Tag: Deutsche Post

Deutsche Post & Deutsche Bahn to bid for 800m euro German army contract

Posted by | Jul 31, 2008 | |

Deutsche Post World Net AG. and Deutsche Bahn AG. separately plan to submit bids for a major logistics contract to be tendered by the Germany army this summer, Handelsblatt reported, citing spokesmen for both companies.

The newspaper also said Kuehne & Nagel and Hellmann Logistics may be interested in the contract, without saying where it got the information.

Industry experts estimate the contract may have a volume of about 800 million euros, it said.

The German army, called the Bundeswehr, plans to tender basic logistics including warehousing of medical equipment and supplies, but not ammunition, the newspaper said, citing a spokesman for Bundeswehr advisor GEBB.

The contract will also comprise transport of materials, ammunition, medical equipment and supplies, domestically and abroad, though not the transport of soldiers.

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Postbank remains on track in first half-year

Posted by | Jul 30, 2008 | |

In the first half-year of 2008, Deutsche Postbank AG asserted its position well in an environment characterized by the capital market crisis and an inverse yield curve. In key product categories, new business was expanded and market gains achieved. There was a positive trend in operating results while charges on the income statement resulting from the trend on capital markets were again relatively moderate.

In comparison to the first half-year of 2007 – the last before the capital market crisis started – Postbank improved its core operating figures – net interest income and net fee and commission income. Due to market turbulence, net trading income and net income from investment securities declined. As a result of enhanced efficiency and rigorous cost control, administrative expenses moved down considerably. Allowances for losses on loans and advances was appreciably below the level of the previous year.

In the first six months of 2008, profit before tax fell by 26.1pct to EUR337 million. Adjusted for the impact of the financial market crisis, the result increased by 43.4pct to EUR654 million. Return on equity before tax declined to 13.9pct (previous year: 17.5pct). The cost-income ratio of the whole bank increased to 73.7pct (68.7pct ), while in the classical banking business (without Transaction Banking) this figure rose to 71.8pct (66.6pct ). Adjusted for the financial impact of the market jitters, there was a year-on-year improvement of profit before tax, return on equity and the cost-income ratio in the first six months.

In view of the positive development of the operating business after the first half year of 2008, Postbank sees itself as well on track for achieving an operating result before tax (without positive and negative non-recurring effects) of between EUR1.1 billion and EUR1.2 billion for the current fiscal year. This guidance is given despite the inverse yield curve and high volatility on capital markets.

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DHL Hub Leipzig: The last hurdle is cleared in Brussels

Posted by | Jul 23, 2008 | |

Deutsche Post welcomed the conclusion of the most recent state aid proceedings with an eye on the new hub of its express subsidiary DHL. The proceedings against the Free State of Saxony, which have been pending since 2006, have focused on the state’s financial contribution to the construction of a new runway at Leipzig Airport. In its decision, the commission did not object to the contribution.
An additional aspect of the proceedings dealt with financial guarantees of Saxony and the airport with regard to permanent 24-hour use of the airport among other things. Commitments to liability had been made here, since unlimited use of its facilities in Leipzig is indispensable for DHL as an express company and the company had sought maximal security for its investments at that time. The commission has now declared the commitments as not permissible.
No negative consequences result for the hub itself, however. Operations and the required investment security have been ensured in the meantime to the greatest possible extent through political and legal decisions.
CEO Frank Appel emphasized that Deutsche Post can live quite well with the commission’s decision: “We have obtained in the meantime the long-term security that DHL urgently needs at the Leipzig location. After the conclusion of the last EU Commission’s proceedings we can really say that we no longer see any restrictions from Brussels on the further operations of our express business at this important location.”
The limited reimbursement requirement also has no consequence whatsoever on the operational day-to-day business nor on DHL’s decision to operate the central European hub in Leipzig for the long term.

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Preview of second quarter: Deutsche Post World Net

Posted by | Jul 23, 2008 | |

Although there was some evidence of market growth slowing in Air Freight Forwarding and Express in the second quarter, Deutsche Post World Net still showed strong growth in underlying EBIT of around 18 percent. On an underlying basis all divisions met or exceeded last year’s second-quarter results.
Revenue growth has been increased by higher fuel costs that were recovered from customers. At the same time, foreign exchange effects continued to reduce revenue growth compared with the year-earlier period.
The revenue increase before foreign exchange effects was approximately 9 percent in the second quarter and reported revenue increased by about 4 percent.
Based on the first-half results and assuming no significant worsening of the global economy, the Group is maintaining its full-year guidance for 2008 and expects underlying EBIT of 4.1 billion euros.
While the U.S. air express market continues to soften, measures to restructure DHL Express U.S. are on track and negotiations with UPS are making satisfactory progress. An update on this matter will be issued after the conclusion of negotiations with UPS.
The full set of half-year accounts will be released on July 31, 2008 at 07:00 CEST. A press conference with Chief Executive Officer Frank Appel and Chief Financial Officer John Allan will be held at 10 a.m. CEST. An investor call will be held at 14:00 CEST.

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Deutsche Post "overweight," target price reduced

Posted by | Jul 23, 2008 | |

Analysts at JP Morgan maintain their “overweight” rating on Deutsche Post AG while reducing their estimates for the company. The 18-month target price has been reduced from EUR 27 to EUR 23.3.

In a research note published on 21st July, the analysts mention that the company witnessed weaker-than-normal trends this summer due to macro economic and earnings concerns. Deutsche Post’s performance for the current year has also been negatively impacted by fuel, labour and cost concerns, the analysts add. Deutsche Post’s current share price does not reflect the robust volume trends in the company’s mail business and some other positive factors, JP Morgan believes. The adjusted EPS estimates for 2008 and 2009 have been reduced from EUR 1.86 to EUR 1.71 and from EUR 2.12 to EUR 1.76, respectively

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