The global economy is expected to continue to see moderate growth in 2012 with an increase of 3% to 3.5%. The international trading volumes relevant for our business are likely to exceed the projected growth of the global economy. We are therefore anticipating the corresponding revenue growth, particularly in the DHL divisions.
For financial year 2012, we expect consolidated EBIT to reach between €2.5 billion and €2.6 billion. The MAIL division is likely to contribute between €1.0 billion and €1.1 billion to this figure. Compared with the previous year, we expect an additional improvement in overall earnings to approximately €1.9 billion in the DHL divisions. At around €–0.4 billion, the Corporate Center/Other result should be on a par with the previous year.
We plan to increase capital expenditure by approximately 6% to €1.8 billion. We shall remain around this level in the following years. In line with our Group strategy, we are targeting organic growth and anticipate only a few small acquisitions in 2012, as in the previous year. In 2012, operating cash flow will only be impacted to a very minor extent by the restructuring measures resolved in 2009.
Even in the face of an uncertain economic climate, particularly in the western economies, we believe that the Group will experience good earnings momentum. The positive trend in our earnings that we are anticipating for 2012 is likely to continue into 2013. The cost reduction measures and growth programmes initiated in the MAIL division are expected to stabilise EBIT, even though letter volumes are likely to continue their slow decline due to electronic substitution. In the DHL divisions, we expect EBIT, taking the earnings contribution in 2010 as the baseline, to improve at an annual average of 13% to 15% in the period from 2011 to 2015 as trading volumes continue to recover.
Consolidated net profit before effects from the Postbank transaction is expected to continue to improve in 2012 in line with our operating business.
Our finance strategy calls for paying out 40% to 60% of net profits as dividends as a general rule. At the Annual General Meeting on 9 May 2012, we intend to propose to the shareholders that a dividend per share of €0.70 be paid for financial year 2011 (previous year: €0.65).