DHL 2003 Annual Report Download - page 21
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Please find page 21 of the 2003 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.12/30/02 12/30/0308/29/03 10/31/0306/30/0304/30/0302/28/03
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1) Closing prices on the last trading day of the respective index
Comparative performance (indexed)1)
Deutsche Post stock
DAX
Euro STOXX
2002 2003 Change
in %
Deutsche Post in € 10.00 16.35 63.5
TPG in € 15.31 18.57 21.3
FedEx in US$ 54.17 67.50 24.6
UPS in US$ 63.38 74.55 17.6
63.5%
37.1%
15.2%
17
Deutsche Post Stock and Bonds
To our Shareholders
Strong performance of our shares
After two difficult years, the capital markets recovered very gradually in 2003. The
global economic situation continued to be mixed. The economic operating environ-
ment relevant to us is explained on page 54 of the Group Management Report.
In view of this scenario, we consider the development of Deutsche Post stock
to be highly encouraging. Our share price rose by 63.5% to €16.35 between the
last day of trading in 2002 and the last trading day of the year under review. Our
shares thus clearly outperformed the DAX, which nevertheless rose by 37.1% in the
same period. Our shares recorded the fifth-best performance of all DAX shares. As
shown below, we were also able to grow in comparison with our key competitors,
TPG, UPS and FedEx.
Three factors had a positive effect on our share price from the spring:
1. the increase in the Company’s earnings power through the success of our STAR
value creation program, which we reported on regularly over the year
2. the successful acquisition of Airborne, Inc. in August
3. the announcement at the end of September of the planned disposal of a
minority interest in Postbank.
Earnings-oriented dividend distribution retained
The Board of Management intends to propose the payment of a dividend per share
of €0.44 and a dividend of €490 million at the Annual General Meeting on May 6,
2004. This corresponds to an increase of 10.0% compared with the prior-year period.
We are therefore sticking to a strategy of earnings-oriented dividends, as the dividend
trend since the IPO shows (see also the diagrams on page 18 below).
Admission to the Prime Standard
Since March 2001, our shares have been listed on the DAX, the blue chip index
representing Germany’s 30 largest companies. Based on the two most important criteria
for admission, our shares were ranked 16th for market capitalization and 24th for
exchange volume as of December 31, 2003.
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