Quarterly Report • Aug 5, 2022
Quarterly Report
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| 20 21 H1 |
20 22 H1 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
||
|---|---|---|---|---|---|---|---|
| Rev en ue |
€m | 38 ,33 3 |
46 ,6 22 |
21 .6 |
19 ,47 3 |
24 02 9 , |
23 .4 |
| fit fro s ( IT) Pro ing tiv itie EB rat m o pe ac |
€m | 3, 99 4 |
4,4 96 |
12 .6 |
2, 08 3 |
2,3 37 |
12 .2 |
| s1 Re ale tur n o n s |
% | 10 .4 |
9.6 | – | 10 .7 |
9.7 | – |
| e ( C) EB IT a fte ch EA set r as arg |
€m | 2,6 30 |
2, 89 8 |
10 .2 |
1,3 94 |
1,5 10 |
8.3 |
| d2 Co lida ted rof it f the rio t p nso ne or pe |
€m | 2,4 82 |
2, 81 2 |
13 .3 |
29 2 1, |
1,4 61 |
13 .1 |
| ash flo Fre e c w |
€m | 2,1 02 |
8 46 |
–7 7.7 |
91 9 |
66 5 |
–2 7.6 |
| 3 t d ebt Ne |
€m | 12 2 ,77 |
16 ,34 4 |
28 .0 |
– | – | – |
| re4 rni sha Ea ng s p er |
€ | 2.0 1 |
2.3 0 |
14 .4 |
1.0 5 |
1.2 0 |
14 .3 |
| 5 mb of loy Nu er em p ees |
56 8,5 37 |
58 3, 81 6 |
2.7 | – | – | – | |
EBIT/revenue. 2 After deduction of non-controlling interests. 3 Prior-year figure as at 31 December. 4 Basic earnings per share. 5 Headcount at the end of the reporting period, including trainees.
No material changes were made to the Group's organisational structure during the reporting period.
Effective as of 1 July 2022, Nikola Hagleitner assumed responsibility on the Board of Management for Post & Parcel Germany from Tobias Meyer, who is now responsible for Global Business Services.
Ken Allen, who had held responsibility for eCommerce Solutions, resigned from the Board of Management with effect from the end of 31 July 2022. Pablo Ciano is the new Board of Management member responsible for eCommerce Solutions from 1 August 2022. John Pearson will be responsible for Customer Solutions & Innovation (CSI) from August.
As a service provider, Deutsche Post DHL Group does not engage in research and development activities in the narrower sense and therefore has no significant expenses to report in this connection.
The following data describing the economic parameters of the global economy stem from S&P Global Market Intelligence (S&P Global).
The second quarter of 2022 was dominated by the war in Ukraine and the subsequent economic sanctions imposed on Russia by the Western nations. This resulted in an additional surge in inflation, particularly for energy and food. Furthermore, China imposed further pandemicrelated lockdowns in urban regions.
This development forced the central banks, including the US Federal Reserve (Fed) and the European Central Bank (ECB), to tighten their monetary policies substantially. The dampening effect on growth was compensated only in part by recovering activity in the service sector following the loosening of pandemicrelated restrictions. Concurrently, this factor ensured, together with material shortage and a sub-average labour participation rate, persistent pressure on inflation.
In the US, the Fed raised its key interest rate from 0.25% to 0.50% in mid-March, raising the pace of monetary tightening in the second quarter. In mid-June, the fed funds rate was already increased to 1.75%. At the same time, the US dollar appreciated against most other currencies.
Chinese growth declined to near zero in the second quarter, caused by renewed regional lockdowns during March and April. Although restrictions were loosened in steps from May onwards, the risk of a short-term return to limitations on mobility remained high.
Economic activity in Europe was impaired in particular measure by its geographic proximity to Ukraine and also the strong dependency on energy imports from Russia. During the second quarter, this was at least partly compensated for by the support that savings accumulated during the pandemic could provide for consumer demand. However, both business and consumer confidence increasingly suffered around mid-2022 from inflation rates of around 8% and increasing concerns over gas shortages in the upcoming winter. This was reinforced by the monetary policy turnaround by the European Central Bank.
Germany's export-dependent economy suffered to an above-average degree from the ramifications of the war, particularly with respect to energy security. Since its interim high in February, the ifo Business Climate Index has sunk to levels observed in early 2021 during the most acute phase of the second pandemic wave.
In August 2021, Deutsche Post DHL Group signed an agreement to acquire the J.F. Hillebrand Group (Hillebrand). After the responsible antitrust authorities gave their approval, the purchase price of €1,452 million was fully paid at the end of March 2022, all shares of Hillebrand were transferred and the acquisition was completed. Initial consolidation resulted in preliminary goodwill of around €1.6 billion.
In January, we sold the production rights and other assets relating to the production of StreetScooter electric vehicles to ODIN Automotive, Luxembourg.
In March, the subsidiaries of Hillebrand were incorporated into the Global Forwarding, Freight division. There were no other material changes in our portfolio in the reporting period.
At €1,333 million, other operating income was up substantially on the previous year's figure of €942 million, due to higher income from currency translation as well as income from the remeasurement of liabilities.
Materials expense climbed significantly by €6,428 million to €26,227 million, primarily as a result of higher transport costs and increased kerosene prices. In addition to currency effects of €1,078 million, the consolidation of exceeding the prior year (€2,153 million) driven by factors such as higher currency translation expenses as well as increased travel, entertainment and training costs. Net income/loss from investments accounted for using the equity method declined substantially: the income of €44 million in the prior year was followed by a loss of €9 million in the reporting period. The figure for the previous year had included income in connection with the IPO of an investment accounted for using the equity method, note 9 to the consolidated financial statements.
Consolidated EBIT increased by €502 million to €4,496 million in the first half of 2022. At €–269 million, net finance costs also improved over the prior-year period (€– 319 million) mainly as a result of lower strain from the measurement of stock appreciation rights (SARs) at fair value. Profit before income taxes climbed substantially by €552 million to €4,227 million. As a consequence, income taxes increased by €197 million to €1,226 million. The tax rate came to 29.0% (previous year: 28.0%)
Consolidated net profit for the period came to €3,001 million in the first half of 2022, substantially exceeding the prior-year figure of €2,646 million. Of this amount, €2,812 million is attributable to Deutsche Post AG shareholders and €189 million to non-controlling interest shareholders. Basic earnings per share improved from €2.01 to €2.30 and diluted earnings per share from €1.96 to €2.25.
| H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
||
|---|---|---|---|---|---|
| Rev en ue |
€m | 38 ,33 3 |
46 ,6 22 |
19 ,47 3 |
24 02 9 , |
| s ( IT) fit fro ing tiv itie Pro rat EB m o pe ac |
€m | 99 3, 4 |
96 4,4 |
2, 08 3 |
2,3 37 |
| s¹ ale Re tur n o n s |
% | 10 .4 |
9.6 | 10 .7 |
9.7 |
| fte ch e ( C) EB IT a set EA r as arg |
€m | 2,6 30 |
2, 89 8 |
94 1,3 |
10 1,5 |
| d2 lida ted rof it f the rio Co t p nso ne or pe |
€m | 2,4 82 |
2, 81 2 |
1, 29 2 |
1,4 61 |
| re3 rni sha Ea ng s p er |
€ | 2.0 1 |
2.3 0 |
1.0 5 |
1.2 0 |
EBIT/earnings. 2 After deduction of non-controlling interests. 3 Basic earnings per share.
In the first half of 2022, consolidated revenue rose from €38,333 million to €46,622 million, for reasons including positive currency effects of €1,508 million. The initial consolidation of Hillebrand caused revenue to increase by €530 million. A total of 77.0% was generated abroad (previous year: 72.3%). In the second quarter, revenue increased from €19,473 million to €24,029 million, among others as a result of positive currency effects of €961 million.
Hillebrand caused this item to increase by €436 million. Staff costs rose from €11,678 million to €12,820 million, particularly as a result of the increased number of employees. At €2,018 million, depreciation, amortisation and impairment losses were up on the prior-year figure of €1,883 million, one reason for this being the war in Ukraine, which resulted in impairment losses of €31 million on our Russian assets. Of this, the Express division accounted for €24 million and the Global Forwarding, Freight division for €7 million. Other operating expenses came to €2,565 million, thus likewise
In the first half of 2022, EAC climbed from €2,630 million to €2,898 million, mainly as a result of increased profitability. The imputed asset charge rose particularly due to investments in the property, plant and equipment of the Express and Post & Parcel Germany divisions as well as an increase in net working capital. The consolidation of Hillebrand also resulted in an increase in assets.
| EA C |
2, 63 0 |
2, 89 8 |
10 .2 |
|---|---|---|---|
| ch As set arg e |
–1 ,36 4 |
–1 ,5 98 |
–1 7.2 |
| EB IT |
3, 99 4 |
4,4 96 |
12 .6 |
| H1 20 21 |
H1 20 22 |
+/– % |
|
| €m |
| €m | ||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| Rev en ue |
11 ,45 1 |
13 ,36 6 |
16 .7 |
5, 95 2 |
6, 99 3 |
17 .5 |
| of w hic h E uro pe |
4, 88 7 |
5,4 69 |
11 .9 |
2,5 04 |
2, 81 7 |
12 .5 |
| Am eri cas |
2,3 79 |
2, 95 9 |
24 .4 |
1, 24 4 |
1,5 61 |
25 .5 |
| fic As ia P aci |
4,1 57 |
4, 83 6 |
16 .3 |
2,1 70 |
2,5 31 |
16 .6 |
| A ( ) ME Mid dle Ea nd Afr ica st a |
66 9 |
76 2 |
13 .9 |
33 6 |
40 0 |
19 .0 |
| Co lida tio n/O the nso r |
–6 41 |
–6 60 |
–3 .0 |
–3 02 |
–3 16 |
–4 .6 |
| s ( IT) fit fro ing tiv itie Pro rat EB m o pe ac |
2,1 38 |
2, 07 2 |
–3 .1 |
1,1 77 |
01 1,1 |
–6 .5 |
| s ( %) 1 Re ale tur n o n s |
18 .7 |
15 .5 |
– | 19 .8 |
15 .7 |
– |
| Op tin ash flo era g c w |
2, 88 4 |
2,5 91 |
0.2 –1 |
1,4 43 |
98 2 |
1.9 –3 |
EBIT/revenue.
| 1 €m r d pe ay |
||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| al ( I) Tim e D efi nit e In ion TD ter nat |
70 .1 |
79 .7 |
13 .7 |
73 .0 |
83 .6 |
14 .5 |
| ic ( D) Tim efi nit e D e D est TD om |
6.1 | 6.0 | –1 .6 |
6.0 | 6.1 | 1.7 |
1 To improve comparability, product revenues were translated at uniform exchange rates. These revenues are also the basis for the weighted calculation of working days.
| ( s) r d tho nd Ite ms pe ay usa |
||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| al ( I) Tim e D efi nit e In ion TD ter nat |
1, 21 9 |
1,1 46 |
–6 .0 |
1, 23 2 |
1,1 68 |
–5 .2 |
| ic ( D) Tim e D efi nit e D TD est om |
66 9 |
57 1 |
–1 4.6 |
64 4 |
56 4 |
–1 2.4 |
Revenue in the division increased by 16.7% to €13,366 million in the first half of 2022. This figure includes positive currency effects of €531 million; excluding these, the revenue increase was 12.1%. The revenue figure also reflects the fact that fuel surcharges were higher than in the previous year in all regions. Excluding currency effects and fuel surcharges, first-half revenue was up by 5.6%. Revenue per day continued to increase in the TDI product line, whilst this figure declined in the TDD product line. Per-day shipment volumes decreased in both product lines.
Revenue in the Europe region increased by 11.9% to €5,469 million in the first half of 2022. That figure includes negative currency effects of €55 million; growth excluding currency effects was 13.0%. In the TDI product line, revenue per day improved by 13.8%. Per-day TDI shipment volumes decreased by 5.9%. In the second quarter, international per-day revenues were up by 15.9%; shipment volumes were down by 5.0%.
In the Americas region, revenue increased by 24.4% to €2,959 million in the first half of 2022. That figure includes positive currency effects of €205 million; excluding currency effects, revenue increased by 15.8%. Per-day TDI volumes were stable compared with the prioryear period, and per-day revenues were up by 21.8%. In the second quarter, shipment volumes rose by 2.7% and international per-day revenues by 21.7%.
In the Asia Pacific region, half-year revenue improved by 16.3% to €4,836 million. The revenue figure includes positive currency effects of €243 million; revenue growth excluding currency effects was 10.5%. In the TDI product line, per-day revenues rose by 11.1% whilst per-day volumes declined by 7.9%. In the second quarter, international per-day revenues were up by 10.7%; shipment volumes were down by 8.1%.
Revenue in the MEA region (Middle East and Africa) increased by 13.9% to €762 million in the first half of the year. That figure includes positive currency effects of €48 million; excluding currency effects, revenue increased by 6.7%. Per-day TDI revenue improved by 7.5%; per-day volumes were down by 12.4%. In the second quarter, international per-day revenues grew by 12.8%; shipment volumes decreased by 8.3%.
In the first half of 2022, EBIT in the division was €2,072 million, 3.1% below the high level of the prior-year figure. Return on sales decreased from 18.7% to 15.5%. In the second quarter, EBIT in the division was €1,101 million and thus 6.5% below the prior-year figure, due in part to the regional lockdowns in China.
| €m | ||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| Rev en ue |
9, 98 7 |
15 ,51 5 |
55 .4 |
23 5, 5 |
8,1 56 |
.8 55 |
| of w hic h G lob al F ard ing orw |
7,6 16 |
12 93 7 , |
69 .9 |
4, 02 6 |
6, 82 4 |
69 .5 |
| eig ht Fr |
2,4 33 |
2,6 46 |
8.8 | 1, 24 0 |
1,3 69 |
10 .4 |
| lida n/O the Co tio nso r |
–6 2 |
–6 8 |
–9 .7 |
–3 1 |
–3 7 |
–1 9.4 |
| fit fro s ( IT) Pro ing tiv itie EB rat m o pe ac |
52 8 |
1,3 47 |
>1 00 |
31 2 |
74 6 |
>1 00 |
| 1 ale s ( %) Re tur n o n s |
5.3 | 8.7 | – | 6.0 | 9.1 | – |
| flo Op tin ash era g c w |
29 1 |
1,1 13 |
>1 00 |
17 9 |
69 5 |
>1 00 |
EBIT/revenue.
Revenue in the division increased significantly by 55.4% to €15,515 million in the first half of 2022. Excluding positive currency effects of €487 million, revenue was up by 50.5% year-on-year. Revenue for the second quarter of 2022 rose by 55.8% compared with the prior-year figure. In the Global Forwarding business unit, revenue was up 69.9% to €12,937 million, due primarily to the continued high freight rates in the first half of 2022. Excluding positive currency effects of €515 million, the increase was 63.1%. At €2,562 million in the first half of 2022, gross profit in the Global Forwarding business unit was likewise up significantly on the prior-year figure of €1,496 million.
| To tal |
7, 61 6 |
12 93 7 , |
69 .9 |
4, 02 6 |
6, 82 4 |
69 .5 |
|---|---|---|---|---|---|---|
| Oth er |
1, 04 3 |
1,4 75 |
41 .4 |
54 8 |
81 7 |
49 .1 |
| fre ht Oc ig ean |
2,7 49 |
5, 82 9 |
>1 00 |
1,4 94 |
3, 23 0 |
>1 00 |
| fre ht Air ig |
3, 82 4 |
5,6 33 |
47 .3 |
1, 98 4 |
2,7 77 |
40 .0 |
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| €m |
| Th ds ou san |
|||||||
|---|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
||
| Air fre ig ht ort exp s |
ton nes |
1, 01 1 |
98 6 |
–2 .5 |
51 7 |
47 7 |
–7 .7 |
| Oc fre ig ht ean |
U1 TE |
1,5 51 |
42 1,6 |
5.9 | 78 7 |
87 6 |
11 .3 |
Twenty-foot equivalent units.
We registered a 2.5% decline in air freight volumes in the first half of 2022, primarily on trade routes to and from China due to the lockdown in Shanghai during the second quarter. At the same time, freight rates remained at a very high level, resulting in revenue from air freight exceeding the prior-year figure by 47.3%. Gross profit improved by 68.6% due to the increasing demand for charter flights amongst other factors. In the second quarter of 2022, air freight revenue rose by 40.0% and gross profit was 67.4% above the prior-year figure.
In the first half of 2022, ocean freight volumes were up 5.9% year-on-year. Excluding the acquisition of Hillebrand, this figure was 0.6% below the prior-year level. The market situation remained strained in light of the continued limited availability of freight capacities.
Ocean freight revenues more than doubled in the first half of the year; excluding Hillebrand, the increase was 95.6%. Gross profit improved by more than 100% in the first half of the year. Revenue increased more than 100% in the second quarter of 2022 as well; excluding Hillebrand, the increase was 85.9%.
In the Freight business unit, revenue rose by 8.8% to €2,646 million in the first half of 2022, with negative currency effects of €29 million. The volume was down by 3.7% year-on-year. Gross profit for the business unit rose by 6.3% to €670 million. Revenue for the second quarter was up 10.4% year-on-year and volumes were down 4.4%.
EBIT in the division increased from €528 million to €1,347 million in the first half of 2022, accompanied by an EBIT margin of 8.7%. In the Global Forwarding business unit, EBIT amounted to 49.6% of gross profit. In the second quarter, EBIT in the division increased from €312 million to €746 million.
| €m | |
|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
|---|---|---|---|---|---|---|
| Rev en ue |
6,5 56 |
88 7, 4 |
20 .3 |
3,3 15 |
06 9 4, |
22 .7 |
| of w hic h E A ( idd le E d A fric a) ME Eu e, M ast rop an |
3,1 42 |
3,5 21 |
12 .1 |
1,6 09 |
1,7 66 |
9.8 |
| eri Am cas |
2,4 43 |
3, 26 3 |
33 .6 |
1, 21 7 |
1,7 39 |
42 .9 |
| fic As ia P aci |
98 6 |
1,1 33 |
14 .9 |
49 7 |
57 8 |
16 .3 |
| lida n/O the Co tio nso r |
–1 5 |
–3 3 |
10 0 <– |
–8 | –1 4 |
–7 5.0 |
| fit fro s ( IT) Pro rat ing tiv itie EB m o pe ac |
36 5 |
44 9 |
23 .0 |
19 8 |
24 4 |
23 .2 |
| 1 ale s ( %) Re tur n o n s |
5.6 | 5.7 | – | 6.0 | 6.0 | – |
| flo Op tin ash era g c w |
38 4 |
22 6 |
–4 1.1 |
14 3 |
11 9 |
–1 6.8 |
EBIT/revenue.
Revenue in the division increased by 20.3% to €7,884 million in the first half of 2022. Excluding positive currency effects of €376 million, revenue was up by 14.5% year-on-year. All regions and sectors generated doubledigit growth rates, with Consumer, Retail and Automobility recording the most significant growth. Amongst other factors, revenue growth is based on growth in eFulfillment and omnichannel solutions, increasing new business and contract renewals. In the second quarter of 2022, revenue increased by 22.7% to €4,069 million.
Total revenue: €7,884 million
| of w hic h R il eta |
28 % |
|---|---|
| Co nsu me r |
23 % |
| Au bili to- ty mo |
16 % |
| chn olo Te gy |
12 % |
| Lif e S cie s & alt hca He nce re |
12 % |
| ine eri ufa rin En & M ctu g ng an g |
6% |
| Oth ers |
3% |
| of w hic h E /M idd le E /Af rica /Co lida tio ast uro pe nso n |
45 % |
| eri Am cas |
41 % |
| fic As ia P aci |
14 % |
In the first half of 2022, the division concluded additional contracts worth €571 million in annualised revenue with both new and existing customers, which corresponds to a total contract volume of €2 billion. The Retail and Consumer sectors accounted for the majority of new business, which was largely attributable to eFulfillment and omnichannel solutions. The annualised contract renewal rate remained at a consistently high level.
EBIT in the division increased to €449 million in the first half of 2022 (previous year: €365 million). The growth in profit follows the continued positive development of revenue and benefited from productivity increases thanks to digitalisation and standardisation as well as new business with higher-margin solutions. The EBIT margin for the first half of 2022 was 5.7%. EBIT in the division for the second quarter of 2022 amounted to €244 million (previous year: €198 million).
| €m | ||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| Rev en ue |
2, 88 8 |
2, 95 7 |
2.4 | 1,4 34 |
1,5 12 |
5.4 |
| of w hic h A rica me s |
98 4 |
1, 02 3 |
4.0 | 49 9 |
52 2 |
4.6 |
| Eu rop e |
1,5 73 |
1,5 81 |
0.5 | 77 9 |
80 2 |
3.0 |
| As ia |
33 6 |
35 3 |
5.1 | 15 9 |
18 7 |
17 .6 |
| Oth er/ Co lida tio nso n |
–5 | 0 | 10 0.0 |
–3 | 1 | >1 00 |
| fit fro s ( IT) Pro ing tiv itie EB rat m o pe ac |
23 3 |
21 1 |
–9 .4 |
11 6 |
10 9 |
–6 .0 |
| s ( %) 1 Re ale tur n o n s |
8.1 | 7.1 | – | 8.1 | 7.2 | – |
| Op tin ash flo era g c w |
40 5 |
29 6 |
–2 6.9 |
17 5 |
12 6 |
–2 8.0 |
EBIT/revenue.
The division generated revenue of €2,957 million in the first half of 2022, up 2.4% on the prior-year figure. This figure was reduced by €69 million through portfolio adjustments in Asia during the reporting period. Excluding positive currency effects of €129 million, revenue was down by 2.1% year-on-year. Division revenue for the second quarter of 2022 increased by 5.4% to €1,512 million.
EBIT in the division was €211 million in the first half of 2022, thus coming in below the prior-year figure of €233 million. This was due primarily to decreasing volumes in B2C business and higher costs. The EBIT margin for the first half of 2022 was 7.1%. EBIT in the division for the second quarter of 2022 amounted to €109 million (previous year: €116 million).
| €m | ||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| Rev en ue |
8,7 19 |
8, 20 8 |
.9 –5 |
4,1 64 |
96 3, 3 |
.8 –4 |
| of w hic h P Ge ost rm any |
87 2 3, |
96 3, 6 |
2.4 | 83 8 1, |
87 8 1, |
2.2 |
| l G Pa rce erm any |
06 3,5 |
05 0 3, |
3.0 –1 |
86 1,6 |
06 1,5 |
0.7 –1 |
| ati al Int ern on |
1, 29 2 |
1,1 51 |
–1 0.9 |
61 7 |
55 8 |
–9 .6 |
| Oth er/ lida tio Co nso n |
49 | 41 | –1 6.3 |
23 | 21 | –8 .7 |
| fit fro s ( IT) Pro rat ing tiv itie EB m o pe ac |
87 1 |
59 7 |
–3 1.5 |
31 5 |
24 2 |
–2 3.2 |
| 1 ale s ( %) Re tur n o n s |
10 .0 |
7.3 | – | 7.6 | 6.1 | – |
| ash flo Op tin era g c w |
1,1 05 |
88 0 |
–2 0.4 |
49 4 |
40 1 |
–1 8.8 |
1 EBIT/revenue.
Division revenue in the first half of 2022 was €8,208 million and therefore 5.9% below the prior-year figure, due primarily to a significant decrease in German parcel business as well as international parcel and letter shipments. Revenue for the second quarter was down 4.8% compared to the prior-year period.
In Mail Communication, revenue and volumes were at the level of the previous year in the first half of 2022, and even exceeded the figures in the second quarter. This is due primarily to price increases for some of the mail products subject to regulation as of 1 January 2022, high rates of postal ballots for the state elections in the spring and one additional working day.
Revenue and volumes in Dialogue Marketing exceeded the figures from the first half of the previous year, which were weakened by the pandemic.
In the first half of 2022, volumes and revenue fell by 16.5% and 13.0%, respectively, in German parcel business within the context of the very high levels of the previous year. Consumer confidence cooled off as a result of inflation and additionally after the outbreak of the war in Ukraine due to uncertainty amongst consumers.
In imports shipped as letter mail, the trend from the first quarter of dropping volumes for lightweight goods from Asia continued in the second quarter of 2022. The very high level of the previous year due to the pandemic was also not achieved for imports shipped as parcels. The same goes for exports of documents to Europe and the rest of the world.
Division EBIT in the first half of 2022 amounted to €597 million and thus fell 31.5% short of the remarkable prior-year period, in which we generated higher revenues in parcel business in particular due to the pandemic. The revenue decrease in the first half of the year was partially compensated by strict cost management and revenue growth in Dialogue Marketing. In the second quarter of 2022, the negative EBIT trend has eased significantly compared to the first three months of the year.
We are working steadily on implementing our ESG Roadmap and achieving our ESG goals. In the reporting period, absolute greenhouse gas emissions were lower than in the previous year due to the slight decline in transport volumes and better utilisation of the air transport network. Against the backdrop of the current major challenges in the availability of sustainable fuels in air and sea transport, the volumes procured are below our planned figures.
Our climate change targets are developed in accordance with the requirements of the Science Based Targets initiative (SBTi) and were submitted for validation by SBTi in June.
| €m | ||||||
|---|---|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| Po st G erm any |
3, 87 2 |
3, 96 6 |
2.4 | 1, 83 8 |
1, 87 8 |
2.2 |
| of w hic h M ail Co ica tio mm un n |
2,6 94 |
2,7 01 |
0.3 | 1, 25 2 |
1, 27 2 |
1.6 |
| log rke Dia Ma tin ue g |
82 4 |
90 8 |
10 .2 |
41 1 |
43 2 |
5.1 |
| Oth er/ Co lida tio n P Ge ost nso rm any |
35 4 |
35 7 |
0.8 | 17 5 |
17 4 |
–0 .6 |
| Pa l G rce erm any |
3,5 06 |
3, 05 0 |
–1 3.0 |
1,6 86 |
1,5 06 |
–1 0.7 |
| il it s ( mi llio ns) Ma em |
||||||
|---|---|---|---|---|---|---|
| 20 21 H1 |
20 22 H1 |
+/– % |
Q2 20 21 |
Q2 20 22 |
+/– % |
|
| Po st G erm any |
6,7 48 |
7, 08 3 |
5.0 | 3, 26 7 |
3,3 61 |
2.9 |
| of w hic h M ail Co ica tio mm un n |
3,1 30 |
3,1 52 |
0.7 | 1,4 10 |
1,4 64 |
3.8 |
| Dia log Ma rke tin ue g |
3,1 35 |
3,4 63 |
10 .5 |
1,5 97 |
1,6 53 |
3.5 |
| Pa l G rce erm any |
94 6 |
79 0 |
–1 6.5 |
45 7 |
39 2 |
–1 4.2 |
| €m | ||||
|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
|
| Ca sh d c ash uiv ale 30 nts at Ju an eq as ne |
88 3, 7 |
93 3,4 |
88 3, 7 |
93 3,4 |
| Ch in c ash d c ash uiv ale nts an ge an eq |
30 –6 |
–6 1 |
20 8 –1 , |
–8 07 |
| sh fro ing tiv itie Ne t ca rat m o pe ac s |
4,7 28 |
4,4 10 |
2, 23 8 |
1, 98 4 |
| sh d in /fr inv ing tiv itie Ne t ca est use om ac s |
90 –1 ,4 |
20 1 |
84 –6 |
1,1 64 |
| sh d in fin cin ctiv itie Ne t ca use an g a s |
–3 86 8 , |
–4 ,67 2 |
–2 ,76 2 |
–3 95 5 , |
Building on the principles and objectives of financial management, and in light of the Group's strong financial position, the Corporate Board updated the finance strategy in January 2022. It takes into account the shareholders' interests and the lenders' requirements, focusing on value creation through a transparent and effective allocation of capital. It also aims to maintain financial flexibility and a low cost of capital for the Group with a high degree of continuity and predictability for investors, and to support the Group's ESG roadmap.
One key component of the strategy is a stand-alone target rating between "Baa1" and "A3" and "BBB+" and "A– ", respectively. The strategy also sets clear priorities on how available liquidity is allocated. It will first be used to fund business operations, finance organic investments and make regular dividend payments. Thereafter, additional dividend payments or share buy-backs as well as inorganic growth could be considered. In June, our credit rating was upgraded by Moody's Investors Service from A3 to A2 with a continued stable outlook. Furthermore, in April, the outlook on our credit rating was changed from stable to positive by the rating agency Fitch Ratings, dpdhl.com.
As of 30 June 2022, the Group's reported liquidity was €4.0 billion, consisting of cash and cash equivalents of €3.5 billion and current financial assets of €0.5 billion. In view of our solid liquidity, the syndicated credit line with a total volume of €2 billion was not drawn. In addition to the syndicated credit line, unused bilateral credit lines totalling €1.3 billion were in place at the reporting date. The €0.5 billion bond issued in June 2012 was repaid in the reporting period. Therefore, as of 30 June 2022, nine bonds with a total volume of €6.2 billion and a volumeweighted average duration of 4.9 years were still outstanding.
Investments in property, plant and equipment, and intangible assets (not including goodwill) acquired amounted to €1,362 million in the first half of 2022 (previous year: €1,377 million). As planned, we made additional investments in renewing the Express division's intercontinental aircraft fleet. In this context, two Boeing 777 freighters were delivered and advance payments made towards the new order for a further six freighters of this model. Some of these investments were attributable to rights of use.
For a breakdown of capital expenditure (capex) into asset classes and by division and region see note 11 and 16 to the consolidated financial statements.
| €m | ||||
|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
|
| sh fro ing tiv itie Ne t ca rat m o pe ac s |
4, 72 8 |
4, 41 0 |
2, 23 8 |
1, 98 4 |
| Sa le o f p lan nd uip d in ibl ert t a nt tan ts rop y, p eq me an g e a sse |
56 | 49 | 19 | 23 |
| isit ion of lan nd uip d in ible Ac ert t a nt tan set qu pr op y, p eq me an g as s |
29 –1 ,4 |
87 –1 ,4 |
25 –7 |
48 –7 |
| sh tfl fro ha e in lan nd uip d Ca ert t a nt ou ow m c ng pr op y, p eq me an int ibl ts an g e a sse |
–1 37 3 , |
–1 43 8 , |
–7 06 |
–7 25 |
| Dis als of bsi dia rie nd oth bu sin its pos su s a er ess un |
3 | 64 | 3 | 21 |
| isit ion of bsi dia rie nd oth bu sin its Ac qu su s a er ess un |
0 | 81 –1 ,3 |
0 | –4 |
| isit ion of inv d f usi the uit eth od d Ac est nts nte qu me ac cou or ng eq y m an oth inv est nts er me |
–2 | 0 | 0 | 0 |
| sh inf low /o utf low fro m d ive sti es/ uis itio Ca tur acq ns |
1 | –1 31 7 , |
3 | 17 |
| ds fro lea eiv ab les Pro cee m se rec |
14 | 88 | 7 | 46 |
| st f Int lea eiv ab les ere rom se rec |
0 | 9 | 0 | 4 |
| Re of lea liab ilit ies nt pay me se |
–1 03 3 , |
–1 07 5 , |
–4 91 |
–5 50 |
| n le lia bili tie Int st o ere ase s |
86 –1 |
–2 12 |
–9 2 |
10 –1 |
| Ca sh tfl fo r le ou ow ase s |
20 –1 5 , |
19 0 –1 , |
–5 76 |
10 –6 |
| d ( ) Int ive wit ho lea sin st r ut ere ece g |
33 | 78 | 18 | 57 |
| aid (w ith t le asi ) Int st p ere ou ng |
–8 2 |
–7 5 |
–5 8 |
–5 8 |
| t in id/ eiv ed Ne ter est pa rec |
–4 9 |
3 | –4 0 |
–1 |
| ash flo Fre e c w |
2, 10 2 |
8 46 |
91 9 |
66 5 |
Net cash from operating activities decreased from €4,728 million in the prior-year period to €4,410 million in the first half of 2022. The improved EBIT was more than offset by increased income tax payments and, in particular, a higher cash outflow as a result of changes in working capital.
Net cash from investing activities amounted to €201 million, compared with a cash outflow of €1,490 million in the prior year. Payments made for the acquisition of subsidiaries and other business units amounted to €1,381 million and relate primarily to the acquisition of Hillebrand. The disposal of other noncurrent financial assets generated a cash inflow of €210 million, which arose primarily from the repayment of loans granted. The change in current financial assets produced a cash inflow of €2,671 million, following a cash outflow of €145 million in the prior year. During the reporting period, money market funds were, for the most part, sold to cover the dividend payment to the shareholders and the purchase price for Hillebrand.
Free cash flow declined substantially from €2,102 million to €468 million; the decline mainly reflects the payment of the purchase price for Hillebrand. Adjusted for this net cash outflow of €1,379 million, free cash flow stands at €1,847 million.
Net cash used in financing activities rose from €3,868 million to €4,672 million. The dividend payment for 2021 increased by €532 million to €2,205 million. Cash and cash equivalents fell slightly from €3,531 million as at 31 December 2021 to €3,493 million.
| 21 20 22 |
|---|
| .9 .7 33 |
| 2 ,77 16 ,34 4 |
| .0 22 .5 |
| .6 42 .1 |
| 30 17 39 |
Inthe first half-year.
The Group's total assets amounted to €66,351 million as at 30 June 2022 and were thus higher than at 31 December 2021 (€63,592 million).
Non-current assets increased from €40,858 million to €43,799 million. In particular, the initial consolidation of Hillebrand caused intangible assets to increase by €1,830 million to €13,906 million. Property, plant and equipment increased appreciably by €1,432 million to €26,335 million, with capital expenditure and positive currency effects substantially exceeding depreciation, amortisation and impairment losses and disposals. Other non-current assets rose considerably by €260 million to €847 million, particularly because actuarial gains resulted in a substantial increase in pension assets. Current financial assets dropped significantly from €3,088 million to €471 million, due mainly to the sale of money-market funds. Trade receivables increased from €11,683 million to €13,411 million. Other current assets rose by €455 million to €4,043 million. This figure includes the deferred expense of €160 million at the reporting date that was recognised for the prepaid annual contribution to civil servant pensions to the Bundesanstalt für Post und Telekommunikation. Cash and cash equivalents declined slightly by €38 million to €3,493 million. Assets held for sale climbed by €89 million to €110 million due primarily to the fact that we plan to sell our business in Russia.
At €21,844 million, equity attributable to Deutsche Post AG shareholders was higher than at 31 December 2021 (€19,037 million). The consolidated net profit for the period, the remeasurement of pension provisions and currency effects increased this figure, whilst the dividend payment and share buy-backs decreased it. In particular, higher interest rates resulted in a noticeable decline of €2,169 million in provisions for pensions and similar obligations to €2,016 million. At €20,961 million, financial liabilities were €1,064 million higher than the prior-year figure, particularly due to an increase in lease liabilities. Trade payables increased from €9,556 million to €9,828 million. Other current liabilities climbed by €458 million to €6,596 million, due primarily to an increase in liabilities to employees, such as holiday entitlements.
Our net debt rose from €12,772 million as at 31 December 2021 to €16,344 million as at 30 June 2022. At 33.9%, the equity ratio exceeded the figure as at 31 December 2021 (30.7%). Net interest cover jumped from 17.0 to 22.5. Net gearing was 42.1% as at 30 June 2022.
| t d eb Ne t 12 77 2 , |
16 34 4 , |
|---|---|
| Fi nci al a 6, 61 9 ts na sse |
4, 02 1 |
| fa f n Po sit ive ir v alu nt e o on -cu rre 2 fin cia l de riva tiv 0 an es |
57 |
| fin l as Cu cia 3, 08 8 nt set rre an s |
47 1 |
| sh d c ash ale Ca uiv nts 3,5 31 an eq |
3,4 93 |
| Fi nci lia bil itie s1 al 19 39 1 na , |
20 36 5 , |
| fin Cu cia l lia bili tie 2, 80 2 nt rre an s |
3, 05 2 |
| fin No cia l lia bili tie 16 ,5 89 ent n-c urr an s |
17 ,31 3 |
| 31 De c. 20 21 |
30 Ju ne 20 22 |
| €m |
1 Less operating financial liabilities.
2Recognised in non-current financial assets in the balance sheet.
The ability of Ukraine to withstand the Russian invasion for months now points to a protracted military conflict. This means that an end to burdens on economic activity – arising from, among others, higher energy prices – and resulting inflation pressure should not be expected any time soon. At the same time, the rebounding number of infections demonstrates that there are sizable risks of a return to pandemic-related restrictions in the coming winter.
Economic forecasts are being updated in rapid succession at present. For this report, we refer to the latest information available prior to the editorial deadline.
S&P Global expects global growth of only 2.7% in 2022, compared with the April forecast, which had already been scaled back to 3.2%. In its July forecast, the IMF predicts an increase of global trade volume of 4.1 %, less than half as much as in the previous year. In mid-2022, risks for global demand clearly dominate, both in terms of the growth-dampening and inflation-boosting effects of the war and with respect to resurgent pandemic-related threats. A sustained recovery of intercontinental transport thus appears unlikely ahead of mid-2023.
In the US, average GDP growth should be especially weak at 1.4% in 2022.
GDP in China should grow more strongly (forecast: 4.0%) as a whole despite the second-quarter setback owing to the pandemic. However, a potential renewed introduction of widespread lockdowns would particularly dampen quite significantly the forecast for 2023, currently put at 5.2%.
The eurozone (S&P Global forecast 2.5%) is benefiting from the late easing of restrictions and fiscal support measures. The ECB key interest rate increase by 0.50% on 21 July and the early announcement of further rate hikes over the coming months will improve the chances of a damper being placed on inflation whilst exerting only moderate pressure on the economy, as the latter will continue to be hampered by supply chain constraints rather than the absence of demand.
For Germany, much will depend on whether Russia maintains at least part of its contractually agreed gas exports and an acute gas supply shortage can thus be averts. The extremely high gas prices will possibly force the government to take additional fiscal support measures. German GDP growth currently is expected at only 1.7% in 2022 and 1.2% in 2023.
Business in the first half of 2022 largely matched our expectations with respect to growth trends in B2B volumes, with B2C business also displaying the expected normalisation. The imbalances in international transportation markets also persisted. In the second half of the year, the rate of normalisation of B2C volumes against the high prior-year figures is expected to slow, starting a trend reversal towards the structural growth path. The B2B business is likely to remain caught between trends in demand, on the one hand, and capacity shortfalls, on the other.
Against this backdrop, we continue to expect consolidated EBIT of roughly €8.0 billion in the 2022 financial year (+/– max. 5%). The DHL divisions are still projected to generate total EBIT of approximately €7.0 billion (+/– max. 4%). In the Post & Parcel Germany division, EBIT is forecast to come in at around €1.5 billion (+/– max. 10%). Group Functions is anticipated to contribute approximately €–0.45 billion to earnings.
To facilitate a better assessment of how the emergence of a recessionary economic environment in the second half of the year – as feared by many market observers – could impact on earnings in the current financial year, we have considered a number of different scenarios. Even if the global economy cools dramatically in the second half of 2022, the Group expects EBIT in the lower half of the forecast range, i.e. between €7.6 billion and €8.0 billion. If global GDP growth slows down only gradually in the second half of the year, the Group projects EBIT to be in the upper half of the forecast range, i.e. between €8.0 billion and €8.4 billion. If business performance continues at the same level as in the first six months, the Group believes that EBIT even above the forecast range, i.e. of more than €8.4 billion, is possible.
We still plan to increase capital expenditure (excluding leases) to around €4.2 billion in 2022. Free cash flow (excluding acquisitions/divestments) is projected at around €3.6 billion (+/– max. 5%).
We now assess the aggregated effect of all foreign currency gains and losses as only a risk and an opportunity of low relevance for the Group.
The impact of the war in Ukraine, both the direct effects on our business in Russia and Ukraine and indirect effects, such as higher inflation and the weakening of the global economy, represents a risk of medium significance for us at present.
Declining growth rates in parcel business are also a risk of medium relevance for us.
The Group's overall opportunity and risk situation did not otherwise change significantly during the first half of 2022 as compared with the situation described in the 2021 Annual Report beginning on page 63. Based upon the Group's early warning system and in the estimation of its Board of Management, there were no identifiable risks for the Group in the current year which, individually or collectively, cast doubt upon the Group's ability to continue as a going concern. Nor are any such risks apparent in the foreseeable future.
| €m | |||||
|---|---|---|---|---|---|
| No te |
H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
|
| Rev en ue |
4 | 38 ,33 3 |
46 ,6 22 |
19 ,47 3 |
24 02 9 , |
| Oth tin inc er op era g om e |
5 | 94 2 |
1,3 33 |
52 8 |
77 0 |
| rfo Ch s in inv ori d w ork ed d c ita lise d ent an ge es an pe rm an ap |
6 | 18 8 |
18 0 |
15 1 |
15 2 |
| Ma ials ter ex pe nse |
–1 9,7 99 |
–2 6, 22 7 |
–1 0, 21 6 |
–1 3,7 43 |
|
| Sta ff c ost s |
–1 1,6 78 |
–1 2, 82 0 |
–5 84 0 , |
–6 ,5 00 |
|
| De cia tio rtis ati d im irm los ent pre n, a mo on an pa ses |
7 | –1 88 3 , |
–2 01 8 , |
–9 53 |
–1 00 9 , |
| Oth tin er op era g e xp ens es |
8 | –2 ,15 3 |
–2 ,56 5 |
04 –1 ,1 |
–1 ,35 5 |
| Ne t in e f inv d f usi est nts nte com rom me ac cou or ng the uit eth od eq y m |
9 | 44 | –9 | 44 | –7 |
| fit fro ing tiv itie s ( IT) Pro rat EB m o pe ac |
3, 99 4 |
4, 49 6 |
2, 08 3 |
2, 33 7 |
|
| Fin cia l in an com e |
75 | 19 7 |
45 | 10 5 |
|
| Fin ts an ce cos |
–3 73 |
–4 23 |
–1 95 |
–2 25 |
|
| Fo rei lt gn cu rre ncy re su |
–2 1 |
–4 3 |
–1 5 |
–2 6 |
|
| t fi Ne sts na nce co |
–3 19 |
–2 69 |
–1 65 |
–1 46 |
|
| fit be for e in Pro ta co me xe s |
3, 67 5 |
4, 22 7 |
1, 91 8 |
2, 19 1 |
|
| Inc e ta om xes |
02 9 –1 , |
22 –1 6 , |
–5 37 |
–6 36 |
|
| lid fit eri Co d n for th od ate et nso pro e p |
2, 64 6 |
3, 00 1 |
1, 38 1 |
1, 55 5 |
|
| rib ble che ha reh old De Po st A G s att uta to uts ers |
2,4 82 |
2, 81 2 |
1, 29 2 |
1,4 61 |
|
| rib ble llin int att uta to tro sts no n-c on g ere |
16 4 |
18 9 |
89 | 94 | |
| sha ( €) Ba sic rni ea ng s p er re |
10 | 2.0 1 |
2.3 0 |
1.0 5 |
1.2 0 |
| Dil d e sha ( €) ute ing arn s p er re |
10 | 1.9 6 |
2.2 5 |
1.0 2 |
1.1 7 |
| €m | ||||
|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
|
| lid d n fit for th eri od Co ate et nso pro e p |
2, 64 6 |
3, 00 1 |
1, 38 1 |
1, 55 5 |
| wi sif ied ofi Ite th ll n be las r lo at ot to t o ms rec pr ss |
||||
| Ch du of ion ovi sio e t nts t p an ge o r em eas ure me ne ens pr ns |
1,7 31 |
2,3 74 |
28 6 |
1,6 54 |
| for uit ins wi tho ling Re tru nts ut ser ve eq y me rec yc |
12 | 1 | 9 | –3 |
| lat ing f o the reh ive inc Inc e ta to ent om xes re co mp on s o r co mp ens om e |
–1 73 |
91 –1 |
04 –1 |
–9 9 |
| tal f ta To t o , ne x |
70 1,5 |
2,1 84 |
19 1 |
52 1,5 |
| th be las sif ied bse tly ofi r lo Ite at to t o ms ma y rec su qu en pr ss dg ing He re se rve s |
||||
| Ch s fr lise d g ain nd los an ge om un rea s a ses |
22 | 34 | 11 | 17 |
| Ch fro lise d g ain nd los an ges m rea s a ses |
1 | –1 1 |
–3 | –7 |
| ion Cu lat tra rre ncy ns re se rve |
||||
| Ch s fr lise d g ain nd los an ge om un rea s a ses |
37 5 |
76 8 |
–1 05 |
52 4 |
| Ch fro lise d g ain nd los an ges m rea s a ses |
0 | 0 | 0 | 0 |
| f o Inc lat ing the reh ive inc e ta to ent om xes re co mp on s o r co mp ens om e |
–6 | –6 | –2 | –2 |
| Sh of he reh ive inc f in ted fo sin the ot tm ent are r co mp ens om e o ves s a cco un r u g uit eth od f ta t o eq y m , ne x |
1 | 7 | –2 | 5 |
| tal f ta To t o , ne x |
39 3 |
79 2 |
01 –1 |
53 7 |
| he reh siv e in f ta Ot t o r co mp en co me , ne x |
1, 96 3 |
2, 97 6 |
90 | 2, 08 9 |
| tal reh siv e in To co mp en co me |
60 9 4, |
97 5, 7 |
1, 47 1 |
3, 64 4 |
| rib ble De che Po st A G s ha reh old att uta to uts ers |
4,4 34 |
5,7 68 |
1,3 82 |
3,5 39 |
| rib ble llin int att uta to tro sts no n-c on g ere |
17 5 |
20 9 |
89 | 10 5 |
| €m | |||
|---|---|---|---|
| 31 De c. |
30 Ju ne |
||
| No te |
20 21 |
20 22 |
|
| AS SE TS |
|||
| ible Int set an g as s |
11 | 12 07 6 , |
90 13 6 , |
| lan nd uip Pro rty t a nt pe , p eq me |
11 | 24 90 3 , |
26 ,33 5 |
| Inv est nt rty me pro pe |
48 | 22 | |
| d f usi the uit eth od Inv est nts nte me ac cou or ng eq y m |
11 1 |
114 | |
| fin l as No ent cia set n-c urr an s |
12 | 1,1 90 |
1,1 45 |
| Oth ent set er no n-c as s urr |
58 7 |
84 7 |
|
| fer red De ta ts x a sse |
1, 94 3 |
1,4 30 |
|
| No t a ts n-c urr en sse |
40 85 8 , |
43 79 9 , |
|
| ori Inv ent es |
59 3 |
76 5 |
|
| fin cia l as Cu nt set rre an s |
12 | 3, 08 8 |
47 1 |
| de eiv ab les Tra rec |
11 ,6 83 |
13 ,41 1 |
|
| Oth t a ts er cur ren sse |
3,5 88 |
4, 04 3 |
|
| Inc e ta ts om x a sse |
23 0 |
25 9 |
|
| Ca sh d c ash uiv ale nts an eq |
3,5 31 |
3,4 93 |
|
| s h eld fo le As set r sa |
13 | 21 | 11 0 |
| Cu nt ets rre ass |
22 73 4 , |
22 55 2 , |
|
| TO SS S TA A L ET |
63 ,59 2 |
66 ,35 1 |
| €m | |||
|---|---|---|---|
| 31 De c. |
30 Ju ne |
||
| No te |
20 21 |
20 22 |
|
| EQ UIT Y A ND LIA BIL ITI ES |
|||
| Iss ued ita l ca p |
14 | 1, 22 4 |
1, 21 8 |
| Ca ita l re p ser ves |
15 | 3,5 33 |
3,5 22 |
| Oth er res erv es |
–7 33 |
38 | |
| tai ned rni Re ea ng s |
15 | 01 15 3 , |
06 17 6 , |
| uit ibu tab le t sch AG sh ho lde Eq ttr o D eut e P ost y a are rs |
19 03 7 , |
21 84 4 , |
|
| No llin int tro sts n-c on g ere |
46 2 |
65 2 |
|
| uit Eq y |
19 49 9 , |
22 49 6 , |
|
| s fo d s ilar ob liga Pro vis ion sio im tio r p en ns an ns |
4,1 85 |
2, 01 6 |
|
| fer red x li ab ilit De ies ta |
13 7 |
14 0 |
|
| Oth ovi sio ent er no n-c urr pr ns |
1, 94 6 |
1, 98 0 |
|
| fin No cia l lia bili tie ent n-c urr an s |
16 ,61 4 |
17 ,33 9 |
|
| Oth lia bili tie ent er no n-c urr s |
30 4 |
33 9 |
|
| No isio d l iab ilit ies t p n-c urr en rov ns an |
23 18 6 , |
21 81 4 , |
|
| Cu vis ion nt rre pro s |
1, 20 8 |
1, 20 0 |
|
| Cu fin cia l lia bili tie nt rre an s |
3, 28 3 |
3,6 22 |
|
| de ab les Tra pay |
9,5 56 |
9, 82 8 |
|
| Oth t li ab ilit ies er cur ren |
38 6,1 |
96 6,5 |
|
| x li ab ilit ies Inc e ta om |
71 7 |
2 71 |
|
| Lia bili tie cia ted wi th he ld f sal ets s a sso ass or e |
13 | 5 | 83 |
| vis ion nd lia bil itie Cu nt rre pro s a s |
20 90 7 , |
22 04 1 , |
|
| TO TA E L QU ITY AN D L IAB ILI TIE S |
63 59 2 , |
66 35 1 , |
| €m | ||||
|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
|
| lida ted rof it f the d Co t p rio nso ne or pe |
2,6 46 |
3, 00 1 |
1,3 81 |
1,5 55 |
| Inc e ta om xes |
1, 02 9 |
1, 22 6 |
53 7 |
63 6 |
| t fi Ne sts na nce co |
31 9 |
26 9 |
16 5 |
14 6 |
| fit fro ing tiv itie s ( IT) Pro EB rat m o pe ac |
3, 99 4 |
4, 49 6 |
2, 08 3 |
2, 33 7 |
| De cia tio rtis ati d im irm los ent pre n, a mo on an pa ses |
1, 88 3 |
2, 01 8 |
95 3 |
1, 00 9 |
| e f f n Ne st/ inc dis al o t co net nt ets om rom pos on -cu rre ass |
8 | –6 3 |
6 | –9 |
| No ash in nd n-c com e a exp ens e |
–3 5 |
–7 | –5 6 |
–6 7 |
| Ch in p isio an ge rov ns |
–7 8 |
24 | –8 7 |
27 |
| Ch in o the d li ab ilit ies nt ets an ge r n on -cu rre ass an |
–2 0 |
–4 7 |
–4 | –2 2 |
| Div ide nd eiv ed rec |
0 | 5 | 0 | 3 |
| id Inc e ta om xes pa |
–5 44 |
–8 45 |
–2 71 |
–4 57 |
| sh fro ing tiv itie s b efo cha in w ork ing ita l Ne t ca rat m o pe ac re ng es ca p |
20 8 5, |
58 5, 1 |
2, 62 4 |
2, 82 1 |
| s in rki ita Ch l an ge wo ng ca p |
||||
| ori Inv ent es |
29 –1 |
10 –1 |
01 –1 |
09 –1 |
| cei vab les d o the Re nt ets an r cu rre ass |
–1 ,31 2 |
–1 ,4 88 |
–2 73 |
–6 41 |
| Lia bili tie nd oth ite s a er ms |
96 1 |
42 7 |
–1 2 |
–8 7 |
| sh fro ing tiv itie Ne t ca rat m o pe ac s |
4, 72 8 |
4, 41 0 |
2, 23 8 |
1, 98 4 |
| Su bsi dia rie nd oth bu sin its s a er ess un |
3 | 64 | 3 | 21 |
| Pro lan nd uip d in ible rty t a nt tan set pe , p eq me an g as s |
56 | 49 | 19 | 23 |
| Oth fin cia l as ent set er no n-c urr an s |
20 | 21 0 |
8 | 16 1 |
| ds fro m d isp l of Pro ent set cee osa no n-c urr as s |
79 | 32 3 |
30 | 20 5 |
| €m | ||||
|---|---|---|---|---|
| H1 20 21 |
H1 20 22 |
Q2 20 21 |
Q2 20 22 |
|
| bsi dia nd oth bu Su rie sin its s a er ess un |
0 | –1 ,3 81 |
0 | –4 |
| lan nd d in ible Pro uip rty t a nt tan set pe , p eq me an g as s |
–1 ,4 29 |
–1 ,4 87 |
–7 25 |
–7 48 |
| d f the eth od d o the Inv est nts nte usi uit r in tm ent me ac cou or ng eq y m an ves s |
–2 | 0 | 0 | 0 |
| Oth fin l as cia ent set er no n-c an s urr |
–2 6 |
–1 2 |
–2 4 |
–2 |
| Ca sh id t ire ent set pa o a cqu no n-c urr as s |
–1 ,45 7 |
–2 88 0 , |
–7 49 |
–7 54 |
| ive d Int st r ere ece |
33 | 87 | 18 | 61 |
| Cu fin cia l as nt set rre an s |
–1 45 |
2,6 71 |
17 | 1,6 52 |
| sh d i n/f in sti tiv itie Ne t ca use rom ve ng ac s |
–1 49 0 , |
20 1 |
–6 84 |
1, 16 4 |
| Pro ds fro iss of fin cia l lia bil itie ent cee m ua nce no n-c urr an s |
13 0 |
0 | 13 0 |
0 |
| Re of fin cia l lia bili tie nts ent pay me no n-c urr an s |
–1 80 8 , |
–1 93 8 , |
–5 07 |
–1 ,34 8 |
| Ch in c fin cia l lia bili tie ent an ge urr an s |
55 | 18 | –3 73 |
2 |
| Oth fin cin ctiv itie er an g a s |
36 | 93 | 32 | 45 |
| ds fro tio wit h n oll ing int Pro m t ntr sts cee ran sac ns on -co ere |
0 | 8 | 0 | 0 |
| Div ide nd id t sch sh ho lde o D eut e P ost AG pa are rs |
–1 ,67 3 |
–2 20 5 , |
–1 ,67 3 |
–2 20 5 , |
| Div ide nd id t oll ing int st h old ntr pa o n on -co ere ers |
–2 7 |
–2 9 |
–1 5 |
–1 6 |
| rch of ha Pu tre ase asu ry s res |
–3 13 |
–3 32 |
–2 06 |
–2 65 |
| aid Int st p ere |
–2 68 |
–2 87 |
–1 50 |
–1 68 |
| sh d i n f ina nci tiv itie Ne t ca use ng ac s |
–3 86 8 , |
–4 67 2 , |
–2 76 2 , |
–3 95 5 , |
| Ne ha e in sh d c ash uiv ale t c nts ng ca an eq |
–63 0 |
–6 1 |
–1, 20 8 |
–80 7 |
| Eff of ch s in cha ash d c ash uiv ale ect ate nts an ge ex ng e r s o n c an eq |
35 | 72 | –1 8 |
37 |
| ld f Ch s in sh d c ash uiv ale iat ed wit h a he sal nts ts an ge ca an eq as soc sse or e |
0 | –4 9 |
0 | –4 7 |
| of Ca sh d c ash uiv ale beg inn ing rtin eri od nts at an eq re po g p |
4,4 82 |
3,5 31 |
5,1 13 |
4,3 10 |
| uiv rtin eri Ca sh d c ash ale d o f re od nts at an eq en po g p |
3, 88 7 |
3, 49 3 |
3, 88 7 |
3, 49 3 |
| €m | Oth er res erv es |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Iss ued ita l cap |
Ca ita l p res erv es |
dg ing He res erv es |
for Re ser ve uit eq y ins tru nts me wit ho ut ling rec yc |
Cu rre ncy nsl ati tra on res erv e |
tai ned Re nin ear gs |
uit Eq y rib ble att uta to De che uts G Po st A sha reh old ers |
No n llin tro con g int sts ere |
To tal uit eq y |
|
| Ba lan 1 J 20 21 at ce an ua ry |
1, 23 9 |
3,5 19 |
–1 7 |
–2 7 |
–1 ,6 22 |
10 ,6 85 |
13 77 7 , |
30 1 |
14 07 8 , |
| ide nd Div |
–1 ,67 3 |
–1 ,67 3 |
–2 7 |
–1 70 0 , |
|||||
| Tra ctio wit h n oll ing int ntr sts nsa ns on -co ere |
0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Ch in llin int du ha in c sol ida ted tro sts e t an ges no n-c on g ere o c ng es on gr ou p |
0 | 0 | 0 | ||||||
| Ca ita l in /de p cre ase cre ase |
–4 | –9 | –5 17 |
–5 30 |
0 | –5 30 |
|||
| –2 20 3 , |
–2 7 |
–2 23 0 , |
|||||||
| tal reh siv e in To co mp en co me rof it f Co lida ted the rio d t p nso ne or pe |
2,4 82 |
2,4 82 |
16 4 |
2, 64 6 |
|||||
| Cu nsl ati dif fer tra rre ncy on en ces |
36 6 |
36 6 |
11 | 37 7 |
|||||
| Ch du of ion ovi sio e t nts t p an ge o r em eas ure me ne ens pr ns |
1,5 57 |
1,5 57 |
0 | 1, 55 7 |
|||||
| Oth cha er ng es |
17 | 12 | 0 | 29 | 0 | 29 | |||
| 4, 43 4 |
17 5 |
60 9 4, |
|||||||
| Ba lan 30 Ju 20 21 at ce ne |
1, 23 5 |
3, 51 0 |
0 | –1 5 |
–1 25 6 , |
12 53 4 , |
16 00 8 , |
44 9 |
16 45 7 , |
| lan Ba 1 J 20 22 at ce an ua ry |
1, 22 4 |
3,5 33 |
6 | –1 2 |
–7 27 |
15 01 3 , |
19 03 7 , |
46 2 |
19 49 9 , |
| Div ide nd |
–2 20 5 , |
–2 20 5 , |
0 –3 |
–2 23 5 , |
|||||
| ctio wit h n oll ing int Tra ntr sts nsa ns on -co ere |
0 | 0 | 0 | 7 | 7 | 0 | 7 | ||
| Ch in llin int du ha in c sol ida ted tro sts e t an ges no n-c on g ere o c ng es on gr ou p |
0 | 11 | 11 | ||||||
| l in /de Ca ita p cre ase cre ase |
–6 | –1 1 |
–7 46 |
–7 63 |
0 | –7 63 |
|||
| –2 96 1 , |
–1 9 |
–2 98 0 , |
|||||||
| tal reh siv e in To co mp en co me lida ted rof it f the rio d Co t p nso ne or pe |
2, 81 2 |
2, 81 2 |
18 9 |
3, 00 1 |
|||||
| nsl dif fer Cu tra ati rre ncy on en ces |
75 5 |
75 5 |
20 | 77 5 |
|||||
| Ch du of ion ovi sio e t nts t p an ge o r em eas ure me ne ens pr ns |
2,1 85 |
2,1 85 |
0 | 2, 18 5 |
|||||
| Oth cha er ng es |
17 | –1 | 0 | 16 | 0 | 16 | |||
| 5, 76 8 |
20 9 |
5, 97 7 |
|||||||
| lan Ba at 30 Ju 20 22 ce ne |
1, 21 8 |
3, 52 2 |
23 | –1 3 |
28 | 17 06 6 , |
21 84 4 , |
65 2 |
22 49 6 , |
Deutsche Post AG is a listed corporation domiciled in Bonn, Germany. The condensed consolidated interim financial statements of Deutsche Post AG and its subsidiaries cover the period from 1 January to 30 June 2022 and have been reviewed.
The condensed consolidated interim financial statements as at 30 June 2022 were prepared in accordance with the International Financial Reporting Standards (IFRSs) and related interpretations issued by the International Accounting Standards Board (IASB) for interim financial reporting, as adopted by the European Union. These interim financial statements thus include all information and disclosures required by IFRSs to be presented in condensed interim financial statements.
Preparation of the condensed consolidated interim financial statements in accordance with IAS 34 requires the Board of Management to exercise judgement and make estimates and assumptions that affect the application of accounting policies in the Group and the presentation of assets, liabilities, income and expenses. Actual amounts may differ from these estimates. The results obtained thus far in the 2022 financial year are not necessarily an indication of how business will develop in the future.
The accounting policies applied to the condensed consolidated interim financial statements are generally based upon the same accounting policies used in the consolidated financial statements for the 2021 financial year. Exceptions are the new or revised International Financial Reporting Standards (IFRSs) required to be applied for the first time in the 2022 financial year that, however, have not had a material influence on the consolidated interim financial statements. Detailed explanations of these can be found in the 2021 Annual Report in note 5 to the consolidated financial statements.
The income tax expense for the reporting period was deferred on the basis of the tax rate expected to apply to the full financial year. The tax rate for 2022 increased primarily because the recognition of additional deferred taxes on tax loss carryforwards is expected to be smaller due to the use of tax losses compared with the previous year.
In accordance with IAS 29, Turkey has met the criteria regarding a cumulative inflation rate of more than 100% over a period of three years since the beginning of 2022. As a result of the insignificant effects on the consolidated financial statements, it was decided not to apply the principles of financial reporting in hyperinflationary economies for Turkish companies.
The number of companies consolidated with Deutsche PostAG is shown in the following table:
| 31 De c. 20 21 |
30 Ju ne 20 22 |
|
|---|---|---|
| lid nie Nu mb of ful ly c d c ate er on so om pa s (su bs idi ari es) |
||
| Ge rm an |
83 | 82 |
| Fo rei gn |
63 6 |
69 0 |
| mb of jo int tio Nu er op era ns |
||
| Ge rm an |
1 | 1 |
| Fo rei gn |
0 | 0 |
| inv Nu mb of ted fo est nts er me ac co un r usi th ity eth od ng e e qu m |
||
| Ge rm an |
1 | 1 |
| rei Fo gn |
16 | 18 |
The increase in the number of companies included in the consolidated group resulted mainly from the acquisition of ocean freight specialist J.F. Hillebrand Group (Hillebrand), including its around 90 companies.
The following acquisitions were made in the first half of 2022:
| uit Eq y int st ere |
Ac isi qu |
||
|---|---|---|---|
| Cou ntry |
Se ent gm |
% | tio n d ate |
| Glo ba l Fo ard ing rw , |
rch Ma |
||
| Ge rm any |
ht Fre ig |
10 0 |
20 22 |
In March 2022, Deutsche Post DHL Group acquired Hillebrand, including its around 90 companies. Hillebrand is a global service provider specialised in the ocean freight forwarding, transport and logistics of beverages, nonhazardous bulk liquids and other products that require special care. The acquisition enables Global Forwarding, Freight to expand its business in this market segment. In August 2021, Deutsche Post DHL Group had signed an acquisition agreement and had made a deposit of €100 million. Following the clearance of the transaction by the responsible competition authorities, the purchase price of €1,452 million was paid in full at the end of March 2022.
| €m | |
|---|---|
| lim ina Pre ry |
|
| fai lue r va |
|
| No ent set n-c urr as s |
10 2 |
| Cu nt ets rre ass |
48 8 |
| Ca sh d c ash uiv ale nts an eq |
72 |
| AS SE TS |
66 2 |
| d li ab ilit No ent ovi sio ies n-c urr pr ns an |
31 4 |
| nd liab ilit Cu vis ion ies nt rre pro s a |
48 9 |
| EQ UIT Y A ND LIA BIL ITI ES |
80 3 |
| lim ina Pre t a ts ry ne sse |
–1 41 |
| rch ice Pu ase pr |
52 1,4 |
| Dif fer en ce |
1, 59 3 |
| llin int No tro sts n-c on g ere |
11 |
| lim ina od wi ll Pre ry go |
1, 60 4 |
The acquisition resulted in preliminary goodwill, which currently amounts to €1.6 billion and cannot be deducted from tax. It is mainly attributable to the synergies and network effects expected from the dynamic ocean freight forwarding market. Current assets include trade receivables of €298 million. There was a difference of €21 million between the gross amount and the carrying amount.
The measurement of the assets acquired and liabilities assumed has not yet been completed due to time restrictions. The final purchase price allocation will be presented at a later date.
Since their consolidation, the companies have contributed €530 million to consolidated revenue and €37 million to consolidated EBIT, set against transaction costs of €20 million. If the companies had already been acquired as at 1 January 2022, they would have contributed an additional €437 million to consolidated revenue and €20 million to consolidated EBIT.
The following companies were sold in the first half of 2022:
| Na me |
Co try un |
Se ent gm |
uit Eq y int st ere % |
Da of dis al te pos |
|---|---|---|---|---|
| Sig nif ica dis sal nt po s |
Ge , Ja rm any pa n, |
|||
| Str Sco nd bsi dia rie eet ote r a su s |
Sw itze rla nd |
Gro Fu ion nct up s |
10 0 |
Jan 20 22 ua ry |
| ign ific isp Ins t d ls an osa |
||||
| Gre lan Gm bH en p |
Ge rm any |
Gro Fu ion nct up s |
10 0 |
Jan 20 22 ua ry |
| Vé Gr AG ron au er |
Sw itze rla nd |
Glo ba l Fo ard ing eig ht , Fr rw |
10 0 |
rch 20 22 Ma |
| Cô L G lob al F ard ing d'Iv oir e S DH te .A. orw |
Co Ivo ast ry |
Glo ba l Fo ard ing eig ht , Fr rw |
10 0 |
20 22 Ju ne |
| L G lob al F ard ing ( Se al) S.A DH orw neg |
Se al neg |
Glo ba l Fo ard ing eig ht , Fr rw |
10 0 |
20 22 Ju ne |
On 3 January 2022, Deutsche Post DHL Group sold the production rights and the complete ownership of the intangible assets for the production of StreetScooter electric vans as well as all shares in StreetScooter Japan K.K. and StreetScooter Schweiz AG to ODIN Automotive S.à r.l., Luxembourg. The sale resulted in disposal gain of €66 million in the 2022 financial year, note 5.
| Str Sco eet ote r |
|---|
| 15 |
| 0 |
| 2 |
| 17 |
| 1 |
| 5 |
| 6 |
| 11 |
| 67 |
| 10 |
| 66 |
In addition, the sale of Greenplan GmbH, Germany, a provider of route-planning solutions, resulted in income of €3 million, whilst the sale of Véron Grauer AG, a provider of shipment services, generated income of €5 million. These gains are reported under other operating income. The sale of the two African companies led to a loss of less than €1 million reported under other operating expenses.
In February 2022, the Board of Management of Deutsche Post AG resolved a share buy-back programme for up to 50 million shares at a total purchase price of up to €2 billion. The repurchased shares will either be retired, used to service long-term executive remuneration plans and any future employee participation programmes or used to meet potential obligations if rights accruing under the 2017/2025 convertible bond are exercised. The repurchase via the stock exchange started on 8 April 2022 and will end no later than in December 2024. The buyback programme is based on the authorisation resolved by the company's Annual General Meeting on 6 May 2021, notes14 and 15.
| €m | ||
|---|---|---|
| H1 20 21 |
H1 20 22 |
|
| Ex pre ss |
11 20 4 , |
13 08 4 , |
| Glo ba l Fo ard ing ig ht Fre rw , |
9, 8 35 |
81 14 4 , |
| Glo ba l Fo ard ing rw |
7,4 73 |
12 ,6 99 |
| Fre ig ht |
1, 88 5 |
2,1 15 |
| ain Su ly Ch pp |
6, 50 1 |
7, 84 9 |
| ion eC So lut om me rce s |
2, 82 4 |
2, 88 8 |
| el G Po st & P arc erm an y |
8, 42 4 |
7, 97 2 |
| Po st G erm any |
3, 85 1 |
3, 94 7 |
| l G Pa rce erm any |
91 3,4 |
04 0 3, |
| ati al Int ern on |
00 1, 7 |
92 0 |
| Oth er |
75 | 65 |
| ion Gro Fu nct up s |
22 | 15 |
| To tal re ve nu e |
38 33 3 , |
46 62 2 , |
| €m | ||
|---|---|---|
| 20 21 H1 |
20 22 H1 |
|
| Ch s in inv ori ent an ge es e ( +) (– ) inc /ex om pe nse |
67 | 30 |
| rk rfo ed d c ita lise d Wo pe rm an ap |
12 1 |
0 15 |
| tal To |
18 8 |
18 0 |
The changes in inventories relate primarily to property development projects. The increase in work performed and capitalised is attributable to internally generated software.
| €m | ||
|---|---|---|
| H1 20 21 |
H1 20 22 |
|
| isa tio f a nd im irm los Am ort ent n o pa ses int ibl of w hic h ts, on an g e a sse los (p : 0) im irm ent s: 0 iou pa rev s y ear |
95 | 96 |
| cia tio f a nd im irm los De ent pre n o pa ses lan nd uip rty t a nt on pro pe eq me , p uir ed f w hic h acq , o (p : 0) im irm los : 18 iou ent pa ses rev s y ear |
78 6 |
87 2 |
| cia tio f a nd im irm los De ent pre n o pa ses rig ht- of- f w hic h set on use as s, o los (p : 0) im irm : 17 iou ent pa ses rev s y ear |
1, 00 2 |
1, 05 0 |
| of od ll Im irm wi ent pa go |
0 | 0 |
| cia tio rtis ati De d pre n, a mo on an im irm t lo pa en sse s |
1, 88 3 |
2, 01 8 |
The increase in income from currency translation results from the volatility on the currency markets. This income is offset by corresponding expenses.
Income from the disposal of assets includes, amongst other items, a gain on the disposal of the StreetScooter business.
Miscellaneous other operating income includes a large number of smaller individual items.
Of the impairment losses totalling €35 million, an amount of €31 million refers to Russian companies. In the first half of 2022, the Board of Management resolved to dispose of the Russian operations. Prior to reclassification as assets held for sale and liabilities associated with assets held for sale, impairment losses in the amount of €31 million were required to be recognised for the Russian assets, note 13.
| H1 20 21 |
H1 20 22 |
|---|---|
| 0 | 12 |
| 0 | 12 |
| 0 | 2 |
| 0 | 5 |
| 0 | 4 |
| 0 | 35 |
| €m | ||
|---|---|---|
| H1 20 21 |
H1 20 22 |
|
| Co f p has ed cle ing d s rity st o urc an an ecu |
||
| vic ser es |
27 3 |
2 31 |
| Cu nsl ati tra rre ncy on exp ens es |
14 4 |
28 0 |
| efu nd nd Wa nty rra ex pe nse s, r s a tio ent com pe nsa n p aym s |
22 6 |
24 4 |
| Oth bu sin ta er ess xes |
13 8 |
19 3 |
| l an d t Tra rai nin ost ve g c s |
96 | 15 2 |
| for ad d p ub lic Exp rtis ing ens es ve an rel ati on s |
15 1 |
148 |
| Ins sts ura nce co |
10 0 |
13 3 |
| lec nic ati Te sts om mu on co |
10 7 |
11 5 |
| Cu cle lat ed cha sto ms ara nce -re rge s |
91 | 10 8 |
| Off ice d r il o utl eta et an exp ens es |
10 1 |
10 7 |
| ite -do f c Wr ent set wn s o urr as s |
75 | 95 |
| ain d c hos ita lity Ent ert nt te me an orp ora p exp en ses |
38 | 78 |
| ltin s ( lud dv ) Co inc ing ice ost ta nsu g c x a |
55 | 67 |
| Mo ctio net tra ost ary nsa n c s |
50 | 56 |
| de d b the nd alt Se rvi ovi Bu nst ces esa pr y für Po nd Te lek nik ati st u om mu on ( Ge fed l po nd st a rm an era |
||
| tel ica tio ) eco mm un ns ag en cy |
83 | 51 |
| iss ion aid Co mm s p |
35 | 47 |
| lun oci al b efi Vo tar ts y s en |
36 | 44 |
| al c Leg ost s |
31 | 43 |
| ibu d f Co tio ntr ns an ees |
37 | 41 |
| of Los dis sal set ses on po as s |
37 | 37 |
| Au dit sts co |
14 | 16 |
| Do ion nat s |
12 | 14 |
| Mis cel lan eo us |
22 3 |
18 4 |
| To tal |
2, 15 3 |
2, 56 5 |
The increase in expenses from currency translation results from the volatility on the currency markets. These expenses are offset by corresponding income.
Miscellaneous other operating expenses include a large number of smaller individual items.
The net income of €44 million generated in the previous year was attributable primarily to Global-E Online Ltd., Israel. The dilution of shares due to this company's initial public offering led to income from remeasurement totalling €39 million.
Basic earnings per share in the reporting period were €2.30 (previous year: €2.01).
| sic rni Ba sh ea s p er are ng |
€ | 2.0 1 |
2.3 0 |
|---|---|---|---|
| f sh We ig hte d a be din uts tan ve rag e n um r o are s o g |
mb nu er |
1, 23 7,5 75 83 8 , |
1, 22 2,4 97 96 2 , |
| lida ted rof it f the rio d a ibu tab le t Co t p ttr nso ne or pe o che ha reh old De Po st A G s uts ers |
€m | 2,4 82 |
2, 81 2 |
| H1 20 21 |
H1 20 22 |
||
Diluted earnings per share in the reporting period were
€2.25 (previous year: €1.96).
| H1 20 21 |
H1 20 22 |
||
|---|---|---|---|
| Co lida ted rof it f the rio d a ibu tab le t t p ttr nso ne or pe o |
|||
| che ha reh old De uts Po st A G s ers |
€m | 2,4 82 |
2, 81 2 |
| Plu th rtib le b d s in ter est ex pe nse on e c on ve on |
€m | 4 | 4 |
| 1 Les s in e ta com xes |
€m | 0 | 0 |
| Ad ted lida ted rof it f the d a ibu tab le t jus rio t p ttr co nso ne or pe o De che Po st A G s ha reh old uts ers |
€m | 2,4 86 |
2, 81 6 |
| We ig hte d a be f sh din uts tan ve rag e n um r o are s o g |
mb nu er |
1, 23 7,5 75 83 8 , |
1, 22 2,4 97 96 2 , |
| tia lly dil uti sha Po ten ve res |
mb nu er |
32 87 ,31 4,7 |
26 23 ,37 1, 3 |
| We ig hte d a be f sh s fo r d ilut ed nin ve rag e n um r o are ear gs |
mb nu er |
1, 26 9, 89 0,6 25 |
1, 24 8, 86 9,1 95 |
| Dil d e ing sh ute arn s p er are |
€ | 1.9 6 |
2.2 5 |
Rounded below€1 million.
Investments in intangible assets (not including goodwill), property, plant and equipment acquired and right-of-use assets amounted to €2,885 million in the first half of 2022 (previous year: €2,750 million).
| €m | ||
|---|---|---|
| 30 Ju ne |
30 Ju ne |
|
| 20 21 |
20 22 |
|
| ibl Int ts an g e a sse |
||
| (no t in clu din dw ill) g g oo |
10 6 |
12 1 |
| ire uip Ac d p lan nd ert t a nt qu rop p eq me y, |
||
| Lan d a nd bu ild ing s |
76 | 11 7 |
| Te chn ica l eq uip d m ach ine nt me an ry |
66 | 68 |
| uip Tra ort nt nsp eq me |
19 3 |
10 1 |
| Air ft cra |
47 | 47 |
| ipm IT e ent qu |
22 | 26 |
| Op tin nd off ice uip nt era g a eq me |
21 | 29 |
| Ad nd de ent ets va nce pa ym s a ass un r |
||
| dev elo ent pm |
84 6 |
85 3 |
| 1, 27 1 |
1, 24 1 |
|
| Rig ht- of- set use as s |
||
| d a nd bu ild ing Lan s |
1, 03 3 |
94 3 |
| chn l eq d m ach Te ica uip nt ine me an ry |
17 | 18 |
| Tra uip ort nt nsp eq me |
11 2 |
16 6 |
| ft Air cra |
13 8 |
38 8 |
| Ad ent va nce pa ym s |
73 | 8 |
| 1, 37 3 |
1, 52 3 |
|
| tal To |
2, 75 0 |
2, 88 5 |
| Ba lan 31 De be r/3 0 J at ce cem un e |
1, 06 5 |
1, 07 8 |
|---|---|---|
| dif fer Cu nsl ati tra rre ncy on en ces |
36 | 18 |
| Im irm los ent pa ses |
0 | 0 |
| als Dis pos |
–1 3 |
–5 |
| isa tio nd im irm t lo Am ort n a pa en sse s lan Ba at J 1 ce an ua ry |
1, 04 2 |
1, 06 5 |
| Ba lan 31 De be r/3 0 J at ce cem un e |
12 41 8 , |
14 21 8 , |
| dif fer Cu nsl ati tra rre ncy on en ces |
39 2 |
20 5 |
| Dis als pos |
–1 4 |
–9 |
| s fr Ad dit ion bu sin mb ina tio om ess co ns |
0 | 1,6 04 |
| Co st Ba lan J 1 at ce an ua ry |
12 04 0 , |
12 ,41 8 |
| 20 21 |
20 22 |
Additions to goodwill mainly refer to the acquisition of Hillebrand. Disposals concern the companies Greenplan and Véron Grauer.
The decline in assets measured at cost concerns the shortterm deposits that expired as scheduled in May 2022. Likewise, assets measured at fair value decreased, largely on account of the sale of money market fund shares. Net impairment losses amounted to €64 million in the first half of 2022 (previous year: €49 million).
| Fin cia l as set an s |
1, 19 0 |
1, 14 5 |
3, 08 8 |
47 1 |
4, 27 8 |
1, 61 6 |
|
|---|---|---|---|---|---|---|---|
| t fa alu hro h p rof r lo As set ir v e t it o s a ug ss |
31 0 |
32 4 |
1, 83 1 |
14 0 |
2, 14 1 |
46 4 |
|
| t fa ir v alu hro h o the reh ive inc As set e t s a ug r co mp ens om e |
46 | 57 | 0 | 0 | 46 | 57 | |
| d a As set t co st s m eas ure |
83 4 |
76 4 |
1, 25 7 |
33 1 |
2, 09 1 |
1, 09 5 |
|
| 31 De c. 20 21 |
30 Ju ne 20 22 |
31 De c. 20 21 |
30 Ju ne 20 22 |
31 De c. 20 21 |
30 Ju ne 20 22 |
||
| No ent n-c urr |
Cu nt rre |
tal To |
|||||
| €m |
After having previously discontinued the delivery of mail and parcels to Russia, the Group decided to sell its seven Russian companies as a consequence of the ongoing war.
Two of these companies are assigned to the Express segment and five to the Forwarding, Freight segment. Prior to reclassification as assets held for sale and liabilities associated with assets held for sale, an impairment loss of €31 million was recognised on the assets.
| As set s |
Lia bili tie s |
|||
|---|---|---|---|---|
| 31 De c. 20 21 |
30 Ju ne 20 22 |
31 De c. 20 21 |
30 Ju ne 20 22 |
|
| 0 | 10 9 |
0 | 83 | |
| 18 | 0 | 4 | 0 | |
| 2 | 0 | 1 | 0 | |
| 1 | 1 | 0 | 0 | |
| 21 | 11 0 |
5 | 83 | |
| 30 20 22 Ju ne |
|---|
| 0 |
| 60 |
| 49 |
| 10 9 |
| 16 |
| 67 |
| 83 |
The planned sales of StreetScooter and Greenplan, as reported as at 31 December 2021, were closed in the first quarter of 2022, note 2.
KfW Bankengruppe (KfW) held a 20.5% interest in the share capital of Deutsche Post AG as at 30 June 2022. Free float accounts for 77.8% of the shares and the remaining 1.7% of shares are owned by Deutsche Post AG.
The issued capital is composed of 1,239,059,409 nopar value registered shares (ordinary shares) with a notional interest in the share capital of €1 per share, and is fully paid up.
€m
| tal be r/3 To at 31 De 0 J cem un e |
1, 22 4 |
1, 21 8 |
|---|---|---|
| Ba lan 31 De be r/3 0 J at ce cem un e |
–1 5 |
–2 1 |
| f tr Iss ue/ sal sh e o eas ury are s |
5 | 3 |
| rch of ha Pu tre ase asu ry s res |
–2 0 |
–9 |
| sh Tre asu ry are s lan Ba at J 1 ce an ua ry |
0 | –1 5 |
| lan be r/3 0 J Ba at 31 De ce cem un e |
23 9 1, |
23 9 1, |
| Ad dit du l ion tin ita e t nt o c on ge cap inc rea se |
0 | 0 |
| d c ita l Iss ue ap lan Ba J 1 at ce an ua ry |
1, 23 9 |
1, 23 9 |
| 20 21 |
20 22 |
The first tranche of the share buy-back programme with a total volume of up to €500 million was launched on 8 April 2022. Repurchases are being made by an independent financial services provider until 7 November 2022 on the basis of an irrevocable agreement. As at 29 June 2022, the total volume of the first tranche was increased by €300 million to €800 million, with the end of term remaining unchanged at 7 November 2022. By 30 June 2022, 7,091,809 shares had been repurchased under the share buy-back programme for a total amount of €259 million at an average price of €36.52 per share. The repurchased shares may be used for the purposes set out in note 3.
In the first half of 2022, treasury shares were also acquired and issued to executives to settle the 2021 tranche and claims to matching shares under the 2017 tranche. The shares were acquired at an average price per share of €44.46 for a total of €73 million.
Deutsche Post AG held 21,132,002 treasury shares as at 30 June 2022.
| lan be r/3 0 J Ba at 31 De ce cem un e |
3, 53 3 |
52 2 3, |
|---|---|---|
| Dif fer be has nd iss tw en ces ee n p urc e a ue ice f tr sh pr s o eas ury are s |
9 | 0 |
| loy Sh Pl Em ee are an p |
3 | 1 |
| rfo Pe Sh Pl rm an ce are an |
–3 | 13 |
| Sh hin he M Sc atc are g me |
5 | –2 5 |
| lan Ba at J 1 ce an ua ry |
3,5 19 |
3,5 33 |
| 20 21 |
20 22 |
|
| €m |
Retained earnings mainly include changes due to capital increases or reductions:
| €m | ||
|---|---|---|
| 31 De c. |
30 Ju ne |
|
| 20 21 |
20 22 |
|
| Ob liga tio has ha in 20 22 n t o r ep urc e s res |
||
| de che I r tr un an |
0 | –5 41 |
| Sh bu bac k in 20 22 de che I r tr are y- un an |
0 | –2 52 |
| Sh bu bac k in 20 21 are y- |
–9 82 |
0 |
| rfo Sh Pl Pe rm an ce are an |
26 | 0 |
| Dif fer be has nd iss tw en ces ee n p urc e a ue |
||
| ice f tr sh pr s o eas ury are s |
–9 | 0 |
| loy Sh Pl Em p ee are an |
0 | 7 |
| Sh hin he M atc Sc are g me |
–1 9 |
42 |
| Oth er |
3 | –2 |
| To tal |
–9 81 |
–7 46 |
The first tranche of the share buy-back programme, with a total volume of up to €800 million (adjusted), began on 8 April 2022 and is being implemented by an independent financial services provider until 7 November 2022 on the basis of an irrevocable agreement. At the time the agreement was concluded, the resulting obligation was charged in full to retained earnings and recognised as a financial liability. It was reduced by the buy-back transactions carried out by 30 June 2022. The obligation to repurchase shares after 30 June 2022 is included in the amount of €541 million.
€m
| Exp res s |
Glo ba l Fo |
ard ing rw , ig ht Fre |
Su | ly Ch ain pp |
eC | om me rce So lut ion s |
Po | st & Pa l rce Ge rm any |
Gro up |
ion Fu nct s |
Co nso |
n1 lida tio |
Gro up |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 | 20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
| al r Ext ern eve nu e |
11 20 4 , |
13 08 4 , |
9,3 58 |
14 81 4 , |
6,5 01 |
7, 84 9 |
2, 82 4 |
2, 88 8 |
8,4 24 |
7, 97 2 |
22 | 15 | 0 | 0 | 38 33 3 , |
46 62 2 , |
| al r Int ern eve nu e |
24 7 |
28 2 |
62 9 |
70 1 |
55 | 35 | 64 | 69 | 29 5 |
23 6 |
87 2 |
88 9 |
–2 ,16 2 |
–2 21 2 , |
0 | 0 |
| To tal re ve nu e |
11 ,45 1 |
13 ,36 6 |
9, 98 7 |
15 ,51 5 |
6,5 56 |
7, 88 4 |
2, 88 8 |
2, 95 7 |
8,7 19 |
8, 20 8 |
89 4 |
90 4 |
–2 ,16 2 |
–2 21 2 , |
38 33 3 , |
46 62 2 , |
| fit fro s ( IT) Pro ing tiv itie EB rat m o pe ac |
2,1 38 |
2, 07 2 |
52 8 |
1,3 47 |
36 5 |
44 9 |
23 3 |
21 1 |
87 1 |
59 7 |
–1 39 |
–1 79 |
–2 | –1 | 3, 99 4 |
4, 49 6 |
| of w e f hic h n inc inv et est nts om rom me d f usi the uit eth od nte acc ou or ng eq y m |
0 | 2 | 0 | 0 | 1 | 3 | 0 | 0 | 0 | 0 | 42 | –1 4 |
1 | 0 | 44 | –9 |
| 2 Se ent set gm as s |
18 80 6 , |
19 81 5 , |
11 ,53 6 |
80 14 1 , |
8,3 86 |
9,4 68 |
2, 21 2 |
2, 28 3 |
90 2 6, |
7,1 41 |
5,6 45 |
10 5,7 |
2 –7 |
8 –7 |
53 41 5 , |
59 0 14 , |
| of w hic h in ted fo sin tm ent ves s a cco un r u g the uit eth od eq y m |
6 | 8 | 20 | 22 | 15 | 17 | 0 | 0 | 0 | 0 | 71 | 68 | –1 | 0 | 11 1 |
11 5 |
| 2 lia bili tie Se ent gm s |
5, 23 3 |
5, 24 3 |
5, 01 2 |
5, 91 2 |
3,5 05 |
3,5 62 |
87 6 |
79 7 |
2,6 31 |
2,7 39 |
1,7 18 |
1,7 32 |
–5 3 |
–6 0 |
18 92 2 , |
19 92 5 , |
| 2 s/l iab ilit Ne t se ent set ies gm as |
13 ,57 3 |
14 ,57 2 |
6,5 24 |
8, 88 9 |
4, 88 1 |
5, 90 6 |
1,3 36 |
1,4 86 |
4, 27 1 |
4,4 02 |
3, 92 7 |
3, 97 8 |
–1 9 |
–1 8 |
34 49 3 , |
39 21 5 , |
| (a d) Ca ire ts a pex sse cqu |
62 6 |
37 5 |
50 | 64 | 20 3 |
21 4 |
61 | 12 5 |
26 6 |
43 4 |
17 1 |
15 0 |
0 | 0 | 1, 37 7 |
1, 36 2 |
| (r ht- of- s) Ca ig set pex use as |
48 8 |
74 0 |
86 | 12 5 |
31 1 |
37 9 |
61 | 63 | 6 | 10 | 42 1 |
20 6 |
0 | 0 | 1, 37 3 |
1, 52 3 |
| To tal ca pex |
1,1 14 |
1,1 15 |
13 6 |
18 9 |
51 4 |
59 3 |
12 2 |
18 8 |
27 2 |
44 4 |
59 2 |
35 6 |
0 | 0 | 2, 75 0 |
2, 88 5 |
| De cia tio nd isa tio ort pre n a am n |
73 6 |
81 2 |
11 9 |
13 3 |
41 6 |
40 4 |
84 | 97 | 16 4 |
16 7 |
36 4 |
37 0 |
0 | 0 | 1, 88 3 |
1, 98 3 |
| Im irm los ent pa ses |
0 | 24 | 0 | 7 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35 |
| To tal de cia tio rtis ati d pre n, a mo on an im irm los ent pa ses |
73 6 |
83 6 |
9 11 |
0 14 |
41 6 |
40 8 |
84 | 97 | 16 4 |
16 7 |
36 4 |
0 37 |
0 | 0 | 88 1, 3 |
2, 01 8 |
| Oth ash in e (– ) er no n-c com d e (+ ) an xp ens es |
25 3 |
19 5 |
83 | 64 | 80 | 16 3 |
1 | 11 | 14 0 |
14 0 |
–1 7 |
11 2 |
0 | 1 | 54 0 |
68 6 |
| 3 loy Em p ees |
10 6,1 20 |
11 3,6 74 |
41 ,67 7 |
45 ,71 3 |
16 5,5 96 |
17 6,5 03 |
31 ,46 9 |
31 ,3 93 |
16 3, 07 5 |
15 8, 20 3 |
12 ,41 9 |
13 23 6 , |
0 | 1 | 52 0, 35 6 |
53 8, 72 3 |
1 Including rounding. 2 As at 31 December 2021 and 30 June 2022. 3 Average FTEs.
€m
| Exp res s |
Glo ba l Fo |
ard ing rw , Fre ig ht |
Su | ly Ch ain pp |
eC | om me rce So lut ion s |
Po | l st & Pa rce Ge rm any |
Gro up |
Fu ion nct s |
Co nso |
n1 lida tio |
Gro up |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | 20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
| al r Ext ern eve nu e |
82 5, 4 |
84 8 6, |
92 8 4, |
98 7,7 |
28 3, 7 |
05 4, 3 |
03 1,4 |
1,4 77 |
02 2 4, |
84 3, 7 |
9 | 7 | 0 | –1 | 19 47 3 , |
24 02 9 , |
| al r Int ern eve nu e |
12 8 |
14 5 |
30 7 |
8 35 |
28 | 16 | 31 | 35 | 2 14 |
11 6 |
0 45 |
45 6 |
08 –1 6 , |
26 –1 ,1 |
0 | 0 |
| tal To re ve nu e |
95 2 5, |
99 6, 3 |
23 5, 5 |
8,1 56 |
3,3 15 |
06 9 4, |
1,4 34 |
12 1,5 |
4,1 64 |
96 3, 3 |
9 45 |
46 3 |
08 –1 6 , |
27 –1 ,1 |
19 47 3 , |
24 02 9 , |
| fit fro ing tiv itie s ( IT) Pro rat EB m o pe ac |
1,1 77 |
1,1 01 |
31 2 |
74 6 |
19 8 |
24 4 |
11 6 |
10 9 |
31 5 |
24 2 |
–3 4 |
–1 04 |
–1 | –1 | 2, 08 3 |
2, 33 7 |
| of w hic h n inc e f inv et est nts om rom me d f the eth od nte usi uit acc ou or ng eq y m |
0 | 1 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 42 | –1 0 |
1 | 0 | 44 | –7 |
| (a d) Ca ire ts a pex sse cqu |
33 8 |
22 7 |
29 | 33 | 11 7 |
10 2 |
42 | 73 | 14 7 |
26 1 |
12 0 |
10 2 |
1 | 0 | 79 4 |
79 8 |
| (r of- s) Ca ig ht- set pex use as |
27 9 |
28 3 |
32 | 59 | 15 3 |
19 7 |
40 | 16 | 0 | 3 | 34 0 |
12 5 |
–1 | 0 | 84 3 |
68 3 |
| tal To ca pex |
61 7 |
0 51 |
61 | 92 | 27 0 |
29 9 |
82 | 89 | 14 7 |
26 4 |
0 46 |
22 7 |
0 | 0 | 1, 63 7 |
48 1, 1 |
| cia tio nd isa tio De ort pre n a am n |
37 3 |
41 3 |
59 | 70 | 21 0 |
20 5 |
42 | 50 | 83 | 83 | 18 5 |
18 7 |
1 | 0 | 95 3 |
00 8 1, |
| irm los Im ent pa ses |
0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| tal de cia tio rtis ati d To pre n, a mo on an im irm los ent pa ses |
37 3 |
41 3 |
59 | 71 | 21 0 |
20 5 |
42 | 50 | 83 | 83 | 18 5 |
18 7 |
1 | 0 | 95 3 |
1, 00 9 |
| Oth ash e (– ) in er no n-c com (+ ) d e an xp ens es |
11 5 |
60 | 45 | 19 | 35 | 69 | 4 | 5 | 61 | 65 | –4 6 |
67 | –1 | 0 | 21 3 |
28 5 |
Including rounding.
€m
| Eu rop e |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ge rm any |
(ex clu din |
) Ge g rm any |
Am eri cas |
fic As ia P aci |
Mid dle |
Afr Ea st/ ica |
Gro up |
|||||
| H1 | 20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
20 21 |
20 22 |
| al r Ext ern eve nu e |
10 ,6 27 |
10 ,7 22 |
11 ,13 3 |
13 ,73 0 |
7, 80 1 |
11 02 3 , |
7, 25 4 |
9, 09 3 |
1,5 18 |
2, 05 4 |
38 33 3 , |
46 62 2 , |
| s1 No ent set n-c urr as |
04 11 3 , |
26 11 3 , |
08 11 ,3 |
03 13 6 , |
8, 94 3 |
9, 97 1 |
21 5, 3 |
5,4 61 |
68 6 |
72 5 |
19 37 3 , |
40 45 6 , |
| Ca pex |
96 6 |
89 2 |
65 6 |
85 0 |
78 6 |
70 0 |
27 4 |
35 3 |
68 | 90 | 2, 75 0 |
2, 88 5 |
| Q2 | ||||||||||||
| al r Ext ern eve nu e |
5,1 55 |
25 2 5, |
5,7 41 |
07 7, 4 |
01 4, 1 |
82 5, 6 |
81 3,7 |
80 4, 5 |
78 5 |
07 2 1, |
19 47 3 , |
24 02 9 , |
| To tal ca pex |
67 1 |
55 1 |
34 1 |
41 8 |
44 6 |
31 1 |
14 4 |
16 0 |
35 | 41 | 1, 63 7 |
1, 48 1 |
1 As at 31 December 2021 and 30 June 2022.
12 12
€m
| , | , 3, 00 1 |
|---|---|
| –1 22 6 |
|
| 3, | 22 |
| 67 | 4, |
| 5 | 7 |
| 19 | –2 |
| –3 | 69 |
| 3, | 4, |
| 99 | 49 |
| 4 | 6 |
| –2 | –1 |
| –1 | –1 |
| 39 | 79 |
| 4,1 | 4,6 |
| 35 | 76 |
| 20 | 20 |
| 21 | 22 |
| H1 | H1 |
| –1 02 9 2, 64 6 |
Financial liabilities measured at fair value
| €m | |||||
|---|---|---|---|---|---|
| Cla ss |
Ca ing rry nt am ou |
Fai lue r va |
1 Lev el 1 |
2 Lev el 2 |
3 Lev el 3 |
| 30 Ju 20 22 ne t fi nci No al a ts n-c urr en na sse |
1, 14 5 |
1, 14 5 |
32 4 |
33 1 |
32 |
| t4 As d a rtis ed set t a s m eas ure mo cos |
76 4 |
76 4 |
30 6 |
||
| Fin cia l as d a t fa ir v alu set an s m eas ure e |
38 1 |
38 1 |
32 4 |
25 | 32 |
| Cu fin cia l as nt set rre an s |
47 1 |
0 14 |
34 | 10 6 |
|
| t5 d a rtis ed As set t a s m eas ure mo cos |
33 1 |
n.a | n.a | n.a | n.a |
| Fin cia l as d a t fa ir v alu set an s m eas ure e |
14 0 |
14 0 |
34 | 10 6 |
|
| t fi nci al lia bil itie No n-c urr en na s |
17 33 9 , |
6, 52 6 |
6, 52 4 |
2 | |
| t4 Lia bili tie d a rtis ed t a s m eas ure mo cos |
17 ,33 7 |
6,5 24 |
6,5 24 |
||
| l lia bil d a t fa alu Fin cia itie ir v an s m eas ure e |
2 | 2 | 2 | ||
| fin cia l lia bil itie Cu nt rre an s |
3, 62 2 |
44 | 44 | ||
| t5 Lia bili tie d a rtis ed t a s m eas ure mo cos |
3,5 78 |
n.a | n.a | n.a | n.a |
| t fa Fin cia l lia bil itie d a ir v alu an s m eas ure e |
44 | 44 | 44 | ||
| be r 2 02 31 De 1 cem t fi nci al a No ts n-c urr en na sse |
1, 19 0 |
1, 20 2 |
35 6 |
43 6 |
|
| t4 d a rtis ed As set t a s m eas ure mo cos |
83 4 |
84 6 |
43 6 |
||
| l as d a t fa alu Fin cia set ir v an s m eas ure e |
35 6 |
35 6 |
35 6 |
||
| fin cia l as Cu nt set rre an s |
3, 08 8 |
1, 83 1 |
1, 76 2 |
69 | |
| t5 d a ed As rtis set t a s m eas ure mo cos |
1, 25 7 |
n.a | n.a | n.a | n.a |
| t fa Fin cia l as d a ir v alu set an s m eas ure e |
1, 83 1 |
1, 83 1 |
1,7 62 |
69 | |
| t fi nci lia bil itie No al n-c en na s urr |
16 61 4 , |
7, 31 4 |
6, 68 9 |
62 4 |
|
| t4 Lia bili tie d a rtis ed t a s m eas ure mo cos |
16 ,61 3 |
7,3 13 |
6,6 89 |
62 3 |
|
| Fin cia l lia bil itie d a t fa ir v alu an s m eas ure e |
1 | 1 | 1 | ||
| fin cia l lia bil itie Cu nt rre an s |
3, 28 3 |
12 | 12 | ||
| t5 Lia bili tie d a rtis ed t a s m eas ure mo cos |
3, 27 1 |
n.a | n.a | n.a | n.a |
1 Quoted market prices. 2 Inputs other than quoted prices that are directly or indirectly observable for instruments. 3 Inputs not based upon observable market data. 4 Carrying amount also includes lease receivables of €458 million (31 December 2021: €410 million) and lease liabilities of €10,554 million (31 December 2021: €9,841 million) under IFRS 16. The fair values of the lease liabilities are not listed because they do not fall within the scope of IFRS 9. 5 No disclosure of market value is required because the carrying amount of the financial instrument is a reasonable approximation of fair value (IFRS 7.29a).
12
The table above presents selected financial assets and liabilities measured at fair value or amortised cost. Financial assets and liabilities measured at amortised cost are reported if the carrying amount of an asset or liability differs from its fair value. As permitted under IFRS 7.29a, the disclosures do not include trade receivables, cash and cash equivalents or other current assets and liabilities because their carrying amounts are a reasonable approximation of their fair values. Other non-current assets and liabilities have also been omitted from the presentation as their fair values do not differ from their carrying amounts.
Fair values are assigned to Levels 1 to 3 of the fair value hierarchy.
Level 1 comprises equity and debt instruments measured at fair value and debt instruments measured at amortised cost whose fair values can be determined based on quoted market prices.
The fair values of the financial assets measured at amortised cost and commodity, interest rate and currency derivatives assigned to Level 2 are determined using the multiplied method or upon the basis of discounted expected future cash flows, taking into account forward rates for currencies, interest rates and commodities (market approach). For this purpose, price quotations observable in the market (exchange rates, interest rates and commodity prices) are imported into the treasury management system from standard market information platforms. The price quotations reflect actual transactions involving similar instruments on an active market.
Level 3 comprises mainly the fair values of equity investments and derivatives associated with M&A transactions. They are measured using recognised valuation models and plausible assumptions. The fair values of derivatives as well as of assets and liabilities depend, to a large extent, upon financial ratios. Increasing financial ratios lead to higher fair values, whilst decreasing financial ratios result in lower fair values.
Contingent liabilities declined by €47 million in comparison with 31 December 2021, to €776 million. This decline is attributable mainly to the obligation for potential settlement payments in the United States which was previously reported under contingent liabilities, 2021 Annual Report in note 44 to the consolidated financial statements. The assessment of this obligation has changed. Accordingly, it is no longer included as a contingent liability. There were no other significant changes in this regard as compared to 31 December 2021.
Effective as of 1 July 2022, Nikola Hagleitner assumed responsibility on the Board of Management for Post & Parcel Germany from Dr Tobias Meyer, who is now responsible for Global Business Services. Ken Allen, who had held responsibility for eCommerce Solutions, resigned from the Board of Management with effect from the end of 31 July 2022. Pablo Ciano has been the new Board of Management member responsible for eCommerce Solutions since 1 August 2022. John Pearson will be responsible for Customer Solutions & Innovation (CSI) from August. There were no other significant changes in related-party disclosures as compared to 31 December 2021.
20 Events after the reporting date/other disclosures There were no reportable events after the balance sheet date.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Deutsche Post AG The Board of Management
| Dr Fr k A l an p p e |
Os de Bo k ca r |
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i ko la le itn N Ha g er |
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To Deutsche Post AG, Bonn
We have reviewed the condensed consolidated interim financial statements – comprising income statement and statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity and selected explanatory notes – and the interim group management report of Deutsche Post AG, Bonn, for the period from 1 January to 30 June 2022 which are part of the half-year financial report pursuant to § (Article) 115 WpHG ("Wertpapierhandelsgesetz": German Securities Trading Act). The preparation of the condensed consolidated interim financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of the parent Company's Board of Managing Directors. Our responsibility is to issue a review report on the condensed consolidated interim financial statements and on the interim group management report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW) and additionally observed the International Standard on Review Engagements "Review of Interim Financial Information Performed by the Independent Auditor of the
Entity" (ISRE 2410). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with moderate assurance, that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft
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Revised dates and information regarding live webcasts can be found on our Reporting hub.
This interim report contains forward-looking statements which are not historical facts. They also include statements concerning assumptions and expectations which are based upon current plans, estimates and projections, and the information available to Deutsche Post AG at the time this report was completed. They should not be considered to be assurances of future performance and results contained therein. Instead, they depend on a number of factors and are subject to various risks and uncertainties (particularly those described in the "Expected developments, opportunities and risks" section) and are based on assumptions that may prove to be inaccurate. It is possible that actual performance and results may differ from the forward-looking statements made in this report. Deutsche Post AG undertakes no obligation to update the forward-looking statements contained in this report except as required by applicable law. If Deutsche Post AG updates one or more forward-looking statements, no assumption can be made that the statement(s) in question or other forward-looking statements will be updated regularly.
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