DHL 2013 Annual Report Download - page 109

Our nance strategy calls for a payout of   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: .).
Expected financial position
Creditworthiness of the Group at least adequate
In light of the earnings forecast for , we expect the “ to debt” performance
metric to remain on the whole stable and the rating agencies to rank our creditworthi-
ness as adequate or even better.
Liquidity to remain 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 Telekommunika-
tion and repayment of a bond that matured in January as well as 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. We are not currently planning any capital market
transactions for .
Investments of around . billion expected
In , we plan to increase capital expenditure to around . billion. Our focus
will remain on , machinery and transport equipment.
In the  division, the continued expansion of our parcel network shall remain
a top priority. Furthermore, we shall expand additional delivery options, such as Pack-
station, Paketbox and parcel boxes. Total capital expenditure in  will exceed the
reporting year, primarily because we intend to increase expansion of our mechanised
delivery bases and investment in new parcel centres.
In the  division, capital expenditure is expected to be above that of the
previous year. We intend to expand existing resources and to invest in both mobile and
stationary infrastructure.
In the  ,  division, we envisage slightly lower invest-
ments for , although we shall further expand our , in particular for the New
Forwarding Environment project.
In the   division, capital expenditure in  is expected to be slightly
above that of the reporting year. Investments will continue to focus on supporting new
business projects and growth in our existing business.
Cross-divisional capital expenditure in  is expected to remain well below
the high level of the previous year; investments shall again be centred on our vehicle
eet and .
Objectives and strategies, page 
105Deutsche Post DHL 2013 Annual Report
Group Management Report Expected Developments
Revenue and earnings forecast
Expected financial position