DHL 2003 Annual Report Download - page 4

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November
The STAR value creation program is developing
exceedingly well. With the publication of
Deutsche Post World Net’s figures for the
first nine months, the Board of Management
increases the forecast for STAR’s target
earnings contribution by the end of 2003
from €350 million to at least €400 million.
December
KfW Bankengruppe (formerly: Kreditanstalt
für Wiederaufbau) sells part of its interest in
Deutsche Post and at the same time issues
an exchangeable bond on Deutsche Post stock.
The free float increases by 5.7% to 37.4%.
July
Deutsche Post AG and the German trade
union, ver.di, agree on a pioneering employ-
ment pact guaranteeing employees job
security until 2008. In return, the Company
expands its joint delivery system. In addition,
2 days which were previously holidays are
abolished, and weekly working hours in
deliveries can be increased to 48 hours on
a voluntary basis.
August
DHL’s acquisition of the American express
service provider Airborne, Inc. is complete: the
US antitrust authority and the shareholders
of Airborne, Inc. both approve the acquisition,
which sees Deutsche Post World Net becoming
the third-largest express service provider
in the USA and closing the final gap in its US
network.
Milestones in 2003
September
As part of its annual review, the Regulatory
Authority approves the postal rates applicable
from January 1, 2004. Accordingly, Deutsche
Post will keep its key prices for letters and
postcards at the same level in the coming
year.
October
Postbank intends to handle payment trans-
actions for Deutsche Bank and Dresdner Bank
in future. The banks sign appropriate letters
of intent for a partnership.
Deutsche Post issues a second euro
bond with a volume of €1 billion; it meets
with a very positive response on the global
financial markets.
the considerable opportunities offered by globalization and the continuing trend towards outsourcing
logistics services. As part of our Group-wide integration and value creation program,
we are integrating our networks, harmonizing products, managing sales structures centrally,
and improving all of our processes. This allows us to safeguard the quality of our products and services; it
is a prerequisite for our employees’ motivation and performance; and at the same
time we can increase enterprise value for our shareholders. We support our customers’ business
with combined goods, information and financial flows. In other words, we offer more than
just the transfer of goods – we cross boundaries.