Tag: Deutsche Post

Postbank moves over billion thresholds

Posted by | Feb 15, 2008 | |

Deutsche Postbank AG moved over the threshold of EUR1 billion in terms of its pre-tax profit. Despite intensive competition in retail banking, the flat interest rate structure and ongoing jitters on the capital markets, Deutsche Postbank AG improved its pre-tax profit in 2007 by 6.7 pct year-on-year to EUR1,004 million, on an adjusted basis by as much as 9.8 pct year-on-year to EUR1,029 million.

The return on equity before taxes increased from 18.9 pct at the end of 2006 to 19.3 pct as of 31 December, 2007. The cost/income ratio of the whole bank improved to 67.2 pct (2006: 68.3 pct) and in the traditional banking business (without transaction banking) even reached 64.8pct (66.7pct). The financial market crisis originating from the US property market impacted Postbank only to a limited extent. Overall, it posted write-downs of EUR112 million. Due to a non-recurring effect resulting from the tax reform, net income increased by 25.2 pct to EUR 870 million (EUR 695 million).

Including the gain on the disposal of the insurance holdings and despite negative non-recurring effects, total income improved year-on-year by 3.3 pct to EUR 4.25 billion.

Balance sheet-related revenues, comprising net interest income, net trading income and net income from investment securities, rose by 4.2 pct to EUR 2.82 billion.

Against the backdrop of a flat and since the summer at times inverted yield curve, net interest income increased year-on-year by a pleasing 4.0pct to EUR 2.24 billion. Despite challenging conditions on the capital market, net trading income at EUR 290 million was 9.8pct higher than the previous-year figure of EUR 264 million. Net income from investment securities was dominated by the disposal of the insurance holdings to Talanx.

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DPWN chief Klaus Zumwinkel under tax evasion investigation

Posted by | Feb 14, 2008 | |

The home and office of Deutsche Post chief executive Klaus Zumwinkel were today raided by German officials investigating alleged tax evasion of some EUR 1 million. He was also taken for questioning but later released.

Tax authorities arrived at his home in Cologne at 7 a.m. and spent five hours there before taking him for questioning. Officials also searched his office at the DPWN headquarters.

A spokesman for the Bochum public prosecutor’s office said that Zumwinkel and other unnamed persons were under suspicion of tax evasion. The investigation focused on financial investments made by Zumwinkel in Liechtenstein, he said. The sum in question amounted to about EUR 1 million. An arrest warrant was not exercised since Zumwinkel had paid a bail sum of “not insignificant size”.

Deutsche Post said in a brief statement that Zumwinkel had responded in detail to the authorities regarding the allegations against him and had returned home. The entire management board, including the CEO, was “fully functional” and continuing its business as usual, it added.

Zumwinkel, 64, has been chairman and CEO of Deutsche Post since 1990, and has led its transformation from a domestic mail business into the world’s largest logistics group. His current contract is due to expire in November, and there has been media speculation that he will retire from the post at the end of the year. He is expected to take over the position of Deutsche Post supervisory board chairman.

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DHL Express USA to reduce workforce by 600 positions

Posted by | Feb 12, 2008 | |

In a move designed to lower general and administrative costs across its U.S delivery business—due to the current economic climate and market conditions—DHL Express USA said today it will reduce its workforce by approximately 600 positions.

DHL added that these domestic workforce reductions will occur through attrition, reductions, and suspending open positions across functional areas. DHL Express USA Spokeswoman Michele Nadeem told LM that these reductions will take place today and tomorrow.

Hans Hickler, Chief Executive Officer, DHL Express USA., said in a statement that this action is one of several measures DHL Express USA is taking to improve its competitive position in the U.S. market, which is strategic to the company’s global growth plan. “These changes will help us better align our cost structure without impacting our unwavering commitment to serve our US customers,” said Hickler.

Since then it has competed aggressively for market share against industry bellwethers UPS and FedEx, as well as the United States Postal Service. DHL said it has invested more than USD 3 billion into the U.S. since 2003, including USD 1.2 billion in infrastructure and distribution.

In the DHL statement issued today, the company said it is making moves to augment its competitive position in the U.S. by investing in business growth areas and increasing service to both consumer and business customers, as well as the non-cash writedown for DHL Express USA.

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Cologne extends night flights as airlines fight Frankfurt ban

Posted by | Feb 7, 2008 | |

Germany’s two leading cargo airports are taking diverging approaches to night flights for cargo and express airlines. Cologne/Bonn will permit night flights until 2030 but proposals to reduce flights at Frankfurt to just 17 flights a night are being opposed by airlines.

The existing permit for night operations at Cologne/Bonn will be extended from 2015 until 2030, although the airport operator will have to improve noise protection measures. There are currently about 120 take-offs and landings at night at Cologne/Bonn, mostly operated by cargo and express carriers.

Airport chief Michael Garvens welcomed the permit extension as “a fundamental contribution” to the airport’s future. It would give companies “relying on night flights” the planning security to invest over EUR 200 million within five years, and would guarantee 10,000 jobs, he said.

UPS completed a EUR 135 million expansion programme at its European air hub at Cologne in early 2006. This doubled the hub’s sorting capacity to 110,000 packages an hour. UPS operates both intercontinental and intra-European flights to and from its Cologne hub.

FedEx will transfer its Central European hub from Frankfurt to Cologne in 2010. The airport authority will spend about EUR 70 million building a new 50,000 sqm freight terminal that it will lease to FedEx, while the integrator will invest about EUR 70 million in sorting equipment and in the stationing of three MD-11s.

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DHL wins global freight contract with Siemens

Posted by | Feb 7, 2008 | |

DHL is able to use both its Express and Global Forwarding services to launch the Drop Shipment Program for Siemens.

DHL Global Forwarding has been selected as preferred international carrier for Siemens’ air and ocean freight and Customs Brokerage business in the U.S. The global contract awarded to DHL will support Siemens in improving service levels, reducing costs and streamlining their overall supply chain.

DHL has also been re-awarded the exclusive contract for the Siemens Energy and Automation Europe to U.S. Drop Shipment Program. Siemens selected DHL as the only provider endorsed for its U.S. to Worldwide business and received the freight forwarding endorsement for all regions.

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