DHL 2011 Annual Report Download - page 56
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Funds from operations represents operating cash ows before changes in
working capital plus interest and dividends received less interest paid and adjusted for
operating leases, pensions and non-recurring income or expenses, as shown in the fol-
lowing calculation. In addition to nancial liabilities and available cash and cash equiva-
lents, the gure for debt also includes operating lease liabilities as well as unfunded
pension liabilities.
. to debt
m
2010 2011
Operating cash fl ow before changes in working capital 2,109 2,234
Interest and dividends received 59 72
Interest paid 183 163
Adjustment for operating leases 1,055 1,104
Adjustment for pensions 198 153
Non-recurring income / expenses 531 208
Funds from operations 3,769 3,608
Reported fi nancial liabilities 7,022 7,010
Financial liabilities related to the sale of Deutsche Postbank 4,164 4,344
Financial liabilities at fair value through profi t or loss 115 137
Adjustment for operating leases 5,527 5,295
Adjustment for pensions 5,323 5,639
Surplus cash and near-cash investments 1 2,893 2,286
Debt 10,700 11,177
to debt 35.2 32.3
1 Surplus cash and near-cash investments are defi ned as cash and cash equivalents and investment funds callable at sight,
less cash needed for operations.
. Finance strategy
Credit rating
• Maintain “ +” and “Baa” ratings, respectively.
• to debt introduced as dynamic performance metric.
Dividend policy
• Pay out – of net profi t.
• Consider cash fl ows and continuity.
Excess liquidity
. Invest in the operating business.
. Increase plan assets for German pension plans.
. Aim for credit ratings of “ –” and “ ”, respectively.
. Pay out special dividend or execute share buy-back
programme.
Debt portfolio
• Syndicated credit facility taken out as liquidity reserve.
• Bonds could be issued to cover long-term capital
requirement.
Investors
• Reliable and consistent information
from the company.
• Predictability of expected returns.
Group
• Preserve fi nancial and strategic fl exibility.
• Assure low cost of capital
1.
1 Weighted average cost of capital Group management, page f.
Deutsche Post DHL Annual Report
50