Group posts 2004 EBITA of 3.35 billion euros03/22/2005, 09:00 AM CET
Deutsche Post World Net confirms 2005 earnings forecast
Deutsche Post World Net reported a strong 2004 with overall improved results. Revenue climbed by 7.9 percent to about 43.17 billion euros. The Group's profit from operating activities (EBITA), at around 3.35 billion euros, was 12.5 percent higher than in the previous year. Net income rose 21.3 percent to about 1.59 billion euros compared with the previous year's level. This corresponds to earnings per share of 1.43 euros; in 2003, EPS was 1.18 euros per share. At the end of 2004, measures under the STAR value-creation program had contributed a cumulative 862 million euros to earnings, or 23 percent above the originally planned 700 million euros.
The Group's tax rate for 2004 was 20 percent. Under international accounting standards (IFRS), Deutsche Post World Net expects a group tax rate at this level for 2005 and coming years. This is the outcome of a completed tax audit, with a correspondingly positive effect on net income. The effective cash tax payments will remain on the level of prior years.
The Group continues to expect profit from operating activities to reach at least 3.6 billion euros for 2005. The STAR value-creation and integration program will contribute a cumulative 1.4 billion euros to operating earnings.