DHL 2010 Annual Report Download - page 123

Revenue and earnings forecast
 e strong recovery of the global economy in  is expected to remain intact in
. We have based our projections on growth rates of   to  .  e international
trading volumes relevant for our business are likely to exceed the projected growth
of the global economy by a factor of . to . We expect our revenue, especially in the
 divisions, to increase more or less in line with our forecast medium-term growth
rates of   to  in each of the three divisions.
Against this backdrop, we anticipate that consolidated  for full-year  will
reach between  . billion and  . billion.  e  division is expected to contribute
 . billion to  . billion to this  gure. Compared with the previous year, we expect
an additional improvement in overall earnings to between  . billion and  . billion
in the  divisions.  is corresponds to an increase of   to   on the prior-year
 gure. At around –. billion, the Corporate Center / Other result should be on a par
with the previous year.  e restructuring measures decided on and implemented in
recent years have been completed for the most part, meaning that future earnings will
no longer be impacted by such expenses. For this reason, starting in  we shall no
longer report  before non-recurring items as a separate line item.
We plan to maintain our  nance policy in  and raise our capital expenditure
to no more than  . billion a er having increased it to just under  . billion in .
Following our corporate strategy, we are focusing on organic growth. We anticipate
only a few small acquisitions in , as in the previous year. In , cash  ow will be
impacted by the restructuring measures resolved in  to a much lesser extent than
in the previous year.
Provided that the global economy continues to recover, the positive trend in our
earnings that we are anticipating for  is likely to continue into .  e cost reduc-
tion measures initiated in the  division are expected to stabilise  even if mail
volumes continue to lose out to electronic means of communication. We expect  to
improve in the  divisions at an annual average of   to   until  as trading
volumes continue to recover.
 e mark-to-market measurement of certain  nancial instruments required under
 s in connection with the Postbank transaction will be reviewed at the end of each
quarter until early , and adjusted if necessary, based on the change in the fair value
of Postbank. Any adjustments made will not impact liquidity and will be reported under
net  nance costs /net  nancial income. To some extent, the related e ects will be negated
by o setting changes in the fair value of the remaining shareholding in Postbank. Con-
solidated net pro t before e ects from the measurement of the Postbank instruments is
expected to continue to improve in  in line with our operating business.
Projected fi nancial position
Creditworthiness of the Group remains stable
Based on the projected earnings trend for  and the planned increase in capital
expenditure, we expect the  to debt performance metric to remain at approximately
the prior-year level and the rating agencies to continue to rank our credit quality
as appropriate.
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Group Management Report
Outlook
Projected fi nancial position
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