DZ Bank Roadshow (Munich) - Deutsche Post DHL

Deutsche Post DHL 

DZ Bank Roadshow 

Florian Bumberger - Investor Relations 

Daniel Stengel - Investor Relations 

Munich - May 30, 2012

Groundwork laid for profitable growth 

Legacy homework done 

• Disposals/closure of 

underperforming DHL 

operations (e.g. US 

Express domestic) 

• Postbank transaction 

• Clean-up of business 

portfolio 

Investor Relations, DZ Bank Roadshow, Munich - May 30, 2012 

� � � 

Building our track record 

• Strong operational 

performance (2011 EBIT 

of € 2.4bn) 

• Continuous improvement 

in cash generation 

• Dividend increased to 

€0.70 

Profitable growth focus 

• MAIL: stabilization of 

EBIT at ~EUR 1bn, key 

driver parcel growth 

• DHL: Further leverage 

growth and margin 

potential of our strong 

global footprint: 13–15% 

EBIT CAGR in 2010–15 

Deutsche Post DHL | Page 

2

Deutsche Post DHL at a Glance 

2011 key figures Group: Sales: EUR 52,829mn; EBIT: EUR 2,436mn; Employees 1) : 423,348 

Domestic German Mail 

and Parcel 

Sales: EUR 13,973mn 

EBIT: EUR 1,107mn 

Empl. 1) : 147,434 

The postal service 

for Germany 

1) Average FTEs FY 2011 

International and 

Domestic Express 


EBIT: EUR 927mn 

Empl. 1) : 86,100 


Global Air, Ocean and 

Road Freight 



Empl. 1) : 42,847 

The logistics company for the world 

Corporate Center / Other: Sales: EUR 1,260mn; EBIT 1) : EUR -389mn 

Global Supply 

Chain Solutions 



Empl. 1) : 133,615 


3

Agenda 

Delivering strong performance across all divisions 

Mail: strategic levers for EBIT stabilization in place 

DHL: strong positioning in structural growth markets 

Express 

Global Forwarding, Freight 

Supply Chain 



4

Investment of Choice 

Dividend development since introduction of new finance policy 

88% 

0.60 

2009 

Dividend increased to EUR 0.70 

Underlying Payout Ratio 1) 

0.65 

59% 

1) Adjusted for Postbank effects as well as non-recurring items booked in 2009 and 2010 


0.70 

58% 

2010 2011 

• Increase of the dividend of 7.7% 

to EUR 0.70 

• Adjusted for Postbank effects 

and non-recurring items this 

reflects a payout ratio of 58% 

(2010: 59%) 

• In line with our dividend policy: 

target payout ratio of 40 – 60% 

and commitment to dividend 

continuity 


5

Full-year 2012 Guidance Confirmed 

2012 EBIT guidance: Mail stabilization and double-digit growth in DHL 

Group 

Mail 

DHL divisions 

Corp. Center/ 

Other 

EUR 2.5–2.6bn 

EUR 1.0–1.1bn 

~ EUR 1.9bn 

~ EUR -0.4bn 

1) Even excluding positive Postbank effects of EUR186m in Q1 2012 


Confirmed 

• Capex of ~ EUR 1.8bn 

• Tax rate expected at around 27% 

• Net profit 1) to improve in line with 

operating business 


6

2015 Targets confirmed – Mail EBIT stabilization, 

13-15% growth in DHL EBIT to EUR 2.7-2.9bn 

1) 2012 Guidance 

Group EBIT of € 3,350 to 3,550m in 2015 

MAIL 

DHL 

Corporate 

Centre/Other 


• EBIT stable at a minimum of € 1bn 

– DHL EBIT, in €bn – 

1.45 

1.7 

CAGR 13-15% 

~1.9 1) 

2010 2011 2012 2013 

• Improvement to € -350m by 2015 

2014 

2.7-2.9 

2015 


7

Finance Policy revisited 

Target / maintain rating BBB+ 

1) €0,60/ €0,65/ €0,70 per share for the years 2009, 2010, 2011 


External cash usage 

• Dividend payout ratio to remain between 40–60% of 

net profit (continuity and Cash Flow position 

considered) 

- € 2.4bn1) paid out since January 2010 with dividend 

CAGR of 8% 

• Excess liquidity will be used for 

– Stepwise pension funding 

– Share buybacks and/or extraordinary dividends 


8

Cash conversion 

DPDHL transitioning to high Cash Flow generation 

EBIT 

Performance 

Mail 


�Level 

of Capex 

�Level 

of M&A 

�Restr. cash 

requirement 

Special 

factors 

1998–2007 2008–2010 

2011–2013 

2014–2015 

High, but 

decreasing 

Low 

Average 

Very high 

Low 

State aid (–) 


High, but 

decreasing 

Improving 

Low 

Very low 

Very high 

State aid (+) 

Postbank sale (+) 

Stable 

Strong 

improvement 

High 

Very low 

Low 

State aid (–) 

VAT (–) ? 

Stable 

High 

Average 

Very low 

Very low 

State aid (+) ? 


9

Agenda 




Express 


Supply Chain 



10

Governing hypothesis: Declining mail volumes will be 

compensated by parcel growth 

While slow Mail decline 

is under control ... 

1 

2 

Keeping effects of esubstitution 

under control 

Exploiting new pricing and 

regulatory options 

Improving network and 

labor flexibility/ 

productivity 

3 6 


... Parcel will grow 

strongly ... 

4 

5 

! We 

Shaping and benefiting 

from e-commerce 

Upgrading parcel 

network and services 

Boosting parcel 

market shares 

... resulting in stable 

performance 

EBIT ≥ EUR 1 bn 

compensate Mail decline with 

growth in Parcel 


11

Compared to other markets, mail volumes in Germany are 

stabilizing 

Addressed mail volume 

Percent, 

2005 = 100% 

110 

105 

100 

95 

90 

85 

80 

75 

70 

Global 

economic crisis 

2005 2006 2007 2008 2009 2010 2011 

USA UK Netherlands 

France Austria Germany 


98 

86 

79 

Rate of e-substitution in Germany is 

lower than in other countries 

• High quality: 

Over 95% D+1 in Germany, 

(91% in UK and 85% in France) 

• Excellent customer orientation: 95% 

satisfaction1) (93% in 2010) 

• Many volumes already substituted 

• Different mail structure: 

volumes in Germany determined by 

stable number of households (vs. e.g. 

mailed checks in the US) 

! Effects of e-substitution 

are manageable 

Source: Regulatory authorities; USPS; Royal Mail; Austria Post, estimate for Austria 2005 (2005 = 2006); figures Germany 2011: internal estimate; 1) Kundenmonitor study 2011: private 

mail customers 

1 


12

The new price-cap formula offers opportunities for future 

price increase 

The new price-cap formula … 

• Price-cap = inflation – x-factor 

x-factor reduced from 1.8% to 0.6% 

• Reference period 1) brought forward 

by 6 months 

• Regulation valid until 

December 31, 2013 


… provides opportunities for 

potential future price increases 

No price increase for 2012 – instead 

buffer of 1.2% carried over to 2013 2) 

Opportunity to increase prices by 0.6 ppt. above 

inflation rate in 2013 

3.6 

3.54) Example : revenue impact based on 2011 revenue 

when inflation is 2.2% 

EUR billions 

3) 

+2.8% 

! 1) For relevant CPI = German Consumer Price Index; 2) 1.2% = 1.8% inflation rate minus 0.6% x-factor; based on arithmetic average of the monthly CPI values from July 2010 - June 

2011; 3) 2,2% inflation rate - 0.6% x-factor + 1.2% carryover = 2.8% price increase; reference period for revenue impact is July 2011 - June 2012;4) 2011 revenues affected by under 

price-cap regime 

After 15 years, we have the opportunity to compensate 

volume decreases also by increasing prices 

2 


13

We are continuously adapting our operations to the 

development of mail volumes by increasing efficiency 

Sorting 

Transport 

& 

Delivery 


We are improving our letter mail operations … 

• Increase automation rate with state-of-the-art sorting technology (up 

to 95% of mail volumes) 

• Flexible rerouting and reduction of sorting capacity during lowvolume 

periods 

• Ongoing reduction of delivery districts and personnel 

(17% reduction since 2002) 

• Increase of packed and sequenced mail directly transported to 

delivery districts (from 70% to over 90%) 

• Preventive healthcare measures, new delivery equipment to 

significantly reduce sickness rate (currently 4.8%) 

• Flexible workforce: over 4,000 employees on call at short notice; 

over 9,000 employees on short term contract 

… resulting in ample cost flexibility 

! We have numerous cost reduction 

and optimization levers in place 

3 


14

We have laid the foundation for further increase in labor 

productivity 

Labor flexibility and productivity Employee satisfaction 

Long-term union agreement 

New wage agreement 

• Starting wages 1) reduced by 4% 

• Historic Generations pact: 

– Innovative pre-retirement 

worktime model 

– Over 7,000 applications for 

worktime accounts since Jan 

2012 

• Continued outsourcing 

– 990 parcel delivery districts 

– 1,000 external 

transport drivers 

Source: Long-term union agreement (October 6, 2011); wage agreement (January 12, 2012, valid for 15 months); 1) for new employees; 


! We 

• Moderate wage increase of 4% 

after 2 years of pay freeze 

• One-time payment of 

EUR 400 in December 2011 

• Commitment to 

avoid layoffs for 

business 

reasons extended 

until 2015 

have considerable flexibility to 

adjust our factor costs 

3 


15

With DHL Parcel we are shaping a dynamically growing 

market environment 

E-commerce is growing strongly ... 

E-commerce sales 

EUR billions 1) 

2011 

2020 

32 

50 

+5% p.a. 

Share of retail spending 

Percent 2) 

= 32 bn € 

20 


8 

+11% p.a. 

= 80 bn € 

• Convenience as a key driver for e-commerce: 

– 3 out of 4 online shoppers believe 

e-commerce has improved their quality of life 

– Over 40% claim they save time 

... and is driving parcel volumes 

German parcel market: 

growth of 5-7% p.a. until 2015 

! We 

1) Bundesverband des Versandhandels; 2) TNS Infratest und MRSC, “Einkaufen 4.0”, Gesellschaft für Konsumforschung 

• B2C growth 11-13% p.a. 

by e-commerce adoption 

independent of GDP development 

• B2B growth 3-5% p.a. 

depending on GDP and export 

development 

are profiting from a 

fast growing market 


4 

16

Therefore, we are significantly upgrading our parcel network 

and business … 

We are simplifying our services ... 

Network upgrade "Paket 2012" 

• Faster, better, more 

(capacity up by 40%) 

MeinPaket.de 

• Top 5 shopping portal 

Convenience logistics and Paket.de 

• Simplified online shopping solutions 

! We 


... and satisfying our customers 

• 79% satisfied B2C customers 

(75% in 2010) 

• 10 million online shoppers (30%) 

insist on delivery by 

DHL Parcel 

• Delivering on customer needs with 

DHL-Fulfillment & 

DHL Check-out 

• 14% volume increase 

(Q1 2012) 

are well positioned to benefit from the growing 

parcel market and will grow above market average 


5 

17

... to increase our market shares and secure growth rates 

above market averages 

No. of registered customers … 

Millions 

0.4 

2006 

1.5 

10 

Simplified services … 

5.0 

Target 

2015 

• Network upgrade “Paket 2012” 

• DHL-Fulfillment 

• DHL-checkout 


… will boost our 

B2C market share 

Percent 

Parcel 

Other 

53 

47 40 

2010 

2015 

… will help to grow our B2B 

market share 

Percent 

Parcel 

Other 

19 

20-25 

81 75 

2010 

55-60 

2015 

! Parcel 

revenue increase 

above market growth 


2010 

2015 

Germany is a 

solid growth story 


6 

18

Conclusion – we are well on the way to reaching our strategy 

2015 targets 

EBIT 

EUR billions 

Customer 

satisfaction 

Employee 

satisfaction 


Halfway through the Strategy 2015, we are on the right 

track, despite major challenges! 

2009 10 11 12 13 14 2015 

Results 

1.4 1.1 1.1 

93% 93% 95% 

66% 74% 76% 

Targets 

1.0 - 1.1 

80% 

Targets 

≥ 1.0 

95% ≥ 95% 

! Homework 

≥ 90% 

done – 

we are delivering! 


19

Agenda 




Express 


Supply Chain 



20

Leveraging our strong global footprint 

DHL revenue development since last Capital Markets Day 

Revenue (€m) 

EXPRESS 

9,917 

2009 

+19% 

11,111 

2010 

11,766 

2011 


FORWARDING/ 

FREIGHT SUPPLY CHAIN 

11,243 

+34% 

14,341 

15,044 

2009 2010 2011 

12,183 

2009 

+9% 

13,061 

2010 

Benefits of economic recovery have outweighed adverse effects from disposals, 

portfolio clean-ups and exchange rate changes 

13,223 

2011 


21

Continuously improving EBIT margin 

DHL profitability development since last Capital Markets Day 

EBIT margin by division 

EXPRESS 

2.4% 

2009 

+550 bp 

7.1% 

2010 

7.8% 

2011 

Remarks: Figures 2009 and 2010: underlying EBIT margin; bp= basis points 


FORWARDING/ 

FREIGHT SUPPLY CHAIN 

2.4% 

2009 

+50 bp 

2.7% 

2010 

2.9% 

2011 

-1.1% 

2009 

+380 bp 

2.1% 

2010 

EBIT margin increase driven by streamlined business and contract portfolio, 

better capacity utilization and improved internal processes 

2.7% 

2011 


22

DHL – The Leading International Logistics Player in China 

Market 

position 


growth 


• World´s economic growth engine 

• Shift from export- to domestic-driven economy 

EXPRESS FORWARDING SUPPLY CHAIN 

• Market leader in TDI 

• Market share > 30% 

• Pioneer in the market 

(since 1980) 

• 50% JV with Sinotrans 

• Disposal of Domestic 

Express 

• Market Leader in Air 

freight 

• Top 2 player in Ocean 

freight, very close to 

market leader 

• Top 3 international 

player 

• Very fragmented 

market 

• With wide variety of 

business models, 

service and quality 

TDI shipments/day CAGR Volume CAGR Organic revenue CAGR 

2011 

2011 2011 

2011 

2009 

+14% 

+7% 

+11% 

2009 2009 

OFR (TEU) AFR (tons) 

+28% 

2009 


23

DHL – The Leading International Logistics Player in India 

Population: 

• 3 times the US population 

• 15 times the GER population 

GDP Growth 1) 

• 3 times US 

• 2.5 times GER 

Area: 3,287,263 sq km 

• One third of US area 

• 9 times of GER area 

GDP (nominal) 1) 

• < 10 % of US GDP 

• Half of Germany’s 

GDP 

Source: DPDHL market intelligence, IHS Global; 1) OECD 2010 GDP data 


International 

1,551 employees 

25,714 locations 

Domestic 

7,108 employees 

25,646 locations 

~ 1,100 employees 

~ 32 locations 

~ 700 employees 

360,000 m 2 

2010 Market 

Position & Share 

# 1 

> 40% 

# 1 

Air > 40% 

Ground ~ 9% 

# 1 

AFR ~ 20 % 

OFR ~ 4% 

# 1 

~ 2% 

2009-11 

revenue 

CAGR 

+22% 

+25% 

+20% 

+30% 


24

Agenda 




Express 


Supply Chain 



25

DHL EXPRESS – 2015 EBIT target and key levers 

€ 785m 

€ 288m 

€ 497m 

1) 

2) 

2010 

Business 

stabilization 

1) Underlying EBIT; 2) Reported EBIT 

€ 927m 

2011 

Invest for growth 

2012 

Market share 

growth 


Key growth and margin levers 

1. Be strong in fastest growing regions 

2. Focus on TDI 

+13-15% CAGR 

3. Further improve customer satisfaction 

4. Continue investments in network 

and service 

5. Leverage cross BU opportunities 

6. Manage cost through operating leverage 

7. Increase brand awareness 

2013 

Margin 

acceleration 

2014 

Convergence 

2015 

Renewal 


26

DHL EXPRESS – Time Definite International focus 

What? 

Who? 

Why? 

• Documents (e.g. 

contracts) 

• Parcels (e.g. spare parts, 

samples) 

• Full pallets and even nonconveyable 

• Business customers with 

B2B shipments 

• Growing B2C through 

international eCommerce 

• Time criticality 

• Guaranteed delivery 

• Full track and trace 

• Insured high value 

• Supported customs 

handling 

• “Exotic” destination 


• Scheduled express network 

• Time definite products (e.g. pre 9, pre 12, next day 

delivery) supported by industry specific solutions 

(e.g. Medical Express, Collect and Return) 

• International door-to-door coverage 

• Customs expertise 


27

The most international company in the world 

Presence in over 220 countries and territories, pioneering 

Express business in many locations 



28

Strong presence in fastest growing regions 

External research underlines DHL EXPRESS’ TDI leadership 

across all regions outside the Americas 

Americas [€ 5,387m] 

UPS 

32% 


13% 

Others 

4% 

EEMEA [€ 544m] 

Others 

18% 

TNT 

17% 

UPS 

12% 

FedEx 

51% 

FedEx 

6% 

Source: Market Intelligence 2011 (FY 2010 data, MRSC); Scope: BE, CH, DE, ES, FR, IT, NL, PL, SE, UK, IE; AE, RU, TR, ZA; AU, CN, HK, IN, JP, KR, SG, TW; US, CA, MX, BR 


Europe [€ 5,788m] 

FedEx 

11% 

TNT 

16% 


47% 

Others 

12% 

Asia Pacific [€ 5,429m] 

Others 

27% 

TNT 

6% 

UPS 

10% 

UPS 

23% 


38% 

FedEx 

21% 


36% 


EXPRESS‘ 

global 

market share 

TDI of 30% 


29

Focus on TDI 

Express strategy to focus on TDI is crucial to further drive EBIT 

and margin development 

Revenue contribution 

by product (FY 2011) 

Other; 

26% 

TDD; 

11% 

Positive TDI 

revenue share 

development 

1) ACS: Air Capacity Sales 

TDI; 

63% 

Other, 

42% 

TDI 

TDD 

Other 

(incl. DDI, DDD, 

ACS 1) Same Day) 


> Above DHL Express average < At or below DHL Express average 

Product 

2009 

TDI; 

58% 

Margin 

> 

> 

< 

Aspiration 

Other, 

39% 

2010 

TDI; 

61% 

Comment 

• Complementary offer 

Focus Strategy 

• Core competence with dedicated 

scheduled network 

• Volume shift to TD platform 

• Opportunistic offer for additional 

cost recovery 

• Divest over time 

Other, 

37% 

2011 

TDI; 

63% 


30

Manage cost through operating leverage 

Our overall network setup as well as concrete programs support the 

translation of volumes into additional EBIT 

Overhead cost 

Save >1% 

of revenue 

• Reduction of Sales, general and 

admin expenses as % of revenue 

– IT Convergence 

– E-Com Tools 

– Improved span of control 


PuD and handling 

Save 2.5% 

per move p.a. 

• NOEP (Network Optimization and 

Efficiency Program) to reduce 

ground handling cost 

• Re-fleeting with shelf vehicles 

optimize processes and reduce 

fuel and emissions 

• Fuel price volatility: Industry wide transparent fuel surcharge mechanism 

• FX rate exposure: Global currency portfolio as natural hedge on currency volatility 

One virtual airline 

Stabilize 

• Capacity management to 

stabilize CpK (Cost per Kilo) 

• Reduction of commercial air 

capacity by improved forecasting 

• Flexible leasing arrangements 

• Modernization of fleet to reduce 

fuel and carbon emissions 


31

Agenda 




Express 


Supply Chain 



32

Our Global Forwarding, Freight strategy is designed to 

improve key levers and therefore have positive impact on EBIT 

€ 383m 

€ 429m 

2010 2011 

2015 


Key levers with impact on EBIT 2012-2015 

+13-15% CAGR 

Volume & GP Improvement 

� Volume growth due to exposures to emerging 

markets 

� GP margin improvement due to enhanced IT 

(enhanced buying due to better transparency) 

Cost Improvements 

� Productivity gains due to economies of scale 

� Indirect costs savings due to optimization of 

regional and country organizational structures 

� Efficiency gains due to new IT 

Road Freight 

+13%-15% 

CAGR 


33

Sustainable growth: clear ambition to further strengthen 

our leadership 

Source: Official company publications/ estimates (2011) 


Overall, we are well positioned in the industry. 

However, our aspiration is to be the undisputed 

market leader! 

Situation: Good market position Aspiration: Great market position Our growth approach 

Air Freight No. 1 (2011) 

1,149 

1,073 

848 

2,447 

Ocean Freight No. 2 (2011) 

1,763 

1,310 

(in K tons) 

3,274 

2,724 

(in K TEUs) 

VS. 

Air Freight No. 1 

�DGF has 

a larger 

lead over 

competitors 

Ocean Freight No. 1 

�DGF 

grows 

faster than 

competitors 

to take the 

lead 

• Focus on profitable business in 

DGF’s core products 

• Emerging markets – grow intraregional 

lanes, BRICM, Next 11 

• Improved sales force 

effectiveness 

• More global multinational 

customers with new sales channel 

expansion plan 

• More SME customers served by a 

new telesales channel, targets to 

reduce churn 

• Improve service quality and 

increase customer satisfaction 


34

Maximized profitability: direct operating expense is key lever 

for EBIT conversion improvement 

DGFF Gross Profit to EBIT conversion 2011 

(in €m) 

3,522 

Gross 

Profit 

2,991 

65% 

5% 

30% 

DOE + 

SLA 1 

Staff 

Costs 

Travel & 

Telecom 

Other 

101 

Depr. 

1) SLA = Service Level Agreement, DOE = Direct Operating Expense 

429 

EBIT 


Maximizing profit by cost management focus 

• In 2011 Sales Direct Operating Expense 

(DOE) reduced in reaction to slowdown in 

market volumes 

• Executed optimization of head offices 

organizational structures to reduce costs 

and to better position DGFF for growth 

• Further streamlining through country 

alignment program under way, which is 

expected to bring cost benefits 

• Special management focus on turn around 

of underperforming countries 

• Staff costs represent the largest part of DOE 

but significant productivity gains without 

automation will not be possible 

• Therefore, DGFF needs better IT platform to 

bring productivity on new level and DGFF is 

investing in a transformational program – 

New Forwarding Environment 


35

New Forwarding Environment (NFE) – 

Thinking today about tomorrow 

Innovation will drive 

top-line revenue 

growth 

NFE program will 

underpin profitable 

growth for DHL 

Global Forwarding 

Timeline? 

• Forerunner pilots ongoing; full IT pilots Q2 2013 

• Roll-out by 2014/ 2015 


NFE is the business 

transformation program of 

DHL Global Forwarding to 

underpin its market 

position as industry leader 

Standardization and 

industrialization allows significant 

bottom-line cost reductions 


36

Agenda 




Express 


Supply Chain 



37

DHL Supply Chain is uniquely positioned to benefit from key 

market trends 

1 

2 

3 

Continued 

outsourcing 

Emergence 

of a global 

market 

Broader 

solutions 


Increasing trend towards outsourcing with 

larger players winning bigger deals, 

especially with first time outsourcing clients 

Transforming from a local business into a 

global industry, beneficial for truly 

international providers 

Customers are demanding broader scope 

of service provision from fewer providers 

Deutsche Post DHL | Page 38

DHL Supply Chain is resilient to economic downturn 

DHL Supply Chain resilience factors 

• Long term contracts 

• Asset light business 

• Flexible cost base 

• No exposure to fuel price volatility 

• Appropriate share of open book 

contracts 

• Stable outsourcing trend, also in 

times of crisis 

• Broad diversification 

Details 

following 

Investor Relations, DZ Bank Roadshow, Munich - May 30, 2012 Deutsche Post DHL | Page 39

Balanced revenue portfolio by service 

Revenue 2011 by service Comments 

Warehousing 

49% 

Value Added Services 

• Increasing share 

of Value Added 

Services 

– New products 

and solutions 

–Attractive 

growth rates 

– Superior 

margins 

– Increased 

customer 

retention 

Investor Relations, DZ Bank Roadshow, Munich - May 30, 2012 Deutsche Post DHL | Page 40 

11% 

11% 

29% 

Williams Lea 

Transport

Our strategic programs are delivering 

continuous margin improvement 

EBIT 1) 

€ 272m 

Continuous 

Improvement 

€ 362m 

2010 2011 

2015 

1) “Like for Like” EBIT mainly excluding restructuring 

Profitable 

Growth 


+13-15% CAGR 

Contract Lifecycle Management 

Standardization & Replication 

Sector Focus 

Quarterly EBIT % has increased 

over the previous year for the 

last 11 quarters 1) 

+13%-15% CAGR 



Continuous feedback loops improve project selection, 

design, execution and overall performance 

Rigorous 

Opportunity 

Assessment 

Contract 

Renewal 

Project Selection 

& Solution Design 

Account 

Management 

Approval 

~1,000+ 

projects per 

year 

Implementation & 

Operational 

Execution 

Post Contract 

Review 



Continued Sector Focus Profitable Growth 


Standardization & Replication of global products 

Global products development Overview of global products 

Assess 

Develop 

Grow 

Identify solutions with 

potential for growth and 

differentiation 

Define standards and 

leverage best practice 

globally 

Focus on target 

customers, enable teams, 

and grow the product 

globally 

Co-Packing 

Lead Logistics 

Provider 

Marketing 

Solutions 

Technical Services 

Airline Business 

Solutions 

Life Sciences & 

Healthcare Platform 


Continued profitable growth through Sector Focus 

Consumer Energy & Chemicals 

Automotive 

Retail 

Life Sciences & Healthcare 

Technology 


• Differentiation through sector 

specific solutions 

• Truly global sector expert 

communities, speaking the 

language of customers 


• Leverage sector expertise to 

drive growth, especially in first 

time outsourcing and in Emerging 

Markets 


Corporate Center / Other 

Aiming to reduce cost of Corporate Center / Other activities 

to € -350m by 2015 

CC / Other cost structure, 2011 

Investments into 

growth & crossdiv. 

initiatives 

(e.g. “Go” 

initiatives, 

Smart Truck, 

Cold Chain) 

100% = € ~400m 1) 

~20% 

~25% 

~50% 

~55% 

~25% 

Core Corporate Center costs, e.g. 

• Group Finance, e.g. Internal Audit, 

Treasury, Tax 

• Corporate Communications 

• Corporate Development 

• Corporate Executive HR 

• … 

1) excluding gains/losses from central FX hedging measures 


Corporate 

bodies (e.g. 

CB, SVB) 

and legal 

obligations/ 

foundations 

Reduction to € -350m by 2015 

2011 1) 2015 1) 

€ -400m 

€ -350m 


45


SUMMARY 

Focus on organic profitable growth in structurally growing markets 

• Strong start into 2012 

• Mail EBIT stabilization levers materializing; benefits from 

strong growth in parcel and digital services 

• Logistics industry driven by growth in global trade 

• DHL is market leader in Asia and other growth regions 

• Further margin potential due to operating leverage 

and efficiency improvements 

• Well on track towards Strategy 2015 goals 



46

Agenda 




Appendix 



47

Q1 2012 Highlights 

Strategic and Financial Performance Trends intact 

Key growth trends 

Parcel Germany volumes 

Express TDI volumes 

Forwarding, Freight revenue 

Supply Chain revenue 

DHL, Q1 EBIT margin by Division 

4.2% 

2010 

yoy change 

+13.6% 

+9.6% 

+2.4% 

+6.0% 


DHL emerging markets sales growth 

Asia Pacific 

Latin America 

Africa / Middle East 

revenue, yoy change 

Express Forwarding, Freight Supply Chain 

7.8% 

7.6% 

2011 2012 

1.7% 

2.4% 

2.0% 1.8% 

2010 2011 2012 

2010 

2.4% 

2011 

+12.1% 

+11.9% 

+15.1% 

2.7% 

2012 


48

Group P&L Q1 2012 

Continued strong performance 

EUR m 

Revenue 

EBIT 

t/o Mail 

t/o DHL 

Financial result 

Taxes 

Consolidated 

net profit 1) 

EPS (in EUR) 

Q1 

2011 

12,807 

629 

373 

363 

-161 

-117 

325 

0.27 

1) Attributable to Deutsche Post AG shareholders 

Q1 

2012 

13,364 

691 

393 

409 

76 

-207 

533 

0.44 


Chg. 

4.3% 

+9.9% 

+5.4% 

+12.7% 

NA 

-76.9% 

64.0% 

63.0% 

• Revenue increase of +4.3% driven by all 

divisions with DHL Express showing 

strongest growth. Organic growth of +3.5% 

• EBIT improved strongly in the DHL divisions 

while MAIL also grew supported by solid 

business performance and one additional 

working day 

• Financial result was impacted by final 

Postbank accounting effect of EUR 186m 

compared to EUR -56m last year 

• Tax rate at 27% 

• Consolidated net profit and EPS improved 

strongly due to underlying earnings growth 

as well as the deconsolidation effect of 

Postbank 


49

Postbank Transaction Successfully Completed 

Focus on core competencies in mail and global logistics businesses 

1) Projected 


• Sale of Deutsche Postbank announced September 2008 

P&L 

effect 

Cash 

effect 

2009 2010 2011 2012 1) 

4.9bn – – – 

∑ EUR 

1,095m 1,569m -301m 186m 2.5bn 

4.9bn 

Transaction completed on 28 February 2012 

Expected final P&L effect of EUR 186m to be booked in Q1 12 


50

Highlights Mail Q1 2012 

Strong parcel growth accelerates even further into the year 

Milestones 

• Parcel Germany continues to grow strongly 

• Mail Communication volume decline in line 

with expectations (-2.7% per working day) 

• Global Mail: optimization of business 

portfolio begins to pay off 

• Wage increase effective only as 

of April 1, 2012 


Mail communication volumes 

m units 

2.047 

Parcel volumes 

m units 

206 

1.842 

194 

-1.1% 

1.861 

205 

2.059 

265 

2.024 

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 

+13.6% 

234 

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 


51

Mail – Divisional Results Q1 2012 

Strong parcel growth supports top and bottom line 

EUR m 

Revenue 

EBIT 

Operating Cash 

Flow 

Capex 

Q1 

2011 

3,520 

373 

-148 

48 

Q1 

2012 

3,557 

393 

-206 

35 


Chg. 

1.1% 

5.4% 

-39.2% 

-27.1% 

• Revenue growth reflects parcel 

performance and one additional working 

day in Q1 2012 

yoy working days in Germany 

Q1 Q2 Q3 Q4 

+1 -1 -1 -2 

• EBIT improved due to strong parcel 

business and continued cost control 

• Operating cash flow contains annual 

cash contribution to civil servants pension 

fund (EUR 530m) and working capital 

effect from discontinuation of a factoring 

program (EUR 139m) 

• Capex below last year´s level due to 

timing effects 


52

All business departments contribute to the successful 

stabilization and show excellent performance 

Mail 

Parcel 

Dialogue 

Marketing 

Global Mail 

Volume 

billion pieces 

2010 2011 

7.8 

0.8 

10.4 

6.0 

2010 

7.8 

0.9 

10.2 

3.0 

2011 


0% 

+10% 

-1% 

-50% 

Market share in 

Germany 

Percent 

64 1) 

40 

14 

! Our stable development is exemplary 

Volume development 

2010-11, percent 

Unaddressed Addressed 

1 

-4 

DP 

0 

10 

-5 

Int. Peers 2) 

-4 

6 

-4 

NL and UK shut down 

Focus today 

Effects of 

e-substitution 

under control 

E-commerce 

boosts 

volumes 

stable and 

profitable 

revenues 

1) relevant segment: business customers only; 36% of business mail is placed with competitors; final delivery of all letter mail by Deutsche Post: 87%; 2) incl. USPS, Post NL, Swiss 

Post, la Poste, Royal Mail and ÖPAG 


53

Alongside e-commerce, we are developing additional digital 

services that will contribute to mid- and long-term growth 

We are driving 

e-commerce 

• MeinPaket.de 

• Top 5 shopping portal 

• 4,000 traders 

• 4.5 million articles 

• 550,000 customers 

• Paket.de 

• Online payment systems 

• Easy shipment tracing 

• Routing 

1) German Online-Marketing market 2011 at EUR ~4 billion EUR, growing >10% p.a. 


We are shaping secure 

digital communication 

E-Postbrief 

• "trusted transactions online" 

• 1 million private customers 

• Development of 

online identification, 

e-payment, etc. 

to penetrate B2C market 

! We 

We are enabling growth 

in online marketing 1) 

Digital business models 

• Display advertising 

• Build up of crossmedia and 

multi-channel services 

are successfully expanding into 

the digital arena 


54

Express – Divisional Results Q1 2012 

Robust business development across all regions 

EUR m 

Revenue 

EBIT 


Flow 

Capex 

Q1 

2011 

2,750 

214 

133 

82 

Q1 

2012 

3,020 

231 

-45 

127 


Chg. 

9.8% 

7.9% 

NA 

54.9% 

• Revenues increased primarily due to strong 

TDI volume performance driven by positive 

development in all regions 

• EBIT development slightly below 

revenue due to incremental aviation 

network investment 

• Operating cash flow below last year due to 

working capital development and timing of 

restructuring cash-out (EUR 88m) 

• Higher Capex due to air network investments 


55

Continue investment into network and service quality 

Continuous network enhancements improve our service quality 

and secure the competitive advantage 

Hong Kong 

(HKG) 

Building of 

Shanghai hub: 

US$175m 

Los Angeles 

(LAX) 

• One day transit time from 

AP to US 

• Latest pick-up cut-off from 

US West Coast to Europe 


Expansion of 

Cincinnati hub: 

US$47m 

Cincinnati 

(CVG) 

New round the world flight as of March 2012 

Leipzig 

(LEJ) 

Bahrain 

(BAH) 


Leverage cross business unit opportunities 

Leverage of one DHL helps to manage risks and recover high 

investments for network expansion 

Intercon. capacity – utilization – DGF contribution 

CAGR +30% 

1.5 

Capacity million Tons 

1.0 

0.5 

0.0 

1) Including regional capacities 

WLF: 70% 

2009 

WLF: 79% 

2010 


WLF: 75% 

2011 

Weight Load Factor 

(Core TDI & Non Core (ACS) Volumes) 

• DGF contributes 

continuously around 18% to 

our overall cargo loads 1) 

• DGF is our no. 1 ACS 

customer 

• For DGF we improved from 

no. 8 in 2010 to the no. 3 

supplier in Q1 2012 


57

Increase brand awareness 

Successful advertising will continue, supported by selected 

sponsorships 

TV 

Print 

OOH & 

Online 

@ 

TV spot aired approx. 

83,000 times on more than 

280 TV stations 

Radio spot aired approx. 39,000 

times on over 210 radio stations 

1,300 Ads in approx. 

400 Magazines, Newspapers & 

Trade Press 

3.5 billion online banner 

impressions & more than 

5 million clicks 

Rolled out in 44 countries in 

25 languages worldwide 


Results 

• DHL EXPRESS maintained highest 

global advertising awareness (69%) 

of all EXPRESS providers and 

improved the prior levels by 3% 

• Creative execution well received with 

79% likeability for the TV commercial 

and above benchmark image 

perception for all executions 

• Brand awareness is industry-leading 

at 92% globally with AP (95%) and 

EU (94%) exceeding the global score 

• The campaign has a strong positive 

influence in shaping the perception 

of the DHL EXPRESS image as 

TDI provider 


58

Global Forwarding, Freight – Divisional Results Q1 2012 

EBIT conversion improved despite volatile market environment 

EUR m 

Revenue 

EBIT 


Flow 

Capex 

Q1 

2011 

3,599 

71 

121 

21 

Q1 

2012 

3,686 

87 

125 

32 


Chg. 

2.4% 

22.5% 

3.3% 

52.4% 

• Modest revenue growth reflects the mixed 

volume development 

• EBIT increase driven by gross profit growth 

and 100bp improvement in GP/EBIT 

conversion reflecting increased efficiency 

• Cash flow remains on the strong level of 

last year 

• Capex increase reflects ongoing investments 

in IT environment 


59

Maximized profitability: GP on product level reflects our size 

advantage and product portfolio 

24.2% 

19.9% 

DGF 

comparable1) DGF 

20.7% 

18.9% 

DGF 

comparable1) DGF 

Gross Profit margin 2011 

(in %, Air Freight) 

23.4% 

21.6% 

Gross Profit margin 2011 

(in %, Ocean Freight) 

20.6% 

21.6% 

21.0% 

19.0% 


• Performance benchmarking on product 

level is impacted by differences in 

accounting – key DGF competitors 

allocate value added services to AFR 

or OFR 

• DGF has chosen to account for VAS 

separately under category called ‘Others’. 

This allows to measure true performance on 

product level 

• When relevant VAS (customs, handling, 

cartage) are allocated to AFR & OFR to 

improve comparability, DGF’s GP margin 

is in line with peers 

• GP margin in AFR benefits from DGF’s 

large scale, while OFR reflects its share of 

uncontrolled volumes 

What about fuel costs? 

Fuel costs have not a significant impact on DGF 

as they are pass through costs 

1) Including value-added services; Note: GP margin absolute level not fully comparable due to different revenue recognition principles across competitors 

Source: Official company publications 


60

NFE is a holistic transformation program, game changing for 

our industry 

Current limitation/ 

Industry trend 

Focus on value 

added services 

Strong network 

capabilities with 

higher 

transparency 

Boundaries for 

further DOE 

efficiency in 

current IT 

landscape 

From … 

Heterogeneous 

and complex 

pricing and 

contracting 

procedures 

Local and 

suboptimal, 

mostly 

historically 

driven, routing 

Manual and 

reactive 

processes 


To… 

Modular product offering 

Transparent adaptable 

product and tariff structure 

designed to market needs 

Transparent routing 

decisions 

IT-supported routing 

decisions based on global 

data transparency 

Active event management 

Industrialized processes, 

incident management, and 

proactive notification 

• NFE is being financed almost entirely via P&L 

• Significant costs for NFE booked in 2011 and planned for 2012–2014 

• First benefits of program evident in reduced IT run costs 

Strategy pillar 

Sustainable 

Growth 

Customer/ 

Operational 

Excellence 

Maximized 

Profitability 


61

Supply Chain – Divisional Results Q1 2012 

Operational improvements contribute to EBIT increase 

EUR m 

Revenue 

EBIT 


Flow 

Capex 

New gains 

Q1 

2011 

3,216 

78 

56 

60 

Contracts won – Annualized revenue 

320 

Q1 

2012 

3,409 

91 

39 

65 

190 


Chg. 

6.0% 

16.7% 

-30.4% 

8.3% 

• Revenue above last year due to increased 

volumes and new contracts. Organic revenue 

growth at 5.7% 

• The EBIT rose primarily due to the higher 

revenues, further contract mix optimization 

and continued cost efficiencies from 

operational and overhead leverage 

• Operating cash flow comparison influenced 

by timing effects on pension cash-outs 

• Capex reflects investments in new contracts 


62

Strong cash generating business with negative working capital 

Organic revenue growth 

-5.7% 

2009 

Operating cash flow, €m 

3.4% 

2010 

+230 bp 

5.7% 

2011 

EBIT 1) , €m 

Revenue € 12,183m €13,061m €13,223m Margin 

424 

2009 

-19% +15% 

343 

2010 

1) “Like for Like” EBIT mainly excluding restructuring 

394 

2011 

Asset mix 


182 

2009 

1.5% 

Intangible Assets 

(mainly customer lists) 

Operating Assets 

(mainly fixed assets) 

Goodwill 

+49% 

15% 

272 

2010 

+33% 

362 

2011 

2.1% 2.7% 

(100% = € 3.1bn) 

17% 

68% 

ROCE up 310 bps from 2010 to 2011

Contract Logistics is a large and growing market with 

DHL Supply Chain being number 1 by far 

Total market size, €bn Top 3 market shares, 2011 

Outsourced Contract Logistics 

In house Logistics 

969 

155 

813 

2011 

1,178 

203 

975 

2015 

CAGR 

5% 

Largest providers 

Other 

88% ~12% 

~12% 

Largest 

providers 

CEVA 


7.7% 

2.4% 

2.1% 

DSC 

K+N

Balanced revenue portfolio by customer size 

Revenue 2011 by account size Comments 

> €200m 

€100-200m 

19% 

22% 

15% 

€50-100m 

< €15m 

€15-50m 

• Broad customer 

portfolio across 

all size clusters 

• Double digit 

growth from 

global top 

customers 

• Many of our top 

customers are 

distributed across 

all regions 


22% 

22%

Balanced revenue portfolio by sector 

Revenue 2011 by sector Comments 

Energy & Other 

Auto 

Tech 

7% 

9% 

12% 

Williams Lea 

9% 

17% 

Life Sciences & 

Healthcare 

(details to follow) 

Retail 

26% 

• Balanced industry 

sector coverage 

• Dedicated global 

sector teams 

• Deep sector 

expertise 

including to sub 

sector level 


20% 

Consumer

Sector example: Life Sciences & Healthcare – DHL offering 

Life Sciences & Healthcare 

market position 

• World-wide number 1 logistics 

provider 

• Global network of more than 30 

dedicated competence centers 

• Over 150 LS&HC facilities worldwide 

• Community of >4,000 dedicated and 

trained experts in over 40 countries 

• Dedicated industry solutions, 

leveraging all DHL divisions and 

transport modes 

Cross DHL customers 



Sector example: Life Sciences & Healthcare – DSC footprint 

DHL Supply Chain LS&HC footprint 

• € 2.2bn revenues 1) 

• >20 countries 

• ~100 sites with ~1m sqm warehouse 

capacity 

3% 

7% 

19% 

71% 

Other 

Medical Devices 

Pharmaceuticals 

Healthcare Services 1) 

1) Including procurement business in UK for NHS, the national public health services provider 


Offering 


• Fully compliant warehouses 

• Distribution and transport management 

• Value added services, e.g. 

– Clinical trials 

– Kitting 

– Direct to pharmacy 

– Reverse logistics 

Video example 


Main investment themes 2011-2013 

Temporarily high investment levels, but with significant current and future 

benefits 

Mail 

Express 

Forwarding, 

Freight 

Supply Chain 

Investments 

• Parcel sorting 

• E-initiatives 

• Aviation network 

• AP&P 

• Training 


Investment types 

Capex 

Capex / Opex 

Capex / Opex 

Opex 

Opex 

Benefits 

Revenue growth Productivity gain 

• NFE Capex / Opex X X 

• Investment in 

new growth 

X 

X 

X 

X 

X 

Capex / Opex X 

X 

X 

X 


69

Cash conversion – FY 2011 

Cash consumption between EBITDA and Free Cash Flow driven 

by Capex, provision utilization and taxes 

+2,436 

EBIT 

+1,274 

Depreciation 

+3,710 

EBITDA 

–897 

–455 

• e.g.: 

• Pensions -346 m€ 

• Restructuring -259 m€ 

Changes 

in 

provisions 


+13 

Taxes paid Others 

incl. 

changes 

in W/C 

+2,371 

OCF 

–1,505 

Net Capex 

–26 

Net M&A 

–91 

Interest 

paid 

in € m 

+749 

FCF 


70

Pensions – Impact from change in IAS 19 

No direct cash impact by accounting change to IAS 19 expected 

Plan assets 

(rounded) 

Unrecognized 

gains/losses 

Net pension 

provision 

Total Defined Benefit 

Obligation (DBO): € 13,257m 

€ 7,367m 

€ 1,896m 

€ 3,992m 

Current approach 

using the corridor 

method 

1) Actual charge to equity has to be seen at date of implementation 

€ 7,367m 

€ 5,890 m 

Future approach: 

OCI method 1) 


Plan assets 

(rounded) 

Net pension 

provision 

• No direct cash impact by 

accounting change 

• Small positive P&L effects 1) 

– Staff cost reduction 

– Increase of EBIT 

– Increase of interest cost 

• Equity will decrease by € 1.9 bn 1) 


71

Mail: Long-term Union Agreement 

Comprehensive package, agreed until 2015 


New flexible model for age-based working solutions 

• Option to pay proportion of current salary into worktime account 

• Partial-retirement program supplemented by working-time 

accounts and a demographic fund 

Extension of no compulsory redundancy until 2015 

Continued outsourcing 

• 990 parcel-delivery districts handled by sub-contractors 

• Outsourcing of transportation extended by 1,000 drivers 

Agreed salary/working condition changes 

• 4% lower entry wage for new Mail employees 

• New vacation policies based on company service, not age 

• Renewal of non-chargeable overtime, work days and 

short breaks agreements 


72

Mail: New Price Cap Set at CPI-0.6% 

New price cap regime offering more headroom 

1) Federal Network Agency = Bundesnetzagentur; 2) CPI = German Consumer Price Index 


• Postal price cap decision of Federal Network Agency 1) 

– New formula: x-factor reduced from 1.8 to 0.6% 

– Reference period for relevant CPI2) brought 

forward by six months 

– Regulation valid until 31 Dec. 2013 

• Conclusions for Deutsche Post 

– No price increase for 2012 

– Buffer of +1.2% carried over to 2013 (1.8% inflation rate 

minus 0.6% x-factor) 

Directly impacted Mail revenues of EUR 3.5bn 


73

Parcel Germany: Strategic Focus 

Parcel Germany is shaping eCommerce as the leading 

service provider 

• DPDHL only postal organization 

world-wide to offer nation-wide 24/7 

access to all shipping needs 

– 13,500 retail outlets 

– 1,000 Parcel Boxes for 24/7 drop-off 

– 2,500 automatic PACKSTATIONs 

to drop-off, frank, or use as 

delivery address 

– Online Franking of all parcel products 

– iPhone and Android apps for 

all services 

Source: Europäisches Handelsinstitut 


• To date 2mn registered Packstation 

customers 

• 83% check whether vendor ships to 

Packstation before purchase 

• 36% increase their online spend 

after registration for Packstation 

• Target group in age segment 25–50 

years with high online affinity 


74

Ruling by European Commission on State Aid to Deutsche Post 


• EU Commission’s decision unjustified 

– Clear contradiction to earlier EU decision and results of 

similar proceedings 

– Unprecedented reach into national regulation 

• DPDHL to file an appeal with the European Court 

of Justice 

• Financial treatment 

– Payment to be recorded only in balance sheet for 2012 

– No effect on company earnings for 2011 and beyond 

– Company liquidity / balance sheet remain solid 

• No further state aid proceedings involving 

Deutsche Post DHL pending at EU Commission 


75

Postal Market Liberalization in Germany has been a Success 

Domestic mail communication 

market for business customers 

2011 Market volume: EUR 4.3 bn 1) 

63.7% 

Deutsche Post 

Source: Company estimate 

36.3% 

Competition 

(incl. consolidator 

volumes) 

1) Ca. 90% of overall mail communication market 


Leading service and infrastructure level for 

customers 

• Excellent service quality 

– 6-day delivery 

– Next-day delivery for 95% of all standard mail 

(over-delivery against full postal service obligation) 

– Best-in-class service and quality level in Europe 

• Prices among the most favorable in Europe 

– No price increase for standard letters in 15 years 

(last increase in Sept. 1997) 

– Average postal services expenditure for German 

households below € 5 

• State-of-the-art infrastructure 

– 20,000 retails outlets and sales points 

– EUR 420mn investment in new mail sorting 

technology since 2009 


76

MAIL: Securing Sustainable Profitability 

EUR 1bn EBIT secures Mail as a self-financing unit within the group 

Beyond 2011 

EBIT 

stabilize at 

~ EUR 1bn level 


Why EUR 1bn? 

Cash 

generation 

D&A 

~ EUR 0.2 bn 

EBIT 

~ EUR 1bn 

Funding 

requirements 

Share of: 

Corp. costs, 

tax, dividend, etc 

Pensions in excess 

of EBIT expenses 

Investments 


77

Disclaimer 

This presentation contains certain statements that are neither reported results nor other historical 

information. These forward-looking statements are subject to risks and uncertainties that could cause 

actual results to differ materially from those expressed in the forward-looking statements. Many of these 

risks and uncertainties relate to factors that are beyond Deutsche Post AG’s ability to control or estimate 

precisely, such as future market and economic conditions, the behavior of other market participants, the 

ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of 

government regulators. Readers are cautioned not to place undue reliance on these forward-looking 

statements, which apply only as of the date of this presentation. Deutsche Post AG does not undertake 

any obligation to publicly release any revisions to these forward-looking statements to reflect events or 

circumstances after the date of this presentation. 

This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy 

any security, nor shall there be any sale, issuance or transfer of the securities referred to in this 

presentation in any jurisdiction in contravention of applicable law. 

Copies of this presentation and any documentation relating to the Offer are not being, and must not be, 

directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from Australia, Canada 

or Japan or any other jurisdiction where to do so would be unlawful. 

This document represents the Company‘s judgment as of date of this presentation. 



78

Investor Relations Contacts 

Martin Ziegenbalg, Head of Investor Relations 

• +49 228 182 63000 

• E-mail: m.ziegenbalg@deutschepost.de 

Robert Schneider 

• +1 212 672 1729 

• E-mail: robert.schneider1@deutschepost.de 

Sebastian Slania 

• +49 228 182 63203 

• E-mail: sebastian.slania@deutschepost.de 

Florian Bumberger 

• +49 228 182 63208 

• E-mail: florian.bumberger@deutschepost.de 

Daniel Stengel 

• +49 228 182 63202 

• E-mail: daniel.stengel@deutschepost.de 



79

DZ Bank Roadshow (Munich) - Deutsche Post DHL

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