DHL 2005 Annual Report Download - page 51
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We use the Group’s weighted average net cost of interest-bearing debt and equity expressed
as a percentage, taking into account division-specic risk factors, as the cost of capital. We
then multiply this rate by the average net assets employed to determine the total cost
of capital.
We calculate economic prot by deducting the total cost of capital from the net operat-
ing prot aer taxes. e calculation is based on the consolidated nancial statements for
the “Postbank at equity” scenario and includes nancial obligations from non-cancelable
operating leases.
Economic prot increased very strongly compared with the restated prior-year gure, ris-
ing by 49.0% to €1,951 million. Exel did not impact these gures as a result of its inclusion
at the year-end. Net operating prot aer taxes in particular increased and the total cost
of capital dropped. While average net assets employed fell as a result of the now fully ef-
fective changes made the previous year, the weighted average cost of capital aer taxes at
Group level was reduced to 5.9% (previous year: 6.2%) as a result of a further decline in
the overall level of interest rates. e reclassications in the consolidated nancial state-
ments were taken into account, and the actual tax rate was used to calculate taxes on net
operating prot; the prior-period amounts were restated accordingly.
For scal year 2006, the weighted average cost of capital aer taxes at Group level is set
unchanged at 5.9%.
Economic profit (Postbank at equity) 2004
restated
2005 +/– %
€m
Net operating profit after taxes 2,510 3,063 22.0
Average net assets employed 19,371 18,851 –2.7
Total cost of capital –1,201 –1,112 –7.4
Economic profit 1,309 1,951 49.0
Economic environment
Global economy continues to grow strongly
e global economy continued its upward trend in 2005, but was unable to grow as fast as
in the previous year. Growth in all regions of the world was solid to strong – apart from
in the euro zone. Overall, global economic output increased by 4.25%. World trade rose
by an impressive 7%.
Growth indicators for 2005
%GDP
Exports
Domestic demand
Euro zone 1.3 4.41) 1.51)
Germany 0.9 6.21) 0.21)
USA 3.5 6.7 3.8
Japan 2.8 6.7 2.6
China 9.9 28.4 n/a
1) Estimated, as of February 15, 2006.
Source: Postbank Research
Net operating profit = EBIT + net income from
associates + net income from measurement of
Deutsche Postbank group at equity + interest
component of operating lease expenses.
Net assets employed = segment assets – segment
liabilities incl. non-interest-bearing provisions +
investments in associates + investments in the
Deutsche Postbank group + investment property
+ net present value of operating lease obligations.
Deutsche Post World Net
47
Business and Environment
Group Management ReportConsolidated Financial StatementsAdditional Information