37 Issued capital

37.1 Share capital

KfW Bankengruppe (KfW), see Note 53.1, holds 30.5% of Deutsche Post AG’s share capital. The proportion of free float shares amounts to 69.5%.

37.2 Issued capital and purchase of treasury shares

The issued capital was €1,209 million. It is composed of 1,209,015,874 no-par value registered shares (ordinary shares) with a notional interest in the share capital of €1 per share and is fully paid up.

Deutsche Post AG acquired 1.67 million shares at a total price of €21 million, including transaction costs, in a number of transactions in order to settle entitlements due under the 2010 tranche of the bonus programme for executives (Share Matching Scheme). The average purchase price per share was €12.79. The acquisition of treasury shares reduced the issued capital.

The notional value of the treasury shares is deducted from issued capital, and the difference between the notional value and the reported value of the treasury shares is deducted from retained earnings.

The issued capital increased again when the shares were issued to the executives. Changes in treasury shares are presented in the statement of changes in equity.

On 25 May 2011, the Annual General Meeting resolved to contingently increase the share capital by up to €75 million to grant option or conversion rights or to settle conversion obligations to the holders of bonds with warrants, convertible bonds and/or income bonds, as well as profit participation certificates (Contingent Capital 2011).

37.3 Authorisation to acquire treasury shares

By way of a resolution adopted by the Annual General Meeting on 28 April 2010, the company is authorised to acquire treasury shares in the period to 27 April 2015 of up to 10% of the share capital existing when the resolution was adopted. The authorisation permits the Board of Management to exercise it for every purpose permitted by law, and in particular to pursue the goals mentioned in the resolution by the Annual General Meeting. In addition, the Board of Management is authorised to acquire treasury shares using derivatives. As at the reporting date in the previous year, Deutsche Post AG did not hold any treasury shares on 31 December 2011.

37.4 Disclosures on corporate capital

The equity ratio was 29.2% in financial year 2011 (previous year: 28.3%). The company’s capital is monitored using the net gearing ratio which is defined as net debt divided by the total of equity and net debt. Due to the company’s net liquidity, the informative value of this key figure is limited and it has therefore not been disclosed.

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