A.12 Deutsche Post shares: multi-year review
				2005		2006		2007		2008		2009		2010		2011
Year-end closing price		€		20.48		22.84		23.51		11.91		13.49		12.70		11.88
High		€		21.23		23.75		25.65		24.18		13.79		14.46		13.83
Low		€		16.48		18.55		19.95		7.18		6.65		11.18		9.13
Number of shares		millions		1,193.9		1,204.01		1,208.21		1,209.01		1,209.0		1,209.0		1,209.0
Market capitalisation as at 31 December		€m		24,425		27,461		28,388		14,399		16,309		15,354		14,363
Average trading volume per day		shares		3,757,876		5,287,529		6,907,270		7,738,509		5,446,920		5,329,779		4,898,924
Annual performance including dividend		%		24.1		14.9		6.9		–45.5		18.3		–1.4		–1.3
Annual performance excluding dividend		%		21.2		11.5		2.9		–49.3		13.3		–5.9		–6.5
Beta factor2				0.75		0.80		0.68		0.81		0.91		0.95		1.19
Earnings per share3		€		1.99		1.60		1.15		–1.40		0.53		2.10		0.96
Cash flow per share4		€		3.23		3.28		4.27		1.60		–0.48		1.59		1.96
Price-to-earnings ratio5				10.3		14.3		20.4		–8.5		25.5		6.0		12.4
Price-to-cash flow ratio4,  6				6.4		7.0		5.5		7.4		–28.1		8.0		6.1
Dividend		€m		836		903		1,087		725		725		786		8467
Payout ratio		%		37.4		47.1		78.6		–		112.6		30.9		72.78
Dividend per share		€		0.70		0.75		0.90		0.60		0.60		0.65		0.707
Dividend yield		%		3.4		3.3		3.8		5.0		4.4		5.1		5.9

Deutsche Post shares lose significantly less than the DAX

Our shares started the year 2011 well, reaching a high of €13.83 on 18 February. However, the stock price could not escape the downwards trend in the markets despite the good results for 2010 we reported on 10 March, and only began to reverse course after we reported our first-quarter results on 10 May. Subsequently, it fluctuated widely in an uncertain and nervous market, hitting its annual low of €9.13 on 23 September. It then performed much better than the DAX and the EURO STOXX 50, a result that was based in part on the positive trend in our business in the third quarter and our increased forecast for full-year 2011, and climbed back to close the year at €11.88 on 30 December 2011, having risen 11.0% since 9 November 2011 when we published the figures for the first nine months. By comparison, the DAX lost 1.1% and the EURO STOXX 50 gained only 0.6% in this period. Over the year as a whole, our share lost 6.5% in value, much less than the DAX and the EURO STOXX 50. Average daily trading volumes of Deutsche Post shares fell slightly year-on-year to 4.9 million shares (previous year: 5.3 million shares).