Q3 2020 PRELIMINARY RESULTS
OCTOBER 7TH 2020
Q3 2020: Preliminary Divisional EBIT and main drivers
EBIT, in €m | Q3 19 | Q3 20 | t/o €300 one-time | |||
Prelim. | bonus | |||||
Also includes €-45m from new multi-year tariff deal; EBIT growth | ||||||
P&P | 304 | 320 | -50 | |||
driven by Parcel growth, cost containment and pricing measures | ||||||
All major regions back to growth, reflecting continued B2C strength | ||||||
Express | 454 | 750 | -35 | |||
and B2B recovery | ||||||
AFR gross profit margins remain strong due to unusually tight market | ||||||
DGFF | 124 | 155 | -15 | |||
conditions, although less pronounced than in Q2 | ||||||
EBIT recovering from Q2 trough as customer sites gradually | ||||||
DSC | 162 | 110 | -55 | |||
ramp back up | ||||||
Significant e-commerce growth drives increased network utilization | ||||||
DeCS | 6 | 75 | -10 | |||
and profitability across international Parcel portfolio | ||||||
Corp. | -108 | -40 | -5 | Includes StreetScooter revaluation impact of €+40m in Q3 2020 | ||
Func. | ||||||
Group | 942 | 1,370 | ||||
-170 | Group Q3 2020 FCF: >€1bn | |||||
EBIT | ||||||
Q3 2020 PRELIMINARY RESULTS | DEUTSCHE POST DHL GROUP | 07 OCTOBER 2020 | 2 |
2020 EBIT guidance: Update
in € bn
EBIT | 2020 |
Group | 4.1-4.4 (from 3.5-3.8) |
P&P | ~1.5 |
DHL | 3.3-3.6 (from 2.8-3.1) |
Corp. Functions | ~ -0.7 (from ~0.75) |
Reported EBIT includes:
- ~ €-270m related to one-time bonus payment (Q3, ~ €-170m) & asset impairments (Q2, €-99m)
- One-timecosts related to non-core business (StreetScooter, ~ €-350m)
2020 | |
FCF | >1.8 (from ~1.4) |
Gross Capex | ~2.9 |
(excl. leases) | |
Tax Rate | 22-24% |
FCF and Capex guidance includes ~ €300m Express intercontinental fleet renewal (B777) and ~ €-170mone-time bonus payment
Q3 2020 PRELIMINARY RESULTS | DEUTSCHE POST DHL GROUP | 07 OCTOBER 2020 | 3 |
2020 Guidance: What is factored in (update)
GROUP EBIT guidance: €4.1-4.4bn,including | ||||
- €-99m asset impairments (Q2 2020) | ||||
- ~ €-170mone-time bonus payment (Q3 2020) | ||||
- ~ €-350m StreetScooter | ||||
4,720-5,020 | ||||
-270 | 4,100-4,400 | |||
4,128 | 4,048 | +670-970 | -350 | |
-80 | +17-24% | |||
growth |
FY 2019 | 2019 One-offs& 2019 excl. One-offs | 2020e Operating | 2020e excl. One- | 2020e | 2020e | FY 2020e | |
Reported EBIT | StreetScooter* | & StreetScooter | Performance | offs & StreetScooter | One-offs** | StreetScooter | Reported EBIT |
*2019 One-offs: €+426m DSC China disposal, €-151m DSC restructuring costs, €-80m DeCS restructuring costs, €-115m StreetScooter
**2020 One-offs: ~ €-170mone-time bonus payment (Q3); €-99m asset impairments triggered by lockdown (Q2)
Q3 2020 PRELIMINARY RESULTS | DEUTSCHE POST DHL GROUP | 07 OCTOBER 2020 | 4 |
2022 Guidance: Confirmed as updated on July 7th, 2020
Post-Covid Recovery | 2022 EBIT |
V-shape | > €5.3bn |
U-shape | ~ €5.1bn |
2020-22 cumulative
FCF€5.0 - 6.0bn
Gross Capex | €8.5 - 9.5bn |
(excl. leases) | |
L-shape | ~ €4.7bn |
Q3 2020 PRELIMINARY RESULTS | DEUTSCHE POST DHL GROUP | 07 OCTOBER 2020 | 5 |
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.
Q3 2020 PRELIMINARY RESULTS | DEUTSCHE POST DHL GROUP | 07 OCTOBER 2020 | 6 |
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Deutsche Post AG published this content on 07 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2020 15:29:06 UTC