DHL 2005 Annual Report Download - page 25
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Share price up by more than 20%
Deutsche Post stock as well as the DAX and EURO STOXX 50 indices performed well in
the past scal year. While the overall economy still followed the previous year’s trend in
the rst six months of 2005 – reecting rising oil prices and terrorist attacks – the environ-
ment for equities improved signicantly in early summer.
By German and European standards, our shares looked in good shape in the rst half of
the year in particular. Our share price was driven by positive news – primarily the sale of
all of the federal government’s remaining interest to KfW Bankengruppe (KfW).
e second half of the year was dominated by the announcement of our acquisition of the
British company Exel. During this period, our capital market communication was subject
to legal restrictions that prohibited us from publishing segment-related forecasts for the
fourth quarter. In addition, quality problems in the express business impacted our share
price for a time: in the United States, the opening of our central air hub in Wilmington
(Ohio) was hit by start-up diculties. However, these were rapidly eliminated. Our shares
recovered substantially at the end of the year following the successful conclusion of our
acquisition of Exel.
e table below presents key data regarding our shares. Various domestic and foreign
banks regularly issue derivative nancial instruments such as warrants, equity discount
certicates and equity-linked bonds on our shares.
Our stock data 2003 2004 2005 +/– %
Year-end closing price € 16.35 16.90 20.48 21.2
High € 17.64 19.81 21.23 7.2
Low € 8.57 14.92 16.48 10.5
Price/earnings1) 13.9 11.710) 10.3 –12.0
Price/cash flow2), 3) 6.1 8.1 6.4 –21.0
Number of shares millions 1,112.8 1,112.8 1,192.6 7.2
Market capitalization €m 18,194 18,840 24,425 29.6
Beta factor4) 0.57 0.84 0.75 –10.7
Average trading volume5) shares 1,901,051 2,412,703 3,757,876 55.8
Annual performance with dividend % 67.9 6.4 24.1
Annual performance excluding
dividend
%
63.5
3.4
21.2
Earnings per share € 1.18 1.4410) 1.99 38.2
Cash flow per share3) € 2.70 2.10 3.18 51.4
Equity €m 6,106 8,86510) 12,540 41.5
Return on equity before taxes6) % 34.2 29.210) 28.5
Dividend €m 490 556 8357) 50.1
Distribution ratio8) % 37.4 34.8 37.4
Dividend per share € 0.44 0.50 0.707)
Dividend yield9) % 2.7 3.0 3.4
1) Year-end closing price/earnings per share
before extraordinary expense
2) Year-end closing price/cash flow per share
3) Cash flow from operating activities
4) Source: Thomson Financials
5) Per day
6) Profit from ordinary activities/average equity
7) To be proposed to the AGM.
8) Based on consolidated net profit.
9) Based on year-end closing price.
10) Prior-period amount restated, please see item 5
in the “Notes” section.
21
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