DHL 2013 Annual Report Download - page 56
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. Finance strategy
Credit rating
• Maintain “+” and “Baa” ratings, respectively.
• to debt used as dynamic performance metric.
Dividend policy
• Pay out to of net profit.
• Consider cash flows and continuity.
Excess liquidity
. Increase plan assets of German pension plans.
. Pay out special dividends or execute share buy-back
programme.
Debt portfolio
• Syndicated credit facility taken out as liquidity reserve.
• Debt Issuance Programme established for issuing bonds.
• Issue bonds to cover long-term capital requirements.
Investors
• Reliable and consistent information
from the company.
• Predictability of expected returns.
Group
• Preserve financial and strategic flexibility.
• Assure low cost of capital
1.
1 Weighted average cost of capital Group management, page .
Funds from operations represents operating cash ow before changes in
working capital plus interest and dividends received less interest paid and adjusted for
operating leases, pensions and non-recurring income or expenses, as shown in the
following calculation. In addition to nancial liabilities and surplus cash and near-
cash investments, the gure for debt also includes operating lease liabilities as well as
unfunded pension liabilities.
. to debt
m
2012
12013
Operating cash flow before changes in working capital 219 3,078
Interest and dividends received 46 56
Interest paid 296 166
Adjustment for operating leases 1,243 1,240
Adjustment for pensions 91 144
Non-recurring income / expenses 2,671 73
Funds from operations 3,974 4,425
Reported financial liabilities 4,816 5,940
Financial liabilities at fair value through profit or loss 117 40
Adjustment for operating leases 5,187 5,099
Adjustment for pensions 5,068 4,941
Surplus cash and near-cash investments 2 1,224 3,088
Debt 13,730 12,852
to debt 28.9 34.4
1 To improve comparability, the figures take the transition to the new standard into account.
2 Surplus cash and near-cash investments are defined as cash and cash equivalents and investment funds
callable at sight, less cash needed for operations.
52 Deutsche Post DHL 2013 Annual Report
Report on Economic Position
Financial position
Group Management Report