2024 Half-year Report

Segment reporting

16 Segment reporting

The vehicle fleet used by Post & Parcel Germany was transferred from Group Functions to the Post & Parcel Germany segment at the beginning of January 2024. The prior-year figures have been adjusted accordingly.

SEGMENTS BY DIVISION
€m Express Global Forwarding,
Freight1		 Supply Chain eCommerce1
January 1 to June 30 2023 2024 2023 2024 2023 2024 2023 2024
External revenue 12,126 11,947 9,701 8,895 8,273 8,618 2,944 3,218
Internal revenue 277 279 622 602 66 67 69 82
Total revenue 12,403 12,226 10,323 9,497 8,339 8,685 3,013 3,300
Profit from operating activities (EBIT) 1,804 1,315 777 542 499 535 159 125
of which: net income/expenses from investments accounted for using the equity method 1 0 0 –1 –3 –1 0 0
Segment assets2 20,649 20,606 11,363 11,968 10,430 11,124 3,398 3,553
of which: investments accounted for using the equity method 9 8 13 12 17 15 25 40
Segment liabilities2 4,824 4,627 3,906 3,981 3,836 3,864 1,000 918
Net segment assets/liabilities2 15,825 15,979 7,457 7,987 6,594 7,260 2,398 2,635
Capex (assets acquired) 424 356 80 71 210 246 158 113
Capex (right-of-use assets) 391 443 122 94 312 547 80 150
Total capex 815 799 202 165 522 793 238 263
Depreciation and amortization 860 914 162 176 460 507 105 136
Impairment losses 0 0 0 0 2 2 0 0
Total depreciation, amortization and impairment losses 860 914 162 176 462 509 105 136
Net cash from (+)/used in (–) operating activities 2,364 2,127 1,342 210 453 676 227 270
Employees3 112,378 109,542 46,991 45,665 181,720 186,126 32,287 39,793
Second quarter                
External revenue 5,991 6,069 4,540 4,575 4,201 4,317 1,474 1,626
Internal revenue 131 151 299 305 31 35 34 41
Total revenue 6,122 6,220 4,839 4,880 4,232 4,352 1,508 1,667
Profit from operating activities (EBIT) 901 683 388 279 272 279 78 67
of which: net income/expenses from investments accounted for using the equity method 1 1 0 –1 0 1 0 0
Capex (assets acquired) 242 191 37 29 98 129 116 63
Capex (right-of-use assets) 241 213 68 47 179 295 43 36
Total capex 483 404 105 76 277 424 159 99
Depreciation and amortization 435 458 82 88 231 256 53 70
Impairment losses 0 0 0 0 2 1 0 0
Total depreciation, amortization and impairment losses 435 458 82 88 233 257 53 70
Net cash from (+)/used in (–) operating activities 1,141 1,003 485 242 292 275 90 120
1 Prior-year figures adjusted, note 4.
2 As of December 31, 2023, and June 30, 2024.
3 Average FTEs.
4 Prior-period amounts adjusted; the vehicle fleet used by Post & Parcel Germany was transferred from Group Functions to the Post & Parcel Germany segment (EBIT remained unchanged).
5 Including rounding.
SEGMENTS BY DIVISION
€m Post & Parcel
Germany4		 Group Functions4 Consolidation1, 4, 5 Group1
January 1 to June 30 2023 2024 2023 2024 2023 2024 2023 2024
External revenue 7,951 8,205 16 7 1 0 41,012 40,890
Internal revenue 243 221 905 968 –2,182 –2,219 0 0
Total revenue 8,194 8,426 921 975 –2,181 –2,219 41,012 40,890
Profit from operating activities (EBIT) 261 324 –171 –175 2 –4 3,331 2,662
of which: net income/expenses from investments accounted for using the equity method 0 0 14 –9 0 –1 12 –12
Segment assets2 9,585 9,354 4,226 4,328 –63 –61 59,588 60,872
of which: investments accounted for using the equity method 0 0 39 31 1 0 104 106
Segment liabilities2 2,598 2,627 1,567 1,673 –44 –49 17,687 17,641
Net segment assets/liabilities2 6,987 6,727 2,659 2,655 –19 –12 41,901 43,231
Capex (assets acquired) 344 275 61 55 0 0 1,277 1,116
Capex (right-of-use assets) 44 50 297 208 0 1 1,246 1,493
Total capex 388 325 358 263 0 1 2,523 2,609
Depreciation and amortization 281 305 285 279 0 1 2,153 2,318
Impairment losses 0 0 0 0 0 0 2 2
Total depreciation, amortization and impairment losses 281 305 285 279 0 1 2,155 2,320
Net cash from (+)/used in (–) operating activities 643 1,014 23 107 –808 –792 4,244 3,612
Employees3 158,324 155,008 13,984 14,005 1 0 545,685 550,139
Second quarter                
External revenue 3,873 4,049 15 3 0 0 20,094 20,639
Internal revenue 123 111 452 484 –1,070 –1,127 0 0
Total revenue 3,996 4,160 467 487 –1,070 –1,127 20,094 20,639
Profit from operating activities (EBIT) 123 130 –69 –84 0 –3 1,693 1,351
of which: net income/expenses from investments accounted for using the equity method 0 0 11 –5 0 –1 12 –5
Capex (assets acquired) 181 187 34 34 0 0 708 633
Capex (right-of-use assets) 38 22 220 89 0 1 789 703
Total capex 219 209 254 123 0 1 1,497 1,336
Depreciation and amortization 137 155 144 139 0 –1 1,082 1,165
Impairment losses 0 0 0 0 0 0 2 1
Total depreciation, amortization and impairment losses 137 155 144 139 0 –1 1,084 1,166
Net cash from (+)/used in (–) operating activities 276 490 53 –6 –488 –513 1,849 1,611
1 Prior-year figures adjusted, note 4.
2 As of December 31, 2023, and June 30, 2024.
3 Average FTEs.
4 Prior-period amounts adjusted; the vehicle fleet used by Post & Parcel Germany was transferred from Group Functions to the Post & Parcel Germany segment (EBIT remained unchanged).
5 Including rounding.
INFORMATION ABOUT GEOGRAPHICAL REGIONS
€m Germany Europe
(excluding Germany)		 Americas Asia Pacific Middle
East/Africa1		 Group1
January 1 to June 30 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
External revenue 10,356 10,620 12,462 12,287 8,983 8,784 7,371 7,086 1,840 2,113 41,012 40,890
Noncurrent assets2 12,873 12,811 14,072 14,244 10,652 10,910 5,791 5,870 1,400 1,475 44,788 45,310
Total capex 880 751 676 754 579 623 288 378 100 103 2,523 2,609
Second quarter                        
External revenue 5,027 5,237 6,077 6,225 4,446 4,483 3,643 3,625 901 1,069 20,094 20,639
Total capex 541 414 363 364 389 307 151 209 53 42 1,497 1,336
1 Prior-year figures adjusted, note 4.
2 As of December 31, 2023, and June 30, 2024.
RECONCILIATION
€m H1 2023 H1 2024
Total income of reported segments 3,500 2,841
Group Functions –171 –175
Reconciliation to Group/Consolidation 2 –4
Profit from operating activities (EBIT) 3,331 2,662
Net finance costs –445 –370
Profit before income taxes 2,886 2,292
Income taxes –866 –688
Consolidated net profit for the period 2,020 1,604

17 Disclosures on financial instruments

 
€m Measurement category Carrying amount
June 30, 2024		 IFRS 9 carrying amount IFRS 16 balance sheet carrying amount Fair value
June 30, 20241
At amortized cost At fair value through other comprehensive income (without reclassification) At fair value through other comprehensive income (with reclassification) At fair value through profit or loss (FVTPL)
ASSETS                
Current                
Cash and cash equivalents AC 2,853 2,853          
Trade receivables AC 10,865 10,865          
Current financial assets                
Debt instruments (loans and receivables) at amortized cost (AC) AC 633 633          
of which collateral paid AC 18 18          
Debt instruments at fair value through profit or loss (FVTPL) FVTPL 32       32   32
Derivatives with hedge accounting n.a. 24     24     24
Derivatives without hedge accounting at fair value through profit or loss (FVTPL) FVTPL 74       74   74
Derivatives without hedge accounting (M&A) at fair value through profit or loss (FVTPL) FVTPL 2       2   2
Lease assets n.a. 181         181  
Noncurrent                
Noncurrent financial assets                
Debt instruments (loans and receivables) at amortized cost (AC) AC 260 260         260
of which collateral paid AC 32 32          
Debt instruments at fair value through profit or loss (FVTPL) FVTPL 355       355   355
Equity instruments at fair value through profit or loss (FVTPL) FVTPL 1       1   1
Equity instruments at fair value through other comprehensive income (FVTOCI) FVTOCI 28   28       28
Derivatives with hedge accounting n.a. 8     8     8
Derivatives without hedge accounting (M&A) at fair value through profit or loss (FVTPL) FVTPL 28       28   28
Lease assets n.a. 476         476  
TOTAL ASSETS   15,820 14,611 28 32 492 657  
1 The simplification option under IFRS 7.29a was exercised for the disclosure of certain fair values.
 
€m Measurement category Carrying amount
June 30, 2024		 IFRS 9 carrying amount IFRS 16 balance sheet carrying amount Fair value
June 30, 20241
At amortized cost At fair value through other comprehensive income (without reclassification) At fair value through other comprehensive income (with reclassification) At fair value through profit or loss (FVTPL)
EQUITY AND LIABILITIES                
Current                
Trade payables AC 8,035 8,035          
Financial liabilities                
Bonds AC 1,710 1,710         1,677
Amounts due to banks AC 431 431          
Lease liabilities n.a. 2,363         2,363 n.a.
Derivatives with hedge accounting n.a. 10     10     10
Derivatives without hedge accounting FVTPL 12       12   12
Other financial liabilities AC 1,628 1,628          
Noncurrent                
Financial liabilities                
Bonds AC 5,476 5,476         5,192
Amounts due to banks AC 290 290         290
Lease liabilities n.a. 12,059         12,059 n.a.
Derivatives with hedge accounting n.a. 2     2     2
Other financial liabilities AC 172 172         172
TOTAL EQUITY AND LIABILITIES   32,188 17,742   12 12 14,422  
1 The simplification option under IFRS 7.29a was exercised for the disclosure of certain fair values.
 
€m Measurement category Carrying amount
December 31, 2023		 IFRS 9 carrying amount IFRS 16 balance sheet carrying amount Fair value
December 31, 20231
At amortized cost At fair value through other comprehensive income (without reclassification) At fair value through other comprehensive income (with reclassification) At fair value through profit or loss (FVTPL)
ASSETS                
Current                
Cash and cash equivalents AC 3,649 3,649          
Trade receivables AC 10,537 10,537          
Current financial assets                
Debt instruments (loans and receivables) at amortized cost (AC) AC 578 578          
of which collateral paid AC 18 18          
Debt instruments at fair value through profit or loss (FVTPL) FVTPL 29       29   29
Derivatives with hedge accounting n.a. 11     11     11
Derivatives without hedge accounting at fair value through profit or loss (FVTPL) FVTPL 44       44   44
Lease assets n.a. 171         171  
Noncurrent                
Noncurrent financial assets                
Debt instruments (loans and receivables) at amortized cost (AC) AC 252 252         252
of which collateral paid AC 32 32          
Debt instruments at fair value through profit or loss (FVTPL) FVTPL 306       306   306
Equity instruments at fair value through profit or loss (FVTPL) FVTPL 1       1   1
Equity instruments at fair value through other comprehensive income (FVTOCI) FVTOCI 24   24       24
Derivatives with hedge accounting n.a. 2     2     2
Derivatives without hedge accounting (M&A) at fair value through profit or loss (FVTPL) FVTPL 25       25   25
Lease assets n.a. 508         508  
TOTAL ASSETS   16,137 15,016 24 13 405 679  
1 The simplification option under IFRS 7.29a was exercised for the disclosure of certain fair values.
 
€m Measurement category Carrying amount
December 31, 2023		 IFRS 9 carrying amount IFRS 16 balance sheet carrying amount Fair value
December 31, 20231
At amortized cost At fair value through other comprehensive income (without reclassification) At fair value through other comprehensive income (with reclassification) At fair value through profit or loss (FVTPL)
EQUITY AND LIABILITIES                
Current                
Trade payables AC 8,479 8,479          
Financial liabilities                
Bonds AC 717 717         713
Amounts due to banks AC 256 256          
Lease liabilities n.a. 2,254         2,254 n.a.
Derivatives with hedge accounting n.a. 13     13     13
Derivatives without hedge accounting FVTPL 97       97   97
Other financial liabilities AC 1,442 1,442          
Noncurrent                
Financial liabilities                
Bonds AC 5,472 5,472         5,195
Amounts due to banks AC 304 304         304
Lease liabilities n.a. 11,826         11,826 n.a.
Derivatives with hedge accounting n.a. 6     6     6
Other financial liabilities AC 331 331         331
TOTAL EQUITY AND LIABILITIES   31,197 17,001   19 97 14,080  
1 The simplification option under IFRS 7.29a was exercised for the disclosure of certain fair values.
AGGREGATION
€m Dec. 31, 2023 June 30, 2024
Financial assets at amortized cost (AC) 15,016 14,611
Financial assets at fair value through other comprehensive income (without reclassification) 24 28
Financial assets at fair value through other comprehensive income (with reclassification) 13 32
Financial assets at fair value through profit or loss 405 492
Financial liabilities at amortized cost (AC) 17,001 17,742
Financial liabilities at fair value through other comprehensive income (with reclassification) 19 12
Financial liabilities at fair value through profit or loss 97 12

The tables above present the carrying amounts and the fair values of the individual financial assets and liabilities for each individual class in consideration of the respective measurement category under IFRS 9. Depending on the classification, the financial instruments are either recognized at amortized cost or at fair value as part of the subsequent measurement. The fair values are indicated per class of financial instrument. No distinction is made according to maturity. The fair values are not listed for trade receivables and payables, cash and cash equivalents and other current debt instruments; the simplification rule of IFRS 7.29a has been applied. The carrying amounts of the current financial assets and liabilities mentioned are appropriate approximations of their fair values.

The fair values are reconciled to the fair value categories (Level 1 to 3).

Level 1 comprises equity and debt instruments measured at fair value and debt instruments measured at amortized cost whose fair values can be determined based on quoted market prices.

In addition to financial assets and financial liabilities measured at amortized cost, commodity, interest rate and foreign currency derivatives are reported under Level 2. The fair values of assets measured at amortized cost are determined using the multiplier method, among other things. The fair values of the derivatives are measured on the basis of discounted expected future cash flows, taking into account forward rates for currencies, interest rates and commodities (market approach). For this purpose, price quotations observable in the market (exchange rates, interest rates and commodity prices) are imported from standard market information platforms into the treasury management system. The price quotations reflect actual transactions involving similar instruments on an active market. All significant inputs used to measure derivatives are observable in the market.

As of the reporting date, a call option and warrants are recognized under Level 3 that entitle the holder to acquire further shares in the company. The fair values of the derivative financial instruments are determined on the basis of the Black-Scholes option pricing model. If possible, parameters observable on the market or derived from market data are used to determine the value. A volatility of 41% is taken into account for the call option and a volatility of 39% for the warrants. The volatilities are based on the volatilities of a comparable group of companies. No major fluctuations in earnings are to be expected with regard to the call option in the future. Because the warrants are based on a listed underlying share, there could be earnings fluctuations in the subsequent years.

LEVEL DISCLOSURES
  December 31, 2023 June 30, 2024
€m Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial instruments not measured at fair value but whose fair value must be disclosed                
ASSETS                
Debt instruments (loans and receivables) at amortized cost (AC)   252   252   260   260
EQUITY AND LIABILITIES                
Bonds 4,958 950   5,908 5,907 962   6,869
Amounts due to banks   304   304   290   290
Other financial liabilities   331   331   172   172
Financial instruments at fair value                
ASSETS                
Debt instruments at fair value through profit or loss (FVTPL) 335     335 387     387
Equity instruments at fair value through profit or loss (FVTPL) 1     1 1 0   1
Equity instruments at fair value through other comprehensive income (FVTOCI) 24     24 28     28
Derivatives with hedge accounting   13   13   32   32
Derivatives without hedge accounting at fair value through profit or loss (FVTPL)   44   44   74   74
Derivatives without hedge accounting (M&A) at fair value through profit or loss (FVTPL)     25 25     30 30
EQUITY AND LIABILITIES                
Derivatives with hedge accounting   19   19   12   12
Derivatives without hedge accounting   97   97   12   12

Compared with December 31, 2023, equity instruments changed as follows:

UNOBSERVABLE INPUTS (LEVEL 3)
  Assets
Equity derivatives
€m 2023 2024
Balance as of January 1 33 25
Profit recognized in the income statement 8 7
Losses recognized in the income statement –16 –2
Balance as of December 31/June 30 25 30

18 Contingent liabilities and other financial obligations

At €1,125 million, contingent liabilities were on a level with the previous year, while the purchase obligation decreased by €35 million compared with December 31, 2023, to €1,482 million.

19 Related-party disclosures

There were no material changes with regard to related parties compared with December 31, 2023.

20 Events after the reporting date/other disclosures

Reforms to Germany’s Postal Act (Postgesetz) entered into force on July 19, 2024. The old Postal Act and its regulations, such as the Universal Postal Services Ordinance (Post-Universaldienstverordnung), the Postal Rate Regulation Act (Post-Entgeltregulierungsverordnung) and the Mail Guarantee Act (Postsicherstellungsgesetz), expired on that date. The new Postal Act contains a changed legal framework for regulating market access, postal rates and network access as well as for combatting market abuse and for protecting postal workers. There are also changes to some of the requirements for nationwide provision of postal services (universal postal service).

Beyond that, there were no reportable events after the reporting date.

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2024 Half-year Report