Deutsche Post World Net exceeds profit expectations for 2002
- Revenues increase by 17.6 percent to EUR 39.3 billion
- Board of Management proposes increase in dividend to EUR Cent 40
- First successes of STAR value-creation programme
In fiscal year 2002, Deutsche Post World Net once again increased revenues, which exceeded expectations for its results. At EUR 39.3 billion, this took the Group's revenues 17.6 percent higher than in the previous year. The profit from operating activities before goodwill amortization (EBITA), is at around EUR 2.4 billion, about 5 percent below the prior year's figures, thereby exceeding the EUR 2.2 billion forecast. In the process, all divisions reached or in some cases even exceeded their target results. As the STAR project's successes have already contributed to the good 2002 result, the group is reaffirming its goal of increasing EBITA by 2005 to EUR 3.1 billion.
The net profit before minority interest and extraordinary expense of EUR 1.6 billion is at last year's level. The consolidated net profit for the period decreased as expected by 58 percent to EUR 0.66 billion, because of the extraordinary expense in the amount of EUR 907 million generated by the state aid decision. This corresponds to earnings per share of EUR 0.59, whereby the adjusted value of EUR 1.41 corresponds approximately to last year's figure.
In the interest of maintaining a shareholder-friendly dividend policy, the Board of Management will propose to the Supervisory Board distribution of a dividend per share in the amount of EUR Cent 40. This means an increase in distribution of 8 percent. This dividend is tax-free for domestic shareholders, and generates a net return of about 4 percent on the basis of the current level of the stock price.
Dr. Klaus Zumwinkel, Chairman of the Board of Management, expresses his satisfaction with the results achieved by the Group under difficult world economy circumstances: "We have once again succeeded in achieving good results in an economically weak fiscal year, and in proving our Group's fundamental strength and solidity. We intend to underline this strength by increasing the dividend."
The financials presented herein are still preliminary. The exact figures and further details will be announced by Deutsche Post World Net at the financials press conference on 25 March 2003.