DHL 2013 Annual Report Download - page 47

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REPORT ON ECONOMIC POSITION
Overall Board of Management assessment
of the economic position
Earnings and operating cash flow increase
Whilst revenue declined slightly, Deutsche Post DHL increased prot from oper-
ating activities by .  in nancial year , due to improved margins. Also, strong
continued growth in the parcel business in Germany resulted in  division earnings
at the upper end of our forecast. Performance in the  divisions was impeded by
major currency eects. Although revenue was lower, the  and  
divisions were able to increase earnings through strict cost management. Operating
cash ow also saw an encouraging rise, increasing to around  billion. erefore, in
the opinion of the Board of Management, the Group’s nancial position remains good.
Forecast / actual comparison
. Forecast / actual comparison
Targets  Results  Targets 

Group: . billion to . billion
1.
 division: . billion to . billion
1.
 divisions: . billion to . billion.
Corporate Center / Other: around –. billion.

Group: . billion.
 division: . billion.
 divisions: . billion.
Corporate Center / Other: –. billion.

Group: . billion to . billion.
 division: around . billion.
 divisions: . billion to . billion.
Corporate Center / Other: better than –. billion.

, million (previous year: , million)
3.

Will continue to develop positively and increase
slightly.
Operating cash flow
Operating cash flow will recover from the one-time
charges in  and benefit from the expected
earnings improvement.
Operating cash flow
Net cash from operating activities: , million
(previous year: cash outflow of  million).
Operating cash flow
Will continue to develop positively and increase
slightly.
Capital expenditure (capex)
Increase investments from . billion 
to a maximum of . billion
2.
Capital expenditure (capex)
Invested: . billion.
Capital expenditure (capex)
Increase investments to around . billion.
Dividend distribution
Pay out   to   of the net profit as dividend.
Dividend distribution
Proposal: pay out .  of adjusted net profit
as dividend.
Dividend distribution
Pay out   to   of the net profit as dividend.
Employee opinion survey
4
Key performance indicator “Active Leadership”
achieves an approval rating of  .
Employee opinion survey
4
Increase approval rating of key performance
indicator “Active Leadership” to  .
1 Forecast increased over the course of the year.
2 Forecast narrowed over the course of the year.
3 Prior-year amounts adjusted due to a revised calculation basis.
4 Explanation Group management, page .
43Deutsche Post DHL 2013 Annual Report
Group Management Report Report on Economic Position
Overall Board of Management assessment of the economic position
Forecast / actual comparison