DHL 2002 Annual Report Download - page 27
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20022001
33.4
39.3
External revenues
in €bn
20022001
32.9 41.2
International revenues
in %
20022001
11.0
16.2
International revenues
in €bn
Secondly, the Regulierungsbehörde für Telekommunikation und Post (RegTP –
Regulatory Authority for Telecommunications and Posts) established the general
conditions for postal rates for mail products requiring approval. As a result, we may be
obliged to implement annual price decreases or eligible to impose price increases in
the period January 1, 2003 to December 31, 2007, depending on the rate of inflation.
The mandatory price reductions that took effect for the most important mail products
as of January 1, 2003 will depress our revenue and earnings by around €300 million a
year throughout this period.
Finally, the Bundestag and the Bundesrat (the lower and upper houses of the
Federal German parliament) approved an amendment to the Postgesetz (German
Postal Act). This will reduce the weight and price limits of the statutory exclusive
license to 100g and three times the standard rate, respectively, in an initial step as of
2003. At the same time, competitors were granted access to the market for outgoing
cross-border mail services. In a second step, the weight limit will be lowered to 50g
as of 2006. Our exclusive license will expire on December 31, 2007.
As part of STAR, we have plans to implement measures to close the earnings
gaps resulting from these price cuts. As a whole, STAR demonstrates the Group’s
strong commitment to value orientation. We have set ourselves the goal of increasing
our profit from operating activities (EBITA) to €3.1 billion by the end of 2005.
In fiscal year 2002, we increased consolidated revenue by 17.6% to €39,255
million and the proportion of revenue generated internationally from 32.9% to
41.2%. This growth is primarily due to the first-time consolidation of DHL as of Jan-
uary 1, 2002. At €2,421 million, our profit from operating activities (EBITA)
decreased 4.9% year-on-year.
Consolidated net profit declined from €1,577 million to €659 million. This
reflects the European Commission’s state aid ruling, which necessitated the recognition
of an extraordinary expense in the income statement and a liability under other
liabilities in the balance sheet. Earnings per share fell correspondingly from €1.42
in 2001 to €0.59 in 2002; adjusted for the extraordinary expense, earnings per share
totaled €1.41 in 2002.
Based on the Group’s operational earnings power, we feel we are in a position
to continue to pursue our sound dividend policy and to distribute a dividend of €445
million to our shareholders, which corresponds to a dividend per share of €0.40.
26