SELECTED KEY FIGURES |
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|---|---|---|---|---|
| Q1 2023 | Q 1 2024 | +/–% | ||
| Revenue | €m | 20,918 | 20,251 | –3.2 |
| Profit from operating activities (EBIT) | €m | 1,638 | 1,314 | –19.8 |
| Return on sales1 | % | 7.8 | 6.5 | – |
| EBIT after asset charge (EAC)2 | €m | 779 | 406 | –47.9 |
| Consolidated net profit for the period3 | €m | 911 | 743 | –18.4 |
| Free cash flow | €m | 983 | 608 | –38.1 |
| Net debt4 | €m | 17,739 | 17,408 | –1.9 |
| Earnings per share5 | € | 0.76 | 0.63 | –17.1 |
| Number of employees6 | 590,605 | 594,879 | 0.7 | |
1 EBIT/revenue.2 Prior-year figure adjusted.3 After deduction of noncontrolling interests.4 Prior-year figure as of December 31.5 Basic earnings per share.6 Headcount at the end of the quarter, including trainees. |
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As part of the fourth tranche of the 2022–2024 share buyback program, we repurchased a further 10.4 million shares with a value of €450 million in the first quarter of 2024. On March 25, 2024, we issued a bond with a volume of €1 billion and a term through 2036. The proceeds will be used, among other things, to refinance existing financial liabilities.
Consolidated revenue stood at €20,251 million in the first quarter of 2024 (previous year: €20,918 million). This includes negative currency effects amounting to €109 million. At €625 million, other operating income exceeded the prior-period level of €601 million.
Consolidated EBIT in the first quarter of 2024 amounted to €1,314 million, 19.8% below the prior-year figure but higher than the pre-pandemic level of €1,159 million for the first quarter of 2019. Net finance costs amounted to €168 million (previous year: €225 million). Profit before income taxes fell by €267 million to €1,146 million. As a result, income taxes decreased to €344 million, and the tax rate was unchanged at 30.0%.
Consolidated net profit for the period in the first quarter of 2024 amounted to €802 million, thus below the prior-year figure of €989 million. Of this amount, €743 million is attributable to Deutsche Post AG shareholders and €59 million to noncontrolling interest holders. Earnings per share amounted to €0.63 (basic) and €0.62 (diluted).
EAC for the first quarter of 2024 declined from €779 million to €406 million, due mainly to the decrease in EBIT. The imputed asset charge rose, primarily due to investments in property, plant and equipment in all divisions.
The Group’s syndicated credit facility was renegotiated in the reporting period and its volume increased from €2 billion to €4 billion in light of the strong growth in consolidated revenue in recent years. The credit facility now has a term through 2029 and additionally includes two one-year extension options. It does not contain any further covenants concerning the Group’s financial indicators and, thanks to our solid liquidity situation, it was not drawn down during the reporting period.
As of March 31, 2024, the Group reported centrally available liquidity in the amount of €2.3 billion, which is comprised of cash and cash equivalents as well as current financial assets. In addition, unused bilateral credit lines in the amount of €2.1 billion were available as of the reporting date.
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €483 million in the first quarter of 2024 (previous year: €569 million) and were made predominantly in the expansion of network infrastructure.
At €2,001 million, net cash from operating activities in the first quarter of 2024 came in lower than the prior-year figure of €2,395 million. Along with the decrease in EBIT, the change in working capital led to a cash outflow. Cash outflow from investing activities was €597 million, compared with a cash inflow of €120 million in the previous year, which reflected the sale of money market funds. Free cash flow decreased from €983 million in the prior-year quarter to €608 million in the reporting period. Net cash used in financing activities declined significantly, falling by €798 million to €427 million; the bond issue resulted in a cash inflow of €990 million. Cash and cash equivalents rose from €3,649 million as of December 31, 2023, to €4,615 million.
Our net debt reduced from €17,739 million as of December 31, 2023, to €17,408 million as of March 31, 2024.
Revenue in the Express division decreased by 4.4% to €6,006 million in the first quarter of 2024. This includes negative currency effects amounting to €63 million, as well as lower fuel surcharges. Excluding currency effects and fuel surcharges, revenue was down 1.2% on the prior-year figure. The still generally weak demand, which was particularly evident in the B2B sector, reduced per-day revenues and shipment volumes in the TDI product line as expected.
We are countering the current market development with productivity improvements, network optimization and effective yield and cost management. In the first quarter of 2024, EBIT in the Express division was €632 million, 30.0% below the level of the prior year’s figure. The EBIT margin was 10.5%.
KEY FIGURES, EXPRESS |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Revenue | 6,281 | 6,006 | –4.4 |
| of which Europe | 2,816 | 2,756 | –2.1 |
| Americas | 1,472 | 1,400 | –4.9 |
| Asia Pacific | 2,153 | 1,961 | –8.9 |
| MEA (Middle East and Africa) | 379 | 361 | –4.7 |
| Consolidation/Other | –539 | –472 | 12.4 |
| Profit from operating activities (EBIT) | 903 | 632 | –30.0 |
| Return on sales (%)1 | 14.4 | 10.5 | – |
| Operating cash flow | 1,223 | 1,124 | –8.1 |
1 EBIT/revenue. |
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EXPRESS: REVENUE BY PRODUCT |
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|---|---|---|---|
| €m per day1 | Q1 2023 | Q1 2024 | +/–% |
| Time Definite International (TDI) | 75.7 | 72.5 | –4.2 |
| Time Definite Domestic (TDD) | 6.3 | 6.2 | –1.6 |
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. |
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EXPRESS: VOLUME BY PRODUCT |
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|---|---|---|---|
| Items per day (thousands) | Q1 2023 | Q1 2024 | +/–% |
| Time Definite International (TDI) | 1,063 | 1,050 | –1.2 |
| Time Definite Domestic (TDD) | 512 | 472 | –7.8 |
Revenue in the Global Forwarding, Freight division decreased by 15.8% to €4,617 million in the first quarter of 2024 due to lower freight rates. Excluding negative currency effects of €46 million, revenue was 15.0% down on the prior-year level. Revenue in the Global Forwarding business unit decreased by 19.8% to €3,333 million. Without taking negative currency effects of €43 million into account, the decrease was 18.8%. Gross profit in the Global Forwarding business unit was down from the previous year by 17.6% to €839 million.
Compared with the weak prior-year period, air freight volumes rose by 5.1% in the first quarter of 2024, with growth primarily on trade lanes between Asia and Europe. Air freight revenues dropped by 16.2% and gross profit by 25.1%. Ocean freight volumes rose by 6.6% year on year, with growth particularly on trade lanes from Asia. Ocean freight revenue dropped by 25.3% and gross profit by 26.8%.
Revenue in the Freight business unit decreased by 3.3% to €1,311 million in the first quarter of 2024. Volumes declined by 9.5% compared to the prior-year period. Gross profit for the business unit fell by 4.4% to €328 million.
EBIT in the Global Forwarding, Freight division was down by 32.4% in the first quarter of 2024 to €263 million. The EBIT margin was 5.7%. EBIT in the division thus corresponds to 22.5% of gross profit and 28.1% for the Global Forwarding business unit.
KEY FIGURES, GLOBAL FORWARDING, FREIGHT |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Revenue | 5,484 | 4,617 | –15.8 |
| of which Global Forwarding | 4,158 | 3,333 | –19.8 |
| Freight | 1,356 | 1,311 | –3.3 |
| Consolidation/Other | –30 | –27 | 10.0 |
| Profit from operating activities (EBIT) | 389 | 263 | –32.4 |
| Return on sales (%)1 | 7.1 | 5.7 | – |
| Operating cash flow | 857 | –32 | <–100 |
1 EBIT/revenue. |
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GLOBAL FORWARDING: REVENUE |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Air freight | 1,725 | 1,445 | –16.2 |
| Ocean freight | 1,743 | 1,302 | –25.3 |
| Other | 690 | 586 | –15.1 |
| Total | 4,158 | 3,333 | –19.8 |
GLOBAL FORWARDING: VOLUMES |
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|---|---|---|---|---|
| Thousands | Q1 2023 | Q 1 2024 | +/–% | |
| Air freight exports | tons | 414 | 435 | 5.1 |
| Ocean freight | TEU1 | 729 | 777 | 6.6 |
1 Twenty-foot equivalent units. |
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Revenue in the Supply Chain division was up by 5.5% to €4,333 million in the first quarter of 2024. Excluding negative currency effects of €3 million, the increase was 5.6%. All regions – and especially the Engineering & Manufacturing, Life Sciences & Healthcare and Auto-mobility sectors – recorded revenue growth that was bolstered by new business, contract renewals and expanding e-commerce business.
In the first quarter of 2024, the Supply Chain division concluded additional contracts with a volume of €3.5 billion. Alongside the Energy, Retail and Life Sciences & Healthcare sectors, e-fulfillment solutions accounted for an important part of this. The annualized contract renewal rate remained at a consistently high level.
EBIT in the Supply Chain division was up by 12.8% in the first quarter of 2024 to €256 million. The EBIT margin came in at 5.9%.
KEY FIGURES, SUPPLY CHAIN |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Revenue | 4,107 | 4,333 | 5.5 |
| of which EMEA (Europe, Middle East and Africa) | 1,828 | 1,887 | 3.2 |
| Americas | 1,660 | 1,803 | 8.6 |
| Asia Pacific | 632 | 649 | 2.7 |
| Consolidation/Other | –13 | –6 | 53.8 |
| Profit from operating activities (EBIT) | 227 | 256 | 12.8 |
| Return on sales (%)1 | 5.5 | 5.9 | – |
| Operating cash flow | 161 | 401 | >100 |
1 EBIT/revenue. |
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At €1,633 million, revenue in the eCommerce division in the first quarter of 2024 was 8.5% up on the prior-year level. This includes a revenue contribution of €76 million from the acquisition of MNG Kargo. Excluding positive currency effects, revenue was 8.1% up year on year.
EBIT in the eCommerce division fell from €81 million to €60 million in the first quarter of 2024. This was attributable mainly to higher costs, which resulted partly from continuous investment in the expansion of the networks. The EBIT margin was 3.7%.
KEY FIGURES, ECOMMERCE |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Revenue | 1,505 | 1,633 | 8.5 |
| of which Americas | 524 | 541 | 3.2 |
| Europe | 824 | 923 | 12.0 |
| Asia | 157 | 170 | 8.3 |
| Consolidation/Other | 0 | –1 | – |
| Profit from operating activities (EBIT) | 81 | 60 | –25.9 |
| Return on sales (%)1 | 5.4 | 3.7 | – |
| Operating cash flow | 137 | 150 | 9.5 |
1 EBIT/revenue. |
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Revenue in the Post & Parcel Germany division grew by 1.6% year on year to €4,266 million in the first quarter of 2024, despite 1.6 fewer working days in the reporting period. The positive development was attributable entirely to the Parcel Germany business unit, whereas the German mail business continued to decline as expected.
EBIT for the Post & Parcel Germany division in the first quarter of 2024 amounted to €194 million and was thus 40.6% higher than in the prior-year quarter, which was hit by additional staff costs due to strikes. Increased revenue in the parcel business and in goods shipping more than offset the declines in the mail business and the slightly increased material and staff costs. The return on sales was 4.5%.
KEY FIGURES, POST & PARCEL GERMANY |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Revenue | 4,198 | 4,266 | 1.6 |
| of which Post Germany | 1,962 | 1,908 | –2.8 |
| Parcel Germany | 1,604 | 1,722 | 7.4 |
| International | 611 | 611 | 0.0 |
| Consolidation/Other | 21 | 25 | 19.0 |
| Profit from operating activities (EBIT) | 138 | 194 | 40.6 |
| Return on sales (%)1 | 3.3 | 4.5 | – |
| Operating cash flow2 | 367 | 524 | 42.8 |
1 EBIT/revenue.2 Prior-year figure adjusted. |
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POST & PARCEL GERMANY: REVENUE |
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|---|---|---|---|
| €m | Q1 2023 | Q1 2024 | +/–% |
| Post Germany | 1,962 | 1,908 | –2.8 |
| of which Mail Communication | 1,330 | 1,312 | –1.4 |
| Dialogue Marketing | 449 | 415 | –7.6 |
| Other/Consolidation Post Germany | 183 | 181 | –1.1 |
| Parcel Germany | 1,604 | 1,722 | 7.4 |
POST & PARCEL GERMANY: VOLUMES |
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|---|---|---|---|
| Mail items (millions) | Q1 2023 | Q1 2024 | +/–% |
| Post Germany | 3,492 | 3,263 | –6.6 |
| of which Mail Communication | 1,598 | 1,523 | –4.7 |
| Dialogue Marketing | 1,673 | 1,542 | –7.8 |
| Parcel Germany | 406 | 424 | 4.4 |
Development in the first quarter of 2024 is in line with our assumptions for the 2024 fiscal year. We therefore confirm the forecast for 2024, which was published in the 2023 Annual Report, without changes.
The Group’s overall opportunity and risk situation did not change significantly during the first quarter of 2024 compared with the situation described in the 2023 Annual Report. Based upon the Group’s early-warning system, and in the estimation of its Board of Management, there are 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.
