DHL 2012 Annual Report Download - page 39

Majority of analysts give shares a “buy” rating
At the close of ,  analysts issued a “buy” recommendation on our shares – six
less than the year before. Due to the strong share performance, more analysts expect
prot-taking in the medium term. As a result, the number of hold ratings increased from
three to eleven. Only two analysts recommended selling, one less than in the previous
year. e average price target increased from . to . during the year.
Free float increases by  
On  September , KfW sold  million Deutsche Post shares. is was the rst
placement since  and it reduced KfW’s stake to . ; free oat increased to . .
e share of our stock held by private investors rose year-on-year from .  to . .
Amongst identied institutional investors, the greatest number of shares continues to
be held in the United Kingdom . ; the share of  investors increased to . 
whilst that of institutional investors in Germany rose considerably to .  (previous
year: . ). Our  largest institutional investors hold a total of .  of all issued shares.
Focused investor relations work appreciated
Boosted by our positive business performance, we successfully solidied the essen-
tial principles of our equity story in the reporting year. e strong growth in the parcel
business was our focus in the  division. In addition, two elements of uncertainty
were removed with the collective agreement for employees in Germany and the increase
in mail prices eective  January , which was the rst increase in  years. In the
 divisions, investors and analysts appreciated our stable growth rate, especially our
leading market position in Asia. We demonstrated the potential this position aords us
in July at the launch of the North Asia Hub in Shanghai. At a Capital Markets Day on
 May in London and two tutorial workshops on the   division, which
were held in London and Frankfurt am Main in November, we provided insights into
our business model and, as a result, strengthened market condence in the medium and
long-term potential of our shares.
We also made a targeted eort to communicate directly with current and potential
investors, holding a total of  separate meetings at national and international confer-
ences and roadshows,  of which involved members of our Board of Management.
is dedicated work by our Investor Relations team was recognised again this year in
the renowned Extel Survey conducted by omson Reuters. Our  team won second
place in the transport sector.
In Manager Magazin’s annual ranking, our  Annual Report took third place
amongst  companies. Above all, the jury praised how well we presented our busi-
ness model and equity story. e report also won a number of design awards, including
the Red Dot, a silver in the Best of Corporate Publishing Award and a gold in the Gute
Gestaltung (good design) contest held by the Deutsche Designer Club.
We redesigned our Investor Relations website at the end of , which aimed at
providing more precise and up-to-date information to analysts and investors. e site
was ranked  th in the  Global Rankings amongst  participating companies from
around the world.
. Shareholder structure 1
1 As at  December .
2 On  July  KfW issued a convertible bond
on Deutsche Post shares (volume: . million
shares). Investors can convert this bond from
the first due date for interest until  July .
4.5 % convertible bond
2
25.5 % KfW Bankengruppe
74.5 % free float
10.8 % private investors
63.7 % institutional
investors
. Shareholder structure by region 1
1 As at  December .
12.3 % 
13.8 % 
25.9 % Other
48.0 % Germany
Deutsche Post DHL Annual Report 
Group Management Report
Deutsche Post Shares
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