DHL 2012 Annual Report Download - page 111

Against this backdrop, we expect consolidated  to reach between . billion
and . billion in nancial year . e  division is likely to contribute between
. billion and . 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. At around –. billion, the Corporate Center / Other result should
be on par with the previous year.
In , we plan to invest a maximum of . billion. In the coming years, we expect
this gure to fall back to a normal level. In line with our Group strategy, we are targeting
organic growth and anticipate only a few small acquisitions in , as in the previous
year. In , operating cash ow will recover from the one-time charges in the reporting
year and benet from the expected earnings improvement.
Even in the face of an uncertain economic climate, particularly in the western
economies, we believe that the Group will experience good earnings momentum. We
expect a similarly positive business trend in  as another step towards the earnings
targets we dened for . e cost reduction measures and growth programmes
initiated in the  division are expected to keep  stable at  billion at the least,
even though letter volumes are likely to continue their slow decline due to electronic
substitution. In the  divisions, we expect , taking the earnings contribution in
 as the baseline, to improve at an annual average of   to   in the period from
 to  as trading volumes continue to recover.
Our nance strategy calls for paying out   to   of net prots as dividends as
a general rule. At the Annual General Meeting on  May , we intend to propose
to the shareholders that a dividend per share of . be paid for nancial year 
(previous year: .).
Projected financial position
Creditworthiness of the Group remains adequate
Based on the projected earnings trend for , we expect the “ to debt”
performance metric to improve and the rating agencies to continue to rank our credit-
worthiness as adequate.
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 January  maturity date for the bond issued by Deutsche Post
Finance . . in the amount of . billion, we shall analyse the option of renancing
under the Debt Issuance Programme and borrow from the capital market if necessary.
Deutsche Post DHL Annual Report 
Group Management Report
Outlook
Projected financial position
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