Roadmap to Value

Capital markets programme taking effect

In November 2007, we initiated an extensive capital markets programme geared towards achieving a sustained increase in enterprise value. On the basis of organic growth, the Group aims to improve profitability, increase cash generation and give shareholders a larger stake in the resulting benefits. Investors and analysts are provided with extensive information so that they can reliably assess the Group’s performance.

Progress on the Roadmap to Value
Goal		Outcome
1 Profitability		Operational improvement initiatives achieve €0.5 billion. Additional €1 billion cost reduction programme launched for 2009 and 2010. Restructuring of US express activities decided and started.
2 Cash generation		Real estate disposals amount to €1.35 billion versus €1 billion target. Working capital increased. New performance metric adopted: EBIT after asset charge. Capital expenditure fell considerably below the prior-year level.
3 Payout to shareholders		€0.90 per share dividend for 2007 proposed, approved and distributed.
4 Transparency		SERVICES segment unbundled. Cash flow and capital expenditure disclosed by division. Volumes disclosed for express activities. Postbank reported under “discontinued operations”.
5 Organic growth		DHL attaining strong growth in developing regions. Healthy growth rates on business with customers served by Global Customer Solutions.