DHL 2015 Annual Report Download - page 48

Deutsche Post  Group —  Annual Report
Ensuring sucient liquidity
Along with  and , cash ow is another key performance metric used by Group
management. e cash ow performance metric is targeted at maintaining sucient
liquidity to cover all of the Group’s nancial obligations from debt repayment and divi-
dends, in addition to operating payment commitments and investments. Cash ow is
calculated using the cash ow statement. Operating cash ow  includes items that
are related directly to operating value creation.  is calculated by adjusting  for
changes in non-current assets (depreciation, amortisation and (reversals of) impairment
losses, net income / loss from disposals), other non-cash income and expense, dividends
received, taxes paid, changes in provisions and other non-current assets and liabilities.
Net working capital remains a driver for . Eective management of net working
capital is an important way for the Group to improve cash ow in the short to medium
term. Free cash ow  is calculated on the basis of  by adding / subtracting the
cash ows from capital expenditure, acquisitions and divestitures as well as net interest
paid. Free cash ow is regarded as an indicator of how much cash is available to the
company at the end of a reporting period for paying dividends or repaying debt. Given
its greater relevance for the Group’s management and stakeholders, we began using 
instead of  as a nancial performance indicator in .
NON-FINANCIAL PERFORMANCE INDICATORS
Results of Employee Opinion Survey used as a management indicator
Our annual worldwide Employee Opinion Survey shows us how we are perceived as a
group from the perspective of our employees. We place particular signicance on the
survey’s indication of Employee Engagement and of how employees rate the leadership
behaviour of their superiors. e Active Leadership indicator is thus used in the calcu-
lation of bonuses for our executives. e results of the Employee Opinion Survey carried
out in the reporting year can be found in the Employees section.
Greenhouse gas eciency is an additional performance metric
Given that our GoGreen environmental protection programme is targeted at improving
greenhouse gas eciency, we have, as previously announced, increased transparency in
this area. We measure greenhouse gas eciency using a carbon eciency index .
 is based upon the business unit-specic emission intensity gures, which are
indexed to the base year and indicate the ratio of the respective emissions to a matching
performance indicator.  was adopted as a management indicator of non- nancial
performance this reporting year. e bases for calculation and the gures obtained for
the reporting year are provided in the section on Corporate responsibility.
Calculation of free cash flow .

Depreciation, amortisation
and impairment losses
Net income / loss from disposal
ofnon-current assets
Non-cash income and expense
Change in provisions
Change in other non-current assets
andliabilities
Dividends received
Income taxes paid
Operating cash flow before
changesin working capital
(net working capital)
Changes in net working capital
Net cash from /used in operating
activities (operating cash flow – )
Cash inflow /outflow arising from
change in property, plant and
equipment and intangible assets
Cash inflow /outflow arising from
acquisitions /divestitures
Net interest paid
Free cash flow 
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