DHL 2003 Annual Report Download - page 37
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Please find page 37 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.Accumulated earnings contribution from STAR since November 2002
1,600
1,400
1,200
1,000
800
600
400
200
0Q1Q4
Accumulated target for 12/31/2005:
at least €1,400 million
Accumulated target for 12/31/2004:
at least €700 million
Accumulated target for 12/31/2003:
at least €400 million
86
93
81 79 84 €423 million
Q2
20032002 2004 2005
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
in €m
33
Corporate Strategy
Corporate Strategy
Earnings contribution from STAR exceeds targets
Our aim is to generate an earnings contribution from STAR of €1.4 billion in 2005.
In the year under review, the program contributed €337 million to earnings, making
a total of €423 million since its launch in November 2002. This means that we have
exceeded our original targets for this period and are making excellent progress. We are
therefore reiterating the projected earnings growth from STAR and expect the Group’s
profit from operating activities (EBITA) to reach at least €3.6 billion in 2005.
Postbank offers further potential for value creation
Following Postbank’s successful turnaround, it has evolved into a modern, multi-
channel bank. On the hard-fought German banking market, it again demonstrated
the innovative and successful nature of its focus in 2003 with its clear private
customer strategy. Within the Group, we offer our customers complementary services,
such as logistics finance and joint retail outlet customer advice, in line with our
one-stop shopping approach.
To safeguard these positive synergy effects for the Group and for Postbank in
the long term, we intend to retain a controlling interest in Postbank after the possible
disposal of a minority interest. Our aim is to systematically continue to develop
Postbank as a company; in addition, we aim to increase and make visible Postbank’s
enterprise value – and hence also that of Deutsche Post World Net – to ensure suitable
resource allocation in future, too.