DHL 2014 Annual Report Download - page 57
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Maintaining financial flexibility and low cost of capital
e Group’s nance strategy builds upon the principles and aims of nancial manage-
ment. In addition to the interests of shareholders, the strategy also takes creditor require-
ments into account. e goal is for the Group to maintain its nancial exibility and low
cost of capital by ensuring a high degree of continuity and predictability for investors.
A key component of this strategy is a target rating of “+”, which is managed
via a dynamic performance metric known as funds from operations to debt ( to
debt). Our strategy additionally includes a sustained dividend policy and clear priorities
regarding the use of excess liquidity, which is to be used to gradually increase plan assets
of our German pension plans as well as paying special dividends or buying back shares.
. 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
fromthe 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 received less interest paid and adjusted for operating leases, pen-
sions 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.
Deutsche Post Group — Annual Report
51
Group Management Report — REPORT ON ECONOMIC POSITION — Results of operations — Financial position