DGAP-News: Deutsche Post DHL drives ahead with growth in the first quarter of 2012 - Group posts further revenue and earnings increases
(firmenpresse) - DGAP-News: Deutsche Post AG / Key word(s): Quarter Results
Deutsche Post DHL drives ahead with growth in the first quarter of
2012 - Group posts further revenue and earnings increases
08.05.2012 / 07:00
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Deutsche Post DHL drives ahead with growth in the first quarter of 2012 -
Group posts further revenue and earnings increases
- Group revenues increase by 4.3 percent to EUR 13.4 billion
- Strong growth at DHL, particularly in Asia; MAIL revenues slightly up
thanks to dynamic parcel business
- First-quarter EBIT up 9.9 percent to EUR 691 million, consolidated net
profit climbs to EUR 533 million
- 2012 full year guidance confirmed: EBIT of between EUR 2.5 billion and
EUR 2.6 billion expected
- CEO Frank Appel: 'We continue to build on our strengths'
Bonn, May 8, 2012: Deutsche Post DHL, the world's leading postal and
logistics group, continued its strong performance from last year in the
first quarter of 2012 and remains on its successful growth path. Group
revenues rose by 4.3 percent compared with the same quarter last year,
reaching EUR 13.4 billion. The DHL divisions played a major role in this
positive development as they continue to benefit from their exceptional
positions in the world's rapidly growing regions - particularly in Asia.
Thanks to further profitability improvements in all divisions, the Group's
operating result rose above average in the first quarter: EBIT climbed by
9.9 percent to EUR 691 million. During the same period the company's
consolidated net profit improved to EUR 533 million.
'Given the somewhat subdued global economic environment, our successful
start into the year is clear evidence for us continuing to build on our
strengths,' said Frank Appel, CEO of Deutsche Post DHL. 'The efficiency
improvements we have achieved in recent years and our unmatched position in
the world's growth markets have prepared us well for continuing on our
profitable growth path. Building on this base, we will systematically keep
on implementing Strategy 2015 in order to unlock the Group's full
potential.'
First quarter 2012: strong growth in revenues and profitability
After the company generated revenues of EUR 12.8 billion in the first
quarter of 2011, it generated an increase of more than EUR 500 million to
EUR 13.4 billion in the first quarter of this fiscal year. During the same
period, Group EBIT rose from EUR 629 million in 2011 to EUR 691 in 2012.
The DHL divisions remained the Group's growth drivers, with an earnings
contribution of EUR 409 million, and a 13-percent improvement compared with
the same period last year. At the same time the MAIL division also
contributed significantly to the company's profitability increase thanks to
the ongoing strong momentum of its parcel business and the continued strict
cost management. In the first quarter, the Group's net financial income
climbed from minus EUR 161 million in 2011 to EUR 76 million in 2012. In
particular, this result reflects the final effects from the sale of
Postbank which amounted to EUR 186 million during the first quarter of
2012. In combination with the operational improvements, the Group was able
to boost its consolidated net profit by 64 percent in the first quarter to
EUR 533 million (2011: EUR 325 million). Earnings per share climbed
accordingly from EUR 0.27 in the first three months of 2011 to EUR 0.44
during the same period in 2012.
Capital expenditures and cash flow: foundation for growth bolstered
In the first quarter of 2012, the Group's capital expenditures totaled EUR
305 million, more than 20 percent above the previous year's total of EUR
252 million. The DHL divisions were the focal point of these investments.
Here, the foundation for future growth and the company's long-term business
success were bolstered further by investments in a more efficient aircraft
fleet, the continued expansion of the network, state-of-the-art warehouses
as well as a new world-class IT infrastructure in the Global Forwarding
business. In January of each year, the Group's operating cash flow and
liquidity position are affected by the annual pension contribution that the
company makes to the pension fund for the company's civil servants
(Bundes-Pensions-Service für Post und Telekommunikation). This contribution
totaled EUR 530 million in the first quarter of 2012. In addition, the
termination of a factoring program had a one-time negative impact on the
company's operating cash flow. Overall, net cash used in operating
activities totaled EUR 357 million in the first three months of this year
(2011: minus EUR 34 million). In spite of these effects, the Group enjoyed
a net liquidity position of EUR 308 million at the end of the first quarter
(2011: EUR 938 million).
Guidance: short- and medium-term goals confirmed
Despite continuing economic uncertainties, the Group expects that the world
economy will produce moderate growth this year and that the company -
driven by the DHL divisions - will generate continued gains in revenues and
earnings versus the prior year. Following the company's successful
performance in the first three months of the year, it is confirming its
guidance for 2012 and continues to forecast Group EBIT to reach between EUR
2.5 billion and EUR 2.6 billion. As stated before, the earnings of the MAIL
division should total between EUR 1.0 billion and EUR 1.1 billion. DHL's
operating earnings are still expected to rise to around EUR 1.9 billion.
Corporate Center/Other expenditures are forecast to again total about EUR
400 million. In addition, the Group continues to project that its
consolidated net profit adjusted for effects related to the Postbank
transaction will increase in line with the operating business. Looking
beyond the current fiscal year, the company remains optimistic and expects
that its earnings will continue to rise: While cost measures and growth
programs are designed to stabilize the profitability of the MAIL division,
the Group expects the DHL divisions to continue producing annual earnings
growth that will average between 13 percent and 15 percent between 2010 and
2015.
MAIL division: parcel business continues dynamic performance
In the first three months of 2012, revenues in the MAIL division totaled
EUR 3.6 billion, a slight increase over the previous year's level of EUR
3.5 billion. As expected, volume and revenues in the division's traditional
mail business declined slightly. In contrast, the parcel business kept up
its very strong performance in the first quarter of this year. The division
continued to profit from flourishing online shopping and boosted the pace
of its growth once again thanks to its broad range of products and services
that are tailored specifically to meet customers' needs. While volume
climbed by 14 percent, revenues rose by 13 percent to EUR 844 million
during the first quarter. As a result, the company's thriving parcel
business generated nearly one-quarter of total revenues in the MAIL
division and, in combination with strict cost management, contributed to
the desired stabilization of the division's profitability: EBIT in the MAIL
division totaled EUR 393 million between January and March of 2012, a
slight increase over the previous year's total of EUR 373 million.
EXPRESS division: international express business remains strong
The EXPRESS division continued to boost its revenues and earnings in the
first quarter of 2012. Revenues climbed by nearly 10 percent to more than
EUR 3 billion in the first three months of 2012 (2011: EUR 2.8 billion).
This performance is the result of a solid increase in Europe as well as
double-digit growth in all other regions and reflects the exceptional
market position that DHL has in the world's dynamic growth markets. As a
result, revenues and volumes grew especially strongly in Asia and the
Americas, where the division's continuing good performance in the United
States contributed in particular to the strong results. In order to
continue to meet the rising demand of international transport customers,
the Group will invest nearly $50 million over the next 12 months to
significantly expand its hub in Cincinnati. In addition to strong increases
in revenues and volumes, the division's first quarter results also reflect
higher costs related to the operation and expansion of the company's air
network. Nonetheless, the division's EBIT climbed by 7.9 percent in the
first three months of this year to EUR 231 million (2011: EUR 214 million).
GLOBAL FORWARDING, FREIGHT division: increased margins help boost EBIT
In a challenging business environment, the GLOBAL FORWARDING, FREIGHT
division increased revenues to EUR 3.7 billion in the first quarter of
2012, compared with EUR 3.6 billion in the same quarter last year. During
the quarter, revenues in air and ocean freight declined. While the drop in
ocean freight was triggered by declining freight rates, the decrease in air
freight was mainly caused by lower volumes. But growth in the European
overland-transport as well as the industrial project business more than
offset these declines. Despite rising fuel prices, the division profited in
particular at the beginning of the year from improved purchasing
conditions, increased efficiency and its selective market strategy. This
led to considerable gross margin improvements in all categories. As a
result, the division's operating earnings jumped by 22.5 percent from EUR
71 million in the first quarter of 2011 to EUR 87 million in the first
three months of this year.
SUPPLY CHAIN division: profitability continues to climb
Revenues in the SUPPLY CHAIN division also rose in the first quarter of
2012. At EUR 3.4 billion, they were 6 percent higher than the previous
year's level of EUR 3.2 billion. This improvement was generated in
particular by strong growth in the Asia-Pacific region and in the 'Life
Sciences&Healthcare' and 'Automotive' sectors. At EUR 190 million, the
volume of additional contracts signed with new and existing customers
remained at a high level. As a result of profitability gains, which during
the first quarter were mainly driven by the rise in business volume,
optimized contract management, strict cost control and increased
operational efficiency, EBIT rose by 16.7 percent, from EUR 78 million in
the first three months of 2011 to EUR 91 million this year.
- End -
Note to newsrooms: At www.dp-dhl.com, you will find an interview with the
Group's CFO Larry Rosen. The investor telephone conference of Deutsche Post
DHL will be broadcast live online beginning at 2 p.m.
Contact for media queries:
Deutsche Post DHL
Media Relations
Silje Skogstad
Sebastian Steffen
Tel.: +49 (0)228 182-9944
Online: www.dp-dhl.de/presse
Follow us at www.delivering-tomorrow.de
Group financial highlights in the first quarter of 2012
1st 1st ChangeinDivisional revenue in the first quarter of 20121)
in million euros quarter2011 quarter2012 %
Revenues1) 12,807 13,364 4.3%
- of which international revenue 8,605 9,103 5.8%
Profit from operating activities 629 691 9.9%
(EBIT)
Consolidated net profit2) 325 533 64.0%
Basic earnings per share (in 0.27 0.44 63.0%
euros)
Diluted earnings per share (in 0.27 0.44 63.0%
euros)
1st Share of 1st Share ofDivisional EBIT in the first quarter of 20121)
quarter total quarter total Chang
in million euros 2011 revenue 2012 revenue ein %
MAIL 3,520 27.5% 3,557 26.6% 1.1%
EXPRESS 2,750 21.5% 3,020 22.6% 9.8%
GLOBAL FORWARDING, 3,599 28.1% 3,686 27.6% 2.4%
FREIGHT
SUPPLY CHAIN 3,216 25.1% 3,409 25.5% 6.0%
Corporate Center / -278 n/a -308 n/a -10.8%
Other
andConsolidation
Group revenue 12,807 100% 13,364 100% 4.3%
1st 1st quarter Changein1) Prior-year amounts adjusted.
in million euros quarter2011 2012 %
MAIL 373 393 5.4%
DHL 363 409 12.7%
- EXPRESS 214 231 7.9%
- GLOBAL FORWARDING, FREIGHT 71 87 22.5%
- SUPPLY CHAIN 78 91 16.7%
Corporate Center / Other -107 -111 -3.7%
and
Consolidation
Group EBIT 629 691 9.9%
2) After non-controlling interests.
End of Corporate News
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08.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Deutsche Post AG
Charles-de-Gaulle-Straße 20
53113 Bonn
Germany
Phone: +49 (0)228 182 - 63 100
Fax: +49 (0)228 182 - 63 199
E-mail: ir(at)deutschepost.de
Internet: www.dp-dhl.de
ISIN: DE0005552004
WKN: 555200
Indices: DAX
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
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