DHL 2012 Annual Report Download - page 47

is means that the capacity of the Group to meet its nancial obligations continues
to be classied as adequate. Deutsche Post DHL is well positioned in the transport and
logistics sector with these ratings. e following table shows the ratings as at the report-
ing date and the underlying factors. e complete and current analyses by the rating
agencies and the rating categories can be found on our website.
. Agency ratings
Rating factors Rating factors
Fitch Ratings
Long-term:  +
Short-term:  
Outlook: stable
• Well-integrated business profile.
• Dominant position in the domestic
mail and parcel market.
• Strong global footprint in the ,
 ,  and
  businesses.
• Improvements in the financial profile
after the completion of the sale of
Postbank shares.
• Recovery of the express business’s
profits and market share, offsetting
the challenging macroeconomic
environment.
• Exposure to regulatory and litigation
risks (i. e.,  antitrust and state aid
investigations).
• Structural volume decline in the
 division due to secular changes
in the industry (i. e., competition
from electronic communication and
digitalisation).
• High exposure to global market
volatility through the  divisions.
Moody’s Investors
Service
Long-term: Baa 
Short-term:  – 
Outlook: positive
• Scale and global presence as the
world’s largest logistics company.
• Large and relatively robust mail
business in Germany.
• Success in restoring profitability of
logistics activities while reducing
negative regulatory and e-substitution
effects on the  division.
• Conservative financial policy and
sound liquidity profile of the Group.
• Success in strengthening credit
metrics following the completion of
the disposal of Deutsche Postbank
(. billion of debt eliminated
from the balance sheet at the end of
February ).
• Exposure to global macroeconomic
trends in the express and logistics
sectors.
• Declining mail volumes due to mar-
ket liberalisation and the general
substitution of traditional mail
items with electronic communication.
Liquidity and sources of funds
As at the balance sheet date, the Group had cash and cash equivalents in the amount
of . billion (previous year: . billion) at its disposal. A large portion of this is
accounted for by Deutsche Post . Most of the cash is invested centrally on the money
market. ese short-term money market investments had a volume of . billion as
at the balance sheet date.
dp-dhl.com/en/investors.html
Deutsche Post DHL Annual Report 
Group Management Report
Economic Position
Financial position
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