DHL 2012 Annual Report Download - page 40

ECONOMIC POSITION
Overall assessment by the Board of Management
Good results achieved
We are very satised with the results achieved in nancial year .
Deutsche Post DHL increased both revenue and margin.  improved by nearly  
despite the negative impact of the additional  payment. anks to our presence in
the world’s growth markets, the  divisions performed particularly dynamically. In
the  division, revenues were up signicantly in the parcel business, which helped to
compensate for moderate volume declines in the mail business. In the fourth quarter, the
Group’s earnings grew even more decidedly at a rate of nearly  . Although operating
cash ow was negatively impacted by extraordinary eects from the continued funding
of pension liabilities, the Group’s nancial position remains very solid in the opinion
of the Board of Management.
Significant events
Postbank sale completed
Upon maturity of the mandatory exchangeable bond and exercise of our put option
in the rst quarter, we transferred the remaining shares in Postbank to Deutsche Bank.
Deutsche Post  no longer holds any shares in Postbank.
Earnings unaffected by demand for repayment of state aid
Deutsche Post DHL paid the  million demanded by the German federal
government under the European Commission’s state aid ruling on  June . In agree-
ment with the government, the amount has been paid into a trust account and has there-
fore only been recorded in the balance sheet; the Group’s earnings position remained
unaected.
 impacted by additional  payment
e additional  payment demanded by the German tax authorities amounted to
 million aer deducting outstanding tax refund claims and was made by the end
of the third quarter. Consolidated  was impacted by – million and net nance
costs by interest expenses of  million during the reporting year given that we had
already recognised provisions for a large part of the payment.
Provisions for restructuring of  express business reversed
A portion of the provisions recognised in connection with the restructuring of the
 express business in  has now been reassessed and reversed. is had a positive
impact on  in the amount of  million in the second quarter.
Pension funding improved
We took advantage of favourable conditions on the capital market to issue new bonds
as well as a convertible bond for total proceeds of more than  billion. Most of the cash
generated was used to continue funding our pension obligations.
Opportunities and risks, page  f.
Opportunities and risks, page 
Note .
Deutsche Post DHL Annual Report 
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