DHL 2015 Annual Report Download - page 101

Deutsche Post  Group —  Annual Report
e key control parameters for liquidity management are the centrally available
liquidity reserves. Deutsche Post  Group had central liquidity reserves of . billion
as at the reporting date, consisting of central nancial investments amounting to
. billion plus a syndicated credit line of  billion. e Group’s liquidity is therefore
sound in the short and medium term. Moreover, the Group enjoys open access to the
capital markets on account of its good ratings within the industry, and is well positioned
to secure long-term capital requirements.
e Group’s net debt amounted to . billion at the end of . e share of nan-
cial liabilities with short-term interest rate lock-ins in the total nancial liabilities in the
amount of . billion was approximately  .
Further information on the Group’s nancial position and nance strategy as well
as on the management of nancial risks can be found in the report on the economic
position and in the Notes.
Opportunities and risks arising from corporate strategy
Over the past few years, the Group has ensured that its business activities are well posi-
tioned in the world’s fastest-growing regions and markets. We are also constantly work-
ing to create ecient structures in all areas to enable us to exibly adapt capacities and
costs to demand – a prerequisite for lasting, protable business success. With respect to
strategic orientation, we are focusing upon our core competencies in the mail and logis-
tics businesses with an eye towards growing organically and simplifying our processes
for the benet of our customers. Our earnings projections regularly take account of
development opportunities arising from our strategic orientation. Risks arising from
the current corporate strategy, which extends over a long-term period, are considered
to be of low relevance for the Group in the period under review. e divisions face the
following special situations:
In the Post - eCommerce - Parcel division, we are responding to the challenges
presented by the structural change from a physical to a digital business. We are coun-
teracting the risk arising from changing demand by expanding our range of services.
Due to the e-commerce boom, we expect our parcel business to continue growing
robustly in the coming years and are therefore extending our parcel network. We are
also expanding our range of electronic communications services, securing our standing
as the quality leader and, where possible, making our transport and delivery costs more
exible. We follow developments in the market very closely and take these into account
in our earnings projections. For the specied forecast period, we do not see these
develop ments as having signicant potential to impact our business negatively.
In the Express division, our future success depends above all upon general factors
such as trends in the competitive environment, costs and quantities transported. Aer
having spent recent years successfully restructuring our business and substantially im-
proving cost structures, we are focusing upon fostering growth in our international
business. We expect a further increase in shipment volumes. Based upon this assump-
tion, we are investing in our network, our services, our employees and the  brand.
Against the backdrop of the past trend and the overall outlook, we do not see any
signicant strategic opportunities or risks for the Express division beyond those re-
ported in the section on “Opportunities and risks arising from macroeconomic and
industry- specic conditions”.
Note 
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Group Management Report — OPPORTUNITIES AND RISKS — Categories of opportunities and risks