Home News UPDATE2: Post 2009 and outlook disappointed with result

UPDATE2: Post 2009 and outlook disappointed with result


By Kirsten Dulepov

BONN (Thomson Financial) – The German Post AG, although in the past year exceeded their profit targets and for the self-imposed current year, further improvements in prospect. On the stock market But that was not enough. Dealers and analysts said they were disappointed with the annual report presented on Tuesday of the Logistics Group. They were both in Outlook 2010 in both the net profit Last year a lot more expected. The share price fell to 12.52 clock even greater losses after an initially by 1.7% to 12.59 EUR.

The board of the group appeared, however, given the global financial and economic crisis is satisfied with the outcome. "In all areas of the group are delivered solid performances been, "said Chief Executive Officer Frank Appel at the presentation the balance sheet. Given the very adverse macroeconomic Circumstances did the post significant sales declines, although not can prevent. By reducing loss-making stores and a strict austerity program was a one-off, despite the high Net profit of EUR 644 million last year after a loss of EUR 1.688 billion achieved been. But that was only just over half of the EUR 1.147 billion, which analysts Ramp had expected.

Sales fell 2009, at approximately 15% to 46.2 billion euros. Adjusted EBIT decreased by almost 27% to EUR 1.47 billion and was above in the post Promised at least 1.35 billion euros.

The Board established the post-earnings growth, with particular The savings were made, would have reached 1.1 billion euros. That intended target of the "index" is an increase of 100 million EUR and exceeded one year earlier than originally planned and achieved been. In addition, the Group had in its investments as promised something back and only spent 1.17 billion euros.

For 2010 showed the Bonn DAX-behaved group optimistic. This year, the global transport volume will "moderate increase" to a more positive impact on sales lead. Here, the Board anticipates an increase, but with views like this not estimate the market volatilities. The first two months strengthen the assessment of a recovery in trading volume. That Underlying EBIT 2010 to 1.6 billion until 1.9 (2009: 1.473) billion . rise Analysts had been here, according to one dealer with 2 Billion expected. Appel founded the wide forecast range, with the as yet unquantifiable, charges from the Change in the law on the taxation of certain postal services. The new Law is expected to turn on 1 Enter into force in July. Some customers then have to pay a VAT of 19%. Therefore, the post their IT systems convert.

Given the extraordinary expenses of the post-forecast According to EUR 350 million decrease from approximately EUR 1.6 billion in the previous year are expected, provides the Group’s EBIT in 2010 was substantially above the previous year’s To EUR 231 million. So far this year to be not quite yet completed restructuring of U.S. operations much less money than the previous year to spend. Also, the net result is the 2009 value of 644 million Exceed EUR.

The two divisions DHL and after the presentation of the letter will be Board to provide equal shares for the first time to win. Adjusted EBIT Division letter will be 1.0 billion until 1.2 billion and adjusted EBIT of DHL and 1.0 billion and EUR 1.1 billion promised. The burden of Central Division of the Bureau estimated at around 400 million euros. The tax rate is increase due to the lower one-time 20% to 25%.

Large acquisitions do not want the Board involved. Were possibly imagine very few small acquisitions to round out the service range. The focus will continue to organic growth laid. In the segment letter focuses hope to the planned summer launch of the Safe E-mail traffic on the Internet. The package costs the board wants from the E-Commerce benefit and DHL primarily in customer-specific solutions its assets. For the express business, are spending Airports and airplanes provided.

Shareholders are for 2010 and subsequent years according to the new financial strategy of the Group’s 40% to 60% of net profit get. In 2009 she received an unchanged dividend of EUR 0.60. "This long-term continuity oriented dividend policy is an important signal to the capital market that we continue our attractiveness to investors increase, "said Chief Financial Officer Larry Rosen.

To date, there were no logistics group at the Bonn target for the payout ratio. The post office between 2001 to 2007 had 26.11% and 78,62% of its annual profits paid to shareholders. With responds to post on their quota demands from investors for more Predictability and transparency. Analysts were pleased by this Development. This should, finally, the lack of clarity are removed, it was said at UniCredit.

The desire of shareholders for a special dividend as Involvement in the sale of Postbank, the board should not soon follow. The ultimate goal is to the group at any time necessary financial leeway for his planned operational Get growth, "said Rosen. It also aims excess liquidity in a gradual Funding out Pension obligations and further strengthen the basis for the Credit Rating stuck. "Only if we are not all these points See more potential for optimization, are also special dividend or a Share buyback program possible, "said the CFO. This will take some time Entitled to take.

Analysts reacted differently to what he said and asked partially changed investment recommendations in prospect.


Website: www.dp-dhl.de

- By Kirsten Dulepov, Dow Jones Newswires
+49 (0) 40 3574 3116, kirsten.bienk @ dowjones.com

DJG / kib / kla
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(END) Dow Jones Newswires

March 09, 2010 06:53 ET (11:53 GMT)

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