Multi-year review

Key figures 2002 to 2009
€m
  2002
adjusted		 2003
adjusted		 2004
adjusted		 2005
adjusted		 2006
adjusted		 2007
adjusted		 2008
adjusted		 2009

Revenue		                
MAIL 12,129 12,495 12,747 12,878 15,290 14,569 14,393 13,684
EXPRESS 14,637 15,293 17,557 16,831 13,463 13,874 13,637 10,312
LOGISTICS 5,817 5,878 6,786 9,933 24,405 – – –
GLOBAL FORWARDING, FREIGHT – – – – – 12,959 14,179 10,870
SUPPLY CHAIN
 – – – – – 14,317 13,718 12,507
FINANCIAL SERVICES
 8,676 7,661 7,349 7,089 9,593 – – –
SERVICES – – – 3,874 2,201 – – –
Divisions total 41,259 41,327 44,439 50,605 64,952 55,719 55,927 47,373
Corporate Center/Other
(until 2004: Other/Consolidation; until 2006: Consolidation;
until 2007: Corporate Center/Other and Consolidation)		 –2,004 –1,310 –1,271 –6,011 –4,407 –1,676 1,782 1,527
Consolidation – – – – – – –3,235 –2,699
Continuing operations – – – – – 54,043 54,474 46,201
Discontinued operations – – – – – 10,335 11,226 1,634
Total 39,255 40,017 43,168 44,594 60,545 – – –


Profit/loss from operating activities before goodwill amortisation (EBITA)

               
MAIL 2,144 2,082 2,085 2,030 2,094 1,976 2,179 1,383
EXPRESS 270 365 373 411 288 –272 –2,194 –807
LOGISTICS 173 206 281 346 751 – – –
GLOBAL FORWARDING, FREIGHT – – – – – 409 362 191
SUPPLY CHAIN – – – – – 577 –310 –208
FINANCIAL SERVICES 679 568 716 869 1,004 – – –
SERVICES – – – 679 –229 – – –
Divisions total 3,266 3,221 3,455 4,335 3,908 2,690 37 559
Corporate Center/Other
(until 2004: Other/Consolidation; until 2006: Consolidation;
until 2007: Corporate Center/Other and Consolidation)		 –297 –246 –84 –131 –36 –557 –393
 –328
Consolidation – – – – – – 0 0
Continuing operations – – – – – 2,133 –356 231
Discontinued operations – – – – – 1,060 –871 –24
Total 2,969 2,975 3,371 4,204 3,872 – – –

Profit/loss from operating activities (EBIT)		                
MAIL 2,138 2,067 2,072 2,030 2,094 1,976 2,179 1,383
EXPRESS
 –79 152 117 –23 288 –272 –2,194 –807
LOGISTICS
 80 116 182 346 751 – – –
GLOBAL FORWARDING, FREIGHT
 – – – – – 409 362 191

SUPPLY CHAIN

– – – – – 577 –920 –208
FINANCIAL SERVICES
 678 567 714 863 1,004 – – –
SERVICES – – – 679 –229 – – –
Divisions total 2,817 2,902 3,085 3,895 3,908 2,690 –573 559
Corporate Center/Other
(until 2004: Other/Consolidation; until 2006: Consolidation;
until 2007: Corporate Center/Other and Consolidation)		 –297 –246 –84 –131 –36 –557 –393 –328
Consolidation – – – – – – 0 0
Continuing operations – – – – – 2,133 –966 231
Discontinued operations – – – – – 1,060 –871 –24
Total 2,520 2,656 3,001 3,764 3,872 – – –

Consolidated net profit/loss for the period		 1,590 1,342 1,740 2,448 2,282 1,873 –1,979  693
Key figures 2002 to 2009
 
    2002
adjusted		 2003
adjusted		 2004
adjusted		 2005
adjusted		 2006
adjusted		 2007
adjusted		 2008
adjusted		 2009

Cash flow/investments/depreciation, amortisation and impairment losses		                  
Total cash flow from operating activities
€m		 2,967 3,006 2,336 3,624 3,922 5,151 1,939 –584
Total cash flow from investing activities €m –2,226 –2,133 –385 –5,052 –2,697 –1,053 –441 –2,722
Total cash flow from financing activities €m 147 –304 –493 –1,288 –865 –1,787 –1,468 1,688
Investments €m 3,100 2,846 2,536 6,176 4,066 2,343 3,169 1,456
Depreciation, amortisation and impairment losses €m 1,893 1,693 1,821 1,961 1,771 2,196 2,662 1,620

Assets and capital structure		    
              
Non-current assets1) €m 14,536 15,957 17,027 25,223 26,074 25,764 20,517 22,022
Current assets (until 2003: including deferred tax assets)1) €m 148,111 138,976 136,369 147,417 191,624 209,656 242,447 12,716
Equity (excluding minority interest) €m 5,095 6,106 7,242 10,624 11,220 11,035 7,826 8,176
Minority interest €m 117 59 1,623 1,791 2,732 2,778 2,026 97
Current and non-current provisions €m 12,684 12,673 12,441 12,161 14,233 12,276 10,836 9,677
Current and non-current liabilities2) €m 11,900 12,778 15,064 19,371 20,850 21,544 242,276 16,788
Total assets €m 162,647 154,933 153,396 172,640 217,698 235,420 262,964 34,738

Employees/staff costs
(from 2007: Continuing operations)		                  
Total number of employees
(headcount including trainees)		 at 31 Dec. 371,912 383,173 379,828 502,545 520,112 512,147 512,536 477,280
Full time equivalents (excluding trainees)3) at 31 Dec. 334,952 348,781 340,667 455,115 463,350 453,626 451,515 424,686
Average number of employees (headcount)   375,890 375,096 381,492 393,463 507,641 500,252 511,292 488,518
Staff costs €m
 13,313 13,329 13,840 14,337 18,616 17,169 18,389 17,021
Staff cost ratio4) % 33.9 33.3 32.1 32.2 30.7 31.8 33.8 36.8

Key figures revenue/income/assets and capital structure		                  
Return on sales5) % 7.6 7.4 7.0
8.4 6.4 3.9 –1.8 0.5
Return on equity (ROE) before taxes6) % 35.5 34.2
29.2
28.7 21.6 8.6 –9.0 3.0
Return on assets7) % 1.6 1.7
1.9
2.3 2.0 0.9 –0.4 0.2
Tax rate8) % 14.3 29.9
20.2
19.8 19.7 14.0 – 5.4
Equity ratio9) % 3.1
3.9
5.8
7.2 6.4 5.9 3.7 23.8
Net debt/net liquidity (Postbank at equity)10) €m
 1,494 2,044
-32
4,193 3,083 2,858 2,466 –1,690
Net gearing (Postbank at equity)11) %
22.7 25.1
-0.4 28.1 21.4 20.4
23.7 –25.7
Dynamic gearing (Postbank at equity)12) years
 0.5
0.8
0.0 2.4 1.4 1.0 0.7 –1.4

Key stock data		                  
(Diluted) earnings per share13) € 0.59 1.18
1.44 1.99 1.60 1.15 –1.40 0.53
Cash flow per share13), 14)  € 2.67 2.70
2.10 3.23 3.28 4.27 1.60 –0.48
Dividend distribution €m
 445
490
556
836 903 1,087 725 72515)

Payout ratio
(distribution to consolidated net profit)

%
67.5
37.4
34.8 37.4 47.1 78.6 – 112.6
Dividend per share  € 0.40 0.44 0.50 0.70 0.75 0.90 0.60 0.6015)
Dividend yield
(based on year-end closing price)		 %
4.0 2.7 3.0
3.4 3.3 3.8 5.0 4.4
(Diluted) price/earnings ratio16)   7.1 13.9 11.7
10.3 14.3 20.4 –8.5 25.5
Number of shares carrying dividend rights millions
 1,112.8 1,112.8 1,112.8 1,193.9 1,204.0 1,208.2 1,209.0 1,209.0
Year-end closing price € 
 10.00 16.35 16.90 20.48 22.84 23.51 11.91 13.49
1) From 2004 balance sheet presented in accordance with the new IAS 1 as explained in item 5 of the Notes to the 2005 consolidated financial statements.
2) Excluding liabilities from financial services.
3) Until 2004 including trainees.
4) Staff costs/revenue.
5) EBITA/revenue; from 2004: EBIT/revenue (from 2007: Continuing operations).
6)
Profi t before income taxes (from 2007 Continuing operations)/average equity (from 2004 including minority interest).
7)
EBIT (from 2007: Continuing operations)/average total assets.
8)

Income tax expense/profit before income taxes; including discontinued operations.

9)
Equity (from 2004 including minority interest)/total assets.
10)
Financial liabilities excluding cash and cash equivalents, current financial assets and long-term deposits. From 2006: excluding financial liabilities to minority shareholders of Williams Lea. From 2008: see management report.
11)
Net debt/net debt and equity (from 2004 including minority interest).
12)
Net debt/cash flow from operating activities.
13)
The weighted average number of shares for the period was used for the calculation.
14)
Cash flow from operating activities.
15)
Proposal.
16)
Year-end closing price/earnings per share (2002: before extraordinary expense).