DHL 2007 Annual Report Download - page 38
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34
Deutsche Post World Net Annual Report 2007
e average net assets employed gure used in economic pro t calculations is deter-
mined as follows:
Average net assets employed (Postbank at equity)
€m 2006
restated
2007
Segment assets 30,642 30,266
– Segment liabilities including non-interest-bearing provisions −10,601 −10,883
= Segment net assets 20,041 19,383
+ Investments in associates and the Deutsche Postbank Group 1,674 1,865
+ Investment property 50 115
+ Net present value of operating lease obligations 4,863 5,211
= Net assets employed at end of year 26,628 26,574
Net assets employed at end of previous year 27,954 26,628
Average net assets employed 27,291 26,601
New performance metric: EBIT after asset charge
We introduced EBIT a er asset charge as a new primary performance metric from
1 January 2008 as part of our Roadmap to Value capital markets programme to
focus all divisions on sustained value growth. Managers’ incentives will also be tied
to this indicator. Unlike EBIT, the performance indicator used so far, EBIT a er asset
charge takes into account the cost of tied-up capital. In other words, it re ects pro t
generated over and above the cost of capital.
e net asset base is de ned as operating assets minus operating liabilities plus
goodwill.
We anticipate that the new performance metric will enhance the focus on cash genera-
tion. is means we can make better use of our strengths and more easily identify scope
for improvement to boost the value of the company and returns for shareholders.
Strategy and goals, page 30
Operating assets
–
Operating liabilities
+
Goodwill
Net asset base
=x–
EBIT Cost of capital Net asset base EBIT after asset charge