Tag: Deutsche Post

Deutsche Post World Net: First quarter on target

Posted by | May 15, 2008 | |

Deutsche Post World Net started the year of 2008 with solid performance in the first quarter: Underlying EBIT rose 6.4 percent to around 1 billion euros, meeting the Group’s own targets. That was despite the fact that the quarter had two working days less than the year-earlier period.

Reported EBIT declined 14.7 percent to 851 million euros due to non-recurring expenses at Deutsche Postbank tied to the crisis on the financial markets. Revenue totaled 15.7 billion euros, up 1.8 percent from the year-earlier period, excluding negative currency effects the increase was around 6 percent.

Deutsche Post World Net is aware of the uncertainties in the world economic development. Even so, at this point in time, the Group has no reason to change its full-year earnings forecast of around 4.2 billion euros in EBIT before non-recurring effects and around 3.2 billion euros in pretax profit.

The MAIL division projects EBIT of around 1.95 billion euros for 2008. The EXPRESS division is expected to generate EBIT of around 500 million euros, while the LOGISTICS division is scheduled to increase EBIT to around 1.05 billion. The FINANCIAL SERVICES segment projects EBIT of around 1.2 billion euros. A loss of around 550 million euros is forecast for Corporate Center / Other.

The guidance of around 4.7 billion euros in EBIT before non-recurring effects for 2009 has also been reaffirmed.

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Postbank reports positive Q1 figures (GER)

Posted by | May 8, 2008 | |

Deutsche Postbank AG is reporting positive results and further growth in its operating business in the first three months of 2008.
The Bonn-based bank increased sales of checking account and savings products and generated a record high number of new private loans in the first quarter, as well as improving its core operating figures – net interest income and net fee and commission income – as against the same period of the previous year. By contrast, net trading income and net income from investment securities declined due to the effects of the capital market crisis.
In the first three months of 2008, profit before tax fell by 25.2 pct year-on-year to EUR 166 million as a result of the turbulent market environment. Accordingly, the return on equity before taxes also declined from 17.0 pct at March 31, 2007 to 13.2 pct at March 31, 2008. The cost-income ratio improved from 69.4 pct to 73.9 pct in the same period, while the figure for Postbank”s traditional banking business (excluding Transaction Banking) rose from 67.3 pct to 71.8 pct.
In the first three months, Postbank increased the number of free checking accounts sold by 133,000 or 13.7 pct. At the end of the quarter, the Bank managed a total of 4.9 million private checking accounts for its customers. The strategic focus on value-oriented volume growth in Postbank’s savings business, which was announced in late 2007, also started to bear fruit: the volume of traditional savings deposits increased by around EUR 0.5 billion as against year-end 2007 to total EUR 44.4 billion.
The home savings volume also developed positively despite the downturn in the market as a whole, with a new contract volume of EUR 2.81 billion in the first three months of 2008 – up 2.4 pct on the same period of the previous year.
Postbank recorded the highest volume of new private loans since the launch of its Privatkredit product, with a year-on-year increase of almost 73 pct to EUR 380 million. At EUR 2.46 billion, the total private lending volume at March 31, 2008 was 7.4 pct higher than at the end of 2007.

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Deutsche Post AG 2008 Annual General Meeting: Board of Management and Supervisory Board actions approved by large majority

Posted by | May 6, 2008 | |

Board of Management and Supervisory Board actions approved by large majority
At Deutsche Post AG’s Annual General Meeting in Cologne around 3,400 shareholders approved the resolutions proposed by the Board of Management and Supervisory Board by a large majority. Shareholders representing 99.99 percent of the company’s equity capital resolved, among other issues, to pay a dividend of 90 euro cents per share, 20 percent more than last year. The dividend is tax-free for shareholders living in Germany.

The Board of Management was again authorized to buy back own shares totaling as much as 10 percent of the existing share capital. Shareholders also authorized the Board of Management to issue bonds with warrants, convertible bonds and/or participating bonds (or combinations of these instruments) and to exclude subscription rights while at the same time granting contingent capital.

The actions of the Board of Management and Supervisory Board for fiscal year 2007 were approved by large majorities of 99.10 percent and 99.83 percent respectively.

The Annual General Meeting also elected Wulf von Schimmelmann with 98.14 percent to the Supervisory Board.

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Deutsche Post names new Head of ailing DHL U.S. unit

Posted by | May 6, 2008 | |

Deutsche Post AG replaced the head of the DHL Express unit’s unprofitable U.S. operations as the company tries to turn the business around.

Ken Allen, 52, previously Chief of DHL Express in eastern Europe, the Middle East and Africa, is taking over from Hans Hickler, Chief Executive Officer Frank Appel said at the annual shareholders meeting in Cologne, Germany, today. Hickler will remain on DHL Express’s global management board, said Nicole Mommsen, a company spokeswoman.

Appel is faced with reorganizing DHL’s U.S. express- delivery unit and is under pressure to decide whether to dispose of the company’s majority holding in the Deutsche Postbank AG retail bank. Bonn-based Deutsche Post will present a plan for the U.S. business by the end of May, Appel reiterated today. The CEO also stuck to earnings targets for this year and 2009.

“U.S. express business remains unprofitable and thus not satisfactory,” Appel said. Deutsche Post is reviewing all options for the unit, though a pullout from the U.S. market is “not an option.”

Deutsche Post fell as much as 22 cents, or 1.1 percent, to 20.59 euros in German trading and was down 0.2 percent as of 11:50 a.m. in Frankfurt. The stock has declined 12 percent this year, valuing the company at 25.1 billion euros (USD 38.9 billion).

DHL is the fourth-largest shipper of packages in the U.S., with 5.9 percent of the market, according to data compiled by SJ Consulting Group Inc. UPS is the biggest with 52 percent, followed by FedEx’s 30 percent and the government-owned U.S. Postal Service with 12 percent.

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Deutsche Post Annual General Meeting 2008

Posted by | May 6, 2008 | |

Acting in his new role as Chief Executive Officer of Deutsche Post World Net, Frank Appel held his debut presentation in front of around 3,500 shareholders.

The Board of Management and the Supervisory Board are proposing a dividend increase of 20 percent to 90 euro cents. That amounts to a payout ratio of 78.2 percent of the consolidated net profit attributable to Deutsche Post AG’s stockholders. Since the company’s IPO, the dividend has risen by an average of around 19 percent a year. “Like in the past, we will stick to our dividend policy and allow our shareholders to participate in the positive business performance,” Appel promised. Deutsche Post’s dividend is tax-free for shareholders living in Germany.

The Group has made good progress with the capital market program Roadmap to Value introduced in November. It is already clear that the goal of generating at least 1 billion euros from the sale of real estate by 2009 will be exceeded. In addition to property sales worth 350 million euros that have been agreed on since November, Deutsche Post World Net a month ago announced the sale of about 1,300 properties for 1 billion euros to U.S. investor Lone Star.

In 2007, revenue rose 4.9 percent to 63.5 billion euros. EBIT before non-recurring effects climbed 8 percent to 3.8 billion euros, meeting the Group’s expectations and forecast.

Reported EBIT dropped 17 percent to 3.2 billion euros following a non-cash asset writedown in the EXPRESS Americas business. As a result, net income after minorities fell 28 percent to 1.4 billion euros, and earnings per share dropped to 1.15 euros from 1.60 euros.

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