DHL 2005 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2005 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.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

Postbank’s return on equity (RoE) before taxes rose year-on-year from 14.0% to 14.6%.
e cost/income ratio also developed favorably, falling from 67.7% to 63.7% in the tradi-
tional banking business, and amounted to 66.6% including Transaction Banking. e tier
1 ratio, calculated in accordance with the BIS standards, amounted to 8.3% at December
31, 2005 compared with 8.5% at the end of the previous year.
Deutsche Postbank AG publishes its own annual report on March 13, 2006.
Investments
e Group’s capital expenditure (capex), i.e. investments in property, plant and equip-
ment and intangible assets (excluding goodwill), amounted to a total of €1,931 million
as of December 2005. €1,365 million of this related to investments in property, plant and
equipment and €566 million to intangible assets (excluding goodwill). is represents an
increase of 12.4% over the prior year. Expenditure focused primarily on the expansion of
our international network structures.
In 2005, the MAIL Corporate Division invested mainly in technical equipment and the
expansion of its information technology. Investments in the EXPRESS Corporate Division
mainly focused on the network infrastructure in Europe and the United States. As part
of our integration activities, we modernized our depots and renewed the vehicle eet in
some European countries. Key investments included the establishment of air hubs on the
west and east coasts of the United States. Additional investments were made in developing
customized transportation and warehousing solutions. We also invested in the expansion
of our network of Packstations in Germany.
In the LOGISTICS Corporate Division, we invested primarily in the construction of multi-
user warehouses. In our FINANCIAL SERVICES Corporate Division, we modernized and
further expanded the information technology employed by Postbank. Postbank primarily
invested in transaction banking. e retail outlets’ technical platform and their general
maintenance represented an additional focus of investments.
Company-wide investments centered on the establishment of our central US air hub in
Wilmington (Ohio). In addition, we renewed our vehicle eet in Germany and expanded the
IT infrastructure in the data centers operating worldwide, including Prague in particular.
Consolidated capital expenditure (capex) 2004 2005 +/– %
€m
Intangible assets (excluding goodwill) 477 566 18.7
Property, plant and equipment 1,241 1,365 10.0
Total 1,718 1,931 12.4
Investments in companies amounted to €4,135 million (previous year: €793 million).
Item 3 in the “Notes” section
Annual Report 2005
56