DHL 2011 Annual Report Download - page 127

Projected fi nancial position
Rating fi gures to feel temporary effect
As a result of the state aid ruling of the European Commission and the associated
cash out ow, our signi cant rating  gures will be a ected temporarily.  e rating agency
Standard & Poor’s has accordingly put our credit rating on credit watch with negative
implications.  erefore, we cannot rule out the possibility that our rating will be lowered
throughout the course of the year.
Liquidity remains solid
We anticipate a deterioration in our liquidity in the  rst half of  as a result of
the annual prepayment due to Bundes-Pensions-Service für Post und Telekommuni-
kation in January and the dividend payment for  nancial year  in May. However,
our operating liquidity situation will improve again signi cantly towards the end of the
year due to the upturn in business that is normal in the second half.
In view of the October  maturity date for the bond issued by Deutsche Post
Finance . . in the amount of . billion and the state aid ruling of the European
Commission, we are nevertheless currently analysing the option of re nancing under
the Debt Issuance Programme. Since the cash out ow cannot be fully covered by available
liquidity, we intend to borrow from the capital market during the course of the year.
 e fact that the mandatory exchangeable bond (second tranche) subscribed in
connection with the sale of Postbank will mature on  February  has no impact
on our net debt or liquidity, given that the bond will be settled via a transfer of Postbank
shares and not in the form of cash.
Capital expenditure continues to remain high
We will continue to make investments in . All in all, we plan to increase capital
expenditure by approximately   to . billion. We shall remain around this level in
the following years.  e majority of the spending will go for , machinery, transport
equipment and aircra .
In the  division, we shall be further expanding our parcel network in addition
to reinforcing digital growth areas. Investments in the mail and parcel business will
increase versus the prior year.
In the  division, we intend to increase investments in line with business
growth. We shall be renewing and expanding our global network in order to sustain
our high quality level even in the face of increasing volumes. Investments will centre on
our aircra  eet and in some countries also extend to the infrastructure on the ground.
In the  ,  division, capital expenditure is expected to
rise in . We plan to optimise  solutions in the Global Forwarding business unit.
Regionally, we shall be investing primarily in Asia, Europe, the Middle East and Africa.
Note 
Financial position, page 
Deutsche Post DHL Annual Report 
Group Management Report
Outlook
Projected fi nancial position
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