DHL 2002 Annual Report Download - page 21
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20
Deutsche Post AG’s shareholder structure as of December 31, 2002
50% + 26 shares
Federal Republic of Germany
18.3% KfW
31.7% Free float
On the last day of trading in 2002, Deutsche Post stock closed at €10.00, which
corresponded to a decrease of 33.3% since the beginning of the year. The shares of
our Dutch competitor, TPG, slightly underperformed Deutsche Post stock during
the year as a whole.
Stable shareholder structure
Deutsche Post AG’s share capital totals €1,112,800,000 and is composed of
1,112,800,000 no-par value registered shares.
As in the previous year, around one-third of the shares in free float are held by
natural persons, while two-thirds are owned by legal entities and institutional
investors based primarily in the UK, Germany and the US.
November 30, 2002 marked the expiration of the lock-up period for those
private investors that subscribed to shares between October 30 and November 10, 2000
and were thus considered to be advance subscribers within the scope of our IPO; these
investors are now entitled to bonus shares from the shareholdings of Kreditanstalt
für Wiederaufbau (KfW) at a ratio of 1:15. The issuance of these bonus shares resulted
in a 0.5% increase in the free float to 31.7% and a corresponding decrease in the pro-
portion held by KfW to 18.3%.
Financial strength confirmed
The international rating agencies Moody’s, Standard & Poor’s and Fitch evaluated
Deutsche Post World Net’s creditworthiness for the first time ever at the beginning of
2002. They issued above-average ratings, as shown in the following overview:
The rating analysts were particularly impressed with the Group’s solid financial
structure and strong cash flow. All three agencies issued stable outlook ratings at the
beginning of May and reconfirmed them in mid-2002 following the decision to lower
letter rates and the ruling in the state aid proceedings. This will allow us to raise debt
capital at attractive terms on the international capital markets.
Moody’s Investors Service Standard & Poor’s Fitch Ratings
Long-term Aa3 A+ AA-
Short-term P-1 A-1 F1+
Outlook Stable Stable Stable
Deutsche Post World Net ratings