Record result to say goodbye
(Photo: imago images / sepp spiegl)
Bonn After a past record year, Deutsche Post is already preparing for shrinking profits in 2023. In view of the sharp drop in freight rates in sea and airline transport, the Dax group forecast on Thursday morning earnings before interest and taxes (EBIT) of only six to seven billion euros for the current financial year. As announced last November, the people of Bonn had earned 8.4 billion euros in 2022.
“The slowdown in global growth momentum is also reflected in our earnings outlook,” said Chief Financial Officer Melanie Kreis. “That’s why we’re acting particularly prudently in the first half of 2023 and focusing on our income and cost management.” For 2025, too, EBIT is only expected to be eight billion euros, just as much as the group achieved in 2021.
However, the dividend proposal should cause disappointment on the stock exchange. Although Deutsche Post increased its consolidated profit to 5.4 billion euros and thus exceeded the expectations of the analysts, who had expected an average of only 5.29 billion, there should only be a dividend of 1.85 euros per share. 1.89 to 1.91 euros were expected. However, the board of directors announced that it would expand its share buyback program, which had previously totaled two billion euros, by one billion euros.
The fact that the previously booming parcel business continued to decline should also cause little enthusiasm. Overall, parcel volumes were 8.3 percent below the previous year. Since the mail business stagnated at the same time, the division’s EBIT fell sharply in the past year from 1.7 to 1.3 billion euros.
In addition to the cost increases due to higher energy prices, there could be further negative effects in the current financial year. This Thursday, the Verdi services union wants to publish the result of its ballot on the current wage round. If at least 75 percent of its members support it, there will be a strike at Germany’s letter and parcel carriers in the coming weeks. Verdi is demanding a wage increase of 15 percent for employees.
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