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ANNUAL REPORT 2011

Table of contents

  • Page 1
    ANNUAL REPORT 2011

  • Page 2
    ... Service dhl Global Mail Parcel Germany express Ken Allen dhl Europe Americas Asia Pacific eemea (Eastern Europe, the Middle East and Africa) global forwarding, freight Roger Crook dhl Global Forwarding Freight supply chain Bruce Edwards dhl Supply Chain Williams Lea Board member Brand Business...

  • Page 3
    ... - 0.39 billion. GOALS 2012 ebit Group: â,¬2.5 billion to â,¬2.6 billion. mail division: â,¬1.0 billion to â,¬1.1 billion. dhl divisions: around â,¬1.9 billion. Corporate Center / Other: around â,¬-0.4 billion. Group Structure / Target-Performance Comparison Consolidated net profit 2 Continue to...

  • Page 4
    ... corporate brands represent a one-of-a-kind portfolio of logistics (dhl) and communications (Deutsche Post) services. The Group provides its customers with both easy-to-use standardised products as well as innovative and tailored solutions ranging from dialogue marketing to industrial supply chains...

  • Page 5
    ...ceo GROUP MANAGEMENT REPORT Business and Environment Deutsche Post Shares Economic Position Divisions Non-Financial Performance Indicators Further Developments Outlook 27 - 122 29 42 46 60 81 97 98 CORPORATE GOVERNANCE Report of the Supervisory Board Supervisory Board Board of Management Mandates...

  • Page 6
    ... corporate brands represent a one-of-a-kind portfolio of logistics (dhl) and communications (Deutsche Post) services. The Group provides its customers with both easy-to-use standardised products as well as innovative and tailored solutions ranging from dialogue marketing to industrial supply chains...

  • Page 7
    ... will be. We provide communications and logistics services in more than 220 countries and territories and we understand the needs of our customers, both large and small, doing business all over the world in a broad range of industries. Ours is a globally integrated business. Through simplification...

  • Page 8
    ACT STRATEGICALLY â,¬52.8 billion CONSOLIDATED REVENUE in financial year 2011. â,¬2.44 billion CONSOLIDATED EBIT in financial year 2011. 2

  • Page 9
    SIMPLY GROW Deutsche Post DHL's ceo is convinced that the company's consistent focus on its Strategy 2015 is bearing fruit and that the Group is off to a good start on the road to achieving its quite ambitious goals. 1 1 Dr Frank Appel, ceo The Post Tower in Bonn. 37

  • Page 10
    ACT STRATEGICALLY 2 2 Frank Appel sees enormous potential for growth in the ï¬,ourishing e-commerce sector. Dr Appel also thinks the company will experience growth in 2012. 3 â,¬52.8 billion CONSOLIDATED REVENUE in financial year 2011. 3 â,¬2.44 billion CONSOLIDATED EBIT in financial year 2011....

  • Page 11
    ... year 2011 to our shareholders at the Annual General Meeting in May. In 2010, dhl made the largest contribution to consolidated net profit for the first time. Did this trend continue? Yes. In 2011, all of our divisions contributed to our very good results. Our express and logistics businesses...

  • Page 12
    ...the growth opportunities for Deutsche Post DHL? As a company that supports world trade, we see our opportunities in those places where volume growth is greatest, i. e., in the emerging regions of Asia, Latin America and the Middle East. We already have an outstanding presence in these markets and in...

  • Page 13
    The Post Tower in Bonn. 7

  • Page 14
    OPENING MARKETS 11% US $ 175 million INVESTMENT in our dhl hub in Shanghai over the lifetime of the facility. ANNUAL GROWTH expected for the intra-Asian market until 2025. 36 % MARKET SHARE for dhl in the international express business in Asia (2010). 8

  • Page 15
    ... summer of 2012, dhl Express will open its newest hub at Shanghai Pudong International Airport, putting the company in a strong position to extend its role as market leader in Asia. 1 1 Technicians still dominate the scene at the new dhl hub in Shanghai, which will go into operation in the summer...

  • Page 16
    ... collections and earlier deliveries." GROWTH 11% market until 2025. 2 US $ 175 million Jerry Hsu, expected for the intra-Asian ceo dhl Express Asia Pacific 36 % 4 MARKET SHARE for dhl in the international express business in Asia (2010). 3 5 2 The sorting centre at the new hub in Shanghai...

  • Page 17
    ...is good news for the logistics sector. Experts predict that the air freight market in Asia will see the highest growth rates in the world until 2025, with the intraAsian market expected to grow by 11 % annually. Expanding market leader dhl already is the market leader in the express business in Asia...

  • Page 18
    ... our leading position in the region substantially." MARKET SHARE 11% US $ 175 million INVESTMENT in our dhl hub in Shanghai over the lifetime of the facility. 36 % 7 interfor dhl in the national express business in Asia (2010). 8 6 Up to 40,000 shipments are set to be processed each hour in...

  • Page 19
    The Shanghai skyline. 13

  • Page 20
    EXPANDING OFFERS 90% OF RESIDENTS IN GERMANY are only about ten minutes away from the nearest Packstation. 8.6% REVENUE GROWTH â,¬750 million TO BE INVESTED in our Parcel 2012 modernisation programme in the next two years. in the Parcel Germany business unit in 2011. 14

  • Page 21
    ...easy-to-use services, the parcel business has become the innovative engine of the mail division. Deutsche Post DHL is investing â,¬750 million in its German parcel network over the next two years. The goal is to continue growing in a booming market. In the future, parcels are to reach customers even...

  • Page 22
    ... business makes up around Soon, Deutsche Post DHL will be offering just that. one-fifth of revenue in the mail division. In 2011, dhl Parcel alone transported some three million parcels The service will be made up of an entire bundle of products that allow customers to precisely "control" per day...

  • Page 23
    ... customers will purchase medicine and groceries online one day. By expanding the parcel network, adding new vehicles and permanently optimising delivery rounds, dhl is well prepared to offer the right solutions for these requirements as well, and one of these solutions is faster parcel transit times...

  • Page 24
    ... also be able to decide short notice TO BEat INVESTED in our Parcel 2012 modernisation whether their parcel should be delivered at home, at programme in the next two years. the office or at a Packstation. Sending items will also become easier for business customers. When the new concept is in place...

  • Page 25
    One of parcel centres in Germany. 19

  • Page 26
    PLANNING INTELLIGENTLY 30% IMPROVEMENT IN CARBON EFFICIENCY by 2020. 15% 1,000 PARCELS transported by the SmartTruck each day in the Bonn test region. FEWER KILOMETRES driven by the SmartTrucks in tests conducted in Germany and routes completed on average 8 % faster. 20

  • Page 27
    ...EFFICIENCY Dynamic route planning is what the SmartTruck is about. This state-of-the-art delivery vehicle saves time, money and emissions by intelligently navigating the best route in real time. 1 1 Couriers can now find the fastest route through traffic using gps-based route planning. The Indian...

  • Page 28
    ...worked together closely to ï¬,esh out the differences that impact the software and develop solutions that led to a custom-built SmartTruck concept for the Indian market. Higher efficiency, better service By May 2012, SmartTrucks should be covering all incoming shipments from the Asia Pacific region...

  • Page 29
    .... They reduce our carbon footprint. In 2008, Deutsche Post DHL was the first global logistics provider to set a clear, quantifiable goal with its environmental protection programme GoGreen. By 2020, the Group intends to improve the carbon efficiency of its own operations as well as those of its...

  • Page 30
    ... with dynamic route planning commenced delivery operations in Berlin's Mitte district. Since October 2010, the Group has also used SmartTrucks for express delivery in the Cologne / Bonn region. In the summer of 2011, Bangalore became the first test region outside of Europe. dhl also presented...

  • Page 31
    The Indian megacity of Bangalore. 25

  • Page 32
    26

  • Page 33
    A GROUP MANAGEMENT REPORT GROUP MANAGEMENT REPORT 27 - 122

  • Page 34
    ...global forwarding, freight division supply chain division 60 60 61 67 72 76 NON-FINANCIAL PERFORMANCE INDICATORS Employees Corporate responsibility Procurement Research and development Customers and quality Brands 81 81 87 90 92 92 95 FURTHER DEVELOPMENTS Report on post-balance-sheet date events...

  • Page 35
    ... Business activities and organisation The leading mail and logistics group Deutsche Post DHL maintains a global network that allows us to offer our customers everything they need for transporting, storing and processing goods and information, from standard products to customised solutions...

  • Page 36
    ... Services • Value-Added Services • Parcel Germany • Retail Outlets • Global Mail • Pension Service express • Europe • Americas • Asia Pacific • eemea (Eastern Europe, the Middle East and Africa) supply chain • Supply Chain • Williams Lea Global Business Services a.02 Group...

  • Page 37
    ... limit voting rights or the transfer of shares. Members of the Board of Management receive Stock Appreciation Rights (SAR s) each year as a long-term remuneration component under the Long-Term Incentive Plan provided that they each invest cash or Deutsche Post AG shares for each tranche of the plan...

  • Page 38
    ... increase the company's share capital by up to â,¬ 240 million (Authorised Capital 2009, article 5 (2) of the Articles of Association). To date, the Board of Management has not made use of such authorisation. When new shares are issued on the basis of Authorised Capital 2009, the shareholders are...

  • Page 39
    ... to repurchase shares using derivatives is merely intended to supplement share buyback as a tool and give the company the opportunity to structure the share repurchase in an optimum manner. dp-dhl.com/en/investors.html dp-dhl.com/en/investors.html Deutsche Post DHL Annual Report 2011 33

  • Page 40
    ... that are conditional upon a change of control following a takeover bid and agreements with members of the Board of Management or employees providing for compensation in the event of a change of control Corporate Governance, pag e 139 ff. Deutsche Post AG took out a syndicated credit facility with...

  • Page 41
    ... trade despite the fact that exports continued to increase. Instead, declining government spending and inventory investment had a substantial impact on the economic trend. The housing market remained a weak spot. GDP only grew 1.7 % (previous year: 3.0 %). Deutsche Post DHL Annual Report 2011...

  • Page 42
    .... The need to consolidate state budgets in the countries affected continued to rise, with spending cuts and tax increases putting the brakes on private consumption and corporate investment. Developments varied greatly again: whilst Germany and Austria recorded high growth rates, the increase in...

  • Page 43
    ... in the year under review, with trade volumes (transported quantity in tonnes) increasing by around 6 % worldwide. Trade between the emerging markets in the Asia Pacific region, Latin America and the Middle East saw above-average growth. a.05 Trade volumes: compound annual growth rate 2010 to 2011...

  • Page 44
    ...fic Exports 121 844 226 328 506 190 118 225 1,498 2,402 Imports 313 1,029 Africa Asia Pacific Europe North America Latin America Middle East Source: Copyright © Global Insight (Deutschland) GmbH, 2011. All rights reserved, as at 21 December 2011. 38 Deutsche Post DHL Annual Report 2011

  • Page 45
    ... and the Middle East. Our DHL divisions are in an above-average position in these regions. Hardly any other company in our industry offers integrated logistics solutions for all means of transport and in all parts of the world to the extent that we do. Deutsche Post DHL Annual Report 2011 39

  • Page 46
    ... are subtracted from operating assets. The Group's WACC is defined as the weighted average net cost of interest-bearing liabilities and equity, taking into account company-specific risk factors in a beta factor according to the Capital Asset Pricing Model. 40 Deutsche Post DHL Annual Report 2011

  • Page 47
    ... of Tag Group. Net working capital was on a par with the prior year despite the fact that revenues and freight volumes in the DHL divisions increased in the reporting year: the rise in trade receivables of 6.9 % was more than offset by an increase in trade payables of 8.2 %. a.11 Net asset base...

  • Page 48
    ...US economy. a.12 Deutsche Post shares: multi-year review 2005 2006 2007 2008 2009 2010 2011 Year-end closing price High Low Number of shares Market capitalisation as at 31 December Average trading volume per day Annual performance including dividend Annual performance excluding dividend Beta factor...

  • Page 49
    Group Management Report Deutsche Post Shares a.13 Peer group comparison: closing prices 30 Sep. 2011 30 Dec. 2011 +/- % 30 Dec. 2010 30 Dec. 2011 +/- % Deutsche Post DHL PostNL 1 FedEx ups Kuehne + Nagel 1 â,¬ â,¬ us $ us $ chf 9.63 3.31 67.68 63.15 102.80 11.88 2.46 83.51 73.19 105.50 23.4 -...

  • Page 50
    ..., investors in 2011 returned their attention to the development of operations and the business outlook in our divisions. This allowed us to take our equity story on the offensive and show investors how we are successfully implementing our Strategy 2015. 44 Deutsche Post DHL Annual Report 2011

  • Page 51
    ... calculation of mail prices also met with a positive response. In our DHL divisions, investors primarily praised the positive business performance in Asia. Key topics at meetings with investors were the actions we are taking to further expand our market leadership in the region and global trends in...

  • Page 52
    ... Board of Management An impressive result achieved In a time of economic uncertainty, Deutsche Post DHL, as a global logistics company, achieved an impressive result in financial year 2011. Thanks to our presence in the world's growth markets, we were able to increase revenues in all DHL divisions...

  • Page 53
    ... the shares of Standard Forwarding LLC, East Moline, USA. This acquisition expands our freight business capacities in the Freight business unit. DHL Express Canada sold its domestic business to the transport company TransForce at the end of June and is now focusing on international express services...

  • Page 54
    ... profit attributable to Deutsche Post AG shareholders amounts to 72.7 %. The net dividend yield based on the year-end closing price of our shares is 5.9 %. The dividend will be distributed on 10 May 2012 and is tax-free for shareholders resident in Germany. 48 Deutsche Post DHL Annual Report 2011

  • Page 55
    ... initially be used for investing in the operating business and to fund a portion of our pension liabilities. Once this has been achieved, we would aim to improve our rating to "A-" before using liquidity for additional dividend payments or share repurchases. Deutsche Post DHL Annual Report 2011 49

  • Page 56
    ... cover long-term capital requirement. Investors • Reliable and consistent information from the company. • Predictability of expected returns. Group • Preserve financial and strategic ï¬,exibility. • Assure low cost of capital (wacc) 1. 1 Weighted average cost of capital Group management...

  • Page 57
    ...issued in December 2010 at a total volume of â,¬ 2 billion was not drawn down during the year under review. This syndicated credit facility guarantees us favourable market conditions and acts as a secure, long-term liquidity reserve. It does not contain any covenants concerning the Group's financial...

  • Page 58
    ... Deutsche Post lost its value-added-tax exemption for business customers. • Significant exposure to the cyclical, highly fragmented and fairly lowmargin integrated logistics markets. • Global network, with leading market positions in international European and Asian express delivery services...

  • Page 59
    Group Management Report Economic Position Financial position Liquidity and sources of funds As at the balance sheet date, the Group had cash and cash equivalents of â,¬ 3.1 billion (previous year: â,¬ 3.4 billion) at its disposal. A large portion of this is accounted for by Deutsche Post AG. Most ...

  • Page 60
    ... investments centred on China, India, Australia and Singapore. a.28 Capex and depreciation, amortisation and impairment losses, full year mail 2010 adjusted 2011 2010 express 2011 global forwarding, freight 2010 2011 supply chain 2010 adjusted 2011 Corporate Center / Other 2010 2011 2010 Group 2011...

  • Page 61
    ... modernised our warehouses, especially in the Asia Pacific and Europe regions. Funds of â,¬ 35 million were invested in the Freight business unit, where they were used primarily for property, plant and equipment and transport equipment in the UK and Germany. Deutsche Post DHL Annual Report 2011 55

  • Page 62
    ...new vehicles in the reporting year. IT investments increased as well, essentially due to licence purchases. a.30 Operating cash ï¬,ow by division, 2011 â,¬m mail 924 express 1,146 global forwarding, freight 657 supply chain 394 Increase in net cash from operating activities Net cash from operating...

  • Page 63
    ... sale of Exel Transportation Service and of DHL Express Canada's domestic express business. â,¬ 84 million was used to acquire subsidiaries and other business units, mainly for the purchase of Tag, Eurodifarm and Standard Forwarding. In the previous year, net cash from investing activities amounted...

  • Page 64
    ...to debt 1 1 % â,¬m % Financial position, page 50. 28.3 -1,382 14.3 35.2 29.2 - 938 26.8 32.3 Calculation Consolidated total assets increase The Group's total assets amounted to â,¬ 38,408 million as at 31 December 2011, â,¬ 645 million higher than at 31 December 2010. Since the planned sale of...

  • Page 65
    ... informative value of net gearing is limited. We therefore do not present or comment on it here. a.34 Net liquidity (-) / net debt (+) â,¬m 2010 2011 Non-current financial liabilities Current financial liabilities Financial liabilities Cash and cash equivalents Current financial assets Long-term...

  • Page 66
    ... Marketing Press Services Value-Added Service Parcel Germany Retail Outlets Global Mail Pension Service Consolidation / Other Profit from operating activities (ebit) Return on sales (%) 1 Operating cash ï¬,ow express Revenue of which Europe Americas Asia Pacific eemea (Eastern Europe, the Middle...

  • Page 67
    ...DHL is Europe's largest postal company. We deliver 65 million letters every working day in Germany alone. We offer all types of products and services to both private and business customers, ranging from standard letters and merchandise to special services such as cash on delivery and registered mail...

  • Page 68
    ... are mainly companies that deliver regional daily newspapers. In an overall shrinking market, we continued to maintain our share at 11.4 %. Value-added services support customers' mail communications Our customers entrust us with components of their mail communications value chain. We operate their...

  • Page 69
    ..., we serve business customers in key domestic mail markets, including the United States, the UK and Spain. Since the end of 2010 we have offered return services to online retailers in ten European countries, this is a service we intend to expand in 2012. Delivering high-quality services is important...

  • Page 70
    ... AND EARNINGS PERFORMANCE Revenue slightly above prior year on fewer working days As at 1 July 2011, we transferred the Home Delivery business in Germany from the SUPPLY CHAIN division to the MAIL division. We report on this service for deliveries to both private and business customer addresses as...

  • Page 71
    ...Germany: volumes parcels (millions) Business customer parcels 1 Private customer parcels Total 1 2010 adjusted 2011 +/-% Q4 2010 adjusted Q4 2011 +/-% 678 114 792 755 115 870 11.4 0.9 9.8 201 38 239 226 39 265 12.4 2.6 10.9 Including intra-group revenue. Deutsche Post DHL Annual Report...

  • Page 72
    .... The VAT-related discounts in the mail business and expenses from investments in digital growth areas put pressure on earnings. In the fourth quarter of 2011, earnings improved from â,¬224 million to â,¬246 million. Return on sales was 7.9 % in the reporting year. Operating cash flow was â,¬924...

  • Page 73
    Group Management Report Divisions express division express division PRODUCTS dhl Time Definite dhl Same Day dhl Day Definite REGIONS Europe Americas Asia Pacific eemea (Eastern Europe, the Middle East and Africa) NETWORK 220 countries and territories 3 main global hubs 34,000 Service Points 2.5 ...

  • Page 74
    .... The new route cuts one day off delivery time from all locations in the USA, Canada, Asia and the Caribbean islands to Panama and from Panama to all DHL destinations worldwide. At the end of June 2011 we divested our domestic business in Canada. However, we agreed on a ten-year partnership with...

  • Page 75
    ..., 2010 1, 2: top 4 Market volume: â,¬ 5,430 million 10 % ups 12 % ems 21 % FedEx 36 % dhl 1 2 Includes the tdi express product. Country base: au, cn, hk, in, jp, kr, sg, tw. Source: Market Intelligence 2011, annual reports and desk research. In the EEMEA region (Eastern Europe, the Middle East...

  • Page 76
    ...-year figure still included revenue of â,¬24 million from the sold domestic express businesses in China and Australia. Excluding these sales and negative currency effects of â,¬50 million, the rise in revenue was an impressive 12.4 % in the reporting year. 70 Deutsche Post DHL Annual Report 2011

  • Page 77
    Group Management Report Divisions express division Per-day shipment volumes in the TDI product line increased by 10.3 % in 2011 compared with the prior year, with fourth-quarter growth amounting to 10.5 %. Business in the eemea region improves steadily Despite the challenges due to the political ...

  • Page 78
    ...REGIONS Global Forwarding Worldwide > 150 countries and territories Freight Europe, cis, the Middle East, North Africa, usa > 50 countries LOCATIONS Global Forwarding > 850 branches Freight > 160 branches PRODUCTS Global Forwarding Air freight Ocean freight Industrial projects Transport management...

  • Page 79
    ... due to carriers adding new cargo aircraft to their fleets. In its air freight business, DHL transports a significant share of the world's technology and manufacturing products. Transport volumes in these sectors were weaker than in the rest of the market during the year under review. The numerous...

  • Page 80
    ...fits in air and ocean freight at high level In financial year 2011, gross profits in the air and ocean freight business continued their positive trend, although revenues and volumes came under pressure in the second half of the year. Fuel prices remained high whilst freight rates declined. Overall...

  • Page 81
    Group Management Report Divisions global forwarding, freight division Overland transport sees stable growth The Freight business unit generated revenue of â,¬4,088 million in 2011, exceeding the previous year's figure of â,¬3,735 million by 9.5 %. This includes positive currency effects of â,¬47 ...

  • Page 82
    ... and communication processes. End-to-end offering in contract logistics In the Supply Chain business, we provide customers in many industry sectors with logistics services along the entire supply chain. From planning, sourcing, production, storage and delivery to returns logistics and value-added...

  • Page 83
    ... and Energy. In 2011, we aligned our global management structure to enable the development and implementation of sector-specific supply chain solutions at a cross-regional level. In addition, each sector head is supported by a team of dedicated specialists who handle the customer projects and...

  • Page 84
    ... in mind we streamlined organisational processes and made a number of portfolio changes that impacted the year-on-year revenue and earnings trend. These included the sale of Exel Transportation Services (ETS) and the acquisitions of Eurodifarm and Tag Group. 78 Deutsche Post DHL Annual Report 2011

  • Page 85
    ... the Marketing Solutions business in the Americas and new business in the European banking sector. Additional contracts worth â,¬1.3 billion concluded a.59 supply chain: revenue by region, 2011 Total revenue: â,¬13,223 million 10 % Asia Pacific 27 % Americas 63 % Europe / Middle East / Africa...

  • Page 86
    ...year: 1.3 %). Operating cash flow was â,¬394 million for 2011, an increase of â,¬51 million over the â,¬343 million achieved in the previous year. Higher earnings and lower cash outflows for restructuring were partly offset by an increase in working capital. 80 Deutsche Post DHL Annual Report 2011

  • Page 87
    ...of employees 2010 2011 +/- % At year-end Headcount 1 Full-time equivalents 2 of which mail 3 express global forwarding, freight supply chain 3 Corporate Center / Other of which Germany Europe (excluding Germany) 3 Americas Asia Pacific Other regions 3 Average for the year Headcount of which hourly...

  • Page 88
    ... all to the sale of our domestic express business in China. Our current planning calls for increasing slightly the number of employees in financial year 2012. Fostering a Group-wide leadership culture Quality personnel management is a core element of sustainable company development. Our executives...

  • Page 89
    ... at least one e-learning course. In the SUPPLY CHAIN division, around 3,500 sales employees were trained in special sales skills. In addition, more than 1,500 managers participated in our Leadership Enrichment Programme during the reporting year. Strategic personnel planning In many countries, the...

  • Page 90
    ... upper and middle management. We are an equal opportunity employer. In 2011, we again placed particular emphasis on increasing the share of women in management positions. We consulted specialists and executives in various divisions and regions to identify barriers to advancement and develop growth...

  • Page 91
    ... safety measures including appropriate online training on a Group-wide basis, we co-operate with domestic and international traffic safety organisations and we develop informational materials for accident prevention. All organisational units in Germany. Deutsche Post DHL Annual Report 2011 85

  • Page 92
    ... safety organisation's quality management system once again in the reporting year. a.66 Occupational safety 1 2010 2011 4 Number of workplace accidents 2 Accident rate (number of accidents per 1,000 employees per year) Number of working days lost due to accidents (calendar days) Working days lost...

  • Page 93
    ... CO2 efficiency target. By the year 2020 we intend to improve the CO2 efficiency of our own operations and those of our subcontractors by 30 % compared with 2007. In the process we shall reduce our operating costs and open up new market opportunities. Deutsche Post DHL Annual Report 2011 87

  • Page 94
    ... substantial dp-dhl.com/en/responsibility/ environment.html progress in all areas in the reporting year. • Providing transparency: We use our internal financial system to record data on our carbon emissions. This is done by using recorded fuel and energy consumption data and transport data, for...

  • Page 95
    Group Management Report Non-Financial Performance Indicators Corporate responsibility • Offering green solutions: Our GoGreen products and services offer customers the opportunity to improve their green balance sheet. Using carbon certificates from climate protection projects, they can offset the...

  • Page 96
    ... transports increase energy efficiency. The procurement team supported the MAIL division in the reporting year with the selection and order placement of new sorting solutions. Capacity and processing speed increased by around 40 % as a result during the testing phase. 90 Deutsche Post DHL Annual...

  • Page 97
    ... in co-operation with a bank since 2010 in Germany and other European countries, was expanded in the reporting year. The Group benefits from this new model because it allows the divisions to optimise their working capital. Our suppliers also benefit as the model opens up advantageous financing...

  • Page 98
    ... collections are delivered to their recipients the next day. In order to ensure this level of quality in the long term, our quality management is based on a system that is certified each year by TÃœV Nord, a recognised certification and testing organisation. 92 Deutsche Post DHL Annual Report 2011

  • Page 99
    Group Management Report Non-Financial Performance Indicators Customers and quality In the parcel business, we nearly achieved the previous year's very good transit time results. Just under 90 % of the deliveries we collected from business customers reached their destination the next day. Since 2008...

  • Page 100
    ... Life Sciences & Healthcare sector, dhl Solutions & Innovations (dsi) introduced smart sensor technology to monitor key functions such as temperature. The new technology enables customers to obtain in-transit data related to their temperaturesensitive goods. 94 Deutsche Post DHL Annual Report 2011

  • Page 101
    ..., freight dhl • Global Forwarding • Freight Division Brand Brand area mail Deutsche Post • Mail Communication • Dialogue Marketing • Value-Added Services • Press Services • Philately • Pension Service dhl • Global Mail • Parcel Germany express dhl • Express supply chain dhl...

  • Page 102
    ... employees took part in the marathon. Sharper focus on dhl brand During the reporting year, we aligned the DHL brand strategy more closely with our business strategy and targeted our international campaigns towards greater emphasis on DHL as the umbrella brand. 96 Deutsche Post DHL Annual Report...

  • Page 103
    Group Management Report Further Developments Report on post-balance-sheet date events In 2011 DHL continued its global integrated brand campaign, which targets top decision makers in large corporations. The main message of the campaign is our customer promise to offer simplified services and ...

  • Page 104
    ... to improve in 2012 in line with our operating business. Opportunities and risks OPPORTUNITY AND RISK-CONTROLLING PROCESSES Uniform reporting standards for opportunity and risk-controlling processes As an internationally operating logistics company, we are faced with numerous changes. Our aim is...

  • Page 105
    ... change Aggregate Report Define measures Analyse Identify Internal auditors review processes Control Review results 5 Review measures Monitor early warning indicators 3 Overall strategy / risk management / compliance Determine Manage 4 Operating measures Plan Implement Divisions Opportunity...

  • Page 106
    .... Internal accounting control and risk management system (disclosures required under section 315 (2), number 5 of the Handelsgesetzbuch (hgb - German Commercial Code) and explanatory report) Deutsche Post DHL uses an internal accounting control system to ensure that Group accounting adheres...

  • Page 107
    ...-entity financial statements and ensure that international financial reporting standards (EU-IFRS s) are applied in a uniform manner throughout the Group. All Group companies are required to use a standard chart of accounts. Often, accounting processes are pooled in a shared services centre in order...

  • Page 108
    ... the new Chief Commercial Officer position that combines all cross-DHL initiatives, including our central key account management and innovations. Online communication and e-business are creating demand for transporting documents and goods. This in turn creates growth opportunities for us in our mail...

  • Page 109
    ..., market and sector-specific conditions have a significant effect on the business performance of the Group. We pay close attention to economic trends in all regions, particularly in the industrial countries. Despite the volatile climate, demand for logistics services rose in 2011 and our revenues...

  • Page 110
    ...interest of our customers, business partners and employees. Risks arising from corporate strategy Over the past years, the Group has ensured that its activities are well positioned in the world's fastest growing regions and markets. We have also created efficient structures in all areas to allow us...

  • Page 111
    ...range of electronic communications services, securing our standing as the quality leader and, where possible, making our transport and delivery costs more flexible. We follow developments in the market very closely. Although customer demand will change significantly over the long term, we regard the...

  • Page 112
    ... million applying to Corporate Center/Other. The Board of Management members are regularly informed of investment decisions so that they can identify any significant risk early and take the necessary countermeasures. As a service provider, we do not conduct research and development in the narrower...

  • Page 113
    ... the trade unions to take account of the changing employment structure. The Generations Pact enables older employees to remain on the job whilst at the same time improving employment opportunities for young people. Employees, page 82 f. Employees, page 84 Deutsche Post DHL Annual Report 2011 107

  • Page 114
    ... 2009). In January 2012, the process to exercise the put option was initiated by Deutsche Post AG. The changes in the fair value of the forward transaction (second tranche) and the call and put options (third tranche) led to volatility on the balance sheet during the financial year. Until the shares...

  • Page 115
    ... property must either be returned to its rightful owner or the home country of the most recent owner or, if this is not known, the country in which the company is domiciled. The probability of a significant financial impact on the Group is fairly low. Deutsche Post DHL Annual Report 2011 109

  • Page 116
    ...choice for our staff. Our Group strategy is closely intertwined with the business strategies of our divisions. We take regular stock of the progress we make in terms of customer and employee satisfaction as well as the growth and profitability of our divisions. As the largest company in our industry...

  • Page 117
    ...-operation with business partners and increase application of the shared services approach. This will allow us to improve our effectiveness and reduce our finance costs. Strategy and goals of the divisions, page 112 ff. Business activities and organisation, page 30 Deutsche Post DHL Annual Report...

  • Page 118
    .... In our parcel business, a new production system allows us to sort and transport parcels more efficiently, saving costs along the way. • Providing the highest quality to our customers: We want to offer our customers the best service at the highest level of quality and at fair prices. We are...

  • Page 119
    ... review customer behaviour and customer response and to draw the necessary conclusions, starting with the customer's very first contact with the call centre, internet site or sales employee all the way to delivery of the shipment to the recipient and invoicing. Deutsche Post DHL Annual Report 2011...

  • Page 120
    ... the future setup of road freight between China and south-east Asia. In the United States, we invested in eight new sales locations and further expanded our air freight trade lane traffic from North America to Russia, India, China, Mexico and South Korea. 114 Deutsche Post DHL Annual Report 2011

  • Page 121
    ...Organisational Capability seeks to develop leadership qualities and enhance employee commitment. We want to attract new talent and retain and develop our existing talent. To this end, we have launched a top talent management programme. Strategic focus, page 111 Deutsche Post DHL Annual Report 2011...

  • Page 122
    ... our sales activities. Future organisation Change in Board of Management The Supervisory Board of Deutsche Post AG resolved on 14 December 2011 to appoint Angela Titzrath to the Group Board of Management. As at 1 May 2012, she will succeed Walter Scheurle, who will resign his post as Board Member...

  • Page 123
    ... of growth in global trade (IMF: 3.8 %, OECD: 4.8 %). a.73 Global economy: growth forecasts % 2011 2012 Global trade volume Real gross domestic product Global Industrial nations Emerging markets Central and Eastern Europe cis countries Emerging markets in Asia Middle East and northern Africa...

  • Page 124
    ... companies to resort increasingly to more economical forms of advertising. We intend to consolidate our position in the liberalised market for paper-based advertising and to expand our share in the advertising market as a whole by integrating online marketing. 118 Deutsche Post DHL Annual Report...

  • Page 125
    ... to increase in 2012 on the whole. This will, in turn, put more pressure on margins in the freight forwarding sector. In 2011, road transport volumes recovered from the crisis. For 2012 we anticipate regular market growth, assuming long-term growth rates. Deutsche Post DHL Annual Report 2011 119

  • Page 126
    ... 3 % to 3.5 %. The international trading volumes relevant for our business are likely to exceed the projected growth of the global economy. We are therefore anticipating the corresponding revenue growth, particularly in the DHL divisions. For financial year 2012, we expect consolidated EBIT to reach...

  • Page 127
    .... In the GLOBAL FORWARDING, FREIGHT division, capital expenditure is expected to rise in 2012. We plan to optimise IT solutions in the Global Forwarding business unit. Regionally, we shall be investing primarily in Asia, Europe, the Middle East and Africa. Deutsche Post DHL Annual Report 2011 121

  • Page 128
    ... capital expenditure will decrease slightly year-on-year in 2012. Investments will again be centred on our vehicle fleet and IT. This Annual Report contains forward-looking statements that relate to the business, financial performance and results of operations of Deutsche Post ag. Forward...

  • Page 129
    B CORPORATE GOVERNANCE CORPORATE GOVERNANCE 123 - 148

  • Page 130
    ... SUPERVISORY BOARD SUPERVISORY BOARD Members of the Supervisory Board Committees of the Supervisory Board 125 129 129 129 BOARD OF MANAGEMENT MANDATES Mandates held by the Board of Management Mandates held by the Supervisory Board 130 132 132 132 CORPORATE GOVERNANCE REPORT Remuneration report...

  • Page 131
    ..., the Board of Management provided us with detailed information on the situation and direction of the company and the Group, on strategic initiatives and all key issues related to planning and implementation and on opportunities and risks for business performance. We regularly discussed the global...

  • Page 132
    ... for a further five years until August 2017. Prior to the meeting, the company organised a Directors' Day to provide Supervisory Board members with basic and further training. Selected speakers talked about current topics and developments, including accounting and corporate governance. Following the...

  • Page 133
    ... year 2013. There were no changes to the employee representatives. The company's Board of Management changed as follows: Hermann Ude resigned from the Board of Management on 8 March 2011. Roger Crook was appointed to succeed him as the member of the Board of Management responsible for GLOBAL...

  • Page 134
    ... Management and all the employees of the Group for their particularly hard work in the past year. The Supervisory Board is confident that the company is very well prepared for the future. Bonn, 7 March 2012 The Supervisory Board Wulf f von Schimmelmann Chairman 128 Deutsche Post DHL Annual Report...

  • Page 135
    ... Postal Services Group at ver.di national administration Heinrich Josef Busch Chair of the Group and Company Executive Representation Committee, Deutsche Post ag Thomas Koczelnik Chair of the Group Works Council, Deutsche Post ag Anke Kufalt Member of the Works Council, dhl Global Forwarding GmbH...

  • Page 136
    ... New member of the Board of Management Former member of the Board of Management ANGELA TITZRATH PERSONNEL Born in 1966 Member from May 2012 Appointed until April 2015 HERMANN UDE GLOBAL FORWARDING, FREIGHT Born in 1961 Member from March 2008 until March 2011 130 Deutsche Post DHL Annual Report...

  • Page 137
    Corporate Governance Board of Management 3 2 4 1 6 5 7 Deutsche Post DHL Annual Report 2011 131

  • Page 138
    ... dhl Sinotrans International Air Courier Ltd. 1 (Board of Directors) Roger Crook dhl Global Forwarding Management (Asia Pacific) Pte. Ltd.1 (Board of Directors) Bruce Edwards Ashtead plc (Board of Directors) Greif, Inc. (Board of Directors) Williams Lea Group Limited 1 (Board of Directors) Williams...

  • Page 139
    ... private customers surveyed in Germany were satisfied with the Deutsche Post mail and retail outlet service. Our corporate responsibility rests on the competencies of the company and the experience of our employees. We want to lead the way in innovative and sustainable logistics solutions. Pursuant...

  • Page 140
    .... In addition, we used the Living Responsibility Fund to support our employees' voluntary commitment in local projects. Code of Conduct, diversity and compliance management Deutsche Post DHL has developed a Code of Conduct that has been applicable in all regions and in all divisions since mid-2006...

  • Page 141
    ... supported by the Global Compliance Office, which establishes compliance management standards on a Group-wide scale and supports the corresponding activities of the divisions. In 2011, pursuant to Deutsche Post DHL's continuous review and development of the compliance management system, the position...

  • Page 142
    .... In financial year 2011, the Supervisory Board met for four plenary meetings, 18 committee meetings and a closed meeting, as described in the report of the Supervisory Board. The Board of Management and the Supervisory Board are in regular contact regarding strategic measures, planning, business...

  • Page 143
    ... various divisions. The MAIL Steering Committee is responsible for the MAIL division and the cross-divisional DHL Executive Committee is in charge of the EXPRESS, GLOBAL FORWARDING, FREIGHT and SUPPLY CHAIN divisions. The CEO, the CFO and the respective board members of the divisions are represented...

  • Page 144
    ... company's international operations are adequately taken into account. Swiss-born Thomas Kunz, recently elected at the 2011 AGM, possesses extensive knowledge and experience gained in his many years as a member of the top management team within the French Danone group. 138 Deutsche Post DHL Annual...

  • Page 145
    ...Report. Remuneration structure of the Group Board of Management in financial year 2011 The total remuneration paid to individual Board of Management members for financial year 2011 was determined by the Supervisory Board, which held consultations to resolve on the remuneration system for the Board...

  • Page 146
    ... Post shares for the five trading days preceding the exercise date and the exercise price of the SAR. In 2011, the members of the Board of Management each invested 10 % of their annual base salary as a personal financial investment. The waiting period for the stock appreciation rights is four years...

  • Page 147
    ... trading days prior to the issue date. The performance period is the last sixty trading days before the end of the waiting period. The average share price (closing price) is calculated as the average closing price of Deutsche Post shares in Deutsche Börse AG's Xetra electronic trading system...

  • Page 148
    ... as at the end of 31 March 2011 and he was paid the sum of â,¬2,972,083. Just as with active Board of Management members, the pension capital on his virtual pension account will accrue interest at an annual rate equal to the "iBoxx Corporates AA 10 + Annual Yield" rate, or at an annual rate of 2.25...

  • Page 149
    ...SAR s in financial year 2011 for a total value of â,¬6.96 million (previous year: â,¬4.99 million) at the time of issue (1 July 2011). The following table presents the total remuneration paid to active Board of Management members: 2.05 Remuneration paid to the Group Board of Management in 2011: cash...

  • Page 150
    ... to the Group Board of Management in 2010: share-based component with long-term incentive effect â,¬ Number of sar s Value of sar s on grant date (1 July 2010) Change in value of total sar s granted from 2007 to 2010 on 31 Dec. 2010 compared with value on grant date Active board members Dr Frank...

  • Page 151
    ... company credits an annual amount of 35 % of the annual base salary to a virtual pension account for the Board of Management member concerned. The maximum contribution period is 15 years. Since financial year 2010, pension capital has accrued interest at an annual rate equal to the "iBoxx Corporates...

  • Page 152
    ... â,¬602,000 credited to Hermann Ude in connection with his departure from the company. b.12 Board of Management pension commitments under the new system in the previous year (2010): individual breakdown â,¬ Total contribution for 2010 Present value (dbo) as at 31 Dec. 2010 Service cost for pension...

  • Page 153
    ...previous year: no payment) in the event of an increase in the consolidated revenue for 2011 compared with 2008. Since this requirement was not met, no performance-related remuneration with long-term incentive effect will be paid out for financial year 2009. Deutsche Post DHL Annual Report 2011 147

  • Page 154
    b.14 Remuneration paid to Supervisory Board members in 2010 â,¬ Board members Fixed component Attendance allowance Total Prof. Dr Wulf von Schimmelmann (Chair) Andrea Kocsis (Deputy Chair) Wolfgang Abel Willem ...,000 7,250 34,000 55,000 57,000 34,000 52,000 148 Deutsche Post DHL Annual Report 2011

  • Page 155
    C CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS 149 - 246

  • Page 156
    ...OF COMPREHENSIVE INCOME BALANCE SHEET CASH FLOW STATEMENT STATEMENT OF CHANGES IN EQUITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF DEUTSCHE POST AG BASIS OF PREPARATION 1 Basis of accounting 2 Consolidated group 3 Significant transactions 4 New developments in international accounting under...

  • Page 157
    Consolidated Financial Statements Income Statement C.01 INCOME STATEMENT 1 January to 31 December â,¬m Note 2010 adjusted 1 2011 Revenue Other operating income Total operating income Materials expense Staff costs Depreciation, amortisation and impairment losses Other operating expenses Total ...

  • Page 158
    ... losses Changes from realised gains and losses Income taxes relating to components of other comprehensive income Share of other comprehensive income of associates (after tax) Other comprehensive income (after tax) Total comprehensive income attributable to Deutsche Post ag shareholders attributable...

  • Page 159
    ... Non-current assets Inventories Income tax assets Receivables and other current assets Current financial assets Cash and cash equivalents Assets held for sale Current assets Total assets equity and liabilities Issued capital Other reserves Retained earnings Equity attributable to Deutsche Post ag...

  • Page 160
    ... non-current assets and liabilities Income taxes paid Net cash from operating activities before changes in working capital Changes in working capital Inventories Receivables and other current assets Liabilities and other items Net cash from operating activities Subsidiaries and other business units...

  • Page 161
    ... Deutsche Post ag shareholders 40 Noncontrolling interests 41 Total equity Note Balance at 1 January 2010 Capital transactions with owner Dividend Transactions with noncontrolling interests Changes in non-controlling interests due to changes in consolidated group Purchase of treasury shares Share...

  • Page 162
    ...), Plantation Post Logistics Australasia, Melbourne (Post Logistics Australasia) 100 1 June 2011 Cayman Islands supply chain global forwarding, freight 100 11 July 2011 usa 100 29 July 2011 Australia supply chain Asset deal 1 October 2011 156 Deutsche Post DHL Annual Report 2011

  • Page 163
    ...sciences industry. The change in the method of consolidation resulted in a gain of â,¬ 1.3 million, which is reported in other operating income. Under the terms of an asset deal, DHL Supply Chain Pty. Limited, Australia, has acquired from Post Logistics Australasia assets and liabilities relating to...

  • Page 164
    ...million was spent in financial year 2010 on acquiring subsidiaries and â,¬ 51 million for subsidiaries acquired in previous years. The purchase prices of the acquired companies were paid in cash. Further information about cash flows can be found in Note 47. 158 Deutsche Post DHL Annual Report 2011

  • Page 165
    ... other operating expenses. supply chain segment In April 2011, Deutsche Post DHL sold the freight forwarding company Exel Transportation Services Inc., USA, including Exel Trucking Inc., USA, and Exel Transportation Services Inc. (Canadian Branch), Canada, to the US-based Hub Group. The assets and...

  • Page 166
    ...In March of the previous year, DHL Express UK sold its day-definite domestic business. In April, DHL Supply Chain Austria sold parts of its contract logistics operations. The sale of DHL Express France's day-definite domestic business, and of DHL Freight France's champagne business, was completed in...

  • Page 167
    ... and ends in February 2013. As the planned Postbank sale is expected to occur in the first quarter of 2012, all related non-current assets and liabilities were reported as current assets and liabilities. The options have been reported under current financial assets and current financial liabilities...

  • Page 168
    ... after 1 January 2015. Earlier application is permitted. The EU has deferred the decision on whether to endorse this Standard for the time being. The corresponding effects on the Group of the parts of IFRS 9 that have already been issued are being assessed. 162 Deutsche Post DHL Annual Report 2011

  • Page 169
    ... of temporary taxable differences for investment properties where the fair value model is applied in accordance with IAS 40. The new rule is important for countries where the tax rules governing the use and the sale of such assets differ. As part of this amendment, SIC-21 (Income Taxes - Recovery of...

  • Page 170
    ...The consolidated financial statements are prepared under the historical cost convention, except where items are required to be recognised at their fair value. Revenue and expense recognition 7 Accounting policies Deutsche Post DHL's normal business operations consist of the provision of logistics...

  • Page 171
    ... which goodwill has been allocated, the existing carrying amount of the goodwill is reduced first. If the amount of the impairment loss exceeds the carrying amount of the goodwill, the difference is allocated to the remaining non-current assets in the CGU. Deutsche Post DHL Annual Report 2011 165

  • Page 172
    ... at cost. Available-for-sale financial instruments are allocated to non-current assets unless the intention is to dispose of them within 12 months of the balance sheet date. In particular, investments in unconsolidated subsidiaries, marketable securities and other equity investments are reported in...

  • Page 173
    ... on an active market. Unless held for trading, they are recognised at cost or amortised cost at the balance sheet date. The carrying amounts of money market receivables correspond approximately to their fair values due to their short maturity. Loans and receivables are considered current assets if...

  • Page 174
    ... the supply of services, for administrative purposes, or for sale in the normal course of the company's business. It is measured in accordance with the cost model. Depreciable investment property is depreciated over a period of between five and 50 years using the straight-line method. The fair value...

  • Page 175
    ... outstanding loss reserves. The company carries out its own assessment of ultimate loss liabilities using actuarial methods and also commissions an independent actuarial study of these each year in order to verify the reasonableness of its estimates. Deutsche Post DHL Annual Report 2011 169

  • Page 176
    ...On initial recognition, financial liabilities are carried at fair value less transaction costs. The price determined on a priceefficient and liquid market or a fair value determined using the treasury risk management system deployed within the Group is taken as the fair value. In subsequent periods...

  • Page 177
    ... as well as receivables, liabilities and provisions between consolidated companies are eliminated. Intercompany profits or losses from intra-group deliveries and services not realised by sale to third parties are eliminated. 9 Consolidation methods Deutsche Post DHL Annual Report 2011 171

  • Page 178
    ...by division mail 1 Jan. to 31 Dec. 2010 1, 2 2011 2010 express 2011 global forwarding, freight 2010 2011 supply chain 2010 1 2011 Corporate Center / Other 2010 1 2011 Consolidation 2010 1 2011 2010 2 Group 2011 External revenue Internal revenue Total revenue Profit / loss from operating activities...

  • Page 179
    ...division comprise the transportation of goods by rail, road, air and sea. The division's business units are Global Forwarding and Freight. The main geographical areas in which the Group is active are Germany, Europe, the Americas, Asia Pacific and Other regions. External revenue, non-current assets...

  • Page 180
    ...to consolidated amounts Reconciliation â,¬m Total for reportable segments 2010 1 2011 Corporate Center / Other 2010 2011 Reconciliation to Group / Consolidation 2010 1 2011 Consolidated amount 2010 1 2011 External revenue Internal revenue Revenue Other operating income Materials expense Staff costs...

  • Page 181
    ...The increase in the materials expense is due on the one hand to higher aircraft fuel prices, and on the other hand to higher transportation costs as a result of the expansion of business activities. Other expenses include a large number of individual items. Deutsche Post DHL Annual Report 2011 175

  • Page 182
    ... that is no longer in use. The transport equipment impairment losses disclosed for the EXPRESS segment are due to the reclassification of the domestic express business in Australia and China as assets held for sale in accordance with ITRS 5; Notes 2 and 36. 176 Deutsche Post DHL Annual Report 2011

  • Page 183
    ...million) is the planned sale of Postbank. In addition, this item includes the changes in value resulting from the measurement of the Deutsche Postbank shares before and after they were reclassified as held for sale in accordance with IFRS 5; Notes 3 and 36. Deutsche Post DHL Annual Report 2011 177

  • Page 184
    ... in the balance sheet for companies that reported a loss in the previous year or in the current period as, based on tax planning, realisation of the tax asset is probable. In financial year 2011, as in the previous year, German Group companies were not affected by tax rate changes. The change in the...

  • Page 185
    ...,103 rights to shares as at the reporting date. Diluted earnings per share 44 -11 -1 93 668 2010 2011 Consolidated net profit for the period attributable to Deutsche Post ag shareholders Weighted average number of shares outstanding Potentially dilutive shares 1 Weighted average number of shares...

  • Page 186
    ... 24.1 Overview Internally generated intangible assets Purchased brand names Purchased customer lists Other purchased intangible assets Goodwill Advance payments and intangible assets under development Total Cost Balance at 1 January 2010 Additions to consolidated group Additions Reclassi...

  • Page 187
    ...Financial Statements Notes Balance sheet disclosures 24.2 Allocation of goodwill to cgu s â,¬m 2010 2011 Total goodwill mail mail National 1 10,666 662 94 568 4,158 10,973 687 n. a. n. a. 4,161 mail International express global forwarding, freight dhl Global Forwarding dhl Freight supply chain...

  • Page 188
    ... has paid advances in connection with uncompleted transactions. Assets under development relate to items of property, plant and equipment in progress at the balance sheet date for whose production internal or third-party costs have already been incurred. 182 Deutsche Post DHL Annual Report 2011

  • Page 189
    ...of the aggregate income statements and balance sheets of the associates. The amounts do not relate to the shares attributable to Deutsche Post DHL, but are presented based on a notional 100 % shareholding. Aggregate results 26 â,¬m Investment property â,¬m 2010 2011 Revenue 2010 2011 8,8411 139...

  • Page 190
    ... differences will probably not reverse in the foreseeable future. Maturity structure â,¬m Short-term Long-term Netting Total Further information on pension assets can be found in Note 42. 2011 Deferred tax assets Deferred tax liabilities 2010 571 326 908 255 -326 -326 1,153 255 30 â,¬m Deferred...

  • Page 191
    ... kg, Germany - real estate (Corporate Center / Other) us Express Aviation, usa - aircraft (express segment) Miscellaneous Assets held for sale and liabilities associated with assets held for sale 0 71 25 12 5 113 1,916 21 15 4 5 1,961 0 0 0 0 0 0 0 0 0 0 0 0 Deutsche Post DHL Annual Report 2011...

  • Page 192
    ... of US Express Aviation was classified in accordance with IFRS 5 in the previous year. Fair value of interest in Deutsche Postbank Stock market price â,¬m â,¬ 1,797 20.80 2,086 24.135 37 37.1 Issued capital Share capital In 2010, the write-down of the carrying amount of the investment due to...

  • Page 193
    ...by the Annual General Meeting. In addition, the Board of Management is authorised to acquire treasury shares using derivatives. As at the reporting date in the previous year, Deutsche Post AG did not hold any treasury shares on 31 December 2011. 37.8 Disclosures on corporate capital The revaluation...

  • Page 194
    ...which changed as follows: â,¬m 2010 2011 As at 1 January Treasury shares acquired Treasury shares issued Reserve for treasury shares as at 31 December 0 -9 8 -1 -1 -20 20 -1 Changes in treasury shares are presented in the statement of changes in equity. 188 Deutsche Post DHL Annual Report 2011

  • Page 195
    ... International Air Courier Ltd., China Blue Dart Express Limited, India Lemuir Logistics Private Limited, India Tradeteam Limited, uk Other companies Non-controlling interests 84 18 18 18 47 185 86 19 17 12 56 190 Total dividend â,¬m Dividend distributed in financial year 2011 for the year 2010...

  • Page 196
    ...assets was determined by reference to long-term bond yields (government and corporate). In this process, suitable risk premiums were applied on the basis of historical market returns and current market expectations taking plan asset structures into account. 190 Deutsche Post DHL Annual Report 2011

  • Page 197
    Consolidated Financial Statements Notes Balance sheet disclosures 42.4 Reconciliation of the present value of the defined benefit obligation, the fair value of plan assets and the pension provisions â,¬m Germany uk Other Total 2011 Present value... 4,445 Deutsche Post DHL Annual Report 2011 191

  • Page 198
    42.5 Changes in the present value of total defined benefit obligation â,¬m Germany uk Other Total 2011 Present value of total defined benefit obligation at 1 January Current service cost, excluding employee contributions Employee contributions Interest cost Benefit payments Past service cost ...

  • Page 199
    Consolidated Financial Statements Notes Balance sheet disclosures 42.6 Changes in the fair value of plan assets â,¬m Germany uk Other Total 2011 Fair value of plan assets at 1 January Employer contributions Employee contributions Expected return on plan assets Gains (+) / losses (-) on plan assets...

  • Page 200
    ... 1 2007 Total 2008 Total 2009 Total 2010 Total 2011 Total 473 439 34 - 632 415 -1,047 509 335 174 475 374 101 352 369 -17 116 11 61 50 -29 The experience gains and losses on plan assets are recognised until financial year 2008 with the amounts of the Deutsche Postbank Group included...

  • Page 201
    Consolidated Financial Statements Notes Balance sheet disclosures 42.10 Pension expense â,¬m Germany uk Other Total 2011 Current service cost, excluding employee contributions Interest cost Expected return on plan assets Recognised past service cost Amortisation of unrealised gains (-) / losses ...

  • Page 202
    ... deliveries from postage stamps sold but still unused by customers, and is based on studies by market research companies. It is measured at the nominal value of the stamps issued. 43.2 Miscellaneous provisions â,¬m 2010 2011 Tax provisions Litigation costs Risks from business activities Postal...

  • Page 203
    ... Interest rate End of term Asset Deutsche Post Immobilien GmbH, Germany Lorac Investment Management Sarl Wachovia Financial Services; Wells Fargo 6% 2016 Real estate Sorting system 2019 / 2022 software Warehouse, office 2012 / 2013 equipment 2015 it equipment 11 9 dhl Express (us) Inc., usa...

  • Page 204
    ...to hedge Deutsche Bank shares; see Note 3. Financial liabilities at fair value through profit or loss 115 137 45 â,¬m Other liabilities Non-current 2010 2011 2010 Current 2011 2010 Total 2011 Other liabilities 401 347 4,047 4,106 4,448 4,453 198 Deutsche Post DHL Annual Report 2011

  • Page 205
    .... 45.2 Maturity structure â,¬m 2010 2011 Cash flows from operating activities are calculated by adjusting consolidated net profit / loss for tax expenses, net financial income / net finance costs and non-cash factors, as well as taxes paid, changes in provisions and in other non-current assets and...

  • Page 206
    ... investments were made in expanding the infrastructure in Europe and Asia, the IT systems and the aircraft fleet. The change in current financial assets contributed a cash inflow of â,¬ 394 million largely due to the sale of money market funds. This is â,¬ 843 million lower than in the previous year...

  • Page 207
    ... credit lines. The Group had central liquidity reserves of â,¬ 3.8 billion (previous year: â,¬ 4.6 billion) at the reporting date, consisting of central financial investments amounting to â,¬ 1.8 billion plus a syndicated credit line of â,¬ 2 billion. Deutsche Post DHL Annual Report 2011 201

  • Page 208
    ...28 February 2012. A further current financial liability of â,¬ 120 million relates to the transactions settled to hedge Deutsche Bank shares during the sale of the first 50 million Postbank shares in 2009; see Note 3. There is collateral in the same amount. 202 Deutsche Post DHL Annual Report 2011

  • Page 209
    ... and "More than 5 years" as at 31 December 2011, because all existing derivatives will mature by 2014. The derivatives on shares of Deutsche Postbank AG entered into with Deutsche Bank AG are not included in the overview as they do not result in cash flows. Deutsche Post DHL Annual Report 2011 203

  • Page 210
    ... companies are not permitted to participate in in-house banking for legal reasons, their currency risks from primary financial instruments are fully hedged locally through the use of derivatives. They therefore have no impact on the Group's risk position. 204 Deutsche Post DHL Annual Report 2011

  • Page 211
    ... cash flows using Corporate Treasury's risk management system. As at 31 December 2011, the Group had entered into interest rate swaps with a notional volume of â,¬ 1,005 million (previous year: â,¬ 1,005 million). The fair value of this interest rate swap position was â,¬ 48 million (previous year...

  • Page 212
    ...year: â,¬ 736 million). Changes in the fair value of the forward and the options are included in net financial income / net finance costs until the instruments are exercised or expire. Had the fair value of Postbank shares been 10 % lower as at 31 December 2011, the net fair value of the share price...

  • Page 213
    ... loans. Collateral of â,¬ 170 million is recognised in current financial assets (previous year: â,¬ 39 million). The majority of this concerns collateral relating to the sale of the Deutsche Postbank AG shares still held by Deutsche Post. Deutsche Post AG is required to deposit payments from hedging...

  • Page 214
    ... financial instruments used in the Group and their fair values. Derivatives with amortising notional volumes are reported in the full amount at maturity. Derivative financial instruments 4m Fair values 2011 by maturity 2010 2011 Fair value of assets Fair value of liabilities Less than 1 year Assets...

  • Page 215
    ... fuels, which cannot be passed on to customers, were hedged using commodity swaps that fall due in 2012. The fair value of these cash flow hedges amounted to â,¬ 1 million as at year-end (previous year: â,¬ 5 million). There was minor hedge ineffectiveness. Deutsche Post DHL Annual Report 2011 209

  • Page 216
    ... used in the Group The Group classifies financial instruments equivalent to the respective balance sheet items. The following table reconciles the classes to the categories given in IAS 39 and the respective fair values: Reconciliation of carrying amounts in the balance sheet as at 31 December 2011...

  • Page 217
    ... 0 0 41 0 0 0 76 7,685 0 256 2,242 0 3,123 - -1,207 0 0 -221 0 - 5,491 0 - 6,168 -317 0 -13,404 0 0 0 0 0 0 0 0 0 0 0 0 -5 0 0 0 0 - 44 0 0 0 - 49 -148 0 0 0 0 -27 0 0 0 0 -175 -1,355 -11 0 -221 0 - 5,518 -126 - 6,168 -317 0 - Deutsche Post DHL Annual Report 2011 211

  • Page 218
    ... liabilities were designated as a hedged item in a fair value hedge and are thus subject to a basis adjustment. They are therefore recognised neither at full fair value nor at amortised cost. No assets were reclassified in financial years 2011 and 2010. 212 Deutsche Post DHL Annual Report 2011

  • Page 219
    ... 0 0 47 0 0 0 94 7,305 0 210 445 0 3,415 - - 6,077 0 0 -273 0 - 583 0 - 5,707 -245 0 -12,885 0 0 0 0 0 0 0 0 0 0 0 0 -14 0 0 0 0 0 0 0 0 -14 -183 0 0 0 0 -27 0 0 0 0 -210 - 6,510 -15 0 -277 0 - 610 -137 - 5,707 -245 0 - Deutsche Post DHL Annual Report 2011 213

  • Page 220
    ...financial income / net finance costs in 2011; see Note 18. Financial assets and liabilities: 2010 â,¬m Level 1 2 Measurement using key inputs based on observable market data 3 Measurement using key inputs not based on observable market data Class Quoted market prices Non-current financial assets...

  • Page 221
    ...â,¬ 2,745 million) of future lease obligations from non-cancellable leases is primarily attributable to Deutsche Post Immobilien GmbH. The purchase obligation for investments in non-current assets amounted to â,¬ 90 million (previous year: â,¬ 194 million). Deutsche Post DHL Annual Report 2011 215

  • Page 222
    ... announced in December 2011 that it would cease trading at the end of the year and it retracted its appeal on 19 December 2011. Deutsche Post AG continues to pursue its appeal against the Bundesnetzagentur ruling. 51 Litigation The European Commission's decision of 25 January 2012 concluded the...

  • Page 223
    ... closing price of Deutsche Post shares during the last five trading days before the exercise date and the issue price of the SAR. The members of the Board of Management each invested 10 % of their fixed annual remuneration (annual base salary) as a personal financial investment in 2011. The number...

  • Page 224
    ....40 30 June 2011 1 July 2009 9.52 30 June 2013 1 July 2010 12.27 30 June 2014 1 July 2011 12.67 30 June 2015 The fair value of the 2006 SAR Plan and the Long-Term Incentive Plan for members of the Board of Management (2006 LTIP) was determined using a stochastic simulation model. As a result, an...

  • Page 225
    ... with unconsolidated companies were conducted on an arm's length basis at standard market terms and conditions. Transactions were conducted in financial year 2011 with major related parties, resulting in the following items in the consolidated financial statements: â,¬m 2010 2011 Receivables from...

  • Page 226
    ... function or work performed in the company. Post-employment benefits are recognised as the service cost resulting from the pension provisions for active members of the Board of Management. The share-based payment amount relates to the relevant expense recognised for financial years 2010 and 2011. It...

  • Page 227
    ... supervisory board As at 31 December 2011, shares held by the Board of Management and the Supervisory Board of Deutsche Post AG amounted to less than 1 % of the company's share capital. reportable transactions The transactions of Board of Management and Supervisory Board members involving securities...

  • Page 228
    ... in Luxembourg. Accounting will take place in accordance with the envisaged procedures. The procedure to exercise the put option on 12.1 % of Deutsche Postbank AG shares was initiated in January 2012. 57 Significant events after the balance sheet date 222 Deutsche Post DHL Annual Report 2011

  • Page 229
    ... 6, 9 Deutsche Post Beteiligungen Holding GmbH 6, 9 Deutsche Post Com GmbH 6, 9 Deutsche Post Consult GmbH 6, 9 Deutsche Post Customer Service Center GmbH 6, 9 Deutsche Post DHL Beteiligungen GmbH 6, 9 Deutsche Post DHL Corporate Real Estate Management GmbH & Co. Logistikzentren kg Deutsche Post DHL...

  • Page 230
    Affiliated companies included in the consolidated financial statements Group equity share % Equity thousands Net income thousands Name Headquarters Currency Deutsche Post Global Mail (uk) Limited 5 Deutsche Post Immobilien GmbH 6, 9 Deutsche Post Insurance Limited Deutsche Post International b....

  • Page 231
    ...in group financial statements of Deutsche Postbank ag. 12 Amounts from 2008. 13 Inclusion in accordance with sic 12 (spe). 14 Not included because they do not have significant inï¬,uence on the Group's net assets, financial position and results of operations. Deutsche Post DHL Annual Report 2011...

  • Page 232
    ... ab dhl Global Mail ooo dhl Global Management GmbH 6, 9 dhl Group Services nv / sa dhl Holding (France) sas dhl Holding (Italy) S. r. l. dhl Holdings (Ireland) Ltd. dhl Home Delivery GmbH 6, 9 dhl Hub Leipzig GmbH 6, 9 dhl Information Services (Europe) s. r. o. dhl Inter Limited 5 dhl International...

  • Page 233
    ... Chain Management GmbH 6, 9 dhl Supply Chain, s. r. o. dhl Systems Limited dhl Technical Distribution b. v. dhl Trade Fairs & Events GmbH 6, 9 dhl Trade Fairs and Events (uk) Limited dhl Vehicle Services (uk) Limited dhl Vertriebs GmbH & Co. ohg 6, 9 dhl Verwaltungs GmbH 6, 9 dhl Voigt International...

  • Page 234
    ... Net income thousands Name Headquarters Currency dhl Worldwide Express Logistics nv / sa dhl Worlwide Network nv / sa dz Specialties b. v. Erste End of Runway Development Leipzig GmbH 6, 9 Erste Logistik Entwicklungsgesellschaft mg GmbH 6, 9 Eurodifarm S. r. l. European Air Transport Leipzig...

  • Page 235
    ... Financial Statements Notes Other disclosures Affiliated companies included in the consolidated financial statements Group equity share % Equity thousands Net income thousands Name Headquarters Currency Gori Iberia Transitários, Limitada Güll GmbH Henderson Line Limited 8 Higgs International...

  • Page 236
    ... Creative Limited Tag EquityCo Limited Tag Europe Limited Tag Germany GmbH Tag Holdco Limited Tag NewCo Limited Tag Pac Limited Tag Print Services Limited Tag Response Limited Tag Storage Limited Tag Topco Limited Tag Worldwide France sarl Tag Worldwide Group Limited Tag Worldwide Holdings Limited...

  • Page 237
    ... de aduanas dhl global forwarding (colombia) s. a. nivel 1 Air Express International usa, Inc. astar Air Cargo Holdings, llc Circuit Logistics Inc. Compass Logistics Inc. Connect Logistics Services Inc. Danzas Corporation dhl (Bahamas) Limited dhl (Barbados) Ltd. dhl (Bolivia) srl dhl (bvi) Ltd...

  • Page 238
    ..., c. a. dhl Global Forwarding Zona Franca (Colombia) s. a. dhl Holding Central America Inc. 1 Lagents & Co. srl 1, 7b dhl Information Services (Americas), Inc. dhl International Antilles sarl dhl International Express Ltd. dhl International Haiti sa dhl Logistics (Brazil) Ltda. dhl Management Cenam...

  • Page 239
    ... companies included in the consolidated financial statements Group equity share % Equity thousands Net income thousands Name Headquarters Currency Exel Canada Ltd. dhl Supply Chain (Chile) s. a. ec Logistica s. a. Exel Direct Inc. Exel Global Logistics do Brasil s. a. Exel Global Logistics...

  • Page 240
    ...pty. Limited 8 danzasmal Domestic Logistics Services Sdn. Bhd. 7a Deutsche Post Global Mail (Australia) Pty Ltd. dhl (Chengdu) Service Ltd. dhl Air Freight Forwarder Sdn. Bhd. 7a dhl Asia Pacific Shared Services Sdn. Bhd. dhl Aviation (Hong Kong) Ltd. dhl Aviation (Philippines), Inc. 8 dhl Aviation...

  • Page 241
    ...Global Forwarding Management (Asia Pacific) Pte. Ltd. dhl Global Forwarding Pakistan (Private) Limited dhl Global Forwarding Polynesie s. a. r. l. dhl Global Mail (Japan) k. k. dhl Global Mail (Singapore) Pte. Ltd. dhl Holdings (New Zealand) Limited dhl Incheon Hub Limited (Korea) dhl International...

  • Page 242
    ...statements Group equity share % Equity thousands Net income thousands Name Headquarters Currency dhl Supply Chain Singapore Pte. Ltd. dhl Worldwide Express (Bangladesh) Private Limited dhl-vnpt Express Ltd. Dongguan dhl Supply Chain Co., Ltd. Exel (Australia) Pty Ltd. Exel Consolidation Services...

  • Page 243
    Consolidated Financial Statements Notes Other disclosures Affiliated companies included in the consolidated financial statements Group equity share % Equity thousands Net income thousands Name Headquarters Currency dhl Global Forwarding (Cameroon) plc dhl Global Forwarding (Kenya) Limited dhl ...

  • Page 244
    .... dhl Operations bv Jordan Services with Limited Liability dhl Qatar Limited 7b dhl Regional Services (Indian Ocean) Ltd. dhl Regional Services Limited dhl International Senegal sarl dhl Supply Chain (South Africa) (Pty) Ltd. dhl Swaziland (Proprietary) Ltd. dhl Worldwide Express & Company llc dhl...

  • Page 245
    ...im Internet mbH 4 Deutsche Post Grundstücks- Vermietungsgesellschaft beta mbH 6, 9 dhl Employee Benefit Fund asbl/vzw 2, 9 dhl Energy Performance & Management Limited 3, 8 dhl Pensions Investment Fund Limited 4, 5 dhl Trustees Limited 4, 5 dhl uk Pension Trustees Limited 3, 5, 9 Elan International...

  • Page 246
    ..., Inc. 4 Radix Group International, Inc. 4 Safe Way Argentina s. a. 3, 5, 9 Skyhawk Transport Ltd. 3, 5, 9 usc Distribution Services llc 4 Asia Pacific Concorde Air Logistics Ltd. 3, 9 dhl Customs Brokerage Corp. 3, 9 dhl Global Mail (Hong Kong) Limited 5 Exel Logistics Delbros Philippines Inc...

  • Page 247
    ... Group's net assets, financial position and results of operations. Joint ventures (proportionate consolidation) Name Headquarters Group equity share % Currency Equity thousands Net income thousands Europe AeroLogic GmbH Danzas dv, llc 5 Americas ev Logistics Asia Pacific Express Couriers Limited...

  • Page 248
    Associated companies (accounting treatment in the consolidated financial statements using the equity method) Group equity share % Equity thousands Net income thousands Name Headquarters Currency Europe All you need GmbH 4 Betriebs-Center für Banken ag 11 Betriebs-Center für Banken Processing ...

  • Page 249
    ... Financial Statements Notes Other disclosures Associated companies (accounting treatment in the consolidated financial statements using the equity method) Group equity share % Equity thousands Net income thousands Name Headquarters Currency pb (usa) Holdings, Inc. 11 pb Capital Corporation...

  • Page 250
    ...ï¬,uence on the Group's net assets, financial position and results of operations. Investments in other companies and large corporations Name Headquarters Group equity share % Currency Equity thousands Net income thousands Europe Deutsche Post Pensionsfonds ag 3, 9 Deutsche Post Pensions-Treuhand...

  • Page 251
    ... Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group. Bonn, 17 February 2012 Deutsche Post AG The Board of Management...

  • Page 252
    ... the net assets and financial position of the Group as at 31 December 2011 and the results of operations for the financial year ended on such date in accordance with these requirements. Report on the group management report Our responsibility is to express an opinion on these consolidated financial...

  • Page 253
    D FURTHER INFORMATION FURTHER INFORMATION 247 - 256

  • Page 254
    INDEX GLOSSARY GRAPHS AND TABLES LOCATIONS MULTI-YEAR REVIEW CONTACTS EVENTS 249 250 251 252 254 256 IV

  • Page 255
    ..., 188, 199, 254 Consolidated revenue 47, 157 f. Contingent capital 32 f., 187 Contract logistics 29 f., 76 ff., 120, 139, 160, 173 Corporate governance 30, 34, 123 ff., 128, 133 ff., 222 Cost of capital 40 f., 50, 181 Credit lines 51, 201 Credit rating 49 f., 52, 121 E Earnings per share 42, 46, 48...

  • Page 256
    ... and logistics-related services along the value chain that are performed by a contract logistics service provider. Services are tailored to a particular industry or customer and are generally based on long-term contracts. Day Definite Delivery of shipments on a specified day. dhl Solutions...

  • Page 257
    ...chain: revenue by sector, 2011 a.59 supply chain: revenue by region, 2011 Non-Financial Performance Indicators a.60 Number of employees a.61 Employees by region, 2011 a.62 Gender distribution in management, 2011 a.63 Work-life balance a.64 Traineeships, Deutsche Post DHL, worldwide a.65 Illness rate...

  • Page 258
    LOCATIONS d.01 Deutsche Post DHL around the world...USA Venezuela Europe Albania Austria Belgium Bosnia and Herzegovina Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany... Kingdom 1 Countries according to the list of shareholdings. 252 Deutsche Post DHL Annual Report 2011

  • Page 259
    ... Australia Bangladesh Brunei Darussalam Cambodia China East Timor Fiji French Polynesia India Indonesia Japan Kazakhstan Laos Macau Malaysia Nepal New Caledonia New Zealand Pakistan Papua New Guinea Philippines Singapore South Korea Sri Lanka Taiwan Thailand Vietnam Deutsche Post DHL Annual Report...

  • Page 260
    MULTI-YEAR REVIEW d.02 Key figures 2004 to 2011 â,¬m 2004 adjusted 2005 adjusted 2006 adjusted 2007 adjusted 2008 adjusted 2009 adjusted 2010 adjusted 2011 Revenue mail express logistics global forwarding, freight supply chain financial services services Divisions total Corporate Center / Other (...

  • Page 261
    ...2009 2010 2011 Employees / staff costs (from 2007: continuing operations) Total number of employees (headcount including trainees) Full-time equivalents (excluding trainees) 2 Average number of employees (headcount) Staff costs Staff cost ratio 3 Key figures revenue / income / assets and capital...

  • Page 262
    ...Annual Report External e-mail: ir @ deutschepost.de dp-dhl.com/en/investors.html Internal GeT and dhl Webshop Mat. no. 675-602-331 Publication Published on 13 March 2012. English translation Deutsche Post Corporate Language Services et al. The English version of the Annual Report 2011 of Deutsche...

  • Page 263
    ... Investor Day (London) Goldman Sachs Business Services Conference (London) Davy Transport Conference (London) Deutsche Bank Transportation & Aviation Conference (New York) ubs Best of Germany Conference (New York) Sanford C. Bernstein's Strategic Decisions Conference (London) dp-dhl.com/en/investors...

  • Page 264
    Deutsche Post ag Headquarters Investor Relations 5325 0 Bonn Germany dp-dhl.com