DHL 2008 Annual Report Download - page 47

Deutsche Post World Net Annual Report 2008
Group Management Report
Earnings, Financial Position
and Assets and Liabilities
Profi t or loss from discontinued operations drops due to fi nancial market crisis
Discontinued operations generated a net loss of   million, down .  on the
prior-year  gure of a net pro t of   million. Adjusted for tax income of   mil-
lion, net  nance costs of   million and income from the reversal of negative good-
will arising from the increase in our share in Postbank in the amount of   million,
 from discontinued operations came to  –  million.  e decline is largely the
result of one-time factors arising from the intensifying international  nancial market
crisis, as described in the Notes.
Consolidated net profi t declines signifi cantly
Combining pro t or loss from continuing and discontinued operations results
in a consolidated net loss of  , million, or  , million less than in . Of this
 gure,  – , million is attributable to Deutsche Post shareholders – a decrease of
 , million – whilst minority interests fell from   million to  –  million.  is
signi cant decline was primarily the result of Deutsche Post’s share in Postbank losses.
Basic and diluted earnings per share fell from  . to  – .. Earnings per share from
continuing operations fell from  . in the prior year to  – ., and earnings per share
from discontinued operations dropped from  . to  – ..
Dividend of € 0.60 per share proposed
A proposal will be made for the payment of a dividend per share of  . (previ-
ous year:  .) at the Annual General Meeting on  April .  e total dividend will
amount to   million. Based on the year-end closing price of Deutsche Post shares,
the net dividend yield is . .  e dividend will be distributed on  April  and
is tax-free for shareholders resident in Germany.
Financial position
Principles and aims of fi nancial management
 e Group’s  nancial management activities include cash and liquidity manage-
ment; interest rate, currency and commodity price risk management; overseeing the
Group’s  nancing; issuing guarantees and letters of support and liaising with the rating
agencies. Since the requirements and processes of the Deutsche Postbank Group di er
fundamentally from those of the remainder of the Group, the remarks below refer exclu-
sively to an analysis in which Postbank is presented on an equity-accounted basis; in
other words, cash  ows are shown without the Deutsche Postbank Group.
First and foremost, we seek to control risk and to manage processes centrally.
Responsibility rests with Corporate Finance, which is supported by three Regional
Treasury Centres in Bonn (Germany), Fort Lauderdale  and Singapore.  ese
centres act as interfaces between headquarters and the operating companies, advise the
companies on all  nancial management issues, and ensure compliance with the Group-
wide guidelines.  ese guidelines and processes comply with the Gesetz zur Kontrolle
und Transparenz im Unternehmensbereich (KonTraG – German law on control and
transparency in business) of  April .
Note 21
Total dividend and dividend
per no-par value share
€ m
01 02 03 04 05 06 07 08
1)
Dividend per no-par value share (€)
1) Proposal.
412 445 490
556
836
903
1,087
725
0.37 0.40 0.44
0.50
0.70 0.75
0.90
0.60
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