DHL 2014 Annual Report Download - page 55

Consolidated  improves by . 
Prot from operating activities  improved year-on-year, rising by .  to
, million in the reporting year. In the fourth quarter of , it rose by .  to
 million.
By contrast, net nance costs widened from  million to  million due in
particular to lower interest income. e prior-year gure included interest income from
the reversal of a provision for interest on tax liabilities.
At , million, the reporting year’s prot before income taxes was up slightly on
the previous year (, million). Income taxes also increased, rising by  million
to  million. e eective tax rate was . .
Net profit and earnings per share down
Consolidated net prot for the period declined from , million to , million.
Of this amount, , million is attributable to shareholders of Deutsche Post  and
 million to non-controlling interest holders. Earnings per share also decreased,
with basic earnings per share down from . to . and diluted earnings per share
declining from . to ..
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 nan cial 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. It does not entitle recipients to a tax refund
or a tax credit.
 after asset charge increases
 improved from , million to , million in , due primarily to the im-
proved protability of the Express division. e asset charge rose by . , which was
attributable predominantly to increased capital expenditure in the  divisions as well
as to the changes in net working capital of the Post - eCommerce - Parcel and Global
Forwarding, Freight divisions.
.  after asset charge 
 m 2013
adjusted 1
2014 + / – %
 2,865 2,965 3.5
Asset charge –1,364 –1,414 –3.7
 1,501 1,551 3.3
1 Prior-period amounts adjusted due to a revised calculation basis.
e net asset base increased by , million to , million in the reporting year.
Invest ments in  systems, the purchase of freight aircra and replacement and expan-
sion investments in warehouses, sorting systems and the vehicle eet increased year-on-
year, as did intangible assets. Changes in net working capital additionally contributed
to the rising trend.
. Consolidated 
m
2014
2,965
2013 adjusted
2,865
0.80 0.85
0.60 0.60 0.65
0.90
0.75
0.70 0.70 0.70
968
1,030
846846
1,087
725 725 786
903
836
. Total dividend and dividend
perno-par value share
m
          1
Dividend per no-par value share 
1 Proposal.
Deutsche Post  Group —  Annual Report
49
Group Management Report — REPORT ON ECONOMIC POSITION — Results of operations