DHL 2014 Annual Report Download - page 107

Against this backdrop, we expect consolidated  to reach . billion to
. billion in nancial year . e Post - eCommerce - Parcel division is likely to
contribute at least . billion to this gure. Compared with the previous year, we expect
an additional improvement in overall earnings to . billion to . billion in the
 divisions. Within the  divisions, Express is expected to show continued earn-
ings growth, whereas transformation in Global Forwarding, Freight and investments in
Supply Chain will dampen  growth in the latter divisions. e Corporate Center /
Other result is projected to remain at around –. billion.
In line with our Group strategy, we are targeting organic growth and anticipate only
a few small acquisitions in , as in the previous year.
We are reiterating the earnings forecast for  that we presented in August :
consolidated  is expected to reach between . billion and . billion in .
e PeP division is likely to account for more than . billion of this and the earnings
contribution of the  divisions is forecast to range from . billion to . billion.
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
No change in the Group’s credit rating
In light of the earnings forecast for , we expect the “ to debt” indicator to remain
stable on the whole and do not expect the rating agencies to change our credit rating
from the present level.
Liquidity to remain solid
We anticipate a deterioration in our liquidity in the rst half of  as a result of the
annual pension prepayment due to Bundesanstalt für Post und Telekommunikation as
well as the dividend payment for nancial year  in May . However, our oper-
ating 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.
Investments of around . billion expected
In , we plan to increase capital expenditure to around . billion to support the
goals of our Strategy . e focus of investment will be upon technical equipment
and machinery, aircra, transport and operating equipment as well as .
In the Post - eCommerce - Parcel division, we shall further expand our domestic and
international parcel network. Moreover, we plan to optimise our , particularly in the
growth sector of eCommerce - Parcel and to expand delivery options, such as the parcel
box or Packstation. In the Express division, we expect investment spending in  to
considerably exceed that of the previous year. We shall continue to invest in global and
regional hubs and in continually renewing our aircra eet. In the Global Forwarding,
Freight division, we envisage lower investments in , although we shall expand our
, in particular for the  project. In the Supply Chain division, capital expenditure
Deutsche Post  Group —  Annual Report
101
Group Management Report — EXPECTED DEVELOPMENTS — Future economic parameters — Revenue and earnings forecast —
Expected financial position