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Deutsche Post DHL

DP DHL's Cash & Cash Equivalents rose 12.8% yoy to EUR 3,677 mil in 2015

By Helgi Library - April 2, 2020

Deutsche Post DHL's total assets reached EUR 37,870 mil at the end of 2015, up 2.41% compared to the previous year. ...

DP DHL's Cash & Cash Equivalents rose 12.8% yoy to EUR 3,677 mil in 2015

By Helgi Library - April 2, 2020

Deutsche Post DHL's total assets reached EUR 37,870 mil at the end of 2015, up 2.41% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales EUR mil 54,912 56,630 59,230
Gross Profit EUR mil 23,962 24,716 26,182
EBITDA EUR mil 4,202 4,346 4,076
EBIT EUR mil 2,865 2,965 2,411
Financing Cost EUR mil 293 388 354
Pre-Tax Profit EUR mil 2,572 2,577 2,057
Net Profit EUR mil 2,091 2,071 1,540
Dividends EUR mil 968 1,030 ...
Balance Sheet 2013 2014 2015
Total Assets EUR mil 35,461 36,979 37,870
Non-Current Assets EUR mil 21,370 22,902 23,727
Current Assets EUR mil 14,091 14,077 14,143
Working Capital EUR mil 2,064 2,324 1,916
Shareholders' Equity EUR mil 10,034 9,580 11,295
Liabilities EUR mil 25,427 27,399 26,575
Total Debt EUR mil 5,954 5,169 5,178
Net Debt EUR mil 1,789 1,908 1,501
Ratios 2013 2014 2015
ROE % 21.7 21.1 14.8
ROCE % 8.86 8.51 6.05
Gross Margin % 43.6 43.6 44.2
EBITDA Margin % 7.65 7.67 6.88
EBIT Margin % 5.22 5.24 4.07
Net Margin % 3.81 3.66 2.60
Net Debt/EBITDA 0.426 0.439 0.368
Net Debt/Equity 0.178 0.199 0.133
Cost of Financing % 5.43 6.98 6.84
Valuation 2013 2014 2015
Market Capitalisation USD mil 46,097 41,335 35,675
Enterprise Value (EV) USD mil 48,564 43,645 37,309
Number Of Shares mil 1,262 1,263 1,263
Share Price EUR 26.5 27.0 26.0
EV/EBITDA 8.71 7.79 7.99
EV/Sales 0.666 0.598 0.550
Price/Earnings (P/E) 16.0 16.5 21.3
Price/Book Value (P/BV) 3.33 3.56 2.90
Dividend Yield % 2.89 3.02 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil ...                   46,201 51,388 52,829 55,512 54,912    
Gross Profit EUR mil ...                   20,427 22,008 22,285 23,754 23,962    
EBIT EUR mil ...                   231 1,835 2,436 3,206 2,865    
Net Profit EUR mil ...                   644 2,541 1,163 1,640 2,091    
ROE % ...                   8.05 27.2 10.8 16.2 21.7    
EBIT Margin % ...                   0.500 3.57 4.61 5.78 5.22    
Net Margin % ...                   1.39 4.94 2.20 2.95 3.81    
Employees ...                   477,280 467,088 471,654 473,626 479,690    
balance sheet                                  
Total Assets EUR mil ...                   34,738 37,763 38,408 33,840 35,461    
Non-Current Assets EUR mil ...                   22,022 24,493 21,225 21,574 21,370    
Current Assets EUR mil ...                   12,716 13,270 17,183 12,266 14,091    
Shareholders' Equity EUR mil ...                   8,176 10,511 11,009 9,213 10,034    
Liabilities EUR mil ...                   26,562 27,252 27,399 24,627 25,427    
Non-Current Liabilities EUR mil ...                   14,102 13,844 8,777 12,023 11,575    
Current Liabilities EUR mil ...                   12,363 13,223 18,622 12,604 13,852    
Net Debt/EBITDA ...                   2.56 1.28 1.14 0.481 0.426    
Net Debt/Equity ...                   0.581 0.381 0.385 0.237 0.178    
Cost of Financing % ... ...                 -0.783 -13.0 10.5 16.4 5.43    
cash flow                                  
Total Cash From Operations EUR mil ...                   -584 1,927 2,371 -210 2,996    
Total Cash From Investing EUR mil ...                   -2,710 8.00 -1,129 -1,697 -1,765    
Total Cash From Financing EUR mil ...                   1,676 -1,651 -1,547 1,184 -212    
Net Change In Cash EUR mil ...                   -1,618 284 -305 -723 1,019    
valuation                                  
Market Capitalisation USD mil ... ...                 23,375 20,392 18,643 27,611 46,097    
Number Of Shares mil ... ...                 1,209 1,210 1,211 1,260 1,262    
Share Price EUR ... ...                 13.5 12.7 11.9 16.6 26.5    
Earnings Per Share (EPS) EUR ... ...                 0.533 2.10 0.961 1.30 1.66    
Book Value Per Share EUR ... ...                 6.76 8.69 9.09 7.31 7.95    
Dividend Per Share EUR ... ...                 0.600 0.650 0.699 0.671 0.767   ...
Price/Earnings (P/E) ... ...                 25.3 6.05 12.4 12.8 16.0    
Price/Book Value (P/BV) ... ...                 1.99 1.46 1.31 2.27 3.33    
Dividend Yield % ... ...                 4.45 5.11 5.88 4.04 2.89   ...
Earnings Per Share Growth % ... ... ...               -61.9 294 -54.3 35.4 27.4    
Book Value Per Share Growth % ... ... ...               4.44 28.4 4.69 -19.6 8.79    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil ...                   46,201 51,388 52,829 55,512 54,912    
Cost of Goods & Services EUR mil ...                   25,774 29,380 30,544 31,758 30,950    
Gross Profit EUR mil ...                   20,427 22,008 22,285 23,754 23,962    
Staff Cost EUR mil ...                   17,021 16,609 16,730 17,770 17,776    
Other Cost EUR mil ...                   1,555 2,268 1,845 1,439 1,984    
EBITDA EUR mil ...                   1,851 3,131 3,710 4,545 4,202    
Depreciation EUR mil ...                   1,620 1,296 1,274 1,339 1,337    
EBIT EUR mil ...                   231 1,835 2,436 3,206 2,865    
Financing Cost EUR mil ...                   -45.0 -989 777 997 293    
Extraordinary Cost EUR mil ...                   0 0 0 0 0    
Pre-Tax Profit EUR mil ...                   276 2,824 1,659 2,209 2,572    
Tax EUR mil ...                   15.0 194 393 447 361    
Minorities EUR mil ...                   49.0 89.0 103 122 120    
Net Profit EUR mil ...                   644 2,541 1,163 1,640 2,091    
Dividends EUR mil ...                   725 786 846 846 968   ...
growth rates                                  
Total Revenue Growth % ... ...                 -15.2 11.2 2.80 5.08 -1.08    
Operating Cost Growth % ... ...                 -10.7 1.62 -1.60 3.41 2.87    
EBITDA Growth % ... ...                 9.14 69.2 18.5 22.5 -7.55    
EBIT Growth % ... ...                 -124 694 32.8 31.6 -10.6    
Pre-Tax Profit Growth % ... ...                 -126 923 -41.3 33.2 16.4    
Net Profit Growth % ... ...                 -61.8 295 -54.2 41.0 27.5    
ratios                                  
ROE % ...                   8.05 27.2 10.8 16.2 21.7    
ROCE % ... ...                 2.66 9.74 4.47 6.81 8.86    
Gross Margin % ...                   44.2 42.8 42.2 42.8 43.6    
EBITDA Margin % ...                   4.01 6.09 7.02 8.19 7.65    
EBIT Margin % ...                   0.500 3.57 4.61 5.78 5.22    
Net Margin % ...                   1.39 4.94 2.20 2.95 3.81    
Payout Ratio % ...                   113 30.9 72.7 51.6 46.3   ...
Cost of Financing % ... ...                 -0.783 -13.0 10.5 16.4 5.43    
Net Debt/EBITDA ...                   2.56 1.28 1.14 0.481 0.426    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil ...                   22,022 24,493 21,225 21,574 21,370    
Property, Plant & Equipment EUR mil ...                   6,220 6,130 6,493 6,652 6,800    
Intangible Assets EUR mil ...                   11,534 11,848 12,196 12,146 11,832    
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 10,918 10,673    
Current Assets EUR mil ...                   12,716 13,270 17,183 12,266 14,091    
Inventories EUR mil ...                   196 223 273 321 402    
Receivables EUR mil ...                   7,157 8,641 9,089 7,824 8,020    
Cash & Cash Equivalents EUR mil ...                   3,064 3,415 3,123 2,647 4,165    
Total Assets EUR mil ...                   34,738 37,763 38,408 33,840 35,461    
Shareholders' Equity EUR mil ...                   8,176 10,511 11,009 9,213 10,034    
Of Which Minority Interest EUR mil ...                   97.0 185 190 207 190    
Liabilities EUR mil ...                   26,562 27,252 27,399 24,627 25,427    
Non-Current Liabilities EUR mil ...                   14,102 13,844 8,777 12,023 11,575    
Long-Term Debt EUR mil ...                   7,071 6,676 1,713 4,421 4,619    
Deferred Tax Liabilities EUR mil ...                   182 215 255 156 124    
Current Liabilities EUR mil ...                   12,363 13,223 18,622 12,604 13,852    
Short-Term Debt EUR mil ...                   740 747 5,644 410 1,335    
Trade Payables EUR mil ...                   4,861 5,707 6,168 5,960 6,358    
Provisions EUR mil ...                   7,220 6,772 6,579 4,105 1,752    
Equity And Liabilities EUR mil ...                   34,738 37,763 38,408 33,840 35,461    
growth rates                                  
Total Asset Growth % ... ...                 -86.8 8.71 1.71 -11.9 4.79    
Shareholders' Equity Growth % ... ...                 4.47 28.6 4.74 -16.3 8.91    
Net Debt Growth % ... ...                 103 -15.6 5.64 -48.4 -18.1    
Total Debt Growth % ... ...                 112 -4.97 -0.889 -34.3 23.2    
ratios                                  
Total Debt EUR mil ...                   7,811 7,423 7,357 4,831 5,954    
Net Debt EUR mil ...                   4,747 4,008 4,234 2,184 1,789    
Working Capital EUR mil ...                   2,492 3,157 3,194 2,185 2,064    
Capital Employed EUR mil ...                   24,514 27,650 24,419 23,759 23,434    
Net Debt/Equity ...                   0.581 0.381 0.385 0.237 0.178    
Cost of Financing % ... ...                 -0.783 -13.0 10.5 16.4 5.43    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil ...                   644 2,541 1,163 1,640 2,091    
Depreciation EUR mil ...                   1,620 1,296 1,274 1,339 1,337    
Non-Cash Items EUR mil ... ...                 -3,690 -1,245 -29.0 -4,198 -553    
Change in Working Capital EUR mil ... ...                 842 -665 -37.0 1,009 121    
Total Cash From Operations EUR mil ...                   -584 1,927 2,371 -210 2,996    
Capital Expenditures EUR mil ...                   -914 -1,288 -1,595 -1,639 -1,381    
Other Investments EUR mil ...                   -1,796 1,296 466 -58.0 -384    
Total Cash From Investing EUR mil ...                   -2,710 8.00 -1,129 -1,697 -1,765    
Dividends Paid EUR mil ...                   -725 -786 -846 -846 -968   ...
Issuance Of Debt EUR mil ... ...                 4,126 -388 -66.0 -2,526 1,123    
Total Cash From Financing EUR mil ...                   1,676 -1,651 -1,547 1,184 -212    
Net Change In Cash EUR mil ...                   -1,618 284 -305 -723 1,019    
ratios                                  
Days Sales Outstanding days ...                   56.5 61.4 62.8 51.4 53.3    
Days Sales Of Inventory days ...                   2.78 2.77 3.26 3.69 4.74    
Days Payable Outstanding days ...                   68.8 70.9 73.7 68.5 75.0    
Cash Conversion Cycle days ...                   -9.52 -6.75 -7.65 -13.4 -16.9    
Cash Earnings EUR mil ...                   2,264 3,837 2,437 2,979 3,428    
Cash Earnings Per Share EUR ... ...                 1.87 3.17 2.01 2.36 2.72    
Price/Cash Earnings (P/CE) ... ...                 7.20 4.01 5.90 7.02 9.75    
Free Cash Flow EUR mil ...                   -3,294 1,935 1,242 -1,907 1,231    
Free Cash Flow Yield % ... ...                 -19.6 12.6 9.26 -8.87 3.54    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA % ...                   0.433 7.01 3.05 4.54 6.03    
Gross Margin % ...                   44.2 42.8 42.2 42.8 43.6    
Employees ...                   477,280 467,088 471,654 473,626 479,690    
Cost Per Employee USD per month ...                   4,134 3,920 4,110 4,014 4,099    
Cost Per Employee (Local Currency) EUR per month ...                   2,972 2,963 2,956 3,127 3,088    
Staff Cost (As % Of Total Cost) % ...                   37.0 33.5 33.2 34.0 34.2    
Effective Tax Rate % ...                   5.43 6.87 23.7 20.2 14.0    
Enterprise Value (EV) USD mil ... ...                 30,178 25,710 24,131 30,493 48,564    
EV/EBITDA ... ...                 11.7 6.21 4.68 5.23 8.71    
EV/Capital Employed ... ...                 0.859 0.701 0.762 0.973 1.50    
EV/Sales ... ...                 0.470 0.378 0.329 0.428 0.666    
EV/EBIT ... ...                 93.9 10.6 7.12 7.41 12.8    
Capital Expenditures (As % of Sales) % ...                   1.98 2.51 3.02 2.95 2.51    
Sales - Mail EUR mil                     13,912 13,913 13,973 13,972 15,291    
Sales - Express EUR mil                     9,917 11,111 11,691 12,778 11,821    
Sales - Freight EUR mil ... ... ... ... ... ... ... ...     11,243 14,341 15,118 15,666 14,787    
Sales - Supply Chain EUR mil ... ... ... ... ... ... ... ...     12,183 13,061 13,223 14,340 14,227    
EBIT - Mail EUR mil                     1,391 1,118 1,107 1,051 1,286    
EBIT - Express EUR mil                     -790 497 916 1,108 1,083    
EBIT - Freight EUR mil ... ... ... ... ... ... ... ...     174 383 440 512 478    
EBIT - Supply Chain EUR mil ... ... ... ... ... ... ... ...     -216 233 362 416 441    
EBIT Margin - Mail %                     10.00 8.04 7.92 7.52 8.41    
EBIT Margin - Express %                     -7.97 4.47 7.84 8.67 9.16    
EBIT Margin - Freight % ... ... ... ... ... ... ... ...     1.55 2.67 2.91 3.27 3.23    
EBIT Margin - Supply Chain % ... ... ... ... ... ... ... ...     -1.77 1.78 2.74 2.90 3.10    
Mail Letters mil ... ... ... ... ... ... ...       7,955 7,826 7,809 7,578 8,958    
Parcels mil ... ... ... ... ... ... ...       761 793 870 955 965    

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Oct 2013
Statistical Dossier

Deutsche Post, operating under the trade name Deutsche Post DHL, is the world's largest courier company. With its headquarters in Bonn, the corporation employes over 450,000 people in more than 220 countries and territories worldwide. The partnership with DHL International, which began with the acquisition of a minority interest in 1998, expanded in 2000. By the end of 2002, Deutsche Post has gained 100% in the international courier and express business. In April 2013 Deutsche Post announced that the German government's refinancing agency KfW Bank had given up its blocking minority, cutting its stake to 24.9%. The Company operates four main business divisions: Mail; Express; Global Forwarding, Freight, and Supply Chain.

Finance

Deutsche Post DHL has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.42% a year during that time to total of EUR 4,076 mil in 2015, or 6.88% of sales. That’s compared to 7.48% average margin seen in last five years.

The company netted EUR 1,540 mil in 2015 implying ROE of 14.8% and ROCE of 6.05%. Again, the average figures were 16.9% and 6.94%, respectively when looking at the previous 5 years.

Deutsche Post DHL’s net debt amounted to EUR 1,501 mil at the end of 2015, or 0.133 of equity. When compared to EBITDA, net debt was 0.368x, down when compared to average of 0.571x seen in the last 5 years.

Valuation

Deutsche Post DHL stock traded at EUR 26.0 per share at the end of 2015 resulting in a market capitalization of USD 35,675 mil. Over the previous five years, stock price grew by 104% or 15.4% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.99x and price to earnings (PE) of 21.3x as of 2015.

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