Tag: Europe

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.

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.