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Finance strategy

Building on the principles and objectives of financial management, and in light of the Group's strong financial position, the Corporate Board updated the finance strategy in January 2022. It takes into account the shareholders’ interests and the lenders’ requirements, focusing on value creation through a transparent and effective allocation of capital. It also aims to maintain financial flexibility and a low cost of capital for the Group with a high degree of continuity and predictability for investors, and to support the Group's ESG roadmap.

One key component of the strategy is a stand-alone target rating between "Baa1" and "A3" and "BBB+" and "A-", respectively. The strategy also sets clear priorities on how available liquidity is allocated. It will first be used to fund business operations, finance organic investments and regular dividend payments. Thereafter, additional dividend payments or share buybacks as well as inorganic growth could be considered.

Finance strategy , Deutsche Post DHL Group

Credit rating

Credit ratings represent an independent and current assessment of a company’s credit standing. In addition to a quantitative analysis of the annual report and appropriate planning data, they also take into account qualitative factors such as industry-specific features and the company’s market position and range of products and services. The following table shows DHL Group's current credit ratings and the underlying factors.

Current ratings of DHL Group

Rating Fitch Ratings
Moody's Investors Service

Long-term

Short-term

Outlook

BBB+
F2
positive

A2
P-1
stable

     

Research

24 August 2023 PDF (700 kB)

14 February 2024 PDF (1.4 MB)

Update    
     
+ Rating factors
  • Company size and geographic diversification
  • Broad portfolio of services and customers
  • Market leadership
  • Balanced business risk profile between the parcel and express segments, which are growing due to online retail, contract logistics business and the cyclical freight forwarding business
  • Solid credit metrics and liquidity
  • Strong business profile and large scale, supported by the company's global leadership positions in express and logistics services, and its large German mail business
  • Solid financial profile
  • Conservative financial policy
- Rating factors
  • Structural volume decline in letter mail business
  • Increased capital expenditure and dividends to shareholders
  • Muted economic conditions, which impair volumes
  • Challenges in the company's domestic postal division stemming from the structural decline in the traditional mail business and wage cost inflation
  • Exposure to highly competitive mature markets and volatile market conditions in the logistics business
  • Increasing capital spending, which hampers cash generation
     
Rating definitions PDF (491 KB) PDF (823 KB)
Homepage Rating agency www.fitchratings.com www.moodys.com

Bonds and instruments

The following overview provides you with the most important information about the major bonds issued by our company.

Overview of major bonds

ISIN

Format

Issuance/
Maturity

Coupon

Volume

Documentation

Outstanding bonds issued by Deutsche Post AG under the debt issuance programme
XS0862952297 Conventional Dec. 2012 -
Dec. 2024
2.875 %
€700 m

ZIP

(2.4 MB)

XS1388661735
Conventional Apr. 2016 -
Apr. 2026
1.250 % €500 m

ZIP

(1.7 MB)

XS1734533372
Conventional Dec. 2017 -
Dec. 2027
1.000 % €500 m

ZIP

(2.4 MB)

XS1917358621
Conventional Dec. 2018 -
Dec. 2028
1.625% €750 m

ZIP

(4.22 MB)

XS2177122541
Conventional May 2020 -
May 2026
0.375% €750 m

ZIP

(4 MB)

XS2177122624
Conventional May 2020 -
May 2029
0.750% €750 m

ZIP

(4 MB)

XS2177122897
Conventional May 2020 -
May 2032
1.000% €750 m

ZIP

(4 MB)

XS2644423035
Sustainability-Linked Jul. 2023 -
Jul. 2033
3.375% €500 m

ZIP

(4.9 MB)

XS2784415718 Conventional Mar. 2024 -
Mar. 2036
3.500% €1,000 m

ZIP

(4.6 MB)

Paying Agent: Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main

Bond
Interest rate
Outstanding
Volume

Issuer
Current
conversion ratio

Current
conversion price
Terms and
conditions

Convertible bond
2017/
2025
0.050%
€1,000 m
DPAG  1,855.52861)
€53.89301) PDF (307 KB)

1)
Due to payment of a dividend of €1.85 per no-par value share on May 8, 2024 pursuant to the resolution of the ordinary shareholders’ meeting of Deutsche Post AG on May 3, 2024 the Conversion Ratio is adjusted from 1,837.4978 to 1,855.5286 and the Conversion Price is adjusted from € 54.4218 to € 53.8930 with effect as of May 6, 2024 in accordance with the terms and conditions of the Convertible Bonds and as calculated by Conv-Ex Advisors Limited as Calculation Agent.
Paying Agent: Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main

Debt Issuance Programme (DIP)

In 2012, we established a Debt Issuance Programme with a volume of up to €8 billion. This offers us the possibility of issuing bonds in customised tranches up to a stipulated total amount and enables us to react flexibly to changing market conditions. For details about the different bonds issued under the programme please refer to the table above.

Issuer Deutsche Post AG
Programme Amount €8,000,000,000
Arranger Deutsche Bank
Dealers: Bank of America
BNP PARIBAS
Commerzbank
Deutsche Bank
HSBC
Morgan Stanley
Prospectus PDF (4.7 MB)

Sustainability-linked Finance Framework (SLF Framework)

To support our commitment towards our sustainability agenda, we have established an SLF Framework which enables us to issue sustainable financial instruments. The Framework follows the Sustainability-Linked Bond Principles of the International Capital Markets Association and provides an overview of our activities and initiatives aimed at achieving our ambitious ESG targets along with an overview of the potential structure of a sustainable financial instrument.

Reporting Hub of DHL Group

Reporting Hub

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