DHL 2007 Annual Report Download - page 41
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37
Earnings, Financial Position and Assets and Liabilities Group Management Report
Deutsche Post World Net Annual Report 2007
Net nance costs closed at €1,010 million, a slight improvement on the previous year
(€1,030 million). In 2006, interest and measurement e ects from the exchangeable
bond on Postbank shares was responsible for the higher gure, whilst in the period
under review it was higher interest rates that drove up nance costs.
Pro t before income taxes fell by €650 million to €2,192 million. Income taxes
dropped to €307 million (previous year: €560 million). is re ects the lowering
of the tax rate in the wake of the corporate tax reform in Germany. As a result, the
Group tax rate dropped from 19.7% to 14.0%.
Consolidated net pro t for the period decreased by €397 million to €1,885 million
(previous year: €2,282 million). An amount of €1,389 million is attributable to share-
holders of Deutsche Post AG and €496 million to minority shareholders. Both the
basic and diluted earnings per share fell from €1.60 to €1.15.
Dividend increases by 20%
e Board of Management will propose the payment of a dividend per share of
€0.90 at the Annual General Meeting on 6 May 2008. is represents an increase
of 20% compared with the previous year. e total dividend will therefore amount
to €1,087 million. e payout ratio in relation to Deutsche Post AG’s net pro t for
the year will thus increase from 71.5% to 81.2%. In relation to the consolidated net
pro t attributable to Deutsche Post AG shareholders, it amounts to 78.2% (previous
year: 47.1%). Based on the share price as at 31 December 2007, the net dividend yield
is therefore 3.8%. e dividend will be disbursed on 7 May 2008 and, as in previous
years, is tax-free for shareholders resident in Germany.
Total dividend and dividend
per no-par value share
€m
300
412 445 490 556
836 903
1,087
00 071)
02 04 05 060301
0.90
0.75
0.70
0.50
0.44
0.40
0.37
0.27
1) Proposal.
Dividend per no-par value share (€)