Quarterly Report • May 18, 2021
Quarterly Report
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| Q 1 2020 | Q 1 2021 | + / – % | ||
|---|---|---|---|---|
| Revenue | € m | 15,464 | 18,860 | 22.0 |
| Profit from operating activities (EBIT) | € m | 592 | 1,911 | >100 |
| Return on sales 1 | % | 3.8 | 10.1 | – |
| EBIT after asset charge (EAC) | € m | – 80 | 1,236 | >100 |
| Consolidated net profit for the period 2 | € m | 301 | 1,190 | >100 |
| Free cash flow | € m | – 409 | 1,183 | >100 |
| Net debt 3 | € m | 12,928 | 11,825 | – 8.5 |
| Earnings per share 4 | € | 0.24 | 0.96 | >100 |
| Number of employees 5 | 540,841 | 565,053 | 4.5 |
1 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 quarter, including trainees.
Record first quarter: Significant earnings growth and robust free cash flow thanks to continued high B2C shipment volumes and B2B recovery. Robust pace of growth continues in e-commerce worldwide, global economy enters recovery phase. Forecast upgraded further.
On 1 January 2021, the Corporate Incubations board department was discontinued. No other material changes were made to the Group's organisational structure.
There were no material changes in our portfolio in the reporting period.
In the first quarter of 2021, consolidated revenue rose substantially, by 22.0 %, or €3,396 million, to €18,860 million. All divisions and regions contributed to this growth. Negative currency effects of €587 million were recorded.
At €414 million, other operating income was at the prior-year level (€422 million).
Materials expense rose sharply by €1,896 million to €9,583 million due to factors mainly including the €1,784 million increase in transport costs. Staff costs amounted to €5,838 million, up €310 million from the prior year, largely on account of the higher headcount. At €930 million, depreciation, amortisation and impairment losses were down €91 million from the prior year, which had included write-downs from the reorganisation of our StreetScooter activities.Other operating expenses totalled €1,049 million, slightly under the figure in the prior-year quarter (€1,077 million).
In the first quarter of 2021, consolidated EBIT stood at €1,911 million, up significantly (by 222.8 %) over the previous year's level (€592 million), which included negative effects in the amount of €234 million for StreetScooter. At €–154 million, net finance costs were on par with the previous year (€–151 million). Profit before income taxes climbed by €1,316 million to €1,757 million. As a result, income taxes were up €386 million to €492 million, driven by factors including the tax rate, which rose from 24.0 % to 28.0 %.
At €1,265 million, consolidated net profit in the first quarter of 2021 was well above the prior-year level (€335 million). Of this amount, €1,190 million was attributable to Deutsche Post AG shareholders and €75 million to non-controlling interest shareholders. Basic earnings per share were up considerably from €0.24 to €0.96, and diluted earnings per share from €0.24 to €0.94.
In the first quarter of 2021, EAC climbed sharply from €–80 million to €1,236 million, mainly as a result of increased profitability. The imputed asset charge remained mostly stable year-on-year, with investments in property, plant and equipment being offset by a decline in net working capital and higher provisions.
| EAC | – 80 | 1,236 | >100 |
|---|---|---|---|
| Asset charge | – 672 | – 675 | – 0.4 |
| EBIT | 592 | 1,911 | >100 |
| Q 1 2020 | Q 1 2021 | + / – % | |
| € m |
The FFO to debt performance metric increased considerably in the first quarter of 2021 compared with 31 December 2020. The increase in funds from operations was largely the result of higher operating cash flow before changes in working capital. Reported financial liabilities declined, chiefly due to the repayment of a bond. This was offset in part by higher amounts due to banks and higher lease liabilities. The adjustment for pensions decreased significantly on account of the sharp reduction in pension obligations resulting from changes in discount rates. Surplus cash and near-cash investments increased, due primarily to very good free cash flow. On 31 March 2021, the Group had cash and cash equivalents of €5.1 billion. In view of this solid liquidity, the syndicated credit facility with a total volume of €2 billion was not drawn down during the reporting period.
| € m | ||
|---|---|---|
| 1 Apr. | ||
| 1 Jan. to | 2020 to | |
| 31 Dec. | 31 Mar. | |
| 2020 | 2021 | |
| Operating cash flow before changes | ||
| in working capital | 8,103 | 9,179 |
| Interest received | 67 | 64 |
| Interest paid | 556 | 549 |
| Adjustment for pensions | 97 | 89 |
| Funds from operations, FFO | 7,711 | 8,783 |
| Reported financial liabilities 1 | 19,098 | 18,926 |
| Financial liabilities at fair value | ||
| through profit or loss 1 | 54 | 22 |
| Adjustment for pensions 1 | 5,826 | 4,338 |
| Surplus cash and near-cash | ||
| investments 1, 2 | 4,350 | 4,945 |
| Debt | 20,520 | 18,297 |
| FFO to debt (%) | 37.6 | 48.0 |
1 As at 31 December 2020 and 31 March 2021, respectively.
2 Reported cash and cash equivalents and investment funds callable at sight, less cash needed for operations.
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €583 million in the first quarter of 2021 (previous year: €453 million). As planned, we made additional investments in renewing the Express division's intercontinental aircraft fleet. Advance payments were made for a new order of eight additional 777 freighters.
In the first quarter of 2021, net cash from operating activities was up sharply from the prior-year period, by 232 % from €750 million to €2,490 million. The main driver of this improvement was the steep jump in EBIT. Income taxes paid rose from €168 million to €273 million. At €94 million, the cash outflow from changes in working capital was €664 million lower than in the prior-year period, due primarily to an increase in liabilities and other items compared with the prior-year period.
Net cash used in investing activities rose by €265 million to €806 million. We increased our investments in property, plant and equipment and intangible assets by €107 million to €704 million. Moreover, we stepped up our investments in money market funds. Cash paid for current financial assets amounted to €162 million. The figure for the prior-year quarterincluded cash received of €9 million.
Due to the clear increase in EBIT, free cash flow also improved greatly, from €–409 million to €1,183 million. This is remarkable considering the fact that free cash flow has in the past generally been in negative territory in the first quarter.
| € m | ||
|---|---|---|
| Q 1 2020 | Q 1 2021 | |
| Net cash from operating activities | 750 | 2,490 |
| Sale of property, plant and equipment and intangible assets |
26 | 37 |
| Acquisition of property, plant and equipment and intangible assets |
– 597 | –704 |
| Cash outflow from change in property, plant and equipment and intangible assets |
– 571 | – 667 |
| Disposals of subsidiaries and other business units |
0 | 0 |
| Disposals of investments accounted for using the equity method and other investments |
0 | 0 |
| Acquisition of subsidiaries and other business units |
0 | 0 |
| Acquisition of investments accounted for using the equity method and other investments |
– 5 | –2 |
| Cash outflow from divestitures / acquisitions |
– 5 | –2 |
| Proceeds from lease receivables | 6 | 7 |
| Repayment of lease liabilities | – 482 | – 542 |
| Interest on lease liabilities | –102 | – 94 |
| Cash outflow for leases | – 578 | – 629 |
| Interest received | 18 | 15 |
| Interest paid | –23 | –24 |
| Net interest paid | – 5 | – 9 |
| Free cash flow | – 409 | 1,183 |
Net cash used in financing activities was up by €651 million to €1,106 million. In January 2021, we repaid a bond in the amount of €750 million.
Cash and cash equivalents rose from €4,482 million as at 31 December 2020 to €5,113 million.
The Group's total assets amounted to €58,271 million as at 31 March 2021, up from the level at 31 December 2020 (€55,307 million).
Non-current assets rose by €847 million to €37,893 million. Intangible assets grew by €199 million to €11,857 million, mainly due to an increase in goodwill resulting from positive currency effects. Property, plant and equipment was up from €22,007 million to €22,382 million, with investments and positive currency effects exceeding disposals and depreciation, amortisation and impairment losses. Actuarial gains gave pension assets a boost and contributed to an increase in other non-current assets. Clear revenue growth in the first quarter had a marked effect on current assets: Trade receivables rose by €802 million to €9,787 million and cash and cash equivalents increased by €631 million to €5,113 million. Other current assets also rose sharply from €2,815 million to €3,216 million. This figure includes the deferred expense of €260 million at the reporting date that was recognised for the prepaid annual contribution to civil servant pensions to Bundesanstalt für Post und Telekommunikation (German federal post and telecommunications agency).
At €16,791 million, equity attributable to Deutsche Post AG shareholders was much higher than at 31 December 2020 (€13,777 million). Consolidated net profit, currency effects and actuarial gains from pension obligations increased this figure. Higher interest rates were the primary factor resulting in a steep decrease in provisions for pensions and similar obligations by €1,081 million to €4,754 million. Financial liabilities dropped slightly from
€19,098 million to €18,926 million for reasons including our early repayment of a bond.Other currentliabilities were up, from €5,135 million to €6,046 million, due primarily to an increase in liabilities to employees, such as holiday entitlements.
Our net debt decreased from €12,928 million as at 31 December 2020to€11,825 millionas at 31 March 2021,mainly on account of the increase in cash and cash equivalents.
| € m | ||
|---|---|---|
| 31 Dec. | 31 March | |
| 2020 | 2021 | |
| Non-current financial liabilities | 15,833 | 15,859 |
| Current financial liabilities | 2,893 | 2,639 |
| Financial liabilities 1 | 18,726 | 18,498 |
| Cash and cash equivalents | 4,482 | 5,113 |
| Current financial assets | 1,315 | 1,560 |
| Positive fair value of non-current financial derivatives 2 |
1 | 0 |
| Financial assets | 5,798 | 6,673 |
| Net debt | 12,928 | 11,825 |
1 Less operating financial liabilities.
2 Recognised in non-current financial assets in the balance sheet.
| € m | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Revenue | 4,150 | 5,499 | 32.5 |
| of which Europe | 1,875 | 2,383 | 27.1 |
| Americas | 909 | 1,135 | 24.9 |
| Asia Pacific | 1,462 | 1,987 | 35.9 |
| MEA (Middle East and Africa) |
314 | 333 | 6.1 |
| Consolidation / Other | – 410 | –339 | 17.3 |
| Profit from operating activities (EBIT) |
393 | 961 | >100 |
| Return on sales (%) 1 | 9.5 | 17.5 | – |
| Operating cash flow | 683 | 1,441 | >100 |
1 EBIT / revenue.
Revenue in the division increased by 32.5 % to €5,499 million in the first quarter of 2021. This includes negative currency effects of €231 million. Excluding these effects, the increase in revenue was 38.1 %. The revenue figure also reflects the fact that fuel surcharges were higher in all regions compared with the previous year. Excluding currency effects and fuel surcharges, revenue was up by 37.3 %.
Per-day revenues and shipment volumes continued to increase substantially in both of our product lines during the reporting period.
| € m per day 1 | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Time Definite International (TDI) | 49.4 | 68.1 | 37.9 |
| Time Definite Domestic (TDD) | 4.5 | 6.0 | 33.3 |
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.
| Items per day (thousands) | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Time Definite International (TDI) | 954 | 1,205 | 26.3 |
| Time Definite Domestic (TDD) | 533 | 694 | 30.2 |
Revenue in the Europe region increased by 27.1 % to €2,383 million in the first quarter of 2021. That figure includes foreign currency losses of €34 million; growth excluding currency effects was 28.9 %. In the TDI product line, revenues per day increased by 34.0 %. Per-day TDI shipment volumes improved by 26.4 %.
In the Americas region, revenue increased by 24.9 % to €1,135 million in the first quarter of 2021. Excluding currency losses of €83 million,revenue rose by 34.0 %. Per-day TDI volumes were up a strong 33.3 % overthe previous year. Per-day revenues grew by 41.7 %.
In the Asia Pacific region, revenue improved by 35.9 % to €1,987 million in the first quarter of 2021. Excluding currency losses of €60 million, revenue rose by 40.0 %. In the TDI product line, per-day revenues rose by 42.8 % and per-day volumes were up 25.3 %.
Revenue in the MEA (Middle East and Africa) region improved by 6.1 % to €333 million in the reporting period. Excluding currency losses of €26 million, revenue rose by 14.3 %. Per-day TDI revenues increased by 24.2 % and per-day volumes rose 22.3 %.
Division EBIT surged 144.5 % in the first quarter of 2021 to reach €961 million. Return on sales also climbed, from 9.5 % in the previous year to 17.5 % in the reporting period.
| € m | |||
|---|---|---|---|
| Q 1 2020 adjusted 1 |
Q 1 2021 | + / – % | |
| Revenue | 3,582 | 4,752 | 32.7 |
| of which Global Forwarding | 2,500 | 3,590 | 43.6 |
| Freight | 1,111 | 1,193 | 7.4 |
| Consolidation / Other | –29 | –31 | – 6.9 |
| Profit from operating activities (EBIT) |
74 | 216 | >100 |
| Return on sales (%) 2 | 2.1 | 4.5 | – |
| Operating cash flow | – 92 | 112 | >100 |
1 Prior-year figures adjusted due to reclassifications.
2 EBIT / revenue.
Revenue in the division was up sharply by 32.7 % to €4,752 million. Excluding foreign currency losses of €159 million, revenue was up by 37.1 % over the prior-year quarter. In the Global Forwarding business unit, revenue rose by 43.6 % to €3,590 million. Excluding foreign currency losses of €160 million, the increase was 50.0 %. The business unit's gross profit was up from the previous year, by 19.1 % to €699 million.
We registered growth of 18.2 % in air freight volumes in the first quarter of 2021, due mainly to increased demand from Asia and theUnited States. Atthe same time, available market capacity remained at a low level on account of the limitations on passenger flights. First-quarter air freight revenues therefore rose by 59.3 %. Gross profit improved by 27.0 %.
Ocean freight volumes were up 8.8 % year-on-year. Revenues from ocean freight recovered well from the previous year, growing 49.2 % to €1,255 million. At €215 million, the gross profit generated by ocean freight exceeded the prior-year figure by 45.3 %. The market's sharply curtailed availability offree freight capacity was a majorfactorin the performance of this business.
| € m | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| adjusted 1 | |||
| Air freight | 1,155 | 1,840 | 59.3 |
| Ocean freight | 841 | 1,255 | 49.2 |
| Other | 504 | 495 | –1.8 |
| Total | 2,500 | 3,590 | 43.6 |
1 Prior-year figures adjusted due to reclassifications.
| Thousands | ||||
|---|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | ||
| adjusted 1 | ||||
| Air freight exports | tonnes | 418 | 494 | 18.2 |
| Ocean freight | TEU 2 | 702 | 764 | 8.8 |
1 Prior-year figures adjusted due to reclassifications.
2 Twenty-foot equivalent units.
Revenue in the Freight business unit increased by 7.4 % to €1,193 million in the first quarter of 2021. The 10.8 % volume growth was driven in part by B2C business in Scandinavia. The business unit's gross profit also rose, by 9.6 % to €309 million.
The division's EBIT grew from €74 million to €216 million in the first quarter of 2021. Proactive capacity planning, optimised procurement and strict cost management played a role here, as did higher volumes in all areas. With the EBIT margin at 4.5 %, EBIT amounts to 21.4 % of gross profit.
| € m | |||
|---|---|---|---|
| Q 1 2020 adjusted 1 |
Q 1 2021 | + / – % | |
| Revenue | 3,232 | 3,241 | 0.3 |
| of which EMEA (Europe, Middle East and Africa) |
1,643 | 1,533 | – 6.7 |
| Americas | 1,144 | 1,226 | 7.2 |
| Asia Pacific | 448 | 489 | 9.2 |
| Consolidation / Other | –3 | –7 <–100 | |
| Profit from operating activities (EBIT) |
105 | 167 | 59.0 |
| Return on sales (%) 2 | 3.2 | 5.2 | – |
| Operating cash flow | –29 | 241 | >100 |
2 EBIT / revenue.
In the first quarter of 2021, revenue in the division was €3,241 million and therefore slightly above the prior year's figure. Positive business performance in nearly all regions mitigated negative currency effects of €144 million. The Life Sciences & Healthcare and Technology sectors achieved the highest growth.
The revenue increase was driven by new business growth, a consistently high contract renewal rate, eCommerce business growth and a recovery in B2B business volumes across most regions.
Total revenue: €3,241 million
| of which Retail | 27 % |
|---|---|
| Consumer | 22 % |
| Auto-mobility | 15 % |
| Technology | 14 % |
| Life Sciences & Healthcare | 11 % |
| Engineering & Manufacturing | 6 % |
| Others | 5 % |
| of which Europe / Middle East / Africa / Consolidation | 47 % |
| Americas | 38 % |
| Asia Pacific | 15 % |
In the first quarter of 2021, the division concluded additional contracts worth around €313 million in annualised revenue with both new and existing customers. The Life Sciences & Healthcare, Consumer and Retail sectors accounted for the majority of the new business, with a significant portion attributable to e-commerce as well. The annualised contract renewal rate remained at a consistently high level.
EBIT in the division increased to €167 million (previous year: €105 million) in the first quarter of 2021, following both the good revenue development and the improved productivity trend established during the fourth quarter of the prior year. This was also supported by continued investment in digitalisation. The EBIT margin was 5.2 %.
| € m | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Revenue | 996 | 1,454 | 46.0 |
| of which Americas | 297 | 485 | 63.3 |
| Europe | 570 | 794 | 39.3 |
| Asia | 131 | 177 | 35.1 |
| Other / Consolidation | –2 | –2 | 0.0 |
| Profit from operating activities | |||
| (EBIT) | 6 | 117 | >100 |
| Return on sales (%) 1 | 0.6 | 8.0 | – |
| Operating cash flow | 85 | 230 | >100 |
1 EBIT / revenue.
The division generated revenue of €1,454 million in the first quarter of 2021, up 46.0 % on the prior-year figure. The robust increase in revenue in allregions is attributable to higher volumes in the B2C business. Excluding foreign currency losses of €58 million, revenue was up by a total of 51.8 % year-on-year.
EBIT in the division improved considerably to €117 million (previous year: €6 million) in the first quarter of 2021. This was mainly due to higherrevenues in the B2C business and strict cost management. The EBIT margin was 8.0 %.
| € m | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Revenue | 3,959 | 4,555 | 15.1 |
| of which Post Germany | 2,125 | 2,034 | – 4.3 |
| Parcel Germany | 1,258 | 1,820 | 44.7 |
| International | 540 | 675 | 25.0 |
| Other / Consolidation | 36 | 26 | –27.8 |
| Profit from operating activities | |||
| (EBIT) | 334 | 556 | 66.5 |
| Return on sales (%) 1 | 8.4 | 12.2 | – |
| Operating cash flow | 229 | 611 | >100 |
1 EBIT / revenue.
In the first quarter of 2021, revenue in the division was €4,555 million, 15.1 % above the prior-year figure, although there were 1.0 fewer working days than in the previous year. This positive development was driven largely by the continued strong growth in the German parcel business. Ongoing restrictions on brick-and-mortar retail and the resulting shift to online shopping were major contributors to that trend.
As expected,revenue and volumes in the Mail Communication business remained in decline on the whole, due mainly to electronic substitution but also because of the fewer working days in the quarter. Small-format goods shipments, an addition to our parcel portfolio from our mail network, are on the rise, growing sharply due to online retail.
Dialogue Marketing saw declines due to restrictions imposed as a result of the pandemic. The drop in revenues and cuts in advertising budgets since mid-March 2020 have led to reduced sales volumes of addressed and unaddressed promotional mailings.
Growth was maintained in the German parcel business: Revenue in the first quarter of 2021 exceeded that of the previous year by a healthy 44.7 %. Investments in the network, additional digital recipient solutions and the Packstation andPoststation expansion supportthis growth.
With respect to the cross-border transport of documents and goods, trends varied in the initial weeks of the year. Whereas the import business benefited both from growth in mail volumes, particularly from Asia and Europe, and from increases in parcel shipments, exports of goods and documents to the rest of Europe and the world saw a further decline in document deliveries. The number of shipments containing merchandise increased, especially in our European target markets.
| € m | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Post Germany | 2,125 | 2,034 | – 4.3 |
| of which Mail Communication | 1,463 | 1,442 | –1.4 |
| Dialogue Marketing | 483 | 413 | –14.5 |
| Other / Consolidation (Post Germany) |
179 | 179 | – |
| Parcel Germany | 1,258 | 1,820 | 44.7 |
| Mail items (millions) | |||
|---|---|---|---|
| Q 1 2020 | Q 1 2021 | + / – % | |
| Post Germany | 3,846 | 3,399 | –11.6 |
| of which Mail Communication | 1,766 | 1,720 | –2.6 |
| Dialogue Marketing | 1,834 | 1,538 | –16.1 |
| Parcel Germany 1 | 346 | 489 | 41.3 |
1 Without international shipments.
EBIT in the division improved considerably by 66.5 % to €556 million in the first quarter of 2021. This was mainly due to higher volumes and revenues in the parcel business and strict cost management. By contrast, we registered revenue losses due to volumes in other areas, particularly Dialogue Marketing.
Global economic growth is picking up the pace faster than expected at the beginning of the year. In its forecast dated 15 April 2021, IHS Markit projected a 5.3 % increase in global economic activity in 2021, up from 4.4 %, driven by very large stimulus packages in the United States and the continued recovery in China.However, in Europe in particular, the upswing is still currently concentrated largely in manufacturing, because the service sector continues to feel the impact of measures taken to rein in the third wave of the pandemic. A general normalisation of economic activity in Europe is expected no earlierthan the third quarter, and then only if vaccination efforts proceed as planned. The global financial markets seem convinced, however, that
any additional economic setbacks in 2021 will be spared despite residual pandemic risks.
Ongoing business development is subject to a market environment characterised by structurally elevated B2C volumes throughoutthe networks and a robustrecovery in B2B volumes. The resulting strong momentum in earnings and cash flow in the first quarter of the current year has prompted the Group to upgrade its guidance for 2021 as well its medium-term targets as follows:
For the full year 2021, we now expect a consolidated EBIT of more than €6.7 billion. This increase in earnings against both the prior-year figure of €4.8 billion and the original full-year guidance of more than €5.6 billion is being driven predominantly by the DHL divisions, which we now expect to deliver an EBIT of more than €5.4 billion for the current financial year. The EBIT forecast for the Post & Parcel Germany division is now being raised to around €1.7 billion, while EBIT at Group Functions is expected to remain at around €–0.4 billion. Further, the outlook for the full year 2021 free cash flow is now being raised to more than €3.0 billion. This takes into account the upgraded guidance of around €3.8 billion for capital expenditure (excluding leases) planned for this year.
The increased earnings level is also reflected in the medium-term guidance. For the 2023 financial year, we now expect consolidated EBIT of more than €7 billion, compared to the original guidance of more than €6 billion. Cumulative free cash flow for the period 2021 to 2023 is now expected to be around €9 billion. For the same time frame, capital expenditure (excluding leases)is forecastto come in at around €11 billion.
Overall, the impact of COVID-19 now presents an opportunity with high significance for 2021. In subsequent years we continue to expect an opportunity as well as a risk of medium significance.
Lawmakers eliminated the formal lack of a legal basis for pricing approvals for the period from 2016 to 2018 by way of an amendment of Postgesetz (German Postal Act) entering into force in March 2021. As a result, previous regulatory practice can continue by and large. Nonetheless, possible negative effects for Deutsche Post of the courts' decisions and actions currently pending still cannot be ruled out and therefore represent a medium risk.
The Group's overall opportunity and risk situation did not otherwise change significantly during the first quarter of 2021 compared with the situation described in the 2020 Annual Report beginning on page 60. 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 | ||
|---|---|---|
| 2020 | 2021 | |
| Revenue 1 | 15,464 | 18,860 |
| Other operating income | 422 | 414 |
| Changes in inventories and work performed and capitalised | 20 | 37 |
| Materials expense 1 | –7,687 | – 9,583 |
| Staff costs | – 5,528 | – 5,838 |
| Depreciation, amortisation and impairment losses | –1,021 | – 930 |
| Other operating expenses | –1,077 | –1,049 |
| Net income / loss from investments accounted for using the equity method | –1 | 0 |
| Profit from operating activities (EBIT) | 592 | 1,911 |
| Financial income | 85 | 30 |
| Finance costs | –207 | –178 |
| Foreign currency losses | –29 | – 6 |
| Net finance costs | –151 | –154 |
| Profit before income taxes | 441 | 1,757 |
| Income taxes | –106 | – 492 |
| Consolidated net profit for the period | 335 | 1,265 |
| attributable to Deutsche Post AG shareholders | 301 | 1,190 |
| attributable to non-controlling interests | 34 | 75 |
| Basic earnings per share (€) | 0.24 | 0.96 |
| Diluted earnings per share (€) | 0.24 | 0.94 |
1 Prior-year figures adjusted, Segment reporting.
| € m | ||
|---|---|---|
| 31 Dec. 2020 | 31 March 2021 | |
| ASSETS | ||
| Intangible assets | 11,658 | 11,857 |
| Property, plant and equipment | 22,007 | 22,382 |
| Investment property | 12 | 10 |
| Investments accounted for using the equity method | 73 | 78 |
| Non-current financial assets | 746 | 781 |
| Other non-current assets | 160 | 574 |
| Deferred tax assets | 2,390 | 2,211 |
| Non-current assets | 37,046 | 37,893 |
| Inventories | 439 | 475 |
| Current financial assets | 1,315 | 1,560 |
| Trade receivables | 8,985 | 9,787 |
| Other current assets | 2,815 | 3,216 |
| Income tax assets | 209 | 208 |
| Cash and cash equivalents | 4,482 | 5,113 |
| Assets held for sale | 16 | 19 |
| Current assets | 18,261 | 20,378 |
| TOTAL ASSETS | 55,307 | 58,271 |
| TOTAL EQUITY AND LIABILITIES | 55,307 | 58,271 |
|---|---|---|
| Current provisions and liabilities | 17,389 | 18,202 |
| Liabilities associated with assets held for sale | 7 | 8 |
| Income tax liabilities | 611 | 650 |
| Other current liabilities | 5,135 | 6,046 |
| Trade payables | 7,309 | 7,327 |
| Current financial liabilities | 3,247 | 3,049 |
| Current provisions | 1,080 | 1,122 |
| Non-current provisions and liabilities | 23,840 | 22,903 |
| Other non-current liabilities | 328 | 322 |
| Non-current financial liabilities | 15,851 | 15,877 |
| Other non-current provisions | 1,790 | 1,877 |
| Deferred tax liabilities | 36 | 73 |
| Provisions for pensions and similar obligations | 5,835 | 4,754 |
| Equity | 14,078 | 17,166 |
| Non-controlling interests | 301 | 375 |
| Equity attributable to Deutsche Post AG shareholders | 13,777 | 16,791 |
| Retained earnings | 10,685 | 13,146 |
| Other reserves | –1,666 | –1,180 |
| Capital reserves | 3,519 | 3,588 |
| EQUITY AND LIABILITIES Issued capital |
1,239 | 1,237 |
| 31 Dec. 2020 | 31 March 2021 | |
| € m | ||
|---|---|---|
| 2020 | 2021 | |
| Consolidated net profit for the period | 335 | 1,265 |
| Income taxes | 106 | 492 |
| Net finance costs | 151 | 154 |
| Profit from operating activities (EBIT) | 592 | 1,911 |
| Depreciation, amortisation and impairment losses | 1,021 | 930 |
| Net costs / net income from disposal of non-current assets | 26 | 2 |
| Non-cash income and expense | 70 | 21 |
| Change in provisions | –26 | 9 |
| Change in other non-current assets and liabilities | –7 | –16 |
| Dividend received | 0 | 0 |
| Income taxes paid | –168 | –273 |
| Net cash from operating activities before changes in working capital | 1,508 | 2,584 |
| Changes in working capital | ||
| Inventories | 84 | –28 |
| Receivables and other current assets | – 627 | –1,039 |
| Liabilities and other items | –215 | 973 |
| Net cash from operating activities | 750 | 2,490 |
| Subsidiaries and other business units | 0 | 0 |
| Property, plant and equipment and intangible assets | 26 | 37 |
| Investments accounted for using the equity method and other investments | 0 | 0 |
| Other non-current financial assets | 13 | 12 |
| Proceeds from disposal of non-current assets | 39 | 49 |
| Subsidiaries and other business units | 0 | 0 |
| Property, plant and equipment and intangible assets | – 597 | –704 |
| Investments accounted for using the equity method and other investments | – 5 | –2 |
| Other non-current financial assets | – 5 | –2 |
| Cash paid to acquire non-current assets | – 607 | –708 |
| Interest received | 18 | 15 |
| Current financial assets | 9 | –162 |
| Net cash used in investing activities | – 541 | – 806 |
| Cash and cash equivalents at end of reporting period | 2,578 | 5,113 |
|---|---|---|
| Cash and cash equivalents at beginning of reporting period | 2,862 | 4,482 |
| Changes in cash and cash equivalents associated with assets held for sale | 0 | 0 |
| Effect of changes in exchange rates on cash and cash equivalents | –38 | 53 |
| Net change in cash and cash equivalents | –246 | 578 |
| Net cash used in financing activities | – 455 | –1,106 |
| Interest paid | –125 | –118 |
| Purchase of treasury shares | –30 | –107 |
| Dividend paid to non-controlling interest shareholders | –7 | –12 |
| Cash paid for transactions with non-controlling interests | – 4 | 0 |
| Other financing activities | 1 | 4 |
| Change in current financial liabilities | 42 | 428 |
| Repayments of non-current financial liabilities | – 488 | –1,301 |
| Proceeds from issuance of non-current financial liabilities | 156 | 0 |
| 2020 | 2021 | |
| € m | Global Forwarding, | eCommerce | Post & Parcel | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Express | Freight 1 | Supply Chain 1 | Solutions | Germany | Group Functions | Consolidation 1, 2 | Group 1 | |||||||||
| 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |
| External revenue 1 | 4,059 | 5,380 | 3,348 | 4,430 | 3,208 | 3,214 | 965 | 1,421 | 3,859 | 4,402 | 25 | 13 | 0 | 0 | 15,464 | 18,860 |
| Internal revenue | 91 | 119 | 234 | 322 | 24 | 27 | 31 | 33 | 100 | 153 | 344 | 422 | – 824 | –1,076 | 0 | 0 |
| Total revenue | 4,150 | 5,499 | 3,582 | 4,752 | 3,232 | 3,241 | 996 | 1,454 | 3,959 | 4,555 | 369 | 435 | – 824 | –1,076 | 15,464 | 18,860 |
| Profit / loss from operating activities (EBIT) | 393 | 961 | 74 | 216 | 105 | 167 | 6 | 117 | 334 | 556 | –320 | –105 | 0 | –1 | 592 | 1,911 |
| of which net income / loss from investments accounted for using the equity method |
1 | 0 | 0 | 0 | 1 | 0 | –2 | 0 | 0 | 0 | –1 | 0 | 0 | 0 | –1 | 0 |
| Segment assets 3 | 16,263 | 16,874 | 8,901 | 9,604 | 7,889 | 8,114 | 1,878 | 1,901 | 6,188 | 6,458 | 5,267 | 5,283 | – 80 | – 80 | 46,306 | 48,154 |
| of which investments accounted for using the equity method |
24 | 26 | 19 | 20 | 14 | 15 | 0 | 0 | 0 | 0 | 17 | 17 | –1 | 0 | 73 | 78 |
| Segment liabilities 3 | 4,224 | 4,568 | 3,296 | 3,686 | 2,912 | 2,883 | 717 | 795 | 2,716 | 2,915 | 1,567 | 1,651 | – 62 | – 62 | 15,370 | 16,436 |
| Net segment assets / liabilities 3 | 12,039 | 12,306 | 5,605 | 5,918 | 4,977 | 5,231 | 1,161 | 1,106 | 3,472 | 3,543 | 3,700 | 3,632 | –18 | –18 | 30,936 | 31,718 |
| Capex (assets acquired) | 173 | 288 | 21 | 21 | 96 | 86 | 11 | 19 | 72 | 119 | 81 | 51 | –1 | –1 | 453 | 583 |
| Capex (right-of-use assets) | 377 | 209 | 53 | 54 | 308 | 158 | 35 | 21 | 2 | 6 | 63 | 81 | 0 | 1 | 838 | 530 |
| Total capex | 550 | 497 | 74 | 75 | 404 | 244 | 46 | 40 | 74 | 125 | 144 | 132 | –1 | 0 | 1,291 | 1,113 |
| Depreciation and amortisation | 345 | 363 | 62 | 60 | 231 | 206 | 42 | 42 | 73 | 81 | 252 | 179 | 0 | –1 | 1,005 | 930 |
| Impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 13 | 0 | 0 | 0 | 16 | 0 |
| Total depreciation, amortisation and impairment losses |
345 | 363 | 62 | 60 | 231 | 206 | 45 | 42 | 73 | 81 | 265 | 179 | 0 | –1 | 1,021 | 930 |
| Other non-cash income (–) and expenses (+) | 107 | 138 | 28 | 38 | 52 | 45 | 6 | –3 | 83 | 79 | 58 | 29 | 0 | 1 | 334 | 327 |
| Employees 4 | 98,398 | 105,430 | 43,594 | 41,639 | 157,062 | 165,741 | 29,262 | 31,374 | 155,431 | 163,776 | 12,802 | 12,341 | 0 | 0 | 496,549 | 520,301 |
1 Prior-year figures adjusted. 2 Including rounding. 3 As at 31 December 2020 and 31 March 2021. 4 Average FTEs.
The Lead Logistics Provider (LLP) business which had, to date, been partially reported in theGlobal Forwarding, Freight segment has been included in the Supply Chain division since January 2021. The presentation ofrevenue and materials expense was standardised based on a reviewof certain customer contracts as part ofthis transition. The prior-period amounts were adjusted accordingly.
| € m | ||
|---|---|---|
| Q 1 2020 | Q 1 2021 | |
| Total income of reported segments | 912 | 2,017 |
| Group Functions | –320 | –105 |
| Reconciliation to Group / Consolidation | 0 | –1 |
| Profit from operating activities (EBIT) | 592 | 1,911 |
| Net finance costs | –151 | –154 |
| Profit before income taxes | 441 | 1,757 |
| Income taxes | –106 | – 492 |
| Consolidated net profit for the period | 335 | 1,265 |
| € m | ||
|---|---|---|
| 2020 | 2021 | |
| Issued capital | ||
| Balance at 1 January | 1,237 | 1,239 |
| Addition due to contingent capital increase | ||
| (Performance Share Plan) | 2 | 0 |
| Balance at 31 December / 31 March | 1,239 | 1,239 |
| Treasury shares | ||
| Balance at 1 January | –1 | 0 |
| Purchase of treasury shares | –2 | –2 |
| Issue / sale of treasury shares | 3 | 0 |
| Balance at 31 December / 31 March | 0 | –2 |
| Total at 31 December / 31 March | 1,239 | 1,237 |
| Weighted average number of shares outstanding Basic earnings per share |
number € |
1,235,054,732 0.24 |
1,238,262,243 0.96 |
|---|---|---|---|
| Consolidated net profit for the period attributable to Deutsche Post AG shareholders | € m | 301 | 1,190 |
| Q 1 2020 | Q 1 2021 |
| Diluted earnings per share | € | 0.24 | 0.94 |
|---|---|---|---|
| Weighted average number of shares for diluted earnings | number | 1,256,558,547 | 1,268,482,902 |
| Potentially dilutive shares | number | 21,503,815 | 30,220,659 |
| Weighted average number of shares outstanding | number | 1,235,054,732 | 1,238,262,243 |
| Adjusted consolidated net profit for the period attributable to Deutsche Post AG shareholders | € m | 303 | 1,192 |
| Less income taxes 1 | € m | 0 | 0 |
| Plus interest expense on the convertible bond | € m | 2 | 2 |
| Consolidated net profit for the period attributable to Deutsche Post AG shareholders | € m | 301 | 1,190 |
| Q 1 2020 | Q 1 2021 |
1 Rounded below €1 million.
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Deutsche Post AG Headquarters 53250 Bonn Germany
+ 49 (0) 228 182-6 36 36 ir @ dpdhl.com
Press Office
+ 49 (0) 228 182-99 44 pressestelle @ dpdhl.com
Published on 5 May 2021.
The English version of the quarterly statement as at 31 March 2021 of Deutsche Post DHL Group constitutes a translation of the original German version. Only the German version is legally binding, insofar as this does not conflict with legal provisions in other countries. Deutsche Post Corporate Language Services et al.
The document at hand is a quarterly statement pursuant to section 53 of Börsenordnung für die Frankfurter Wertpapierbörse (BörsO FWB – exchange rules for the Frankfurt Stock Exchange), as amended on 18 November 2019. It is not an interim report as defined in International Accounting Standard (IAS) No. 34. The accounting policies applied to this quarterly statement generally derive from the same accounting policies as used in the preparation of the consolidated financial statements for the 2020 financial year, with the exception of the new pronouncements required to be applied as at the beginning of the year. However, those standards had no material impact on the financial statements.
This quarterly statement 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 statement was completed. They should not be considered to be assurances of the 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 "Changes in expected developments" 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 statement. Deutsche Post AG assumes no obligation beyond the statutory requirements to update the forward-looking statements made in this statement. 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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