established with the acquisition of additional shares in DHL International Limited (DHLI). In the year under review...

  • Page 73
    ... increases were reported by the Business Divisions Express Europe and Global Mail. German CEP market 18% Deutsche Post 8% UPS 6% La Poste/DPD 4% Consignia 3% DHL 2% TNT Market volume: â,¬10.5 billion (2000). 1% Hermes 58% Others The Business Division Express Germany saw an increase in revenue by...

  • Page 74
    ... our high-quality services in the form of increased remuneration as part of the European REIMS II agreement. Acquisitions, such as that of the internationally active Güll group, strengthened the global market position of this business division. The primary sales markets in 2001 were Europe, the USA...

  • Page 75
    ... Divisions Express Global cross-border mail market 13% Others* 10% Deutsche Post 44% Other postal companies 7% Royal Mail Int. 6% La Poste 4% TPG/TNT 14% U.S. Postal Service 1% DHL 1% Singapore Post Market volume: â,¬12.85 billion (2000). *G3 Worldwide 4%, Mercury 1%, UK consolidators 2%, USA...

  • Page 76
    ... January 1, 2002 as planned. Our share in this company now amounts to 50.64%, and its activities are represented in the EXPRESS Corporate Division by the new Business Division Worldwide Express. DHL is the global market leader in cross-border courier and express deliveries. DHLI's US activities have...

  • Page 77
    Corporate Divisions Express Network statistics Worldwide Shipments per year Customers worldwide Countries and territories Offices Employees Vehicles Aircraft Flights per day Gateways Helicopters over 140 million over 1 million more than 220 5,939 68,732 16,326 254 3,411 203 36 By region Europe ...

  • Page 78
    ... Division Worldwide Express therefore reported a net loss in the year under review. In 2001, we initiated a series of projects with which we aim to achieve synergies from the close cooperation between DHL and Deutsche Post World Net. Our common goal is to offer customers a portfolio of services that...

  • Page 79
    ... companies acquired in previous years by 2002. Because of our European focus, we will now concentrate on harmonizing our production processes and services. We will expand and optimize our global network in the Business Division Global Mail and plan to open additional sales offices in Europe, while...

  • Page 80
    ... day. Le Beaujolais Primeur est arrivé! Every year in November, to be more precise on the third Thursday of the month, wine lovers all over the world look forward to the Beaujolais Primeur. It's up to the LOGISTICS Corporate Division to make sure that wine merchants' shelves are properly stocked...

  • Page 81
    Corporate Divisions Logistics

  • Page 82
    ...order via e-mail. Just one week earlier, 700 km further west: Danzas workers have only 120 hours to complete the mission impossible, 120 hours for a job that will involve all five continents, four million bottles of red wine and any number of impatient wine lovers. The kind of job the Deutsche Post...

  • Page 83
    ... that traditionally has to appear on shelves the world over on the third Thursday of November. Once the doors to the cellars are opened, the countdown begins: dozens of Danzas employees bring crates of wine to trucks in double time, ships are ready to leave port and aircraft are cleared for take off...

  • Page 84
    ... LOGISTICS Corporate Division is represented by the Danzas group, whose Solutions, Intercontinental and Eurocargo Business Units offer services along the entire supply chain, including tailored logistics solutions, worldwide air and ocean freight, project forwarding and European overland transport...

  • Page 85
    ...year. The Solutions Business Unit reported a significant increase in revenue for the year under review. Revenue rose by 20.9% from â,¬1,214 million to â,¬1,468 million. The primary reason for this increase is the entry into force of the comprehensive logistics services agreement signed with Deutsche...

  • Page 86
    The downturn in the economy, especially in the high-tech industry, is having a particularly negative effect on the air freight business. Despite this, the Intercontinental Business Unit can look back on a successful year. We are currently the number one air freight company in the world and are among...

  • Page 87
    ... Annual growth rate 3.0%. Source: Company estimates according to Logistik 2000, Prof. Klaus, GVB, Nuremberg. 57,165 66,270 Earnings rise despite weak economy Profit from operating activities (EBITA) rose from â,¬113 million to â,¬159 million compared with the prior year. The Solutions Business...

  • Page 88
    .... Acquisition of Cargoplan/Cargoline group In order to further round off our air freight business, we acquired the Austrian Cargoplan/Cargoline group in November. This company is one of the leading providers of air freight services in Central and Eastern Europe, operates numerous overland transport...

  • Page 89
    ... weakness in the economy. The key to the future of the logistics market is supply chain management (SCM). SCM is defined as customized solutions that cover all processes along the entire supply chain and optimally synchronize incoming and outgoing flows of goods and warehousing. In line with this...

  • Page 90
    ... by Deutsche Post World Net. Postbank provides a combined, customized solution based on 4PL (fourth party logistics) and its financing. Added to this is DHL's expertise in the express freight business. Through integrated finance and logistics services, Fiat Auto can optimize the spare parts business...

  • Page 91
    Corporate Divisions Financial Services

  • Page 92
    ... it. That's no problem at Fiat," said the head mechanic. The young businessman was lucky as far as his car manufacturer was concerned. The Fiat corporation, which also builds his Alfa, provides a unique service, also in conjunction with Deutsche Post World Net companies. After just one day, the

  • Page 93
    Corporate Divisions Financial Services spick and span stainless steel exhaust-blind was in the garage, and Buckner could proudly drive his nippy little sports car to Italy. Fiat Auto will continue to further improve service and reduce costs through the cooperation with Postbank and DHL. As a result...

  • Page 94
    ...with the accounting policies applied by industrial companies, the revenue presented here includes the entire interest and commission income, irrespective of the refinancing costs or commission expenses. The FINANCIAL SERVICES Corporate Division comprises Postbank and the Pension Service. The latter...

  • Page 95
    ... Divisions Financial Services Falling interest rates cut revenue The corporate division's revenue results predominantly from interest, commission and trading income. This fell by 4.8% over the previous year to â,¬7,604 million due to the drop in interest rates on the money market in 2001. Earnings...

  • Page 96
    ... previous year, growth in deposit banking was positive in 2001; at â,¬32.4 billion, savings deposits exceeded the level in 2000. Postbank at a glance 2001 2000 Change in % Private checking accounts Corporate checking accounts Online banking Telephone banking Investment accounts (direct brokerage...

  • Page 97
    ... in 2001. Working together with SAP, we continued to develop the standard software for banks, concentrated our information technology resources on a central data center and improved our online offering. In addition to new, high-performance banking computers, we can now provide the account details...

  • Page 98
    ... corporate customers settlement of card-based payments for all card systems from a single source. To help us do this, we established a joint venture with US company First Data Merchant Services, the world's largest credit card processor, in September 2001. Retail outlets - a unique customer access...

  • Page 99
    ... outlets Company-operated outlets Partner-operated outlets thereof "Center" outlets Total opening hours for retail outlet network (hours per week) Average number of weekly opening hours (hours per retail outlet) Share of customers served in open service outlets Number of employees in retail outlets...

  • Page 100
    ...Post World Net: we also want to be as profitable as possible. In a year characterized by an economic downturn, we were able to surpass the record results of the previous year. This clearly demonstrates that we have made great progress in our efforts to become the leading logistics company worldwide...

  • Page 101
    Consolidated Financial Statements Another year of good figures speaks for itself.

  • Page 102
    ... operating activities (EBIT) Net income from associates Net other finance costs Net finance costs Profit from ordinary activities Income tax expense Net profit for the period before minority interest Minority interest Consolidated net profit for the period in â,¬ Basic and diluted earnings per share...

  • Page 103
    ... World Net 2001 2000 Equity and liabilities Equity Issued capital Reserves Consolidated net profit (30) (31) (32) 1,113 2,657 1,583 5,353 Minority interest Provisions Provisions for pensions and other employee benefits Tax provisions Other provisions Liabilities Financial liabilities Trade payables...

  • Page 104
    ... Post Deutsche Post World Net World Net 2001 2000 2,153 -139 1,285 252 144 3,695 6 1,752 -7 -1,169 -246 -898 3,133 -194 46 -81 2,904 2 1,047 1,049 Cash paid for investments in noncurrent assets Acquisition of companies Other noncurrent assets Net cash used in investing activities New financial...

  • Page 105
    ... in equity recognized in income Appropriation to retained earnings Consolidated net profit Balance at Dec. 31, 2000 First-time application of IAS 39 Balance at Jan. 1, 2001 Capital transactions with owner Capital contribution from retained earnings Dividend Other changes in equity not recognized in...

  • Page 106
    Notes to the Consolidated Financial Statements of Deutsche Post World Net for the period ended December 31, 2001 1. Basis of accounting The consolidated financial statements of Deutsche Post World Net for fiscal year 2001 were prepared in accordance with the International Accounting Standards (IASs...

  • Page 107
    ...corporate divisions: • Capitalization of assets and recognition of resid- In addition to Deutsche Post AG, the consolidated financial statements for the period ended December 31, 2001 generally include all German and foreign operating companies where Deutsche Post AG directly or indirectly holds...

  • Page 108
    ... 61 42 Deutsche Postbank AG acquired BHF (USA) Holdings Inc. together with its operating units, from BHF-Bank AG, Frankfurt am Main, giving it a strategic platform to develop its logistics financing worldwide, and especially in the US market. The core business segments of BHF Holdings are corporate...

  • Page 109
    ..., Bonn EXPRESS YellowStone International Mailing Inc., Elk Grove Village/USA Nedlloyd Road Cargo N.V., Bettembourg, Belgium Deutsche Post Wert Logistik GmbH, Bonn LOGISTICS Danzas Holding GmbH, Frankfurt am Main Jan. 1, 2001 Merger Feb. 12, 2001 Sept. 30, 2001 July 1, 2001 Merger Sold Sold June...

  • Page 110
    ... in note 47. A complete list of Deutsche Post AG's shareholdings has been filed with the commercial register of the Bonn Local Court. 4. Foreign currency translation The carrying amounts of non-monetary assets recognized in the case of consolidated companies operating in hyperinflationary economies...

  • Page 111
    ...well as receivables, liabilities and provisions, are eliminated. Intercompany profits or losses from intragroup deliveries and services not realized by sale to third parties are eliminated. 6. Application of IASs and SIC interpretations The consolidated financial statements of Deutsche Post AG are...

  • Page 112
    ...Receivables and investment securities from financial services" (see note 27 ff.). Financial assets amounting to â,¬41,922 million were classified as available for sale, of which the Deutsche Postbank group holds â,¬41,634 million and the other companies of the Post Group â,¬288 million. These relate...

  • Page 113
    ... separated from the pension provisions and reported under other employee benefits. Prior-period amounts were restated accordingly. 8. Segment reporting Segments by corporate division in â,¬m MAIL 2001 External revenue Internal revenue Total revenue Profit or loss from operating activities before...

  • Page 114
    ... to ensure common management of international mail activities. LOGISTICS The LOGISTICS Corporate Division consists of the Danzas subgroup with 320 companies. Customers are offered a one-stop end-to-end service: air and ocean freight, European overland transport and custom logistics solutions. 114

  • Page 115
    ... revenue and expense of the FINANCIAL SERVICES Corporate Division also includes the Deutsche Postbank group's interest income and expense, which is allocated to the business operations of this corporate division. Segment assets are composed of noncurrent assets (intangible assets and property, plant...

  • Page 116
    ... from banking transactions in â,¬m Interest income Interest income from credit and money market transactions Interest income from fixed-income securities and book-entry securities Income from shares and other non-fixed-income securities Other interest income Commission income Net trading income...

  • Page 117
    ... social security contributions paid by the company. The average number of employees of Deutsche Post World Net classified by employee groups was as follows: The â,¬418 million reduction in expenses from banking transactions resulted primarily from the lower interest rates. 12. Staff costs/Employees...

  • Page 118
    ..., transportation and security services Bad debt losses and write-downs charged on receivables and investment securities from financial services Prior-period other operating expenses Cost of asset disposals Compensation payments Foreign exchange losses Insurance costs Entertainment costs Warranty...

  • Page 119
    ... to net finance costs as follows: Investments consolidated at equity in â,¬m DHL International Limited trans-o-flex Schnell-Lieferdienst GmbH Other Group companies 2001 -140 -2 12 -130 2000 7 -8 7 6 The amounts presented for fiscal year 2001 were calculated from annual financial statements that...

  • Page 120
    ...year 2001 were â,¬1.42 (previous year: â,¬1.36). To compute diluted earnings per share, the average number of shares outstanding is adjusted for the number of all potentially dilutive shares. There were 7,387,544 stock options for employees and 5,641,722 stock options for executives at the reporting...

  • Page 121
    ... is the case in particular if future economic benefits will probably flow from the assets. In Deutsche Post World Net, these relate only to internally developed software. In addition to direct costs, the production cost of internally developed software includes an appropriate share of attributable...

  • Page 122
    ... software. In fiscal year 2001, research costs of â,¬16 million were recognized as expenses. 23. Property, plant and equipment Property, plant and equipment is carried at cost and reduced by depreciation for wear and tear. In addition to direct costs, production costs include an appropriate share...

  • Page 123
    ...-line method. Deutsche Post World Net applies the following useful lives: Useful lives Years Buildings Technical equipment and machinery Passenger vehicles Trucks Other vehicles IT systems Other operating and office equipment 6 - 80 3 - 13 3- 8 3- 8 4 - 10 3 - 10 4 - 10 Items of property, plant...

  • Page 124
    ...fiscal year 2001 are presented below, based on the opening balances in fiscal year 2000: Property, plant and equipment in â,¬m Land, land rights and buildings, including buildings on third-party land Technical equipment and machinery Other Advance equipment, payments operating and assets and office...

  • Page 125
    ... Closing balance at Dec. 31, 2001 Write-downs Opening balance at Jan. 1, 2000 Changes in consolidated group Write-downs Reclassifications Disposals Exchange differences Closing balance at Dec. 31, 2000 Changes in consolidated group Write-downs Gains taken directly to equity Losses taken directly...

  • Page 126
    ... parts for freight mail centers. They are carried in part at standard costs. All other raw materials and supplies are measured at moving or weighted average prices, or at the lower market prices at the consolidated balance sheet date. 26. Receivables and other assets Compared with the market rates...

  • Page 127
    Consolidated Financial Statements Notes Receivables and other assets in â,¬m Trade receivables Prepaid expenses Receivables from private postal agencies Tax receivables Receivables from Deutsche Telekom AG Receivables from employees and executive body members Receivables from sales of assets ...

  • Page 128
    The maturity structure of receivables from financial services (gross of risk provision) is as follows: Maturities Maturities at December 31 in â,¬m Receivables from banks Receivables from customers Trading assets Long-term investments Less than 1 year 2001 17,325 6,238 2,824 9,100 35,487 2000 15,...

  • Page 129
    ... income in the period under review from the disposal of available-for-sale receivables from customers. 27.3 Risk provision 27.4 Trading assets/Hedging derivatives with positive fair values Trading assets relate to trading in bonds and other fixed-income securities, shares and other nonfixed-income...

  • Page 130
    ... of bonds and other fixed-income securities, shares and other non-fixedincome securities. â,¬36,251 million of the long-term investments are listed on a stock exchange. Remeasurement gains and losses for unhedged available-for-sale financial instruments were taken directly as additions to the...

  • Page 131
    ... Corporation tax Trade tax and solidarity surcharge Deferred taxes on foreign tax loss carryforwards 515 352 91 958 850 596 52 1,498 2001 2000 Deferred tax assets in â,¬m Deferred tax assets on tax loss carryforwards Deutsche Post AG Deutsche Postbank group Danzas group Other Group companies...

  • Page 132
    ... 1,112,800,000 1,112,800,000 A total of around 31% of the shares are traded on the capital markets. 30.1 Authorized capital I The share capital may be increased up to July 31, 2005 by creating contingent capital in the amount of â,¬50 million to launch an executive stock option plan. Shareholders...

  • Page 133
    ... with SIC 16 were sold in full in the middle of 2001. 31.2 Revaluation reserve in accordance with IAS 39 Retained earnings in â,¬m Undistributed profit of prior-year periods Initial consolidation of Special Purpose Funds of Deutsche Postbank AG Exchange differences First-time application of IAS 39...

  • Page 134
    ... as provisions for other employee benefits. Prior-year amounts have been restated. The maturity structure of pensions and other employee benefits is presented below: Minority interest in â,¬m Deutsche Postbank group Danzas group Merkur Direktwerbegesellschaft mbH Other companies 2001 59 10 0 6 75...

  • Page 135
    ... and partly defined benefit plans. In addition to the state pension system operated by the statutory pension insurance funds, to which contributions for wage earners and salaried employees are remitted in the form of non-wage costs, Deutsche Post AG and Deutsche Postbank AG pay contributions...

  • Page 136
    ... in fiscal year 2001 compared with the prior-year period: The actual return on plan assets is presented below: Return on plan assets Pension expenses in â,¬m Current service cost Interest cost Expected return on plan assets Amortized actuarial gains/losses Amortized past service cost Effects of...

  • Page 137
    ... Postbank group Deutsche Post AG Danzas group Other Group companies The increase in deferred tax assets at the Deutsche Postbank group results from the application of IAS 39, and in particular the first-time recognition of derivatives and of the fair values of financial instruments held for trading...

  • Page 138
    ... Civil Service Health Insurance Fund 2001 55 219 2000 47 193 Postage stamps Restructuring provisions 2001 167 334 139 640 2000 196 531 0 727 Litigation costs Assistance benefits for civil servants 2001 2000 33 42 0 0 33 0 0 42 Miscellaneous provisions* 2001 150 82 169 401 Total Less than one year...

  • Page 139
    ... Service Health Insurance Fund are designated as "Other long-term employee benefits", which were calculated on the basis of an actuarial report in accordance with IAS 19 (Employee Benefits). The provision for postage stamps covers outstanding obligations to customers for mail and parcel deliveries...

  • Page 140
    ... B.V. (previous year: â,¬745 million). Other financial liabilities relate to liabilities to Deutsche Post Renten-Service e.V. (â,¬638 million) and liabilities to Deutsche Telekom AG (â,¬230 million). â,¬16 million of the reported financial liabilities relates to amounts due to banks secured by land...

  • Page 141
    ... payables is attributable to the Danzas group, â,¬927 million to Deutsche Post AG and â,¬127 million to Deutsche Postbank group. Liabilities from financial services in â,¬m Due to banks Due to customers Securitized liabilities Trading liabilities/Hedging derivatives with negative fair values 2001...

  • Page 142
    ... on receivables from banks Originated receivables Purchased receivables (available for sale) Hedging derivatives on receivables from customers Originated receivables Purchased receivables (available for sale) Hedging derivatives on long-term investments Bonds and other fixed-income securities 1,340...

  • Page 143
    ... to employees and members of executive bodies COD liabilities Overtime claims Social security liabilities Wages, salaries, severance Incentive bonuses Other compensated absences Payable to Bundes-Pensions-Service für Post und Telekommunikation e.V. Advance payments received Debtors with credit...

  • Page 144
    ... by Deutsche Post AG to DHLI. The largest items in investments in property, plant and equipment, and intangible assets, were "Other equipment, operating and office equipment" and "Concessions and industrial rights". The following assets and liabilities were acquired or sold on the acquisition or...

  • Page 145
    ... price, interest rate, liquidity and operational risks are a component of the banking business. Deutsche Postbank AG's risk management performs its independent functions at Deutsche Postbank's head office for the entire Deutsche Postbank group. Its activities focus on internal information processing...

  • Page 146
    ... within ten days is 99%. The following values at risk were calculated using these parameters for the trading book portfolios of Deutsche Postbank AG as of December 31, 2001: • Price risk Values at risk of trading book portfolios in â,¬m Financial markets Interest rate trading Money market Value...

  • Page 147
    ...operating liquidity management systems in the financial markets division, the financial projections produced by risk management also forecast the development of investable cash flow for the current and the following year to obtain advance information on the development of the Deutsche Postbank group...

  • Page 148
    ...Deutsche Postbank AG group satisfies the minimum requirement of 8%. 42.1.2 Derivatives Deutsche Postbank AG uses derivatives primarily to hedge recognized and/or off-balance-sheet positions as part of its asset/liability management policy. They are used to hedge interest rate or other market price...

  • Page 149
    ...Financial Statements Notes The following table presents the open interest rate and foreign currency derivatives of the Deutsche Postbank group at the balance sheet date: Derivatives of the Deutsche Postbank group in â,¬m Notional amount Trading... 64 10 71 81 81 2001 Fair value Positive fair values ...

  • Page 150
    ... there is an active market for a financial instrument (e.g. a stock exchange), the fair value is expressed by the market or exchange price at the balance sheet date. As there is not an active market for all assets, the fair value of such instruments must be calculated by using investment techniques...

  • Page 151
    ... settlement are separate functions. Derivatives are traded exclusively with primerated German and foreign banks. The credit rating of counterparties is reviewed regularly and a trading limit is fixed. IAS 39 was applied for the first time to fiscal year 2001. All hedging instruments and hedged items...

  • Page 152
    ... in the case of receivables, liabilities and financial instruments with more than one year to maturity. Such maturities are relevant only to long-term investments and financial liabilities. Deutsche Post World Net uses primary and derivative financial instruments to optimize interest costs and to...

  • Page 153
    ... allegation of crosssubsidy of the parcels business by the mail business in the state aid proceedings instituted against the Federal Republic of Germany are unsubstantiated. However, no assurance can be given that the European Commission will not impose fines on Deutsche Post AG in these proceedings...

  • Page 154
    ...holds in Deutsche Post AG. Details of obligations to the Federal Republic of Germany relating to contribution payments to Bundes-Pensions-Service für Post und Telekommunikation e.V . are contained in the disclosures in notes 12 and 34. The remuneration of the Board of Management in fiscal year 2001...

  • Page 155
    ... Ges. mbH Deutsche Post (Schweiz) AG Deutsche Post Global Mail (UK) Ltd. (formerly Herald International Mailings Limited) LOGISTICS Danzas Holding AG (Subgroup) FINANCIAL SERVICES Deutsche Postbank AG (Subgroup) OTHER McPaper AG Group Deutsche Post Immobilienservice GmbH Deutsche Post Service- und...

  • Page 156
    ... cash flow statement and notes. The preparation and content of the consolidated financial statements in accordance with the International Accounting Standards issued by the IASC (IASs) are the responsibility of the company's Board of Management. Our responsibility is to express an opinion on whether...

  • Page 157
    ...'s position and suitably presents the risks of future development. We also confirm that the consolidated financial statements for the fiscal year January 1 to December 31, 2001 and the Group management report for fiscal year 2001 satisfy the conditions required for the company's exemption from its...

  • Page 158
    ...519 -7 1,512 Revenue Other operating income Total operating income Materials expense Staff costs Depreciation and amortization expense, excluding goodwill amortization Other operating expenses Total operating expenses excluding goodwill amortization Profit from operating activities before goodwill...

  • Page 159
    ...1,113 2,657 1,583 5,353 Minority interest Provisions Provisions for pensions and other employee benefits Tax provisions Other provisions 6,075 574 2,681 9,330 Liabilities Financial liabilities Trade payables Liabilities from financial services Other liabilities 2,383 2,279 0 2,700 7,362 22,061 2,555...

  • Page 160
    ... December 31, 2001 in â,¬m Deutsche Post Deutsche Post World Net World Net (Postbank (Postbank at equity) at equity) 2001 2000 3,028 2,797 2,593 -2,020 -492 81 513 594 2,783 2,386 1,915 -2,134 236 17 496 513 Net profit before changes in working capital/Cash flow I Net cash from operations/Cash flow...

  • Page 161
    ... the continuation of hidden reserves released as part of first-time consolidation. • • • Review Report Deutsche Post AG, Bonn, has prepared consolidated financial statements for the fiscal year January 1 to December 31, 2001 in accordance with International Accounting Standards (IASs) that...

  • Page 162
    ... corporate executives, corporate communications, the public affairs and regulations field as well as the international and environmental policy sector. Following his studies at Münster University (Dipl.-Kaufmann), the Wharton Business School (Master of Science) in Philadelphia, USA, and conferment...

  • Page 163
    ... Statements Company Boards Dr. Hans-Dieter Petram MAIL Dr. Hans-Dieter Petram (born 1943) studied business administration at Berlin and Münster universities and gained a Dr. rer. pol. from Münster University. Early on in his career, he was responsible for financial services sales at Deutsche...

  • Page 164
    ...on strategic studies for global transport and logistics companies. In 1991 he moved to Deutsche Bundespost POSTDIENST where he headed the international mail segment until his appointment to the Board of Management of Deutsche Post AG in June 1999. Since January 2001, as Chairman and CEO of DHL based...

  • Page 165
    ... the post of director of corporate development at Quelle AG, the large mail order company based in Fürth. In 1990 he moved to Deutsche Bundespost POSTDIENST, first as head of planning and controlling, since 1992 as Board member. He has been a member of the Board of Management of Deutsche Post AG...

  • Page 166
    ... Media GmbH, Berlin Alfred N. Schindler (from June 27, 2001) Chairman of the Supervisory Board and CEO, Schindler Holding AG Jürgen Sengera (from June 27, 2001) Chairman of the Board of Management, Westdeutsche Landesbank Girozentrale, Düsseldorf/Münster Ulrike Staake Managing Director, Deutsche...

  • Page 167
    Consolidated Financial Statements Company Boards Employees' representatives Kurt van Haaren (Deputy Chairman of the Supervisory Board) (until Dec. 31, 2001) Former Chairman of German Postal Workers' Union Frank von Alten-Bockum (from Aug. 31, 2001) Member of Deutsche Post AG's Executive ...

  • Page 168
    ... supervisory bodies C.V. International Post Corp. U.A., Belgium (Board of IPC/Deputy Chair) DHL Worldwide Express B.V., Netherlands (Board of Directors) Danzas Holding AG*, Switzerland (Supervisory Board/Chair) Deutsche Post eBusiness GmbH* (Advisory Board/Chair, from Jan. 22, 2001) Deutsche Post...

  • Page 169
    Consolidated Financial Statements Company Boards Board member Membership of supervisory boards required by law Membership of comparable national and international supervisory bodies DHL Worldwide Express B.V., Netherlands (Board of Directors, from June 22, 2001) Danzas Holding AG*, Switzerland (...

  • Page 170
    ... and international supervisory bodies Railcargo S.A.*, Switzerland (Supervisory Board/Chair, until Dec. 5, 2001) Multisped AG*, Switzerland (Supervisory Board, until Dec. 20, 2001) Danmar Lines AG*, Switzerland (Supervisory Board, until Dec. 20, 2001) Danzas S.p.A.*, Italy (Board of Directors/Chair...

  • Page 171
    ...12, 2001) Deutsche Post Global Mail GmbH* (Advisory Board, until Apr. 12, 2001) Securicor Omega Holdings Ltd.*, UK (Board of Directors,until Feb.28, 2001) Guipuzcoana (Narrondo Desarrollo S.L.)*, Spain (Board of Directors/ Chair, until March 2, 2001) DHL Worldwide Express B.V., Netherlands (Board of...

  • Page 172
    ...(Advisory Board) RWE Wirtschaftsbeirat (Advisory Board) RAG Trading International (Advisory Board) Hapag Lloyd (Advisory Board) Hero Brahms Georgsmarienhütte Holding GmbH Dr. Jürgen Großmann Wilhelm Karmann GmbH Klöckner & Co. AG ASL Aircraft Services Lemwerder GmbH a.i.s AG * Group mandate...

  • Page 173
    Consolidated Financial Statements Company Boards Board member Membership of supervisory boards required by law Membership of comparable national and international supervisory bodies Wilhelm von Finck AG, Inc., USA (Chairman) Adolf Kracht Wilhelm von Finck AG (Chair) Dussmann Verwaltungs-AG (...

  • Page 174
    ...AG Ford Deutschland Holding GmbH Ford-Werke AG INTERSEROH AG WestLB Systems GmbH* (Chair) DGZ-DekaBank Deutsche Kommunalbank (Administrative Board/ 1st Deputy Chairman) Deutsche Anlagen Leasing GmbH (Supervisory Board/Chair) DHL Worldwide Express B.V. (Board of Directors) Rockwool Beteiligungs GmbH...

  • Page 175
    ...) WestLB Panmure Securities Inc.* (Board of Directors/Chair) Jürgen Sengera (cont'd) Employees' representatives: Kurt van Haaren Salzgitter AG Beteiligungsgesellschaft der Gewerkschaften AG (Advisory Board) No membership Iduna/Nova (Insured Persons' Advisory Board) Bundesanstalt für Post und...

  • Page 176
    ... of the Supervisory Board Josef Hattig trained as a commercial clerk before embarking on a degree course in law and the state sciences. Following employment as a junior judicial officer and assistant to the management, he joined Dortmund brewery Thier & Co where he was a director from 1965 to...

  • Page 177
    ... year 2001 was held in April with 15 members present. The Supervisory Board discussed the Group's business plan with the Board of Management. Moreover, the Supervisory Board approved the purchase of equity investments in companies, including the acquisition of additional shares in DHL International...

  • Page 178
    ... meetings in which it discussed the annual and consolidated financial statements for 2001, the key points of the business plan for 2002, the acquisition of equity investments, and real estate transactions. This Committee conferred at length about the further development of Group management practices...

  • Page 179
    ...ttner was elected the new Deputy Chairman. The Supervisory Board would like to thank its former members, the management bodies, and all Deutsche Post employees for their commitment and successful efforts in fiscal year 2001 despite a difficult global economic environment. Bonn, March 21, 2002 The...

  • Page 180
    ..., Deutsche Bank, Dresdner Bank, HypoVereinsbank and Postbank. CEP market The market for courier, express and parcel services. Cross-selling The sale of various products and services from different business segments of a company to a customer. Customer Relationship Management A single contact...

  • Page 181
    ... transformed the public-law companies of the Deutsche Bundespost into companies under private law, i.e. Deutsche Post AG, Deutsche Postbank AG and Deutsche Telekom AG. Hybrid mail Mail is received electronically as a file, printed and delivered as a letter. IASs International Accounting Standards...

  • Page 182
    ...single source. Online banking Banking services that are processed electronically and offered to customers via the Internet. Online brokerage Securities brokerage business in which trading is executed electronically via the Internet. Open service outlet Modern retail outlet with open service areas...

  • Page 183
    ...A corporation presentation to shareholders and potential investors, often at a financial center. Stock option plan An incentive system that allows employees to share directly in a company's performance. The beneficiaries are granted an option to buy shares at a predefined subscription price. Supply...

  • Page 184
    Published by: Deutsche Post AG Headquarters Corporate Departments Investor Relations, Corporate Communications 53250 Bonn Responsible ...Printed by: Schoder Druck GmbH & Co.KG 86368 Gersthofen Mat. No. 675-200-116 English translation by: Deutsche Post Foreign Language Service et al. This Annual Report...

  • Page 185
    Group 5-Year Review 1997 - 2001 1997 1998 1999 2000 2001 Revenue and earnings Revenue MAIL MAIL share EXPRESS EXPRESS share LOGISTICS LOGISTICS share FINANCIAL SERVICES FINANCIAL SERVICES share Corporate divisions total Other/consolidation Total EBITDA Profit from operating activities (EBITA) MAIL...

  • Page 186
    ... items Total assets Employees/staff costs Total workforce (headcount including trainees) Workforce calculated as FTEs (including trainees) Workforce calculated as FTEs (excluding trainees) Average workforce Staff costs Key figures (Diluted) earnings per share4) Cash flow per share 5) 4) in â,¬m in...

  • Page 187
    ... 31, 2002 July 31, 2002 October 31, 2002 Financials press conference on fiscal 2001 Analyst conference on fiscal 2001 Analyst conference call on Q1 Annual General Meeting Dividend payment Press conference on H1 Analyst conference on H1 Analyst conference call on Q1-3 Subject to correction - changes...

  • Page 188
    ... Headquarters Investor Relations 53250 Bonn Germany For information on Deutsche Post stock please e-mail [email protected] Investor Relations Fax: +49(0)228 182-6664 E-mail: [email protected] Press Office Fax: +49(0)228 182-9880 E-mail: [email protected] Deutsche Post World Net online...