Annual Financial Statements (HGB)

Transcription

Annual Financial
Statements (HGB)
as at 31 December 2014
of Deutsche Post AG, Bonn
Contents
Balance sheet5
Income statement
6
Notes
7
Annexes
60
Annex 1 S
tatement of changes
in non-current assets
60
Annex 2 Maturity structure of liabilities61
Annex 3 Cash flow statement62
Annex 4 Statement of changes in equity
63
Annex 5 List of shareholdings
64
Responsibility statement
87
Auditor’s report
88
Management report
90
Balance sheet
5
Balance sheet as at 31 December 2014
Assets
€m
Notes
31 Dec. 2013
31 Dec. 2014
A.
Non-current assets
I.
Intangible assets
17
141
163
II.
Property, plant and equipment
18
2,373
2,391
III.
Non-current financial assets
19
14,003
14,114
16,517
16,668
20
74
73
II.
Receivables and other assets
21
9,771
10,120
III.
Securities
22
628
229
IV.
Cash and cash equivalents
23
2,305
1,795
12,778
12,217
232
219
29,527
29,104
31 Dec. 2013
31 Dec. 2014
B.
Current assets
I.
C.
Inventories
Prepaid expenses
33
Equity and liabilities
€m
Notes
A.
Equity
I.
Issued capital
24-28
25
Calculated value of Treasury shares
Issued capital
1,209
1,211
0
-1
1,209
1,210
(Contingent capital € 190 million )
II.
Capital reserves
26
3,433
3,491
III.
Revenue reserves
26
5,250
5,212
Net retained profit
27
1,726
1,645
11,618
11,558
29-31
4,904
4,940
IV.
B.Provisions
C.
Liabilities
32
13,001
12,602
D.
Deferred income
33
4
4
29,527
29,104
Income statement
Income statement
1 January to 31 December 2014
€m
Notes
2013
2014
1.Revenue
34
13,006
13,308
2. Other capitalised services
35
36
28
3. Other operating income
36
1,372
1,311
14,414
14,647
4. Materials expense
37
a)Cost of consumables and supplies
and of goods purchased and held for resale
b)
Cost of purchased services
5. Staff costs
a)
285
4,010
276
4,295
4,158
4,434
38
Wages, salaries and emoluments
5,683
b)Social security contributions, retirement
benefit expenses and assistance benefits
1,499
5,791
7,182
1,569
7,360
6.Amortisation of intangible assets and depreciation
of property, plant and equipment
39
267
282
7. Other operating expenses
40
1,685
1,908
13,429
13,984
220
296
1,205
959
8. Financial result
41
9. Result from ordinary activities
10. Extraordinary result
42
-34
-34
11. Income tax expense
43
87
-38
1,258
887
12. Net profit for the period
13. Retained profits brought forward from previous year
44
468
758
14. Net retained profit
27
1,726
1,645
6
Notes 7
Notes to the Annual Financial Statements
of Deutsche Post AG
Basis of presentation
1.Basis of accounting
Deutsche Post AG is a large corporation within the meaning of section
267 of the Handelsgesetzbuch (HGB – German Commercial Code).
The annual financial statements for the year ended 31 December 2014
were prepared in accordance with the accounting and reporting provisions
of the HGB (sections 238 et seq. and 264 et seq. of the HGB) and the Aktiengesetz (AktG – German Stock Corporation Act).
As the parent company of Deutsche Post DHL, Deutsche Post AG prepares
consolidated financial statements on the basis of the International Financial
Reporting Standards (IFRSs), in accordance with section 315a(1) of the HGB.
For this reason, no consolidated financial statements are prepared in
accordance with the requirements of the HGB.
The financial year is the calendar year.
2.Classification of the
balance sheet and the
The total cost (type of expenditure) method was applied to the income
statement. Amounts are presented in millions of euros (€ m).
income statement
To enhance the clarity of presentation, the items of the balance sheet and
the income statement are shown summarised together; they are broken
down and explained separately in the Notes.
The cash flow statement and the statement of changes in equity are
attached as annexes to the notes to the financial statements.
8
Notes
Accounting policies
Application of the accounting policies as detailed below was unchanged as against the previous year. Changes
not described in the accounting policies section are explained in relation to the items in question. 3.Intangible assets
Purchased intangible assets are carried at cost, including incidental costs
of acquisition, and reduced by straight-line amortisation and write-downs.
They have a useful life of five years which is reduced appropriately in the
event of a shorter contract term.
The option under section 248(2) of the HGB is exercised for internally generated
intangible assets, which have been recognised at cost (development costs)
since 1 January 2010.
Development cost include attributable direct costs from the consumption of
merchandise and the utilisation of services, as well as an appropriate portion
of indirect materials and labour costs and amortisation expenses attributable
to the development process.
4.Property, plant and
equipment
Property, plant and equipment that will be used for business operations for
more than one year is carried at acquisition or production cost, including
incidental costs of acquisition or production, and reduced by straight-line
depreciation.
The following useful lives are applied:
Buildings
20 to 50 years
Technical equipment and machinery
10 to 20 years
Other vehicles
IT systems
Other operating and office equipment
Low-value assets with an acquisition
cost of € 150 – € 1,000
10 years
4 to 5 years
8 to 10 years
5 years
Notes 9
Additions to items of property, plant and equipment are depreciated on a
time-proportionate basis. Impairment losses are recognised if the fair values
of individual assets are lower than their carrying amounts and impairment is
expected to be other than temporary.
Subsidies received are reported under deferred income and reversed over
the useful life of the property, plant and equipment.
As a general rule, the cost of moveable items of non-current assets subject
to wear and tear that can be used independently is recognised in full as an
operating expense in the tax year of acquisition, production, or contribution.
However, the cost of the individual asset may not exceed €150, net of any
input tax contained in that amount.
An annual pooled item within the meaning of section 6(2a) of the Einkommensteuergesetz (EStG – German Income Tax Act) is recognised for
low-value assets whose cost, net of any input tax contained in that amount,
is more than €150 and up to €1,000. The annual pooled item is depreciated
over five years, reducing income. The pooled item is not reduced if an item
of operating assets is disposed of before the end of the five-year period.
5.Non-current
financial assets
Shares in affiliated companies and other equity investments are carried at cost
or, if their value is impaired for a prolonged period, at the lower fair value.
Shares and investments in foreign affiliated companies denominated in foreign
currencies are translated at the acquisition date exchange rate. If the currency
risk of acquisitions was hedged, they are carried at the hedging rate.
The cost of long-term, low-interest or non-interest-bearing loans corresponds
to their present value at the grant date. The other loans are carried at their
principal amounts. Amounts of accumulated interest are reported under
additions.
6.Inventories
Postage stamps and spare parts for conveyor and sorting systems at freight
mail centres are reported under inventories at fixed value; the other consumables and supplies are carried at moving or weighted average prices, or
at the lower market prices at the balance sheet date. Goods purchased and
held for resale are measured at cost or at moving average prices. Appropriate
valuation allowances are applied where necessary.
10
Notes
7.Receivables and
other assets
Receivables and other assets are carried at their principal amounts less any
specific valuation allowances.
The general risk of counterparty default is taken into account by a general
bad debt allowance.
8.Securities
Securities classified as current assets are carried at cost or the lower fair
value at the balance sheet date.
9.Cash and
cash equivalents
Bank balances, cash-in-hand and cheques are carried at their notional
amounts. Foreign currency cash holdings are measured at the middle
spot rate on the closing date.
10. Prepaid expenses
Cash expenditures prior to the balance sheet date that represent expenses
for a certain period after that date are recognised as prepaid expenses.
The company exercises the option set out in section 250(3) of the HGB and
recognises discounts as assets.
The difference between the settlement amount and the issue amount of
a liability is included in prepaid expenses and reduced over the term of
the liability.
11.Equity
The issued capital is carried at its notional amount.
12.Provisions
Provisions are recognised at the settlement amount dictated by prudent
business judgement. Provisions with a remaining maturity of more than one
year are discounted at the average market interest rate for the preceding
seven financial years corresponding to their remaining maturity.
Notes 11
Provisions for pensions and similar obligations are recognised on the basis of
actuarial reports. They are measured using the projected unit credit method.
The 2005 G mortality tables published by Prof. Dr Klaus Heubeck are applied
to the calculation of the provisions. They are recognised at their settlement
amount, which reflects discounting at the average market interest rate for
the preceding seven years. A remaining maturity of 15 years is assumed in
accordance with section 253(2) sentence 2 of the HGB.
The option to allocate the amount to be added to provisions for pensions
rateably over 15 years due to the new measurement requirements under the
Bilanzrechtsmodernisierungsgesetz (BilMoG – German Accounting Law
Modernisation Act) (effective 1 January 2010) has been exercised. The
annual amount is reported in the extraordinary result.
In accordance with section 246(2) sentence 2 of the HGB, assets that may
only be used to meet liabilities from pension obligations or similar long-term
obligations will be offset against the relevant provisions as plan assets.
The same applies to working time accounts financed by employees who
convert working hours and a portion of their salary. The accounts are considered securities-based obligations. The value of the provisions depends on
the changes in value of the plan assets which are to be funded by Deutsche
Post AG and measured at fair value.
Provisions for taxes and other provisions are recognised in the case of
obligations to third parties that can be reliably estimated and that will lead
to an outflow of economic resources. They are recognised in the amount
dictated by prudent business judgement.
13.Liabilities
Liabilities are carried at their settlement amount. In cases where the redemption amount of a liability is higher than the issue amount, the
difference is capitalised and allocated across the term of the liability.
14. Deferred income
Cash payments received prior to the balance sheet date that represent income for a certain period after that date are recognised as deferred income.
12
Notes
15.Foreign currency
translation
Foreign currency transactions are generally translated at the historical exchange
rate at the date of initial recognition. For reasons of simplification, they are
translated during the course of the financial year at the middle spot rate on
the last day of the preceding month.
Balance sheet items are measured as follows:
Non-current foreign currency receivables are recognised at the offer rate
when the receivable is recognised or at the lower middle spot rate at the
reporting date in accordance with the principle of lower of cost or market
value (principle of imparity). Current foreign currency receivables (maturity
of one year or less) and cash funds or other current foreign currency assets
are translated at the middle spot rate at the balance sheet date.
Non-current foreign currency liabilities are recognised at the bid rate when
the liability is recognised or at the higher closing rate, using the middle spot
rate at the reporting date (principle of imparity). Current foreign currency
liabilities (maturity of one year or less) are translated at the middle spot rate
at the balance sheet date.
16. Deferred taxes
Deferred taxes are attributable to the differences between the amounts
recognised for assets, liabilities, prepaid expenses and deferred income in
the HGB financial statements and in the tax accounts. Deutsche Post AG not
only includes the differences relating to its own balance sheet items in the
offsetting process, but also those relating to companies in its consolidated
tax group and to partnerships in which Deutsche Post AG holds an equity
interest. Tax loss carryforwards are taken into account in addition to temporary differences.
Deferred tax liabilities are offset against deferred tax assets resulting in net
deferred tax assets. The company does not exercise the recognition option
set out in section 274(1) sentence 2 of the HGB, and consequently the net
deferred tax assets are not recognised on the balance sheet.
Notes 13
Balance sheet disclosures
Disclosures on assets
17. Intangible assets
The changes in and composition of intangible assets are presented in the
statement of changes in non-current assets (Annex 1). In cases where development began after 1 January 2010, the total development costs incurred
for internally generated software are capitalised.
Development costs totalling €9 million were capitalised as internally generated intangible assets in the year under review. €18 million relating to
internally generated software was reclassified from assets under development. The amount largely concerned the technical adjustment of hand-held
scanners for delivery.
18.Property, plant
and equipment
The changes in and composition of property, plant and equipment are
presented in the statement of changes in non-current assets (Annex 1).
Of the additions to land and buildings, €44 million relates to parking spaces
for swap bodies.
€160 million was added to assets under development, of which €152 million
relates to conveyor and sorting systems.
The investments in other equipment, operating and office equipment relate
primarily to computer equipment and low-value and other assets.
19. Non-current financial assets
Changes in non-current financial assets are presented in Annex 1 (Statement
of changes in non-current assets). The list of share-holdings is contained in
Annex 5.
Non-current financial assets are composed of the following items:
€m
31 Dec. 2013
31 Dec. 2014
Investments in affiliated companies
6,947
6,940
Loans to affiliated companies
6,718
6,820
0
7
338
347
14,003
14,114
Other investments
Other loans
14
Notes
The decline in investments in affiliated companies (€7 million) mainly relates
to Güll GmbH and Güll Presseservice, which are reported in other equity
investments at the reporting date.
The loans to affiliated companies as at 31 December 2014 are mainly related
to Deutsche Post Beteiligungen Holding GmbH (€6,403 million), as in the
previous year. The loans extended to Deutsche Post Fleet GmbH increased
by €112 million to a total of €333 million.
The other loans item includes a recovery claim against the German federal
government in the amount of €335 million (previous year €318 million)
including interest which relates to the European Commission’s state aid
ruling. The amount was deposited by Deutsche Post AG in a trust account
on consultation with the federal government.
Residential building loans are reported under other loans.
20.Inventories
Inventories
€m
31 Dec. 2013
31 Dec. 2014
Consumables and
supplies
30
31
Goods purchased and
held for resale
44
42
74
73
The inventories item consumables and supplies contains office materials,
supplies, spare parts and other maintenance materials, among other things.
Goods purchased and held for resale include philatelic materials and other
goods.
21.Receivables and
Receivables and other assets
other assets
€m
Trade receivables
Receivables from affiliated companies
thereof trade receivables: 218
(previous year: 185)
Receivables from other equity investments
thereof trade receivables: 0
(previous year: 0)
Other assets
31 Dec. 2013
31 Dec. 2014
335
396
8,858
9,148
4
8
574
568
9,771
10,120
Notes 15
€3,735 million (previous year €3,475 million) of receivables from affiliated
companies relates to receivables from intragroup inhouse banking and €762
million (previous year €663 million) relates to receivables from profit transfer
agreements.
In addition, short-term loan receivables from affiliated companies increased
to €4,539 million (previous year €4,524 million).
Other assets include €125 million (previous year €102 million) in cash deposits
which serve as long-term collateral in connection with the sale of residential
building loans.
22.Securities
Securities
€m
Other securities
31 Dec. 2013
31 Dec. 2014
628
229
The decrease resulted from the sale of money market funds.
23.Cash and cash equivalents
Of the €1,795 million total (previous year €2,305 million), €1,621 million
(previous year €2,046 million) is attributable to short-term money market
investments with other banks.
Cash flow statement
The cash flow statement (Annex 3 to the Notes) discloses the company’s cash
flows and their application. The cash and cash equivalents presented in the
cash flow statement include all the cash items presented in the balance sheet.
Net income before changes in working capital/Cash Flow I (cash flow from
operating activities) fell by €420 million to €1,105 million, due to the decrease
in net profit for the year. Taking into account the rise in working capital, the
increase in provisions, and the decline in liabilities and deferred income, net
cash from operating activities amounted to €381 million for the financial year
(previous year: €274 million).
The increase in net cash from investing activities is due primarily to the decrease in payments relating to the short-term financial management of cash
investments (€326 million), combined with a rise of €210 million in cash paid
to acquire non-current assets.
The cash flow from financing activities declined by €2,186 million, resulting
in net cash used in financing activities. The main reason for the decline was
16
Notes
the decrease in the issue of financial liabilities (€1,836 million) accompanied by an increase in outflows for the repayment of financial liabilities
(€245 million). The dividend distribution amounted to €968 million
(previous year €846 million).
Disclosures on equity and liabilities
24.Equity
Equity
€m
31 Dec. 2013
31 Dec. 2014
1,209
1,211
0
-1
Total Issued capital
1,209
1,210
Capital reserves
3,433
3,491
5,250
5,212
1,726
1,645
11,618
11,558
Issued capital
Treasury shares
Revenue reserves
Other revenue reserves
Net retained profit
Equity at 31 December 2014 decreased by €60 million year-on-year.
Changes are presented in the statement of changes in equity (Annex 4).
Further details on equity are given in the following sections.
25.Issued capital
Share capital
The share capital was composed of 1,211,180,262 (previous year 1,209,015,874)
registered shares (no-par value) as at 31 December 2014. The increase in
capital by €2,164,388 was implemented by issuing 656,915 new shares in
March and 1,507,473 new shares in December 2014. Deutsche Post AG then
repurchased the same number of shares on the market to settle the Share
Matching Scheme share-based payment system.
Notes 17
As at 31 December 2014 treasury shares accounted for less than 0.1% of the
share capital, corresponding to 1,507,473 shares.
Any treasury shares still held by the Company were deducted from its
share capital.
As at 31 December 2014, the shareholder structure was as follows, compared
with the previous year: 955,811,353 shares (79%) were in free float. KfW
Bankgruppe’s interest in Deutsche Post AG remained at 253,861,436 shares
(20.9%), and the treasury shares held by Deutsche Post AG numbered
1,507,473 (less than 0.1%).
Notifications of changes in voting rights in accordance with section 26(1) of
the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) in
financial year 2015:
BlackRock Group Limited, London, UK, hereby indicates pursuant to section
21(1) of the WpHG that its share in the voting rights of Deutsche Post AG
amounted to 3.003% on 30 January 2015 (this corresponds to 20,621,836
voting rights) and therefore exceeded the threshold of 3%.
Notifications of changes in voting rights in accordance with section 26(1) of
the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) in
financial year 2014
On 30 September 2014, Deutsche Post AG received the following notice:
Following a review, conducted in close collaboration with the Bundesanstalt
für Finanzdienstleistungsaufsicht (BaFin), of the way BlackRock has interpreted
its voting rights disclosure obligations under German law, BlackRock entities
are filing a statement representing their holdings as at the settlement date
of 25 September 2014
The statement does not reflect a change in BlackRock’s current holdings of
voting rights. The statement simply updates information currently in the
market regarding BlackRock’s holdings in Deutsche Post AG. Further, the
statement does not signify any change in investment strategies pursued.
Also, BlackRock issues a press release detailing the BlackRock group entities
and their respective voting rights applicable to Deutsche Post AG and other
relevant German issuers at http://www.blackrock.com/corporate/en-gb/newsand-insights/press-releases and on Bloomberg.
Further notifications in 2014:
18
Notes
BlackRock, Advisors Holdings, Inc.
Sections 21, 22
BlackRock Advisors Holdings, Inc., New York, NY, U.S.A., hereby indicates
pursuant to section 21(1) of the WpHG that its share in the voting rights of
Deutsche Post AG on 30 April 2014 amounts to 4.98% (this corresponds to
60,268,201 voting rights). The number of voting rights has therefore fallen
below the threshold of 5%.
BlackRock International Holdings, lnc.
Sections 21, 22
BlackRock International Holdings, Inc., New York, NY, U.S.A., hereby indicates
Deutsche Post AG on 20 January 2014 amounts to 5.20% (this corresponds to
62,926,776 voting rights). The number of voting rights therefore exceeded
the threshold of 5%.
Deutsche Post AG on 28 April 2014 amounts to 4.99% (this corresponds to
60,361,715 voting rights). The number of voting rights has therefore fallen
below the threshold of 5%.
BR Jersey International Holdings L.P.
Sections 21, 22
BR Jersey International Holdings L.P., St. Helier, Jersey, Channel Islands,
hereby indicates pursuant to section 21(1) of the WpHG that its share in the
voting rights of Deutsche Post AG on 20 January 2014 amounts to 5.20%
(this corresponds to 62,926,776 voting rights). The number of voting rights
therefore exceeds the threshold of 5%.
voting rights of Deutsche Post AG on 28 April 2014 amounts to 4.99% (this
corresponds to 60,361,715 voting rights). The number of voting rights has
therefore fallen below the threshold of 5%.
BlackRock Group Limited
Sections 21, 22
Notes 19
on 20 January 2014 amounts to 5.04% (this corresponds to 60,921,221 voting
rights). The number of voting rights therefore exceeded the threshold of 5%.
21(1) of the WpHG that its share in the voting rights of Deutsche Post AG on
14 April 2014 amounts to 4.99% (this corresponds to 60,471,892 voting rights).
The number of voting rights has therefore fallen below the threshold of 5%.
on 18 December 2014 amounts to 2.97% (this corresponds to 35,917,309
voting rights). The number of voting rights has therefore fallen below the
threshold of 3%.
Dissemination in accordance with section 26(1) of the WpHG – in 2013
BlackRock, Inc., New York, NY, USA, notified us pursuant to section 21(1) of
the WpHG that its voting rights in Deutsche Post AG exceeded the threshold
of 5% on 16 July 2013 and amounted to 5.01% (60,512,289 voting rights) on
that date. There were further notifications relating to changes in the share
of voting rights in 2014 and 2015; however, they did not reach the new
thresholds pursuant to section 26(1) of the WpHG.
BlackRock Holdco 2, Inc., Wilmington, DE, U.S.A., hereby indicates pursuant
to section 21(1) of the WpHG that its share in the voting rights of Deutsche
Post AG exceeded the threshold of 5% on 18 July 2013 and amounted to
5.02% (60,678,117 voting rights) on that date. There were further notifications
relating to changes in the share of voting rights in 2014 and 2015; however,
they did not reach the new thresholds pursuant to section 26(1) of the WpHG.
BlackRock Financial Management, Inc., New York, NY, U.S.A., hereby indicates
pursuant to section 21(1) of the WpHG that its share in the voting rights
of Deutsche Post AG exceeded the threshold of 5% on 18 July 2013 and
amounted to 5.02% (60,678,117 voting rights) on that date. There were
further notifications relating to changes in the share of voting rights in 2014
and 2015; however, they did not reach the new thresholds pursuant to section
26(1) of the WpHG.
BlackRock Advisors Holdings, Inc., New York, NY, U.S.A, hereby indicates
Deutsche Post AG exceeded the threshold of 5% on 18 November 2013 and
amounted to 5.01% on that date (60,574,232 voting rights).
Deutsche Post AG exceeded the threshold of 3% on 29 July 2013 and amounted
to 3.06% on that date (36,962,694 voting rights).
20
Notes
voting rights of Deutsche Post AG exceeded the threshold of 3% on 29 July
2013 and amounted to 3.06% on that date (36,962,694 voting rights).
BlackRock Group Limited, London, U.K. hereby indicates pursuant to section
exceeded the threshold of 3% on 29 July 2013 and amounted to 3.02% on
that date (36,515,675 voting rights).
Dissemination in accordance with section 26(1) of the WpHG – dated
10 April 2013
The Federal Republic of Germany, represented by the Federal Ministry of
Finance, Berlin, Germany, notified us pursuant to section 21(1) of the WpHG
that its voting rights in Deutsche Post AG fell below the threshold of 25%
on 9 April 2013 and amounted to 24.89% (300,894,984 voting rights) on
that date.
Its share in the voting rights was 20.9% as at the balance sheet
(31 December 2014).
Authorised Capital 2013
As resolved by the Annual General Meeting (AGM) on 29 May 2013, the
Board of Management is authorised, subject to the consent of the Supervisory Board, to issue up to 240 million new no-par value registered shares
until 28 May 2018 in exchange for cash and/or non-cash contributions and
thereby increase the company’s share capital. In principle, shareholders have
subscription rights. However, the Board of Management is authorised, subject to the consent of the Supervisory Board, to disapply the shareholders’
subscription rights in cases covered by the authorisation.
Deutsche Post AG’s Board of Management resolved, with the consent of
the Supervisory Board, to make partial use of the authorisation to increase
Deutsche Post AG’s share capital by €656,915.00 by issuing 656,915 new
no-par value registered shares with a notional interest in the share capital
of €1.00 per share in exchange for cash contributions. The capital increase
was entered in the commercial register of the Bonn Local Court on 12 March
2014. The shares participated in the net profit for 2013.
Deutsche Post AG’s Board of Management resolved, with the consent of the
Supervisory Board, to make further partial use of the authorisation to increase
Deutsche Post AG’s share capital by €1,507,473.00 by issuing 1,507,473 new
no-par value registered shares with a notional interest in the share capital of
€1.00 per share in exchange for cash contributions. The capital increase was
entered in the commercial register of the Bonn Local Court on 11 December
2014. The shares participate in the net profit for 2014.
These changes are presented in the statement of changes in equity (Annex 4).
Notes 21
Contingent Capital 2011
In its resolution dated 25 May 2011, the AGM authorised the Board of
Management, subject to the consent of the Supervisory Board, to issue
bonds with warrants, convertible bonds and/or income bonds as well as
profit participation certificates, or a combination thereof, in an aggregate
principal amount of up to €1 billion, on one or more occasions until 24 May
2016, thereby granting options or conversion rights for up to 75 million
shares having a total share in the share capital not to exceed €75 million.
The share capital is contingently increased by up to €75 million. Based on
this authorisation, Deutsche Post AG issued a €1 billion convertible bond on
6 December 2012, allowing holders to convert the bond into up to 48 million
Deutsche Post AG shares. Full use was made of the authorisation by issuing
the bond.
In its resolution dated 29 May 2013, the AGM authorised the Board of Management, subject to the consent of the Supervisory Board, to issue bonds
with warrants, convertible bonds and/or income bonds as well as profit
participation certificates, or a combination thereof, in an aggregate principal amount of up to €1.5 billion, on one or more occasions until 28 May
2018, thereby granting options or conversion rights for up to 75 million
shares having a total share in the share capital not to exceed €75 million.
The share capital is contingently increased by up to €75 million. The authorisation has not been exercised in the reporting year.
On 27 May 2014, the Annual General Meeting of Deutsche Post AG resolved
to authorise the Board of Management to contingently increase the share
capital by up to €40 million through the issue of up to 40 million new nopar value registered shares. The contingent capital increase serves to grant
subscription rights to selected Group executives. The subscription rights may
only be issued based on the aforementioned Annual General Meeting resolution of 27 May 2014. The contingent capital increase will only be implemented to the extent that shares are issued based on the subscription rights
granted and the company does not settle the subscription rights by cash
payment or delivery of treasury shares. The new shares participate in profit
from the beginning of the financial year in which they are issued. The share
capital is increased on a contingent basis by up to €40 million. This authorization was not exercised in the reporting year.
22
Notes
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.
The authorisation was utilised in the year under review, on the one hand for
the portion of the annual bonus for 2013 to paid in shares pursuant to the
Share Matching Scheme, and on the other to settle rights to matching shares
under the 2009 tranche of the Share Matching Scheme.
The Annual General Meeting on 27 May 2014 resolved to revoke the aforementioned authorisation. By way of a new resolution adopted by the Annual
General Meeting on 27 May 2014, the Company was authorised to acquire
treasury shares in the period up to 26 May 2019 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.
The authorisation was used to settle rights to matching shares under the
2010 tranche of the Share Matching Scheme.
Treasury shares acquired on the basis of the authorisation dated 27 May
2014 with shareholders’ subscription rights disapplied may continue to be
used for the purpose of listing on a stock exchange outside Germany.
In the same way, the Board of Management continues to be authorised to
acquire treasury shares using derivatives.
26.Reserves
Capital reserves
Under the terms of the Share Matching Scheme introduced in 2009, a portion
of the short-term variable remuneration component (annual bonus) for
selected executives is paid in the form of shares of Deutsche Post AG (incentive
shares). All eligible Group executives can also specify an increased equity
component individually by converting a further portion of their variable
remuneration for the financial year (investment shares). In addition, the executive will again be awarded the same number of shares of Deutsche Post
AG after expiry of the four-year lock-up period (matching shares), if certain
conditions are met.
Notes 23
The capital reserves increased by €2 million to accommodate the rights to
incentive shares acquired in the current financial year. These rights will be
settled in April of the following year by delivering treasury shares. The
corresponding amount (€2 million) of the previous year was deducted from
the capital reserves when the incentive shares were settled.
An aggregate amount of €4 million was added to the capital reserves for
claims to matching shares that were acquired, but not yet settled.
In the year under review, an amount of €58 million was transferred to the
capital reserves. Of this amount, €16 million and €38 million were attributable
to the premiums of the capital increases.
Revenue reserves
A total of 1,651,244 shares was acquired and transferred to executives by
Deutsche Post AG to settle the rights accrued in the year under review under
the Share Matching Scheme (the shares acquired correspond to 1,651,244
shares at a par-value of €1 each and account for less than 0.1% of the share
capital). To this end, 656,915 shares were acquired on the market for a total
of €17 million in the first quarter of 2014. The average purchase price per
share was €25.83. A further 990,269 shares were acquired for a total of
€28 million and an average purchase price per share of €28.10 in the second
and third quarter.
In April 2014, the portion of the annual bonus for 2013 to be paid in shares
(incentive shares and/or investment shares) was transferred to the executives
at a value of €27.18 per share in accordance with the rules of the Share
Matching Scheme.
The shares that enable exercise of the rights to matching shares under the
2009 tranche were transferred to the executives at a value of €27.15 per share
in April 2014 in accordance with the rules of the Share Matching Scheme.
A total of 1,507,473 treasury shares (corresponding to 1,507,473 shares at
a par-value of €1 each; the shares account for less than 0.1% of the share
capital) was acquired on the market so that rights to matching shares under
the 2010 tranche that will be issued to executives in April 2015 in accordance
with the rules of the Share Matching Scheme may be exercised. The shares
were repurchased for a total price of €40 million. The average purchase price
per share was €26.59.
The revenue reserves declined by €38 million due to the measurement difference between the average acquisition price paid for the shares and the
value at the date of transfer to the executives.
24
Notes
Furthermore, the virtual shares (phantom shares) held by one participant in
the Share Matching Scheme were converted into real shares. 4,060 treasury
shares (corresponding to 4,060 shares at a par-value of €1 each; the shares
account for less than 0.1% of the Company’s share capital) were acquired
in addition. The average acquisition price paid for the treasury shares was
€25.08 per share. The shares were transferred to the executives at a value
of €13.58 per share. The revenue reserves declined by less than €0.1 million
due to the measurement difference between the average acquisition price
paid for the shares and the value at the date of transfer to the executives.
27. Net retained profit
On 27 May 2014, the Annual General Meeting resolved to distribute €968
million of the €1,726 million in net retained profit for financial year 2013
and to carry forward €758 million to new account. The dividend was paid
out in financial year 2014.
Including the net profit for the current financial year of €887 million, the
net retained profit for 2014 amounts to €1,645 million.
28.Amounts subject to
restrictions on distribution
Equity as at 31 December 2014 includes €100 million (previous year 64 million)
subject to restrictions on distribution. Of this amount, €38 million is related to
internally generated software.
€62 million relates to the difference between the fair values of plan assets and
their cost.
29.Provisions
The provisions are composed of provisions for pensions, provisions for taxes
and other provisions.
30.Provisions for pensions and
similar obligations
The provisions for direct or indirect pension obligations totalled €3,162 million
as at 31 December 2014 (previous year €2,990 million).
The provisions for pensions relate firstly to benefit commitments to salaried
employees and hourly workers that substantiate a direct benefit claim against
Deutsche Post AG, and secondly to indirect pension obligations to employees
covered by collective wage agreements.
An addition of €507 million was calculated for the remeasurement of the
pension provisions as at 1 January 2010 due to the introduction of the BilMoG
Notes 25
on the basis of an actuarial report (projected unit credit method; Heubeck
2005 G mortality tables). €280 million of this amount was attributable to
direct benefit obligations and €227 million to indirect benefit obligations.
In accordance with section 67(1) of the Einführungsgesetz zum Handelsgesetzbuch (EGHGB – Introductory Act to the German Commercial Code),
Deutsche Post AG is allocating this addition over 15 years. The annual addition amounts to €34 million and is reported in the extraordinary result.
€19 million of this amount is attributable to direct benefit obligations and
€15 million to indirect benefit obligations.
The indirect benefit obligations are granted and funded by Versorgungsanstalt
der Deutschen Bundespost (VAP), by Unterstützungskasse Deutsche Post
Betriebsrenten-Service e.V. (DPRS), and by DP Pensionsfonds AG.
Indirect benefit obligations amounted to €2,192 million as at 31 December
2014. Of the €227 million required to be added and eligible for allocation as
at 1 January 2010 in accordance with section 67(1) of the EGHGB, €15 million
has been added every year since financial year 2010. A total of €152 million
remains to be added. The provisions for indirect obligations thus amounted
to €2,040 million (previous year €1,870 million) as at 31 December 2014.
Adequate provisions were recognised at the balance sheet date for indirect
benefit obligations to hourly workers and salaried employees funded via
VAP Abrechnungsverband 2 und 3 (VAP account groups 2 and 3) and DPRS.
No provisions had to be recognised as at the reporting date for the obligations funded via DP Pensionsfonds AG, since the assets are in excess of the
liabilities.
Direct benefit obligations amounted to €3,300 million as at 31 December
2014. Of the €280 million required to be added and eligible for allocation as
at 1 January 2010 in accordance with section 67(1) of the EGHGB, €19 million
has been added every year since financial year 2010. A total of €186 million
remains to be added.
As at the reporting date, Deutsche Post AG held plan assets as defined by
section 246(2) of the HGB which have to be netted against the respective
obligations. Plan assets totalling €1,992 million (fair value) were offset
against the relevant provision as at 31 December 2014.
The cost of the plan assets amounts to €1,904 million.
Interest expenses amounted to €281 million as at the balance sheet date.
The interest income from the plan was €80 million.
The income/expense resulting from the change in the discount rate is reported
in the financial result.
Including other utilisations and additions, the provisions for direct benefit
obligations amounted to €1,122 million (previous year €1,120 million) as at
31 December 2014.
26
Notes
To measure the provisions as at 31 December 2014, the relevant interest rate
is projected to 31 December 2014, based on the interest rate information published on 31 October 2014. The interest rate is 4.54% (previous year 4.87%),
deviating from the published Bundesbank interest rate as at 31 December
2014 by 0.01 percentage points.
The pension provisions were based on the following assumptions:
■
annual wage and salary increases: 1.45% to 2.5%
■
annual pension increases: 1.0% to 2.0%
A mean staff turnover rate of 1% was assumed for the calculations.
A demographic fund for employees covered by collective wage agreements was
set up on the basis of the Generations Pact entered into by Deutsche Post AG
and the trade unions in October 2011. The aim is to enable employees to
contribute “time asset” credits to a working time account by converting
working hours and a portion of their salary. They will then be able to take
time off in lieu at a later point in time (release phase). The demographic
fund is included in annual staff costs for work performed and is owned
by Deutsche Post AG. Payments in the amount of the commitments to the
demographic fund and of the credits in the working time account are made
regularly to pension liability insurances.
The fair value of retirement benefit obligations corresponds to the fair value
of the pension liability insurances.
The corresponding provisions and the receivables from reinsurance policies
are offset against each other since the securities represent plan assets within
the meaning of section 246(2) sentence 2 first half-sentence of the HGB.
The following overview shows the basis for offsetting:
Basis for offsetting
€m
31 Dec. 2013
31 Dec. 2014
-134
-220
134
220
0
0
Settlement amount of the obligations
under the demographic fund/working time
account
Fair value of the insurance
Excess of plan assets over retirement
benefit obligations
As the payments from the participating employees are directly transferred to
the insurances, no acquisition costs were incurred.
Income of €6 million and expenses of less than €0.1 million were recognised in
the reporting year.
Notes 27
31.Provisions for taxes and
Provisions for taxes and other provisions
other provisions
€m
1. Provisions for taxes
31 Dec.
Utili-
Rever-
Reclassi
Addi-
31 Dec.
2013
sation
sals
fication
tion
2014
227
36
34
47
0
204
Restructuring
373
126
12
21
14
270
Stock options
120
54
0
50
0
116
99
99
0
112
0
112
104
103
1
105
0
105
Vacation claims
98
98
0
100
0
100
Overtime claims
92
92
0
75
0
75
Other claims for time off
39
39
0
32
0
32
Jubilee payments
29
3
0
1
2
29
Postal Civil Service Health
Insurance Fund
30
10
0
0
2
22
Assistance benefits
17
17
0
16
0
16
Supplementary insurance
14
0
1
0
0
13
Miscellaneous
27
18
3
10
0
16
400
400
0
350
0
350
Derivatives
34
0
0
69
0
103
Property
67
14
8
13
2
60
Outstanding supplier
invoices
51
27
14
42
0
52
Litigation costs
14
1
8
3
0
8
Miscellaneous
79
50
4
69
1
95
Subtotal
1,687
1,151
51
1,068
21
1,574
Total of 1 and 2
1,914
1,187
85
1,115
21
1,778
2. Other provisions
a) Provisions for staff costs
Variable salaries and
wages
Bonuses
b) Miscellaneous other
provisions
Postage stamps
Provisions for taxes relate to tax expenses for the current year and potential
arrears of taxes payable due to ongoing external tax audits, including the
interest attributable to these arrears.
The provision for restructuring expenses mainly includes expenses for redundancies (partial retirement, etc.).
28
Notes
The Annual General Meeting on 27 May 2014 resolved to replace the
existing share-based payment system (SAR Plan) for executives with a new
Performance Share Plan (PS Plan).
The eligible executives receive a monetary payment only after a period of
four years once certain parameters have been met. The stock options are
measured once on issue using a binomial model. They are recognised rateably
in the income statement over the four-year lock-up period.
All earlier SAR tranches issued under the old SAR Plan remain valid.
It is not planned that members of the Board of Management will participate
in the PS Plan.
The provision for postage stamps relates to postage stamps that have been
sold by the reporting date but for which no services have yet been performed.
The relevant calculations are based on investigations by market research
companies into postage stamps held by customers. Utilisation of €400 million
of the provision was assumed. Based on an expert report and calculations
made by the Company, €350 million was added to the provision in financial
year 2014.
Non-current provisions were discounted using the relevant discount rate
published by the Deutsche Bundesbank for the average maturity of the
obligations.
32.Liabilities
Liabilities
€m
Bonds
31 Dec. 2013
31 Dec. 2014
3,000
3,000
222
229
0
1
818
737
8,272
8,024
10
21
679
590
13,001
12,602
thereof convertible bond: 1,000
(previous year: 1,000)
Due to banks
Advanced payments received for orders
Trade payables
Liabilities to affiliated companies
thereof trade payables: 94
(previous year: 83)
Liabilities to other equity investments
(previous year: 0)
Other liabilities
thereof taxes: 247
thereof social security: 0
(previous year: 3)
Notes 29
The maturity structure of the liabilities is presented in the “Maturity structure
of liabilities” table (Annex 2).
Advance payments received for orders are presented separately for the
first time.
No loans were secured by mortgage charges as at 31 December 2014.
In October 2013, Deutsche Post AG had issued two new long-term bonds
totalling €1,000 million under the Debt Issuance Programme established in
2012 in the amount of up to €5,000 million.
The straight bonds have a total volume of €500 million each, a term of 5 and
10 years (due 2018 and 2023) and an interest rate of 1.5% and 2.75%, respectively. The difference of €8 million between the issue price and the amount
at which the bonds are settled (discount) is recognised as a prepaid expense.
The convertible bond issued in 2012 will mature on 6 December 2019. With
effect from 6 December 2017, Deutsche Post AG may exercise its right to early
repayment, provided the price exceeds the conversion price by more than
30% on a sustainable basis.
Since 16 January 2013, the bond creditors have been entitled to convert the
bonds (principal amounts of €100,000 each) into shares of Deutsche Post AG.
The original price was €20.74 per share, i.e., creditors were entitled to receive
4,821.18 shares for each individual bond.
In accordance with the terms and conditions of the convertible bonds and in
line with the calculation by Conv-Ex Advisors Limited as the calculation agent,
the conversion ratio was adjusted from 4,821.1823 to 4,832.2386 and the
conversion price from €20.74 to €20.69 with effect from 28 May 2014 on the
basis of the cash dividend of €0.80 per share paid out by Deutsche Post AG
on 28 May 2014 in accordance with the AGM resolution dated 27 May 2014.
The unrounded conversion price corresponds to the principal amount (€100,000)
divided by the adjusted conversion ratio.
The details of the bonds issued are shown in the following table:
Bonds
Bonds
Interest rate
Volume
Stand-alone straight bonds
2012/2020
0.01875
€ 300 million
2012/2024
0.02875
€ 700 million
2013/2018
0.0150
€ 500 million
2013/2023
0.0275
€ 500 million
Converti
ble bond
Interest
rate
Volume
Conversion
premium
Conversion price
2012/2019
0,6%
€ 1,000 million
30%
€ 20.69
30
Notes
The amounts due to banks mainly comprise liabilities from the sale of
residential building loans.
Deutsche Post AG manages these receivables in the capacity of a trustee.
The payments received are forwarded to the purchasers of the loans in
accordance with a defined interest and principal payment schedule.
As borrowers are making increasingly large unscheduled repayments on
existing loans, some of the funds initially remain with Deutsche Post AG
due to a defined interest and principal payment schedule to be forwarded
to the purchasers of the loans at a later date. Liabilities due to banks
therefore include an amount of €149 million from unscheduled repayments.
The liabilities to affiliated companies mainly comprise liabilities from Group
cash management (in-house banking) in the amount of €7,912 million
(previous year €8,173 million).
33.Prepaid expenses and
deferred income
The prepaid expenses of €219 million at the reporting date primarily relate
to advance payments of civil servants’ emoluments of €114 million. In the
previous year, €232 million was reported in this item, including advance
payments of civil servants’ emoluments in the amount of €117 million.
This item also includes the discounts on the bonds issued in 2013. For the
conventional bonds with a total principal amount of €1,000 million, the difference between the issue amount and the settlement amount is €6 million.
The discounts on the bonds issued in 2012 with a total principal amount
of €1,000 million were €4 million as at the reporting date (previous year
€4 million).
A conversion right in the amount of €53 million (previous year €63 million)
was recognised for the convertible bond issued in 2012 with a principal
amount of €1,000 million.
Deferred income relates to investment subsidies of Deutsche Postbank AG,
which are reversed over the expected useful life of the respective assets.
Notes 31
Income statement disclosures
34.Revenue
Post–eCommerce–Parcel division
The MAIL division was renamed Post-eCommerce-Parcel (PeP) as part of the
Group’s ongoing strategic development.
Revenue by business units:
€m
2013
2014
Post business unit
Mail Germany
Mail Communication
5,531
5,564
Dialogue Marketing
2,192
2,206
Press Service
700
693
Other Services*
200
202
967
954
74
75
DHL Parcel Germany
3,295
3,575
DHL Parcel Europe**
8
10
39
29
13,006
13,308
Deutsche Post International**
Pension Service
eCommerce – Parcel business unit
DHL eCommerce**
***
*
Including Retail Outlets, prior-year amount adjusted
**The Global business unit was renamed in 2014, and divided into “Deutsche Post
International”, DHL Parcel Europe and DHL eCommerce
***Including the €50 million decline in the postage stamp provision, which is allocated
across Mail Communication, DHL Parcel and Deutsche Post International
Revenue by geographical regions:
€m
2013
2014
12,545
12,822
380
397
Europe excl. EU
24
26
Americas
20
22
Asia/Pacific
31
36
6
5
13,006
13,308
Germany
EU excl. Germany
Rest of world
32
Notes
35.Other capitalised services
Other capitalised services are reported in the amount of €28 million (previous
year €36 million). This item relates primarily to services in conjunction with
the recognition of internally generated intangible assets. Recognition has
been permitted since 1 January 2010.
36. Other operating income
Other operating income
€m
2013
2014
Exchange rate gains
397
541
Provision of personnel
281
299
Rental and lease income
96
95
Service level agreements
70
78
Income from derivatives
72
70
236
65
Income from prior-period billings
28
16
Gains on disposal of non-current assets
54
9
Write-down reversals
11
8
127
130
1,372
1,311
Income from the reversal of provisions
Miscellaneous
Other operating income relates primarily to exchange rate gains (€541 million).
Reversals of provisions in 2014 related primarily to provisions for outstanding
supplier invoices (€14 million) and value added tax (€13 million). The higher
reversals in the previous year were due to the reversal of a portion of the
SAR provision. Previously, the portion attributable to executives employed by
subsidiaries was recognised at Deutsche Post AG. In financial year 2013, the
respective subsidiaries assumed the obligations attributable to their executives.
The amount reversed to income by Deutsche Post AG was €128 million.
The miscellaneous sub-item also includes income from compensation payments
and the derecognition of liabilities, among other things.
37. Materials expense
The materials expense is composed of the cost of consumables, supplies and
goods purchased and held for resale, and the cost of purchased services.
Notes 33
Cost of consumables, supplies and goods purchased
and held for resale
€m
2013
2014
119
115
Office materials and other operating supplies
92
87
Goods purchased and held for resale
54
53
Spare parts and repair materials
20
21
285
276
Fuel and heating material
Cost of purchased services
€m
2013
2014
Transportation costs
1,609
1,718
Rental and lease expenses
(incl. additional property expenses)
559
562
Commissions
440
452
Retail outlet agency agreement
409
410
Purchased IT services
213
226
Maintenance expenses
156
161
Proprietary software development
123
132
Miscellaneous
501
497
4,010
4,158
The miscellaneous sub-item mostly comprises the costs of agency agreements with affiliated companies.
38.Staff costs/Employees
Staff costs/Employees
€m
2013
2014
Wages, salaries and emoluments
5,683
5,791
Social security contributions, retirement
benefit expenses and assistance benefits
thereof for retirement benefit
expenses: 624 (previous year: 579)
1,499
1,569
7,182
7,360
Staff costs increased by €178 million year-on-year.
34
Notes
Since financial year 2000, Deutsche Post AG has been legally required to
contribute 33% of the pensionable gross emoluments of active civil servants
and the notional pensionable gross emoluments of civil servants on leave of
absence to a special pension fund for postal civil servants (Beamtenversorgungskasse).
Since 1 January 2013, the Bundesanstalt für Post und Telekommunikation
Deutsche Bundespost (BAnst-PT – Federal Posts and Telecommunications
Agency) has undertaken the tasks of the postal civil servant pension fund.
Until 31 December 2012, the Bundes-Pensions-Service für Post und Telekommunikation e.V., in accordance with sections 15(1) and 16(1) of the Postpersonalrechtsgesetz (PostPersRG – Former Deutsche Bundespost Employees
Act), was responsible for pensions and assistance benefit payments to retired
civil servants, in its capacity as special pension fund for postal civil servants.
Following the introduction of the Gesetz zur Neuordnung der Postbeamtenversorgungskasse (PVKNeuG – Act for the Reorganisation of the Postal Civil
Servant Pension Fund) and the resultant amendments to the PostPersRG, the
tasks of the postal civil servant pension fund were transferred to the BAnst-PT.
In 2014, contributions made to the BAnst-PT amounted to €531 million. The
contributions to Bundes-Pensions-Service für Post und Telekommunikation e.V.
recognised in the previous year amounted to €538 million.
It falls to the German federal government to guarantee that the special pension
fund is always in a position to meet its obligations to the funding companies.
The average number of employees classified by employee groups in the period
under review was as follows:
Employee groups
Salaried employees and hourly workers
Civil servants
2013
2014
132,046
133,721
40,321
37,963
172,367
171,684
The number of full-time equivalents at the reporting date was 145.620
(previous year 144.388).
The number of salaried employees and hourly workers increased by 1,675
during the financial year, and the number of civil servants decreased by 2,358.
Since 1 January 1995, new employees have no longer been granted civil servant
status. Employees with civil servant status at the reporting date are permanent
civil servants who remain subject to the provisions of civil servant law.
Notes 35
39.Amortisation of
Amortisation
intangible assets
and depreciation
of property, plant
and equipment
€m
2013
2014
39
40
Amortisation of intangible assets
Depreciation of property, plant and
equipment
Land and buildings
62
112
Technical equipment and machinery
81
52
85
78
267
282
Other equipment, operating and
office equipment
Of the impairment losses recognised in the reporting year, €78 million (previous year €1 million) was attributable to land and buildings, and €4 million
to internally generated software (previous year €0 million).
The useful lives of conveyor and sorting equipment and special-purpose
buildings were reviewed in 2014, leading to an extension of useful lives.
The revised assessment caused useful lives to be extended from 10 or 15 to
20 years for conveyor and sorting equipment and from an average of 30 years
to 50 years for parcel and mail centre buildings in the year under review.
The level of depreciation decreased as a result. The impact of the change on
net assets, financial position and results of operations was insignificant at
€40 million for equipment and €29 million for buildings.
40.Other operating expenses
Other operating expenses
€m
2013
2014
Exchange rate losses
439
554
Service level agreement
DP Fleet GmbH
260
263
Public relations expenses
211
229
Travel and training costs; entertainment
expenses
101
103
Expenses for the Bundesanstalt
93
100
Compensation payments
65
63
Legal advice, consulting and auditing costs
83
52
Other business taxes
45
42
388
502
1,685
1,908
Miscellaneous
The increase in other operating expenses is primarily related to exchange rate
differences and additions to the provisions for derivative financial instruments
(€69 million).
36
Notes
The miscellaneous sub-item includes insurance contributions, telecommunications expenses, losses on asset disposals and social benefits, among other things.
Other operating expenses include additional prior-period expenses in the
amount of €6 million (previous year €7 million).
41. Financial result
Financial result
€m
2013
2014
1
0
663
762
7
23
Net investment income
657
739
Other interest and similar income
thereof from affiliated
companies: 131 (previous year: 143)
231
160
Income from long-term loans
9
16
Interest and similar expenses
thereof to affiliated companies:
38 (previous year 92)
thereof from accumulation: 472
677
619
-437
-443
220
296
Income from investments
Income from profit transfer agreements
Cost of loss absorption
Net interest result
Financial result
The change in the financial result is mainly due to the €99 million increase in
income from profit transfer agreements. By contrast, interest income declined
by €71 million, which was partially offset by the €58 million decrease in
interest expenses.
42. Extraordinary result
There was no extraordinary income to report as at 31 December 2014. Extraordinary expenses amounted to €34 million as in the previous year. They
are attributable to the pro-rata allocation of additions to pension provisions
required since the BilMoG was introduced on 1 January 2010.
Notes 37
43.Taxes on income
An expense of €38 million was reported under taxes on income in the year
under review. Expenses under this item amounted to €78 million for financial
year 2014. Income in the amount of €40 million was recognised for previous
years. The positive amount of the previous year was due to the €193 million
reversal of provisions for corporation tax and municipal trade tax.
Offsetting deferred tax assets and liabilities (net presentation method)
resulted in net deferred tax assets at the balance sheet date. The company
does not exercise the recognition option set out in section 274(1) sentence 2
of the HGB, and consequently no deferred tax assets are recognised on the
balance sheet.
Deferred tax assets result primarily from differences between the carrying
amounts of pension provisions, other provisions and liabilities in the financial
statements and their tax base. Deferred tax assets were also recognised in
respect of tax loss carryforwards that will reverse within the next five years
in accordance with the company’s projections. Deferred taxes are calculated
on the basis of a tax rate of around 30%.
44.Retained profits brought
Retained profits brought forward amount to €758 million.
forward
45. Appropriation of net profit
The following overview shows the appropriation of the net retained profit
from the previous year, as resolved by the Annual General Meeting (AGM):
Appropriation of net profit
€m
31 Dec. 2013
31 Dec. 2014
1,314
1,726
Dividend distribution
846
968
Retained profits brought forward
468
758
Net retained profit, previous year
38
Notes
Other disclosures
46.Off-balance sheet items
Trust activities
Trust activities as at 31 December 2014 relate to loan administration for housing
construction promotion and to the responsibilities agreed in accordance with
section 119 of Book 6 of the Sozialgesetzbuch (SGB – German Social Security
Code) relating to cash benefit payments by pension insurance funds (Postal
Pension Service). The trust assets for the Postal Pension Service as at 31 December 2014 amounted to €63 million (previous year €52 million), and the trust
assets for housing construction promotion were €167 million (previous year
€188 million).
The factoring agreement concerning the sale of receivables in the postal
agency area was terminated with effect from 31 March 2012. No further
receivables were sold after this date.
As at 31 December 2014, Deutsche Post AG still administered trust assets of
€124 million (previous year €127 million) for Postbank Factoring GmbH due
to the receivables from REIMS II that Deutsche Post had sold.
These transactions do not result in significant future benefits or risks for
Deutsche Post AG.
Other financial obligations
Other financial obligations amounted to €2,011 million at the balance sheet
date. Of this figure, €1,626 million is attributable to affiliated companies. In
the previous year, other financial obligations amounted to €2,190 million,
including obligations of €1,674 million to affiliated companies.
The following overview shows the remaining maturities of the other financial
obligations:
Other financial obligations
thereof with remaining maturity
Total
up to
1 year
more than
1 year up
to 5 years
more than
5 years
Total
2,011
930
693
388
thereof to affiliated
companies
1,626
632
632
362
€m
Notes 39
Other financial obligations are primarily the result of long-term rental agreements and leases. In keeping with the Group leasing model, all Deutsche
Post AG properties are leased from Deutsche Post Immobilien GmbH, which
acts as the Group’s centralised property leasing company.
47.Contingencies
Deutsche Post AG has assumed a large number of comfort letters, sureties
and guarantees to secure loan, lease, supplier, delivery and service agreements to be entered into by Group companies, associates and joint ventures.
This enabled the Group to obtain better contract terms locally.
Due to past experience and continuous monitoring of the liquidity situation
in its companies, Deutsche Post AG is of the opinion that the risk of the
comfort letters, sureties and guarantees being called must be considered
extremely low. Therefore there was no need to recognise a liability for these
contingencies on the balance sheet.
Contingencies pursuant to section 765 of the Bürgerliches Gesetzbuch (BGB –
German Civil Code), which were solely due to affiliated companies, amounted
to €298 million (previous year €225 million).
Guarantees amounting to €6,921 million (previous year €6,318 million) and
comfort letters totalling €334 million (previous year €326 million) were issued.
Of these amounts, guarantees totalling €6,840 million (previous year €6,235
million) and comfort letters totalling €329 million (previous year €322 million)
were issued to affiliated companies.
In addition to the contingent liabilities referred to above, Deutsche Post AG
issued declarations of joint and several liability (section 403 Verklaringen
under Dutch law) for 25 Netherlands subsidiaries in order to dispense with
disclosing the financial statements. The liability declarations cover all of the
companies’ legal transactions.
48.Hedging policy
As an international company, Deutsche Post AG is inevitably exposed to finan-
and derivatives
cial risks from movements in exchange rates, interest rates and commodity
prices. As part of the centralised risk management system, Deutsche Post
AG additionally assumes the role of in-house bank within Deutsche Post
DHL. As part of this function, external hedging transactions are entered into
with banks and transferred in part internally to Group companies in order
to hedge the Group’s risks. Primary and derivative financial instruments are
used to offset risks from exchange rate, interest rate and commodity price
movements.
40
Notes
The following table provides an overview of the derivative financial instruments
employed and their notional amounts and fair values as at 31 December 2014:
Derivative financial instruments
€m
Notional amount
Affil
iated
companies
Third
parties
Fair value
Total
Affil
iated
companies
Third
parties
Total
Interest rate products
Interestrate swaps
500
1,300
1,800
-49
69
20
0
69
69
-49
0
-49
0
-54
-54
thereof positive fair values
0
85
85
thereof negative fair values
0
-139
-139
15
0
15
15
0
15
0
0
0
0
-7
-7
0
0
0
0
-7
-7
Currency transactions
Currency forwards
0
5,095
5,095
Cross-currency transactions
Cross-currency-swaps
750
0
750
Commodity price transactions
Commodity price swaps
Total
0
53
53
7,698
-26
The notional volume is calculated as the sum of the absolute amounts
underlying the individual transactions. A distinction is made between
intragroup transactions (in-house bank function) and external transactions
with banks. The fair values are calculated as the net unrealised gains and
losses in each class of derivative from the measurement of the positions.
The fair values of currency forwards were determined on the basis of current
market prices, taking into account forward premiums and discounts. The fair
values of interest rate and cross-currency swaps were measured on the basis
of discounted expected future cash flows and include accumulated accrued
interest. The fair values of these instruments were determined using the
treasury management system used in the Group. The fair values of commodity
price swaps were provided by the banks with which the hedges were originally
entered into.
Under the HGB, derivatives represent executory contracts that are not
recognised in the balance sheet as a rule. Executory contracts are measured
Notes 41
in accordance with the imparity principle under the HGB. A provision for
expected losses is created to reflect unrealised losses from executory contracts,
while unrealised gains are not recognised. A provision for expected losses
must therefore generally be reported for derivatives with a negative fair
value at the balance sheet date.
As an exception to this basic rule, hedge accounting may be applied to
derivatives under certain conditions. If hedge accounting is applied, either
the “gross hedge presentation method” or the “net hedge presentation
method” may be used. If the gross hedge presentation method is used, the
fair values of the derivatives are recognised in the income statement; if
the net hedge presentation method is used, the carrying amounts are not
adjusted to reflect fair value changes resulting from effective hedging
relationships.
Deutsche Post AG exercised the option to apply hedge accounting in the
following cases as of the reporting date:
External interest rate swaps (hedging instruments) with a volume of
€500 million (fair value: €34 million including €8 million in accrued interest)
were combined into a micro-hedge with an intragroup interest rate swap
(hedged item) with a volume of €500 million (fair value: €-49 million including
€-7 million in accrued interest) using the net hedge presentation method to
hedge interest rate risk. The risk hedged was €42 million. The transactions
have a maturity until 2022. Hedge effectiveness is measured using the critical
terms match method. Hedge effectiveness is expected to be 100% since
the primary measurement characteristics of the hedged items and hedging
transactions match. A provision for expected losses amounting to €16 million
was recognised for the negative net fair value, taking accrued interest into
account.
In addition, external interest rate swaps (hedging instruments) with a volume
of €500 million (fair value: €15 million including €1 million in accrued interest)
were combined into a micro-hedge with external financial liabilities of
€500 million using the net hedge presentation method to hedge the fair
value risk from changes in interest rates. The risk hedged was €14 million.
The transactions will mature in 2018. Hedge effectiveness is measured using
the critical terms match method. Hedge effectiveness is expected to be 100%
since the primary measurement characteristics of the hedged items and
hedging transactions match.
External interest rate swaps (hedging instruments) with a volume of €300
million (fair value: €20 million including €0 million in accrued interest) were
combined into a micro-hedge with external financial liabilities of €300 million
using the net hedge presentation method to hedge the fair value risk from
changes in interest rates. The risk hedged was €20 million. The transactions
will mature in 2020. Hedge effectiveness is measured using the critical terms
match method. Hedge effectiveness is expected to be 100% since the primary
measurement characteristics of the hedged items and hedging transactions
match.
42
Notes
Furthermore, foreign currency receivables and liabilities from external bank
balances, in-house bank balances, loans and currency risks from an internal
cross-currency swap (hedged items) with a net volume of €2,653 million
were combined, using the gross hedge presentation method, with currency
forwards (hedging instruments) with a net volume of €2,653 million to form
homogeneous portfolio hedges for each currency to hedge the currency
risk. The risk hedged was €35 million. The positive or negative fair values of
the derivatives in question are recognised in the balance sheet under other
assets/other liabilities using the gross hedge presentation method.
The relevant portfolios are adjusted on a continuous basis. Where necessary,
the maturities of hedging instruments falling due are extended using new
hedging instruments. Due to the differing maturity dates for hedged items
and hedging instruments, the carrying amounts of the hedged items in the
balance sheet, which increased by €55 million, are offset by corresponding
hedging instruments with a negative fair value of net €-35 million. Corresponding other operating income and expense items were recorded in the
income statement. Hedge effectiveness is prospectively assessed using the
critical terms match method and retrospectively measured using the cumulative dollar-offset method, whereby only value changes attributable to
spot prices are included. Hedge effectiveness is expected to be 100% since
the primary measurement characteristics of the hedged items and hedging
transactions match.
A provision for expected losses amounting to €15 million was recognised for
the portion of the fair value of the hedging instruments not attributable to
changes in spot prices and thus not included in the hedging relationship.
External currency transactions with a volume of €1,862 million (net fair value:
€-18 million; this includes positive fair values (€48 million) and negative fair
values (€-66 million)) and a maturity until 2016 were not part of a hedging
relationship because the underlying risks are not attributable to Deutsche
Post AG, but to other Group companies. A provision for expected losses
amounting to €66 million was recognised for the negative fair values of
these transactions.
External commodity swaps with a volume of €39 million (fair value: €-3 million)
was combined into a macro-hedge with highly probable future transactions
using the net presentation method to hedge the commodity price risk. The
risk hedged was €3 million. The future transactions in question are planned
diesel purchases with a corresponding notional volume of €39 million in
the period until December 2015. Hedge effectiveness is measured using a
regression analysis. Due to the high correlation of risk parameters, almost
complete hedge effectiveness is expected. A provision for expected losses
amounting to €3 million was recognised for the macro-hedge.
No hedge relation was recognised for external commodity price transactions
with a volume of €14 million (fair value: €-3 million) because the related
Notes 43
risks are not attributable to Deutsche Post AG, but to other Group companies.
A provision for expected losses amounting to €3 million was recognised for
these transactions.
A provision for expected losses of €103 million (previous year €34 million)
was reported as at 31 December 2014 for negative fair values of derivatives
that were not components of a hedging relation.
49. List of shareholdings
The list of shareholdings in accordance with section 285 sentence 1 nos. 11
and 11a of the HGB is contained in Annex 5.
50.Declaration of conformity
The Board of Management and the Supervisory Board of Deutsche Post AG
with the German Corporate
jointly published the Declaration of Conformity with the German Corporate
Governance Code
Governance Code for financial year 2014 required by section 161 of the AktG.
The Declaration of Conformity can be accessed on the Internet at
www.corporate-governance-code.de and on the homepage at www.dp-dhl.com.
51. Auditor’s fee
Information on the auditor’s fee is given in the consolidated financial statements
for Deutsche Post AG and is therefore not disclosed here on the basis of the
exemption provided for under section 285 no. 17 of the HGB.
52.Related party transactions
Key related party transactions, broken down by the type of relationship and
the value of the transactions concerned, are presented in the following in accordance with section 285 no. 21 of the HGB.
Related party transactions
Type of transaction
Type of relationship
Services provided
€m
Subsidiaries
Associates
Government related entities
Key management personnel and
their close family members
Services sourced
2013
2014
2013
2014
15
5
7
8
3
0
0
5
201
194
218
221
0
0
0
0
44
Notes
53.Board of Management
and Supervisory Board
Board of Management remuneration
Active members of the Board of Management received remuneration, including
components with a long-term incentive effect, totalling €18.91 million in
financial year 2014 (previous year €17.78 million).
Of this amount, €6.58 million related to non-performance-related components (annual base salary: €6.16 million, fringe benefits: €0.42 million) and
€5.03 million to the performance-related component paid out. An additional
€2.90 million of the performance-related component was transferred to the
medium-term component for payment in 2017 subject to the condition that
the required EAC, as an indicator of sustainability, is reached. In the previous
year, €6.27 million related to non-performance-related components (annual
base salary: €5.94 million, fringe benefits: €0.33 million) and €4.21 million to
the performance-related component paid out. An additional €2.71 million
of the performance-related component was transferred to the medium-term
component for payment in 2016 subject to the condition that the required
EAC, as an indicator of sustainability, is reached. In financial year 2014,
the members of the Board of Management additionally received a total
of 1,591,332 stock appreciation rights (SARs) with a total value of €7.30 million
at the time of issue (1 September 2014) as a variable remuneration component with a long-term incentive effect, based on the 2006 Long-Term-Incentive
Plan. In the previous year, the Board of Management members were granted
1,984,818 SARs with a total value of €7.30 million at the time of issue
(1 August 2013).
Individual remuneration of active members
of the Board of Management: (financial year 2014)
Annual
Fringe
Annual
Payout of
Share of
Value
base
benefits
bonus
medium-
annual
of SARs
2014
term
salary
bonus granted on
paid component transferred
1 Septem-
2012 to medium-
ber 2014
term
component
€
2014*)
Dr Frank Appel,
Chairman
1,962,556
49,122 928,682
519,194
928,682 1,962,583
Ken Allen
930,000 106,274 447,935
419,100
447,935
930,026
Roger Crook**)
228,125
2,615
84,212
101,939
84,212
930,026
45,000
48,413
21,674
110,903
21,674
-
Bruce Edwards**)
(until 10.03.2014)
Jürgen Gerdes
976,500
31,479 470,331
448,725
470,331
976,513
John Gilbert
(since 11.03.2014)
576,613
75,044 277,726
-
277,726
715,021
Melanie Kreis
(since 31.10.2014)
121,089
58,056
-
58,056
-
Lawrence Rosen
930,000
29,476 434,264
295,350
434,264
930,026
Angela Titzrath
(until 01.07.2014)
390,020
77,294 174,807
235,950
174,807
860,019
*)
3,849
This amount will be paid out in 2017 provided the sustainability indicator is satisfied;
**) Only Deutsche Post AG;
Notes 45
Individual remuneration of active members of the Board of
Management: (financial year 2013)
Annual
Fringe
Annual
Payout of
Share of
Value
base
benefits
bonus
medium-
annual
of SARs
2013
term
salary
bonus granted on
paid component transferred
1 August
2011 to medium-
2013
term
component
€
2013*)
Dr Frank Appel,
Chairman
1,962,556
30,093
834,086
436,268
834,086 1,962,559
930,000
97,403
453,375
208,708
453,375
930,010
Roger Crook**)
215,000
0
96,170
72,557
96,170
860,016
Bruce Edwards
232,500 102,120
111,623
105,329
111,623
930,010
Jürgen Gerdes
953,250
23,858
457,274
465,000
457,274
976,510
Lawrence Rosen
930,000
20,220
453,375
215,000
453,375
930,010
Angela Titzrath
715,000
61,234
303,875
-
303,875
715,017
Ken Allen
**)
*)
This amount will be paid out in 2016 provided the sustainability indicator is satisfied;
**) Only Deutsche Post AG;
Severance payment cap in accordance with the
recommendations of the Code, change of control
provisions and post-contractual non-compete
clauses in contracts
In accordance with the recommendation of the German Corporate Governance
Code, Board of Management contracts contain a provision stipulating that
in the event of premature termination of a Board of Management member’s
contract, the severance payment may compensate no more than the remaining
term of the contract. The severance payment is limited to a maximum amount
of two years’ remuneration including fringe benefits (severance payment cap).
The severance payment cap is calculated without any special remuneration
or the value of rights allocated from long-term incentive plans.
In the event of a change in control, any member of the Board of Management
is entitled to resign their office for good cause within a period of six months
following the change in control, after giving three months’ notice by the
end of a given month, and to terminate their Board of Management contract
(right to early termination). The contractual provisions stipulate that a change
of control exists if a shareholder has acquired control within the meaning
of section 29(2) of the Wertpapiererwerbs- und Übernahmegesetz (WpÜG –
German Securities Acquisition and Takeover Act) via possession of at least
30% of the voting rights, including the voting rights attributable to such
shareholder by virtue of acting in concert with other shareholders as set
forth in section 30 of the WpÜG or if a control agreement has been concluded
with the company as a dependent entity in accordance with section 291 of
the Aktiengesetz (German Stock Corporation Act) and such agreement has
taken effect or if the company has merged with another legal entity outside
46
Notes
of the Group pursuant to section 2 of the Umwandlungsgesetz (German
Reorganisation and Transformation Act), unless the value of such other legal
entity as determined by the agreed conversion rate is less than 50% of the
value of the company.
In the event that the right to early termination is exercised or a Board of
Management contract is terminated by mutual consent within nine months
of the change of control, the Board of Management member is entitled to
payment to compensate the remaining term of their Board of Management
contract. Such payment is limited to 150% of the severance payment cap
pursuant to the recommendation of the German Corporate Governance
Code. The amount of the payment is reduced by 25% if the Board of Management member has not reached the age of 60 upon leaving the company.
If the remaining term of the Board of Management contract is less than two
years and the Board of Management member has not reached the age of
62 upon leaving the company, the payment will correspond to the severance
payment cap. The same applies if a Board of Management contract expires
prior to the Board of Management member’s reaching the age of 62 because
less than nine months remained on the term of the contract at the time of
the change of control and the contract was not renewed.
Board of Management members are also subject to a non-compete clause
taking effect on the cessation of their contracts. During the one-year noncompete period, former Board of Management members receive 100% of
their last contractually stipulated annual base salary on a pro rata basis
as compensation each month. Any other income earned during the noncompete period is subtracted from the compensation paid. The amount of
the compensation payment itself is deducted from any severance payments
or pension payments. Prior to or concurrent with cessation of the Board of
Management contract, the company may declare its waiver of adherence
to the non-compete clause. In such case, the company will be released from
the obligation to pay compensation due to a restraint on competition six
months after receipt of such declaration.
Apart from the aforementioned arrangements, no member of the Board
of Management has been promised any further benefits after leaving the
company.
Other provisions
Bruce Edwards went into retirement at the end of 30 September 2014. In the
period between leaving his seat on the Board of Management on 10 March
2014 and going into retirement he was active in a consultative capacity.
For that period, Mr Edwards received total remuneration of €296,881 from
the company. Angela Titzrath left her position as member of the company’s
Board of Management on 2 July 2014 and left the company at the expiry of
31 July 2014. She received a payment in the amount of €1,392,589 to settle
the claims arising from her employment agreement.
Notes 47
Pension commitments under the previous
system
Dr Frank Appel and Jürgen Gerdes have direct, final-salary based pension
commitments on the basis of their individual contracts, providing for benefits in
case of permanent disability, death or retirement. If the contract of a member
ends after at least five years of service on the Board of Management, the
entitlements they have acquired will vest. Members become entitled to benefits due to permanent disability after at least five years of service. Eligibility
for retirement benefits begins at the earliest at the age of 55 or at the age
of 62 in the case of Jürgen Gerdes. The pensions are generally geared towards
annuity payments. However, the members of the Board of Management
have the option of choosing a lump sum payment instead of the annuity
payment. The benefit amount depends on the pensionable income and the
pension level derived from the years of service.
Pensionable income consists of the fixed annual remuneration (annual base
salary) computed on the basis of the average salary over the last twelve
calendar months of employment. Members of the Board of Management
attain a pension level of 25% after five years of service on the Board of Management. The maximum pension level of 50% is attained after ten years of
service. Subsequent pension benefits increase or decrease to reflect changes
in the consumer price index in Germany.
Individual breakdown of pension commitments under
the previous system in financial year 2014
Pension commitments
Pension
level on
31 Dec.
2014
Maximum
pension
level
%
Dr Frank Appel,
Chairman
Jürgen Gerdes
Board of
Management’s
benefit
entitlements
Total
Present
value as at
31 Dec.
2014
%
Staff costs
for pension
obligations,
financial year
2014
€
50
50
560,366
10,347,275
25
50
-6,220
4,070,924
554,146
€
14,418,199
48
Notes
the previous system in financial year 2013
Pension commitments
Pension
level on
31 Dec.
2013
Maximum
pension
level
%
Dr Frank Appel,
Chairman
Jürgen Gerdes
Board of
Management’s
benefit
entitlements
Total
Present
value as at
31 Dec.
2013
%
Staff costs
for pension
obligations,
financial
year 2013
€
50
50
326,090
8,666,351
25
50
50,495
3,590,666
376,585
12,257,017
€
Pension commitments under the new system
Since 4 March 2008, newly appointed Board of Management members have
received pension commitments based on a defined contribution plan rather
than the previous commitments, which were based on final salary.
Under the defined contribution pension plan, the company credits an annual
amount of 35% of the annual base salary to a virtual pension account for
the Board of Management member concerned. The maximum contribution
period is 15 years. The pension capital is accruing interest at an annual rate
equal to the “iBoxx Corporates AA 10+ Annual Yield” rate, or at an annual
rate of 2.25% at minimum, and will continue to do so until the pension
benefits fall due. The pension benefits are paid out in a lump sum in the
amount of the value accumulated in the pension account. The benefits fall
due when the Board of Management member reaches the age of 62 or in
the case of invalidity or death whilst in office. In the event of benefits falling
due, the pension beneficiary may opt to receive an annuity payment in lieu
of a lump-sum payment. If this option is exercised, the capital is converted to
an annuity payment, taking into account the average “iBoxx Corporates AA
10+ Annual Yield” for the past ten full calendar years as well as the individual
data of the surviving dependants and a future pension increase of 1% per year.
Notes 49
the new system in financial year 2014
Pension commitments
Total
contribution
for 2014
Present value
as at 31 Dec.
2014
€
€
Staff costs
for pension
obligations,
financial year
2014
€
Ken Allen
325,500
1,663,924
245,855
Roger Crook
301,000
1,026,007
238,593
Bruce Edwards
(until 10.03.2014)
54,250
1,884,885
3,102
John Gilbert
(since 11.03.2014)
187,688
124,155
124,155
Melanie Kreis
(since 31.10.2014)
454,639*
534,340
534,340
Lawrence Rosen
325,500
2,584,109
199,624
Angela Titzrath
(until 01.07.2014)
250,250
909,511
460,953
1,898,827
8,726,931
1,806,622
Board of
Management’s benefit entitlements
Total
* Including settlement of the benefits resulting from previous pension commitments in the
amount of €412,931. With respect to invalidity benefits and surviving dependants’ benefits,
the minimum benefit is based upon the previous pension commitment.
the new system in financial year 2013
Pension commitments
Board of
Management’s benefit entitlements
Total
contribution
for 2013
Present value
as at 31 Dec.
2013
€
€
Staff costs
for pension
obligations,
financial year
2013
€
Ken Allen
325,500
1,335,816
322,156
Roger Crook
301,000
736,971
283,576
Bruce Edwards
325,500
1,777,282
311,202
Lawrence Rosen
325,500
2,231,745
337,018
Angela Titzrath
250,250
392,817
178,417
1,527,750
6,474,631
1,432,369
Total
50
Notes
Further details on the remuneration of the individual Board of Management
members can be found in the remuneration report which forms part of the
Group Management Report.
Benefits paid to former members of the Board of Management or their surviving dependants amounted to €5.95 million (previous year €4.38 million).
Provisions for current pensions exist in the amount of €77.5 million (previous
year €63.0 million). The change was due mainly to the increase in the number
of pensioners whose pension benefits fell due; no additional obligations
were incurred as a result.
Supervisory Board remuneration
The Annual General Meeting on 29 May 2013 decided on the remuneration
payable to the members of the Supervisory Board. It is regulated by article
17 of the Articles of Association of Deutsche Post AG. Unlike in previous
years (fixed remuneration of €40,000 plus variable, profit-related bonus)
Supervisory Board members will receive only fixed annual remuneration in
the amount of €70,000.
The Supervisory Board chairman and the Supervisory Board committee chairs
receive an additional 100% of the remuneration, and the Supervisory Board
deputy chair and committee members receive an additional 50%. This does
not apply to the Mediation or Nomination Committees. Those who only
serve on the Supervisory Board or its committees, or act as chair or deputy
chair, for part of the year are remunerated on a pro-rata basis.
Supervisory Board members receive an attendance allowance of €1,000 for
each plenary meeting of the Supervisory Board or committee meeting that
they attend, as in 2013. They are entitled to reimbursement of out-of-pocket
cash expenses incurred in the exercise of their office. Any value added tax
charged on Supervisory Board remuneration or out-of-pocket expenses is
reimbursed.
The total remuneration of the Supervisory Board in financial year 2014
amounted to around €3.29 million (previous year: €1.47 million, plus a
variable amount for 2013 to be paid in 2016). €2.42 million of this amount
was attributable to a fixed component (previous year: €1.25 million),
€0.26 million to attendance allowances (previous year: 0.17 million), and
€0.62 million to the variable remuneration for 2012 (previous year:
€0 million as the conditions for payment had not been met).
Notes 51
The following table shows the remuneration paid to each Supervisory
Board member:
Remuneration paid to Supervisory Board members in 2014
Supervisory Board members
Fixed
component
Attendance
allowance
Total
Prof. Dr. Wulf von
Schimmelmann (Chair)
315,000
23,000
338,000
Andrea Kocsis
(Deputy Chair)
245,000
19,000
264,000
Rolf Bauermeister
140,000
16,000
156,000
Hero Brahms
(until 27.05.2014)
52,500
4,000
56,500
Heinrich Josef Busch
(until 30.11.2014)
64,167
7,000
71,167
5,833
1,000
6,833
Werner Gatzer
140,000
19,000
159,000
Prof. Dr. Henning Kagermann
105,000
8,000
113,000
Thomas Koczelnik
175,000
21,000
196,000
Anke Kufalt
70,000
8,000
78,000
Thomas Kunz
70,000
6,000
76,000
Simone Menne
(from 27.05.2014)
65,625
9,000
74,625
140,000
18,000
158,000
Andreas Schädler
70,000
8,000
78,000
Sabine Schielmann
70,000
8,000
78,000
Dr. Ulrich Schröder
105,000
9,000
114,000
Dr. Stefan Schulte
126,875
15,000
141,875
Stephan Teuscher
105,000
15,000
120,000
Helga Thiel
105,000
14,000
119,000
Elmar Toime
70,000
8,000
78,000
105,000
13,000
118,000
70,000
7,000
77,000
€
Jörg von Dosky
(from 09.12.2014)
Roland Oetker
Stefanie Weckesser
Prof. Dr.-Ing. Katja Windt
52
Notes
The remuneration for the previous year (2013) is shown in the following
table for each Supervisory Board member:
Remuneration paid to Supervisory Board members in 2013
Fixed
component
€
1)
Attendance
allowance
Total
Maximum
variable
remuneration (cap)
1)
Prof. Dr Wulf von Schimmelmann
(Chair)
141,667
16,000
157,667
70,833
Andrea Kocsis
(Deputy Chair)
120,833
13,000
133,833
60,416
Rolf Bauermeister
60,833
9,000
69,833
30,416
Hero Brahms
(until 27.05.2014)
80,000
12,000
92,000
40,000
(until 30.11.2014)
40,000
4,000
44,000
20,000
Werner Gatzer
80,000
12,000
92,000
40,000
Prof. Dr Henning Kagermann
40,833
3,000
43,833
20,416
Thomas Koczelnik
80,833
16,000
96,833
40,416
Anke Kufalt
40,000
5,000
45,000
20,000
Thomas Kunz
40,000
4,000
44,000
20,000
Roland Oetker
80,000
14,000
94,000
40,000
Andreas Schädler
40,000
5,000
45,000
20,000
Sabine Schielmann
40,000
5,000
45,000
20,000
Dr Ulrich Schröder
40,833
4,000
44,833
20,416
Dr Stefan Schulte
60,000
10,000
70,000
30,000
Stephan Teuscher
60,000
12,000
72,000
30,000
Helga Thiel
60,000
9,000
69,000
30,000
Elmar Toime
40,000
5,000
45,000
20,000
Stefanie Weckesser
60,000
9,000
69,000
30,000
Prof. Dr-Ing. Katja Windt
40,000
4,000
44,000
20,000
This variable remuneration component will fall due for payment as at the end of the 2016 AGM
after determination of the consolidated net profit per share for financial year 2015.
The variable remuneration for financial year 2012 falls due for payment as at
the end of the 2015 AGM. It will amount to €1,000 for each €0.02 by which
the consolidated net profit per share for financial year 2014 exceeds the
consolidated net profit for financial year 2011. The remuneration cap takes
effect for financial year 2012, meaning that the variable remuneration component will be limited to 50% of the fixed component. The total variable
remuneration for financial year 2012 amounts to €616,250. Of that amount,
Notes 53
€21,250 is attributable to one Supervisory Board member who has meanwhile left the company and €595,000 to active Supervisory Board members,
as broken down by member in the following table:
Variable remuneration for financial year 2012
Variable remuneration (CAP)
€
Prof. Dr. Wulf von Schimmelmann
(Chair)
70,000
Andrea Kocsis
(Deputy Chair)
60,000
Rolf Bauermeister
30,000
Hero Brahms
(until 27 May 2014)
40,000
(until 30 November 2014)
20,000
Jörg von Dosky
(since 09 December 2014) 1)
Werner Gatzer
40,000
Prof. Dr. Henning Kagermann
20,000
Thomas Koczelnik
40,000
Anke Kufalt
20,000
Thomas Kunz
20,000
Simone Menne
(since 27 May 2014) 1)
1)
-
-
Roland Oetker
40,000
Andreas Schädler
20,000
Sabine Schielmann
20,000
Dr. Ulrich Schröder
20,000
Dr. Stefan Schulte
30,000
Stephan Teuscher
5,000
Helga Thiel
30,000
Elmar Toime
20,000
Stefanie Weckesser
30,000
Prof. Dr.-Ing. Katja Windt
20,000
Not a Supervisory Board member in financial year 2012
No variable remuneration for financial year 2011 was paid out in the previous
year (2013) as the requirements had not been met.
54
Notes
Executive bodies of the company
Members of the Supervisory Board
Financial year 2014
Shareholder representatives
Name
Profession
(Chair)
Former CEO of Deutsche Postbank AG
Hero Brahms
(until 27 May 2014)
Management consultant
Werner Gatzer
State Secretary, Federal Ministry of Finance
Former CEO of SAP AG
Thomas Kunz
CEO of Danone Dairy, member of the
Executive Committee of Danone S.A., France
Simone Menne
(from 27 May 2014)
Member of the Executive Board of Deutsche Lufthansa AG
Roland Oetker
Managing Partner, ROI Verwaltungsgesellschaft mbH
Dr Ulrich Schröder
Chief Executive Officer of KfW Bankengruppe
Dr Stefan Schulte
Chairman of the Executive Board of Fraport AG
Elmar Toime
Managing Director of E Toime Consulting Limited
Bernd Rogge Chair of Global Production Logistics
President and Provost at the Jacobs University, Bremen gGmbH
Notes 55
Employee representatives
Name
Position
Andrea Kocsis
(Deputy Chair)
Deputy Chair of the ver.di National Executive Board and
Head of Postal Services,
Forwarding Companies and Logistics on the ver.di National
Executive Board
Rolf Bauermeister
Head of Postal Services, Co-determination and Youth and Head of
National Postal Services Group at ver.di national administration
(until 30 November 2014)
Chair of the Group and Company Executive Representation
Committee of Deutsche Post AG
Jörg von Dosky
(since 9 December 2014)
Chair of the Group and Company Executive Representation
Committee of Deutsche Post AG
Thomas Koczelnik
Chair of the Group Works Council, Deutsche Post AG
Anke Kufalt
Member of the Works Council, DHL Global Forwarding GmbH,
Hamburg (until 26 May 2014)
Chair of the Works Council DHL Global Forwarding GmbH,
Hamburg (since 27 May 2014)
Andreas Schädler
Chair of the General Works Council, Deutsche Post AG
Sabine Schielmann
Member of the Executive Board of the General Works Council of
Deutsche Post AG
Stephan Teuscher
Section Head of politics referring to tariffs, civil servants and social
matters in the Postal Services, Forwarding Companies and Logistics
section at ver.di national administration
Helga Thiel
Deputy Chair of the General Works Council, Deutsche Post AG
Stefanie Weckesser
Deputy Chair of the Works Council, Deutsche Post AG,
MAIL Branch Augsburg
56
Notes
Members of the Board of Management
Financial year 2014
Name
Department
Dr Frank Appel
Chair
Ken Allen
EXPRESS
Roger Crook
GLOBAL FORWARDING, FREIGHT
Bruce A. Edwards
(until 10 March 2014)
SUPPLY CHAIN
Jürgen Gerdes
Post-eCommerce-Parcel
John Gilbert
(since 11 March 2014)
SUPPLY CHAIN
Melanie Kreis
(since 31 October 2014)
Human Resources
Lawrence A. Rosen
Finance, Global Business Services
Angela Titzrath
(until 2 July 2014)
Human Resources
Notes 57
Memberships of other supervisory boards and supervisory bodies
held by members of the company’s Supervisory Board
Shareholder representatives
Name
(Chair)
Hero Brahms
(until 27 May 2014)
Memberships
a) Allianz Deutschland AG
Maxingvest AG
b) Accenture Corp., Ireland (Board of Directors)
Thomson Reuters Corp., Kanada (Board of Directors)
Western Union Company, USA (Board of Directors) (until 16 May 2014)
a) Georgsmarienhütte Holding GmbH (Deputy Chair)
Krauss-Maffei-Wegmann GmbH&Co.KG
Live Holding AG (Chair) (until 15 January 2014)
b) Zumtobel AG, Austria (Supervisory Board, Deputy Chair)
Werner Gatzer
a) Bundesdruckerei GmbH
Flughafen Berlin Brandenburg GmbH
Partnerschaften Deutschland ÖPP Deutschland AG (since 10 October 2014)
b) No memberships
a) BMW AG
Deutsche Bank AG
Franz Haniel & Cie. GmbH
Münchener Rückversicherungs-Gesellschaft AG
b) Nokia Corporation, Finland (Board of Directors) (until 17 June 2014)
Wipro Ltd., India (Board of Directors) (until 30 June 2014)
Simone Menne
(from 27 May 2014)
a) Delvag Luftfahrtversicherungs-AG, Germany (Chair)*
LSG Lufthansa Service Holding AG, Germany (Chair)*
Lufthansa Cargo AG, Germany*
Lufthansa Systems AG, Germany (Chair)*
Lufthansa Technik AG, Germany*
b) FWB Frankfurter Wertpapierbörse (Exchange Council) (since 14 November 2014)
Miles & More GmbH (Advisory Board, Chair) (since 4 September 2014) *
* Deutsche Lufthansa AG Group appointments
Roland Oetker
a) Evotec AG (until 16 June 2014)
b) Rheinisch-Bergische Verlagsgesellschaft mbH (Supervisory Board)
a) Deutsche Telekom AG
Dr Ulrich Schröder
b) DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (Supervisory Board)
"Marguerite 2020", European Fund for Energy, Climate
Change and Infrastructure, Luxembourg (Supervisory Board)
a) No memberships
Elmar Toime
b) Blackbay Limited, United Kingdom (Non-Executive Director) (since 7 March 2014)
Postea Inc., USA (Non-Executive Chairman)
Qatar Postal Service Company, Qatar
(Non-Executive Director) (since 19 November 2014)
a) Fraport AG
b) No memberships
a) Membership of supervisory boards required by law
b) Membership of comparable supervisory bodies of German and foreign companies
58
Notes
Employee representatives
Name
Rolf Bauermeister
Andreas Schädler
Stephan Teuscher
Helga Thiel
Memberships
a) Deutsche Postbank AG
b) No memberships
a) PSD Bank Köln eG (Chair)
b) No memberships
a) DHL Hub Leipzig GmbH (Supervisory Board, Deputy Chair)
b) No memberships
a) PSD Bank Köln eG (Deputy Chair)
b) No memberships
Notes 59
Memberships of supervisory boards and other supervisory bodies
held by members of the company’s Board of Management
Name
Memberships
a) No memberships
Ken Allen
b) DHL Sinotrans International Air Courier Ltd, China
(Board of Directors)*
a) No memberships
Roger Crook
b) DHL Global Forwarding Management (Asia Pacific) Pte Ltd.,
Singapore (Board of Directors)*
a) No memberships
Bruce A. Edwards
(until 10 March 2014)
Lawrence A. Rosen
b) Ashtead plc, United Kingdom (Board of Directors)
Greif, Inc., USA (Board of Directors)
Williams Lea Group Limited, United Kingdom (Board of Directors)*
Williams Lea Holdings PLC, United Kingdom
(Board of Directors, Chair)*
a) Deutsche Postbank AG
b) Qiagen N.V. (Supervisory Board)
* Group appointment
Annexes 60
Statement of changes in non-current assets
Annex 1
Statement of changes in non-current assets for the period 1 January to 31 December 2014
€m
Acquisition and production cost
Jan. 1, 2014
Additions Reclassification
Amortisation/Depreciation
Disposals
Dec. 31, 2014
Carrying amounts
Jan. 1, 2014 Amort./Deprec. Appreciation Reclassification Disposals Dec. 31, 2014 Dec. 31, 2014 Jan. 1, 2014
1. Intangible assets
Intern. gen. intangible assets
71
9
18
7
91
12
19
0
10
4
37
54
59
Concessions, software
272
11
-9
10
264
191
21
0
-11
4
197
67
81
Advance payments
1
38
6
1
44
0
0
0
2
0
2
42
1
344
58
15
18
399
203
40
0
1
8
236
163
141
2,722
57
33
34
2,778
1,274
112
0
0
25
1,361
1,417
1,448
Techn. equipment and
machinery
1,819
7
239
26
2,039
1,317
52
0
52
24
1,397
642
502
Other equipment
1,077
69
-84
70
992
809
78
0
-53
67
767
225
268
Assets under construction
155
160
-203
5
107
0
0
0
0
0
0
107
155
Total property, plant and
equipment
5,773
293
-15
135
5,916
3,400
242
0
-1
116
3,525
2,391
2,373
Subtotal 1. / 2.
6,117
351
0
153
6,315
3,603
282
0
0
124
3,761
2,554
2,514
Investments in affiliated
companies
7,348
0
-7
0
7,341
401
0
0
0
0
401
6,940
6,947
Loans to affiliated
companies
6,718
168
0
66
6,820
0
0
0
0
0
0
6,820
6,718
0
0
7
0
7
0
0
0
0
0
0
7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20
1
0
9
12
0
0
0
0
0
0
12
20
318
17
0
0
335
0
0
0
0
0
0
335
318
Total non-current financial
assets
14,404
186
0
75
14,515
401
0
0
0
0
401
14,114
14,003
Total
20,521
537
0
228
20,830
4,004
282
0
0
124
4,162
16,668
16,517
Total intangible assets
2. Property, plant and equipment
Land and buildings
3. Non-current financial assets
Other equity investments
Loans to other equity
investments
Housing promotion
Other loans
Annexes 61
Maturity structure of liabilities
Annex 2
Maturity structure of liabilities as at 31 December 2014
Balance at 31 Dec. 2013
€m
Bonds
thereof convertible: 1,000
31 Dec. 2013: 1,000
due
due
within between
1 year 1 and 5
years
due
after
5 years
Total
due
due
within between
1 year 1 and 5
years
due
after
5 years
Total
0
500
2,500
3,000
0
1,500
1,500
3,000
102
0
120
222
80
0
149
229
0
0
0
0
1
0
0
1
818
0
0
818
737
0
0
737
8,272
0
0
8,272
8,024
0
0
8,024
Liabilities to other equity
investments
31 Dec. 2013: 0
10
0
0
10
21
0
0
21
Other liabilities
thereof taxes: 247
31 Dec. 2013: 260
thereof social security: 0
31 Dec. 2013: 3
535
119
25
679
483
103
4
590
9,737
619
2,645
13,001
9,346
1,603
1,653
12,602
Due to banks
Advance payments received
Trade payables
Liabilities to affiliated
companies
31 Dec. 2013: 83
Total
Annexes
62
Cash flow statement
Annex 3
Cash flow statement 1 January to 31 December 2014, as per GAS 2
€m
31 Dec. 2013
31 Dec. 2014
Change
1,258
887
-371
Results from disposal of non-current assets
-50
0
50
Amortisation/depreciation of non-current assets
267
282
15
50
-64
-114
1,525
1,105
-420
Changes in current assets (excluding cash and cash equivalents)
and prepaid expenses
-776
-713
63
Changes in provisions
-384
37
421
Changes in liabilities (excluding financial liabilities)
and deferred income
-91
-48
43
Net cash from operating activities
274
381
107
1
3
2
Net profit for the period
Other non-cash income/expense
Net profit before changes in working capital/Cash flow I
Proceeds from disposal of non-current assets:
Intangible assets
63
26
-37
26
76
50
90
105
15
-57
-58
-1
-208
-316
-108
-85
-186
-101
-350
-560
-210
1,467
1,688
221
-1,238
-912
326
-31
321
352
-846
-968
-122
0
17
17
3,148
1,312
-1,836
-1,328
-1,573
-245
974
-1,212
-2,186
Net change in cash and cash equivalents
1,217
-510
-1,727
Cash and cash equivalents at 1 January
1,088
2,305
1,217
Cash and cash equivalents at 31 December
2,305
1,795
-510
Cash paid to acquire non-current assets:
Intangible assets
Receipts relating to short-term financial management
of cash investments
Payments relating to short-term financial management
of cash investments
Net cash used in/from investing activities
Dividends to owners
Payments by shareholders
Proceeds from issue of financial liabilities
Repayment of financial liabilities
Net cash used in/from financing activities
63
Annexes
Statement of changes in equity
Annex 4
Statement of changes in equity 1 January to 31 December 2014
Issued
capital
Treasury
shares
Total
Issued
capital
Capital
reserves
Revenue
reserves
Net
retained
profit
Total
equity
1,209
0
1,209
3,433
5,250
1,726
11,618
0
-968
-968
€m
Balance at 1 Jan. 2014
Capital transactions with
shareholders
0
0
0
Capital increase
2
2
54
-3
-3
0
-82
2
2
0
44
46
0
Treasury shares acquired
Treasury shares issued
56
0
-85
Other changes in
equity not recognised
in income
0
0
0
0
Changes in equity
recognised in income
0
0
4
0
887
891
1,210
3,491
5,212
1,645
11,558
1,211
-1
64
Annexes
List of shareholdings
Annex 5
Affliated Companies included in the Consolidated Financial Statements
Name
Country, Headquarters
Group
Currency
equity share
Equity in
Net
thousands
%
Europe
ABIS GmbH
Adcloud GmbH 6), 9)
Agheera GmbH 6), 9)
Albert Scheid GmbH 6), 9)
All you need GmbH
AO DHL International
Applied Distribution Group Limited 5)
Cargus Express Curier S.R.L.
CSG GmbH 6), 9)
CSG.TS GmbH 6), 9)
DANMAR Lines AG
Danzas Deutschland Holding GmbH 6), 9)
DANZAS Fashion B.V.
Danzas Fashion Service Centers B.V.
Danzas Grundstücksverwaltung
Frankfurt GmbH
Danzas Grundstücksverwaltung
Groß-Gerau GmbH 6), 9)
Danzas Holding AG
Danzas Kiev Ltd.
Danzas Verwaltungs GmbH
Danzas, S.L.
Deutsche Post Adress Beteiligungsgesellschaft mbH 6), 9)
Deutsche Post Adress Geschäftsführungs GmbH
Deutsche Post Adress GmbH & Co. KG
Deutsche Post Assekuranz Vermittlungs GmbH 6), 9)
Deutsche Post Beteiligungen
Holding GmbH 6), 9)
Deutsche Post Com GmbH 6), 9)
Deutsche Post Consult GmbH 6), 9)
Deutsche Post Customer Service
Center GmbH 6), 9)
Deutsche Post DHL Beteiligungen
GmbH 6), 9)
Deutsche Post DHL Corporate Real
Estate Management GmbH 6), 9)
Estate Management GmbH & Co.
Logistikzentren KG
Deutsche Post DHL Inhouse
Consulting GmbH 6), 9)
income in
thousands
Germany, Frankfurt/Main
Germany, Cologne
Germany, Bonn
Germany, Cologne
Germany, Berlin
Russia, Moscow
United Kingdom, Bracknell
Romania, Bucharest
Germany, Bonn
Germany, Bonn
Switzerland, Basel
Netherlands, Venlo
Netherlands, Waalwijk
100.00
100.00
100.00
100.00
99.03
100.00
100.00
100.00
51.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,846
-1
25
1,022
-5,880
11,611
0
17,002
13,840
4,012
30,909
4,025
-27,608
636
23,508
1,134
0
0
0
-9,752
41,937
0
288
0
0
4,077
0
-217
1
-666
Germany, Hamburg
100.00
EUR
26
0
Switzerland, Basel
Ukraine, Kiev
Spain, San Sebastián
Germany, Bonn
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
228,058
1,089
18,394
697,499
416
113,897
1,369
6,800
28,425
0
Germany, Bonn
51.00
EUR
59
0
Germany, Bonn
Germany, Bonn
51.00
100.00
EUR
EUR
19,776
51
17,425
0
Germany, Bonn
100.00
EUR
6,655,052
0
Germany, Bonn
Germany, Bonn
Germany, Monheim
100.00
100.00
100.00
EUR
EUR
EUR
1,126
3,858
43
0
0
0
Germany, Bonn
100.00
EUR
1,507,025
0
Germany, Bonn
100.00
EUR
73
0
Germany, Bonn
100.00
EUR
7,460
2,847
Germany, Bonn
100.00
EUR
25
0
Reported IFRS data
1
Only subgroup data available 2 Numbers from 2013 3 Numbers from 2012 4 Data not available 5 Dormant 6 Numbers after profit transfer 7a Inclusion due majority of votings rigths
7b
Inclusion based on company‘s contractual agreements 7b Inclusion based on other contractual arrangements 8 In liquidation 9 Local GAAP 10 Voting rights 11 Numbers from 2011
12
Numbers from 2010 13 Numbers from 2009 14 Not included, because they do not have significant influence on the Group‘s net assets, financial position and results of operations
Annexes
65
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Deutsche Post DHL Research and
Innovation GmbH 6), 9)
Deutsche Post Direkt GmbH 6), 9)
Deutsche Post E-Post
Development GmbH 6), 9)
Deutsche Post E-POST Solutions
GmbH 6), 9)
Deutsche Post Finance B.V.
Deutsche Post Fleet GmbH 6), 9)
Deutsche Post Global Mail
(France) SAS
(Netherlands) B. V.
(Switzerland) AG
(UK) Limited
Deutsche Post Immobilien GmbH 6), 9)
Deutsche Post InHaus Services GmbH 6), 9)
Deutsche Post Insurance Limited
Deutsche Post International B.V.
Deutsche Post Investments GmbH 6), 9)
Deutsche Post IT BRIEF GmbH 6), 9)
Deutsche Post IT Services GmbH 6), 9)
Deutsche Post Mobility GmbH 6), 9)
Deutsche Post Reinsurance S.A.
Deutsche Post Shop Essen GmbH 6), 9)
Deutsche Post Shop Hannover
GmbH 6), 9)
Deutsche Post Shop München
GmbH 6), 9)
Deutsche Post Signtrust und
DMDA GmbH 6), 9)
Deutsche Post Zahlungsdienste GmbH 9)
DHL Supply Chain (Finland) Oy
DHL (Cyprus) Ltd.
DHL Air Limited
DHL AirWays GmbH 6), 9)
DHL Automotive GmbH 6), 9)
DHL Automotive Offenau GmbH 6), 9)
DHL Automotive s.r.o.
DHL Aviation (France) SAS
DHL Aviation (Netherlands) B.V.
DHL Aviation (UK) Limited
DHL Aviation NV/SA
DHL Beautiran SA
DHL Beziers SARL
DHL Delivery GmbH 6), 9)
DHL Distribution Holdings
(UK) Limited
DHL Ekspres (Slovenija), d.o.o.
DHL Elancourt SARL
DHL Estonia AS
DHL Exel Slovakia, s.r.o.
thousands
Germany, Bonn
100.00
EUR
7,500
0
Germany, Bonn
Germany, Bonn
100.00
100.00
EUR
EUR
-61
25
0
0
Germany, Bonn
100.00
EUR
2,631
0
Netherlands, Maastricht
Germany, Bonn
France, Issy-les-Moulineaux
100.00
100.00
100.00
EUR
EUR
EUR
72,027
511,115
4,042
61,314
0
676
Netherlands, Utrecht
100.00
EUR
1,577
-477
Switzerland, Basel
100.00
EUR
-116
-18
United Kingdom, Croydon
100.00
EUR
20,981
960
Germany, Bonn
Germany, Bonn
Ireland, Dublin
Netherlands, Amsterdam
Germany, Bonn
Germany, Bonn
Germany, Bonn
Germany, Bonn
Luxembourg, Luxembourg
Germany, Essen
Germany, Hanover
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
25
1,534
7,549
8,964,749
25
11,160
39,229
100
16,203
25
25
0
0
-350
289,188
0
0
0
0
0
0
0
Germany, Munich
100.00
EUR
25
0
Germany, Bonn
100.00
EUR
42
0
Germany, Bonn
Finland, Vantaa
Cyprus, Nikosia
United Kingdom, Hounslow
Germany, Cologne
Germany, Hamburg
Germany, Bonn
Czech Republic, Prague
France, Roissy-en-France
Netherlands, Amersfoort
Belgium, Zaventem
France, La Plaine Saint Denis
Germany, Bonn
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
2,152
4,149
2,711
18,254
2,032
4,091
230
8,613
1,216
3,404
11,889
23,368
1,692
-200
25
35,662
89
80
159
-3,661
0
0
0
2,677
-231
272
1,689
504
-903
-122
0
-6
Slovenia, Trzin
Estonia, Tallinn
Slovakia, Bratislava
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
-126
4,220
13,051
5,246
-152
748
2,291
2,856
66
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Exel Supply Chain (Denmark) A/S
DHL Exel Supply Chain
(Poland) Sp. z o.o.
DHL Exel Supply Chain (Sweden) AB
DHL Exel Supply Chain Euskal-Log,
S.L.U.
DHL Supply Chain Hungary Limited
DHL Exel Supply Chain Limited
DHL Exel Supply Chain Portugal, S.A.
DHL Exel Supply Chain (Spain), S.L.U.
DHL Exel Supply Chain Trade (Poland)
Sp. z o.o.
DHL Exel Supply Chain Trollhättan AB
DHL Express (Austria) GmbH
DHL Express (Czech Republic) s.r.o.
DHL Express (Denmark) A/S
DHL Express (France) SAS
DHL Express (Hellas) S.A.
DHL Express (Iceland) EHF
DHL Express (Ireland) Ltd.
DHL Express (Italy) S.r.l.
DHL Express (Luxembourg) S.A.
DHL Express (Norway) AS
DHL Express (Poland) Sp. z o.o.
DHL Express (Schweiz) AG
DHL Express (Slovakia), spol. s r. o.
DHL Express (Sweden) AB 8)
DHL Express (UK) Limited
DHL Express Bulgaria EOOD
DHL Express Customer Service GmbH 6), 9)
DHL Express Germany GmbH 6), 9)
DHL Express Hungary Forwarding
and Services LLC
DHL Express Iberia S.L. 1)
DHL Express A Coruna Spain, S.L. 1)
DHL Express Alacant Spain S.L. 1)
DHL Express Araba Spain S.L. 1)
DHL Express Barcelona Spain S.L. 1)
DHL Express Bizkaia Spain S.L. 1)
DHL Express Cantabria Spain S.L. 1)
DHL Express Castello Spain S.L. 1)
DHL Express Ciudad Real Spain, S.L. 1)
DHL Express Gipuzkoa Spain S.L. 1)
DHL Express Girona Spain S.L. 1)
DHL Express Huelva Spain S.L. 1)
DHL Express Illes Balears Spain, S.L. 1)
DHL Express Jaén Spain S.L. 1)
DHL Express Lugo, Spain S.L. 1)
DHL Express Madrid Spain S.L. 1)
DHL Express Malaga Spain S.L. 1)
DHL Express Navarra Spain, S.L. 1)
DHL Express Pontevedra Spain S.L. 1)
DHL Express Servicios S.L. 1)
thousands
Denmark, Kastrup
Poland, Warsaw
100.00
100.00
EUR
EUR
-19,370
-6,188
469
856
Sweden, Stockholm
Spain, Barcelona
100.00
100.00
EUR
EUR
10,535
6,375
2,354
113
Hungary, Ullo
United Kingdom, Bedford
Portugal, Alverca
Spain, Madrid
Poland, Warsaw
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
-482
415,601
6,845
16,435
592
-2,482
-4,213
220
2,545
149
Sweden, Stockholm
Austria, Guntramsdorf
Czech Republic, Ostrava
Denmark, Broendby
Greece, Athens
Iceland, Reykjavik
Ireland, Dublin
Italy, Milan
Luxembourg, Contern
Norway, Oslo
Poland, Warsaw
Switzerland, Basel
Sweden, Stockholm
Bulgaria, Sofia
Germany, Monheim am Rhein
Germany, Bonn
Hungary, Budapest
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
2,959
14,609
12,276
93,761
-31,945
5,770
1,069
1,726
73,243
2,476
-3,534
51,950
2,949
3,879
8,633
-60,341
2,365
25
6,618
2,480
35
2,750
2,172
1,403
8,243
1,163
294
2,058
12,385
325
9,570
21,273
7,021
-234
4,335
-6,567
1,330
0
0
89
Spain, Ciudad Real
Spain, Barcelona
Spain, Ciudad Real
Spain, Malaga
Spain, Navarra
Spain, Vigo
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
178,311
-
26,227
-
Reported IFRS data
1
7b
12
Annexes
67
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Express Sevilla Spain S.L.
DHL Express Tarragona Spain S.L. 1)
DHL Express Valencia Spain S.L. 1)
DHL Express Valladolid Spain S.L. 1)
DHL Express Zaragoza Spain, S.L. 1)
DHL Express Macedonia d.o.o.e.l.
DHL Express Network Management
GmbH 6), 9)
DHL Express Portugal, Lda.
DHL Express Services (France) SAS
DHL Fashion Retail Operations
GmbH 6), 9)
DHL Finance Services B.V.
DHL FoodServices GmbH 6), 9)
DHL Freight (Belgium) NV
DHL Freight (France) SAS
DHL Freight (Netherlands) B.V.
DHL Freight (Sweden) AB
DHL Freight and Contract Logistics
(UK) Limited
DHL Freight Finland Oy
DHL Freight Germany Holding
GmbH 6), 9)
DHL Freight GmbH 6), 9)
DHL Freight Hungary Forwarding
and Logistics LLC
DHL Freight Services (Netherlands) B.V.
DHL Freight Spain, S.L.
DHL GBS (UK) Limited
DHL Gertner International GmbH
DHL Global Forwarding – DGF
Industrial Project (DGF IP) SAS
DHL Global Forwarding (Austria) GmbH
DHL Global Forwarding (Belgium) NV
DHL Global Forwarding (CZ) s.r.o.
DHL Global Forwarding (Denmark) A/S
DHL Global Forwarding (Finland) Oy
DHL Global Forwarding (France) SAS
DHL Global Forwarding
(Ireland) Limited
DHL Global Forwarding (Italy) S.p.A.
(Luxembourg) S.A.
(Netherlands) B.V.
DHL Global Forwarding (Norway) AS
DHL Global Forwarding (SWEDEN) AB
DHL Global Forwarding (UK) Limited
DHL Global Forwarding GmbH 6), 9)
DHL Global Forwarding Hellas S.A.
of International Transportation
and Logistics
DHL Global Forwarding Hungary Kft.
DHL Global Forwarding LLC
1)
thousands
Spain, Sevilla
Spain, Zaragoza
Macedonia, Skopje
Germany, Schkeuditz
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
912
25
143
0
Portugal, Moreira da Maia
Germany, Mönchengladbach
100.00
100.00
100.00
EUR
EUR
EUR
18,258
-1,509
21,628
4,691
33
0
Germany, Cologne
Belgium, Grimbergen
France, Marne-la-Vallée
Netherlands, Tiel
Sweden, Stockholm
United Kingdom, Milton
Keynes
Finland, Vantaa
Germany, Düsseldorf
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
3,324
258
738
3,262
-15,776
28,455
0
-2
0
-3,888
-3,969
-697
7,369
5,880
100.00
100.00
EUR
EUR
13,335
301,204
2,306
0
Hungary, Budapest
100.00
100.00
EUR
EUR
10,737
2,853
0
1,001
Netherlands, Tiel
Germany, Altentreptow
France, Villepinte
100.00
100.00
100.00
51.00
100.00
EUR
EUR
EUR
EUR
EUR
5,359
7,049
14,301
208
2,591
0
1,789
1,898
124
250
Austria, Vienna
Belgium, Zaventem
Denmark, Kastrup
Finland, Vantaa
France, Villepinte
Ireland, Dublin
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
22,633
10,330
13,385
14,942
3,870
59,263
11,041
2,953
1,093
-5,569
1,404
-1,114
6,822
2,333
Italy, Milan
Luxembourg, Luxembourg
100.00
100.00
EUR
EUR
40,817
2,915
15,681
341
Netherlands, Hoofddorp
100.00
EUR
13,587
6,499
Norway, Gardermoen
Sweden, Kista
United Kingdom, Staines
Greece, Piraeus
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
-160
20,268
203,409
7,242
5,576
-4,051
1,691
7,077
0
-523
Hungary, Budapest
Russia, Moscow
100.00
100.00
EUR
EUR
9,409
-60
2,544
-49
68
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Global Forwarding Management
GmbH 6), 9)
DHL Global Forwarding Portugal, Lda.
DHL Global Forwarding Sp. z o.o.
DHL Global Forwarding Spain, S.L.U.
DHL Global Mail OOO
DHL Global Management GmbH 6), 9)
DHL Global Match (UK) Limited
DHL Hauptvogel International GmbH
DHL Holding (France) SAS
DHL Holding (Italy) S.r.l.
DHL Holdings (Ireland) Ltd.
DHL Home Delivery GmbH 6), 9)
DHL Hub Leipzig GmbH 6), 9)
DHL Information Services (Europe) s.r.o.
DHL International (Albania) Ltd.
DHL International (Ireland) Ltd.
DHL International (Romania) S.R.L.
DHL International (UK) Limited
DHL International B.V.
DHL International d.o.o.
DHL International Express (France) SAS
DHL International GmbH 6), 9)
DHL International Ltd.
DHL International NV/SA
DHL International Ukraine JSC
DHL International-Sarajevo d.o.o.
DHL Investments Limited
DHL Latvia SIA
DHL Leupold International GmbH
DHL Lifestyle SARL
DHL Logistika D.O.O.
DHL Logistics (Schweiz) AG
DHL Logistics (Slovakia), spol. s r.o.
DHL Logistics (Ukraine) Ltd.
DHL Logistics GmbH 6), 9)
DHL Logistics OOO
DHL Logistics S.R.L.
DHL Logistik Service GmbH
DHL Management (Schweiz) AG
DHL Management Services Limited
DHL Medjunarodni Vazdusni
Ekspres d.o.o.
DHL Nordic AB
DHL Parcel (Belgium) NV
DHL Parcel (e-Commerce) B.V.
DHL Parcel (Netherlands) B.V.
DHL Parcel (Speedpack) NV
DHL Parcel Nordic AB
DHL Parcel Slovensko s.r.o.
DHL Pipelife Logistik GmbH
thousands
Germany, Bonn
100.00
EUR
25
0
Portugal, Moreira da Maia
Poland, Lodz
Spain, Madrid
Russia, Moscow
Germany, Bonn
Germany, Klipphausen
Italy, Milan
Ireland, Dublin
Germany, Bonn
Germany, Schkeuditz
Albania, Tirana
Ireland, Dublin
Romania, Bucharest
Netherlands, The Hague
Croatia, Zagreb
Germany, Bonn
Malta, Luqa
Belgium, Diegem
Ukraine, Kiev
Bosnia and Herzegovina,
Sarajevo
United Kingdom, St. Helier
Latvia, Riga
Germany, Oberkotzau
Slovenia, Brnik
Switzerland, Basel
Slovakia, Senec
Ukraine, Kiev
Germany, Hamburg
Russia, Chimki
Romania, Bucharest
Austria, Vienna
Switzerland, Basel
Serbia, Belgrade
100.00
100.00
100.00
100.00
100.00
100.00
51.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
4,764
10,177
20,971
156
3,618,590
-35,756
370
871,899
594,953
93
179
241
76,241
342
1,054
2,985
76,125
19,776
2,048
39,967
1,353,453
588
5,432
1,647
476
608
5,434
6,741
1,241
0
2,385
174
6,845
27,933
0
0
0
4,289
136
0
1,412
15,226
6,308
189
9,869
0
-15
2,094
31
130
100.00
100.00
51.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
-37,141
614
804
-1,199
1,692
18,020
2,511
508
895
15,029
2,791
-576
30,644
289
3,960
-193
113
228
395
336
622
1,159
0
0
4,478
1,652
-984
15,261
891
494
Sweden, Stockholm
Belgium, Ternat
Netherlands, Utrecht
Netherlands, Amersfoort
Belgium, Brussels
Sweden, Stockholm
Austria, Wiener Neudorf
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
69,136
3,375
11,562
-37,787
1,341
585
905
81
-590
-5,149
4,173
10,707
112
504
-200
25
Reported IFRS data
1
7b
12
Annexes
69
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Rail AB
DHL Sandouville SARL
DHL SC Transport SASU
DHL Service Central SARL
DHL Services Limited
DHL Services Logistiques SAS
DHL Shoe Logistics s. r. o.
DHL Solutions (Belgium) NV
DHL Solutions (France) SAS
DHL Solutions Fashion GmbH 6), 9)
DHL Solutions GmbH 6), 9)
DHL Solutions Großgut GmbH 6), 9)
DHL Solutions k.s.
DHL Solutions Retail GmbH 6), 9)
DHL Sorting Center GmbH 6), 9)
DHL Stock Express SAS
DHL Supply Chain Limited
DHL Supply Chain (Belgium) NV
DHL Supply Chain (Ireland) Limited
DHL Supply Chain (Italy) S.p.A.
DHL Supply Chain (Leipzig) GmbH 6), 9)
DHL Supply Chain (Netherlands) B.V.
DHL Supply Chain (Norway) AS
DHL Supply Chain International
Limited
DHL Supply Chain Management B.V.
DHL Supply Chain Management
GmbH 6), 9)
DHL Supply Chain VAS GmbH 6), 9)
DHL Supply Chain, s.r.o.
DHL Systems Limited 5)
DHL Technical Distribution B.V.
DHL Trade Fairs & Events GmbH 6), 9)
DHL Trade Fairs and Events (UK)
Limited
DHL Vertriebs GmbH 6), 9)
DHL Verwaltungs GmbH 6), 9)
DHL Voigt International GmbH
DHL Wahl International GmbH
DHL Worldwide Express Logistics
NV/SA
DHL Worldwide Network NV/SA
ELP 1 AB
Erste End of Runway Development
Leipzig GmbH 6), 9)
Erste Logistik Entwicklungsgesellschaft
MG GmbH 6), 9)
Eurodifarm S.r.l.
European Air Transport Leipzig
GmbH 6), 9)
Exel (European Services Centre) Ltd. 5)
Exel (Wommelgem) NV
Exel de Portugal Transitarios Lda.
8)
thousands
Sweden, Trelleborg
United Kingdom, Milton Keynes
Czech Republic, Pohorelice
Belgium, Mechelen
Germany, Essen
Germany, Hamburg
Germany, Bonn
Czech Republic, Ostrava
Germany, Unna
Germany, Bonn
Belgium, Mechelen
Ireland, Dublin
Italy, Milan
Germany, Hamburg
Netherlands, Tilburg
Norway, Oslo
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,208
11
431
-4,969
-68,036
3,086
2,482
31,587
-14,255
49
9,240
1,051
2,568
102
25
-11,234
506,115
6,444
5,425
43,953
25
51,698
739
251
0
-5
-737
171
72,438
931
386
498
-14,917
0
0
0
-80
0
0
-1,907
117,659
235
-2,452
2,562
0
6,856
-3,010
-1,539
Netherlands, Tilburg
Germany, Bonn
100.00
100.00
EUR
EUR
-41,461
25
5,223
0
Germany, Bonn
Czech Republic, Pohorelice
Netherlands, Veghel
United Kingdom, Staines
100.00
100.00
100.00
100.00
100.00
85.00
EUR
EUR
EUR
EUR
EUR
EUR
25
15,888
222
-2,247
607
731
0
3,385
0
-39
0
284
Germany, Bonn
Germany, Bonn
Germany, Neumuenster
Germany, Bielefeld
Belgium, Diegem
100.00
100.00
51.00
51.00
100.00
EUR
EUR
EUR
EUR
EUR
45,000
162
1,535
1,155
28,634
0
0
1,143
343
1,518
Belgium, Diegem
Sweden, Eskilstuna Germany, Cologne
100.00
100.00
100.00
EUR
EUR
EUR
22,547
1,135
25
320
-1
0
Germany, Hanover
100.00
EUR
25
0
Italy, Casalmaiocco (Lodi)
Germany, Schkeuditz
100.00
100.00
EUR
EUR
16,004
1,798
3,950
0
Ireland, Dublin
Belgium, Wommelgem
Portugal, Lisbon
100.00
100.00
100.00
EUR
EUR
EUR
0
-4,535
79
0
120
-2
70
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Exel France SA
Exel Freight Management (UK)
Limited
Exel Group Holdings (Nederland) B.V.
Exel Holdings Limited
Exel Insurance Limited
Exel International Holdings
(Belgium) NV
(Netherlands 1) B.V.
(Netherlands 2) B.V.
Exel Investments Limited
Exel Investments Netherlands B.V.
Exel Limited
Exel Logistics Property Limited
Exel Overseas Limited
Exel UK Limited
F.X. Coughlin B.V.
F.X. Coughlin (U.K.) Limited
FACT Denmark A/S
First Mail Düsseldorf GmbH 6), 9)
Formation E-Document Solutions
Limited 5)
Freight Indemnity and Guarantee
Company Limited
Fusion Premedia Group Limited 5)
Gerlach & Co Internationale
Expediteurs B.V.
Gerlach & Co. NV
Gerlach AG
Gerlach Customs Services EOOD
Gerlach Custom Services UK Limited
Gerlach European Customs Services,
spol. s r.o.
Gerlach European Services S.R.L.
Gerlach Sp. z o.o.
Gerlach Spol s.r.o.
Gerlach Zolldienste GmbH 6), 9)
Giorgio Gori S.r.l.
Giorgio Gori (France) SAS
Global Mail (Austria) Ges.m.b.H.
GoodsandServices.tv Limited
Gori Iberia S.L.
Gori Iberia Transitarios, Limitada
Higgs International Limited
Historia Sp. z o.o. 8)
Hull, Blyth (Angola) Limited
Hyperion Properties Limited
IntelliAd Media GmbH
Interlanden B.V.
interServ Gesellschaft für Personalund Beraterdienstleistungen mbH 6), 9)
thousands
100.00
100.00
EUR
EUR
147,678
12,313
341
677
Netherlands, Veghel
United Kingdom, St. Peter Port
Belgium, Mechelen
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
42,026
665,894
9,451
88,521
-794
22,808
-3
-443
Netherlands, Veghel
100.00
EUR
686,851
-6,006
Netherlands, Veghel
100.00
EUR
1,125,984
13,359
Netherlands, Veghel
Netherlands, Duiven
Denmark, Kastrup
United Kingdom, London
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
186,406
219
1,257,216
76,633
274,996
45,376
2,530
4,472
1,135
-2,242
13
9
-6
-34,743
8,216
16,415
-12,111
566
409
144
0
0
100.00
EUR
21
0
Netherlands, Venlo
100.00
100.00
EUR
EUR
-13
3,262
0
682
Belgium, Antwerp
Switzerland, Basel
Bulgaria, Sofia
Slovakia, Senec
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
5,919
6,118
55
261
157
407
7,329
41
104
31
Romania, Bucharest
Poland, Gluchowo/Komorniki
Czech Republic, Rudna u Prahy
Italy, Collesalvetti (Livorno)
France, Châtenoy-le-Royal
Austria, Vienna
Spain, Barcelona
Portugal, Matosinhos
Poland, Piaseczno
Germany, Munich
Netherlands, Apeldoorn
Germany, Bonn
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
60.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
75
1,064
3,090
102
19,807
1,985
2,409
11,497
2,107
825
10,362
-149
1,891
-5,753
1,609
-112,823
76
23
591
2,270
0
7,981
172
1,056
-243
1,035
313
638
0
-165
0
163
434
0
Reported IFRS data
1
7b
12
Annexes
71
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Joint Retail Logistics Limited
Karukera Transit SAS
Laible AG Speditionen
Lightbox Creative Services Limited 5)
LLC DHL Express
LLC Gerlach Ukraine
LLC Williams Lea
Luftfrachtsicherheit-Service GmbH 7b)
McGregor Cory Limited
Multimar Seefrachtenkontor
Gesellschaft m.b.H.
National Carriers Limited 5)
NFC International Holdings (Ireland)
nugg.ad AG predictive behavioral
targeting 6), 9)
Ocean Group Investments Limited
Ocean Overseas Holdings Limited
OOO Customs Broker
OOO Customs Services
optivo GmbH
Orbital Secretaries Limited 5)
Pharma Logistics B.V.
Pharma Logistics NV
Power Europe (Cannock) Limited
Power Europe (Doncaster) Limited
Power Europe Development Limited 5)
Power Europe Development No. 3
Limited
Power Europe Limited
Power Europe Operating Limited
PPL CZ s.r.o.
RISER ID Services GmbH
Scherbauer Spedition GmbH 7b)
Smoke and Mirrors Productions
Limited
Speedmail International Limited 5)
StarBroker AG
StreetScooter GmbH
Tag @ Baker Street Limited 5)
Tag @ Ogilvy Limited 5)
Tag Acquisitions Limited
Tag At RKCR/YR Limited 5)
Tag Belgium SA
Tag Creative Limited
Tag Europe Limited
Tag Germany GmbH
Tag Holdco Limited
Tag NewCo Limited
Tag Pac Limited
Tag Print Services Limited
Tag Response Limited
Tag Storage Limited
Tag Topco Limited
thousands
France, Pointe-à-Pitre
Switzerland, Schaffhausen
Russia, Khimki
Ukraine, Kiev
Russia, Moscow
Austria, Vienna
100.00
100.00
100.00
100.00
100.00
100.00
100.00
50.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
13,814
1,088
665
-71
-618
185
760
1,519
16,853
-22
17
12
413
0
989
30
643
1,290
-207
-300
Ireland, Dublin
Germany, Berlin
100.00
100.00
100.00
EUR
EUR
EUR
48
39,466
2,746
0
0
0
Russia, Khimki
Russia, Khimki
Germany, Berlin
Netherlands, Rotterdam
Belgium, Mechelen
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
827
554,472
-87
4,537
2,761
0
692
18,619
1,624
884
0
493
1
19,728
-26
6,011
1,049
0
197
-333
1,713
819
0
0
Germany, Berlin
Germany, Neutraubling
100.00
100.00
100.00
100.00
50.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
-866
9,168
79,198
2,288
4,769
11,795
146
2,467
8,453
891
725
200
Switzerland, Basel
Germany, Aachen
Belgium, Brussels
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
11,220
43,944
5,360
0
0
19,297
0
2,629
3,219
22,607
797
180
-251
-157
-489
11,300
53,645
96,550
0
19,975
0
0
0
39,912
0
521
-402
4,746
-14
44,804
46,184
358
-250
-62
3,707
-2,662
72
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Tag Worldwide France SARL
Tag Worldwide Group Limited
Tag Worldwide Holdings Limited
Tankfreight (Ireland) Ltd. 5)
The Admagic Group Limited 5)
The Stationery Office Group Limited 5)
The Stationery Office Holdings Limited
The Stationery Office Limited
Tradeteam Limited
Transflash McGregor (Ireland) Ltd.
Trucks and Child Safety Limited
TSO Holdings A Limited
TSO Holdings B Limited
TSO Property Limited
UAB DHL Lietuva
Véron Grauer AG
Vetsch AG, Internationale Transporte 1)
Vetsch Internationale Transporte
GbmH 1)
Werbeagentur Janssen GmbH 6), 9)
Williams Lea & Tag GmbH 6), 9)
Williams Lea (No. 1) Limited
Williams Lea Belgium BVBA
Williams Lea Finnland Oy
Williams Lea France SAS
Williams Lea Group Limited
Williams Lea Group Management
Services Limited
Williams Lea Holdings Limited
Williams Lea Hungary Kft.
Williams Lea Ireland Limited
Williams Lea Italia S.r.l.
Williams Lea Limited
Williams Lea Netherlands B.V.
Williams Lea S.L.
Williams Lea Sweden AB
Williams Lea UK Limited
Williams Lea Ukraine
Williams Lea, s.r.o.
World Writers Limited
Zweite Logistik Entwicklungsgesellschaft MG GmbH 6), 9)
Americas
Advance Logistics Inc.
AEI Drawback Services Inc.
Aero Express del Ecuador
(TransAm) Ltda.
Aero Express del Ecuador TransAm
Cia Ltd. (Colombian Branch)
Agencia de Aduanas DHL Express
Colombia Ltda.
AGENCIA DE ADUANAS DHL GLOBAL
FORWARDING (COLOMBIA) S.A. NIVEL 1
Air Express International USA, Inc. 1)
thousands
France, Paris
Ireland, Dublin
Ireland, Dublin
Lithuania, Vilnius
Switzerland, Basel
Switzerland, Buchs
Austria, Wolfurt
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
-371
3,505
4,147
0
1
21,424
24,563
177,093
43,671
717
-2
21,333
38,792
0
3,748
2,425
937
-
-110
5,344
45,935
0
0
0
-5,149
31,258
8,427
0
0
0
0
0
754
2,705
759
-
Germany, Munich
Belgium, Ternat
Finland, Vantaa
France, Paris
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
511
25
86,419
0
85
-661
127,724
157
0
0
0
0
-91
-483
-1,289
-24
Hungary, Budapest
Ireland, Dublin
Italy, Rome
Netherlands, Amsterdam
Spain, Barcelona
Sweden, Nyköping
Ukraine, Kiev
Czech Republic, Brno
Germany, Bonn
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
544,285
-20
2,810
8
99,552
-2,456
7
124
390
109
1,204
19,593
25
-13
1
140
1
13,619
-116
0
0
-1
67
-51
1,903
0
USA, Westerville
USA, Miami
Ecuador, Guayaquil
100.00
100.00
100.00
EUR
EUR
EUR
2,452
7,526
65
769
1,118
-395
Colombia, Bogotá
100.00
EUR
1,364
1,485
Colombia, Bogotá
100.00
EUR
1,663
-30
Colombia, Bogotá
100.00
EUR
2,005
-35
USA, Miami
100.00
EUR
28,831
-6,722
Reported IFRS data
1
7b
12
Annexes
73
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Radix Group International, Inc.
Circuit Logistics Inc.
Connect Logistics Services Inc.
Danzas Corporation
DHL (Bahamas) Limited
DHL (Barbados) Ltd.
DHL (Bolivia) SRL
DHL (BVI) Ltd.
DHL (Costa Rica) S.A.
DHL (Honduras) S.A. de C.V.
DHL (Jamaica) Ltd.
DHL (Paraguay) S.R.L.
DHL (Trinidad and Tobago) Limited
USA, Miami
Canada, Toronto
Canada, Toronto
USA, Miami
Bahamas, Nassau
Barbados, Christ Church
Bolivia, Santa Cruz de la Sierra
British Virgin Islands , Tortola
Costa Rica , San José
Honduras, San Pedro Sula
Jamaica , Kingston
Paraguay, Asunción
Trinidad and Tobago,
Port of Spain
DHL (Uruguay) S.R.L.
Uruguay, Montevideo
Panama, Panama City
DHL Arwest (Panama) S.A. 1)
Mexico, Ecatepec
DHL Arwest de Mexico S.A. de C.V. 1)
Guatemala, Guatemala City
DHL Arwest (Guatemala) S.A. 1)
DHL Aviation SCR, S.A.
DHL Corporate Services SC México
Mexico, Tepotzotlán
DHL Customer Solutions & Innovations USA, Plantation
(USA) Inc.
DHL Customer Support (Costa Rica) S.A. Costa Rica , San José
DHL Customs (Costa Rica) S.A.
DHL de Guatemala S.A. 7b)
DHL Dominicana SA
Dominican Republic, Santo
Domingo
DHL Exel Supply Chain (Argentina) S.A. Argentina, Buenos Aires
DHL Express (Argentina) S.A.
Argentina, Buenos Aires
DHL Express (Brazil) Ltda.
Brazil, São Paulo
DHL Express (Canada) Ltd.
Canada, Mississauga
DHL Express (Chile) Ltda.
Chile, Santiago de Chile
DHL Express (Ecuador) S.A.
Ecuador, Quito
DHL Express (El Salvador) S.A. de C.V.
El Salvador , San Salvador
USA, Plantation
DHL Express (USA), Inc.
DHL Express Aduanas Peru S.A.C.
Peru, Callao
DHL Express Aduanas Venezuela C.A.
Venezuela, Caracas
DHL Express Colombia Ltda.
Colombia, Bogotá
DHL Express México, S.A. de C.V.
Mexico, Mexico City
DHL Express Peru S.A.C.
Peru, Callao
DHL Fletes Aereos, C.A.
Venezuela, Caracas
DHL Freight USA Inc.
USA, Plantation
DHL Global Forwarding (Argentina) S.A. Argentina, Buenos Aires
DHL Global Forwarding (Brazil)
Brazil, São Paulo
Logistics Ltda.
DHL Global Forwarding (Canada) Inc.
Canada, Mississauga
DHL Global Forwarding (Chile) S.A.
Colombia, Bogotá
(Colombia) Ltda.
DHL Global Forwarding (Ecuador) S.A. Ecuador, Quito
El Salvador , San Salvador
(El Salvador) S.A.
(Guatemala) S.A. 1)
1)
thousands
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
-89
1,697
-49,264
1,094
1,736
2,898
239
16,219
4,166
184
1,461
76
42
5,031
-13,656
60
-119
766
15
-288
-363
-547
-352
-283
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
3,501
-3,618
723
4,500
-914
405
-1,097
353
1,197
0
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
1,547
-1,826
-1,665
1,758
654
-604
-3,565
11
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
6,499
9,642
5,222
-187,377
15,249
1,248
1,231
-49,123
731
252
4,839
42,793
7,761
1,132
16,174
11,972
14,374
-1,789
869
-11,416
6,310
572
74
555
54,687
81
376
-893
21,785
470
-1,140
941
3,088
147
100.00
100.00
100.00
EUR
EUR
EUR
76,141
21,290
2,559
4,905
497
66
100.00
100.00
EUR
EUR
5,139
250
7
-1,018
100.00
EUR
8,210
988
74
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Carga Aerea Internacional S.A.
(CARINTER) 1)
DHL Zona Franca (Guatemala) S.A. 1)
Transportes Expresos Internacionales
(Interexpreso) S.A. 1)
(Mexico) S.A. de C.V.
(Nicaragua) S.A.
DHL Global Forwarding (Panama) S.A. 1)
DHL Holding Panama Inc. 1)
DHL Global Forwarding (USA) 1, Inc.
DHL Global Forwarding Aduanas
Peru S.A.
DHL Global Forwarding Deposito
Aduanero (Colombia) S.A.
Latin America Inc.
DHL Global Forwarding Peru S.A.
Venezuela, C.A.
DHL Global Forwarding Zona Franca
(Colombia) S.A.
DHL Guadeloupe SAS
DHL Holding Central America Inc.
DHL Information Services (Americas),
Inc.
DHL International Antilles SARL
DHL International Express Ltd.
DHL International Haiti SA
DHL Logistics (Brazil) Ltda.
DHL Management Cenam S. A.
DHL Metropolitan Logistics SC Mexico
S.A. de C.V.
DHL Network Operations (USA), Inc.
DHL Nicaragua, S.A.
DHL of Curacao N.V.
DHL Panama S.A.
DHL Regional Services, Inc.
DHL S.A.
DHL Sint Maarten N.V.
DHL Supply Chain (Chile) S.A.
DHL Supply Chain Automotive Mexico
S.A. de C.V.
DHL Worldwide Express (Aruba) NV 5)
DHL Zona Franca El Salvador S.A.
Dimalsa Logistics Inc.
DPWN Holdings (USA), Inc.
EC Logistica S.A.
Exel Canada Ltd.
Exel Freight Connect Inc.
Exel Global Logistics do Brasil S.A.
Exel Global Logistics Inc.
thousands
100.00
EUR
-
-
100.00
100.00
EUR
EUR
-
-
Mexico, Mexico City
100.00
EUR
17,139
5,159
Nicaragua, Managua
100.00
EUR
394
156
Panama, Panama City
Panama, Panama City
USA, Plantation
USA, Plantation
USA, Plantation
Peru, Callao
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
6,985
0
0
0
234
-83
0
0
0
0
Colombia, Bogotá
100.00
EUR
1,416
560
USA, Coral Gables
100.00
EUR
574
2
Peru, Lima
Venezuela, Caracas
100.00
100.00
EUR
EUR
9,926
18,015
669
13,459
Colombia, Bogotá
100.00
EUR
1,788
202
Guadeloupe, Baie Mahault
Panama, Panama City
USA, Plantation
100.00
100.00
100.00
EUR
EUR
EUR
250
52,810
-1,315
0
159
-326
Martinique, Lamentin
Canada, Mississauga
Haiti, Port-au-Prince
Brazil, São Paulo
Costa Rica , Heredia
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
-926
137,501
50
93,260
5,425
31,667
-482
-104
-70
19,687
909
12,891
USA, Plantation
Nicaragua, Managua
Curaçao, Curaçao
Panama, Panama City
USA, Plantation
Sint Maarten, Philipsburg
Chile, Colina
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
415,394
284
306
1,033
-6,407
1,166
-519
3,823
5,176
14,684
-34
-27
-1,744
-6,637
-165
-151
512
3,200
Aruba, Oranjestad
El Salvador , Antiguo Cuscatlan
Puerto Rico, San Juan
USA, Plantation
Canada, Toronto
USA, Wilmington
Brazil, São Paulo
USA, Palm City
100.00
100.00
100.00
100.00
51.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
5
503
2,628
6,748,199
197
13,811
248
3,464
-1,141
0
0
454
103,788
115
9,081
-525
-67
-415
Reported IFRS data
1
7b
12
Annexes
75
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Exel Inc.
Exel Logistics Argentina S.A.
Exel Logistics do Nordeste Ltda.
F.X. Coughlin do Brasil Ltda.
Freshlink Canada Ltd.
Genesis Logistics Inc.
Giorgio Gori USA, Inc.
Global Mail, Inc.
Global Mail Terminal Operations
(USA) LLC 8)
Gori Argentina S.A.
GORI CHILE S.A.
Harmony Logistics Canada Inc.
Heartland Logistics Inc.
Hyperion Inmobiliaria S.A. de C.V.
Ibryl Inc.
Marias Falls Insurance Co., Ltd.
Matrix Logistics Services Ltd.
Polar Air Cargo Worldwide, Inc. 7c)
Relay Logistics Inc.
Saturn Integrated Logistics Inc.
SCM Supply Chain Management Inc.
Sky Courier, Inc.
Standard Forwarding LLC
Summit Logistics Inc.
Tag EquityCo Limited
Tag Sao Paulo Servicos de
Consultoria Ltda.
Tag Worldwide (USA) Inc.
Tag Worldwide Canada Inc. 5)
Tafinor S.A. 5)
TEDI Translogic Express Dedicated Inc.
Tibbett & Britten Group Canada Inc.
Tibbett & Britten Group North
America, LLC
Tracker Logistics Inc.
Transcare Supply Chain
Management Inc.
Unidock's Assessoria e Logistica de
Materiais Ltda.
Vensecar Internacional, C.A.
Vensecar International (Barbados) Inc.
Williams Lea (Brazil) Assessoria Em
Solucoes Empresariais Ltda.
Williams Lea (Canada), Inc.
Williams Lea Argentina S.A.
Williams Lea Holdings, Inc.
Williams Lea Inc.
Williams Lea México, S. de R.L. de C.V.
Wilmington Air Park, LLC
Zenith Logistics Inc.
Asia Pacific
Asia Overnight (Thailand) Ltd.
Blue Dart Aviation Ltd. 7c)
thousands
USA, Westerville
Brazil, Camacari
Brazil, São Paulo
Canada, Toronto
USA, Westerville
USA, Baltimore
USA, Weston
USA, Weston
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
243,590
334
5,031
-1,345
1
4,890
7,224
176,419
0
56,993
21
270
3,090
0
2,413
2,665
25,230
0
Argentina, Mendoza
Canada, Toronto
USA, Westerville
Cayman Islands, George Town
Bermuda, Hamilton
Canada, Toronto
USA, Purchase
Canada, Toronto
Canada, Toronto
Canada, Toronto
USA, Sterling
USA, East Moline
Canada, Toronto
Cayman Islands, Grand Cayman
Brazil, São Paulo
96.76
99.00
100.00
100.00
100.00
100.00
100.00
100.00
49.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,564
2,260
613
866
2,887
321
49,588
-8,385
10,731
80
297
43
4,022
5,144
1
3,166
661
222
-31
603
423
-536
33,004
1,231
-2,750
3
72
281
-29
1,238
-2,530
0
-240
260
USA, New York
Canada, Halifax
Uruguay, Montevideo
Canada, Mississauga
Canada, Toronto
USA, Westerville
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
7,837
0
8
111
17,236
714
1,019
0
0
43
10,572
23,632
Canada, Toronto
Canada, Toronto
100.00
100.00
EUR
EUR
324
15
301
14
Brazil, Barueri
100.00
EUR
8,591
5,029
Venezuela, Maiquitia
Barbados, Belleville, St.Michael
Brazil, Rio de Janeiro
100.00
100.00
100.00
EUR
EUR
EUR
20,218
18,852
-313
-1,250
0
-445
Canada, Montréal
USA, Chicago
USA, Chicago
Mexico, Mexico City
USA, Plantation
Canada, Toronto
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,813
25
45,926
142,443
-431
-688
565
378
204
-1
8,413
-27
-5
61
99.40
49.00
EUR
EUR
1,266
5,417
154
622
Thailand, Bangkok
India, Mumbai
76
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Blue Dart Express Limited
Danzas (China) Ltd.
Danzas AEI (HK) Limited
Danzas AEI Logistics (Shanghai)
Co. Ltd.
DANZASMAL Domestic Logistics
Services Sdn. Bhd. 7b)
Deutsche Post Global Mail (Australia)
Pty Ltd.
DHL (Chengdu) Service Ltd.
DHL Air Freight Forwarder Sdn. Bhd. 7c)
DHL Asia Pacific Shared Services
Sdn. Bhd.
DHL Aviation (Hong Kong) Ltd.
DHL Aviation (Philippines), Inc. 8)
DHL Aviation Services
(Shanghai) Co., Ltd.
DHL Danzas Air & Ocean
(Cambodia) Ltd. 5)
DHL Consumer Dialog and Delivery
(Beijing) Co., Ltd.
DHL Distribution (Thailand) Limited
DHL eCommerce (Hong Kong) Limited
DHL eCommerce (Singapore) Pte. Ltd.
DHL Exel Logistics (Malaysia) Sdh. Bhd. 7c)
DHL Exel Supply Chain Management
Phils., Inc.
DHL Exel Supply Chain Phils., Inc.
DHL Express (Australia) Pty Ltd.
DHL Express (Brunei) Sdn. Bhd.
DHL Express (Cambodia) Ltd.
DHL Express (Fiji) Ltd.
DHL Express (Hong Kong) Limited
DHL Express (India) Pvt. Ltd.
DHL Express (Macau) Ltd.
DHL Express (Malaysia) Sdn. Bhd.
DHL Express (New Zealand) Limited
DHL Express (Papua New Guinea) Ltd
DHL Express (Philippines) Corp.
DHL Express (Singapore) Pte. Ltd.
DHL Express (Taiwan) Corp.
DHL Express (Thailand) Limited 7c)
DHL Express International
(Thailand) Ltd.
DHL Express Laos Sole Company
Limited
DHL Express Lda
DHL Express Nepal Pvt. Ltd.
DHL Global Forwarding (Australia)
Pty Ltd.
DHL Global Forwarding (Bangladesh)
Limited
DHL Global Forwarding (China) Co.,
Ltd.
India, Mumbai
China, Hong Kong
China, Hong Kong
China, Shanghai
thousands
75.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
49,092
3,136
-31
2,149
4,104
3,543
-14
-18
49.00
EUR
1,280
1,166
Australia, Mascot
100.00
EUR
702
-457
China, Chengdu
Malaysia, Kuala Lumpur
100.00
49.00
100.00
EUR
EUR
EUR
913
2,617
-54
282
260
651
China, Hong Kong
Philippines, Makati City
China, Shanghai
99.85
100.00
100.00
EUR
EUR
EUR
22,682
0
36,969
814
0
1,005
Cambodia, Phnom Penh
100.00
EUR
29
0
80.00
EUR
-248
-352
Thailand, Nonthaburi
China, Hong Kong
Singapore, Singapore
Malaysia, Petaling Jaya
Philippines, Manila
100.00
100.00
100.00
49.00
100.00
EUR
EUR
EUR
EUR
EUR
41,108
3,082
-3,519
1,724
416
8,473
2,038
-3,639
32
156
Philippines, Manila
Australia, Sydney
Brunei Darussalam,
Bandar Seri Begawan
Fiji, Suva
China, Hong Kong
India, Mumbai
Macau, Macau
New Zealand , Auckland
Papua New Guinea,
Port Moresby
Philippines, Makati City
Taiwan, Taipeh
Thailand, Bangkok
Thailand, Bangkok
100.00
100.00
90.00
EUR
EUR
EUR
1,461
17,540
685
1,772
3,848
34
100.00
100.00
100.00
100.00
100.00
70.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
2,614
806
16,645
49,205
244
5,566
5,469
698
804
68
5,510
7,991
65
1,268
1,085
-72
100.00
100.00
100.00
49.00
100.00
EUR
EUR
EUR
EUR
EUR
6,614
173,199
13,985
4,299
10,238
2,088
46,972
6,246
-99
398
Laos, Vientiane
100.00
EUR
1,833
404
East Timor, Dili
Nepal, Kathmandu
Australia, Tullamarine
100.00
100.00
100.00
EUR
EUR
EUR
432
3,223
37,450
3
1,104
18,910
Bangladesh, Dhaka
100.00
EUR
1,479
870
China, Shanghai
100.00
EUR
116,542
27,208
China, Beijing
Reported IFRS data
1
7b
12
Annexes
77
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Global Forwarding (Fiji) Limited
DHL Global Forwarding (Hong Kong)
Limited
DHL Global Forwarding (Korea) Ltd.
DHL Global Forwarding (Malaysia)
Sdn. Bhd.
DHL Global Forwarding (New Zealand)
Limited
DHL Global Forwarding (Philippines)
Inc.
DHL Global Forwarding (PNG) Limited
DHL Global Forwarding (Singapore)
Pte. Ltd.
DHL Global Forwarding (Singapore)
Pte. Ltd., Taiwan Branch
DHL Global Forwarding (Thailand)
Limited
DHL Global Forwarding (Vietnam)
Corporation 7a)
DHL Global Forwarding Caledonie
DHL Global Forwarding Japan K.K.
DHL Global Forwarding Lanka
(Private) Limited
(Asia Pacific) Pte. Ltd.
DHL Global Forwarding Myanmar
Limited
DHL Global Forwarding Pakistan
(Private) Limited
DHL Global Forwarding Polynesie
S.A.R.L.
DHL Global Logistics (Chengdu) Co.,
Ltd.
DHL Global Mail (Japan) K.K.
DHL Holdings (New Zealand) Limited
DHL Incheon Hub Ltd.
DHL Information Services (Asia-Pacific)
Sdn. Bhd.
DHL International Kazakhstan, TOO
DHL ISC (Hong Kong) Limited
DHL Japan Inc.
DHL Keells (Private) Limited 7c)
DHL Korea Limited
DHL Logistics (Beijing) Co., Ltd.
DHL Logistics (Cambodia) Ltd.
DHL Logistics (China) Co., Ltd.
DHL Logistics (Kazakhstan) TOO
DHL Logistics (Shenzhen) Co., Ltd.
DHL Logistics Private Limited
DHL Pakistan (Private) Limited
DHL Project & Chartering (China)
Limited
DHL Properties (Malaysia) Sdn. Bhd.
DHL SCM K.K.
DHL Sinotrans Bonded Warehouse
(Beijing) Co., Ltd.
thousands
Fiji, Lautoka
China, Hong Kong
100.00
100.00
EUR
EUR
1,835
30,601
271
41,841
South Korea, Seoul
100.00
100.00
EUR
EUR
9,624
13,943
4,873
4,236
100.00
EUR
4,533
-8,855
Philippines, Manila
100.00
EUR
4,711
3,093
Papua New Guinea,
Port Moresby
74.00
EUR
1,404
-411
100.00
EUR
114,560
15,071
Taiwan, Taipeh
100.00
EUR
5,235
5,699
Thailand, Bangkok
100.00
EUR
14,961
-881
49.00
EUR
3,745
2,097
New Caledonia, Noumea
Japan, Tokyo
Sri Lanka, Colombo
100.00
100.00
70.00
EUR
EUR
EUR
3,998
11,874
-310
510
6,673
29
100.00
EUR
245,034
38,957
Myanmar, Yagon
100.00
EUR
102
2
Pakistan, Karachi
100.00
EUR
2,666
787
French Polynesia, Faaa
100.00
EUR
4,628
146
China, Chengdu
100.00
EUR
271
-1
Japan, Tokyo
South Korea, Incheon
Malaysia, Puchong
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
340
3,459
8,000
22,812
50
5,722
897
2,833
Kazakhstan, Almaty
China, Hong Kong
Japan, Tokyo
Sri Lanka, Colombo
South Korea, Seoul
China, Beijing
China, Beijing
Kazakhstan, Aksai
China, Shenzhen
India, Mumbai
Pakistan, Karachi
China, Hong Kong
100.00
100.00
100.00
50.00
95.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
2,196
21,775
45,125
3,292
25,146
-8,582
2,034
72,092
3,099
4,997
64,253
1,236
-8,941
1,757
11,190
6,005
1,212
3,683
5,341
830
1,781
1,083
-764
5,468
201
4,732
Malaysia, Shah Alam Japan, Saitama
China, Beijing
69.98
100.00
100.00
EUR
EUR
EUR
3,701
1,100
3,880
158
180
147
Vietnam, Ho Chi Minh City
78
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Sinotrans International Air
Courier Ltd. 7c)
DHL Supply Chain (Australia) Pty
Limited
DHL Supply Chain (Hong Kong)
Limited
DHL Supply Chain (Korea) Ltd.
DHL Supply Chain (Malaysia) Sdn. Bhd.
DHL Supply Chain (New Zealand)
Limited
DHL Supply Chain (Taiwan) Co. Ltd.
DHL Supply Chain (Thailand) Limited
DHL Supply Chain (Vietnam) Limited
DHL Supply Chain (Vietnam)
Transportation JSC
DHL Supply Chain India Private
Limited
DHL Supply Chain K.K.
DHL Supply Chain Singapore Pte. Ltd.
DHL Worldwide Express (Bangladesh)
Private Limited
DHL-VNPT Express Ltd.
Dongguan DHL Supply Chain Co., Ltd.
Exel Consolidation Services Limited
Exel Japan (Finance) Ltd.
Exel Logistics (China) Co. Ltd
Exel Logistics Services Lanka
(Private) Ltd.
Gori Australia Pty Ltd.
MSAS Global Logistics (Far East)
Limited
PT. DANZAS SARANA PERKASA
PT. Birotika Semesta 7c)
PT. Cargotama Multi Servisindo 5)
PT. DHL Supply Chain Indonesia
PT. DHL Global Forwarding Indonesia
Shanghai Danzas Freight
Agency Co. Ltd.
Singha Sarn Co. Ltd
Skyline Air Logistics Ltd.
StarBroker (Hong Kong) Limited
Tag India Private Limited
Tag Worldwide (Shanghai) Co Ltd.
Tag Worldwide (Singapore) Pte. Ltd.
Tag Worldwide Australia PTY Ltd.
Trade Clippers Cargo Limited
Watthanothai Company Ltd. 7a)
Williams Lea (Beijing) Limited
Williams Lea (Hong Kong) Limited
Williams Lea Asia Limited
Williams Lea India Private Limited
Williams Lea Japan Limited
Williams Lea Private Limited
Williams Lea Pty Limited
China, Beijing
thousands
50.00
EUR
286,922
193,862
Australia, Mascot
100.00
EUR
42,539
16,323
China, Hong Kong
100.00
EUR
53,258
5,198
South Korea, Seoul
Malaysia, Petaling Jaya
100.00
100.00
100.00
EUR
EUR
EUR
1,000
5,900
35,111
-1,056
-1,093
4,994
Taiwan, Taipeh
Thailand, Bangkok
100.00
100.00
100.00
51.00
EUR
EUR
EUR
EUR
1,600
14,928
1,613
71
1,076
3,364
1,071
-41
India, Mumbai
100.00
EUR
21,569
3,253
Japan, Tokyo
Bangladesh, Dhaka
100.00
100.00
90.00
EUR
EUR
EUR
-2,523
28,763
7,081
3,054
2,936
1,293
China, Dongguan
China, Hong Kong
Japan, Tokyo
China, Shanghai
Sri Lanka, Colombo
51.00
100.00
100.00
100.00
100.00
99.00
EUR
EUR
EUR
EUR
EUR
EUR
3,972
2,798
2,441
9,674
-10,705
1,499
386
933
-2
39
1,355
864
Australia, Brighton-Le-Sands
China, Hong Kong
100.00
100.00
EUR
EUR
5,305
1,143
2,243
-3
Indonesia, Jakarta
Indonesia, Jakarta
Indonesia, Jakarta
Indonesia, Jakarta
Indonesia, Jakarta
China, Shanghai
100.00
0.00
100.00
90.34
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
764
5,510
0
730
13,667
3,559
46
852
0
-1,146
5,500
1,901
Thailand, Bangkok
India, Mumbai
China, Hong Kong
India, New Delhi
China, Shanghai
Australia, Parramatta
Bangladesh, Dhaka
Thailand, Bangkok
China, Beijing
China, Hong Kong
China, Hong Kong
India, New Delhi
Japan, Tokyo
Australia, Sydney
100.00
99.99
100.00
100.00
100.00
100.00
100.00
100.00
49.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
INR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
16
1,561
40
367
806
-1,163
330
312
711
2,062
2,704
1,976
6,899
1,364
434
-3,432
-9
408
-3
-280
170
-431
226
-268
3,282
365
-216
1,216
611
710
314
70
Reported IFRS data
1
7b
12
Annexes
79
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Other Regions
Air & Ocean General Transport Forwarding and Customs Clearance LLC
Buddingtrade 33 (Proprietary) Limited 5)
DHL Global Forwarding Abu Dhabi
LLC 7b)
Danzas Bahrain WLL 7b)
DHL (Israel) Ltd.
DHL (Mauritius) Ltd.
DHL (Namibia) (Pty) Ltd.
DHL (Tanzania) Ltd.
DHL Aviation (Maroc) SA
DHL Aviation (Nigeria) Ltd.
DHL Aviation (Pty) Limited
DHL Aviation EEMEA B.S.C.(c)
DHL Aviation Kenya Ltd.
DHL Egypt WLL
DHL Exel Supply Chain Kenya Limited
DHL Express Maroc S.A.
DHL FoodServices Egypt Limited
DHL Ghana Limited
DHL Global Forwarding & Co. LLC 7c)
DHL Global Forwarding (Angola) –
Comércio e Transitários, Limitada
(Cameroon) PLC
DHL Global Forwarding (Congo) SA
DHL Global Forwarding (Gabon) SA
DHL Global Forwarding (JSC) – Libya
for delivery of goods services 7a)
DHL Global Forwarding (Kenya)
Limited
DHL Global Forwarding (Kuwait)
Company WLL 7b)
DHL Global Forwarding (Senegal) S.A.
DHL Global Forwarding (Uganda)
Limited
DHL GLOBAL FORWARDING COTE
D'IVOIRE SA
DHL Global Forwarding DR Congo
SARL
DHL Global Forwarding Lebanon
S.A.L. 7c)
DHL Global Forwarding Nigeria
Limited
DHL Global Forwarding Qatar LLC 7b)
DHL Global Forwarding Egypt S.A.E.
DHL Global Forwarding SA (Pty)
Limited
DHL Global Forwarding Tasimacilik
A. S.
DHL International (Algerie) SARL
DHL International (Angola) –
Transportadores Rápidos Limitada
DHL International (Bahrain) WLL 7c)
thousands
Iraq, Bagdad
100.00
EUR
4,177
1,259
South Africa, Benoni
United Arab Emirates (UAE),
Abu Dhabi
Bahrain, Manama
Israel, Tel Aviv
Mauritius, Port Louis
Namibia, Windhoek
Tanzania, Dar es Salaam
Morocco, Casablanca
Nigeria, Lagos
South Africa, Johannesburg
Bahrain, Manama
Kenya, Nairobi
Egypt, Cairo
Kenya, Nairobi
Morocco, Casablanca
Egypt, Alexandria
Ghana, Accra
Oman, Muscat
Angola, Luanda
100.00
49.00
EUR
EUR
1,757
12,617
0
3,273
40.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
97.20
100.00
40.00
99.99
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
OMR
EUR
3,950
9,165
697
715
300
4,166
355
4,872
980
16
1,165
5,368
1,895
230
1,738
6,763
-8,187
1,599
-221
-139
87
-153
1,231
81
365
0
0
344
-3,290
870
48
693
2,055
-8,913
62.00
EUR
415
-712
Republic of Congo, Pointe-Noire
Gabon, Libreville
State of Libya, Tripoli
100.00
99.00
49.00
EUR
EUR
EUR
-1,704
500
946
-1,642
160
267
Kenya, Nairobi
100.00
EUR
863
-131
49.00
EUR
5,253
2,308
Senegal, Dakar
Uganda, Kampala
100.00
100.00
EUR
EUR
438
220
43
-329
Ivory Coast , Abidjan
100.00
EUR
723
134
The Democratic Republic of
Congo, Kinshasa
Lebanon, Beirut
100.00
EUR
-1,624
-3,380
50.00
EUR
1,372
1,252
Nigeria, Lagos
100.00
EUR
-917
-1,690
Qatar, Doha
Egypt, Cairo
South Africa, Boksburg
49.00
100.00
100.00
EUR
EUR
EUR
3,679
-1,071
16,483
1,668
-2,535
1,407
Turkey, Istanbul
100.00
EUR
19,447
4,263
Algeria, Algiers
Angola, Luanda
100.00
100.00
EUR
EUR
1,385
137
-373
-87
49.00
EUR
14
0
Cameroon, Douala
Kuwait, Safat
Bahrain, Manama
80
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL International (Congo) SPRL
DHL International (Gambia) Ltd.
DHL International (Liberia) Ltd.
DHL International (Pty) Ltd.
DHL International (Pvt) Ltd.
DHL International (SL) Ltd.
DHL International (Uganda) Ltd.
DHL International B.S.C.(c)
DHL International Benin SARL
DHL International Botswana (Pty) Ltd.
DHL International Burkina Faso SARL
DHL International Cameroon SARL
DHL International Centrafrique SARL
DHL International Congo SARL
DHL International Cote D'Ivoire SARL
DHL International Gabon SA
DHL Guinea Ecuatorial, S.L.
DHL International Guinee SARL
DHL International Iran PJSC
DHL International Madagascar SA
DHL International Malawi Ltd.
DHL International Mali SARL
DHL International Mauritanie SARL
DHL International Niger SARL
DHL International Nigeria Ltd.
DHL International Reunion SARL
DHL International Tchad SARL
DHL International Togo SARL
DHL International Transportation
Co WLL 7c)
DHL International Zambia Limited
DHL Lesotho (Proprietary) Ltd.
DHL Logistics Ghana Ltd.
DHL Logistics Kenya Limited
DHL Logistics Middle East DWC-LLC
DHL Logistics Morocco S.A.
DHL Logistics Tanzania Limited
DHL Lojistik Hizmetleri A.S.
DHL Mocambique Lda.
DHL Operations BV Jordan Services
with Limited Liability
DHL Qatar Limited 7b)
DHL Regional Services (Indian Ocean)
Ltd.
DHL Regional Services Limited
DHL SA Foundation Trust 7c)
DHL Senegal SARL
DHL Supply Chain (South Africa)
(Pty) Ltd.
Democratic Republic of Congo,
Kinshasa
Gambia, Kanifing
Liberia, Monrovia
South Africa, Isando
Zimbabwe, Harare
Sierra Leone, Freetown
Uganda, Kampala
Bahrain, Manama
Benin, Cotonou
Botswana, Gaborone
Burkina Faso, Ouagadougou
Cameroon, Douala
Central African Republic, Bangui
Republic of Congo, Brazzaville
Ivory Coast , Abidjan
Gabon, Libreville
Republic of Equatorial Guinea,
Malabo
Guinea, Conakry
Iran, Tehran
Madagascar, Antananarivo
Malawi, Blantyre
Mali, Bamako
Mauretania, Nouakchott
Niger, Niamey
Nigeria, Lagos
Réunion, Sainte Marie
Chad, Ndjamena
Togo, Lomé
Kuwait, Safat
thousands
100.00
EUR
-10,508
-3,081
100.00
100.00
74.99
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
-53
-427
13,235
2,039
651
717
941
780
174
-825
-1,487
22
-3,365
-1,405
-436
-359
-75
-183
2,150
200
228
128
133
141
29
-194
-754
-71
-3,985
-378
-27
9
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,170
1,840
60
-233
123
784
280
2,837
176
-260
-144
417
-291
-545
-267
-158
-160
390
-87
998
11
145
-74
0
Zambia, Lusaka
Lesotho, Maseru
Ghana, Tema
Kenya, Nairobi
Dubai
Morocco, Casablanca
Turkey, Istanbul
Mozambique, Maputo
Jordan, Amman
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
-1,532
210
-6,535
183
67
-929
16
-2,726
0
0
100.00
100.00
100.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
-7,513
-394
6,630
2,313
746
-5,584
-642
-5,985
7
50
Qatar, Doha
49.00
100.00
EUR
EUR
-671
-6
110
-7
Nigeria, Lagos
Senegal, Dakar
South Africa, Germiston
100.00
0.00
100.00
100.00
EUR
EUR
EUR
EUR
102
0
2,292
6,166
0
0
117
-2,871
Reported IFRS data
1
7b
12
Annexes
81
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
DHL Supply Chain Tanzania Limited
DHL Swaziland (Proprietary) Ltd.
DHL Worldwide Express & Company
LLC
DHL Worldwide Express (Abu Dhabi)
LLC 7b)
DHL Worldwide Express (Dubai) LLC 7b)
DHL Worldwide Express (Sharjah) LLC
5), 7b)
DHL Worldwide Express Cargo LLC 5), 7b)
DHL Worldwide Express Ethiopia
Private Limited Company
DHL Worldwide Express Kenya Limited
DHL Worldwide Express Tasimacilik ve
Ticaret A.S.
Document Handling (East Africa) Ltd.
Durra al Hamra al Lamia'a co. Iraq
Exel Contract Logistics Nigeria Ltd.
Exel Saudia LLC 7a)
Exel Supply Chain Services
(South Africa) (Pty) Ltd.
F.C. (Flying Cargo) International
Transportation Ltd.
Giorgio Gori International Freight
Forwards (Pty) Ltd.
Hull, Blyth (Angola) Ltd.
(Angolan branch)
Kinesis Logistics (Pty) Ltd. 5)
Rukwi Holdings Co. Ltd. 7c)
Sherkate Haml-oNaghl Sarie DHL Kish
SNAS Lebanon SARL
SNAS Trading and Contracting 7c)
SSA Regional Services (Pty) Ltd.
Tag MENA FZE 5)
Tag Worldwide JLT
Trans Care Fashion sarl (Morocco) 5)
Ukhozi Logistics (Pty) Ltd.
Uniauto-Organizacoes Technicas e
Industriasis SARL 5)
Swaziland, Mbabane
Oman, Ruwi
thousands
100.00
100.00
70.00
TZS
EUR
EUR
-48
323
1,639
-293
46
1,147
49.00
EUR
61
0
49.00
EUR
-1,358
-104
49.00
EUR
112
0
49.00
EUR
67
0
73.00
EUR
710
-294
Kenya, Nairobi
Turkey, Istanbul
100.00
100.00
EUR
EUR
1,205
30,549
93
5,812
Kenya, Nairobi
Iraq, Baghdad
Nigeria, Ikeja
Saudi Arabia, Al Khobar
51.00
100.00
100.00
50.00
100.00
EUR
EUR
EUR
EUR
EUR
55
35
-21,292
12,139
256
1,029
0
-4,024
-4,971
-35
Israel, Tel Aviv
100.00
EUR
57,047
8,240
South Africa, Ferndale
100.00
EUR
16
-115
Angola, Luanda
100.00
EUR
9,571
-721
Iran, Tehran
Lebanon, Beirut
Saudi Arabia, Riyadh
Dubai
Dubai
Morocco, Casablanca
Angola, Luanda
100.00
0.00
100.00
90.00
0.00
100.00
100.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
-238
-26
0
-2,492
-18
1,489
-113
0
40
0
-2,134
0
65
0
100.00
EUR
-185
-197
100.00
100.00
98.93
EUR
EUR
EUR
-546
77
17
0
0
0
Abu Dhabi
Dubai
Sharjah
Dubai
Ethiopia, Addis Abeba
82
Annexes
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
Alistair McIntosh Trustee Company
Limited 2), 5), 9)
ASG Leasing Handelsbolag 3), 5) 9)
Beteiligungsgesellschaft Privatstraße
GVZ Eifeltor GBR 4)
Compass Point (St Ives) Management
Company Limited 5), 9)
DEGEMOLTO Grundstücksverwaltungsgesellschaft mbH & Co,
Immobilien-Vermietungs KG 4)
Estate Management GmbH & Co,
Objekt Weißenhorn KG 2), 9)
Deutsche Post gemeinnützige Gesellschaft für sichere und vertrauliche
Kommunikation im Internet mbH 2), 9)
Deutsche Post GrundstücksVermietungsgesellschaft beta mbH 2), 6), 9)
DHL Employee Benefit Fund
ASBL/VZW 2), 9)
DHL Pensions Investment Fund
Limited 5) 9)
DHL Trustees Limited 5), 9)
Eric Studio Limited 2), 5), 9)
Exel Finance Limited 2), 8)
Exel Nominee No 2 Limited 5), 9)
Exel Sand and Ballast Company
Limited 5), 9)
Exel Secretarial Services Limited 4), 5)
Exel Share Scheme Trustees Limited 5), 9)
Fashion Logistics Limited 2), 8)
Fashionflow Limited 5), 9)
forum gelb GmbH 2), 6), 9)
Higgs Air Espana S,A, 8)
Industrial & Marine Engineering Co
of Nigeria Limited 4)
it4logistics AG 2), 9)
KXC (EXEL) GP INVESTMENT LIMITED 5), 9)
Mexicoblade Limited 2), 5), 9)
Ocean Group Share Scheme Trustee
Limited 5), 9)
OOO ASG Road Transport Russia 8), 12)
Pismo Limited 2), 5), 9)
Print to Post Limited 2), 5), 9)
RDC Properties Limited 2), 8)
Resure Limited 2), 5)
Rosier Distribution Limited 4), 5)
Ross House (AL) Limited 3), 8)
Siegfried Vögele Institut (SVI) –
Internationale Gesellschaft für
Dialogmarketing mbH 2), 6), 9)
StreetScooter AG 4)
DZ Specialties B,V, 4)
Tag Studios Limited 2), 5), 9)
thousands
100.00
GBP
0
0
Sweden, Stockholm
Germany,
Grafschaft-Holzweiler
United Kingdom,
Melton Mowbray
Germany, Eschborn
100.00
53.54
SEK
EUR
5
-
0
-
100.00
GBP
14
23
100.00
EUR
-
-
Germany, Bonn
100.00
EUR
26
0
Germany, Bonn
100.00
EUR
25
0
Germany, Bonn
100.00
EUR
17
0
Belgium, Diegem
100.00
EUR
2,117
457
100.00
GBP
0
0
74.00
100.00
100.00
100.00
100.00
GBP
GBP
EUR
GBP
GBP
0
1,792
443
0
189
0
0
11
0
0
Germany, Bonn
Spain, Barcelona
100.00
100.00
100.00
100.00
100.00
100.00
100.00
GBP
GBP
EUR
GBP
EUR
EUR
GBP
0
0
0
25
-
0
26
0
0
-
Germany, Potsdam
75.10
100.00
100.00
100.00
EUR
GBP
GBP
GBP
220
15
-19
0
205
0
0
0
Russia, Moscow
Germany, Königstein
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
RUB
GBP
GBP
EUR
GBP
GBP
EUR
EUR
-418
13
10
0
0
368
50
0
0
0
0
0
0
0
Switzerland, Oensingen
100.00
100.00
100.00
CHF
EUR
GBP
-166
0
Reported IFRS data
1
7b
12
Annexes
83
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Tankfreight Limited
TBMM Holdings Limited 3), 8)
The Stationery Office Pension Trustees
Limited 2), 5), 9)
The Stationery Office Trustees
Limited 2), 5), 9)
Tibbett & Britten (N,I,) Limited 5), 9)
Tibbett & Britten Applied Limited 5), 9)
Tibbett & Britten Dairy Logistics
Sp, z o,o, 5), 9)
Tibbett & Britten Quest Trustees
Limited 5), 9)
UNITRANS Deutschland Gesellschaft
für Terminverkehre mbH 3), 9)
Williams Lea (US Acquisitions)
Limited 3), 5), 9)
Williams Lea Group Quest Trustees
Limited 2), 5), 9)
Williams Lea International
Limited 2), 5), 9)
Americas
Deutsche Post World Net USA Inc, 2), 9)
DHL Express (Belize) Limited 9), 13)
DHL International (Antigua) Ltd, 4), 5)
DHL Servicios, S,A, de C,V, 9), 13)
DHL St, Lucia Ltd, 4), 5)
Hyperion Properties Inc, 4), 5)
Inversiones 3340, C,A, 2), 9)
Power Packaging, Inc, 4)
Safe Way Argentina S,A, 4)
Skyhawk Transport Ltd, 2), 9)
Asia Pacific
Concorde Air Logistics Ltd, 9)
DHL Customs Brokerage Corp, 9), 11)
DHL Express LLP 3), 9)
Exel Logistics Delbros Philippines
Inc, 4), 5), 8)
Yamato Dialog & Media Co, Ltd, 2), 9)
Other Regions
Blue Funnel Angola Ltda, 5), 9), 13)
Danzas AEI (private) Ltd, 4), 5)
Danzas AEI (Private) Ltd, 4), 5)
Danzas AEI Intercontinental LTD 4), 8)
DHL Air Freight Forwarder (Egypt)
WLL 4), 8)
DHL Danzas Air & Ocean (Kenya)
Ltd, 4), 8)
DHL Logistics Middle East FZE 2), 8)
5), 9)
thousands
100.00
100.00
100.00
GBP
EUR
GBP
2
42
0
0
0
0
100.00
GBP
0
0
United Kingdom, Ballyclare
Poland, Warsaw
100.00
100.00
100.00
GBP
GBP
PLN
0
3,179
50
0
48
0
100.00
GBP
0
0
65.38
EUR
327
8
100.00
GBP
1
-4,952
100.00
GBP
0
0
100.00
GBP
0
0
USA, Washington
Belize, Belize City
Antigua and Barbuda, St, Johns
Mexico, Mexico City
St,Lucia, Castries
USA, Westerville
Venezuela, Caracas
USA, Westerville
Canada, Mississauga
100.00
100.00
100.00
100.00
100.00
100.00
49.00
100.00
99.97
100.00
USD
EUR
USD
MXN
XCD
USD
VEF
USD
ARS
CAD
41
20
-251
47
105,000
-104
0
39
0
0
India, Mumbai
Philippines, Pasay City
Kazakhstan, Almaty
Philippines, Manila
99.54
100.00
100.00
60.00
INR
PHP
KZT
PHP
-31,164
464
2,000
-
28,363
-264
0
-
49.00
JPY
-77,346
157,298
Angola, Luanda
Kenya, Nairobi
Zimbabwe, Harare
Malawi, Blantyre
Egypt, Cairo
99.99
100.00
100.00
100.00
99.90
USD
KES
UZWL
MWK
EGP
61
-
0
-
Kenya, Nairobi
100.00
KES
-
-
Dubai
Angola, Luanda
South Africa, Elandsfontein
100.00
EUR
668
301
99.99
100.00
100.00
100.00
USD
ZAR
ZAR
ZAR
61
-3,341
0
0
50.00
EGP
-
-
Japan, Tokyo
Elder Dempster Ltda, 5), 9), 13)
Exel Domestic Distribution (Pty) Ltd, 4), 8)
Exel Contract Logistics (SA) (Pty) Ltd, 4), 5)
Synergistic Alliance Investments
(Pty) Ltd, 5), 9)
Egypt, Cairo
Tibbett & Britten Egypt Ltd, 8)
84
Annexes
Joint Ventures (Quota Consolidation)
Name
Country. Headquarters
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
Aerologic GmbH
Americas
EV Logistics
thousands
Germany. Leipzig
50.00
EUR
34,130
6,295
Canada. Vancouver
50.00
EUR
7,309
1,501
Joint Ventures (at Equity Consolidation)
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
Defence Integrated Supply Chain
Solutions Limited 1)
Discs Supplies Limited 1)
Danzas DV, LLC 2), 8)
Güll GmbH
Presse-Service Güll GmbH
thousands
50.00
GBP
0
0
Russia, Yuzhno-Sakhalinsk
Germany, Lindau
(Lake Constance)
Switzerland, St. Gallen
50.00
50.00
GBP
RUB
-12,678
0
51.00
EUR
1,419
-1,117
51.00
CHF
992
364
Associated Companies
(Accounting treatment in the Consolidated Financial Statements following the Equity Method)
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
Cargo Center Sweden AB 1), 2), 9)
Americas
DHL Aero Expreso S.A.
Integracion Aduanera S. A. 2), 5)
Asia Pacific
Air Express International (Malaysia)
Sdn. Bhd. 2), 9)
Air Hong Kong Ltd. 1), 2), 9)
Danzas Intercontinental, Inc.
(Philippines) 2), 8)
DHL Myanmar Ltd. 2), 9)
Tasman Cargo Airlines Pty. Limited 2), 9)
Other Regions
Bahwan Exel LLC
Danzas AEI Emirates LLC
thousands
Sweden, Stockholm
50.00
SEK
19,724
-444
Panama, Panama City
49.80
51.00
EUR
CRC
28,772
325,953
1,802
0
Malaysia, Puchong
49.00
MYR
12,512
305
China, Hong Kong
Philippines, Manila
40.00
39.98
HKD
PHP
274,417
-4,656
685,416
0
Myanmar, Rangoon
Australia, Mascot
49.00
48.98
USD
AUD
2,867
7,480
1,467
500
Oman, Muscat
Dubai
44.10
42.50
OMR
AED
702
247,667
1,968
85,354
Reported IFRS data
1
7b
12
Annexes
85
Non-consolidated Joint Ventures14)
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
MALTO Grundstücks-Verwaltungsgesellschaft mbH & Co. KG 2), 8), 10)
Roster Worldwide Limited 4)
thousands
Germany, Gruenwald
50.00
EUR
38
552
48.23
GBP
-
-
Non-consolidated associated companies14)
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
Airmail Center Frankfurt GmbH 2), 9)
Compador Dienstleistungs GmbH 2), 9)
Deutsche Fonds Management GmbH &
Co. DCM Renditefonds 18 KG 3), 9), 10)
Diorit Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG 2), 9),10)
European EPC Competence Center
GmbH 2), 9)
Expo-Dan 3), 9)
Gardermoen Perishable Center AS 2), 9)
Jurte Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG 2), 9), 10)
profresh Systemlogistik GmbH 8), 9), 11)
Americas
BITS Limited
Consimex S.A. 2), 9)
DHL International (Cayman) Ltd.
Other Regions
Danzas AEI Intercontinental
(Mauritius) Ltd. 8)
DHL Projects-Angola, Limitada 3), 9)
DHL Yemen Company Limited
(Express Courier) 2), 9)
Drakensberg Logistics (Pty) Ltd. 2), 9)
thousands
Germany, Berlin
Germany, Munich
20.00
26.00
24.94
EUR
EUR
EUR
4,535
0
305
1,402
-4,088
-3,167
Germany, Mainz
49.00
EUR
10
19
Germany, Cologne
30.00
EUR
422
68
Ukraine, Kiev
Norway, Gardermoen
Germany, Mainz
50.00
33.33
24.00
UAH
NOK
EUR
175
6,117
0
0
1,267
3
Germany, Hamburg
33.33
EUR
40
-17
Bermuda, Hamilton
Colombia, Medellin
Cayman Islands, George Town
40.00
29.22
40.00
BMD
COP
KYD
1,549
13,662,221
1,487
131
766,903
72
35.00
MUR
-
-
Angola, Luanda
Yemen, Sanaa
49.00
49.00
AOA
YER
352,343
-40,544
352,343
-74,395
50.00
ZAR
14,432
4,292
Other Investments
Name
Group
Currency
equity share
Equity in
Net
thousands
income in
%
Europe
Deutsche Post Pensionsfonds AG 2), 9)
Deutsche Post Pensions-Treuhand
GmbH & Co. KG 2), 9)
Asia Pacific
Sinotrans Ltd. 1), 2)
Germany, Bonn
Germany, Bonn
China, Beijing
thousands
99.98
99.98
EUR
EUR
3,260
10
34
0
5.16
RMB
13,417,699
1,150,650
86
Annexes
Exchange rates 2013
Closing rates 2014
1 EUR =
Average rates 2014
1 EUR =
4,4618
4,8818
124,9553
130,6377
Australia
1,4823
1,4729
BMD
Bermuda
1,2148
1,3291
CAD
Canada
1,4067
1,4668
CHF
Switzerland
1,2025
1,2146
COP
Colombia
2901,4300
2652,5751
CRC
Costa Rica
656,8761
713,3530
EGP
Egypt
8,6855
9,4117
GBP
United Kingdom
0,7789
0,8064
HKD
China
9,4232
10,3069
INR
India
76,5718
81,0720
JPY
Japan
145,1930
140,3815
KYD
Cayman Islands
1,0123
1,1076
KZT
Kazakhstan
222,1353
238,3248
MXN
Mexico
17,8726
17,6730
MYR
Malaysia
4,2474
4,3467
NOK
Norway
8,9964
8,3611
OMR
Oman
0,4677
0,5117
PHP
Philippines
54,4451
59,0074
PLN
Poland
4,2868
4,1860
RUB
Russia
73,2774
50,9522
SEK
Sweden
9,3797
9,1000
THB
Thailand
39,9507
43,1731
UAH
Ukraine
19,2152
15,8550
USD
USA
1,2148
1,3291
VEF
Venezuela
60,7233
36,6479
YER
Yemen
261,0376
285,6915
ZAR
South Africa
14,0406
14,4127
Currency
Country
AED
United Arab Emirates (UAE)
AOA
Angola
AUD
Annexes
87
Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the annual financial
statements give a true and fair view of the assets, liabilities, financial position and profit or loss of Deutsche Post AG,
and the management report includes a fair review of the development and performance of the business and the
position of Deutsche Post AG, together with a description of the material opportunities and risks associated with
the expected development of Deutsche Post AG.
Deutsche Post AG
Bonn, 20 February 2015
The Board of Management
Dr. Frank Appel
Ken Allen
Roger Crook
Jürgen Gerdes
John Gilbert
Melanie Kreis
Lawrence Rosen
88
Annexes
Auditor‘s Report
Auditor‘s Report
We have audited the annual financial statements of Deutsche Post AG, Bonn, which comprise
the balance sheet, income statement and notes, together with the bookkeeping system and
the management report, for the financial year from 1 January through 31 December 2014.
Maintenance of the books and records and preparation of the annual financial statements and
the management report in accordance with German commercial law provisions are the responsibility
of the Company’s Board of Management. Our responsibility is to express an opinion on the annual
financial statements, together with the bookkeeping system and the management report, based
on our audit.
We conducted our audit of the annual financial statements in accordance with Section 317 HGB
("Handelsgesetzbuch": "German Commercial Code") and German generally accepted standards
for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of
Public Auditors in Germany) (IDW). Those standards require that we plan and perform the audit
such that misstatements and violation materially affecting the presentation of the net assets,
financial position and results of operations in the annual financial statements in accordance
with [German] principles of proper accounting and in the management report are detected
with reasonable assurance. Knowledge of the business activities and the economic and legal
environment of the Company and expectations as to possible misstatements are taken into
account in the determination of audit procedures. The effectiveness of the accounting-related
internal control system and the evidence supporting the disclosures in the books and records, the
annual financial statements and the management report are examined primarily on a test basis
within the framework of the audit. The audit includes assessing the accounting principles used
and significant estimates made by the Board of Management as well as evaluating the overall
presentation of the annual financial statements and the management report. We believe that
our audit provides a reasonable basis for our opinion.
Annexes
Our audit has not led to any reservations.
In our opinion and based on the findings of our audit, the annual financial statements comply
with the legal provisions and provide a true and fair view of the net assets, financial position and
results of operations of the Company in accordance with [German] principles of proper accounting. The management report is consistent with the annual financial statements and, as a whole,
provides a suitable view of the Company‘s position and suitably presents the opportunities and
risks of future development.
Düsseldorf, 20 February 2015
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Gerd Eggemann
Wirtschaftsprüfer
(German Public Auditor)
Dietmar Prümm
Wirtschaftsprüfer
(German Public Auditor)
89
Management report
90
Management Report
General Information
91
Business model and organisation 91
Business units and market positions 94
Objectives and strategies
96
Group management
98
Disclosures required by takeover law
100
Remuneration of the Board of Management and the Supervisory Board
103
Research and development
105
Report on economic position
106
Overall Board of Management assessment of the economic position
106
Forecast/actual comparison
106
Economic parameters
107
Significant events
111
Results of operations
111
Financial position
113
Net assets 117
Corporate Governance Statement
117
Deutsche Post Shares
118
Non-financial Figures
121
Employees
121
Health and safety 124
Corporate responsibility
125
Procurement
127
Customers and quality
128
Brands
129
POST-BALANCE-SHEET DATE EVENTS
130
Opportunities and Risks
130
Overall Board of Management assessment of opportunity and risk situation
130
Opportunity and risk management processes
131
Categories of opportunities and risks
134
EXPECTED DEVELOPMENTS
140
Overall Board of Management assessment of the future economic position
141
Forecast period
141
Future organisation
141
Future economic parameters 141
Revenue and earnings forecast 143
Expected financial position
144
Development of further indicators relevant for internal management
145
91
Management report
GENERAL INFORMATION
Deutsche Post DHL Group is the world’s leading mail and logistics services provider. The Deutsche Post and DHL
corporate brands represent a one-of-a-kind portfolio of logistics (DHL) and communications (Deutsche Post) services.
We provide our customers with both easy-to-use standardised products as well as innovative and tailored solutions
ranging from dialogue marketing to industrial supply chains. More than 480,000 employees in over 220 countries
and territories form a global network focused on service, quality and sustainability. With programmes in the areas
of environmental protection, disaster management and education, we are committed to social responsibility.
Business model and organisation
Four operating divisions
Deutsche Post AG is a listed corporation domiciled in Bonn, Germany. The Group is organised into four operating
divisions, each of which is under the control of its own divisional headquarters and subdivided into business units
for reporting purposes.
We are the only provider of universal postal services in Germany. Our Post-eCommerce-Parcel division handles
both domestic and international mail and we are specialists in dialogue marketing, nationwide press distribution
services and all the electronic services associated with mail delivery. Outside Germany, we also offer domestic
parcel services in other markets and we are constantly expanding our portfolio of cross-border parcel and goods
shipping services.
Our DHL-Express division offers time-definite courier and express services to business and private customers in
more than 220 countries and territories, the most comprehensive network in the world.
Our DHL-Global Forwarding, Freight division handles the transport of goods by rail, road, air and sea, with services
extending from standardised container transport to highly specialised end-to-end solutions for industrial projects
and solutions tailored to specific sectors.
Our DHL-Supply Chain division delivers customised logistics solutions to its customers based on globally standardised
modular components including warehousing, transport and value-added services. Moreover, through Williams Lea,
we offer specialised Business Process Outsourcing (BPO) and marketing communications solutions tailored to
customers’ needs.
We consolidate the internal services that support the entire Group, including Finance, IT, Procurement and Legal,
in our Global Business Services (GBS). This allows us to make even more efficient use of our resources whilst reacting
flexibly to the rapidly changing demands of our business and our customers.
Group management functions are centralised in the Corporate Center.
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Organisational structure of Deutsche Post DHL Group
Deutsche Post DHL Group
Corporate Center
Divisions
Ceo
Finance,
Global
Business
Services
Human
resources
PosteCommerceParcel
Express
Global
Forwarding,
Freight
Supply Chain
Board member
Dr Frank Appel
Board member
Lawrence Rosen
Board member
Melanie Kreis
Board member
Jürgen Gerdes
Board member
Ken Allen
Board member
Roger Crook
Board member
John Gilbert
Functions
Board
Services
Corporate
First Choice
Corporate
Legal
Customer
Solutions
& Innovation
Corporate
Office
Corporate
Development
Corporate
Executives
Corporate
Heritage
& Industry
Associations
Corporate
Communications &
Responsibility
Corporate
Public Policy
& Regulation
Management
Functions
Corporate
Accounting
& Controlling
Corporate
Finance
Global Business Services:
Procurement,
Real Estate,
Finance Operations, Legal
Services etc.
Investor
Relations
Corporate
Audit &
Security
Taxes
Functions
Corporate HR
Germany
Corporate HR
Standards
& Programs
Corporate HR
International
HR PosteCommerceParcel
HR Express
HR Global
Forwarding,
Freight
HR Supply
Chain
HR Finance,
GBS, CSI, CC
Business units
Regions
Europe
Americas
Asia Pacific
MEA
(Middle East
and Africa)
Business units
Global
Forwarding
Freight
Business units
Supply Chain
Williams Lea
Changes in Board of Management
On 11 March 2014, the Supervisory Board appointed John Gilbert as Board Member responsible for the Supply Chain
division. He succeeds Bruce Edwards, who stepped down from the Board of Management on 10 March 2014 but
continued to act in an advisory capacity for the company until his retirement on 30 September 2014.
Angela Titzrath resigned from the Board of Management on 2 July 2014. On 31 October 2014, Melanie Kreis was
appointed as Board Member for Personnel and as Labour Director. In the interim period, Chief Executive Officer
Dr Frank Appel assumed the corresponding responsibilities in a dual role.
Organisation in the board departments for Post-eCommerce-Parcel and Human resources adjusted
At the beginning of 2014, parts of the domestic parcel business outside Germany were consolidated in the Mail
division, which was renamed Post-eCommerce-Parcel (PeP) as part of the Group’s strategic development. This
business was previously part of the Express and Global Forwarding, Freight divisions.
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The Human Resources board department was reorganised effective 1 October 2014 in line with Strategy 2020. It
now comprises the following corporate departments: Corporate HR Germany, Corporate HR Standards & Programs
and Corporate HR International. The divisional HR functions and the HR Finance, GBS, CSI and CC function continue
to report to the Board member for Human Resources. The Corporate Executives corporate department was assigned
to the board department of the Chief Executive Officer.
A presence that spans the globe
Deutsche Post DHL Group operates around the world. The map shows our most important locations.
The following table provides an overview of market volumes in key regions. Our market shares are detailed in the
business units and market positions chapter.
Market volumes1)
Global
Air freight (2013): 25m tonnes2)
Ocean freight (2013): 34m TEUs3)
Contract logistics (2013): €168bn4)
International express market (2013): €20bn5)
Americas
Air freight
(2013): 6.4m tonnes2)
Ocean freight
(2013): 6.2m TEUs3)
Contract logistics
(2013): €49.7bn4)
International
express market
(2013): €7.2bn5)
Europe
Air freight
(2013): 4.5m tonnes2)
Ocean freight
(2013): 5.1m TEUs3)
Contract logistics
(2013): €61.7bn4)
International
express market
(2013): €6.0bn5)
Road transport
(2013): €165bn7)
Germany
Mail communication (2014): €4.6bn6)
Dialogue marketing (2014): €17.0bn6)
Parcel (2014): €8.8bn6)
Middle East/Africa
Air freight
(2013): 1.4m tonnes2)
Ocean freight
(2013): 2.7m TEUs3)
Contract logistics
(2013): €4.8bn4)
Asia Pacific
Air freight
(2013): 12.4m tonnes2)
Ocean freight
(2013): 19.9m TEUs3)
Contract logistics
(2013): €51.9bn4)
International
express market
(2013): €6.5bn5)
Regional volumes do not add up to global volumes due to rounding. 2) Data based solely on export freight tonnes. Source: Copyright © IHS, 2014. All rights reserved.
Twenty-foot equivalent units; estimated part of overall market controlled by forwarders. Data based solely on export freight tonnes. Source: Copyright © IHS, 2014.
4)
All rights reserved.
Source: Transport Intelligence. 5) Includes express product Time Definite International. America, Europe, Asia pacific, AE, SA, ZA (global);
BR, CA, CL, CO, CR, GT, MX, PA, PE, US (Americas); AT, DE, DK, ES, FR, IT, NL, RU, TR, UK (Europe); CN, HK, IN, JP, KR, SG (Asia Pacific). Source: Market Intelligence, 2014,
annual reports and desk research. 6) Company estimates. 7) Country base: AT, BE, CZ, DE, DK, ES, FI, FR, HU, IT, NL, NO, PL, PT, SE, SI, SK, UK. Source: MI Study DHL 2014
(based upon Eurostat, financial publications, IHS Global Insight.
1)
3)
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Business units and market positions
post-ecommerce-parcel DIVISION
Domestic mail communication
market, business customers,
2014
The postal service for Germany
As Europe’s largest postal company, we deliver about 64 million letters
every working day in Germany. We offer all types of products and services
to both private and business customers, ranging from physical, hybrid
Market volume: €4.6 billion
and electronic letters and merchandise to special services such as cash on
delivery, registered mail and insured items. Our E-POST product provides a
secure, confidential and reliable platform for electronic communication. It
allows companies, public authorities and private individuals to send secure
35.5 % Competition
communications whilst reducing processing costs.
In the reporting year, the domestic market for business communications
was approximately €4.6 billion (previous year: €4.5 billion). In order to
accurately reflect actual market conditions, we look at the competition-
64.5 % Deutsche Post
relevant business customer market and include those companies that
provide services to business customers, i.e., both competitors with end
customers as well as consolidators who offer partial services. At 64.5%,
our market share declined slightly compared with the prior year (64.7 %).
Source: company estimate.
As at 1 January 2014, we raised the price of standard letters from €0.58 to
€0.60. The prices for registered and forwarded mail were also increased.
Domestic dialogue
marketing market, 2014
Targeted and cross-media advertising
Our portfolio of dialogue marketing products allows advertisers to reach
specific customer target groups. We offer end-to-end services – from
address management to conception and creation, to print, shipment,
response management and performance evaluation. Dialogue marketing
13.0 % Deutsche Post
is cross-media, personalised and automated. Dialogue campaigns can be
managed entirely automatically so that digital and physical items reach
recipients during the same period of time. Our digital services allow
companies to determine their target groups by analysing the visitors to
their websites or online shops.
87.0 % Competition
The German dialogue marketing market comprises advertising mail along
with telephone and e-mail marketing. In 2014, this market shrank by 1%
to a volume of €17.0 billion. Advertisers in industries such as retail have
decreased or restructured their expenditures. The insolvencies of the
publishing house Weltbild and the do-it-yourself chain Max Bahr were
also felt. Our share of this highly fragmented market increased slightly to
13.0% (previous year: 12.8%). In the reporting year, we raised the price
of our Infopost product for the first time in 18 years.
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International mail market
(outbound), 2014
Sending mail and parcels internationally
We carry mail and lightweight merchandise shipments across borders and
provide international dialogue marketing services. We offer international
shipping services for business customers in key European mail markets and
by offering innovative products we set ourselves apart from the compe15.1 % DHL
tition. For example, we are developing international shipping solutions
for consumers (B2C) in the growing e-commerce sector. Our portfolio also
comprises consulting and services for all physical and digital dialogue
marketing needs. Furthermore, we offer physical, hybrid and electronic
written communications for international business customers. Customers
outside Germany benefit from our expertise and experience in order to
84.9 % Competition
do business successfully in the German market.
The global market volume for outbound international mail was approximately €6.4 billion in 2014 (previous year: €6.7 billion). The decline in
lightweight letters and press products could only be compensated for in
part by the increase in heavier items. Our market share declined to 15.1 %
compared with the previous year.
Domestic parcel market, 2014
Worldwide portfolio of parcel and e-commerce services
At around 29,000 parcel acceptance points in Germany, we offer many
innovative parcel services via over 13,000 retail outlets, 12,000 Paketshops,
2,750 Packstations and around 1,000 Paketboxes. Our customers can
choose whether they wish to receive their parcels in the evening, on the
same day or even as soon as possible. The new parcel boxes allow parcels
to be securely sent and received from home around the clock. We help our
business customers to grow their online retail businesses. Our shopping
43.0 % DHL
portal, MeinPaket.de, provides small and medium-sized retailers with an
additional sales channel. On request, we can even cover the entire logistics
chain through to returns management. We are developing the online food
57.0 % Competition
retailing segment at our online supermarket, Allyouneed.com, and our
2-Man-Handling offers a solution for delivering furniture ordered online.
The German parcel market volume totalled around €8.8 billion in 2014
(previous year: €8.2 billion). We expanded our market share to 43.0%
(previous year: 42.3%).
In the future, we intend to offer the experience we have gained in ecommerce in Germany to many important markets around the world.
In Europe, we have, to this end, already connected more than 1,000 Paketshops, planned Packstations and introduced six-day delivery in the Netherlands. Outside Europe, the well-established business of Blue Dart Express
in India will provide a foundation for further e-commerce services in Asia.
In the United States, we are increasingly developing into a service provider
for the e-commerce industry. We have expanded the existing shipping
routes in and out of the most important international markets, for example,
from Germany, the United Kingdom and the United States to China.
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Objectives and strategies
CORPORATE STRATEGY
Strategy 2015 implemented successfully
Since 2009, our Strategy 2015 has formed the Group-wide framework within which we pursue three goals: we want
to become the provider of choice for customers, the employer of choice for our staff and an attractive investment
for shareholders. Furthermore, we are committed to social responsibility. In the reporting year, we again made
important progress towards these goals. This is also reflected in customer satisfaction rates, the results of our
annual Employee Opinion Survey as well as the development of key financial figures. Therefore, we feel it is the
right time to set the course for future growth and set the stage for further long-term success.
Introducing Strategy 2020: Focus.Connect.Grow.
Announced in April 2014, “Strategy 2020: Focus.Connect.Grow.” underscores Deutsche Post DHL Group’s goal of
becoming the company that defines the logistics industry. We have outlined our strategic priorities for the coming
years, providing fresh impetus and at the same time continuing on the path we forged with Strategy 2015. We
aim to build on these successes and further accelerate our growth.
As a result of the timely preparations we undertook to accommodate changes in the markets and customer needs,
our company is equipped to benefit from the numerous opportunities that exist. Some of the most important factors
for our business in the future will be increasing digitalisation, accelerated growth in the e-commerce segment and the
momentum in developing and emerging countries. Strategy 2020 sets priorities for our investments and actions:
Focus: We concentrate on our core mail and logistics business and continue to pursue our goal of being the provider,
employer and investment of choice. We view Deutsche Post DHL Group as a family of divisions, each focused on
a well defined market segment. All the while, these divisions are unified through a common understanding of
customer needs and linked by Group-wide service units. The divisions work together where it makes sense.
Connect: We are further increasing connectivity within our organisation in order to deliver consistent, first-class
service to our customers. A central component of this is Certified, our Group-wide initiative that enables all employees
to gain specific skills and knowledge relevant to their roles. It builds upon the Certified International Specialist
programme developed by our Express division and aims to certify each and every one of our employees. In addition,
we are developing Group-wide collaboration platforms and processes, for example, operational processes and
resources, increase digitalisation and leadership development.
Grow: Our Grow pillar encompasses our growth plans, most specifically in e-commerce and emerging markets.
We aim to expand our successful parcel business in Germany and to export its successful model to other countries,
both in terms of domestic parcel delivery as well as in other e-commerce-related services. Emerging markets also
represent a priority focus. Our general aim is to increase our presence where the long-term growth potential is
greatest. By 2020 we shall significantly increase our presence in emerging markets, with the goal of 30% of Group
revenue coming from these economies by the year 2020. During the coming years we shall develop and assess
further initiatives intended to accelerate our company’s organic growth.
Our strategy is designed to establish a unique market presence by the year 2020 – both geographically and in
terms of our portfolios’ performance. Our aim is to be internationally renowned not only as a highly customercentric company but also as quality leaders. When people think about logistics, we want them to think of
Deutsche Post DHL Group.
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Strategy and goals of Post-eCommerce-Parcel
Strategic priorities by division
Moderately increase EBIT through
improved efficiency and investments
Mail and parcel strategy
in the growing parcel business
Post-eCommerce-Parcel division
In line with Strategy 2020, we see four main drivers for the future success of our business.
Designing a market-based cost structure: To achieve this goal, we are adapting our networks to changing market
conditions and shipment structures. We are also cutting costs wherever possible and sensible, whilst investing in
innovation and growth areas. Furthermore, we want to further increase the quality of our products and protect
the environment in the process. Our Parcel 2012 Production Concept has made our sorting and transport more
efficient and thereby lowered costs.
Providing the highest quality to our customers: We want to offer our customers the best service at all times, at
the highest level of quality and at reasonable prices. To this end, we are modernising the sorting equipment and
IT architecture in our mail network on an on-going basis. We are investing in our parcel network and continually
adapting it to increasing volumes. Our goal is to also deliver 95% of all parcels sent in Germany to customers the
next day. We not only operate by far the largest network of fixed-location retail outlets in Germany, we also offer
recipient services that make it considerably easier for our customers to ship and receive parcels. Furthermore, we
are expanding our successful co-operation with retailers, particularly by way of our Paketshops.
Motivating our workforce and keeping them informed: The key to high quality and high performance is happy
and dedicated employees. That’s why we not only equip our workforce with state-of-the-art tools, provide mail
carriers with e-bikes and e-trikes, offer counselling on health issues and, at some locations, make childcare available –
we also offer wages that are clearly above those paid by our competitors. Furthermore, we have succeeded in
creating more jobs. Dialogue with our employees is particularly important, which is why management regularly
holds a variety of events to personally inform around 18,000 employees about the current priorities and drivers of
our business.
Tapping into new online and offline markets: We are taking advantage of our expertise in physical communications
to offer effective digital communications. The internet is making it increasingly easy for customers to access our
services, allowing them to calculate and purchase postage and also locate retail outlets and Packstations online
and by mobile device. We are also investing in future growth areas in all our businesses: beyond our E-POST
product, we are a leading provider of target-group marketing in digital media, provide advertisers with consistent,
cross-media targeting and are the first parcel delivery service in Germany to operate its own shopping portals. By
acquiring Allyouneed.com we have established an online supermarket, where together with retail customers we
are now piloting same-day food delivery. At MeinPaket.de we offer one of the largest online marketplaces in
Germany and we have also taken our expertise in transport and network management into the recently deregulated
German coach market with the Postbus. As part of our Strategy 2020, we are working intensively to internationalise
the eCommerce-Parcel business unit. In a number of new markets, we intend to go beyond delivery services to
offer domestic value-added e-commerce services.
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Group management
FINANCIAL PERFORMANCE INDICATORS
Uniform management
There are no performance indicators relevant to internal management for
the parent company Deutsche Post AG as a legal entity. Deutsche Post DHL
Group’s international key performance indicators, as indicated below, are
applied to the management of Deutsche Post AG.
Impact on management compensation
Deutsche Post DHL Group uses both financial and non-financial performance
indicators in its management of the Group. The monthly, quarterly and
annual changes in these indicators are compared with the data from the
prior year as well as the data indicated in the plan to assist in making
management decisions. The year-to-year changes in financial and nonfinancial performance metrics portrayed here are also relevant for calculating
management remuneration.
The Group’s financial performance indicators are intended to preserve a
balance between profitability, efficient use of resources and sufficient liquidity.
The performance of these indicators in the reporting year is described in the
Report on economic position.
EBIT calculation
Revenue
Profit from operating activities measures earnings power
The profitability of the Group’s operating divisions is measured as profit
from operating activities (EBIT). EBIT is calculated as revenue and other
Other operating income
operating income minus materials expense and staff costs, depreciation,
Materials expense
amortisation and impairment losses as well as other operating expenses
Staff costs
and adding for net income from investments accounted for using the equity
Depreciation, amortisation
and impairment losses
Other operating expenses
Net income from investments
accounted for using the
equity method
Profit from operating
activities (EBIT)
method. Interest and other finance costs/other financial income are deducted
from or added to net financial income/net finance costs. To be able to
compare divisions, the return on sales is calculated as the ratio of EBIT to
revenue.
EBIT after asset charge promotes efficient use of resources
Since 2008, the Group has used EBIT after asset charge (EAC) as an additional
key performance indicator. EAC is calculated by subtracting the cost of
capital component, or asset charge, from EBIT. Making the asset charge a
part of business decisions encourages all divisions to use resources efficiently
and ensures that the operating business is geared towards increasing value
EAC calculation
EBIT
Asset charge
= Net asset base
x Weighted average cost
of capital (WACC)
EBIT after asset charge
(EAC)
sustainably whilst generating increasing cash flow.
To calculate the asset charge, the net asset base is multiplied by the weighted
average cost of capital (WACC). The asset charge calculation is performed
each month so that fluctuations in the net asset base can also be taken into
account during the year.
All of our divisions use a standard calculation for the net asset base. The key
components of operating assets are intangible assets, including goodwill,
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Management report
Net asset base calculation
Operating assets
property, plant and equipment and net working capital. Operating provisions
and operating liabilities are subtracted from operating assets.
Intangible assets
Property, plant and
equipment
Goodwill
Trade receivables
(included in net working
capital)
Other non-current operating
assetss
The Group’s WACC is defined as the weighted average net cost of interest-
Operating liabilities
situation on the financial markets. However, the goal is not to match every
Operating provisions
(not including provisions
for pensions and similar
obligations)
Trade payables
(included in net working
capital)
Other non-current
operating liabilities
short-term change but to reflect long-term trends. To ensure better compa-
Net asset base
bearing liabilities and equity, taking into account company-specific risk
factors in accordance with the Capital Asset Pricing Model.
A standard WACC of 8.5% is applied across the divisions and this figure
also represents the minimum target for projects and investments within the
Group. The WACC is generally reviewed once annually using the current
rability with previous years, the WACC was maintained at a constant level in
2014, compared to the previous years.
Ensuring sufficient liquidity
Along with EBIT and EAC, cash flow is a further main performance metric
used by the Group management. This performance metric is targeted at
maintaining sufficient liquidity to cover all of the Group’s financial obligations
from debt repayment and dividends, in addition to operating payment
commitments and investments.
Calculation of free cash flow
EBIT
Depreciation, amortisation
and impairment losses
Net income / loss from
disposal of non-current assets
Non-cash income and
expense
Cash flow is calculated using the cash flow statement. Operating cash flow
(OCF) includes items that are related directly to operating value creation. It is
calculated by adjusting EBIT for changes in non-current assets (depreciation,
amortisation and (reversals of) impairment losses, net income/loss from
disposals), other non-cash income and expense, dividends received, taxes
paid, changes in provisions and other non-current assets and liabilities. Net
working capital remains a driver for OCF. Effective management of net
Change in provisions
working capital is an important way for the Group to improve cash flow in
Change in other non-current
assets and liabilities
OCF by adding/subtracting the cash flows from capital expenditure, acquisi-
Dividends received
Income taxes paid
Operating cash flow before
changes in working capital
(net working capital)
the short to medium term. Free cash flow (FCF) is calculated on the basis of
tions and divestitures as well as net interest paid. Free cash flow is considered
to be an indicator of how much cash is available to the company for dividend
payments or the repayment of debt. Given it’s higher relevance for the
Group’s management and other stakeholders, we will use FCF instead of
OCF as financial Performance indicator from 2015 onwards.
Changes in net working
capital
Net cash from /used in operating activities (operating
cash flow – OCF)
Cash inflow /outflow arising
from change in property,
plant and equipment and
intangible assets
Cash inflow /outflow arising
from acquisitions /divestitures
Net interest paid
Free cash flow (FCF)
NON-FINANCIAL PERFORMANCE INDICATOR
Employee Opinion Survey result as a management indicator
Our annual worldwide Employee Opinion Survey shows us how we are perceived as a group from the perspective of our employees. We place particular
significance on the survey’s indication of employee engagement and of how
employees rate the leadership behaviour of their superiors. The Active Leadership indicator is thus used in the calculation of bonuses for our executives. The
results of the Employee Opinion Survey carried out in the reporting year can
be found in the Employees section.
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Disclosures required by takeover law
Disclosures required under sections 289 (4) of the Handelsgesetzbuch (HGB – German Commercial Code) and
explanatory report
Composition of issued capital, voting rights and transfer of shares
As at 31 December 2014, the company’s share capital totalled €1,211,180,262 and was composed of the same number
of no-par value registered shares. Each share carries the same statutory rights and obligations and entitles the holder
to one vote at the Annual General Meeting (AGM). No individual shareholder or group of shareholders is entitled
to special rights, particularly rights granting powers of control.
The exercise of voting rights and the transfer of shares are based on the general legal requirements and the company’s
Articles of Association, which do not restrict either of these activities. Article 19 of the Articles of Association sets
out the requirements that must be met in order to attend the AGM as a shareholder and exercise a voting right.
Only persons entered in the share register shall be recognised as shareholders by the company. The Board of
Management is not aware of any agreements between shareholders that would limit voting rights or the transfer
of shares.
Members of the Board of Management receive stock appreciation rights (SARs) each year as a long-term remuneration
component under the Long-Term Incentive Plan provided that they invest in each tranche of the plan, preferably
in Deutsche Post AG shares but alternatively in cash. If a Board of Management member sells the shares included
in their personal investment for the tranche or disposes of their personal cash investment before the scheduled
waiting period of four years has expired, all SARs from that tranche will be forfeited.
As part of the Share Matching Scheme, participating Group executives are obligated to use a portion of their
annual bonus to purchase shares in the company. According to the underlying terms, shares acquired under the
scheme are subject to a four-year lock-up period.
Shareholdings exceeding 10 % of voting rights
KfW Bankengruppe (KfW), Frankfurt am Main, is our largest shareholder, holding around 21.0% of the share
capital. The Federal Republic of Germany holds an indirect stake in Deutsche Post AG via KfW. According to the
notifications we have received pursuant to sections 21 et seq. of the Wertpapierhandelsgesetz (WpHG – German
Securities Trading Act), KfW and the Federal Republic of Germany are the only shareholders that own more than
10% of the share capital, either directly or indirectly.
Appointment and replacement of members of the Board of Management
The members of the Board of Management are appointed and replaced in accordance with the relevant legal
provisions (sections 84 and 85 of the Aktiengesetz (AktG – German Stock Corporation Act) and section 31 of the
Mitbestimmungsgesetz (MitbestG – German Co-determination Act)). In accordance with section 84 of the AktG
and section 31 of the MitbestG, appointments by the Supervisory Board shall be for a maximum term of five years.
Reappointment or extension of the term of office is permitted for a maximum of five years in each case. Article 6
of the Articles of Association stipulates that the Board of Management must have at least two members. Beyond
that, the number of board members is determined by the Supervisory Board, which may also appoint a chairman
and deputy chairman of the Board of Management.
Amendments to the articles of association
In accordance with section 119 (1), number 5 and section 179 (1), sentence 1 of the AktG, amendments to the
Articles of Association are adopted by resolution of the AGM. In accordance with article 21 (2) of the Articles of
Association in conjunction with sections 179 (2) and 133 (1) of the AktG, such amendments generally require a
simple majority of the votes cast and a simple majority of the share capital represented on the date of the resolution.
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Management report
In such instances where the law requires a greater majority for amendments to the Articles of Association, that
majority is decisive. Under article 14 (7) of the Articles of Association, the Supervisory Board has the authority to
resolve amendments to the Articles of Association in cases where the amendments affect only the wording.
Board of Management authorisation, particularly regarding issue and buy-back of shares
The Board of Management is authorised, subject to the consent of the Supervisory Board, to issue up to 237,835,612
new, no-par value registered shares on or before 28 May 2018 in exchange for cash and/or non-cash contributions
and thereby increase the company’s share capital by up to €237,835,612.00 (Authorised Capital 2013, article 5 (2)
of the Articles of Association). When new shares are issued on the basis of Authorised Capital 2013, the shareholders
are entitled in principle to subscription rights. Such rights may only be disapplied subject to the requirements
specified in article 5 (2) of the Articles of Association and subject to the consent of the Supervisory Board. Details
may be found in article 5 (2) of the Articles of Association of the company.
Authorised Capital 2013 is a financing and acquisition instrument in accordance with international standards that
allows the company to increase equity quickly, flexibly and cost-effectively. The authorised capital is equivalent to
less than 20% of the share capital. Authorised Capital 2013, which originally amounted to €240 million, was used
once in the amount of €656,915.00 and once in the amount of €1,507,473.00 in financial year 2014.
An AGM resolution was passed on 25 May 2011 authorising the Board of Management, subject to the consent of
the Supervisory Board, to issue bonds with warrants, convertible bonds and/or income bonds as well as profit
participation certificates, or a combination thereof, in an aggregate principal amount of up to €1 billion, on one
or more occasions until 24 May 2016, thereby granting options or conversion rights for up to 75 million shares
having a total share in the share capital not to exceed €75 million.
The aforementioned authorisation was utilised in the full amount in December 2012 by issuing a convertible bond
in the aggregate principal amount of €1 billion.
No shares were issued to the bond holders in financial year 2014. As at 31 December 2014, the share capital was
still increased on a contingent basis by up to €75 million in order to grant shares to the holders or creditors of the
options, conversion rights or conversion obligations arising from the resolution of 25 May 2011 after exercise of
their rights for the purpose of settling the entitlements related to the options or rights or fulfilling the conversion
obligations (Contingent Capital 2011, article 5 (3) of the Articles of Association).
An AGM resolution was passed on 29 May 2013 authorising the Board of Management, subject to the consent of
the Supervisory Board, to issue bonds with warrants, convertible bonds and/or income bonds as well as profit
participation certificates, or a combination thereof (hereinafter referred to collectively as “bonds”), in an aggregate
principal amount of up to €1.5 billion, on one or more occasions until 28 May 2018, thereby granting options
or conversion rights for up to 75 million shares with a total share in the share capital not exceeding €75 million.
The bond conditions may also stipulate an obligation to exercise options or conversion rights or may entitle the
company to grant the bond holders or creditors shares in the company in lieu of payment of all or part of the sum
of money owed, either at the time of maturity of the bonds or at another time. The share capital is increased
on a contingent basis by up to €75 million in order to grant shares to the holders or creditors of the bonds after
exercise of their options or conversion rights or to fulfil their option or conversion obligations, or to grant them
shares in lieu of monetary payment (Contingent Capital 2013, article 5 (4) of the Articles of Association). When
issuing bonds, subscription rights may only be disapplied subject to the terms of the aforementioned resolution
and subject to the consent of the Supervisory Board. Further details may be found in the motion adopted by the
AGM under agenda item 7 of the AGM of 29 May 2013.
Authorisation to issue bonds is standard practice amongst publicly listed companies. This allows the company
to finance its activities flexibly and promptly and gives it the financial leeway necessary to take advantage of
favourable market conditions at short notice, for example by offering bonds with options or conversion rights, or
Management report
102
conversion obligations on shares in the company as a consideration within the context of company mergers, and
when acquiring companies or shareholdings in companies. To date, the Board of Management has not exercised
this authority.
An AGM resolution was passed on 27 May 2014 authorising the Board of Management to issue up to 40 million
performance share units with pre-emptive subscription rights to a total of up to 40 million shares with a total
share in the share capital not exceeding €40 million, subject to the provisions of the authorisation resolution, on
or before 26 May 2019 to members of the management of entities in which the company is the majority shareholder
and to executives of the company and the entities in which it is a majority shareholder. The performance share
units may also be issued by entities in which the company is the majority shareholder with the consent of the
Board of Management. The issue of shares arising from the subscription rights associated with the performance
share units depends upon certain performance targets being met after expiry of a four-year waiting period, with
it being possible to issue up to four shares for every six subscription rights granted, if and insofar as performance
targets for the share price, which have been specified in detail, are met, and up to two shares if and insofar as
certain outperformance targets based on the percentage change of the STOXX Europe 600 Index are met. The
share capital is increased on a contingent basis by up to €40 million in order to grant shares in the company to
the executives entitled to subscription rights, in accordance with the provisions of the authorisation resolution
(Contingent Capital 2014, article 5 (5) of the Articles of Association). Further details may be found in the motion
adopted by the AGM under agenda item 8 of the AGM of 27 May 2014.
The Performance Share Plan is intended to replace the programme established in 2006 to provide long-term
incentive to executives by issuing stock appreciation rights (SARs).
Finally, the AGM of 27 May 2014 authorised the company to buy back shares on or before 26 May 2019 up to an
amount not to exceed 10% of the share capital existing as at the date of the resolution. Such authorisation is
subject to the proviso that at no time should the shares thus acquired, together with the shares already held by
the company, account for more than 10% of the share capital. The shares may be purchased through the stock
market, a public offer, a public call for offers of sale from the company’s shareholders or by some other means
in accordance with section 53a of the AktG. The shares purchased may be used for any legally permissible purpose.
In addition to a sale via the stock exchange or by public offer to all shareholders, it is permitted in particular to use
the shares with pre-emptive shareholder subscription rights disapplied in accordance with the provisions of the
authorisation resolution or to call in the shares without an additional resolution of the Annual General Meeting.
Further details may be found in the motion adopted by the AGM under agenda item 6 of the AGM of 27 May 2014.
In addition to this, the AGM of 27 May 2014 also authorised the Board of Management, within the scope specified
in agenda item 6, to acquire treasury shares, including through the use of derivatives. This is to occur by servicing
options that, upon their exercise, require the company to acquire treasury shares (put options), by exercising
options that, upon their exercise, grant the company the right to acquire treasury shares (call options), as a result
of purchase agreements where there are more than two trading days between conclusion of the purchase agreement for Deutsche Post shares and servicing by way of the delivery of Deutsche Post shares (forward purchases)
or by servicing or exercising a combination of put options, call options and/or forward purchases. All share acquisitions using the aforementioned derivatives are limited to a maximum of 5% of the share capital existing on the
date of the resolution. The term of the individual derivatives may not exceed 18 months, must expire by no later
than 26 May 2019 and be selected such that treasury shares may not be acquired by exercising the derivatives after
26 May 2019. Further details may be found in the motion adopted by the AGM under agenda item 7 of the AGM
of 27 May 2014.
It is standard business practice amongst publicly listed companies in Germany for the AGM to authorise the
company to buy back shares. The authorisation to repurchase shares using derivatives is merely intended to
supplement share buy-back as a tool and give the company the opportunity to structure share repurchase in an
advantageous manner.
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Management report
Any public offer to acquire shares in the company is governed solely by law and the Articles of Association, including
the provisions of the Wertpapiererwerbs- und Übernahmegesetz (WpÜG – German Securities Acquisition and
Takeover Act). The AGM has not authorised the Board of Management to undertake actions within its sphere of
competence to block possible takeover bids.
Significant agreements that are conditional upon a change of control following a takeover bid and agreements with
members of the Board of Management or employees providing for compensation in the event of a change of control
Deutsche Post AG took out a syndicated credit facility with a volume of €2 billion from a consortium of banks. If
a change of control within the meaning of the contract occurs, each member of the bank consortium is entitled
under certain conditions to cancel its share of the credit line as well as its share of outstanding loans and request
repayment.
The terms and conditions of the bonds issued under the Debt Issuance Programme established in March 2012 and
of the convertible bond issued in December 2012 also contain change of control clauses. In case of a change of
control within the meaning of the terms and conditions, creditors are, under certain conditions, granted the right
to demand early redemption of the respective bonds. Furthermore, a framework agreement exists concerning
the supply of fuel, based on which fuel in the value of a high double-digit million amount was obtained in the
reporting year and which, in case of a change of control, grants the supplier the right to bring the business relationship to a close without notice.
In the event of a change in control, any member of the Board of Management is entitled to resign their office for
good cause within a period of six months following the change in control, after giving three months’ notice at
the end of a given month, and to terminate their Board of Management contract (right to early termination). In
the event the right to early termination is exercised or a Board of Management contract is terminated by mutual
consent within nine months of the change of control, the Board of Management member is entitled to payment
to compensate the remaining term of their Board of Management contract. Such payment is limited to the cap
pursuant to the recommendation of No. 4.2.3 of the German Corporate Governance Code, with the specification
outlined in the remuneration report. With respect to options from the Long-Term Incentive Plan, the Board of
Management member will be treated as if the waiting period for all options had already expired upon cessation
of the Board of Management contract. The options eligible for exercise may then be exercised within six months
of cessation of the contract. With regard to the Share Matching Scheme for executives, the holding period for the
shares will become invalid with immediate effect in the event of a change of control of the company. In any such
case, the employer will be responsible for any tax disadvantages resulting from reduction of the holding period.
Exempt from this are taxes normally incurred after the holding period.
Remuneration of the Board of Management and the Supervisory Board
Remuneration structure of the Group Board of Management in financial year 2014
The remuneration paid to individual Board of Management members for financial year 2014 was determined by
the Supervisory Board, which held consultations to resolve on the total remuneration to be paid to the individual
members of the Board of Management, including the main contractual elements. In so doing it obtained advice
from an independent remuneration consultant.
The Board of Management remuneration reflects the size and global reach of the company, its economic and
financial situation and the roles and achievements of the individual members. It is set to ensure competitiveness
with comparable German and international companies, thus incentivising the Board of Management members to
deliver maximum performance and achieve results.
Management report
104
The remuneration paid to the Board of Management for 2014 is in line with standard market practice, appropriate
to the tasks involved and designed to reward performance; it comprises fixed (non-performance-related) elements and
variable (performance-related) elements, which include short, medium and long-term incentives. The remuneration
as a whole as well as its variable components have been capped.
Non-performance-related components are the annual base salary (fixed annual remuneration), fringe benefits and
pension commitments. The annual base salary is paid in twelve equal monthly instalments retroactively at the end
of each month. Fringe benefits mainly comprise the use of company cars, supplements for insurance premiums and
special allowances and benefits for assignments outside the home country.
The variable remuneration paid to the Board of Management is almost entirely medium and long-term based.
More than half of the variable target remuneration consists of a long-term incentive plan with a four-year calculation
period; the rest is made up of an annual bonus linked to the company’s yearly profits, with 50 % of the annual
bonus flowing into a medium-term component with a three-year calculation period (deferral). Thus less than a
quarter of the variable remuneration component is paid out on the basis of a one-year calculation.
The amount of the annual bonus is set at the due discretion of the Supervisory Board on the basis of the company’s
performance. The individual annual bonus amounts reflect the extent to which predefined targets are achieved,
missed or exceeded. The maximum amount of the annual bonus may not exceed 100 % of the annual base salary.
In the reporting year, the same criteria were used to calculate the amount of the annual bonus as in the previous
year. A key parameter for all Board of Management members is the Group’s EBIT after asset charge performance
metric, including the asset charge on goodwill before goodwill impairment (EAC). For the Board of Management
members in charge of the Post-eCommerce-Parcel, Express, Global Forwarding, Freight and Supply Chain divisions,
the EAC of their respective division is also a key parameter. The Group’s reported free cash flow is one of the targets
applicable to all members of the Board of Management. Furthermore, an employee-related target is agreed with
all Board of Management members based upon the annual employee opinion survey, as are additional targets.
Achievement of the upper targets for the financial year that have been agreed based upon demanding objectives is
rewarded with the maximum annual bonus. If the targets specified for the financial year are only partially reached
or completely missed, the annual bonus will be paid on a pro-rata basis or not at all. The Supervisory Board may
also elect to award an appropriate special bonus for extraordinary achievement.
The annual bonus is not paid in full in a single instalment on the basis of having reached the agreed targets. Instead,
50 % of the annual bonus flows into a medium-term component with a three-year calculation period (performance
phase of one year, sustainability phase of two years). This medium-term component will be paid out after expiry
of the sustainability phase subject to the condition that EAC, as an indicator of sustainability, is reached during the
sustainability phase. Otherwise, payment of the medium-term component is forfeited without compensation. This
demerit system puts greater emphasis on sustainable company development in determining management board
remuneration and sets long-term incentives.
Stock appreciation rights (SARs) are granted as a long-term remuneration component based upon the Long-Term
Incentive Plan resolved by the Supervisory Board in 2006 (2006 LTIP).
Each SAR entitles the holder to receive a cash settlement equal to the difference between the average closing price
of Deutsche Post shares for the five trading days preceding the exercise date and the exercise price of the SAR. In
2014, the members of the Board of Management each made a personal financial investment consisting of 10 % of
their annual base salary. The waiting period for the stock appreciation rights is four years from the date on which
they were granted. After expiration of the waiting period, and provided an absolute or relative performance
105
Management report
target has been achieved, the SARs can be exercised wholly or partially for a period of two years. Any SARs not
exercised during this two-year period will expire.
To determine how many, if any, of the SARs granted can be exercised, the average share price or the average
index value for the reference period is compared with that of the performance period. The reference period
comprises the last 20 consecutive trading days prior to the issue date. The performance period is the last 60
trading days before the end of the waiting period. The average (closing) price is calculated as the average closing
price of Deutsche Post shares in Deutsche Börse AG’s Xetra trading system.
A maximum of four out of every six SARs can be earned via the absolute performance target, and a maximum of
two via the relative performance target. If neither an absolute nor a relative performance target is met by the end of
the waiting period, the SARs attributable to the related tranche will expire without replacement or compensation.
One SAR is earned each time the closing price of Deutsche Post shares exceeds the issue price by at least 10 %, 15 %,
20 % or 25 %. The relative performance target is tied to the performance of the shares in relation to the STOXX
Europe 600 Index (SXXP, ISIN EU0009658202). It is met if the share price equals the index performance or if it outperforms the index by at least 10 %.
The proceeds from stock appreciation rights are limited to a maximum amount. The remuneration from stock
appreciation rights may be limited by the Supervisory Board in the event of extraordinary circumstances.
Supervisory Board remuneration
The Annual General Meeting on 29 May 2013 decided on the remuneration payable to the members of the Supervisory Board. It is regulated by article 17 of the Articles of Association of Deutsche Post AG. Unlike in previous
years (fixed remuneration of €40,000 plus variable, profit-related bonus), Supervisory Board members will receive
only fixed annual remuneration in the amount of €70,000.
The Supervisory Board chairman and the Supervisory Board committee chairs receive an additional 100% of the
remuneration, and the Supervisory Board deputy chair and committee members receive an additional 50%. This
does not apply to the Mediation or Nomination Committees. Those who only serve on the Supervisory Board or its
committees, or act as chair or deputy chair, for part of the year are remunerated on a pro-rata basis.
As in the previous year, Supervisory Board members receive an attendance allowance of €1,000 for each plenary
meeting of the Supervisory Board or committee meeting that they attend. They are entitled to the reimbursement
of out-of-pocket cash expenses incurred in the exercise of their office. Any value added tax charged on Supervisory
Board remuneration or out-of-pocket expenses is reimbursed.
Research and development
As a service provider, the Deutsche Post AG does not engage in research and development activities in the narrower
sense and therefore has no significant expenses to report in this connection.
Management report
106
REPORT ON ECONOMIC POSITION
Overall Board of Management assessment of the economic position
Group achieves annual targets
Deutsche Post DHL Group reached the targets it had set for financial year 2014: the Group’s revenue, EBIT and
operating cash flow all increased. The German parcel business in the Post-eCommerce-Parcel (PeP) division and the
international business in the Express division continued to generate dynamic growth. Earnings in the Supply Chain
division likewise benefited from a high level of new business and continuing restructuring programmes, whereas
margin pressure and transformation costs had a noticeable impact on the Global Forwarding, Freight division.
Capital expenditure increased to around €1.9 billion as planned. Operating cash flow registered a positive trend.
The Group’s financial position remains solid on the whole in the opinion of the Board of Management.
Targets 2014
Results 2014
Targets 2015
EBIT
Group: € 2.9 billion to € 3.1 billion.
PeP division: around €1.3 billion1).
DHL divisions:
€2.0 billion to €2.2 billion.2)
Corporate Center/Other:
better than €-0.4 billion.
EBIT
Group: €2.97 billion.
PeP division: €1.30 billion.
DHL divisions: €2.02 billion.
€–0.35 billion.
EBIT
Group: €3.05 billion to €3.2 billion.
PeP division: at least €1.3 billion.
DHL divisions:
€2.1 billion to €2.25 billion.
around €–0.35 billion.
EAC
Will continue to develop positively
and increase slightly.
EAC
€1,551 million
(previous year: €1,501 million)3)
EAC
Will continue to develop positively
and increase slightly.
Cash flow
Net cash from operating activities will
continue to develop positively and
increase slightly.
Cash flow
Net cash from operating activities:
€3,040 million (previous year: €2,989
million).
Cash flow
Free cash flow to cover at least
dividend payment in May 2015.
Capital expenditure (capex)
Increase investments to around
€1.9 billion.
Invested: € 1.88 billion.
Increase investments to around
€ 2.0 billion.
Pay out 40 % to 60 % of the net profit
as dividend.
Proposal: pay out 49.7% of net profit
as dividend.
Pay out 40 % to 60 % of the net profit
as dividend.
Employee Opinion Survey4)
Increase approval rating of
key performance indicator
Active Leadership to 71 %.
Key performance indicator
Active Leadership achieves an
approval rating of 71 %.
Increase approval rating of
key performance indicator
Active Leadership to 72 %.
Forecast increased over the course of the year.
Forecast narrowed over the course of the year.
3)
Prior-year amounts adjusted due to a revised calculation basis.
4)
Explanation Group management.
1)
2)
107
Management report
Economic parameters
Global economy records irregular growth
The global economy registered cautious growth in 2014. Whereas the economic situation in the industrial countries
improved with average GDP growth of approximately 0.5 percentage points, growth in the emerging markets dropped below the previous year’s level. A number of major emerging economies – especially Russia but also Brazil – saw
an economic downturn as a result of international conflict and falling commodities prices. Total global economic
output grew by 3.3% in 2014 after adjustment for purchasing power, as in the prior year. Global trade saw a similar
increase (IMF: 3.1%; OECD: 3.0%).
Global economy: growth indicators in 2014
%
Gross domestic product (GDP)
Exports
Domestic demand
China
7.4
6.1
n/a
Japan
0.3
8.0
0.2
USA
2.4
3.1
2.6
Euro zone
0.8
3.7
0.8
Germany
1.5
3.7
1.2
Data estimated in some cases, as at 2 February 2015.
Source: Postbank research, national statistics.
Asia again generated the strongest economic momentum, with GDP increasing by 6.5% (previous year: 6.6%).
In China, exports weakened. The government’s efforts to stimulate consumer demand failed to fully offset the
declining export trend. GDP growth declined to 7.4% (previous year: 7.7%), the lowest figure since the early
1990s. The Japanese economy was shaped by the hefty increase in value added tax in the spring. Although the
year started out strongly due to purchases being brought forward, a sharp decline ensued in the second quarter
before the economy began accelerating again towards the end of the year. On the whole, private consumption
suffered whilst exports rose significantly and GDP increased by 0.3% (previous year: 1.6%).
In the United States, the upswing held firm. After a weak start to 2014 due to weather conditions, the economy
clearly gained momentum as the year progressed. Investments in machinery and equipment as well as construction
increased quite significantly. Consumer spending by private households also rose steadily. The growth trend
remained unaffected by both foreign trade and – as in the previous years – declining government spending. GDP
increased by 2.4% (previous year: 2.2%), which also benefited the labour market in the form of a substantial
decline in the unemployment rate.
In the euro zone, economic recovery was steady but sluggish. Private consumption increased slightly by 0.8%.
Government spending also rose to a comparable extent. Gross fixed capital formation increased by approximately
0.5% and domestic demand by 0.8%. Foreign trade was also revitalised. All in all, this led to GDP growth of 0.8%
(previous year: –0.5%). Whereas the economic situation improved notably in some EU member states, in others the
recession persisted. The situation on the labour market improved slightly. However, at an average of 11.6% the
unemployment rate remained at a very high level.
Management report
108
The German economy had a positive start to 2014. However, it then began to falter primarily in light of on-going
international political conflicts. Economic output largely stagnated from the start of the second quarter. Nonetheless,
overall GDP increased by 1.5% (previous year: 0.1%). Despite slumps in individual countries, growth in exports slightly
exceeded that in imports to reach nearly 4%. Gross fixed capital formation in fact expanded considerably by around
3% on an annual average. Private consumption increased by 1.1% (previous year: 0.8%). The labour market developed
positively, with the average annual number of employed workers increasing to 42.7 million (previous year: 42.3 million).
Crude oil prices fall sharply
At the end of 2014, a barrel of Brent Crude was US$54.76 (previous year: US$111.49). The price of oil fell by approximately 9% on the previous year to just under US$99 per barrel on average for the year. Over the course of the year,
oil prices fluctuated massively between US$54 and US$116. From the middle of 2014, the price of oil was in constant
decline as a result of a notable increase in the global supply – not least due to rising oil production in the US – in
combination with only moderate demand. Moreover, OPEC was not able to agree upon reduced production quotas.
Brent Crude spot price and euro / US dollar exchange rate in 2014
140
1.55
1.50
120
1.45
1.40
100
1.35
1.30
80
1.25
1.20
60
1.15
1.10
40
1.05
January
March
June
Brent Crude spot price per barrel in US dollars
SeptemberDecember
Euro/US dollar exchange rate Central bank’s expansive monetary policies weaken the euro
The sharply declining rate of inflation in the euro zone in conjunction with the weak economy induced the European
Central Bank (ECB) to lower its key interest rate by 0.10 percentage points in both June and September to reach
0.05%. At the same time, the ECB reduced its deposit rate by a total of 0.20 percentage points to reach -0.20%. This
means that banks are obliged to pay penalty interest in that amount on their deposits with the ECB. In addition, the
central bank decided in September to buy covered bonds and asset-backed securities. At the beginning of 2015 it
then decided to purchase bonds in the amount of €60 billion every month from March 2015 until at least September
2016. The US Federal Reserve maintained its key interest rate at between 0% and 0.25% throughout 2014. However,
it gradually reduced the volume of purchases of government bonds and mortgage-backed securities and discontinued
buying altogether in October.
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Management report
These differing monetary policy strategies had a substantial impact on the EUR-USD exchange rate. The euro came
under devaluation pressure in the middle of 2014 after having traded at a range of between US$1.35 and over
US$1.39 during the first half of the year. By the end of the year, it had fallen 12.2% to approximately US$1.21.
Measured against the pound sterling, the euro posted a loss of 6.7%.
Low risk premiums for corporate bonds
The euro zone bond markets were shaped by significant declines in the rate of inflation and expansive monetary
policy in 2014. Added to this were increased expectations at the end of the year that the ECB might start buying
up government bonds at the beginning of 2015, which led to a massive drop in capital market interest rates. Yields
on ten-year German government bonds declined to 0.54% by the end of the year (previous year: 1.93%). Yields on
long-term US government bonds also experienced significant decreases. However, the market was propped up by
the fact that demand for government bonds did not weaken perceptibly despite the reduced and ultimately halted
bond-buying behaviour of the US Federal Reserve. By the end of the year, yields on ten-year US government bonds
had fallen by 0.86 percentage points year-on-year to 2.17%. Risk premiums for corporate bonds fluctuated at a low
level during the reporting year.
International trade continues to grow in emerging markets
Global trade recovered somewhat in 2014. Trade volumes (transported quantity in tonnes) thus increased by 2.4% in
the reporting year. Exports from North America and the Asia Pacific region rose at a greater rate than in other regions.
Trade volumes: compound annual growth rate 2013 to 2014
%
Imports
Asia Pacific
Europe
Latin America
MEA (Middle
East and Africa)
North America
Asia Pacific
5.9
3.8
2.4
4.2
7.5
Europe
5.3
-1.1
-7.9
-0.4
-1.1
Latin America
1.5
0.1
-1.8
0.6
0.4
MEA (Middle
East and Africa)
3.6
-2.2
-1.6
4.9
-8.0
North America
9.6
3.9
8.1
0.1
0.6
Exports
Source: Copyright © IHS Global Insight GmbH, 2015. All rights reserved, at 31 December 2014.
Management report
110
Major trade flows 2014 volumes1)
Million tonnes
Europe
2,729
Asia Pacific
North America
439
3,249
MEA
295
Latin America
210
Intra-regional
More than 300 300 to 100
Less than 100
North America
Exports
65 364
Imports
168
162
832
241
749
129 293
159
North America
Exports
761
Latin
217 America
37
36 328
Imports
152
143
Exports
346
190
86
Latin America
Exports
Europe
Exports
Imports
Africa
Exports
Imports
30 118
111
39 217
226
261
1,208
1,176
346
293
445
17
Europe
86
844
572
Exports
39 110
324
1,161
648
143
Imports
129 60
1,674
241
507
185
353
162
242
1,264
784
313
121
261
111
121
313
Africa
30 28
Exports
1,515
28 225
Asia Pazific
Exports
152
374
MEA
(Middle East/Africa)
36 37 69
Imports
446
69 1.029
Imports
242
46
50 94 60 241
241
421
Middle East
Exports
Imports
87 586
Imports
37 506
Imports
885
111
110
37 46
1,411
185
249
111
17
324
65 87
Asia Pacific
844
226
Exports
328
ImportsEurope
506
249
2,240
50
725
118
353
North America
225
1,029
159
Latin America
94
855
2,402
Middle East
1,515
MEA 168
1,498
190
Asia Pazific
1)
507
648
Asia Pacific Including raw materials.
Europe North America 364
586
Latin America
Source: Copyright © IHS, 2014. All rights reserved, as at 31 December 2014.
3,113
111
Management report
Legal environment
In view of our leading market position, a large number of our services are subject to sector-specific regulation under
the Postgesetz (PostG – German Postal Act). Further information on this issue and legal risk is contained in the Notes
to the consolidated financial statements.
Significant events
No significant events
There were no events with material effects on the Group’s net assets, financial position and results of operations
in financial year 2014.
Results of operations
Revenue and earnings performance
Lower profit for the year
Due to the positive performance in financial year 2014, revenue increased by €302 million in financial year 2014.
The result from ordinary activities declined by €246 million on account of higher expenses compared with the
previous year. Net retained profit thus amounts to €1,645 million, comprising net profit for the year of €887 million
and €758 million in retained profits brought forward from the previous year. Further detailed explanations of
the annual financial statements of Deutsche Post AG are contained in the following section and in the Notes.
The Notes form part of the annual financial statements.
Selected indicators for results of operations
FY 2013
FY 2014
9 %
7 %
Result from ordinary activities
€ 1,205 m
€ 959 m
Net profit for the year
€ 1,258 m
€ 887 m
Net retained profit
€ 1,726 m
€ 1,645 m
11 %
8 %
Return on sales
(based on result from ordinary activities)
Return on equity
(based on net profit for the year)
Revenue increased by €302 million or 2.3% year-on-year. Separate notes on revenue can be found in the section
describing the revenue performance analysis.
Other operating income declined slightly year-on-year by €61 million or 4.4%, mainly due to lower income from
both the reversal of provisions (€171 million) and the disposal of non-current assets (€45 million). By contrast,
gains from foreign exchange differences increased to €144 million.
Operating expenses (materials expense, staff costs, depreciation, amortisation and impairment losses and other
operating expenses) inceased by €555 million or 4.1% to €13,984 million. Whereas the materials expense rose
by €139 million, primarily due to higher expenses for purchased services, the €178 million rise in staff costs was
largely the result of the collectively negotiated pay increase for salaried employees and hourly workers covered
Management report
112
by collective agreements. Other operating expenses rose by €223 million, mainly reflecting the increase in the loss
from foreign exchange differences (€115 million) and higher additions (€66 million) to provisions.
The financial result of €296 million (previous year €220 million) consists of the net investment income of €739 million
and net interest expense of €443 million.
The result from ordinary activities is a subtotal of all income and expense items, with the exception of extraordinary
income/expense and taxes, and amounts to €959 million in the year under review. After factoring in an extraordinary
expense of €34 million and income taxes of €-38 million, net profit for the year amounted to €887 million.
Including the profit carried forward from the previous year, net retained profit amounts to €1,645 million
(previous year €1,726 million).
The return on sales (based on the result from ordinary activities) is 7.2% compared with 9.3% in the previous year.
Earnings per share based on net profit for the year amount to €0.73 (previous year €1.04). Based on net retained
profit, earnings per share would amount to €1.36 (previous year €1.43).
Revenue performance analysis
Revenue increases by 2.3 %
In the reporting year, revenue in the division was €13,308 million, 2.3% above the prior-year figure of €13,006 million), whereby there were 0.3 additional working days in Germany. Operations in both business units performed
well, with our parcel business accounting for most of the gain.
Mail business increases revenue as volume declines
In the Post business unit, revenue was €9,694 million, slightly above the prior-year figure of €9,664 million. This is
attributable primarily to the price increases for both a standard letter and our Infopost product because overall
volumes continued to decline.
The domestic mail business performed well mainly as a result of the price increases. Volumes were slightly below
the prior-year level. This decline can be attributed to the additional volumes seen in advance of the SEPA migration
in 2013 in addition to the general market trend and other factors.
In the Dialogue Marketing business, we were able to increase revenue despite declining sales figures compared
with the previous year. The prices for the Standard, Kompakt and Maxi formats of our Infopost product were
raised by three cents on 1 July 2014. In addition, we invigorated our advertising activities with regard to retail and
mail-order businesses. Both revenue and sales in unaddressed advertising mail decreased slightly. We generated
growth through new customers and by expanding the delivery area for our unaddressed product Einkauf aktuell;
however, this growth did not offset the declines in Postwurfsendung items.
Post volumes
Mail items (millions)
Total
2013
2014
+/–%
19,210
18,934
-1.4
of which Mail Communication
7,784
7,701
-1.1
of which Dialog Marketing
9,716
9,523
-2.0
113
Management report
eCommerce-Parcel business unit continues to grow
Worldwide online retailing continues to have a positive impact on our parcel business. By expanding our portfolio
and improving our services, we are laying the logistical foundation around the world so that the strong growth in
this market is sustained. In the reporting year, revenue in the eCommerce-Parcel business unit was €3,614 million,
exceeding the prior-year figure of €3,342 million by 8.1%.
The volume in the German parcel business rose sharply again in 2014, surpassing the prior-year figure by 7.3%.
We extended our product portfolio again and significantly expanded our services. Revenue exceeded the prioryear figure by an even wider margin due to changes in the mix.
Dividend of €0.85 per share proposed
Parcel Germany: volumes
Parcels (millions)
2013
2014
+/–%
Total
972
1,043
7.3
of which business customer parcels
845
915
8.3
of which private customer parcels
119
120
1.0
Total dividend and dividend
per no-par value
Dividend of €0.85 per share proposed
Our finance strategy calls for a payout of 40% to 60%
€m
of net profits of the Group as dividends as a general rule.
1,087
836
1,030
968
903
725
725
786
846
Board of Management and the Supervisory Board will
846
therefore propose a dividend of €0.85 per share for
0.90
0.70
05
0.85
0.80
0.75
06
07
0.60
0.60
08
09
0.65
At the Annual General Meeting on 27 May 2015, the
0.70
0.70
financial year 2014 (previous year: €0.80) to shareholders.
The dividend will be distributed on 28 May 2015 and is
taxfree for shareholders resident in Germany. It does not
entitle recipients to a tax refund or a tax credit.
10
11
Dividend by no-par value share (€) 12
13
141)
1)
Proposal
Financial position
Financial management is a centralised function in the Group
The Group’s financial management activities include managing cash and liquidity; hedging interest rate, currency
and commodity price risk; arranging Group financing; issuing guarantees and letters of comfort and liaising with
rating agencies. We steer processes centrally, which allows us to work efficiently and successfully manage risk.
Responsibility for these activities rests with Corporate Finance at Group headquarters in Bonn, which is supported
by three Regional Treasury Centres in Bonn (Germany), Weston (USA) and Singapore. These act as interfaces between
Management report
114
headquarters and the operating companies, advise the companies on all financial management issues and ensure
compliance with Group-wide requirements.
Corporate Finance’s main task is to minimise financial risk and the cost of capital, whilst preserving the Group’s
continuous financial stability and flexibility. In order to maintain its unrestricted access to the capital markets, the
Group continues to aim for a credit rating appropriate to the sector. We therefore monitor the ratio of our operating
cash flow to our adjusted debt particularly closely. Adjusted debt refers to the Group’s net debt, allowing for
unfunded pension obligations and liabilities under operating leases.
Maintaining financial flexibility and low cost of capital
The Group’s finance strategy builds upon the principles and aims of financial management. In addition to the
interests of shareholders, the strategy also takes creditor requirements into account. The goal is for the Group to
maintain its financial flexibility and low cost of capital by ensuring a high degree of continuity and predictability
for investors.
A key component of this strategy is a target rating of “BBB+”, which is managed via a dynamic performance metric
known as funds from operations to debt (FFO to debt). Our strategy additionally includes a sustained dividend
policy and clear priorities regarding the use of excess liquidity, which is to be used to gradually increase plan assets
of our German pension plans as well as paying special dividends or buying back shares.
Finance strategy
Credit rating
Maintain “BBB+” and “Baa1” ratings,
espectively.
FFO to debt used as dynamic performance
metric.
Dividend policy
Pay out 40 % to 60 % of net profit.
Consider cash flows and continuity.
Investors
Reliable and consistent information from
the company.
Predictability of expected returns.
Excess liquidity
Increase plan assets of German pension plans.
Pay out special dividends or execute share
buy-back programme.
Group
Preserve financial and strategic flexibility.
Assure low cost of capital (WACC)1).
Debt portfolio
Syndicated credit facility taken out as
liquidity reserve.
Debt Issuance Programme established for
issuing bonds.
Issue bonds to cover long-term capital
requirements.
1)
Weighted average cost of capital
115
Management report
Cash and liquidity managed centrally
The cash and liquidity of our globally operating subsidiaries is managed centrally by Corporate Treasury. More
than 80% of the Group’s external revenue is consolidated in cash pools and used to balance internal liquidity
needs. In countries where this practice is ruled out for legal reasons, internal and external borrowing and investment
are managed centrally by Corporate Treasury. In this context, we observe a balanced banking policy in order to
remain independent of individual banks. Our subsidiaries’ intra-group revenue is also pooled and managed by
our in-house bank in order to avoid external bank charges and margins through intercompany clearing. Payment
transactions are executed in accordance with uniform guidelines using standardised processes and IT systems.
Many Group companies pool their external payment transactions in the Group’s Payment Factory, which executes
payments in the name of the respective companies via Deutsche Post AG’s central bank accounts.
Limiting market risk
The Group uses both primary and derivative financial instruments to limit market risk. Interest rate risk is managed
exclusively via swaps. Currency risk is hedged additionally using forward transactions, cross-currency swaps and
options. We pass on most of the risk arising from commodity fluctuations to our customers and, to some extent,
use commodity swaps to manage the remaining risk. The parameters, responsibilities and controls governing the
use of derivatives are laid down in internal guidelines.
Flexible and stable financing
The Group covers its long-term financing requirements by means of equity and liabilities. This ensures our financial
stability and also provides adequate flexibility. Our most important source of funds is net cash from operating activities.
We also have a syndicated credit facility in a total volume of €2 billion that guarantees us favourable market
conditions and acts as a secure, long-term liquidity reserve. The facility was extended in 2013 and renewed in the
reporting year by one year and now runs until 2019. Moreover, there is an option to renew it for another year. The
syndicated credit facility does not contain any covenants concerning the Group’s financial indicators. In view of
our solid liquidity, it was not drawn down during the year under review.
As part of our banking policy, we spread our business volume widely and maintain long-term relationships with
the financial institutions we entrust with our business. In addition to credit lines, we meet our borrowing requirements through other independent sources of financing, such as bonds and operating leases. Most debt is taken out
centrally in order to leverage economies of scale and specialisation benefits and hence to minimise borrowing costs.
No bonds were issued in the reporting year. Further information on the existing bonds is contained in the Notes.
Deutsche Post AG issues sureties, letters of comfort and guarantees
Deutsche Post AG provides security for the loan agreements, leases and supplier contracts entered into by Group
companies, associates or joint ventures by issuing letters of comfort, sureties or guarantees as needed. This practice
allows better conditions to be negotiated locally. The sureties are provided and monitored centrally.
Group’s credit rating improved
Credit ratings represent an independent and current assessment of a company’s credit standing. Ratings are based
upon a quantitative analysis and measurement of the annual report and appropriate planning data. Qualitative
factors, such as industry-specific features and the company’s market position and range of products and services,
are also taken into account.
Management report
116
In September 2014, Moody’s Investors Service (Moody’s) raised our credit rating from “Baa1” to “A3” with a stable
outlook. The decision was based upon the improved profitability of our Group. For 2015, Moody’s continues to
forecast slight economic growth and is projecting a sustained improvement in the operating environment and a
further increase in profitability for Deutsche Post DHL Group. Our credit quality as rated by Fitch Ratings has not
changed from the rating of “BBB+” with a stable outlook.
Deutsche Post DHL Group remains well positioned in the transport and logistics sector with these ratings. The
following table shows the ratings as at the reporting date and the underlying factors. The complete and current
analyses by the rating agencies and the rating categories can be found on our website.
Agency ratings
Rating factors
Fitch Ratings
Long-term: BBB+
Short-term: F2
Outlook: stable
Moody’s Investors Service
Long-term: A3
Short-term: P–2
Outlook: stable
Rating factors
Well-integrated business profile.
Dominant position in the domestic
mail and parcel market
Strong global footprint in the
EXPRESS, GLOBAL FORWARDING,
FREIGHT and SUPPLY CHAIN businesses
Improvements in the financial profile
after the completion of the sale of
Postbank shares
Recovery of the express business’s
profits and market share, offsetting
the challenging macroeconomic
environment
Exposure to regulatory and litigation
risks (i. e., EU antitrust and state aid
investigations)
Structural volume decline in the MAIL
division due to secular changes in the
industry (i.e., competition from electronic
communication and digitalisation)
High exposure to global market
volatility through the DHL divisions
Scale and global presence as the
world’s largest logistics company
Large and robust mail business in
Germany
Success in restoring profitability
levels at the logistics activities and its
mail business
Moderate financial metrics, conservative
financial policy and sound liquidity
profile
Exposure to global macroeconomic
trends in the logistics businesses
Structural decline of traditional
postal services
Liquidity and sources of funds
As at the balance sheet date, the Deutsche Post AG had cash in the amount of €1.8 billion (previous year: €2.3 billion)
at its disposal. A large portion of this is held directly by Deutsche Post AG. Most of the cash is invested centrally
on the money market. These central short-term money market investments had a volume of €1.6 billion as at the
balance sheet date.
Details on the changes in financial liabilities and leases can be found in the Notes.
Cash flow statement
Deutsche Post AG’s cash flow statement is presented and discussed in the Notes.
117
Management report
Net assets
Deutsche Post AG balance sheet
Total assets decreased to €29,104 million as at the balance sheet date (previous year €29,527 million).
Non-current assets rose slightly from €16,517 million to €16,668 million. Disclosures on investments can be found
in the preceding section.
By contrast, current assets fell by €561 million. The decline is largely the result of lower securities investments
of €399 million, a decrease in cash and cash equivalents to €510 million, and higher receivables and other assets
(€349 million).
Equity saw a slight decline from the prior-year figure of €11,618 million to €11,558 million in 2014. The net profit
for 2014 of €887 million did not fully compensate for the €968 million in available net earnings from the previous
year that was distributed to shareholders. Nonetheless, the equity ratio rose slightly year-on-year, from 39.3% to
39.7%. The ratio of equity to non-current assets was 69% (previous year 70%).
Provisions rose slightly, increasing by €36 million year-on-year, due to higher provisions for pensions and similar
obligations (€172 million) and lower other provisions (€113 million).
Liabilities fell by €399 million to €12,602 million. This is mainly attributable to the decrease in liabilities to affiliated
companies to €248 million.
Further details on the balance sheet of Deutsche Post AG can be found in the Notes.
Corporate Governance Statement
We have made our Corporate Governance Statement available to investors on our website at
dpdhl.com/de/investoren/corporate_governance/corporate_governance_bericht.html.
Management report
118
DEUTSCHE POST SHARES
Highly volatile equities markets
The stock markets were extremely volatile in 2014. The DAX saw high levels of fluctuation between its annual low
of 8,571 points on 15 October and its high of 10,087 points on 5 December. Volatility was similarly high on the
EURO STOXX 50 as a result of geopolitical and monetary policy factors that gave rise to nervousness amongst
investors. The stock markets registered significant price declines on a regular basis, above all due to the RussiaUkraine conflict, Middle East trouble spots and concerns regarding economic performance in the emerging economies. Falling oil prices and the EUR-USD exchange rate also contributed to uncertainty on the financial markets.
Central banks all over the world attempted to counteract these trends by adopting expansive monetary policies.
Thanks in particular to improved US economic indicators and hopes of additional stimulus from the European
Central Bank, equities prices increased somewhat more significantly at the end of the year, which at least allowed
the European stock markets to close the year with slight gains. The DAX ended the year 2014 at 9,805 points, a
gain of 2.7%. The EURO STOXX 50 registered growth of 1.2% year-on-year.
Deutsche Post shares: multi-year review
2008
2009
2010
2011
2012
2013
2014
Year-end closing price
€
11.91
13.49
12.70
11.88
16.60
26.50
27.05
High
€
24.18
13.79
14.46
13.83
16.66
26.71
28.43
Low
€
7.18
6.65
11.18
9.13
11.88
16.51
22.30
Number of shares
millions
1,209.0
1,209.0
1,209.0
1,209.0
1,209.0
1,209.0
1,211.21)
Market capitalisation
as at 31 December
€m
14,399
16,309
15,354
14,363
20,069
32,039
32,758
Average trading
volume per day
shares
7,738,509
5,446,920
5,329,779
4,898,924
4,052,323
4,114,460
4,019,689
Annual performance
including dividends
%
– 45.5
18.3
– 1.4
– 1.3
45.6
63.9
5.1
Annual performance
excluding dividends
%
– 49.3
13.3
– 5.9
– 6.5
39.7
59.6
2.1
0.81
0.91
0.95
1.19
0.88
0.86
0.94
€
– 1.40
0.53
2.10
0.96
1.367)
1.73
1.71
€
1.60
– 0.48
1.59
1.96
– 0.17
2.47
2.51
– 8.5
25.5
6.0
12.4
12.2
7)
15.3
15.8
7.4
– 28.1
8.0
6.1
– 97.6
10.7
10.8
725
725
786
846
846
968
1,0308)
–
112.6
30.9
72.7
51.6
46.3
49.78)
Beta factor2)
Earnings per share3)
Cash flow per share4)
Price-to-earnings ratio
5)
Price-to-cash flow
ratio4), 6)
Dividend
€m
Payout ratio
%
Dividend per share
€
0.60
0.60
0.65
0.70
0.70
0.80
0.858)
Dividend yield
%
5.0
4.4
5.1
5.9
4.2
3.0
3.1
Increase due to the operation of a bonus programme for executives
Based on consolidated net profit after deduction of non-controlling interests
5)
Year-end closing price/ earnings per share
7)
Adjusted to reflect after applying IAS 19 R
Three-year beta; Source: Bloomberg
Cash flow from operating activities
6)
Year-end closing price/cash flow per share
8)
Proposal
1)
2)
3)
4)
119
Management report
Peer group comparison: closing prices
30 Sept.
2014
31 Dec.
2014
+/– %
31 Dec.
2013
31 Dec.
2014
+/– %
Deutsche Post DHL
EUR
25.39
27.05
6.5
26.50
27.05
2.1
PostNL
EUR
3.42
3.10
-9.4
4.15
3.10
-25.3
TNT Express
EUR
5.01
5.54
10.6
6.75
5.54
-17.9
FedEx
USD
161.45
173.66
7.6
143.77
173.66
20.8
UPS
USD
98.29
111.17
13.1
105.08
111.17
5.8
Kuehne + Nagel
CHF
120.60
135.30
12.2
117.10
135.30
15.5
Share price performance
€
30
Closing price: € 27.05 29
28
27
26
25
24
23
22
21
20
31 December 2013
Deutsche Post
1)
31 March 2014
EURO STOXX 50 1)
30 June 2014
30 September 2014
31 December 2014
DAX1)
Rebased to the closing price of Deutsche Post shares on 31 December 2013
Deutsche Post shares register positive trend
Despite the uncertainties on the equities markets, Deutsche Post shares closed 2014 with an overall gain. The shares
recorded their greatest price increase at the start of the year after publication of the figures for 2013. On 2 April,
the shares benefited from the positive response to presentation of our Strategy 2020 to reach a new all-time high
of €28.43. However, the share price could not withstand the generally negative market trend as the year progressed.
From the middle of the year Deutsche Post shares declined, reaching an annual low of €22.30 on 15 October 2014.
In view of the sound third-quarter figures and an overall positive market trend, however, the shares subsequently
made up for most of that loss. Price levels were impacted positively by Moody’s credit rating upgrade from “Baa1”
to “A3” in September. With a closing price of €27.05, our shares ended the year up 2.1% year-on-year, thus charting
similar progress to the DAX (up 2.7%) and the EURO STOXX 50 (up 1.2%). The shares generated a gain of 5.1% on
a total return basis, i.e., including the dividend per share. Average daily Xetra trading volumes remained just below
the prior-year level at 4.0 million shares.
Management report
120
Majority of analysts give shares a “buy” rating
At the close of 2014, 19 analysts issued a “buy” recommendation on our shares, which is one more than the
year before. The number of “hold” ratings remained the same, however, at 14. Four analysts gave a “sell”
recommendation – one more than in the prior year. The average price target increased from €26.13 to €26.92
during the year.
Shareholder structure1)
Shareholder structure by region1)
13.7% USA
21.0% KfW-Bankengruppe
16.3% UK
1)
79.0% Free Float
65,6% Institutional
investors
13.4% Private investors
As at: 31 December 2014.
24.8% Other
45.2% Germany
1)
As at: 31 December 2014.
Free float remains the same
The investment share of our largest investor – KfW Bankengruppe – remains at 21.0% (previous year: 21.0%).
As a result, the free float also remained unchanged at 79.0%. The share of our stock held by private investors rose
to 13.4% (previous year: 11.2%). In terms of the regional distribution of identified institutional investors, the highest
percentage of shares (16.3 %) continues to be held in the UK (previous year: 14.8%). The share of US investors
decreased to 13.7% (previous year: 13.8%) and that of institutional investors in Germany to 10.8% (previous year:
12.3%). Our 25 largest institutional investors hold a total of 36.6% of all issued shares (previous year: 30.5%).
Recognition for investor relations work
We held a total of 474 individual and group meetings with more than 700 investors advantage of numerous
local investor events to cultivate our base of private investors in Germany. Key topics of discussion in the PosteCommerce-Parcel division revolved around medium-term strategic issues and the growth potential of e-commerce
activities. In the Express division, focus was upon the strong performance of volumes and margins. Investor talks
relating to the Global Forwarding, Freight division concentrated on the fluctuating market conditions and the
strategic NFE project. At the Group level, cash flow was an important topic for our investors.
We presented our Strategy 2020 at a Capital Markets Day in April and in November we held a Capital Market
Tutorial Workshop in London at which the focus of attention was the Supply Chain division. This event was
dedicated specifically to implementing Group strategy at the divisional level. We plan to continue holding tutorial
workshops in the future to give investors a closer look at our daily activities as well as the strategic projects being
carried out by the individual divisions.
Our investor relations activities received several awards from the renowned IR Magazine in the reporting year.
In a survey of 700 analysts and fund managers from 23 countries, our IR team was ranked 18th in the Global Top
50 and 8th in the European Top 100. In addition, our IR activities were regarded as the Best in Sector.
121
Management report
NON-FINANCIAL FIGURES
Deutsche Post DHL Group not only wants to be an attractive investment for shareholders, it also wants to become
the employer of choice for employees and the provider of choice for customers. Our performance in the areas
of HR, diversity, health management, occupational safety, service and quality play a key role in this endeavour.
With programmes in the areas of environmental protection, disaster management and education, the Group is
also committed to social responsibility.
Employees
Human resources supports corporate strategy
In accordance with Strategy 2020, Human Resources is focusing its activities even more intensely on our core business.
We want to secure the best team at competitive costs. To do so, we have to find the right talent based upon the
specific needs of our business units, build relationships with them and tailor their professional development. Our
Groupwide Certified initiative, which was extended to also cover our Human Resources staff in the reporting
year, plays a key role in these efforts. As at the end of 2014, 3,565 participants had undergone courses taught
exclusively by our own staff.
Employee Opinion Survey sees positive trend continue
The results of our annual Group-wide Employee Opinion Survey are indicators relevant for internal management that
help us to foster employee commitment with appropriate activities. As in the previous year, 77% of our employees
participated. The trend remained positive for the majority of the areas evaluated. Particular attention is always
paid to employee engagement and to how employees evaluate their managers under the key performance
indicator Active Leadership, which is tied to management bonuses. In keeping with the spirit of our GoGreen
environmental protection programme, the survey was largely conducted electronically: 55% of the questionnaires
were completed online.
Selected results from the Employee Opinion Survey
%
2013
2014
Response rate
77
77
KPI Active Leadership
70
71
KPI Employee Engagement
72
72
Another slight increase in number of employees
As at 31 December 2014, we employed 145,620 full-time equivalents, 0.9% more than in the previous year.
New staff has been hired for the growing parcel business in Germany in particular.
Management report
122
Number of employees
1. C
alculated as full-time employees
(excl. trainees)
Total as at 31 Dec.
thereof by division:
Other
2. T
otal workforce (excl. trainees)
Total as at 31 Dec.
thereof
Salaried employees
and hourly workers
Civil servants
3. Average for the year (excl. trainees)
31 Dec. 2013
31 Dec. 2014
Change in %
144,388
145,620
0.9
139,393
140,742
1.0
4,995
4,878
-2.3
171,569
173,055
0.9
132,319
136,268
3.0
39,250
36,787
-6.3
172,367
171,685
-0.4
Staff costs exceed prior-year level
At €7.360 million, staff costs exceeded the adjusted prior-year level (€7.182 million).
Compensation is performance-based
We offer our employees compensation that is based upon responsibilities and performance, is in line with our
corporate objectives and creates long-term incentives. Compensation always depends upon national laws, local
market conditions and, where applicable, existing collective agreements. We aim to offer competitive pay to our
staff in all fields. Moreover, we provide defined benefit or defined contribution retirement plans in many countries.
In order to ensure a fair and balanced compensation structure within our company, we have introduced systems to
rate positions in a number of areas. The rating is based upon job category and responsibilities – and is not tied to
the personal traits of the employee.
Forward-looking Human resources activities making a difference
The Generations Pact, concluded between Deutsche Post AG and the trade unions in 2011, continues to be well
received by our workforce. As at the end of 2014, 2,323 employees had gone into partial retirement and 18,788
had set up a working-time account. Legislators are currently laying the necessary foundations so that we can offer
our civil servants a comparable instrument for age-based working solutions.
With strategic workforce managenemt, we aim to accurately meet our staff requirements for the long term. To
this end, we developed an analysis and planning instrument as early as 2011 that gives our company units specific
recommendations for implementing their business objectives. This methodology was developed further in the
reporting year to allow more flexible use. With the help of this instrument, we were able to establish a Talent
Roadmap for Supply Chain in Latin America, for example, which will play a significant role in the achievement of
our ambitious growth targets in this region.
123
Management report
Group apprenticeship schemes
Deutsche Post DHL Group, worldwide1)
Developing and fostering in stages
We have established a training system to develop and
foster our employees at all levels. As part of cross-func-
5.5% Warehousing logistics
specialists
5.6% Duale Hochschule students
6.8% Forwarding and logistics
services specialists
tional and cross-divisional programmes, our executives
discuss how they can use their management style to
contribute even more towards implementing our Group
strategy. As at the end of 2014, 1,557 executives had
taken part in the first generation of the training course.
In the reporting year, 62 top executives completed the
second generation of our leadership programme and
32.8% Other apprenticeships
the next executive levels will follow in 2015 and 2016.
Further training and talent management are having a
49.3% Courier, express and postal
services specialists
positive effect on the internal placement rate for upper
and middle management, which was 93.9% in the
reporting year (previous year: 90.3%). Of these 11.8%
(previous year: 11.0%) were cross-divisional.
1)
Number of apprentices, annual average: 5,089
Our now Group-wide Certified initiative is based upon the Express division’s Certified International Specialist
programme and will now be extended out to all employees across the Group. The course programme is modular
in nature and widely diversified so that all employees can receive training and certification based upon their specific
needs. We thus encourage employee commitment and cultural change.
Deutsche Post DHL Group is one of the companies that provides the most opportunities for apprentices in Germany.
We develop and qualify our junior employees in more than 20 state-accredited apprenticeship schemes and dualstudy programmes. In the reporting year, we offered 1,913 junior employees an apprenticeship or study opportunity;
in 2015, we will increase this offer to 2,375.
Gender distribution in
management1) 2014
Diversity as a success factor
19.3% Women
Diversity is not only integral to our corporate values, it is also considered as a factor for success and a
competitive advantage. In 2014, our Diversity Council
took up its mandate. Made up of senior executives,
the Council discusses the further alignment of Diversity Management within the Group and introduces
80.7% Men
the topic in their departments. Furthermore, we held,
amongst other things, a global Diversity Day and
trained a large number of executives. In 2015, we shall
offer training as e-learning modules in multiple langu-
1)
Based on upper and middle management.
ages on our company-wide training platform.
As at 31 December 2014, the proportion of women in executive positions worldwide was 19.3% (previous year:
19.6%). In order to increase the proportion of women in management positions we have undertaken various measures, which include a system of key indicators, professional development programmes for female junior employees, a variety of women’s networks and options to improve work-family balance.
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124
Work-family balance1)
Headcount
2013
2014
State-regulated parental leave
1,579
1,431
146
148
of which women
1,433
1,283
Unpaid holiday for family reasons
1,966
1,797
63,169
64,511
36.1
36.6
of which men
Part-time employees2)
Share of part-time employees (%)
Includes employees of Deutsche Post AG.
Excludes employees in the release phase of partial retirement.
3)
Prior-period amount adjusted due to a change in the basis for calculation.
1)
2)
The average annual employment rate of people with disabilities was 9.1 % at Deutsche Post AG in 2014, again
well above the national average in the German private sector (4.1% in 2012, source: Bundesagentur für Arbeit
(German federal employment agency)).
Employees with disabilities1)
1)
2)
Employees with disabilities2)
Headcount
Employment rate
%
2012
2013
2014
13,740
14,170
14,741
8.6
8.7
9.1
Deutsche Post AG employees.
In accordance with section 80 of German Social Code IX.
Health and safety
Comprehensive health concept
The World Health Organization (WHO) defines health as mental, physical and social well-being. In accordance
with this definition, our health and safety strategy aims to strengthen the health of our staff primarily through
prevention. It also involves workplace design, corporate culture and supporting the entire community.
In 2014, we analysed prevention requirements in several
Illness rate1)
2014 projects and consolidated our international co-operation
8.6%
in the field of health promotion. Notable Group health
initiatives were recognised again with awards – in Germany
alone, up to 40,000 such initiatives take place in our
2013 1)
All organisational units in Germany.
8.4%
facilities every year. At 8.6% the illness rate in Germany
for 2014 was up slightly on the prior-year figure (8.4 %).
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Occupational safety in focus
We rely on training and prevention, both to avoid risks and to design a safe and healthy working environment
for our employees. To this end, we have developed and introduced activities to increase road safety and prevent
accidents. Employees are made aware of common safety hazards through practical exercises such as driving vehicles
or climbing stairs.
Occupational safety1)
Number of workplace accidents
2)
2013 adjusted
2014
15,823
15,808
86
87
359,781
349,364
22.7
22.1
2
1
Accident rate (number of accidents per
1,000 employees per year)
Number of working days lost due to accidents
(calendar days)
Working days lost per accident
Number of fatalities due to workplace accidents
1)
2)
Includes employees of Deutsche Post AG. As at 8 January 2015. Subject to change if later reports received.
Accidents when at least one working day is lost, including accidents on the way to and from work.
Corporate responsibility
Linking profitability to sustainability
Corporate responsibility is a key element of our Group’s strategy. It is codified in our Code of Conduct, which is
guided by the principles of the Universal Declaration of Human Rights, the United Nations (UN) Global Compact,
the International Labour Organisation (ILO) convention and the OECD guidelines for multinational companies.
We wish to run our business responsibly, develop sustainable solutions for our customers and also leverage our
logistics expertise as well as our global presence to address social transformation.
In a Group-wide network regarding issues of Responsible Business Practice, we co-ordinate the on-going dialogue
with our stakeholders, which we strengthened in the reporting year. This dialogue ensures that our stakeholders’
requirements as regards social and environmental issues are taken into account appropriately and that our business
is systematically aligned accordingly. The goal is to link profitability to sustainability.
As part of our Corporate Citizenship efforts we also transfer our expertise in transport and logistics to our social
commitment. We are committed to educational and professional development, provide logistical support in the
wake of natural disasters and support local environmental protection and aid projects. In the reporting year, we
evaluated all Corporate Citizenship-related investments in accordance with the LBG model for the first time and
are thus fulfilling the assessment base for corporate community investment.
Our Group-wide environmental management is based upon the value proposition of shared value. With measures to
increase CO2 efficiency as well as environmentally friendly GoGreen products we fulfil our responsibility towards
the environment and society, create added value for our customers whilst strengthening our market position.
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CO2e emissions, 2014
126
Greenhouse gas emissions almost constant
We aim to reduce our dependency upon fossil fuels,
improve our CO2 efficiency and lower costs. We have
Total: 5.67 million tonnes
1)
anchored these goals throughout the entire Group with
our GoGreen environmental protection programme.
Our “green” products and services also help customers
achieve their own environmental targets whilst con13% Real estate
currently opening up new business opportunities for
the company. By the year 2020, we intend to improve
20% Road transport
67% Air transport
the CO2 efficiency of our own operations and those of
our subcontractors by 30% compared with 2007.
We quantify our greenhouse gas emissions based upon
the GHG Protocol Corporate Standard and DIN EN
16258; those for our European air freight activities are
1)
Scopes 1 und 2
also calculated in accordance with the requirements of
the European Union Emissionsenvironment must be
disclosed in the form of CO2 equivalents (CO2e). In 2014,
our direct (Scope 1) and indirect (Scope 2) greenhouse gas emissions amounted to 5.67 million tonnes of CO2e
(previous year, adjusted: 5.62 million tonnes of CO2e). This figure reflects the fuel consumption of our fleet and
energy consumption in our buildings. The increase in emissions from the above-average performance in our
Express division was offset largely by lower emissions in the other divisions. Overall, emissions increased slightly
by 0.9%. As in the previous year, we avoided 0.45 million tonnes of CO2e by using electricity from renewable sources.
Our energy consumption for buildings and equipment decreased by 4.3%.
Using our expertise and network to serve the community
As part of a public-private partnership, we support the UN in disaster management free of charge through our
GoHelp Group programme. Our logistics experts hold multi-day workshops known as Get Airports Ready for
Disaster (GARD) to train the personnel at airports selected in conjunction with the UN. The workshops include
an on-site risk analysis as well as the development of action plans to increase the capacity and efficiency of the
airports in the event of disasters. In 2014, seven workshops were held at airports in the Dominican Republic,
Jordan, Peru, the Philippines and Sri Lanka. Two refresher courses took place in Armenia and Peru.
Our Disaster Response Teams provide on-site, emergency assistance when disaster strikes. The teams are part of
a worldwide network of more than 400 volunteer logistics specialists who can be deployed to a disaster area
within 72 hours of receiving the call from the UN. Once on-site, they support relief organisations by taking over
airport logistics. In the reporting year, teams were deployed to Chile and Panama.
As one of the world’s largest employers, we want to improve the education and employability of socially disadvantaged children and young people. To this end, we co-operate with two global partners – Teach For All and
SOS Children’s Villages – as part of our GoTeach Group programme. In the reporting year, we supported organisations in 31 countries in Africa, Asia, Europe and Latin America. We entered into new partnerships with SOS
Children’s Villages in the Dominican Republic, El Salvador, Haiti, Indonesia, Columbia, Lithuania, Mauritius, Paraguay,
Swaziland and Thailand. Our co-operation with this organisation was extended for three years in 2014. We are
also now involved with Teach For All in Ecuador.
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We foster the voluntary work of our employees with Global Volunteer Day, in which around 108,000 employees
(previous year: around 100,000) took part during the reporting year, and the Living Responsibility Fund. The We
Help Each Other (WHEO) relief fund enables employees to donate money for colleagues in need.
Significant improvement in sustainability ratings
Investors and analysts on international capital markets monitor and evaluate how sustainable a company’s business is.
In the reporting year, we improved significantly in the most well-known ratings. Our most important achievements
were our readmission to the DJSI World and DJSI Europe indices, being awarded the RobecoSAM Bronze Class
and our inclusion in the STOXX Global ESG Leaders index. In addition, our sustainability was validated in the
FTSE4Good and MSCI indices, receiving the top “AAA” ranking from MSCI. We were ranked third amongst 134
companies by the leading sustainability research company Sustainalytics. Moreover, we received another very good
ranking in the CDP Global 500 Climate Disclosure Leadership Index. Please see our Corporate Responsibility Report
for additional results.
Procurement
Group’s procurement expenditure increased
Deutsche Post AG is fully integrated in Deutsche Post DHL’s Corporate Procurement function.
In the year under review, the Group centrally purchased goods and services with a total value of around €10.3 billion
(previous year: €9.4 billion). Procurement helps the divisions to reduce expenditure and make cost-effective investments.
In order to expand capacities in the parcel network in Germany, Procurement supported the Post-eCommerce-Parcel
division with the selection and order placement of sorting solutions at 34 locations. Furthermore, sorting system
components were retrofitted and replaced. New maintenance and spare parts supply contracts were drawn up for
33 parcel centres, which will allow us to save costs, increase transparency and work more efficiently in the future.
Procurement organisation works closely together
Procurement is a centralised function in the Group. Corporate Category Management comprises three Global
Sourcing departments which work closely with the four procurement regions. All functions report to the head of
Corporate Procurement. Our purchasing operations are pooled in regional centres at six locations.
Procurement considers environmental aspects
When purchasing products and services, Procurement works closely together with those responsible for the various
product categories and regions in order to take environmental aspects into consideration. Deutsche Post DHL
Group obtains up to 60% of its electricity from renewable sources and works closely with its business partners
to help them achieve their environmental targets. This includes the use of energy efficient lighting, digital measuring
devices, co-generation heat and power plants and heat-reflective wall paints. In the reporting year, we also
modernised our operational vehicle fleet. A total of 11,682 emissions-efficient Euro class 5 and 6 vehicles were
put into operation in Germany and 1,864 company cars were ordered in these two Euro classes. In addition, we
purchased 60 electric vehicles, which are currently being tested on delivery routes. Individual projects are described
in our Corporate Responsibility Report.
Procurement systems further expanded
The use of IT applications to procure goods and services more efficiently increased again in the reporting year. For
instance, our electronic ordering system “GeT” is now available in the 48 countries with the highest procurement
rates and further roll-out in other countries is also planned. The IT systems used for purchasing are currently being
updated and positioned on a standard platform. This ensures that all information about a supplier is stored in one
place – from determining demand quantities to automated tenders and supplier ratings.
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Simplifying and standardising supplier management
We continuously review whether our suppliers comply with the ethical and environmental standards set forth
in our Code of Conduct. In the reporting year, we simplified and standardised these procedures in line with the
criteria in the anti-corruption and competition compliance policy. Consequently, the self-assessment for suppliers,
business partners, subcontractors, joint venture partners, representatives, agents and consultants were updated
in close co-operation with the Corporate Compliance Office and all associated units. In addition to the self-assessment
initiative, we now require additional evidence which gives us objective, verifiable supplier ratings.
Customers and quality
Innovative technology translates into competitive advantage in the mail and parcel business.
We operate a first-class, efficient and environmentally friendly nationwide transport and delivery network in Germany
consisting of 82 mail centres and 33 parcel centres that process 64 million letters and in excess of 3.4 million parcels each
working day. In the reporting year, the high level of automation in our mail business, which exceeds 90%, saw a further
slight increase. In our parcel network, we have increased our overall sorting capacity by 50% since the launch of our
Parcel 2012 Production Concept by upgrading existing facilities. Additional parcel centres are currently under construction.
Our customers rate the quality of our services based on whether posted items reach their destinations quickly,
reliably and undamaged. We again achieved excellent results in letter transit times within Germany: according to
surveys conducted by Quotas, a quality research institute, 94% of the letters posted during our daily opening hours
or before final collection are delivered to their recipients the next day. This places us far above the legal requirement
of 80%. In order to ensure this level of quality in the long term, our quality management is based on a system that is
certified each year by TÜV NORD, a recognised certification and testing organisation. Transit times for international
letters are determined by the International Post Corporation. Here, we rank amongst the top postal companies.
In the parcel business, items usually reach their recipients the next working day. This is based on parcels that were
collected from business customers and then delivered the next day. Our internal system for measuring parcel transit
times has been certified by TÜV Rheinland since 2008. The German consumer organisation Stiftung Warentest
declared DHL the winner of its parcel delivery services test on account of our outstanding transit time, damagefree deliveries, fair working conditions and compliance with environmental standards.
E-POST has established itself in the digital communication market, and in 2014 we expanded its portfolio. Companies
of all sizes can send items directly from their own company software either digitally or by conventional post. Private
customers can receive their mail digitally on their computers or mobile devices, are able to securely store their
documents and pay invoices online.
The average weekly opening time of our 29,000-plus sales points was 55 hours in the reporting year (previous year:
55 hours). The annual survey conducted by Kundenmonitor Deutschland, the largest consumer study in Germany,
also showed a high acceptance of our exclusively partner-operated retail outlets: 91% of customers were satisfied
with our quality and service (previous year: 91%). In addition, impartial mystery shoppers from TNS Infratest tested
the postal outlets in retail stores around 38,000 times over the year. The results showed that 94.5% of customers
were served within three minutes.
Another central characteristic of the quality of our products is environmental protection. We employ a TÜV
NORD-certified environmental management system in our mail and parcel businesses in Germany. Our GoGreen
products offer private and business customers climate-neutral shipping options. Moreover, we operate one of
the largest electric vehicle fleets in the world, comprising over 200 vehicles. Furthermore, we use innovative
technologies in our buildings and operating facilities, such as LED s, and we have also increased our use of
renewable energies.
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Management report
Brands
Brands and business units
Group
Divisions
Deutsche Post DHL Group
Express
Global Forwarding,
Freight
Supply Chain
Brands
Brand architecture updated
As of the publication of this report, we begin operating under the name Deutsche Post DHL Group. This change
is intended to better distinguish our brands, Deutsche Post and DHL, from our Group name and to elevate the
structure of our various divisions and brands. As part of renaming the Post-eCommerce-Parcel division, we have
also adjusted the brand architecture.
DHL’s brand value rising sharply
According to independent studies, the strength of our brand continued to grow in the reporting year. The market
research institute Millward Brown, for example, which publishes the BrandZ™ Top 100 Most Valuable Global
Brands each year, valued DHL’s brand at US$13.7 billion (previous year: US$8.9 billion), moving the company up
25 places to 73rd on the list. The study looks at financial figures as well as market and consumer research data.
Interbrand, an international brand consultancy, listed DHL in its Best Global Brands ranking for the first time.
We were ranked 81st out of 100 companies with a brand value of US$5.1 billion, making us the highest ranking
newcomer in 2014.
In total, we invested around €391 million (previous year: €341 million) into building and expanding our brands
internationally in the reporting year.
Deutsche Post is the brand of the football world champions
Sports sponsorships strengthen people’s emotional ties with the Deutsche Post brand, which is why we are involved
with the DFB cup and the German national teams in partnership with the Deutsche Fußball-Bund (DFB – German
football federation). During the 2014 FIFA World Cup Brazil™, we ran an attention-grabbing multimedia brand
campaign. Furthermore, in co-operation with the DFB, we have been co-providers of a new national amateur
football platform – www.fussball.de – since mid-2014. We have also continued our sponsorship of the Deutsche
Tourenwagen Masters (DTM – German Touring Car Masters) race series as well as our partnership with FC Bayern
Munich’s federal league basketball team. Since the end of 2014, we have increased our brand presence in winter
sports as well: the sleds and suits of the athletes of the Bob- und Schlittenverbands (German bobsleigh, luge and
skeleton federation) are now designed to incorporate the Deutsche Post brand. Furthermore, on 15 October 2014,
the well-known Königssee bob-sleigh, luge and skeleton track became Deutsche Post Eisarena Königssee.
DHL showcases a new brand look
We want our customers to associate more strongly with the DHL brand and have carefully developed our corporate
design with that goal in mind. Our new look is more dynamic and versatile; optimised for online channels it
refrains from graphically highlighting the DHL brand areas.
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130
International events rely on DHL logistics
As the global logistics partner of Formula1™, the Formula E Championship, IMG Fashion Weeks, Manchester United
and other events, we have showcased the DHL brand to the public and the media in connection with 328 events
in 44 countries in the reporting year. At the beginning of 2014, DHL also began handling event logistics for the
world touring live show of Canada’s Cirque du Soleil. Moreover, since August 2014, DHL has been a platinum
sponsor of FC Bayern Munich football club.
POST-BALANCE-SHEET DATE EVENTS
DHL Delivery GmbH creates new jobs
In order to secure the increased demand for labour as a result of continued sustained growth in the parcel business,
Deutsche Post DHL Group has founded numerous regional companies under the umbrella of DHL Delivery GmbH.
The goal is to create up to 10,000 new positions by 2020. Staff working in the new companies shall be employed
in line with the regionally applicable collective terms and conditions for the forwarding and logistics sector. During
the recruitment process, favor will be given to Deutsche Post AG employees on a fixed-term contract which is
soon to expire. Employees will be offered a permanent employment contract.
OPPORTUNITIES AND RISKS
Overall Board of Management assessment of opportunity and risk situation
No foreseeable risk to the Group
Identifying opportunities and risks – and swiftly capitalising upon or counteracting them – is an important objective
for our Group. This is why we already account for the anticipated impact of potential events and developments
in our current business plan. The opportunities and risks reported here represent additional potential deviations
from the Group’s projected earnings. In consideration of our current business plan, the Group’s overall opportunity
and risk situation has not changed significantly compared with last year. No new risks have been identified that
could have a potentially critical impact on the Group’s result. Based on the Group’s early warning system and in
the estimation of its Board of Management, there were no identifiable risks for the Group in the current forecast
period which, individually or collectively, cast doubt upon the Group’s ability to continue as a going concern. Nor
are any such risks apparent in the foreseeable future. The assessment of a stable to positive outlook is moreover
reflected in the Group’s credit ratings.
As Deutsche Post AG, due to financing commitments, guarantees, direct and indirect investments in its subsidiaries
as well as other factors, is highly interlinked with the Deutsche Post DHL Group companies, its opportunity and
risk position greatly depends on the opportunity and risk situation of Deutsche Post DHL Group. In this respect,
the overall Board of Management assessment of the opportunity and risk situation also summarises the opportunity
and risk position of Deutsche Post AG.
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Management report
Opportunity and risk management processes
Uniform reporting standards for opportunity and risk management
As an internationally operating logistics company, we are faced with numerous changes. Our aim is to identify
the resulting opportunities and risks at an early stage and take the necessary measures in the specific areas
affected in due time to ensure that we achieve a sustained increase in enterprise value. Our Group-wide opportunity and risk management system facilitates this aim. Each quarter, managers estimate the impact of future
scenarios, evaluate opportunities and risks in their departments and present planned measures as well as those
already taken. Queries are made and approvals given on a hierarchical basis to ensure that different managerial
levels are involved in the process. Opportunities and risks can also be reported at any time on an ad hoc basis.
Our early identification process links the Group’s opportunity and risk management with uniform reporting standards.
We continuously improve the IT application used for this purpose. Furthermore, we use a Monte Carlo simulation
for the purpose of aggregating opportunities and risks in standard evaluations.
This stochastic model takes the probability of occurrence of the underlying risks and opportunities into consideration
and is based on the law of large numbers. From the distribution function of each individual opportunity and risk
one million randomly selected scenarios – one for each opportunity and risk – are combined. The resulting totals
are shown in a graph of frequency of occurrence. The following graph shows an example of such a simulation:
Monte Carlo simulation
Frequency of occurrence
in one million simulation steps (incidence density)
Bandwidth with 95 % probability
– aa € m + bb € m
+ zz € m
Deviation from planned EBIT
Planned EBIT Most common value in one million simulation steps (“mode”)
“Worse than expected“
“Better than expected”
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132
Opportunity and risk management process
2. Aggregate and report
1. Identify and assess
Review
Assess
Supplement and change
Define measures
Aggregate
Analyse
Identify
Report
Internal
auditors review
processes
5. Control
3. Overall strategy/
risk management/compliance
Determine
Review results
Manage
Review measures
4. Operating measures
Monitor early warning indicators
Plan
Implement
Divisions
Opportunity and
risk-controlling processes
Board of Management
Internal auditors
The most important steps in our opportunity and risk management process are:
1. Identify and assess: Opportunities and risks are defined as potential deviations from projected earnings. Managers
in all divisions and regions provide an estimate of our opportunities and risks on a quarterly basis and document
respective actions. They use scenarios to assess best, expected and worst cases. Each identified risk is assigned to
one or more managers, who assess it, monitor it, specify possible procedures for going forwards and then file a report.
The same applies to opportunities. The results are compiled in a database.
2. Aggregate and report: The controlling units responsible collect the results, evaluate them and review them for
plausibility. If individual financial effects overlap, they are noted in our database and taken into account when
compiling them. After being approved by the department head, all results are passed on to the next level in the
hierarchy. The last step is complete when Corporate Controlling reports to the Group’s Board of Management on
significant opportunities and risks as well as on the potential overall impact each division might experience. For
this purpose, opportunities and risks are aggregated for key organisational levels. We use two methods for this.
In the first method, we calculate a possible spectrum of results for the divisions and add the respective scenarios
together. The totals for “worst case” and “best case” indicate the total spectrum of results for the respective
division. Within these extremes, the total “expected cases” shows current expectations. The second method makes
use of a Monte Carlo simulation, the divisional results of which are regularly included in the opportunity and risk
reports to the Board of Management.
3. Overall strategy: The Group Board of Management decides on the methodology that will be used to analyse
and report on opportunities and risks. The reports created by Corporate Controlling provide an additional regular
source of information to the Board of Management for the overall steering of the Group.
4. Operating measures: The measures to be used to take advantage of opportunities and manage risks are determined
within the individual organisational units. They use cost-benefit analyses to assess whether risks can be avoided,
mitigated or transferred to third parties.
5. Control: For key opportunities and risks, early warning indicators have been defined that are monitored constantly
by those responsible. Corporate Internal Audit has the task of ensuring that the Board of Management’s specifications
are adhered to. It also reviews the quality of the entire opportunity and risk management operation. The control
units regularly analyse all parts of the process as well as the reports from Internal Audit and the independent
auditors with the goal of identifying potential for improvement and making adjustments where necessary.
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Management report
Internal accounting control and risk management system (disclosures required under section 289 (5) of the
Handelsgesetzbuch (HGB – German Commercial Code) and explanatory report
Deutsche Post uses an internal accounting control system to ensure that accounting adheres to generally accepted
accounting principles. This system is intended to make sure that statutory provisions are complied with and that
both internal and external accounting provide a valid depiction of business processes in figures. All figures are to
be entered and processed accurately and completely. Accounting mistakes are to be avoided in principle and any
assessment errors that may occur uncovered promptly.
The risk and control system design comprises organisational and technical measures that extend to all organizational
units in the Company. Centrally standardised accounting guidelines ensure that financial reporting standards in
accordance with the German Commercial Code (HGB) are applied in a uniform manner throughout the Company.
A central chart of accounts specifies the items relevant to bookkeeping. Account assignment guidelines provide
extensive additional rules. The change process is computer driven. Changes are recorded in the intranet, which
ensures constant access by the users. The responsible organisational units are provided with detailed plans of
activities, instructions and schedules for the year-end closing process.
Deutsche Post’s primary accounting functions are handled by the Accounting SSC (Shared Service Center) in Cologne.
Principally, the following departments have been established for these functions: General Ledger, Accounting for
Affiliated Companies, Master Data/Duty, Accounts Payable, Accounts Receivable, Cost Accounting Solutions &
Services, Business Process Optimization, Business Intelligence Services and Global Treasury Accounting.
Transactions relevant to accounting are processed by computer at Deutsche Post AG. To this end, Deutsche Post uses
the services of T-Systems Enterprise Services GmbH (T-Systems), a subsidiary of Deutsche Telekom AG. In addition to
running applications, it also provides emergency support service in a standby centre. Annual IT reviews are conducted
at T-Systems by an independent German auditing firm. The content and results of the audit are documented in
writing in an ISAE3402 certification.
For IT application development, and care and maintenance of systems relevant to accounting, Deutsche Post uses
the services of its subsidiary, Deutsche Post IT Service GmbH.
The application systems used are standard solutions from SAP AG. In financial accounting, SAP applications are used
in particular.
Other components of our control system include automatic plausibility reviews and system validations of the accounting data. In addition, manual checks are carried out regularly at a decentralised level by those responsible locally and
at a central level by Corporate Accounting & Controlling, Corporate Internal Audit & Security, Corporate Taxes and
Corporate Finance. Over and above the aforementioned internal accounting control system and risk management
structures, Corporate Internal Audit is an essential component of the Group’s controlling and monitoring system.
Using risk-based auditing procedures, Corporate Internal Audit examines the processes related to financial reporting
and reports its results to the Board of Management on a regular basis. Upstream and downstream checks and analyses
of the reported data are performed under chronological aspects. If necessary, we call in outside experts, for instance,
in the case of pension provisions. Finally, the Company’s standardised process for preparing financial statements using
a centrally administered financial statements calendar guarantees a structured and efficient accounting process.
Reporting opportunities and risks
Identifying opportunities and risks – and swiftly capitalising upon or counteracting them – is a key objective for
our Group. This is why we account for the anticipated impact of potential events and developments in our current
business plan as well as in our revenue and earnings projection. In the following we primarily report those risks
and opportunities which, from the current standpoint, could have an additional significant, potentially positive or
negative, impact during the current forecast period.
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134
We assess opportunities and risks based on their probability of occurrence and impact. Subsequently, we distinguish
between opportunities and risks of low, medium and high relevance. We characterise opportunities and risks of
medium and high relevance as significant.
The opportunities and risks described here are not necessarily the only ones the Group faces or is exposed to. Our
business activities could also be influenced by additional factors of which we are currently unaware or which we
do not yet consider to be material.
Opportunities and risks are identified and assessed decentrally at Deutsche Post DHL Group. Reporting on possible
deviations from projections, including latent opportunities and risks, occurs primarily at the country or regional
level. In view of the degree of detail provided in the internal reports, decentrally reported opportunities and risks
are combined into categories below for the purposes of this report. It should be noted that the underlying individual reports – with the exception of those on the world economy and global economic output – usually exhibit a
zero to minimal correlation. It is rather unlikely that a number of major opportunities or risks in a single category
or across categories would occur systematically at the same time.
Unless otherwise specified, a low relevance is attached to individual opportunities and risks within the respective
categories and in the forecast period under observation (2015). With respect to opportunities and risks arising
from possible legal proceedings or those already underway, we generally refrain from making an assessment to
avoid affecting our position in the proceedings. The opportunities and risks generally apply for all divisions, unless
indicated otherwise.
Categories of opportunities and risks
Opportunities and risks arising from political, regulatory or legal conditions
Some risks arise primarily from the fact that the Group provides some of its services in a regulated market. A large
number of postal services rendered by Deutsche Post AG and its subsidiaries (particularly the Post-eCommerce-Parcel
division) are subject to sector-specific regulation by the Bundesnetzagentur (German federal network agency) pursuant
to the Postgesetz (PostG – German Postal Act). The Bundesnetzagentur approves or reviews prices, formulates the
terms of downstream access and has special supervisory powers to combat market abuse.
On 25 January 2012, the European Commission issued a ruling on the formal investigation regarding state aid that
it had initiated on 12 September 2007. In its review, the European Commission determined that Deutsche Post AG
was not overcompensated for providing universal services between 1989 and 2007 using state resources. It also did
not find fault with the state guarantees for legacy liabilities. By contrast, in its review of funding for civil servants’
pensions, the European Commission concluded that illegal state aid had, in part, been received. It said that the
pension relief granted to Deutsche Post AG by the Bundesnetzagentur during the price approval process led to
Deutsche Post AG receiving a benefit, which it must repay to the Federal Republic of Germany; in addition, it must
also be ensured that no benefits are received in the future which could be considered illegal state aid. The Commission furthermore stated that the precise amount to be repaid was to be calculated by the Federal Republic.
In a press release, the European Commission had referred to an amount of between €500 million and €1 billion.
Deutsche Post AG is of the opinion that the Commission’s state aid decision of 25 January 2012 cannot withstand
legal review and has filed an appeal with the European Court of Justice in Luxembourg. The Federal Republic of
Germany has similarly appealed the decision.
To implement the state aid ruling, the federal government called upon Deutsche Post AG on 29 May 2012 to make
a payment of €298 million, including interest. Deutsche Post AG paid this amount to a trustee on 1 June 2012
and appealed the recovery order to the Administrative Court. The appeal, however, has been suspended pending
a ruling from the European Court. The company made additional payments of €19.4 million, €15.6 million and
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Management report
€20.2 million to the trustee on 2 January 2013, 2 January 2014 and 2 January 2015, respectively. The payments made
were reported in the balance sheet under non-current assets; the earnings position remained unaffected. The
European Commission has not expressed its final acceptance of the calculation of the state aid to be repaid. On
17 December 2013, it initiated proceedings against the Federal Republic of Germany with the European Court of
Justice to effect a higher repayment amount.
If the appeals issued by Deutsche Post AG or the federal government against the state aid ruling are successful, the
opportunity exists that the payment of €298 million and the payments of €19.4 million, €15.6 million and €20.2
million made in addition – as well as the additional annual payments of around €19 million to be made in the
future – will be returned. A repayment would only affect the liquidity of Deutsche Post AG; the earnings position
would remain unaffected.
On the other hand, although Deutsche Post AG and the federal government are of the opinion that the state aid
decision cannot withstand legal review, it cannot be ruled out that Deutsche Post AG will ultimately be required
to make a potentially higher payment, which could have an adverse effect on earnings. More information about
the state aid investigation is provided in the Notes.
On 14 November 2013, the Bundesnetzagentur determined the conditions for regulating certain mail prices requiring
approval under the price-cap procedure from January 2014 to December 2018. The general rate of inflation less
the productivity growth rate stipulated by the regulatory authority (X-factor) in the amount of 0.2% p.a. constitutes
the key factor applicable to the price trend for these products. This would necessitate price reductions if the inflation
rate in the reference period is lower than the productivity growth rate specified and permit price increases if the
inflation rate in the reference period is higher than the productivity growth rate specified. On 15 October 2014,
the Bundesnetzagentur approved a 1.0% increase in the average price of all price-capped products. On 8 June
2013, the Bundesnetzagentur initiated market abuse proceedings against Deutsche Post InHaus Services GmbH,
citing discriminatory access conditions for sorting and consolidation services following a complaint by one of the
company’s competitors. The party filing the complaint accused the company in particular of offering other postal
services providers better conditions for posting and collection than it itself had been offered. Deutsche Post InHaus
Services GmbH considers the accusations to be unfounded. On 18 November 2014, the Bundesnetzagentur suspended
the market abuse proceedings. It is currently unknown whether the complainant will appeal the suspension of
the proceedings.
Since 1 July 2010, as a result of the revision of the relevant tax exemption provisions, the VAT exemption has only
applied to those specific universal services in Germany that are not subject to individually negotiated agreements
or provided on special terms (discounts etc.). Deutsche Post AG does not believe that the legislative amendment
fully complies with the applicable provisions of European Community law. Due to the legal uncertainty resulting
from the new legislation, Deutsche Post AG is endeavouring to clarify certain key issues with the tax authorities.
Although Deutsche Post AG is implementing the required measures to a large extent, the differing legal opinions
on the part of Deutsche Post AG and the tax authorities will be judicially clarified.
In light of the announced legal proceedings, we have not undertaken a risk classification.
In addition to the opportunities and risks arising from sector-specific regulation pursuant to the Postgesetz (PostG –
German Postal Act), the company is subject to additional opportunities and risks arising from legal conditions.
On 5 November 2012, the Bundeskartellamt (German federal cartel office) initiated proceedings against Deutsche
Post based on suspicion of abusive behaviour with respect to agreements on mail transport with major customers.
Based upon information from Deutsche Post AG’s competitors and customer surveys, the authorities suspect that
the company had violated the provisions of German and European antitrust law. Deutsche Post AG does not share
this opinion. However, should the authorities find their suspicions confirmed, they may require Deutsche Post AG
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to refrain from certain practices or impose fines. Due to the on-going legal proceedings, we do not provide a risk
assessment at present.
Further Litigation
A large number of the postal services rendered by Deutsche Post AG and its subsidiaries are subject to sector-specific
regulation by the Bundesnetzagentur (German federal network agency) pursuant to the Postgesetz (German Postal
Act). As the regulatory authority, the Bundesnetzagentur approves or reviews such prices, formulates the terms of
downstream access and has special supervisory powers to combat market abuse. This general regulatory risk could
lead to a decline in revenue and earnings in the event of negative decisions.
Legal risks arise, amongst other things, from pending administrative court appeals by an association against the
price approvals under the price cap procedure for 2003, 2004 and 2005 and, in addition, against the relevant decisions
for 2008 and 2013. Although the appeals against price approvals for the years 2003 to 2005 were dismissed by the
Münster Higher Administrative Court, as the court of appeal, an appeal has been filed with the Federal Administrative
Court. The Cologne Administrative Court has not yet decided on the appeals against the price approvals for 2008
and 2013.
In its decision dated 14 June 2011, the Bundesnetzagentur concluded that First Mail Düsseldorf GmbH, a subsidiary
of Deutsche Post AG, and Deutsche Post AG had contravened the discounting and discrimination prohibitions
under the Postgesetz. The companies were instructed to remedy the breaches that had been identified. Both
companies appealed against the ruling. Furthermore, First Mail Düsseldorf GmbH filed an application to suspend
the execution of the ruling until a decision was reached in the principal proceedings. The Cologne Administrative
Court and the Münster Higher Administrative Court both dismissed this application. First Mail Düsseldorf GmbH
discontinued its mail delivery operations at the end of 2011 and retracted its appeal on 19 December 2011.
Deutsche Post AG continues to pursue its appeal against the Bundesnetzagentur ruling.
In its ruling of 30 April 2012, the Bundesnetzagentur determined that Deutsche Post AG had contravened the
discrimination provisions under the Postgesetz by charging different fees for the transport of identical invoices
and invoices containing different amounts. Deutsche Post AG was requested to discontinue the discrimination
determined immediately, but no later than 31 December 2012. The ruling was implemented on 1 January 2013.
Deutsche Post does not share the legal opinion of the Bundesnetzagentur and appealed the ruling.
Macroeconomic and industry-specific opportunities and risks
Risks arising from macroeconomic and sector-specific conditions are a key factor in determining the success of our
business. For this reason we pay close attention to economic trends in the individual regions. Despite the volatile
economic climate, demand for logistics services rose in 2014, as did the related revenues.
A variety of external factors offer us numerous opportunities, indeed we believe that the global market will
continue to grow. Advancing globalisation means that the logistics industry will continue to grow at least as fast
as or faster than the world economy as a whole. This is especially true for Asia, where trade flows to other regions
and in particular within the continent will continue to increase. As the market leader, our DHL divisions can
generate above-average benefits from this. This also applies to regions such as South America and the Middle
East, which continue to see robust growth. We are similarly well positioned in the emerging economies of Brazil,
Russia, India, China and Mexico (BRIC+M) and will take advantage of opportunities arising in these markets.
Whether and to what extent the logistics market will grow is dependent on a number of factors. The trend towards
outsourcing business processes continues. As a result, supply chains are becoming more complex and more international but are also more prone to disruption. For this reason, customers want stable, integrated logistics solutions,
which is what we provide with our broad-based service portfolio. We continue to see growth opportunities in this
area, in particular in the Supply Chain division and as a result of closer co-operation between all our divisions.
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The booming online marketplace represents another opportunity for us in that it is creating demand for transporting
documents and goods. The B2C market is experiencing double-digit growth, particularly due to the rapid rise in
digital retail trade. This has created high growth potential for the national and international parcel business,
which we intend to tap into by expanding our parcel network.
On the other hand, we are nonetheless unable to rule out the possibility of an economic downturn in specific regions
and a stagnation or decrease in transport quantities. However, this would not reduce demand for our services in
all business units. Indeed, the opposite effect could arise in the parcel business, for example, as a result of an increase in online purchasing amongst consumers. Companies might also be forced to outsource transport services in
order to lower costs. Cyclical risks can affect our divisions differently with respect to magnitude as well as point in
time, which may mitigate the total effect. Therefore, we consider these risks to be medium at best. Moreover, we
have taken measures in recent years to make costs more flexible and to be able to respond quickly to a change in
market demand.
Deutsche Post and DHL are in competition with other providers. Such competition can significantly impact our
customer base as well as the levels of prices and margins in our markets. In the mail and logistics business, the key
factors for success are quality, customer confidence and competitive prices. Thanks to our high quality along with
the cost savings we have generated in recent years, we believe that we shall be able to remain competitive and
keep any negative effects at a low level.
Financial opportunities and risks
As a global operator, Deutsche Post DHL Group is inevitably exposed to financial opportunities and risks. These
are mainly opportunities or risks arising from fluctuating exchange rates, interest rates and commodity prices and
the Group’s capital requirements. Using operational and financial measures, we try to reduce the volatility of our
financial performance due to financial risk.
Opportunities and risks with respect to currencies may result from scheduled or planned future foreign currency
transactions. Significant currency risks from planned transactions are quantified as a net position over a rolling
24-month period. Highly correlated currencies are consolidated in blocks. The identified risks are partly hedged
using derivatives. The most important planned net surpluses at the Group level are in pound sterling, Japanese
yen and Indian rupee, whilst the Czech crown is the only currency with a considerable net deficit. By offsetting the
net deficit in US dollars with surpluses in other highly correlated currencies, the net risk in the “US dollar block” at
the Group level is relatively balanced and thus not actively managed. The average hedging level for the year 2015
was approximately 55% as at the reporting date.
A potential general devaluation of the euro presents an opportunity for the Group’s earnings position. Based on
current macroeconomic estimates, we consider this opportunity to be of low relevance.
The main risk to the Group’s earnings position would be a general appreciation of the euro. The significance of
this is considered low when considering the individual risks arising from the performance of the respective currencies.
As a logistics group, our biggest commodity price risks result from changes in fuel prices (kerosene, diesel and marine
diesel). In the DHL divisions, most of these risks are passed on to customers via operating measures (fuel surcharges).
We only have noteworthy hedging instruments for the purchase of diesel in the Post-eCommerce-Parcel (PeP) division.
The key control parameters for liquidity management are the centrally available liquidity reserves. Deutsche Post
DHL Group had central liquidity reserves of €3.8 billion as at the reporting date, consisting of central financial
investments amounting to €1.8 billion plus a syndicated credit line of €2 billion. Therefore, the Group’s liquidity is
sound in the short and medium term. Moreover, the Group enjoys open access to the capital markets on account
of its good ratings within the industry, and is well positioned to secure long-term capital requirements.
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The Group’s net debt amounted to €1.5 billion at the end of 2014. Given our existing interest rate hedging
instruments, the share of financial liabilities with short-term interest lock-ins in total financial liabilities in the
amount of €5.2 billion is approximately 35%. The fact that the European Central bank is likely to keep short-term
interest rates at a low level during 2015 and beyond favourably impacts the risk assessment.
Further information on the financial position and finance strategy of the Group as well as on the management of
financial risks is found in the report on the economic position.
Opportunities and risks arising from environmental protection
Our Group-wide opportunity and risk management also considers environmental developments.
Our customers want to improve their carbon efficiency and be supplied with information on their CO2 emissions,
which we regard as a positive trend. Such an increase in environmental awareness presents new business potential:
with our mail, parcel and express products as well as air and ocean freight transport, we not only lead our industry
in the areas of energy-efficient transport, transparent emissions reports and climate-neutral products, but we also
offer customer-specific solutions to reduce carbon emissions.
Opportunities and risks arising from corporate strategy
Over the past years, the Group has ensured that its business activities are well positioned in the world’s fastest
growing regions and markets. We are also constantly working to create efficient structures in all areas to enable
us to flexibly adapt capacities and costs to demand – a prerequisite for lasting, profitable business success. With
respect to strategic orientation, we are focusing on our core competencies in the mail and logistics businesses with
an eye towards growing organically and simplifying our processes for the benefit of our customers. Our earnings
projections regularly take account of development opportunities arising from our strategic orientation. In the
specified period under consideration, risks arising from the current corporate strategy, which extends over a longterm period, are considered to have a low relevance for the Group. In addition, the divisions face the following
special situations:
In the PeP division, we are responding to the challenges presented by the structural change from a physical to a
digital business. We are counteracting the risk arising from changing demand by expanding our range of services.
Due to the e-commerce boom, we expect our parcel business to continue growing robustly in the coming years
and are therefore extending our parcel network. We are also expanding our range of electronic communications
services, securing our standing as the quality leader and, where possible, making our transport and delivery costs
more flexible. We follow developments in the market very closely and take these into account in our earnings
projections. For the specified forecast period, we do not see these developments as having a significant potential
to result in a negative impact.
In the Express division, our future success depends above all on general factors such as trends in the competitive
environment, costs and quantities transported. After having spent recent years successfully restructuring our
business and substantially improving cost structures, we are focusing on fostering growth in our international
business. We expect a further increase in shipment volumes. Based on this assumption, we are investing in our
network, our services, our employees and the DHL brand. Against the backdrop of the past trend and the overall
outlook, we do not see any significant strategic opportunities or risks for the Express division beyond those reported
in the section entitled “Opportunities and risks arising from macroeconomic and industry-specific conditions”.
In the Global Forwarding, Freight division we purchase transport services from airlines, shipping companies and
freight carriers rather than providing them ourselves. Under favourable circumstances, we succeed in purchasing
transport services on a cost-effective basis. We thus have the opportunity of generating higher margins. When
circumstances are not favourable, we bear the risk of not being able to pass on all price increases to our customers.
The extent of the opportunities and risks essentially depends on trends in the supply, demand and price of trans-
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port services as well as the duration of our contracts. Comprehensive knowledge in the area of brokering transport services helps us to capitalise on opportunities and minimise risk.
Our Supply Chain division provides customers in a variety of industries with solutions along the entire logistics chain.
Our success is highly dependent on our customers’ business success. Since we offer customers a widely diversified
range of products in different sectors all over the world, we can diversify our risk portfolio and thus counteract
the incumbent risks. Moreover, our future success also depends on our ability to continuously improve our existing
business and to grow in our most important markets and customer segments. We do not see any significant strategic
opportunities or risks for the Supply Chain division beyond those reported in the section entitled “Opportunities
and risks arising from macroeconomic and industry-specific conditions”.
Opportunities and risks arising from internal processes
For us to render our services, a number of internal processes need to be integrated. In addition to fundamental
operating processes, these include supporting functions such as sales and purchasing as well as corresponding
management. Should we succeed in aligning our internal processes to meet customer needs whilst simultaneously
lowering costs, this could lead to positive deviations from current projections. We are steadily improving internal
processes with the help of our First Choice initiatives. This improves customer satisfaction whilst reducing our costs.
Our earnings projection already incorporates expected cost savings.
Logistics services are generally provided in bulk and require a complex operational infrastructure with high quality
standards. To consistently guarantee reliability and punctual delivery, processes must be organised so as to proceed
smoothly with no technical or personnel-related glitches. Any weaknesses with regard to posting and collection,
sorting, transport, warehousing or delivery could seriously compromise our competitive position. We therefore
adapt all processes to current circumstances as needed. We also take preventive measures to guard against disruptions
or malfunctions in our operational processes. Should disruptions nonetheless occur, contingency plans will come
into effect to minimise the consequences. Some risks from business interruptions are also partly protected by our
insurance policies.
Opportunities and risks arising from information technology
The security of our information systems is particularly important to us. The goal is to ensure continuous IT system
operation and prevent unauthorised access to our systems and databases. To fulfil this responsibility, the Information
Security Committee, a subcommittee of the IT Board, has defined guidelines and procedures based on ISO 27002,
the international standard for information security management. In addition, Group Risk Management, IT Audit,
Data Protection and Corporate Security monitor and assess IT risk on an on-going basis. For our processes to run
smoothly at all times, the essential IT systems must be constantly available. We ensure this by designing our systems
to protect against complete system failures. In addition to third-party data centres, we operate central data centres
in the Czech Republic, Malaysia and the United States. Our systems are thus geographically separate and can be
replicated locally.
We limit access to our systems and data so employees can only access the data they need to do their jobs. All systems
and data are backed up on a regular basis and critical data are replicated across data centres.
All of our software is updated regularly to address bugs, close potential gaps in security and increase functionality.
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We employ a patch management process – a defined procedure for managing software upgrades – to control risks
that could arise from outdated software or from software upgrades.
Based on the measures described above, we estimate the probability of experiencing a significant IT incident with
serious consequences as very unlikely.
Our E-POST products – first and foremost E-Postbrief – come with our pledge of security and data protection. In
2014, the associated platform was re-certified by the German Federal Office for Information Security in accordance
with its standards for IT-Grundschutz in a seamless continuation of the previous certification. In addition, the 2013
certification from TÜV Informationstechnik GmbH pursuant to the criteria for trusted site privacy is still valid. This
confirms compliance with the legal standards and applicable data protection regulations.
Opportunities and risks arising from human resources
As a mail and logistics services group, it is particularly important that we have qualified and motivated employees in
order to achieve long-term success. However, demographic change could lead to a decrease in the pool of available
talent in various markets. To minimise the risk of failing to acquire a sufficient number of qualified employees, we
have implemented various measures designed to motivate, commit, develop and promote our employees.
We use Strategic Resource Management to address the risks arising from an aging population and the capacity
shortages that may result from changing age and social structures. The experience gained is used to continuously
improve this analysis and planning instrument. The Generations Pact agreed with trade unions in Germany also
contributes to taking advantage of the career experience of employees for as long as possible whilst at the same
time offering young people a career perspective.
Possible increases in both chronic and acute disease pose another risk to sustaining business operations. For example,
an infectious disease such as Ebola that initially strikes only locally can quickly have a global impact when spreading
via networked trade routes and global traffic flows. We are responding to this risk with a systematic health
management programme and cross-divisional co-operation.
EXPECTED DEVELOPMENTS
Deutsche Post AG is fully included in the international strategic focus of Deutsche Post DHL Group and the related
performance forecast. The Post-eCommerce-Parcel division largely reflects Deutsche Post AG’s core business while
the DHL divisions indirectly influence Deutsche Post AG through net investment income, as profit transfer agreements
are in place. Company management is exclusively based on key figures calculated in accordance with the IFRSs. There
are no performance indicators relevant to internal management at Deutsche Post AG as a legal entity. The financial
statements prepared in accordance with the German commercial code (HGB) are of significance for calculating the
dividend. The Company forecast is therefore presented on the basis of Deutsche Post DHL performance metrics which
are calculated in accordance with the IFRSs.
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Overall Board of Management assessment of the future economic position
Consolidated EBIT of €3.05 billion to €3.20 billion expected
We expect the global economy to continue to experience regional variations in 2015 and to demonstrate only
moderate growth on the whole. A similar development is anticipated for world trade. Our strong position as market
leader in the German mail and parcel business and in nearly all of our international logistics activities is the best
possible basis for further growth. Our strategic focus on business driven by e-commerce and emerging economies
that exhibit strong structural growth are the main factors we see as supporting the long-term performance of our
business. The Board of Management expects consolidated EBIT to reach €3.05 billion to €3.20 billion in financial
year 2015. The Post-eCommerce-Parcel division is likely to contribute at least €1.3 billion to this figure. Compared
with the previous year, we expect an additional improvement in overall earnings to €2.1 billion to €2.25 billion
in the DHL divisions. Within the DHL divisions we expect a further increase in earnings for Express, whilst the
transformation in the Global Forwarding, Freight division and investments in the Supply Chain division will
dampen those divisions´ earnings. The Corporate Center/Other result is projected to remain at around €-0.35 billion. In
financial year 2015, we also expect EAC to grow. Free cash flow is expected to at least cover the dividend payment
for financial year 2014 projected to be paid in May 2015. Within the DHL divisions we expect a further increase in
earnings for Express, whilst the transformation in the Global Forwarding, Freight division and investments in the
Supply Chain division will dampen those divisions’ earnings.
Forecast period
Outlook generally refers to 2015
The information contained in the report on expected developments generally refers to financial year 2015.
However, in some instances we have chosen to extend the scope.
Future organisation
No material changes to the organisational structure planned.
No material changes to the Group’s organisational structure are planned for financial year 2015.
Future economic parameters
Good prospects for slightly accelerated global growth
Prospects for slightly accelerated global growth are favourable in 2015. The economic upswing is expected to
grow stronger, especially in the industrial countries. Low oil prices are likely to spur domestic demand. Moreover,
fiscal consolidation pressure has abated. Monetary policy is likely to remain expansive and continue to support
growth. In the emerging markets, economic performance is projected to vary greatly with the effects of existing
negative factors likely to persist or even grow. This could become a problem, especially for countries that rely on
commodities exports. Risks to global growth could emanate from geopolitical conflicts in particular. It is furthermore impossible to rule out that the sovereign debt crisis will flare up again in the euro zone as a consequence of
conflicts of interest on the part of policymakers.
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Global economy: growth forecast
%
2014
2015
3.1
3.8
World
3.3
3.5
Industrial countries
1.8
2.4
Emerging markets
4.4
4.3
Central and Eastern Europe
2.7
2.9
CIS countries
0.9
-1.4
Emerging markets in Asia
6.5
6.4
Middle East and North Africa
2.8
3.3
Latin America and the Caribbean
1.2
1.3
Sub-Saharan Africa
4.8
4.9
World trade volumes
Real gross domestic product
Source: International Monetary Fund (IMF) World Economic Outlook, Update January 2015.
Growth rates calculated on the basis of purchasing power parity.
In China, the economy is expected to revive over the course of the year. Exports are set to rise thanks to growing
demand from the industrial countries. It is also possible that the government will enact fiscal measures to boost
growth. GDP growth is nonetheless expected to soften over the year as a whole (IMF: 6.8 %, OECD: 7.1 %). The
Japanese economy is forecast to recover from the economic setback. However, there are no signs of a strong
upswing. Private consumption is likely to rise slightly. By contrast, export momentum is expected to slow. GDP
growth will likely see only moderate growth overall (IMF: 0.6%, OECD: 0.8%; Global Insight: 1.0%).
In the United States, the economic upturn could accelerate appreciably. Private consumption is likely to benefit
from a further drop in the unemployment rate and low energy prices. Strong momentum is also expected to come
from corporate investment and residential construction spending. Although foreign trade will presumably have
a negative impact on growth, GDP is likely to see stronger growth on the whole than in the previous year (IMF:
3.6%; OECD: 3.1%; Global Insight: 3.1%).
In the euro zone, the economy is forecast to recover gradually. Private consumption is likely to rise. Gross fixed
capital formation is also expected to expand from its currently very low level. Government spending, however,
is projected to rise only slightly. No notable growth momentum is expected from foreign trade. All in all, GDP
growth is projected to increase somewhat but still remain modest (IMF: 1.2%; ECB: 1.0%; Global Insight: 1.4%).
Early indicators suggest that the German economy will revive gradually. Exports are expected to register strong
growth and companies to gradually expand capital expenditure. Private consumption could turn into the most
important driver of growth. The number of employed people is likely to rise again on the annual average. Due to
the weak starting position, however, it is nonetheless questionable whether GDP growth will be as strong as in the
prior year (IMF: 1.3%, Sachverständigenrat: 1.0%; Global Insight: 1.6%).
The expected revival of the global economy is likely to increase demand for crude oil. Since it is improbable that the
supply will rise significantly in light of the low prices, it is more likely than not that prices will rise again in 2015.
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The ECB will very probably maintain its key interest rate at the current level for some time and implement the
decisions taken at the start of 2015. By contrast, the US Federal Reserve could raise its key interest rate slightly in
2015, which could lead to a moderate increase in capital market interest rates.
World trade grows, thanks especially to asia
The emerging markets in Asia are expected to play a significant role in the growth of global trade again in 2015.
At 3.0%, growth in global trade volumes (transported quantity in tonnes) is forecast to be overall slightly higher in
2015 compared with 2014 due to the slight improvement in the economic climate in the industrial countries.
The mail and parcel business in the digital age
The market for paper-based mail communication continues to decline in Germany, though more moderately than in
other European countries. Mail volumes are decreasing, primarily because people are increasingly communicating
digitally rather than physically. With E-POST, we have developed a portfolio of digital products that are gaining
traction in the German market. At the beginning of 2014, we increased postage for a standard domestic letter slightly
in accordance with the price-cap procedure. Although prices were subject to a further slight increase at the beginning
of 2015, they are still below the European average.
The German advertising market saw a nominal increase in revenues in 2014. Moderate growth is also expected in
2015. Similar to the mail business, advertising budgets are increasingly being shifted to digital media. The trend is
towards personalised, crossmedia campaigns. We intend to consolidate our position in the market for paper-based
advertising. Furthermore, we want to tap into new fields by developing new technologies for online marketing and
cross-media campaigns.
The parcel market will continue to grow both in Germany and internationally. We shall drive this development with
our high-quality shipping and delivery services as well as the associated infrastructure for new markets. By offering
logistics services specifically for the e-commerce segment, we shall also further expand our international market
position. This will also have a positive impact on the international mail business – a market that is likely to see slight
growth, particularly due to increasing merchandise shipping.
Revenue and earnings forecast
Consolidated EBIT of €3.05 billion to €3.20 billion expected
The world economy again registered below-average growth in the reporting year. We expect the global economy to
continue to experience regional variations in 2015 and to grow only moderately on the whole. The global trading
volumes relevant to our business are likely to perform similarly. Revenue performance is expected to reflect our
strategic focus on business driven by e-commerce and emerging economies evidencing strong structural growth.
Against this backdrop, we expect consolidated EBIT to reach €3.05 billion to €3.20 billion in financial year 2015.
The Post-eCommerce-Parcel division is likely to contribute at least €1.3 billion to this figure. Compared with the
previous year, we expect an additional improvement in overall earnings to €2.1 billion to €2.25 billion in the DHL
divisions. Within the DHL divisions, Express is expected to show continued earnings growth, whereas transformation
in Global Forwarding, Freight and investments in Supply Chain will dampen EBIT growth in the latter divisions.
The Corporate Center/ Other result is projected to remain at around €-0.35 billion.
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In line with our Group strategy, we are targeting organic growth and anticipate only a few small acquisitions in
2015, as in the previous year.
We are reiterating the earnings forecast for 2016 that we presented in August 2014: consolidated EBIT is expected
to reach between €3.4 billion and €3.7 billion in 2016. The PeP division is likely to account for more than €1.3 billion
of this and the earnings contribution of the DHL divisions is forecast to range from €2.45 billion to €2.75 billion.
Our finance strategy calls for a payout of 40% to 60% of net profits as dividends as a general rule. At the Annual
General Meeting on 27 May 2015, we intend to propose to the shareholders that a dividend per share of €0.85 be
paid for financial year 2014 (previous year: €0.80). For the financial year 2015 of Deutsche Post AG, we expect a
result which will allow a similar dividend payment to be made.
Expected financial position
No change in the Group’s credit rating
In light of the earnings forecast for 2015, we expect the “FFO to debt” indicator to remain stable on the whole and
do not expect the rating agencies to change our credit rating from the present level.
Liquidity to remain solid
We anticipate a deterioration in our liquidity in the first half of 2015 as a result of the annual pension prepayment
due to Bundesanstalt für Post und Telekommunikation as well as the dividend payment for financial year 2014 in
May 2015. However, our operating liquidity situation will improve again significantly towards the end of the year
due to the upturn in business that is normal in the second half.
Investments of around €2.0 billion expected
In 2015, we plan to increase capital expenditure to around €2.0 billion to support the goals of our Strategy 2020.
The focus of investment will be upon technical equipment and machinery, aircraft, transport and operating
equipment as well as IT.
In the Post-eCommerce-Parcel division, capital expenditure will be higher than projected in 2014. It is planned
that the parcel network will be expanded further in Germany and abroad. Moreover, we plan to optimise our IT,
particularly in the growth sector of eCommerce-Parcel and to expand delivery options, such as the parcel box
or Packstation. In the Express division, we expect investment spending in 2015 to considerably exceed that of the
previous year. We shall continue to invest in global and regional hubs and in continually renewing our aircraft
fleet. In the Global Forwarding, Freight division, we envisage lower investments in 2015, although we shall expand
our IT, in particular for the NFE project. In the Supply Chain division, capital expenditure in 2015 is expected to be
slightly above that of the reporting year. New business projects will continue to be the main focus of investments.
We shall also be investing in strategic initiatives and business expansion.
Cross-divisional investments in 2015 will be lower than in the reporting year.
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Development of further indicators relevant for internal management
EAC increases slightly
As a result of the projected growth in EBIT, we expect that EAC will also grow in 2015. The divisions will be under
the same impact with regard to EAC as laid out in the EBIT outlook. However, as our investing activities continue
and the net asset base will increase as a result, the rise in EBIT after asset charge may fall slightly short of EBIT
growth. Free cash flow is expected to at least cover the dividend payment for financial year 2014 projected to be
made in May 2015.
Employee Opinion Survey results again positive
We intend to keep up the positive results that our Employee Opinion Survey achieved in the reporting year. For 2015,
we expect to see an increase to 72% in the approval rating for the key performance indicator Active Leadership.
Transparent presentation of greenhouse gas efficiency
We intend to increase transparency in our greenhouse gas efficiency because it is the target of our GoGreen
environmental protection programme. It will be measured using a CO2 Efficiency Index (CEX), which is based upon
division and business unit-specific emission intensity figures that show the ratio of the respective emissions to a
matching performance indicator. Our goal therefore remains to consider CEX as a non-financial indicator relevant
for internal management in the Group.
This Annual Report contains forward-looking statements that relate to the business, financial performance and results of operations of Deutsche Post AG.
Forward-looking statements are not historical facts and may be identified by words such as “believes”, “expects”, “predicts”, “intends”, “projects”,
“plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets” and similar expressions. As these statements are based on current plans, estimates
and projections, they are subject to risks and uncertainties that could cause actual results to be materially different from the future development,
performance or results expressly or implicitly assumed in the forward-looking statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as at the date of this presentation. Deutsche Post AG does not intend or assume any obligation to
update these forwardlooking statements to reflect events or circumstances after the date of this Annual Report.
Any internet sites referred to in the Group Management Report do not form part of the report.
Deutsche Post AG
Headquarter
53250 Bonn
Germany
Responsible for content:
Dept. 622
www.deutschepost.de

Annual Financial Statements (HGB)

Transcription

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