DHL 2002 Annual Report Download - page 31

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Despite the unfavorable economic conditions, Deutsche Post World Net recorded
a slight increase in revenue of 3.0% to €23,068 million (previous year: €22,398 million)
in Germany. With the takeover of DHL, we further expanded our position on the
international markets. In Europe (excluding Germany), revenue was up 25.5% to
€10,276 million (previous year: €8,188 million). We generated above-average growth
in North, Central and South America with an increase of 109.6% to €3,522 million
(previous year: €1,680 million). In the Asia/Pacific region, we leveraged additional
potential and more than doubled our revenue to €2,047 million (previous year: €915
million). The other regions recorded growth of 72.7% to €342 million (previous year:
€198 million).
Other operating income rose by 90.8% to €3,007 million. This increase is
primarily due to income from the reversal of negative goodwill for Postbank in the
amount of €1,499 million, as well as from the transfer of real estate in the amount
of €221 million to the Pension Trust. Total operating income increased by 20.9%.
At the same time, operating expenses before goodwill amortization rose by
22.9% to €39,841 million. The clear increase in operating expenses is primarily due
to the first-time full consolidation of DHL. Higher materials expense in the MAIL
Corporate Division as well as higher other operating expenses adversely affected total
operating expenses. In addition, other operating expenses contain a restructuring
provision for the STAR project of €1,077 million. Overall, other operating expenses
rose by 71.1% to €6,946 million.
The profit from operating activities (EBITA) decreased by 4.9% to €2,421 million
(previous year: €2,547 million). The main reason for this was the decline in earnings in
the MAIL Corporate Division. The other Corporate Divisions developed positively, with
the EXPRESS and LOGISTICS Corporate Divisions increasing their respective profits
from operating activities (EBITA) by 38.1% to €243 million and 40.9% to €224 million.
Selected indicators for our results of operations
Deutsche Post Deutsche Post Deutsche Post Deutsche Post
World Net World Net World Net World Net
Postbank at Postbank at
equity equity
Jan. 1 – Dec. 31, Jan. 1– Dec. 31, Jan. 1– Dec. 31, Jan. 1– Dec. 31,
2001 2002 2001 2002
Return on sales (based on EBITA) in % 7.6 6.2 7.8 1.7
Profit from operating activities
before goodwill amortization (EBITA) in €m 2,547 2,421 2,047 535
Profit from ordinary activities in €m 2,147 1,856 2,012 1,589
Return on equity in % 45.9 35.5 43.0 30.4
Income tax expense in €m 560 266 426 8
Tax expense ratio in % 26.1 28.0 21.2 1.2
Net profit for the period before minority interest
and extraordinary expense in €m 1,587 1,590 1,586 1,581
Consolidated net profit in €m 1,577 659 1,577 659
Earnings per share in € 1.42 0.59 1.42 0.59
Earnings per share before extraordinary expense in € 1.42 1.41 1.42 1.41
30