DHL 2009 Annual Report Download - page 56

Investments on target
 e Group’s capital expenditure (capex) amounted to  , million in total at the
end of December  (previous year:  , million), down slightly on the budgeted
 gure of approximately  , million. We used these funds to improve productivity
and quality. We acquired assets with which we process customer orders and maintain
our network’s performance, with the focus being on replacement investments.
In line with the economic situation, we spent .  less year-on-year, and . 
less in the fourth quarter.  e  and   divisions in particular con-
tributed to this signi cant decline. We used the funds mainly to replace and expand
the following assets:   million was invested in property, plant and equipment and
  million in intangible assets excluding goodwill. Investments in property, plant
and equipment related mainly to advance payments and assets under development
(  million), technical equipment and machinery (  million),  equipment
(  million), transport equipment (  million), aircra (  million) and other
operating and o ce equipment (  million). Investments in intangible assets related
to internally generated and purchased so ware (  million) and advance payments
and intangible assets under development (  million).
We invested primarily in Europe, the Americas and Asia. Our investment activities
in Europe were focused on Germany, Belgium and the . In Asia we concentrated on
India, Malaysia and China.
. Capex and depreciation, full year
 m
 
,
  
Corporate Center /
Other Consolidation
Continuing
operations
2008 2009 2008 2009 2008 2009 20081) 2009 2008 2009 2008 2009 2008 2009
Capex 282 329 727 380 94 82 390 204 234 176 0 0 1,727 1,171
Depreciation on assets 346 321 542 489 105 108 1,343 403 326 299 0 0 2,662 1,620
Capex-to-depreciation ratio 0.82 1.02 1.34 0.78 0.90 0.76 0.29 0.51 0.72 0.59 0 0 0.65 0.72
 Depreciation including write-downs on goodwill and the Exel brand.
. Capex and depreciation,  
 m
 
,
  
Corporate Center /
Other Consolidation
Continuing
operations
2008 2009 2008 2009 2008 2009 20081) 2009 2008 2009 2008 2009 2008 2009
Capex 113 129 195 99 29 32 104 64 74 61 0 0 515 385
Depreciation on assets 93 76 208 170 30 28 1,101 92 130 83 0 0 1,562 449
Capex-to-depreciation ratio 1.22 1.70 0.94 0.58 0.97 1.14 0.09 0.70 0.57 0.73 0 0 0.33 0.86
 Depreciation including write-downs on goodwill and the Exel brand.
. Investments by region
 m
Germany
635
716
Europe (excluding Germany)
300
520
Americas
123
275
Asia Pacifi c
78
148
Other regions
35
68
 
Deutsche Post DHL Annual Report 
Group Management Report
Earnings, Financial Position
and Assets and Liabilities
Financial position
39