Quarterly Report • Nov 5, 2024
Quarterly Report
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| 9M 2023 | 9M 2024 | $+/-$ | Q3 2023 | Q3 2024 | $+/-$ | ||
|---|---|---|---|---|---|---|---|
| Revenue | €m | 60,410 | 61,482 | 1.8 | 19,398 | 20,592 | 6.2 |
| Profit from operating activities (EBIT) | €m | 4,703 | 4,035 | $-14.2$ | 1,372 | 1,373 | 0.1 |
| Return on sales ${ }^{1}$ | \% | 7.8 | 6.6 | - | 7.1 | 6.7 | - |
| EBIT after asset charge (EAC) | €m | 2,108 | 1,287 | $-38.9$ | 501 | 457 | $-8.8$ |
| Consolidated net profit for the period ${ }^{2}$ | €m | 2,696 | 2,235 | $-17.1$ | 807 | 751 | $-6.9$ |
| Free cash flow | €m | 2,507 | 1,675 | $-33.2$ | 1,074 | 723 | $-32.7$ |
| Net debt ${ }^{3}$ | €m | 17,739 | 19,428 | 9.5 | - | - | - |
| Earnings per share ${ }^{4}$ | € | 2.26 | 1.91 | $-15.5$ | 0.68 | 0.64 | $-5.9$ |
| Number of employees ${ }^{5}$ | 589,184 | 595,267 | 1.0 | - | - | - |
1 EBIT/revenue.
2 After deduction of noncontrolling interests.
3 Prior-year figure as of December 31.
4 Basic earnings per share.
5 Headcount at the end of the quarter, including trainees.
On September 23, 2024, the Board of Management announced its principal decision to modernize the Group structure. The DHL Group's legal structure will be aligned with its management structure over the next two years and all divisions managed as standalone corporate entities.
At $€ 20,592$ million, consolidated revenue increased by $6.2 \%$ year on year in the third quarter of 2024. This includes negative currency effects amounting to $€ 201$ million. Other operating income fell by $€ 23$ million to $€ 730$ million.
Profit from operating activities (EBIT) in the third quarter of 2024 amounted to $€ 1,373$ million and was on a level with the prioryear figure ( $€ 1,372$ million). At $€ 215$ million, net finance costs were less favorable than the previous year's $€ 162$ million. Profit before income taxes fell by $€ 52$ million to $€ 1,158$ million. As a result, income taxes decreased to $€ 347$ million. The tax rate amounted to $30.0 \%$, as in the previous year.
Consolidated net profit for the period in the third quarter of 2024 amounted to $€ 811$ million, thus below the prior-year figure of $€ 847$ million. Of this amount, $€ 751$ million is attributable to Deutsche Post AG shareholders and $€ 60$ million to noncontrolling interest holders. Earnings per share amounted to $€ 0.64$ (basic) and $€ 0.63$ (diluted).
EAC for the third quarter of 2024 declined from €501 million to €457 million. While EBIT was nearly unchanged, there was an increase in the imputed asset charge, due in particular to investments in property, plant and equipment in all divisions and higher net working capital, especially in the Global Forwarding, Freight division.
As of September 30, 2024, the Group reported centrally available liquidity in the amount of €0.8 billion, which is comprised of cash and cash equivalents. Due to our solid liquidity situation, the syndicated credit line in the amount of €4 billion was not drawn. In addition, unused bilateral credit lines in the amount of €2.2 billion were available as of the reporting date.
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €690 million in the third quarter of 2024 (previous year: €871 million) and were made predominantly in the expansion of network infrastructure.
Net cash from operating activities decreased in the third quarter of 2024 from €2,534 million to €2,043 million.
Net cash used in investing activities decreased from €559 million to €478 million, partly due to lower investments in property, plant and equipment and intangible assets. At €723 million, free cash flow in the third quarter came in below the prior-year figure of €1,074 million. Excluding the payments for acquisitions and divestitures, free cash flow decreased by €373 million.
Net cash used in financing activities rose by €301 million to €1,671 million. In the previous year, the placement of a sustainability bond had resulted in proceeds of €498 million. Cash and cash equivalents fell from €3,649 million as of December 31, 2023, to €2,690 million.
Higher net debt
Net debt rose from €17,739 million as of December 31, 2023, to €19,428 million as of September 30, 2024.
Express: continued yield and cost management
Revenue in the Express division rose by 3.0\% to €6,063 million in the third quarter of 2024. This includes negative currency effects amounting to €84 million, as well as higher fuel surcharges. Excluding currency effects and fuel surcharges, third-quarter revenue exceeded the prior-year figure by 3.2\%. Given the ongoing sluggish market development, per-day revenues in the TDI product line remained at the prior-year level, while TDI daily shipment volumes fell by 5.9\% in the third quarter.
We continue to counter this development with yield and cost management along with adjustments to network capacity. EBIT in the Express division improved by 2.8\% to €686 million in the third quarter of 2024. The EBIT margin was 11.3\%.
| 6m | 9M 2023 | 9M 2024 | $+/-\%$ | Q3 2023 | Q3 2024 | $+/-\%$ |
|---|---|---|---|---|---|---|
| Revenue | 18,288 | 18,289 | 0.0 | 5,885 | 6,063 | 3.0 |
| of which Europe | 8,136 | 8,221 | 1.0 | 2,588 | 2,688 | 3.9 |
| Americas | 4,438 | 4,353 | $-1.9$ | 1,474 | 1,470 | $-0.3$ |
| Asia Pacific | 6,454 | 6,157 | $-4.6$ | 2,127 | 2,082 | $-2.1$ |
| MEA (Middle East and Africa) | 1,118 | 1,094 | $-2.1$ | 361 | 365 | 1.1 |
| Consolidation/Other | $-1,858$ | $-1,536$ | 17.3 | $-665$ | $-542$ | 18.5 |
| Profit from operating activities (EBIT) | 2,471 | 2,001 | $-19.0$ | 667 | 686 | 2.8 |
| Return on sales (\%) ${ }^{1}$ | 13.5 | 10.9 | - | 11.3 | 11.3 | - |
| Operating cash flow | 3,732 | 3,304 | $-11.5$ | 1,368 | 1,177 | $-14.0$ |
1 EBIT/revenue.
| 6m per day ${ }^{1}$ | 9M 2023 | 9M 2024 | $+/-\%$ | Q3 2023 | Q3 2024 | $+/-\%$ |
|---|---|---|---|---|---|---|
| Time Definite International (TDI) | 74.9 | 73.4 | $-2.0$ | 71.3 | 71.4 | 0.1 |
| Time Definite Domestic (TDD) | 6.0 | 6.2 | 3.3 | 5.5 | 6.0 | 9.1 |
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) | 9M 2023 | 9M 2024 | $+/-\%$ | Q3 2023 | Q3 2024 | $+/-\%$ |
|---|---|---|---|---|---|---|
| Time Definite International (TDI) | 1,084 | 1,047 | $-3.4$ | 1,067 | 1,004 | $-5.9$ |
| Time Definite Domestic (TDD) | 480 | 474 | $-1.3$ | 436 | 467 | 7.1 |
Global Forwarding, Freight: increase in revenue from higher volumes and freight rates
Revenue in the Global Forwarding, Freight division increased by 14.0\% to $€ 5,037$ million in the third quarter of 2024 due to higher volumes and freight rates. Excluding negative currency effects of $€ 45$ million, revenue was up $15.1 \%$ on the prior-year level. Revenue in the Global Forwarding business unit grew by $17.6 \%$ to $€ 3,828$ million in the third quarter of 2024. Without taking negative currency effects of $€ 47$ million into account, the increase was 19.0\%. Gross profit in the Global Forwarding business unit was down from the previous year by $4.9 \%$ to $€ 866$ million.
Air freight volumes rose by $8.5 \%$ in the third quarter of 2024, with growth primarily on trade lanes from Asia. Air freight revenues increased by $17.2 \%$ while gross profit was down by $15.2 \%$. Ocean freight volumes grew by $8.2 \%$ year on year in the third quarter, with growth especially on trade lanes from Asia. Third-quarter ocean freight revenue went up by $27.9 \%$ and gross profit decreased by $4.4 \%$. In ocean freight markets affected by ongoing disruptions, gross profit/TEU (twenty-foot equivalent units) remained resilient with growth of $5.6 \%$ compared to the previous quarter.
Revenue in the Freight business unit increased by $3.8 \%$ in the third quarter of 2024 to $€ 1,235$ million due to price effects, while volumes were on the previous year's level. Gross profit in this business unit fell by $4.5 \%$ to $€ 295$ million.
EBIT in the Global Forwarding, Freight division declined by 9.5\% in the third quarter of 2024 to $€ 277$ million. The EBIT margin was $5.5 \%$. EBIT in the division thus corresponds to $23.9 \%$ of gross profit and $30.0 \%$ for the Global Forwarding business unit.
KEY FIGURES, GLOBAL FORWARDING, FREIGHT
| $\mathbf{6 m}$ | $\mathbf{9 M} \mathbf{2 0 2 3}$ | $\mathbf{9 M} \mathbf{2 0 2 4}$ | $+/-$ | Q3 2023 | Q3 2024 | $+/-$ |
|---|---|---|---|---|---|---|
| Revenue | 14,740 | 14,534 | $-1.4$ | 4,417 | 5,037 | 14.0 |
| of which Global Forwarding | 10,984 | 10,742 | $-2.2$ | 3,256 | 3,828 | 17.6 |
| Freight | 3,844 | 3,871 | 0.7 | 1,190 | 1,235 | 3.8 |
| Consolidation/Other | $-88$ | $-79$ | 10.2 | $-29$ | $-26$ | 10.3 |
| Profit from operating activities (EBIT) | 1,083 | 819 | $-24.4$ | 306 | 277 | $-9.5$ |
| Return on sales (\%) ${ }^{1}$ | 7.3 | 5.6 | - | 6.9 | 5.5 | - |
| Operating cash flow | 1,847 | 283 | $-84.7$ | 505 | 73 | $-85.5$ |
1 EBIT/revenue.
| $\mathbf{6 m}$ | $\mathbf{9 M} \mathbf{2 0 2 3}$ | $\mathbf{9 M} \mathbf{2 0 2 4}$ | $+/-$ | Q3 2023 | Q3 2024 | $+/-$ |
|---|---|---|---|---|---|---|
| Air freight | 4,542 | 4,546 | 0.1 | 1,340 | 1,571 | 17.2 |
| Ocean freight | 4,464 | 4,364 | $-2.2$ | 1,292 | 1,653 | 27.9 |
| Other | 1,978 | 1,832 | $-7.4$ | 624 | 604 | $-3.2$ |
| Total | $\mathbf{1 0 , 9 8 4}$ | $\mathbf{1 0 , 7 4 2}$ | $-2.2$ | 3,256 | 3,828 | 17.6 |
| Thousands | $\mathbf{9 M} \mathbf{2 0 2 3}$ | $\mathbf{9 M} \mathbf{2 0 2 4}$ | $+/-$ \% | Q3 2023 | Q3 2024 | $+/-$ \% | |
|---|---|---|---|---|---|---|---|
| Air freight exports | tons | 1,239 | 1,317 | 6.3 | 410 | 445 | 8.5 |
| Ocean freight | TEU $^{1}$ | 2,318 | 2,482 | 7.1 | 793 | 858 | 8.2 |
1 Twenty-foot equivalent units.
Revenue in the Supply Chain division was up by 4.0\% to $€ 4,427$ million in the third quarter of 2024. Excluding negative currency effects of $€ 67$ million, the increase was $5.5 \%$. New and extended contracts and the growing e-commerce business led to revenue growth in almost all regions and sectors. A slight drop in revenue in the Asia Pacific region was also due to negative currency effects.
In the third quarter of 2024, the Supply Chain division concluded additional contracts with a volume of $€ 1.4$ billion. The Life Sciences \& Healthcare, Retail (including e-fulfilment solutions serving the growth in e-commerce) and Energy sectors accounted for an important part of this. The contract renewal rate remained at a consistently high level.
EBIT in the Supply Chain division rose by $13.2 \%$ to $€ 274$ million in the third quarter of 2024. The EBIT margin was $6.2 \%$.
| 6m | 9M 2023 | 9M 2024 | $+/-$ | Q3 2023 | Q3 2024 | $+/-$ |
|---|---|---|---|---|---|---|
| Revenue | 12,597 | 13,112 | 4.1 | 4,258 | 4,427 | 4.0 |
| of which EMEA (Europe, Middle East and Africa) | 5,546 | 5,758 | 3.8 | 1,886 | 1,930 | 2.3 |
| Americas | 5,206 | 5,497 | 5.6 | 1,761 | 1,882 | 6.9 |
| Asia Pacific | 1,888 | 1,873 | $-0.8$ | 629 | 621 | $-1.3$ |
| Consolidation/Other | $-43$ | $-16$ | 62.8 | $-18$ | $-6$ | 66.7 |
| Profit from operating activities (EBIT) | 741 | 809 | 9.2 | 242 | 274 | 13.2 |
| Return on sales (\%) ${ }^{1}$ | 5.9 | 6.2 | - | 5.7 | 6.2 | - |
| Operating cash flow | 947 | 1,406 | 48.5 | 494 | 730 | 47.8 |
1 EBIT/revenue.
At $€ 1,645$ million, revenue in the eCommerce division in the third quarter of 2024 was $11.4 \%$ up on the prior-year level. This includes a revenue contribution of $€ 77$ million from the acquisition of MNG Kargo. Excluding negative currency effects of $€ 7$ million, revenue was $11.8 \%$ up on the prior-year level.
EBIT in the eCommerce division fell from $€ 55$ million to $€ 50$ million in the third quarter of 2024. This was attributable mainly to higher costs, which resulted partly from increased depreciation and amortization due to continuous investment in the expansion of the networks. The EBIT margin for the third quarter was $3.0 \%$.
| KEY FIGURES, ECOMMERCE | ||||||
|---|---|---|---|---|---|---|
| 6m | 9M 2023 | 9M 2024 | $+/-$ | Q3 2023 | Q3 2024 | $+/-$ |
| Revenue | 4,490 | 4,945 | 10.1 | 1,477 | 1,645 | 11.4 |
| of which Americas | 1,553 | 1,623 | 4.5 | 511 | 541 | 5.9 |
| Europe | 2,452 | 2,798 | 14.1 | 797 | 923 | 15.8 |
| Asia | 484 | 525 | 8.5 | 168 | 182 | 8.3 |
| Consolidation/Other | 1 | $-1$ | $<-100$ | 1 | $-1$ | $<-100$ |
| Profit from operating activities (EBIT) | 214 | $175^{1}$ | $-18.2$ | 55 | 50 | $-9.1$ |
| Return on sales (\%) ${ }^{2}$ | 4.8 | 3.5 | - | 3.7 | 3.0 | - |
| Operating cash flow | 354 | 381 | 7.6 | 127 | 111 | $-12.6$ |
[^0]
[^0]: 1 Includes the adjusted EBIT figure for Q1 2024, which has been revised from €60 million to €58 million due to the final purchase price allocation for MNG Kargo.
2 EBIT/revenue.
Post \& Parcel Germany: ongoing growth in parcel business supports revenue performance
At €4,053 million, revenue in the Post \& Parcel Germany division was up by 2.4\% year on year in the third quarter of 2024. The Parcel Germany business unit continued to drive this development, while the German postal mail business declined.
EBIT for the Post \& Parcel Germany division in the third quarter of 2024 amounted to €171 million and was thus 17.4\% lower than in the prior-year period. The figure includes a positive net effect from developments in various legal disputes of around €70 million. Revenue growth in parcel business and goods shipping along with higher other operating income were unable to compensate for increased material and staff costs, caused particularly by collective bargaining agreements. Return on sales in the third quarter was $4.2 \%$.
| KEY FIGURES, POST \& PARCEL GERMANY | ||||||
|---|---|---|---|---|---|---|
| €m | 9M 2023 | 9M 2024 | $+1-\%$ | Q3 2023 | Q3 2024 | $+1-\%$ |
| Revenue | 12,153 | 12,479 | 2.7 | 3,959 | 4,053 | 2.4 |
| of which Post Germany | 5,533 | 5,422 | $-2.0$ | 1,791 | 1,724 | $-3.7$ |
| Parcel Germany | 4,790 | 5,188 | 8.3 | 1,577 | 1,720 | 9.1 |
| International | 1,761 | 1,792 | 1.8 | 567 | 583 | 2.8 |
| Consolidation/Other | 69 | 77 | 11.6 | 24 | 26 | 8.3 |
| Profit from operating activities (EBIT) | 468 | 495 | 5.8 | 207 | 171 | $-17.4$ |
| Return on sales (\%) ${ }^{1}$ | 3.9 | 4.0 | - | 5.2 | 4.2 | - |
| Operating cash flow ${ }^{2}$ | 915 | 1,287 | 40.7 | 272 | 273 | 0.4 |
1 EBIT/revenue.
2 Prior-year figures adjusted.
POST \& PARCEL GERMANY: REVENUE
| €m | 9M 2023 | 9M 2024 | $+1-\%$ | Q3 2023 | Q3 2024 | $+1-\%$ |
|---|---|---|---|---|---|---|
| Post Germany | 5,533 | 5,422 | $-2.0$ | 1,791 | 1,724 | $-3.7$ |
| of which Mail Communication | 3,736 | 3,728 | $-0.2$ | 1,209 | 1,185 | $-2.0$ |
| Dialogue Marketing | 1,284 | 1,183 | $-7.9$ | 422 | 379 | $-10.2$ |
| Other/Consolidation Post Germany | 513 | 511 | $-0.4$ | 160 | 160 | 0.0 |
| Parcel Germany | 4,790 | 5,188 | 8.3 | 1,577 | 1,720 | 9.1 |
POST \& PARCEL GERMANY: VOLUMES
| Mail Items (millions) | 9M 2023 | 9M 2024 | $+1-\%$ | Q3 2023 | Q3 2024 | $+1-\%$ |
|---|---|---|---|---|---|---|
| Post Germany | 9,786 | 8,998 | -8.1 | 3,145 | 2,800 | -11.0 |
| of which Mail Communication | 4,371 | 4,232 | -3.2 | 1,371 | 1,331 | -2.9 |
| Dialogue Marketing | 4,772 | 4,196 | -12.1 | 1,582 | 1,283 | -18.9 |
| Parcel Germany | 1,233 | 1,292 | 4.8 | 411 | 433 | 5.4 |
The Board of Management continues to expect that the Group will benefit from a seasonal increase in B2C shipment volumes until the end of the year. However, for B2B and mail volumes there is, based on the trading in October, currently no indication of a better development. Also, in the air freight forwarding business margins stay below expectations, despite some seasonal acceleration of volumes.
Therefore, the Board of Management has decided to adjust the Group EBIT guidance for the year 2024 to more than $€ 5.8$ billion (previously: $€ 6.0-6.6$ billion). The DHL divisions are expected to contribute more than $€ 5.5$ billion (previously: more than $€ 5.7$ billion) and the Post \& Parcel Germany division around $€ 0.8$ billion (previously: more than $€ 0.8$ billion).
In line with market developments, the Group has also reduced the expected capital expenditure (excluding leases) for the full year 2024 to $€ 3.0-3.2$ billion (previously: $€ 3.0-3.6$ billion). Considering a year-to-date increase in working capital, especially in the Global Forwarding, Freight division, and the adjustment of investments, the Group expects a continued high full year 2024 free cash flow (excluding Net M\&A) of now $€ 2.8-3.0$ billion (previously: around $€ 3.0$ billion).
Available market capacities in the Express division, which are influenced by customers and competitors, are posing less of a challenge for our pricing leeway than we anticipated. We therefore currently consider the risk to be low.
In contrast, B2B volumes have not developed as hoped since September 30, 2024. We therefore expect corresponding volume risks to materialize.
We currently assess the aggregate effect of all foreign currency gains and losses both as an opportunity and a risk of low significance for the Group.
The Group's overall opportunity and risk situation did not otherwise change significantly during the third quarter of 2024 compared with the situation described in the 2023 Annual Report and 2024 Half-year Report. Based upon the Group's early-warning system and in the estimation of its Board of Management, there are currently no identifiable risks for the Group that, 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.
JANUARY 1 TO SEPTEMBER 30
| 9M 2023 | 9M 2024 | Q3 2023 | Q3 2024 | |
|---|---|---|---|---|
| \%m | 60,410 | 61,482 | 19,398 | 20,592 |
| Other operating income | 2,052 | 1,962 | 753 | 730 |
| Changes in inventories and work performed and capitalized | 251 | 106 | 68 | 21 |
| Material expense | $-30,856$ | $-31,222$ | $-9,921$ | $-10,673$ |
| Staff costs | $-19,977$ | $-20,932$ | $-6,494$ | $-6,819$ |
| Depreciation, amortization and impairment losses | $-3,273$ | $-3,474$ | $-1,118$ | $-1,154$ |
| Other operating expenses | $-3,912$ | $-3,924$ | $-1,310$ | $-1,373$ |
| Net income/expenses from investments accounted for using the equity method | 8 | 37 | $-4$ | 49 |
| Profit from operating activities (EBIT) | 4,703 | 4,035 | 1,372 | 1,373 |
| Financial income | 290 | 286 | 103 | 79 |
| Finance costs | $-756$ | $-886$ | $-239$ | $-289$ |
| Foreign-currency result | $-141$ | 15 | $-26$ | $-5$ |
| Net finance costs | $-607$ | $-585$ | $-162$ | $-215$ |
| Profit before income taxes | 4,096 | 3,450 | 1,210 | 1,158 |
| Income taxes | $-1,229$ | $-1,035$ | $-363$ | $-347$ |
| Consolidated net profit for the period | 2,867 | 2,415 | 847 | 811 |
| attributable to Deutsche Post AG shareholders | 2,696 | 2,235 | 807 | 751 |
| to noncontrolling interests | 171 | 180 | 40 | 60 |
| Basic earnings per share (€) | 2.26 | 1.91 | 0.68 | 0.64 |
| Diluted earnings per share (€) | 2.23 | 1.88 | 0.68 | 0.63 |
| 6m | Dec. 31, 20231 | Sept. 30, 2024 |
|---|---|---|
| ASSETS | ||
| Intangible assets | 14,523 | 14,560 |
| Property, plant and equipment | 30,018 | 30,046 |
| Investment property | 13 | 12 |
| Investments accounted for using the equity method | 104 | 99 |
| Noncurrent financial assets | 1,118 | 1,269 |
| Other noncurrent assets | 388 | 550 |
| Noncurrent income tax assets | 0 | 10 |
| Deferred tax assets | 1,453 | 1,367 |
| Noncurrent assets | 47,617 | 47,913 |
| Inventories | 1,061 | 1,069 |
| Current financial assets | 833 | 892 |
| Trade receivables | 10,537 | 10,698 |
| Other current assets | 2,415 | 2,651 |
| Current income tax assets | 663 | 949 |
| Cash and cash equivalents | 3,649 | 2,690 |
| Assets held for sale | 55 | 5 |
| Current assets | 19,213 | 18,954 |
| TOTAL ASSETS | 66,830 | 66,867 |
| EQUITY AND LIABILITIES | ||
| Issued capital | 1,181 | 1,162 |
| Capital reserves | 3,579 | 3,608 |
| Other reserves | $-1,109$ | $-1,335$ |
| Retained earnings | 18,824 | 18,827 |
| Equity attributable to Deutsche Post AG shareholders | 22,475 | 22,262 |
| Noncontrolling interests | 413 | 350 |
| Equity | 22,888 | 22,612 |
| Provisions for pensions and similar obligations | 2,519 | 2,226 |
| Deferred tax liabilities | 428 | 436 |
| Other noncurrent provisions | 2,062 | 2,239 |
| Noncurrent financial liabilities | 17,939 | 17,811 |
| Other noncurrent liabilities | 280 | 277 |
| Noncurrent income tax liabilities | 392 | 444 |
| Noncurrent provisions and liabilities | 23,620 | 23,433 |
| Current provisions | 1,079 | 973 |
| Current financial liabilities | 4,779 | 5,597 |
| Trade payables | 8,479 | 7,765 |
| Other current liabilities | 5,536 | 6,019 |
| Current income tax liabilities | 449 | 468 |
| Liabilities associated with assets held for sale | 0 | 0 |
| Current provisions and liabilities | 20,322 | 20,822 |
| TOTAL EQUITY AND LIABILITIES | 66,830 | 66,867 |
1 Prior-year figures adjusted due to the final purchase price allocations in the 2023 fiscal year. For an explanation of the details, see note 4 of the 2024 Half-year Report.
JANUARY 1 TO SEPTEMBER 30
| 9M 2023 | 9M 2024 | Q3 2023 | Q3 2024 | |
|---|---|---|---|---|
| Consolidated net profit for the period | 2,867 | 2,415 | 847 | 811 |
| + Income taxes | 1,229 | 1,035 | 363 | 347 |
| + Net finance costs | 607 | 585 | 162 | 215 |
| = Profit from operating activities (EBIT) | 4,703 | 4,035 | 1,372 | 1,373 |
| + Depreciation, amortization and impairment losses | 3,273 | 3,474 | 1,118 | 1,154 |
| + Net cost/net income from disposal of noncurrent assets | $-29$ | $-54$ | $-25$ | $-52$ |
| + Other noncash income and expense | $-170$ | $-197$ | $-37$ | $-79$ |
| + Change in provisions | $-343$ | $-3$ | $-177$ | $-79$ |
| + Change in other noncurrent assets and liabilities | $-43$ | $-55$ | $-17$ | $-29$ |
| + Dividend received | 24 | 2 | 17 | 2 |
| + Income taxes paid | $-1,280$ | $-1,190$ | $-385$ | $-378$ |
| = Net cash from operating activities before changes in working capital | 6,135 | 6,012 | 1,866 | 1,912 |
| + Change in inventories | $-143$ | $-19$ | $-29$ | 18 |
| + Change in receivables and other current assets | 2,014 | $-661$ | 408 | 96 |
| + Change in liabilities and other items | $-1,228$ | 323 | 289 | 17 |
| = Net cash from operating activities | 6,778 | 5,655 | 2,534 | 2,043 |
| Subsidiaries and other business units | 0 | $-1$ | 0 | $-1$ |
| + Property, plant and equipment and intangible assets | 105 | 159 | 48 | 37 |
| + Investments accounted for using the equity method and other investments | 30 | 53 | 30 | 53 |
| + Other noncurrent financial assets | 164 | 154 | 61 | 52 |
| = Proceeds from disposal of noncurrent assets | 299 | 365 | 139 | 141 |
| Subsidiaries and other business units | $-1$ | $-2$ | 0 | $-2$ |
| + Property, plant and equipment and intangible assets | $-2,448$ | $-1,938$ | $-846$ | $-641$ |
| + Investments accounted for using the equity method and other investments | $-21$ | $-42$ | $-13$ | $-11$ |
| + Other noncurrent financial assets | $-2$ | $-7$ | 0 | $-1$ |
| = Cash paid to acquire noncurrent assets | $-2,472$ | $-1,989$ | $-859$ | $-655$ |
| + Interest received | 196 | 174 | 64 | 59 |
| + Change in current financial assets | 1,000 | $-34$ | 97 | $-23$ |
| = Net cash used in investing activities | $-977$ | $-1,484$ | $-559$ | $-478$ |
| Proceeds from issuance of noncurrent financial liabilities | 501 | 991 | 500 | 1 |
| + Repayments of noncurrent financial liabilities | $-1,954$ | $-1,951$ | $-739$ | $-682$ |
| + Change in current financial liabilities | $-41$ | $-84$ | $-171$ | $-251$ |
| + Other financing activities | $-195$ | $-55$ | $-63$ | $-28$ |
| + Proceeds from transactions with noncontrolling interests | 1 | 0 | 1 | 0 |
| + Cash paid for transactions with noncontrolling interests | $-10$ | $-6$ | $-5$ | $-2$ |
| + Dividend paid to Deutsche Post AG shareholders | $-2,205$ | $-2,169$ | 0 | 0 |
| + Dividend paid to noncontrolling-interest holders | $-272$ | $-239$ | $-252$ | $-224$ |
| + Purchase of treasury shares | $-833$ | $-914$ | $-470$ | $-269$ |
| + Interest paid | $-464$ | $-636$ | $-171$ | $-216$ |
| = Net cash used in financing activities | $-5,472$ | $-5,063$ | $-1,370$ | $-1,671$ |
Continuation on the next page
| Net change in cash and cash equivalents | 329 | -892 | 605 | -106 |
|---|---|---|---|---|
| + Effect of changes in exchange rates on cash and cash equivalents | -212 | -67 | 16 | -57 |
| + Changes in cash and cash equivalents associated with assets held for sale | -1 | 0 | -1 | 0 |
| + Cash and cash equivalents at beginning of reporting period | 3,790 | 3,649 | 3,286 | 2,853 |
| = Cash and cash equivalents at end of reporting period | 3,906 | 2,690 | 3,906 | 2,690 |
The vehicle fleet used by Post \& Parcel Germany was transferred from Group Functions to the Post \& Parcel Germany segment at the beginning of January 2024. The prior-year figures have been adjusted accordingly.
| Express | Global Forwarding, Freight ${ }^{1}$ |
Supply Chain | eCommerce ${ }^{1}$ | |||||
|---|---|---|---|---|---|---|---|---|
| January 1 to September 30 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| External revenue | 17,890 | 17,844 | 13,823 | 13,641 | 12,496 | 13,009 | 4,386 | 4,824 |
| Internal revenue | 398 | 445 | 917 | 893 | 101 | 103 | 104 | 121 |
| Total revenue | 18,288 | 18,289 | 14,740 | 14,534 | 12,597 | 13,112 | 4,490 | 4,945 |
| Profit from operating activities (EBIT) | 2,471 | 2,001 | 1,083 | 819 | 741 | 809 | 214 | 175 |
| of which: net income/expenses from investments accounted for using the equity method | 2 | 0 | 0 | $-3$ | $-3$ | 0 | 0 | 0 |
| Segment assets ${ }^{2}$ | 20,649 | 20,133 | 11,363 | 11,952 | 10,430 | 10,894 | 3,398 | 3,576 |
| of which: investments accounted for using the equity method | 9 | 8 | 13 | 10 | 17 | 15 | 25 | 41 |
| Segment liabilities ${ }^{2}$ | 4,824 | 4,547 | 3,906 | 3,806 | 3,836 | 3,921 | 1,000 | 909 |
| Net segment assets/liabilities ${ }^{2}$ | 15,825 | 15,586 | 7,457 | 8,146 | 6,594 | 6,973 | 2,398 | 2,667 |
| Capex (assets acquired) | 696 | 573 | 123 | 107 | 344 | 362 | 290 | 198 |
| Capex (right-of-use assets) | 846 | 740 | 178 | 133 | 577 | 701 | 147 | 196 |
| Total capex | 1,542 | 1,313 | 301 | 240 | 921 | 1,063 | 437 | 394 |
| Depreciation and amortization | 1,302 | 1,352 | 245 | 263 | 700 | 768 | 162 | 208 |
| Impairment losses | 0 | 0 | 0 | 0 | 6 | 2 | 0 | 0 |
| Total depreciation, amortization and impairment losses | 1,302 | 1,352 | 245 | 263 | 706 | 770 | 162 | 208 |
| Net cash from (+)/used in (-) operating activities | 3,732 | 3,304 | 1,847 | 283 | 947 | 1,406 | 354 | 381 |
| Employees ${ }^{3}$ | 111,731 | 109,266 | 46,613 | 45,645 | 181,421 | 185,257 | 32,373 | 39,718 |
| Third quarter | ||||||||
| External revenue | 5,764 | 5,897 | 4,122 | 4,746 | 4,223 | 4,391 | 1,442 | 1,606 |
| Internal revenue | 121 | 166 | 295 | 291 | 35 | 36 | 35 | 39 |
| Total revenue | 5,885 | 6,063 | 4,417 | 5,037 | 4,258 | 4,427 | 1,477 | 1,645 |
| Profit from operating activities (EBIT) | 667 | 686 | 306 | 277 | 242 | 274 | 55 | 50 |
| of which: net income/expenses from investments accounted for using the equity method | 1 | 0 | 0 | $-2$ | 0 | 1 | 0 | 0 |
| Capex (assets acquired) | 272 | 217 | 43 | 36 | 134 | 116 | 132 | 85 |
| Capex (right-of-use assets) | 455 | 297 | 56 | 39 | 265 | 154 | 67 | 46 |
| Total capex | 727 | 514 | 99 | 75 | 399 | 270 | 199 | 131 |
| Depreciation and amortization | 442 | 438 | 83 | 87 | 240 | 261 | 57 | 72 |
| Impairment losses | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 0 |
| Total depreciation, amortization and impairment losses | 442 | 438 | 83 | 87 | 244 | 261 | 57 | 72 |
| Net cash from (+)/used in (-) operating activities | 1,368 | 1,177 | 505 | 73 | 494 | 730 | 127 | 111 |
[^0]
[^0]: 1 Prior-year figures adjusted due to the final purchase price allocations in the 2023 fiscal year. For an explanation of the details, see note 4 of the 2024 Half-year Report.
2 As of December 31, 2023, and September 30, 2024.
3 Average FTEs.
4 Prior-period amounts adjusted; the vehicle fleet used by Post \& Parcel Germany was transferred from Group Functions to the Post \& Parcel Germany segment (EBIT remained unchanged).
5 Including rounding.
| Post \& Parcel Germany $^{4}$ | Group Functions ${ }^{4}$ | Consolidation $^{1,4,5}$ | Group $^{1}$ | |||||
|---|---|---|---|---|---|---|---|---|
| January 1 to September 30 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| External revenue | 11,794 | 12,155 | 20 | 9 | 1 | 0 | 60,410 | 61,482 |
| Internal revenue | 359 | 324 | 1,319 | 1,413 | $-3,198$ | $-3,299$ | 0 | 0 |
| Total revenue | 12,153 | 12,479 | 1,339 | 1,422 | $-3,197$ | $-3,299$ | 60,410 | 61,482 |
| Profit from operating activities (EBIT) | 468 | 495 | $-276$ | $-263$ | 2 | $-1$ | 4,703 | 4,035 |
| of which: net income/expenses from investments accounted for using the equity method | 0 | 0 | 8 | 39 | 1 | 1 | 8 | 37 |
| Segment assets ${ }^{2}$ | 9,585 | 9,453 | 4,226 | 4,124 | $-63$ | $-65$ | 59,588 | 60,067 |
| of which: investments accounted for using the equity method | 0 | 0 | 39 | 25 | 1 | $-1$ | 104 | 98 |
| Segment liabilities ${ }^{2}$ | 2,598 | 2,676 | 1,567 | 1,564 | $-44$ | $-45$ | 17,687 | 17,378 |
| Net segment assets/liabilities ${ }^{2}$ | 6,987 | 6,777 | 2,659 | 2,560 | $-19$ | $-20$ | 41,901 | 42,689 |
| Capex (assets acquired) | 608 | 487 | 87 | 80 | 0 | $-1$ | 2,148 | 1,806 |
| Capex (right-of-use assets) | 127 | 88 | 396 | 281 | 0 | 0 | 2,271 | 2,139 |
| Total capex | 735 | 575 | 483 | 361 | 0 | $-1$ | 4,419 | 3,945 |
| Depreciation and amortization | 429 | 463 | 428 | 419 | 1 | $-1$ | 3,267 | 3,472 |
| Impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 2 |
| Total depreciation, amortization and impairment losses | 429 | 463 | 428 | 419 | 1 | $-1$ | 3,273 | 3,474 |
| Net cash from (+)/used in (-) operating activities | 915 | 1,287 | 161 | 158 | $-1,178$ | $-1,164$ | 6,778 | 5,655 |
| Employees ${ }^{3}$ | 158,350 | 155,577 | 14,004 | 13,997 | 1 | $-1$ | 544,493 | 549,459 |
| Third quarter | ||||||||
| External revenue | 3,843 | 3,950 | 4 | 2 | 0 | 0 | 19,398 | 20,592 |
| Internal revenue | 116 | 103 | 414 | 445 | $-1,016$ | $-1,080$ | 0 | 0 |
| Total revenue | 3,959 | 4,053 | 418 | 447 | $-1,016$ | $-1,080$ | 19,398 | 20,592 |
| Profit from operating activities (EBIT) | 207 | 171 | $-105$ | $-88$ | 0 | 3 | 1,372 | 1,373 |
| of which: net income/expenses from investments accounted for using the equity method | 0 | 0 | $-6$ | 48 | 1 | 2 | $-4$ | 49 |
| Capex (assets acquired) | 264 | 212 | 26 | 25 | 0 | $-1$ | 871 | 690 |
| Capex (right-of-use assets) | 83 | 38 | 99 | 73 | 0 | $-1$ | 1,025 | 646 |
| Total capex | 347 | 250 | 125 | 98 | 0 | $-2$ | 1,896 | 1,336 |
| Depreciation and amortization | 148 | 158 | 143 | 140 | 1 | $-2$ | 1,114 | 1,154 |
| Impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| Total depreciation, amortization and impairment losses | 148 | 158 | 143 | 140 | 1 | $-2$ | 1,118 | 1,154 |
| Net cash from (+)/used in (-) operating activities | 272 | 273 | 138 | 51 | $-370$ | $-372$ | 2,534 | 2,043 |
[^0]
[^0]: 1 Prior-year figures adjusted due to the final purchase price allocations in the 2023 fiscal year. For an explanation of the details, see note 4 of the 2024 Half-year Report.
2 As of December 31, 2023, and September 30, 2024.
3 Average FTEs.
4 Prior-period amounts adjusted; the vehicle fleet used by Post \& Parcel Germany was transferred from Group Functions to the Post \& Parcel Germany segment (EBIT remained unchanged).
5 Including rounding.
| Km | 9M 2023 | 9M 2024 |
|---|---|---|
| Total income of reported segments | 4,977 | 4,299 |
| Group Functions | $-276$ | $-263$ |
| Reconciliation to Group/Consolidation | 2 | $-1$ |
| Profit from operating activities (EBIT) | 4,703 | 4,035 |
| Net finance costs | $-607$ | $-585$ |
| Profit before income taxes | 4,096 | 3,450 |
| Income taxes | $-1,229$ | $-1,035$ |
| Consolidated net profit for the period | 2,867 | 2,415 |
BASIC EARNINGS PER SHARE
| Consolidated net profit for the period attributable to Deutsche Post AG shareholders |
€m | 9M 2023 | 9M 2024 |
|---|---|---|---|
| 2,696 | 2,235 | ||
| Weighted average number of shares outstanding | Number | $1,190,953,261$ | $1,169,307,803$ |
| Basic earnings per share | € | 2.36 | 1.91 |
| Consolidated net profit for the period attributable to Deutsche Post AG shareholders | €m | 2,696 | 2,235 |
|---|---|---|---|
| €m | 6 | 6 | |
| Less income taxes | €m | 1 | 2 |
| Adjusted consolidated net profit for the period attributable to Deutsche Post AG shareholders | €m | 2,701 | 2,239 |
| Weighted average number of shares outstanding | Number | $1,190,953,261$ | $1,169,307,803$ |
| Potentially dilutive shares | Number | 22,732,805 | 21,714,326 |
| Weighted average number of shares for diluted earnings | Number | $1,213,686,066$ | $1,191,022,129$ |
| Diluted earnings per share | € | 2.23 | 1.88 |
| 2023 | 2024 | |
|---|---|---|
| Issued capital | ||
| Balance as of January 1 | 1,239 | 1,239 |
| Capital reduction through retirement of treasury shares | 0 | $-39$ |
| Balance as of December 31/September 30 | 1,239 | 1,200 |
| Treasury shares | ||
| Balance as of January 1 | $-40$ | $-58$ |
| Purchase of treasury shares/retirement of treasury shares | $-24$ | 17 |
| Issue/sale of treasury shares | 6 | 3 |
| Balance as of December 31/September 30 | $-58$ | $-38$ |
| Total as of December 31/September 30 | 1,181 | 1,162 |
Deutsche Post AG
Headquarters
53250 Bonn
Germany
[email protected]
[email protected]
Published on November 5, 2024.
The English version of the Quarterly Statement as of September 30, 2024, of 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 Börsenordnung für die Frankfurter Wertpapierbörse (BörsO FWB - exchange rules for the Frankfurt Stock Exchange), as amended on November 18, 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 2023 fiscal year, with the exception of the new pronouncements required to be applied. However, those standards had no material impact on the financial statements.
This quarterly statement contains forward-looking statements that are not historical facts. They also include statements concerning assumptions and expectations that are based upon current plans, estimates and projections, and the information available to Deutsche Post AG at the time this statement was completed. 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 the actual performance and results may differ from the forward-looking statements made in this quarterly statement. Deutsche Post AG undertakes no obligation to update the forwardlooking statements contained in this statement 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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