Deutsche Post DHL - Annual Report 2010

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Multi-year Review

04 Multi-year Review

Key figures 2003 to 2010
€m
	2003 adjusted	2004 adjusted	2005 adjusted	2006 adjusted	2007 adjusted	2008 adjusted	2009 adjusted	2010
	2003 adjusted	2004 adjusted	2005 adjusted	2006 adjusted	2007 adjusted	2008 adjusted	2009 adjusted	2010	Revenue
MAIL	12,495	12,747	12,878	15,290	14,569	14,393	13,912	13,821
EXPRESS	15,293	17,557	16,831	13,463	13,874	13,637	9,917	11,111
LOGISTICS	5,878	6,786	9,933	24,405	–	–	–	–
GLOBAL FORWARDING, FREIGHT	–	–	–	–	12,959	14,179	11,243	14,341
SUPPLY CHAIN	–	–	–	–	14,317	13,718	12,183	13,301
FINANCIAL SERVICES	7,661	7,349	7,089	9,593	–	–	–	–
SERVICES	–	–	3,874	2,201	–	–	–	–
Divisions total	41,327	44,439	50,605	64,952	55,719	55,927	47,255	52,574
Corporate Center/Other (until 2004: Other/Consolidation; until 2006: Consolidation; until 2007: Corporate Center/Other and Consolidation)	–1,310	–1,271	–6,011	–4,407	–1,676	1,782	1,527	1,302
Consolidation	–	–	–	–	–	–3,235	–2,581	–2,395
Continuing operations	–	–	–	–	54,043	54,474	46,201	51,481
Discontinued operations	–	–	–	–	10,335	11,226	1,634	0
Total	40,017	43,168	44,594	60,545	–	–	–	–
Profit/loss from operating activities (EBIT)
MAIL	2,067	2,072	2,030	2,094	1,976	2,179	1,391	1,118
EXPRESS	152	117	–23	288	–272	–2,194	–790	497
LOGISTICS	116	182	346	751	–	–	–	–
GLOBAL FORWARDING, FREIGHT	–	–	–	–	409	362	174	383
SUPPLY CHAIN	–	–	–	–	577	–920	–216	233
FINANCIAL SERVICES	567	714	863	1,004	–	–	–	–
SERVICES	–	–	679	–229	–	–	–	–
Divisions total	2,902	3,085	3,895	3,908	2,690	–573	559	2,231
Corporate Center/Other (until 2004: Other/Consolidation; until 2006: Consolidation; until 2007: Corporate Center/Other and Consolidation)	–246	–84	–131	–36	–557	–393	–328	–395
Consolidation	–	–	–	–	–	0	0	–1
Continuing operations	–	–	–	–	2,133	–966	231	1,835
Discontinued operations	–	–	–	–	1,060	–871	–24	0
Total	2,656	3,001	3,764	3,872	–	–	–	–
Consolidated net profit/loss for the period	1,342	1,740	2,448	2,282	1,873	–1,979	693	2,630
Cash flow/investments/depreciation, amortisation and impairment losses
Total cash flow from operating activities	3,006	2,336	3,624	3,922	5,151	1,939	–584	1,927
Total cash flow from investing activities	–2,133	–385	–5,052	–2,697	–1,053	–441	–2,710	8
Total cash flow from financing activities	–304	–493	–1,288	–865	–1,787	–1,468	1,676	–1,651
Investments	2,846	2,536	6,176	4,066	2,343	3,169	1,444	1,276
Depreciation, amortisation and impairment losses	1,693	1,821	1,961	1,771	2,196	2,662	1,620	1,296
Assets and capital structure
Non-current assets¹⁾	15,957	17,027	25,223	26,074	25,764	20,517	22,022	24,493
Current assets (until 2003: including deferred tax assets)¹⁾	138,976	136,369	147,417	191,624	209,656	242,447	12,716	13,270
Equity (excluding non-controlling interests)	6,106	7,242	10,624	11,220	11,035	7,826	8,176	10,511
Non-controlling interests	59	1,623	1,791	2,732	2,778	2,026	97	185
Current and non-current provisions	12,673	12,441	12,161	14,233	12,276	10,836	9,677	9,427
Current and non-current liabilities²⁾	12,778	15,064	19,371	20,850	21,544	242,276	16,788	17,640
Total assets	154,933	153,396	172,640	217,698	235,420	262,964	34,738	37,763

Key figures 2003 to 2010

		2003 adjusted	2004 adjusted	2005 adjusted	2006 adjusted	2007 adjusted	2008 adjusted	2009	2010
Employees/staff costs (from 2007: continuing operations)
Total number of employees (headcount including trainees)	at 31 Dec.	383,173	379,828	502,545	520,112	512,147	512,536	477,280	467,088
Full-time equivalents (excluding trainees)³⁾	at 31 Dec.	348,781	340,667	455,115	463,350	453,626	451,515	424,686	418,946
Average number of employees (headcount)		375,096	381,492	393,463	507,641	500,252	511,292	488,518	464,471
Staff costs	€m	13,329	13,840	14,337	18,616	17,169	18,389	17,021	16,609
Staff cost ratio⁴⁾	%	33.3	32.1	32.2	30.7	31.8	33.8	36.8	32.3
Key figures revenue/income/assets and capital structure
Return on sales⁵⁾	%	7.4	7.0	8.4	6.4	3.9	–1.8	0.5	3.6
Return on equity (ROE) before taxes⁶⁾	%	34.2	29.2	28.7	21.6	8.6	–9.0	3.0	29.8
Return on assets⁷⁾	%	1.7	1.9	2.3	2.0	0.9	–0.4	0.2	5.1
Tax rate⁸⁾	%	29.9	20.2	19.8	19.7	14.0	–	5.4	6.9
Equity ratio⁹⁾	%	3.9	5.8	7.2	6.4	5.9	3.7	23.8	28.3
Net debt (+)/net liquidity (–) (Postbank at equity)¹⁰⁾	€m	2,044	–32	4,193	3,083	2,858	2,466	–1,690	–1,382
Net gearing (Postbank at equity)¹¹⁾	%	25.1	–0.4	28.1	21.4	20.4	23.7	–25.7	–14.8
Dynamic gearing (Postbank at equity)¹²⁾	years	0.8	0.0	2.4	1.4	1.0	0.7	–1.4	–0.7
Key stock data
(Diluted) earnings per share¹³⁾	€	1.18	1.44	1.99	1.60	1.15	–1.40	0.53	2.10
Cash flow per share^13),14)	€	2.70	2.10	3.23	3.28	4.27	1.60	–0.48	1.59
Dividend distribution	€m	490	556	836	903	1,087	725	725	786¹⁵⁾
Payout ratio (distribution to consolidated net profit)	%	37.4	34.8	37.4	47.1	78.6	–	112.6	30.9
Dividend per share	€	0.44	0.50	0.70	0.75	0.90	0.60	0.60	0.65¹⁵⁾
Dividend yield (based on year-end closing price)	%	2.7	3.0	3.4	3.3	3.8	5.0	4.4	5.1
(Diluted) price/earnings ratio¹⁶⁾		13.9	11.7	10.3	14.3	20.4	–8.5	25.5	6.0
Number of shares carrying dividend rights	millions	1,112.8	1,112.8	1,193.9	1,204.0	1,208.2	1,209.0	1,209.0	1,209.0
Year-end closing price	€	16.35	16.90	20.48	22.84	23.51	11.91	13.49	12.70

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)	Profit before income taxes (from 2007 continuing operations)/average equity (from 2004 including non-controlling interests).
7)	EBIT (from 2007: continuing operations)/average total assets.
8)	Income tax expense/profit before income taxes.
9)	Equity (from 2004 including non-controlling interests)/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 non-controlling interests).
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.

04 Multi-year Review

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