DHL 2013 Annual Report Download - page 54

Consolidated  improves by . 
Prot from operating activities  improved year-on-year, rising by .  to
, million. In the fourth quarter, it rose by .  to  million.
Net nance costs improved from  million in the previous year to  million
in the year under review. In , the gure was impacted by the interest expense asso-
ciated with the additional  payment, amongst other things, whereas the gain on the
Postbank disposal made a positive contribution. Interest expenses for provisions for pen-
sions and other provisions declined during the reporting year due to lower interest rates.
Prot before income taxes improved by .  to , million.
At  million, income taxes were down  million on the prior-year gure, partly
because we agreed in the context of a tax audit of outstanding issues from  to 
to reverse a tax liability.
Net profit and earnings per share up considerably
Consolidated net prot for the period improved from , million to , mil-
lion. Of this amount, , million is attributable to shareholders of Deutsche Post 
and  million to non-controlling interest holders. Basic and diluted earnings per
share also increased, up from . to . and from . to ., respectively.
Dividend of . per share proposed
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 , the Board of Manage-
ment and the Supervisory Board will therefore propose a dividend of . per share
for nancial year  (previous year: .) to shareholders. e distribution ratio
based on the consolidated net prot for the period attributable to Deutsche Post 
shareholders amounts to . . e net dividend yield based on the year-end closing
price of our shares is . . e dividend will be distributed on  May  and is tax-
free for shareholders resident in Germany.
 after asset charge increases
 improved from , million to , million in , due primarily to the
improved protability in the  and  divisions. e asset charge rose mod-
erately by . , which was predominantly attributable to increased capital expenditures
throughout the divisions.
.  after asset charge 
 m 2012
adjusted 1
2013 + / – %
 2,665 2,861 7.4
Asset charge –1,334 –1,362 –2.1
 1,331 1,499 12.6
1 Prior-year amounts adjusted due to a revised calculation basis.
In the reporting year, the net asset base saw a slight  million decline to
, million. e changes in working capital resulting from good working capital
manage ment contributed to this decline. Although investments in  systems, the pur-
chase of freight aircra and replacement and expansion investments in warehouses,
. Consolidated 
 m
2013
2,861
2012
2,665
967
846846
1,087
725 725 786
903
836
556
0.50
0.80
0.60 0.60 0.65
0.90
0.75
0.70 0.70 0.70
. Total dividend and dividend
per no-par value share
 m
          1
Dividend per no-par value share 
1 Proposal.
50 Deutsche Post DHL 2013 Annual Report
Report on Economic Position
Results of operations
Group Management Report