DHL 2008 Annual Report Download - page 27

Deutsche Post World Net Annual Report 2008
Overview
Carving out a clear path in a diffi cult environment
 e year  was an extraordinary year for our Group. It began with a transi-
tion in management and successful wage agreements. As the year progressed, we agreed
to sell shares of Postbank to Deutsche Bank and we began to reorganise our  express
business. All of this took place in the shadow of a weak  nancial market that evolved
into a global economic crisis during the course of the year.
 anks above all to the fact that we consistently implement the initiatives set
forth in our Roadmap to Value capital markets programme and run a tight cost manage-
ment system, we have met our adjusted target for the period: Earnings from operating
activities before non-recurring items (excluding Postbank) were just above our target
of  . billion.
In the year under review, non-recurring items impacted our earnings.  e repay-
ment from the German government awarded as a result of the state aid pro ceedings
boosted earnings, whilst the restructuring costs for the  express business and an
impairment loss on the goodwill of   undermined our bottom line.
Including non-recurring items, we are reporting a loss:  (excluding Postbank)
declined by  . billion to  −  million; the Group generated a consolidated net loss
for the period of  . billion.
Consolidated revenue (excluding Postbank) grew by . to  . billion.
Trading volumes continued to drop in most of our business units in a year-on-year
comparison, especially in the fourth quarter. All of our divisions performed below the
expec tations, which we had laid out at the beginning of the reporting year in a di erent
economic environment.
Our  nancial position appears to be stable. Net cash from operating activities
(Postbank at equity) signi cantly increased, whilst working capital fell. Moreover,
because investments were below the prior-year level, free cash  ow grew signi cantly
by   million to  , million.
By agreeing to sell Postbank and initiating restructuring activities, we are carving
out a strategic path on which we can take our continuing operations and face the chal-
lenges of the current economic crisis head on. We are con dent that we will come out
of the crisis a stronger market leader.
Group Management Report
Overview
Selected key indicators for results of operations
1)
2007 2008
Revenue € m 54,043 54,474
Profi t / loss from operating activities (EBIT) € m 2,133 − 567
Return on sales
2) %3.9 −
Consolidated net profi t / loss
3) € m 1,383 − 1,688
Earnings per share
4) €1.15 − 1.40
Dividend per share €0.90 0.605)
1) Excluding Postbank. 2) EBIT / revenue. 3) Excluding minorities, including Postbank. 4) Including Postbank. 5) Proposal.
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