2014 annual report
WHEN YOU
 THINK OF 
 LOGISTICS

2 — 11
THINK DEUTSCHE POST DHL
WE WANT YOU 
 TO THINK 
 OF US.

A
GROUP MANAGEMENT ­REPORT 19 — 102
21	
General Information 
42	
Report on Economic Position 
70	
Deutsche Post Shares 
73	
Non-Financial Figures 
85	
Post-Balance-Sheet Date Events
86	
Opportunities and Risks 
97	
Expected Developments
 B
CORPORATE GOVERNANCE
103 — 130
105	 Report of the Supervisory Board 
109	 Supervisory Board 
110	 Mandates
111	 Corporate Governance Report
 C
CONSOLIDATED  
­FINANCIAL STATEMENTS
131 — 214
133	 Income Statement
134	 Statement of Comprehensive Income
135	 Balance Sheet
136	 Cash Flow Statement
137	 Statement of Changes in Equity
138	 Notes to the Consolidated Financial Statements
213	 Responsibility Statement
214	 Independent Auditor’s Report
 D
FURTHER INFORMATION
215 — 224
217	 Index
218	 Glossary
219	 Graphs and Tables
220	 Locations
222	 Multi-Year Review
224	 Contacts
224	 Publication Service
224	 Financial Calendar
  Cross-references 
  Websites
 THINK
DEUTSCHE POST DHL
2 — 11
Wherever, whatever, whenever and however you want  
to send or receive an item.
TO OUR SHAREHOLDERS
12 — 15
 “Ten reasons why  
I’m proud of  
Deutsche Post DHL 
Group.”
Dr Frank Appel 
Chief Executive Officer
BOARD OF MANAGEMENT
16 — 17
OUR BUSINESS
I — II
The postal service for Germany. 
The logistics company for the world.
SELECTED KEY FIGURES
18
Deutsche Post DHL Group — 2014 Annual Report
Contents
1

NO MATTER 
HOW MUCH 
YOU WANT
Online shoppers look forward to 
receiving their new purchases quickly. 
That’s why DHL delivers orders six 
days a week. Once collected from the 
retailer, DHL processes the items 
­directly. Parcels sent via DHL generally 
arrive at your door on the very next 
workday.
Deutsche Post DHL Group — 2014 Annual Report
2

AND WHAT 
INTERESTS YOU
The Track & Trace service, available via 
the DHL app or website, allows you 
to check the status of your item at any 
time, and with our parcel notification 
and preferred-day services you can 
receive free notification of the delivery 
date via text message or e-mail and 
select the day on which you wish to 
receive your parcel.
 THINK 
  ONLINE
Deutsche Post DHL Group — 2014 Annual Report
3

THINK  
  FLEXIBLE
WHERE  
YOU ARE
In Germany, people can send and 
receive parcels day and night at 
2,750 Packstations in over 1,600 cities 
and communities – that’s more than 
280,000 parcel compartments. The first 
Packstations are also already being 
installed in other European countries.
Deutsche Post DHL Group — 2014 Annual Report
4

AND WHEN 
YOU HAVE TIME
The online supermarket Allyouneed.com 
allows you to shop conveniently online 
and have fresh groceries delivered to 
your door. At no extra charge, you can 
choose to have DHL’s courier service 
deliver your order right away or in 
selectable time slots in the evening 
on the same day.
Deutsche Post DHL Group — 2014 Annual Report
5

ON WHOM 
YOU CAN RELY 
DHL is the Official Logistics Partner of 
Canada-based Cirque du Soleil, globally 
known for its spectacular and breath­
taking live performances. DHL provides 
event logistics support for the world-­
touring live shows, assisting with trans­
port between event locations as well 
as many other requirements.
Deutsche Post DHL Group — 2014 Annual Report
6

THINK  
  SPECIALISED
AND WHICH 
GOALS YOU ARE 
PURSUING
Formula E stands for sustainable 
techno­logies, teamwork and innovation. 
DHL not only transports the electric 
racing cars, its environmentally friendly 
logistics solutions also take care of all 
the associated equipment. The series is 
made up of nine races over ten months.
Deutsche Post DHL Group — 2014 Annual Report
7

THINK  
  GLOBAL
WHETHER 
YOU LOVE 
THE COUNTRY
Deutsche Post DHL Group operates in 
more than 220 countries and territories, 
and more than 480,000 employees work 
for us around the world. This global 
network offers you customised logistics 
solutions no matter where you are in 
the world.
Deutsche Post DHL Group — 2014 Annual Report
8

OR CALL 
A MEGACITY 
HOME
Growing cities and emerging markets 
require new logistics solutions. DHL 
is investing constantly in the network, 
adding, for instance, new facilities in 
the Middle East and North Africa region.
Deutsche Post DHL Group — 2014 Annual Report
9

10
NO MATTER 
HOW URGENT IT 
MIGHT BE
DHL is looking into ways to deliver urgent 
items quickly and reliably in inner cities. 
In New York, Los Angeles and London, 
we offer a helicopter service to deliver 
time-critical documents, primarily for 
bank customers.
Deutsche Post DHL Group — 2014 Annual Report
10

11
 THINK  
  INNOVATIVE
AND WHAT 
THE FUTURE 
MIGHT BRING
In the autumn of 2014, on the island 
of Juist which lies off the North Sea 
coast of Germany, DHL launched a 
globally unique test project. The DHL 
Parcelcopter is the first unmanned 
aircraft to take flight in line operations, 
delivering parcels from the mainland 
to a chemist on the island as part of an 
express and emergency supply service.
Deutsche Post DHL Group — 2014 Annual Report
11

DR FRANK APPEL
Chief Executive Officer
Deutsche Post DHL Group — 2014 Annual Report
12

“Ten reasons why  
I’m proud of  
Deutsche Post DHL 
Group.”
DR FRANK APPEL
1  WE CAN LOOK BACK PROUDLY OVER A RICH HISTORY. The first postal services in Germany 
were introduced 525 years ago. With DHL Express we created the international express business 
nearly 50 years ago. Around 200 years ago Danzas − which became DHL Global Forwarding, 
Freight − laid the cornerstone of the modern freight forwarding business. Moreover, our DHL Supply 
Chain division has redefined logistics and developed innovative approaches for supply chains time 
and again. This history not only demonstrates that we have tradition of which we can be proud, but 
also that we rise to new challenges – often assuming the role of the initiator of change ourselves.
2  WE HAVE THE COURAGE TO DO THE RIGHT THING AT THE RIGHT TIME. Change demands 
strength and can sometimes also be painful. I remember our retraction from the US domestic 
express business in 2009 only too well. Today, we continue to face many challenges. For years, our 
Mail business has been experiencing a structural shift towards digital communication. Falling mail 
volumes and rising costs require new solutions. Our Supply Chain business is being reorganised 
to take better advantage of our size. In our Global Forwarding business unit, we are in the midst 
of a fundamental transformation. With our strategic project, New Forwarding Environment, 
we are redefining how we work – and are, once again, more than ready to do what has to be done 
to secure our competitiveness and profitability for the long term.
3  WE HAVE A SOUND CORPORATE STRATEGY. The title of this annual report is intrinsic to our 
strategy: when people think logistics, we want them to think Deutsche Post DHL Group. It’s an 
ambitious goal. Our “Strategy 2020: Focus.Connect.Grow.” underscores our goal of becoming the 
company that defines the logistics industry. In recent years we have made enormous strides as we 
work towards becoming the provider of choice for customers, the employer of choice for our staff 
and an attractive investment for shareholders. We aim to build on these successes and continue 
to grow. Increasing digitalisation, booming e-commerce and momentum in the emerging countries 
number amongst the most important drivers of our business.
Deutsche Post DHL Group — 2014 Annual Report
To our Shareholders
13

4  WE HAVE UNPARALLELED CAPABILITIES. We are the number one provider of mail and parcel 
services in Germany and among the top providers for leading air and ocean freight logistics. DHL 
Express is the world’s most international business, while our Supply Chain business is the largest 
provider of third-party logistics solutions globally. We are who we are as a result of our dedication 
and commitment.
5  WE HAVE A GREAT CUSTOMER VALUE PROPOSITION. We invest in our network and expand it 
where transport volumes are increasing. Our aim is to be internationally renowned not only as a 
highly customer-centric company but also as leaders in quality. The fact that customer satisfaction 
with our products and services is continuously rising in all divisions shows that we are achieving 
this goal. Our mail transit times and parcel business are amongst the best in Europe. Furthermore, 
the Net Promoter Approach allows DHL customers to rate our services immediately, which, in turn, 
makes it possible for us to continuously turn feedback into improvements.
6  WE HAVE PIONEERING IDEAS. Another strength of Deutsche Post DHL Group is our tremendous 
willingness to innovate. In the Post - eCommerce - Parcel division, this is evident in our E-POST 
products, parcel recipient services, our own online shopping portal and the parcelcopter. In the 
Express division, we have developed the Certified International Specialist training programme for 
our employees − and will now launch the initiative throughout the Group. In the Global Forwarding, 
Freight division, we expanded our portfolio of multimodal and temperature-controlled transport, 
whilst in the Supply Chain division, our focus remains on developing innovative services for key 
sectors such as Life Sciences & Healthcare. Our innovations are more than just new ideas. To us, 
innovation is also about being willing to change things and continuously improve the way we work.
7  WE ARE CONSTANTLY  IMPROVING. For years now, establishing the First Choice methodology 
of continuous improvement within our organisation has been part of corporate strategy. Beyond 
its tools and methodologies, the First Choice Way epitomises our ambitious goal of striving for 
improvement every day.
8  WE DELIVER GOOD RESULTS. Deutsche Post DHL Group reached the targets it had set for 
financial year 2014. Although the global economy only registered cautious growth overall, the 
Group’s revenue, EBIT and operating cash flow all increased. The German parcel business and the 
inter­national express business continued to generate dynamic growth. Earnings in the Supply 
Chain division likewise benefited from a high level of new business and continuing restructuring 
Deutsche Post DHL Group — 2014 Annual Report
14

programmes, whereas margin pressure and transformation costs had a noticeable impact on the 
Global Forwarding, Freight division. Overall, we achieved positive results and our shareholders 
should benefit from this. At the Annual General Meeting we shall propose a dividend of €0.85 
per share for 2014. Forecasts for 2015 indicate that the global economy will continue to experience 
regional variations and only demonstrate moderate growth on the whole. We expect consolidated 
EBIT to reach €3.05 billion to €3.20 billion in financial year 2015. The Post - eCommerce - Parcel 
division is likely to contribute at least €1.3 billion to this figure. Compared with the previous year, 
we expect an additional improvement in overall earnings to €2.1 billion to €2.25 billion in the DHL 
divisions. The Corporate Center / Other result is projected to remain at around €−0.35 billion. 
The earnings forecast that we presented for 2016 remains unchanged. 
“We reached the targets 
we set for 2014.”
9  WE HAVE COMMITTED PEOPLE. More than 480,000 people work for Deutsche Post DHL 
Group around the world. That makes us one of the largest employers and trainers – a responsibility 
of which I am more than conscious. For this reason, I am all the more pleased that it’s not only 
our customers who are increasingly satisfied with our performance, it’s also our employees. We 
systematically survey our employees across the entire Group on an annual basis. During the past 
six years, favourable answers to the key performance indicator, Employee Engagement, has risen 
from 61 % to 72 %. Our employees are not only committed to their workplace, but to their commu­
nities as well. The high number of participants in our annual Global Volunteer Day demonstrates 
their deep commitment to voluntary work. It is also wonderful to see our employees donate to 
help their colleagues in need.
10  WE SERVE A GREATER PURPOSE. Everything we do brings people closer together − through 
mail and parcel deliveries, express shipments, goods transported by road, rail, air and ocean, 
and the warehouses we operate. We connect people, and in doing so, improve their lives. This is 
our commitment – no more and no less. Indeed, it’s one of the many reasons why I’m proud of 
Deutsche Post DHL Group.
Deutsche Post DHL Group — 2014 Annual Report
To our Shareholders
15

From left to right:
KEN ALLEN
Express
Born in 1955
Member since February 2009 
Appointed until February 2017
JÜRGEN GERDES
Post - eCommerce - Parcel
Born in 1964
Member since July 2007 
Appointed until June 2020
MELANIE KREIS
Human Resources
Born in 1971
Member since October 2014
Appointed until October 2017
JOHN GILBERT 
Supply Chain
Born in 1963
Member since March 2014
Appointed until March 2017
DR FRANK APPEL
Chief Executive Officer  
(from 2 July 2014  
until 30 October 2014  
additionally in charge  
of Human Resources)
Born in 1961 
Member since November 2002, 
CEO since February 2008 
Appointed until October 2017
LAWRENCE ROSEN
Finance,  
Global Business Services
Born in 1957
Member since September 2009 
Appointed until August 2017
ROGER CROOK
Global Forwarding,  
Freight
Born in 1957
Member since March 2011
Appointed until March 2019
Left the company  
during the reporting year:
BRUCE EDWARDS
Supply Chain
Born in 1955
Member from March 2008 until 10 March 2014
ANGELA TITZRATH
Human Resources
Born in 1966
Member from May 2012 until 1 July 2014
Deutsche Post DHL Group — 2014 Annual Report
16

Deutsche Post DHL Group — 2014 Annual Report
17
Board of Management

Deutsche Post is Europe’s largest mail services operator and market leader in the German mail and parcel market. 
Its ­port­folio ranges from mail and parcel delivery to secure electronic communication and dialogue marketing for private 
and business ­customers.
The postal service for Germany.
Post - eCommerce - Parcel 
BUSINESS UNITS  
AND PRODUCTS
Post
Mail products
Advertising mail
Press products
Import/export
Philately
Postbus
eCommerce - Parcel
Domestic parcel services
Cross-border shipment of goods
Fulfilment services
Special services
CUSTOMERS 
40.6 million households
3.7 million business customers
2.0 million retail outlet customers 
per day
NETWORK 
IN ­GERMANY
82 mail centres
33 parcel centres
2,750 Packstations
Around 29,000 retail outlets /  
points of sale
About 64 million letters 
per ­working day
More than 3.4 million parcels 
per working day
OUR APPS
A large number of the services we offer in Germany 
and, to some extent, in other domestic markets, are 
also ­accessible via mobile devices.  
The coach service 
for Germany
In the first year of oper­
ation, around 60 Postbus 
coaches have travelled 
more than 12.4 million 
kilometres. They connect 
over 60 destinations across 
Germany. We rely primarily 
on quality, convenience 
and safety as well as on 
an attractive line network.  
Sicher online 
kommunizieren
Rechnungen 
mit zwei Klicks 
bezahlen
Online auf 
Dokumente zugreifen  
und organisieren
Tägliche Post 
digital empfangen
Sich im Internet 
ausweisen
„Verbindet, was mein 
Leben einfacher 
macht.“
Nutzen Sie epost.de
E-Post organisiert, denkt mit, erledigt.
Vereinfacht Ihr Leben, damit mehr Zeit  
für die wirklich wichtigen Dinge bleibt.
Jetzt registrieren unter epost.de.
NEW CAMPAIGN FOR E-POST
With E-POST, communication processes become digital, easier, faster and more cost 
efficient – personally and professionally. Together E-POSTBRIEF, digitisation solutions, 
end-to-end encryption, ­hybrid delivery and value-added services optimally cover 
the requirements of all ­customer groups.
Post Mobil
E-POST
SIMSme
DHL Paket
Mein Paket
Das Magazin
MEIN
PAKET
Allyouneed
OUR BUSINESS
I

DHL is the leading global brand in the logistics industry. DHL’s family of divisions offer an unrivalled portfolio of logistics services 
ranging from national and international parcel delivery, international express, road, air and ocean transport to industrial supply 
chain management.
The logistics company for the world.
Express
Global Forwarding, 
Freight
Supply Chain
PRODUCTS 
Time Definite
Same Day
Day Definite
﻿REGIONS 
Europe
Americas
Asia Pacific
MEA (Middle East and Africa)
NETWORK
More than 220 countries and territories
More than 500 airports
3 main global hubs
More than 45,000 Service Points
More than 250 dedicated aeroplanes
32,800 vehicles
2.5 million customers
BUSINESS UNITS  
AND PRODUCTS
Global Forwarding
Air freight
Ocean freight
Industrial projects
Freight
Full truckload
Part truckload
Less than truckload
Intermodal transport
﻿REGIONS 
Global Forwarding
More than 150 countries  
and territories
Freight
More than 50 countries in 
­Europe, the CIS, the Middle East, 
North ­Africa and the USA
LOCATIONS 
Global Forwarding
More than 850 branches
Freight
More than 180 branches
BUSINESS UNITS  
AND PRODUCTS
Supply Chain
Warehousing
Distribution
Managed transport
Value-added services
Supply Chain management 
and ­consulting
Williams Lea
Marketing Solutions
Office Document Solutions
Customer Correspondence  
Management
﻿REGIONS
North America
Latin America
Asia Pacific
United Kingdom & Ireland
Mainland Europe, Middle East,  
Africa
LOGISTICS 
­NEWSROOM
  www.logistics-newsroom.com
DHL BLOG
  www.delivering- 
tomorrow.com
Deutsche Post DHL Group — 2014 Annual Report
II

01 SELECTED KEY FIGURES
EBIT+3.5%
Profit from operating activities.
2014: €2,965 million  
(previous year, adjusted: €2,865 million)
EMPLOYEES
488,824
Headcount at the end of 2014.
(Previous year, adjusted: 479,690)
CONSOLIDATED NET PROFIT  
FOR THE PERIOD
2014
  €2,071 million
2013
  €2,091 million
After deduction of non-controlling interests.
EARNINGS PER SHARE
2014
  € 1.71
2013
  € 1.73
Basic earnings per share.
REVENUE 2014
€56,630 million
(Previous year, adjusted: €54,912 million) 
DIVIDEND PER SHARE
2014
  €0.85 1
2013
  €0.80
RETURN ON SALES 2014
5.2%
(Previous year: 5.2%)
1	 Proposal.
 
 
2013 
adjusted 1
2014 
+ / – % 
Q 4 2013 
adjusted 1
Q 4 2014 
+ / – % 
Revenue
€ m
54,912
56,630
3.1
14,450
15,365
6.3
Profit from operating activities (EBIT)
€ m
2,865
2,965
3.5
888
905
1.9
Return on sales 2
%
5.2
5.2
–
6.1
5.9
–
EBIT after asset charge (EAC)
€ m
1,501
1,551
3.3
–
–
–
Consolidated net profit for the period 3
€ m
2,091
2,071
–1.0
772
640
–17.1
Free cash flow
€ m
1,669
1,345
–19.4
1,128
1,114
–1.2
Net debt 4
€ m
1,499
1,499
0.0
–
–
–
Return on equity before taxes
%
26.7
26.3
–
–
–
–
Earnings per share 5
€
1.73
1.71
–1.2
0.64
0.53
–17.2
Dividend per share
€
0.80
0.85 6
6.3
–
–
–
Number of employees 7
 
479,690
488,824
1.9
–
–
–
1	
 Note 4.
2	 EBIT­/ revenue.
3	 After deduction of non-controlling interests.
4	 Calculation 
 Group Management Report, page 60.
5	 Basic earnings per share.
6	 Proposal.
7	 Headcount at the end of the year, including trainees.
18

A
A  GROUP MANAGEMENT REPORT
19 —  102
GROUP MANAGEMENT 
­REPORT

A
GROUP MANAGEMENT ­REPORT
	21	 GENERAL INFORMATION
	21	
Business model and organisation
	24	
Business units and market positions
	30	
Objectives and strategies
	35	
Group management
	37	
Disclosures required by takeover law
	41	
Remuneration of the Board of Management and the Supervisory Board
	41	
Research and development
	42	 REPORT ON ECONOMIC POSITION
	42	
Overall Board of Management assessment of the economic position
	42	
Forecast / actual comparison
	43	
Economic parameters
	47	
Significant events
	47	
Results of operations 
	50	
Financial position
	59	
Net assets
	61	
Business performance in the divisions
	70	 DEUTSCHE POST SHARES
	73	 NON-FINANCIAL FIGURES
	73	
Employees
	77	
Health and safety
	78	
Corporate responsibility
	80	
Procurement
	81	
Customers and quality
	84	
Brands
	85	 POST-BALANCE-SHEET DATE EVENTS
	86	 OPPORTUNITIES AND RISKS
	86	
Overall Board of Management assessment of opportunity and risk situation
	86	
Opportunity and risk management processes
	90	
Categories of opportunities and risks
	97	 EXPECTED DEVELOPMENTS
	97	
Overall Board of Management assessment of the future economic position
	97	
Forecast period
	97	
Future organisation
	98	
Future economic parameters
	100	
Revenue and earnings forecast
	101	
Expected financial position
	102	
Development of further indicators relevant for internal ­management

GENERAL INFORMATION
Deutsche Post DHL Group is the world’s leading mail and logistics services provider. The 
Deutsche Post and DHL corporate brands represent a one-of-a-kind portfolio of logistics 
(DHL) and communications (Deutsche Post) services. We provide our customers with both 
­easy-to-use standardised products as well as innovative and tailored solutions ranging 
from dialogue marketing to industrial supply chains. More than 480,000 employees in over 
220 countries and territories form a global network focused on service, quality and sustain-
ability. With programmes in the areas of environmental protection, disaster management 
and education, we are committed to social responsibility.
Business model and organisation
Four operating divisions
Deutsche Post AG is a listed corporation domiciled in Bonn, Germany. The Group is 
organised into four operating divisions, each of which is under the control of its own 
divisional headquarters and subdivided into business units for reporting purposes.
We are the only provider of universal postal services in Germany. Our Post - 
­eCommerce - Parcel division handles both domestic and international mail and we are 
specialists in dialogue marketing, nationwide press distribution services and all the elec-
tronic services associated with mail delivery. Outside Germany, we also offer ­domestic 
parcel services in other markets and we are constantly expanding our portfolio of 
cross-border parcel and goods shipping services.
Our Express division offers time-definite courier and express services to business 
and private customers in more than 220 countries and territories, the most compre-
hensive network in the world.
Our Global Forwarding, Freight division handles the transport of goods by rail, 
road, air and sea, with services extending from standardised container transport to 
highly specialised end-to-end solutions for industrial projects and solutions tailored 
to specific sectors.
Our Supply Chain division delivers customised logistics solutions to its customers 
based on globally standardised modular components including warehousing, transport 
and value-added services. Moreover, through Williams Lea, we offer specialised Busi-
ness Process Outsourcing (BPO) and marketing communications solutions tailored to 
customers’ needs.
We consolidate the internal services that support the entire Group, including 
­Finance, IT, Procurement and Legal, in our Global Business Services (GBS). This allows 
us to make even more efficient use of our resources whilst reacting flexibly to the rapidly 
changing demands of our business and our customers.
Group management functions are centralised in the Corporate Center.
  Glossary, page 218
Deutsche Post DHL Group — 2014 Annual Report
21
Group Management ­Report — General Information — Business model and organisation

Changes in Board of Management
On 11 March 2014, the Supervisory Board appointed John Gilbert as Board Member 
­responsible for the Supply Chain division. He succeeded Bruce Edwards, who stepped 
down from the Board of Management on 10 March 2014 but continued to act in an 
advisory capacity for the company until his retirement on 30 September 2014.
Angela Titzrath resigned from the Board of Management on 2 July 2014. On 31 Oc-
tober 2014, Melanie Kreis was appointed as Board Member for Human Resources and 
as Labour Director. In the interim period, Chief Executive Officer Dr Frank Appel 
­assumed the corresponding responsibilities in a dual role.
Organisation in the board departments for Post - eCommerce - Parcel  
and Human Resources adjusted
At the beginning of 2014, parts of the domestic parcel business outside Germany were 
consolidated in the Mail division, which was renamed Post - eCommerce - Parcel (PeP) 
as part of the Group’s strategic development. This business was previously part of the 
Express and Global Forwarding, Freight divisions.
The Human Resources board department was reorganised effective 1 October 2014 
in line with Strategy 2020. It now comprises the following corporate departments: 
Corporate HR Germany, Corporate HR Standards & Programs and Corporate HR 
Inter­national. The divisional HR functions and the HR Finance, GBS, CSI and CC func-
tion continue to report to the Board member for Human Resources. The Corporate 
­Executives corporate department was assigned to the board department of the Chief 
Executive Officer.
A.01	 Organisational structure of Deutsche Post DHL Group
Corporate Center
Divisions
CEO
Finance, Global  
Business Services
Human Resources
Post -  
eCommerce -  
Parcel
Express
Global 
­Forwarding, 
Freight
Supply Chain
Board member
•	Dr Frank Appel 
Functions
•	Board Services
•	Corporate First Choice
•	Corporate Legal
•	Customer Solutions & 
Innovation
•	Corporate Office
•	Corporate 
­Development
•	Corporate Executives
•	Corporate Heritage & 
Industry Associations
•	Corporate 
­Communications & 
Responsibility
•	Corporate Public 
Policy & Regulation 
Management
Board member
•	Lawrence Rosen 
Functions
•	Corporate 
­Accounting & 
­Controlling
•	Corporate Finance
•	Global Business 
­Services: Procure-
ment, Real Estate, 
Finance Operations, 
Legal Services etc.
•	Investor Relations
•	Corporate Audit & 
Security
•	Taxes
Board member
•	Melanie Kreis 
Functions
•	Corporate HR Germany
•	Corporate HR 
­Standards & Programs
•	Corporate HR 
­International
•	HR Post - eCommerce - 
Parcel
•	HR Express
•	HR Global Forwarding, 
Freight
•	HR Supply Chain
•	HR Finance, GBS, CSI, CC
Board member
•	Jürgen Gerdes
Business units
•	Post
•	eCommerce - 
Parcel
Board member
•	Ken Allen
Regions
•	Europe
•	Americas
•	Asia Pacific
•	MEA (Middle 
East and 
Africa)
Board member
•	Roger Crook
Business units
•	Global 
­Forwarding
•	Freight
Board member
•	John Gilbert
Business units
•	Supply Chain
•	Williams Lea
 
Deutsche Post DHL Group — 2014 Annual Report
22

A presence that spans the globe
Deutsche Post DHL Group operates around the world. The map shows our most import­
ant locations.
Table A.02 provides an overview of market volumes in key regions. Our market 
shares are detailed in the business units and market positions chapter.
A.02	 Market volumes 1
Global
Air freight (2013): 25m tonnes 2
Ocean freight (2013): 34m TEU s 3
Contract logistics (2013): €168bn 4
International express market (2013): €20bn 5
Asia Pacific
Air freight  
(2013): 12.4m tonnes 2
Ocean freight (2013):  
19.9m TEU s 3
Contract logistics  
(2013): €51.9bn 4
International 
express market  
(2013): €6.5bn 5
Europe
Air freight  
(2013): 4.5m tonnes 2
Ocean freight  
(2013): 5.1m TEU s 3
Contract logistics  
(2013): €61.7bn 4
International  
express market  
(2013): €6.0bn 5
Road transport  
(2013): €165bn 7
Middle East / Africa
Air freight  
(2013): 1.4m tonnes 2
Ocean freight  
(2013): 2.7m TEU s 3
Contract logistics  
(2013): €4.8bn 4
Germany
Mail communication (2014): €4.6bn 6
Dialogue marketing (2014): €17.0bn 6
Parcel (2014): €8.8bn 6
Americas
Air freight 
(2013): 6.4m tonnes 2
Ocean freight 
(2013): 6.2m TEU s 3
Contract logistics  
(2013): €49.7bn 4
International  
express market  
(2013): €7.2bn 5
1	 Regional volumes do not add up to global volumes due to rounding.
2	 Data based solely on export freight tonnes. Source: Copyright © IHS, 2014. All rights reserved.
3	 Twenty-foot equivalent units; estimated part of overall market controlled by forwarders.  
Data based solely on export freight tonnes. Source: Copyright © IHS, 2014. All rights reserved.
4	 Source: Transport Intelligence.
5	 Includes express product Time Definite International. Country base: America, Europe, Asia Pacific, AE, SA, ZA (Global);  
BR, CA, CL, CO, CR, GT, MX, PA, PE, US (Americas); AT, DE, DK, ES, FR, IT, NL, RU, TR, UK (Europe); CN, HK, IN, JP, KR, SG (Asia Pacific). 
Source: Market Intelligence, 2014, annual reports and desk research.
6	 Company estimates.
7	 Country base: AT, BE, CZ, DE, DK, ES, FI, FR, HU, IT, NL, NO, PL, PT, SE, SI, SK, UK.  
Source: MI Study DHL 2014 (based upon Eurostat, financial publications, IHS Global Insight.
  Further information, page 220 f.
  Page 24 ff.
Deutsche Post DHL Group — 2014 Annual Report
23
Group Management ­Report — General Information — Business model and organisation

Business units and market positions
POST - ECOMMERCE - PARCEL DIVISION
The postal service for Germany
As Europe’s largest postal company, we deliver about 64 million letters every working 
day in Germany. We offer all types of products and services to both private and business 
customers, ranging from physical, hybrid and electronic letters and merchandise to 
special services such as cash on delivery, registered mail and insured items. Our E-POST 
product provides a secure, confidential and reliable platform for electronic communi-
cation. It allows companies, public authorities and private individuals to send secure 
communications whilst reducing processing costs.
In the reporting year, the domestic market for business communications was 
approx­imately €4.6 billion (previous year: €4.5 billion). In order to accurately reflect 
actual market conditions, we look at the competition-relevant business customer mar-
ket and include those companies that provide services to business customers, i. e., both 
competitors with end customers as well as consolidators who offer partial services. At 
64.5 %, our market share declined slightly compared with the prior year (64.7 %). As at 
1 January 2014, we raised the price of standard letters from €0.58 to €0.60. The prices 
for registered and forwarded mail were also increased.
Targeted and cross-media advertising
Our portfolio of dialogue marketing products allows advertisers to reach specific cus-
tomer target groups. We offer end-to-end services – from address management to 
conception and creation, to print, shipment, response management and performance 
evaluation. Dialogue marketing is cross-media, personalised and automated. Dialogue 
campaigns can be managed entirely automatically so that digital and physical items 
reach recipients during the same period of time. Our digital services allow companies to 
determine their target groups by analysing the visitors to their websites or online shops.
The German dialogue marketing market comprises advertising mail along with 
telephone and e-mail marketing. In 2014, this market shrank by 1 % to a volume of 
€17.0 billion. Advertisers in industries such as retail have decreased or restructured their 
expenditures. The insolvencies of the publishing house Weltbild and the do-it-yourself 
chain Max Bahr were also felt. Our share of this highly fragmented market increased 
slightly to 13.0 % (previous year: 12.8 %). In the reporting year, we raised the price of our 
Infopost product for the first time in 18 years.
A.03	 Domestic mail communication 
market, business customers, 2014
Market volume: €4.6 billion
 
Source: company estimate.
35.5 %  Competition
64.5 %  Deutsche Post
A.04	 Domestic dialogue 
­marketing ­market, 2014
Market volume: €17.0 billion
 
Source: company estimate.
13.0 %  Deutsche Post
87.0 %  Competition
Deutsche Post DHL Group — 2014 Annual Report
24

Sending mail and parcels internationally
We carry mail and lightweight merchandise shipments across borders and provide in-
ternational dialogue marketing services. We offer international shipping services for 
business customers in key European mail markets and by offering innovative products 
we set ourselves apart from the competition. For example, we are developing inter­
national shipping solutions for consumers (B2C) in the growing e-commerce sector. 
Our port­folio also comprises consulting and services for all physical and digital dia-
logue marketing needs. Furthermore, we offer physical, hybrid and electronic written 
communications for international business customers. Customers outside Germany 
benefit from our expertise and experience in order to do business successfully in the 
German market.
The global market volume for outbound international mail was approximately 
€6.4 billion in 2014 (previous year: €6.7 billion). The decline in lightweight letters and 
press products could only be compensated for in part by the increase in heavier items. 
Our market share declined to 15.1 % compared with the previous year.
Worldwide portfolio of parcel and e-commerce services
At around 29,000 parcel acceptance points in Germany, we offer many innovative par-
cel services via over 13,000 retail outlets, 12,000 Paketshops, 2,750 Packstations and 
around 1,000 Paketboxes. Our customers can choose whether they wish to receive their 
parcels in the evening, on the same day or even as soon as possible. The new parcel 
boxes allow parcels to be securely sent and received from home around the clock. We 
help our business customers to grow their online retail businesses. Our shopping por-
tal, ­MeinPaket.de, provides small and medium-sized retailers with an additional sales 
channel. On request, we can even cover the entire logistics chain through to ­returns 
management. We are ­developing the online food retailing segment at our online super­
market, ­Allyouneed.com, and our 2-Man-Handling offers a solution for delivering 
­furniture ordered online.
The German parcel market volume totalled around €8.8 billion in 2014 (previous 
year: €8.2 billion). We expanded our market share to 43.0 % (previous year: 42.3 %).
In the future, we intend to offer the experience we have gained in e-commerce in 
Germany to many important markets around the world. In Europe, we have, to this end, 
already connected more than 1,000 Paketshops, planned Packstations and introduced 
six-day delivery in the Netherlands. Outside Europe, the well-established business of 
Blue Dart Express in India will provide a foundation for further e-commerce services 
in Asia. In the United States, we are increasingly developing into a service provider for 
the e-commerce industry. We have expanded the existing shipping routes in and out 
of the most important international markets, for example, from Germany, the United 
Kingdom and the United States to China.
A.05	 International mail market 
(outbound), 2014
Market volume: €6.4 billion
 
Source: company estimate.
15.1 %  DHL
84.9 %  Competition
A.06	 Domestic parcel market, 2014
Market volume: €8.8 billion
 
Source: company estimate.
43.0 %  DHL
57.0 %  Competition
Deutsche Post DHL Group — 2014 Annual Report
25
Group Management ­Report — General Information — Business units and market positions

EXPRESS DIVISION
Leading provider of international express services
In the Express division, we transport urgent documents and goods reliably and on time 
from door to door. Our network spans more than 220 countries and territories, in which 
some 80,000 employees provide services to more than 2.5 million customers. As a 
global network operator that applies standardised processes, we are constantly optimis-
ing our service to keep our customer commitments and respond specifically to custom-
ers’ wishes. All of this makes us the leading provider of international express services.
International time-definite shipments are our core business
Our main product is Time Definite International (TDI), which offers pre-defined deliv-
ery services. We also provide industry-specific services to complement this product. Our 
Medical Express transport solution, which is tailored specifically to customers in the 
Life Sciences & Healthcare sector, for example, offers various types of thermal packaging 
for temperature-controlled, chilled and frozen content. These shipments are specially 
monitored due to their sensitive nature. Collect and Return is used predominantly by 
customers in high-tech industries. Technical products are collected from the user, taken 
in for repairs and then returned.
Our virtual airline
As an express service provider, we operate a global network consisting of several airlines, 
some of which we own 100 %. With an annual average of 3.4 million transported tonnes, 
our virtual airline is one of the leading international air freight carriers.
The combination of our own and purchased capacities, which include varied terms 
of contract, allows us to respond flexibly to fluctuating demand. We do not enter into 
long-term capacity obligations until our demand for cargo space exceeds the existing 
offering. We use the available cargo space for our main product TDI for long-term freight 
contracts – block space agreements – and we sell temporary excess capacity on the air 
freight market. The largest buyer of this is the DHL Global Forwarding business unit.
In the reporting year we launched further initiatives to renew our fleet. In Europe 
and the United States in particular, we are replacing aircraft that have reached the end 
of their life cycle with newer aircraft which are more efficient and have higher capacity.
Market leadership in international express business extended
We succeeded again in extending our leading market position in the international 
­express business: at 34 % (previous year: 33 %), we were well ahead of the competition 
in 2013. In financial year 2014, the international express business continued to benefit 
from e-commerce and the growing importance of small and medium-sized enterprises 
in international trade.
  Glossary, page 218
Deutsche Post DHL Group — 2014 Annual Report
26

Expanding the network in the Europe region
With a market share of 41 % (previous year: 40 %) in 2013, we were the leading provider 
of international express shipments in the Europe region. In the reporting year, we com-
pleted the first construction stage of the expansion of our hub in Leipzig. We are also 
investing in our network in the UK: by 2016 we plan to expand our East Midlands hub 
as well as locations in Manchester and Heathrow, amongst others.
Strengthening market presence in the Americas region
In the Americas region, we succeeded in strengthening our market presence. In 2013, 
our market share rose one percentage point to 18 %. This positive development vali-
dates our decision to continue investing in the expansion and automation of our hub 
in ­Cincinnati. We have also expanded our business in Mexico and strengthened our 
­position as the leading logistics service provider in the region with additional invest-
ments in our main hubs and locations.
Supporting growth in Asia
With a market share of 44 % (previous year: 42 %) in the Asia Pacific region, we were able 
to further expand our leading position in the international express market in 2013. In 
response to rising demand, the second half of 2014 saw us break ground for our fourth 
gateway in Tokyo, which will increase our capacity and enhance the standard of our 
services. In addition, since November 2014 we have offered new intra-Asian flights that 
connect Thailand, Vietnam, Malaysia and Hong Kong. In doing so, we are responding to 
the growing business needs of our customers in these areas and reducing delivery times.
Reliable partner in the MEA region
Business in the MEA (Middle East and Africa) region developed positively in the 
­reporting year. The political unrest in the Middle East, central and eastern Africa and 
the Ebola outbreak present on-going challenges. Whilst ensuring the safety of our 
­employees and adhering to legal requirements, we nevertheless maintained our opera-
tions and proved ourselves to be a reliable partner to our customers.
Volume growth requires continued investment in our network. New facilities in 
Saudi Arabia doubled our capacity to serve the region. In Dubai we completed the 
region’s largest express service centre. This supports the expansion of trade relations 
­between both Saudi Arabia and the United Arab Emirates and their most important 
­partners such as China, Japan and the United States. In Egypt, we shall be offering 
­customs clearance services for the first time. In the Sub-Saharan Africa region we 
­increased our presence in the reporting year to well over 3,500 service points. Our 
position there as an established logistics service provider is also evident in the fact that 
relief organisations are ­repeatedly using us as a partner for transport to crisis areas.
A.07	 European international 
­express market, 2013:1, 2 top 4
Market volume: €6.0 billion
 
1	 Includes the TDI express product.
2	 Country base: AT, DE, DK, ES, FR, IT, NL, RU, TR, UK.
Source: Market Intelligence 2014, annual reports 
and desk research.
25 %  UPS
12 %  TNT
10 %  FedEx
41 %  DHL
A.08	 Americas international 
­express market, 2013:1, 2 top 4
Market volume: €7.2 billion
 
1	 Includes the TDI express product.
2 	 Country base: BR, CA, CL, CO, CR, GT, MX, PA, PE, US.
Source: Market Intelligence 2014, annual reports 
and desk research.
32 %  UPS
18 %  DHL
 1 %  TNT
46 %  FedEx
A.09	 Asia Pacific international 
­express market, 2013:1, 2 top 4
Market volume: €6.5 billion
 
1	 Includes the TDI express product.
2	 Country base: CN, HK, IN, JP, KR, SG.
Source: Market Intelligence 2014, annual reports 
and desk research.
20 %  FedEx
11 %  UPS
  4 %  TNT
44 %  DHL
Deutsche Post DHL Group — 2014 Annual Report
27
Group Management ­Report — General Information — Business units and market positions

GLOBAL FORWARDING, FREIGHT DIVISION
The air, ocean and road freight forwarder
The Global Forwarding and Freight business units are responsible for air, ocean and road 
freight transport within the Group. Our freight forwarding services not only include 
standardised transports but also multimodal and sector-specific solutions as well as 
individualised industrial projects.
Our business model is very asset-light, as it is based on the brokerage of transport 
services between our customers and freight carriers. Our global presence ensures net-
work optimisation and the ability to meet the increasing demand for efficient routing 
and multimodal transports.
The leader in a revived air freight market
The global air freight market grew in 2014, whereby volumes increased more signifi-
cantly than capacities. According to IATA, the global airline industry association, world-
wide freight tonne kilometres flown during the reporting year increased by 4.5 %. As 
airlines brought more wide-body passenger aircraft into service, air freight rates saw 
a decline in the first half of the year. In contrast, freighter capacities as a proportion of 
overall capacities decreased to 37.6 % in the reporting year (previous year: 38.5 %), as 
major freight carriers deployed their freighter aircraft more carefully. This situation, in 
conjunction with a strong increase in demand, resulted in increased pressure on ­capacity 
buying rates in the second half of the year. After transporting 2.2 million export freight 
tonnes in the previous year, we remained the air freight market leader in 2014.
Ocean freight market experiences surplus capacities and volatile freight rates
In the international ocean freight market, ocean carriers have put many new, larger 
vessels into operation in recent years. Nevertheless, freight carriers have successfully 
limited the effective supply increase – either by adjusting travel speeds, blank sailings 
or capacity reallocations. Although ocean carriers have implemented higher freight 
rates, they were unable to improve their profitability. As a result, market freight rates 
remained very volatile, above all on the important container routes between Asia and 
Europe. After transporting 2.8 million twenty-foot equivalent units in the previous year, 
we remained the second-largest provider of ocean freight services in the reporting year.
Slight growth in European road freight market
The European road freight market grew slightly in 2014, with estimates between around 
0.5 % and 2.5 % (previous year: –1 % to 1 %). The primary reason for this development 
was above all the stabilised macroeconomic environment in Europe in the first half of 
the year. Nevertheless, the market remains highly competitive. Due to our successful 
service portfolio, DHL was able to slightly outperform market growth in the Freight 
business unit.
A.10	 Air freight market, 2013: top 4
Thousand tonnes 1
 
1	 Data based solely on export freight tonnes.
Source: annual reports, publications 
and ­company estimates.
1,134  Kuehne + Nagel
1,092  DB Schenker
   825  Panalpina
2,215  DHL
A.11	 Ocean freight market, 2013: top 4
Thousand TEU s 1
 
1	 Twenty-foot equivalent units.
Source: annual reports, publications 
and ­company estimates.
2,807  DHL
1,891  DB Schenker
1,495  Panalpina
3,578  Kuehne + Nagel
A.12	 European road transport 
­market, 2013: top 5
Market volume: €165 billion 1, 2
 
1	 Country base: total for 18 European countries, 
excluding bulk and specialities transport.
2	 2012 and 2013 figures have been adjusted 
with respect to the MI study 2013 using 
­current price information.
Source: MI Study DHL 2014 (based on Eurostat, 
financial publications, IHS Global Insight).
1.9 %  DSV
2.6 %  DHL
1.8 %  Dachser
1.2 %  Kuehne + Nagel
3.6 %  DB Schenker
Deutsche Post DHL Group — 2014 Annual Report
28

SUPPLY CHAIN DIVISION
Customer-centric outsourcing solutions in two business units
The Supply Chain division comprises the two business units Supply Chain and 
­Williams Lea. As the world’s leading contract logistics provider, DHL creates a 
­competitive advantage for its customers in the supply chain business by delivering 
­customised logistics solutions based on globally standardised modular components 
including warehousing, transportation and value-added services. In the Williams Lea 
business unit, we offer solutions for digital and document workflow, business support 
services, communications and publishing, brand and marketing services as well as 
­optimised flow of information.
Contract logistics for a complex global marketplace
A highly complex, intertwined and rapidly changing global marketplace is the source 
of unprecedented change for the supply chain industry and its customers. Stand-alone 
warehousing and transportation operations cannot adequately respond to the fast pace 
of business change and growing interconnectedness created by global commerce. Our 
core business in Supply Chain comprises increasingly integrated logistics solutions that 
combine value-added and management services with traditional fulfilment and dis-
tribution offerings. Planning, sourcing, vendor management, production, packaging, 
repairs, returns and recycling are the new norm in contract logistics solutions. Through 
the global standardisation and innovation of offerings such as service logistics, DHL’s 
­Supply Chain business will further solidify its already strong leadership position in 
global ­contract logistics.
A.13	 Logistics and value-added services along the entire supply chain
Raw  
materials
Distribution
Production 
flows
Returns
Inbound 
transport
Outbound 
transport
Warehousing
DHL Supply Chain Services
1
2
3
5
4
6
1  Plan – Laying the foundation  
for an efficient supply chain
2  Source – Getting the materials  
at the time required
3  Make – Supporting product  
manufacturing
4  Store & Customise – Getting it 
ready to sell
5  Deliver – Getting it where it  
needs to be
6  Return – Bringing it back for repair 
or when it’s not needed
 
Strategic market growth for increased market share
DHL remains the global market leader in contract logistics, with a market share of 8 % 
(2013) and operations in more than 50 countries. The market is highly fragmented: the 
top ten players only account for around 21 % of an estimated €168 billion market. We 
lead the market in our key regions of North America, Europe and Asia Pacific and also 
enjoy a very strong position in rapidly growing markets such as Brazil, India, China and 
Mexico. We continue to make significant investments into infrastructure and talent in 
these four key markets, strengthening local capabilities for growth.
A.14	 Contract logistics market, 2013: 
top 10
Market volume: €168 billion
 
Source: Transport Intelligence; figures estimated for 
Rhenus AG and UPS; exchange rates: as at July 2014.
1 %  Norbert Dentressangle
1 %  DB Schenker Logistics
1 %  UPS
1 %  Sankyu Inc
1 %  Rhenus AG
1 %  SNCF Geodis
2 %  Hitachi
2 %  CEVA
2 %  Kuehne + Nagel
8 %  DHL
Deutsche Post DHL Group — 2014 Annual Report
29
Group Management ­Report — General Information — Business units and market positions

Emerging markets increasingly offer growth opportunities for more advanced 
integrated logistics solutions as a result of growing consumerism and an increasing 
demand for complex logistics solutions, above all for global e-commerce. Our global 
scale, standardised value-added services and local knowledge give us a strong position 
in emerging markets.
Industry expertise in key sectors
Customers value the innovation derived from our breadth of experience and depth of 
knowledge in Automotive, Life Sciences & Healthcare, Technology, Consumer, Retail, 
Engineering & Manufacturing, Energy and ­Chemicals.
Specialised sector solutions with a global focus on Life Sciences & Healthcare, Tech-
nology and Automotive will allow us to capitalise on market opportunities and accel-
erate growth.
The Life Sciences & Healthcare sector is increasingly outsourcing components of its 
supply chains in response to cost and consolidation pressure. To meet our customers’ 
demands, we have developed solutions to comply with the high regulatory requirements 
of this growth industry including direct and temperature-controlled transport. Demand 
for service logistics and a variety of value-added services is increasing in the Technology 
sector, creating business opportunities in both mature and emerging markets. In our 
Automotive focus sector, production is shifting increasingly to emerging markets such as 
China, India and Brazil, in which we already have a strong presence and targeted invest-
ment plans. Management services such as lead logistics provider (LLP) provide sustainable 
growth opportunities in this highly competitive outsourcing sector.
Objectives and strategies
CORPORATE STRATEGY
Strategy 2015 implemented successfully
Since 2009, our Strategy 2015 has formed the Group-wide framework within which 
we pursue three goals: we want to become the provider of choice for customers, the 
­employer of choice for our staff and an attractive investment for shareholders. Further-
more, we are committed to social responsibility. In the reporting year, we again made 
important progress towards these goals. This is also reflected in customer satisfaction 
rates, the results of our annual Employee Opinion Survey as well as the development of key 
financial figures. Therefore, we feel it is the right time to set the course for future growth 
and set the stage for further long-term success.
  Glossary, page 218
  Customers and quality, page 81 ff.
  Employees, page 73
  Earnings, page 47 ff.
Deutsche Post DHL Group — 2014 Annual Report
30

Introducing Strategy 2020: Focus.Connect.Grow.
Announced in April 2014, “Strategy 2020: Focus.Connect.Grow.” underscores 
Deutsche Post DHL Group’s goal of becoming the company that defines the logistics 
industry. We have outlined our strategic priorities for the coming years, providing fresh 
impetus and at the same time continuing on the path we forged with Strategy 2015. We 
aim to build on these successes and further accelerate our growth.
As a result of the timely preparations we undertook to accommodate changes in the 
markets and customer needs, our company is equipped to benefit from the numerous 
opportunities that exist. Some of the most important factors for our business in the 
future will be increasing digitalisation, accelerated growth in the e-commerce segment 
and the momentum in developing and emerging countries. Strategy 2020 sets priorities 
for our investments and actions:
Focus: We concentrate on our core mail and logistics business and continue to 
pursue our goal of being the provider, employer and investment of choice. We view 
Deutsche Post DHL Group as a family of divisions, each focused on a well defined market 
segment. All the while, these divisions are unified through a common understanding of 
customer needs and linked by Group-wide service units. The divisions work together 
where it makes sense.
Connect: We are further increasing connectivity within our organisation in order to 
deliver consistent, first-class service to our customers. A central component of this is 
Certified, our Group-wide initiative that enables all employees to gain specific skills and 
knowledge relevant to their roles. It builds upon the Certified International ­Specialist 
programme developed by our Express ­division and aims to certify each and every one 
of our employees. In addition, we are developing Group-wide co-operation platforms 
and processes, for example, operational processes and resources, increased digitalisation 
and leadership development.
Grow: Our Grow pillar encompasses our growth plans, most specifically in e-com-
merce and emerging markets. We aim to expand our successful parcel business 
in ­Germany and to export its successful model to other countries, both in terms of 
­domestic parcel ­delivery as well as in other e-commerce-related services. Emerging 
markets also represent a priority focus. Our general aim is to increase our presence 
where the long-term growth potential is greatest. By 2020 we shall significantly increase 
our presence in emerging markets, with the goal of 30 % of Group revenue coming from 
these economies by the year 2020. During the coming years we shall develop and assess 
further initiatives intended to accelerate our company’s organic growth.
Our strategy is designed to establish a unique market presence by the year 2020 – both 
geographically and in terms of our portfolios’ performance. Our aim is to be ­internationally 
renowned not only as a highly customer-centric company but also as quality leaders. When 
people think logistics, we want them to think Deutsche Post DHL Group.
Deutsche Post DHL Group — 2014 Annual Report
31
Group Management ­Report — General Information — Business units and market positions — Objectives and strategies

STRATEGY AND GOALS OF THE DIVISIONS
Strategic priorities of the divisions
The priorities of the operating divisions are anchored in the divisional business strategies. 
Here, too, our focus is on strengthening our profitability.
A.15	 Strategic priorities by division
 
Post - eCommerce - Parcel division
In line with Strategy 2020, we see four main drivers for the future success of our ­business.
Designing a market-based cost structure: To achieve this goal, we are adapting our 
networks to changing market conditions and shipment structures. We are also cutting 
costs wherever possible and sensible, whilst investing in innovation and growth areas. 
Furthermore, we want to further increase the quality of our products and protect the 
environment in the process. Our Parcel 2012 Production Concept has made our sorting 
and transport more efficient and thereby lowered costs.
Providing the highest quality to our customers: We want to offer our customers the best 
service at all times, at the highest level of quality and at reasonable prices. To this end, 
we are modernising the sorting equipment and IT architecture in our mail network on 
an on-going basis. We are investing in our parcel network and continually adapting it 
to increasing volumes. Our goal is to also deliver 95 % of all parcels sent in Germany to 
customers the next day. We not only operate by far the largest network of fixed-­location 
retail outlets in Germany, we also offer recipient services that make it considerably ­easier 
for our customers to ship and receive parcels. Furthermore, we are expanding our suc-
cessful co-operation with retailers, particularly by way of our Paketshops.
Motivating our workforce and keeping them informed: The key to high quality and high 
performance is happy and dedicated employees. That’s why we not only equip our work-
force with state-of-the-art tools, provide mail carriers with e-bikes and e-trikes, offer 
counselling on health issues and, at some locations, make childcare available – we also 
offer wages that are clearly above those paid by our competitors. Furthermore, we have 
succeeded in creating more jobs. Dialogue with our employees is particularly import­
ant, which is why management regularly holds a variety of events to personally inform 
around 18,000 employees about the current priorities and drivers of our business.
Mail and parcel strategy
Focus
Good to Great
Focus.Connect.Grow.
Post - eCommerce - 
Parcel
Express
Global Forwarding, 
Freight
Supply Chain 
Moderately increase EBIT through improved 
efficiency and investments in the growing parcel 
business.
Growing continuously with the TDI product 
and improving service, whilst optimally utilising 
the network and increasing yield.
Introducing an optimised operating model 
and growing sustainably in the difficult market 
­environment.
Define the industry globally through standardised, 
cost-efficient, high-quality and innovative solutions.
Deutsche Post DHL Group — 2014 Annual Report
32

Tapping into new online and offline markets: We are taking advantage of our expertise 
in physical communications to offer effective digital communications. The internet is 
making it increasingly easy for customers to access our services, allowing them to cal-
culate and purchase postage and also locate retail outlets and Packstations online and 
by mobile device. We are also investing in future growth areas in all our businesses: 
beyond our E-POST product, we are a leading provider of target-group marketing in 
digital media, provide advertisers with consistent, cross-media targeting and are the first 
parcel delivery service in Germany to operate its own shopping portals. By acquiring 
Allyouneed.com we have established an online supermarket, where together with retail 
customers we are now piloting same-day food delivery. At MeinPaket.de we offer one 
of the largest online marketplaces in Germany and we have also taken our expertise in 
transport and network management into the recently deregulated German coach market 
with the Postbus. As part of our Strategy 2020, we are working intensively to inter­
nationalise the eCommerce - Parcel business unit. In a number of new markets, we in-
tend to go beyond delivery services to offer domestic value-added e-commerce services.
EXPRESS division
In line with our strategic programme “Focus”, we have expanded our business, increased 
our market share and strengthened our margins in recent years. In the reporting year, 
our focus was on merging all areas to respond more flexibly and effectively to customer 
requirements and changing economic parameters in the future. This will save costs and 
enable a more rapid exchange of best practices.
Managing revenue and costs: Our return on sales rises when growing volumes lead 
to economies of scale in the network, innovation and automation improve productiv-
ity and costs are strictly managed. We minimise indirect costs through simplified and 
standardised processes. For example, we are streamlining our IT system architecture 
step-by-step whilst paying particular attention to adherence to global standards and 
quality requirements.
Structuring sales and prices: Using global campaigns, we specifically target small 
and medium-sized businesses, which could benefit the most from increasing export. 
We concentrate upon items whose size and weight optimally match our network and 
thereby create economies of scale. In terms of our pricing policy, we encourage global 
co-­ordination and discipline. At the same time we also work to continuously improve 
our customer ­approach. Our ­Insanely Customer Centric Culture programme is intended to 
resolve problems more quickly and meet customer expectations more effectively.
Managing the network: Most of our costs are attributable to the air and ground net-
work. We replace aeroplanes with newer, more efficient, and thus more cost-effective air-
craft. We sell available cargo space to freight and forwarding companies, especially DHL 
Global Forwarding, improving our network utilisation and reducing costs in the process. 
On the ground, we are automating and standardising processes. For example, vehicles 
are equipped by default with shelves and can be loaded directly from the conveyor belt. 
We also plan our pickup and delivery routes to maximise time and cost savings.
  Customers and quality, page 82
Deutsche Post DHL Group — 2014 Annual Report
33
Group Management ­Report — General Information — Objectives and strategies

Motivating our workforce: Our proven Certified International Specialist (CIS) train-
ing programme ensures that our employees have the requisite knowledge of the inter­
national express business at their disposal. Training is carried out in each function as 
well as on a cross-functional basis delivered by our own employees, some of whom are 
executives. This adds to mutual understanding whilst reinforcing a team atmosphere 
and loyalty within the division. The modules under the Certified International Manager 
(CIM) umbrella are for managers and are intended to strengthen the unified leadership 
culture within the division. We want to sustainedly motivate our employees around the 
world. Systematic and continuous recognition of outstanding performance is one way 
of contributing to this.
GLOBAL FORWARDING, FREIGHT division
With our global product offering in air and ocean freight as well as in overland transport, 
we aim to achieve growth that exceeds the market average and consolidate our leading 
­position. To achieve this goal, we are continuously expanding our product and service 
portfolio and improving our internal processes.
Expanding product and service portfolio: In the Global Forwarding business unit, 
we are expanding the geographical coverage of our multimodal transport services, for 
­example, in Asia. Our offering covers the production and commercial centres of Shang-
hai and Suzhou in northern China, and the western city of Chengdu, which is one of 
the main distribution centres and a hub for the high-tech sector and the automobile 
industry. Since the beginning of 2014, we have offered the first temperature-controlled 
rail service between China and Europe. Our new Railconnect service allows companies 
of all sizes to better manage their inventory flows by dispatching shipments in smaller 
consignments. In the overland transport business, our daily Eurapid service provides 
fast, reliable and day-definite deliveries to Europe’s major markets. The number of par-
ticipating terminals doubled in the reporting year from 25 to 50.
Simplifying and standardising processes: With our strategic project New ­Forwarding 
Environ­ment (NFE), we are gradually introducing a forward-looking operating model 
with efficient processes and state-of-the-art IT systems, which is intended to under-
pin our position as industry leader. NFE will allow us to manage our processes ­better, 
standardise products and offer modular services. In future we intend to have a ­globally 
harmonised and unified organisation with dedicated customer service, which will 
­allow ­customers to benefit from shorter response times. The new structure is also better 
­tailored to the needs of our customers’ products and ultimately delivers targeted, item-­
specific information. We are increasing the transparency and quality of data for sales 
volumes, customer figures, capacities, operations and freight. In the reporting year, NFE 
was put into operation in additional countries. We intend to implement it throughout 
the entire Global Forwarding business unit.
SUPPLY CHAIN division
We intend to define our industry globally through standardised, cost-efficient, high-­
quality and innovative solutions. To achieve this whilst increasing our profitability, we 
reviewed our business in the reporting year and defined a strategic framework with nine 
initiatives and four supporting activities. In line with our Group strategy, our approach 
is built on the three pillars of “Focus”, “Connect” and “Grow”.
Deutsche Post DHL Group — 2014 Annual Report
34

Our Focus agenda is aimed at increasing our efficiency and quality through stand-
ardisation and reducing complexity. We intend to adopt best-in-class operating stand-
ards and roll them out worldwide. We also aim to establish a globally harmonised 
process to enable innovative and customer-centric solutions. By applying First Choice 
methodology and our best-practice solutions, we expect to improve our operational 
performance.
The Connect pillar is about connecting our people and processes to achieve 
­efficiency gains on a global scale. A lean management structure and the use of shared 
service centres will improve our cost structure and establish industry-wide best-in-class 
functions. To accompany these organisational changes, we are training our staff using 
the Certified Supply Chain Specialist (CSCS) programme which is based upon a proven 
approach that was applied successfully by the Express division.
Finally, the Grow pillar focuses on shifting our portfolio to address those market 
segments that offer the most potential for higher profitability and stronger growth. The 
inclusion of more value-added services in our portfolio will help drive this shift. Likewise, 
a pivot towards global business models for key sectors, such as Life Science & Healthcare, 
will help accelerate future growth.
Group management
FINANCIAL PERFORMANCE INDICATORS
Impact on management compensation
Deutsche Post DHL Group uses both financial and non-financial performance indicators 
in its management of the Group. The monthly, quarterly and annual changes in these 
indicators are compared with the data from the prior year as well as the data indicated 
in the plan to assist in making management decisions. The year-to-year changes in 
financial and non-financial performance metrics portrayed here are also relevant for 
calculating management remuneration.
The Group’s financial performance indicators are intended to preserve a balance 
between profitability, efficient use of resources and sufficient liquidity. The performance 
of these indicators in the reporting year is described in the Report on economic position.
Profit from operating activities measures earnings power
The profitability of the Group’s operating divisions is measured as profit from operat-
ing activities (EBIT). EBIT is calculated as revenue and other operating income minus 
­materials expense and staff costs, depreciation, amortisation and impairment losses as 
well as other operating expenses and adding net income from investments ­accounted 
for using the equity method. Interest and other finance costs/other financial income are 
deducted from or added to net financial income/net finance costs. To be able to compare 
divisions, the return on sales is calculated as the ratio of EBIT to revenue.
  Page 42 ff.
A.16	 EBIT calculation
Revenue
  Other operating income
  Materials expense
  Staff costs
  Depreciation, amortisation 
and ­impairment losses
  Other operating expenses
  Net income from investments 
­accounted for using the equity method
  Profit from operating activities (EBIT)
 
Deutsche Post DHL Group — 2014 Annual Report
35
Group Management ­Report — General Information — Objectives and strategies — Group management

EBIT after asset charge promotes efficient use of resources
Since 2008, the Group has used EBIT after asset charge (EAC) as an additional key per-
formance indicator. EAC is calculated by subtracting the cost of capital component, or 
asset charge, from EBIT. Making the asset charge a part of business decisions encourages 
all divisions to use resources efficiently and ensures that the operating business is geared 
towards increasing value sustainably whilst generating increasing cash flow.
To calculate the asset charge, the net asset base is multiplied by the weighted average 
cost of capital (WACC). The asset charge calculation is performed each month so that 
fluctuations in the net asset base can also be taken into account during the year.
All of our divisions use a standard calculation for the net asset base. The key com-
ponents of operating assets are intangible assets, including goodwill, property, plant and 
equipment and net working capital. Operating provisions and operating liabilities are 
subtracted from operating assets.
The Group’s WACC is defined as the weighted average net cost of interest-bearing 
liabilities and equity, taking into account company-specific risk factors in accordance 
with the Capital Asset Pricing Model.
A standard WACC of 8.5 % is applied across the divisions and this figure also repre-
sents the minimum target for projects and investments within the Group. The WACC is 
generally reviewed once annually using the current situation on the financial markets. 
However, the goal is not to match every short-term change but to reflect long-term 
trends. To ensure better comparability with previous years, the WACC was maintained 
at a constant level in 2014, compared to the previous years.
Ensuring sufficient liquidity
Along with EBIT and EAC, cash flow is a further main performance metric used by 
the Group management. This performance metric is targeted at maintaining sufficient 
liquidity to cover all of the Group’s financial obligations from debt repayment and 
­dividends, in addition to operating payment commitments and investments.
Cash flow is calculated using the cash flow statement. Operating cash flow (OCF) 
includes items that are related directly to operating value creation. It is calculated by 
adjusting EBIT for changes in non-current assets (depreciation, amortisation and (rever-
sals of) impair­ment losses, net income/loss from disposals), other non-cash income and 
expense, dividends received, taxes paid, changes in provisions and other non-current 
assets and liabilities. Net working capital remains a driver for OCF. Effective manage-
ment of net working capital is an important way for the Group to improve cash flow 
in the short to medium term. Free cash flow (FCF) is calculated on the basis of OCF by 
adding / subtracting the cash flows from capital expenditure, acquisitions and divesti-
tures as well as net interest paid. Free cash flow is considered to be an indicator of how 
much cash is available to the company for dividend payments or the repayment of debt. 
Given its higher relevance for the Group’s management and other stakeholders, we shall 
use the Group FCF instead of OCF as financial Performance indicator from 2015 onwards.
A.17	 EAC calculation
EBIT
  Asset charge
= Net asset base 
× Weighted average cost of capital 
(WACC) 
  EBIT after asset charge (EAC)
 
A.18	 Net asset base calculation
Operating assets
• Intangible assets
• Property, plant and equipment
• Goodwill
• Trade receivables 
(­included in net working capital)
• Other non-current operating assets
  Operating liabilities
• Operating provisions 
(not ­including provisions for 
­pensions and similar obligations)
• Trade payables 
(­included in net ­working capital)
• Other non-current operating liabilities
  Net asset base 
 
A.19	 Calculation of free cash flow
EBIT
  Depreciation, amortisation 
and ­impairment losses
  Net income / loss from disposal 
of non-current assets
  Non-cash income and expense
  Change in provisions
  Change in other non-current assets 
and liabilities 
  Dividends received
  Income taxes paid
  Operating cash flow before 
­changes in working capital 
(net ­working capital)
  Changes in net working capital
  Net cash from /used in operating 
activities (operating cash flow – OCF)
  Cash inflow /outflow arising from 
change in property, plant and 
­equipment and intangible assets 
  Cash inflow /outflow arising from 
­acquisitions /divestitures 
  Net interest paid
  Free cash flow (FCF)
Deutsche Post DHL Group — 2014 Annual Report
36

NON-FINANCIAL PERFORMANCE INDICATOR
Employee Opinion Survey result as a management indicator
Our annual worldwide Employee Opinion Survey shows us how we are perceived as a 
group from the perspective of our employees. We place particular significance on the 
­survey’s ­indication of Employee Engagement and of how employees rate the leader-
ship ­behaviour of their superiors. The Active Leadership indicator is thus used in the 
­calculation of ­bonuses for our executives. The results of the Employee Opinion Survey 
carried out in the ­reporting year can be found in the Employees section.
Disclosures required by takeover law
Disclosures required under sections 289 (4) and 315 (4) of the Handelsgesetzbuch (HGB – 
German Commercial Code) and explanatory report
Composition of issued capital, voting rights and transfer of shares
As at 31 December 2014, the company’s share capital totalled €1,211,180,262 and was 
composed of the same number of no-par value registered shares. Each share carries the 
same statutory rights and obligations and entitles the holder to one vote at the Annual 
General Meeting (AGM). No individual shareholder or group of shareholders is entitled 
to special rights, particularly rights granting powers of control.
The exercise of voting rights and the transfer of shares are based on the general legal 
requirements and the company’s Articles of Association, which do not restrict either of 
these activities. Article 19 of the Articles of Association sets out the requirements that 
must be met in order to attend the AGM as a shareholder and exercise a voting right. Only 
persons entered in the share register shall be recognised as shareholders by the company. 
The Board of Management is not aware of any agreements between shareholders that 
would limit voting rights or the transfer of shares.
Members of the Board of Management receive stock appreciation rights (SAR s) 
each year as a long-term remuneration component under the Long-Term Incentive Plan 
provided that they invest in each tranche of the plan, preferably in Deutsche Post AG 
shares but alternatively in cash. If a Board of Management member sells the shares 
included in their personal investment for the tranche or disposes of their personal cash 
investment before the scheduled waiting period of four years has expired, all SAR s from 
that tranche will be forfeited.
As part of the Share Matching Scheme, participating Group executives are obligated 
to use a portion of their annual bonus to purchase shares in the company. According 
to the underlying terms, shares acquired under the scheme are subject to a four-year 
lock-up period.
 
Shareholdings exceeding 10 % of voting rights
KfW Bankengruppe (KfW), Frankfurt am Main, is our largest shareholder, holding 
around 21.0 % of the share capital. The Federal Republic of Germany holds an indirect 
stake in Deutsche Post AG via KfW. According to the notifications we have received pur-
suant to sections 21 et seq. of the Wertpapierhandelsgesetz (WpHG – German Securities 
Trading Act), KfW and the Federal Republic of Germany are the only shareholders that 
own more than 10 % of the share capital, either directly or indirectly.
  Page 73
Deutsche Post DHL Group — 2014 Annual Report
37
Group Management ­Report — General Information — Group management — Disclosures required by takeover law

Appointment and replacement of members of the Board of Management
The members of the Board of Management are appointed and replaced in accordance 
with the relevant legal provisions (sections 84 and 85 of the Aktiengesetz (AktG – ­German 
Stock Corporation Act) and section 31 of the Mitbestimmungsgesetz (MitbestG – ­German 
Co-determination Act)). In accordance with section 84 of the AktG and section 31 of the 
MitbestG, appointments by the Supervisory Board shall be for a maximum term of five 
years. Re-appointment or extension of the term of office is permitted for a maximum of 
five years in each case. Article 6 of the Articles of Association stipulates that the Board 
of Management must have at least two members. Beyond that, the number of board 
members is determined by the Supervisory Board, which may also appoint a chairman 
and deputy chairman of the Board of Management. 
Amendments to the Articles of Association
In accordance with section 119 (1), number 5 and section 179 (1), sentence 1 of the AktG, 
amendments to the Articles of Association are adopted by resolution of the AGM. In 
accordance with article 21 (2) of the Articles of Association in conjunction with sections 
179 (2) and 133 (1) of the AktG, such amendments generally require a simple majority 
of the votes cast and a simple majority of the share capital represented on the date of 
the resolution. In such instances where the law requires a greater majority for amend-
ments to the Articles of Association, that majority is decisive. Under article 14 (7) of the 
­Articles of Association, the Supervisory Board has the authority to resolve amendments 
to the Articles of Association in cases where the amendments affect only the wording.
Board of Management authorisation, particularly regarding issue and buy-back of shares
The Board of Management is authorised, subject to the consent of the Supervisory Board, 
to issue up to 237,835,612 new, no-par value registered shares on or before 28 May 2018 
in exchange for cash and/or non-cash contributions and thereby increase the company’s 
share capital by up to €237,835,612.00 (Authorised Capital 2013, article 5 (2) of the 
Articles of Association). When new shares are issued on the basis of Authorised Capital 
2013, the shareholders are entitled in principle to subscription rights. Such rights may 
only be disapplied subject to the requirements specified in article 5 (2) of the Articles of 
Association and subject to the consent of the Supervisory Board. Details may be found 
in article 5 (2) of the Articles of Association of the company.
Authorised Capital 2013 is a financing and acquisition instrument in accordance 
with international standards that allows the company to increase equity quickly, flexibly 
and cost-effectively. The authorised capital is equivalent to less than 20 % of the share 
capital. Authorised Capital 2013, which originally amounted to €240 million, was used 
once in the amount of €656,915.00 and once in the amount of €1,507,473.00 in financial 
year 2014.
An AGM resolution was passed on 25 May 2011 authorising the Board of Manage-
ment, subject to the consent of the Supervisory Board, to issue bonds with warrants, 
convertible bonds and/or income bonds as well as profit participation certificates, or 
a combination thereof, in an aggregate principal amount of up to €1 billion, on one or 
more occasions until 24 May 2016, thereby granting options or conversion rights for up 
to 75 million shares having a total share in the share capital not to exceed €75 million. 
The aforementioned authorisation was utilised in the full amount in December 2012 by 
issuing a convertible bond in the aggregate principal amount of €1 billion.
No shares were issued to the bond holders in financial year 2014. As at 31 Decem-
ber 2014, the share capital was still increased on a contingent basis by up to €75 million 
Deutsche Post DHL Group — 2014 Annual Report
38

in order to grant shares to the holders or creditors of the options, conversion rights 
or conversion obligations arising from the resolution of 25 May 2011 after exercise of 
their rights for the purpose of settling the entitlements related to the options or rights 
or fulfilling the conversion obligations (Contingent Capital 2011, article 5 (3) of the 
Articles of Association).
An AGM resolution was passed on 29 May 2013 authorising the Board of Manage-
ment, subject to the consent of the Supervisory Board, to issue bonds with warrants, 
convertible bonds and/or income bonds as well as profit participation certificates, or a 
combination thereof (hereinafter referred to collectively as “bonds”), in an aggregate 
principal amount of up to €1.5 billion, on one or more occasions until 28 May 2018, 
thereby granting options or conversion rights for up to 75 million shares with a total 
share in the share capital not exceeding €75 million. The bond conditions may also 
stipulate an obligation to exercise options or conversion rights or may entitle the com-
pany to grant the bond holders or creditors shares in the company in lieu of payment of 
all or part of the sum of money owed, either at the time of maturity of the bonds or at 
another time. The share capital is increased on a contingent basis by up to €75 million 
in order to grant shares to the holders or creditors of the bonds after exercise of their 
options or conversion rights or to fulfil their option or conversion obligations, or to 
grant them shares in lieu of monetary payment (Contingent Capital 2013, article 5 (4) 
of the ­Articles of Association). When issuing bonds, subscription rights may only be 
disapplied subject to the terms of the aforementioned resolution and subject to the 
consent of the Supervisory Board. Further details may be found in the motion adopted 
by the AGM under agenda item 7 of the AGM of 29 May 2013.
Authorisation to issue bonds is standard practice amongst publicly listed companies. 
This allows the company to finance its activities flexibly and promptly and gives it the 
financial leeway necessary to take advantage of favourable market conditions at short 
notice, for example by offering bonds with options or conversion rights, or conversion 
obligations on shares in the company as a consideration within the context of company 
mergers, and when acquiring companies or shareholdings in companies. To date, the 
Board of Management has not exercised this authority.
An AGM resolution was passed on 27 May 2014 authorising the Board of Manage-
ment to issue up to 40 million performance share units with pre-emptive subscription 
rights to a total of up to 40 million shares with a total share in the share capital not 
exceeding €40 million, subject to the provisions of the authorisation resolution, on or 
before 26 May 2019 to members of the management of entities in which the company 
is the majority shareholder and to executives of the company and the entities in which 
it is a majority shareholder. The performance share units may also be issued by entities 
in which the company is the majority shareholder with the consent of the Board of 
Management. The issue of shares arising from the subscription rights associated with 
the performance share units depends upon certain performance targets being met after 
expiry of a four-year waiting period, with it being possible to issue up to four shares for 
every six subscription rights granted, if and insofar as performance targets for the share 
price, which have been specified in detail, are met, and up to two shares if and insofar 
as certain outperformance targets based on the percentage change of the STOXX Europe 
600 Index are met. The share capital is increased on a contingent basis by up to €40 mil-
lion in order to grant shares in the company to the executives entitled to subscription 
rights, in accordance with the provisions of the authorisation resolution (Contingent 
Capital 2014, article 5 (5) of the Articles of Association). Further details may be found 
in the motion adopted by the AGM under agenda item 8 of the AGM of 27 May 2014.
Deutsche Post DHL Group — 2014 Annual Report
39
Group Management ­Report — General Information — Disclosures required by takeover law

The Performance Share Plan is intended to replace the programme established in 
2006 to provide long-term incentive to executives by issuing stock appreciation rights 
(SAR s). 
Finally, the AGM of 27 May 2014 authorised the company to buy back shares on or 
before 26 May 2019 up to an amount not to exceed 10 % of the share capital existing as 
at the date of the resolution. Such authorisation is subject to the proviso that at no time 
should the shares thus acquired, together with the shares already held by the company, 
account for more than 10 % of the share capital. The shares may be purchased through 
the stock market, a public offer, a public call for offers of sale from the company’s share-
holders or by some other means in accordance with section 53 a of the AktG. The shares 
purchased may be used for any legally permissible purpose. In addition to a sale via the 
stock exchange or by public offer to all shareholders, it is permitted in particular to use 
the shares with pre-emptive shareholder subscription rights disapplied in accordance 
with the provisions of the authorisation resolution or to call in the shares without an 
additional resolution of the Annual General Meeting. Further details may be found in 
the motion adopted by the AGM under agenda item 6 of the AGM of 27 May 2014.
In addition to this, the AGM of 27 May 2014 also authorised the Board of Manage-
ment, within the scope specified in agenda item 6, to acquire treasury shares, including 
through the use of derivatives. This is to occur by servicing options that, upon their 
exercise, require the company to acquire treasury shares (put options), by exercising 
options that, upon their exercise, grant the company the right to acquire treasury shares 
(call options), as a result of purchase agreements where there are more than two trading 
days between conclusion of the purchase agreement for Deutsche Post shares and ser­
vicing by way of the delivery of Deutsche Post shares (forward purchases) or by servicing 
or exercising a combination of put options, call options and/or forward purchases. All 
share acquisitions using the aforementioned derivatives are limited to a maximum of 
5 % of the share capital existing on the date of the resolution. The term of the individual 
derivatives may not exceed 18 months, must expire by no later than 26 May 2019 and 
be selected such that treasury shares may not be acquired by exercising the derivatives 
after 26 May 2019. Further details may be found in the motion adopted by the AGM 
under agenda item 7 of the AGM of 27 May 2014.
It is standard business practice amongst publicly listed companies in Germany for 
the AGM to authorise the company to buy back shares. The authorisation to repurchase 
shares using derivatives is merely intended to supplement share buy-back as a tool and 
give the company the opportunity to structure share repurchase in an advantageous 
manner.
Any public offer to acquire shares in the company is governed solely by law and the 
Articles of Association, including the provisions of the Wertpapiererwerbs- und Über-
nahmegesetz (WpÜG – German Securities Acquisition and Takeover Act). The AGM 
has not authorised the Board of Management to undertake actions within its sphere of 
competence to block possible takeover bids.
Significant agreements that are conditional upon a change of control  
following a takeover bid and agreements with members of the Board of Management  
or employees providing for compensation in the event of a change of control
Deutsche Post AG took out a syndicated credit facility with a volume of €2 billion from 
a consortium of banks. If a change of control within the meaning of the contract occurs, 
each member of the bank consortium is entitled under certain conditions to cancel its 
share of the credit line as well as its share of outstanding loans and request repayment. 
Deutsche Post DHL Group — 2014 Annual Report
40

The terms and conditions of the bonds issued under the Debt Issuance Programme 
­established in March 2012 and of the convertible bond issued in December 2012 also 
contain change of control clauses. In case of a change of control within the meaning of 
the terms and conditions, creditors are, under certain conditions, granted the right to 
demand early redemption of the respective bonds. Furthermore, a framework agree-
ment exists concerning the supply of fuel, based on which fuel in the value of a high 
double-digit million amount was obtained in the reporting year and which, in case of 
a change of control, grants the supplier the right to bring the business relationship to a 
close without notice.
In the event of a change in control, any member of the Board of Management is 
entitled to resign their office for good cause within a period of six months following the 
change in control, after giving three months’ notice at the end of a given month, and 
to terminate their Board of Management contract (right to early termination). In the 
event the right to early termination is exercised or a Board of Management contract is 
terminated by mutual consent within nine months of the change of control, the Board 
of Management member is entitled to payment to compensate the remaining term of 
their Board of Management contract. Such payment is limited to the cap pursuant to 
the recommendation of No. 4.2.3 of the German Corporate Governance Code, with 
the specification outlined in the remuneration report. With respect to options from 
the Long-Term Incentive Plan, the Board of Management member will be treated as if 
the waiting period for all options had already expired upon cessation of the Board of 
Management contract. The options eligible for exercise may then be exercised within 
six months of cessation of the contract. With regard to the Share Matching Scheme for 
executives, the holding period for the shares will become invalid with immediate effect 
in the event of a change of control of the company. In any such case, the employer will 
be responsible for any tax disadvantages resulting from reduction of the holding period. 
Exempt from this are taxes normally incurred after the holding period.
Remuneration of the Board of Management  
and the Supervisory Board
The basic features of the remuneration system for the Board of Management and the 
Super­visory Board are described in the Corporate Governance Report under Remuner­
ation report. The latter also forms part of the Group Management Report.
Research and development
As a service provider, the Group does not engage in research and development activ-
ities in the narrower sense and therefore has no significant expenses to report in this 
connection.
  Corporate Governance, page 117 ff.
Deutsche Post DHL Group — 2014 Annual Report
41
Group Management ­Report — General Information — Disclosures required by takeover law —  
Remuneration of the Board of Management and the Supervisory Board — Research and development

REPORT ON ECONOMIC POSITION
Overall Board of Management assessment  
of the economic position
Group achieves annual targets
Deutsche Post DHL Group reached the targets it had set for financial year 2014: the 
Group’s revenue, EBIT and operating cash flow all increased. The German parcel busi-
ness in the Post - eCommerce - Parcel (PeP) division and the international business in 
the Express division continued to generate dynamic growth. Earnings in the Supply 
Chain division likewise benefited from a high level of new business and continuing 
restructuring programmes, whereas margin pressure and transformation costs had a 
noticeable impact on the Global Forwarding, Freight division. Capital expenditure in-
creased to around €1.9 billion as planned. Operating cash flow registered a positive 
trend. The Group’s financial position remains solid on the whole in the opinion of the 
Board of Management.
Forecast / actual comparison
A.20	 Forecast /actual comparison
Targets 2014
Results 2014
Targets 2015
EBIT
•	Group: €2.9 billion to €3.1 billion.
•	PeP division: around €1.3 billion 1.
•	DHL divisions: €2.0 billion to €2.2 billion 2.
•	Corporate Center /Other: better than €–0.4 billion.
EBIT
•	Group: €2.97 billion.
•	PeP division: €1.30 billion.
•	DHL divisions: €2.02 billion.
•	Corporate Center /Other: €–0.35 billion.
EBIT
•	Group: €3.05 billion to €3.20 billion.
•	PeP division: at least €1.3 billion.
•	DHL divisions: €2.1 billion to €2.25 billion.
•	Corporate Center /Other: around €–0.35 billion.
EAC
Will continue to develop positively and 
­increase slightly.
EAC
€1,551 million (previous year: €1,501 million) 3.
EAC
Will continue to develop positively and  
increase slightly.
Cash flow
Net cash from operating activities will continue 
to develop positively and ­increase slightly.
Cash flow
Net cash from operating activities: 
€3,040 ­million (previous year: €2,989 million).
Cash flow
Free cash flow to cover at least dividend payment 
in May 2015.
Capital expenditure (capex)
Increase investments to around €1.9 billion.
Capital expenditure (capex)
Invested: €1.88 billion.
Capital expenditure (capex)
Increase investments to around €2.0 billion.
Dividend distribution
Pay out 40 % to 60 % of the net profit as dividend.
Dividend distribution
Proposal: pay out 49.7 % of net profit as dividend.
Dividend distribution
Pay out 40 % to 60 % of the net profit as dividend.
Employee Opinion Survey 4
Increase approval rating of key performance 
­indicator Active Leadership to 71 %.
Employee Opinion Survey 4
Key performance indicator Active Leadership 
achieves an approval rating of 71 %.
Employee Opinion Survey 4
Increase approval rating of key performance 
­indicator Active Leadership to 72 %.
1	 Forecast increased over the course of the year.
2	 Forecast narrowed over the course of the year.
3	 Prior-period amounts adjusted due to a revised calculation basis.
4	 Explanation 
 Group management, page 37.
Deutsche Post DHL Group — 2014 Annual Report
42

Economic parameters
Global economy records irregular growth
The global economy registered cautious growth in 2014. Whereas the economic situation 
in industrial countries improved with average GDP growth of approximately 0.5 per-
centage points, growth in the emerging markets dropped below the previous year’s level. 
A number of major emerging economies – Russia in particular but also Brazil – saw an 
economic downturn as a result of international conflict and falling commodities prices. 
Total global economic output grew by 3.3 % in 2014 after adjustment for purchasing 
power, as in the prior year. Global trade saw a similar increase (IMF: 3.1 %; OECD: 3.0 %).
A.21	 Global economy: growth indicators in 2014
%
Gross ­domestic 
product (GDP)
Exports
Domestic 
demand
 
China
7.4
6.1
n / a
Japan
0.3
8.0
0.2
USA
2.4
3.1
2.6
Euro zone
0.8
3.7
0.8
Germany
1.5
3.7
1.2
Data estimated in some cases, as at 2 February 2015.
Source: Postbank research, national statistics.
Asia again generated the strongest economic momentum, with GDP increasing by 6.5 % 
(previous year: 6.6 %). In China, exports weakened. The government’s efforts to stimulate 
consumer demand failed to fully offset the declining export trend. GDP growth declined 
to 7.4 % (previous year: 7.7 %), the lowest figure since the early 1990s. The Japanese econ-
omy was shaped by the hefty increase in value added tax in the spring. Although the year 
started out strongly due to purchases being brought forward, a sharp decline ensued in 
the second quarter before the economy began accelerating again ­towards the end of the 
year. On the whole, private consumption suffered whilst exports rose significantly and 
GDP increased by 0.3 % (previous year: 1.6 %).
In the United States, the upswing held firm. After a weak start to 2014 due to weather 
conditions, the economy gained considerable momentum as the year progressed. Invest­
ments in machinery and equipment as well as construction increased quite significantly. 
Consumer spending by private households also rose steadily. The growth trend remained 
unaffected by both foreign trade and – as in the previous years – declining government 
spending. GDP increased by 2.4 % (previous year: 2.2 %), which also benefited the labour 
market in the form of a substantial decline in the unemployment rate.
In the euro zone, economic recovery was steady but sluggish. Private consumption 
increased slightly by 0.8 %. Government spending also rose to a comparable extent. 
Gross fixed capital formation increased by approximately 0.5 % and domestic demand 
by 0.8 %. Foreign trade was also revitalised. All in all, this led to GDP growth of 0.8 % 
(previous year: –0.5 %). Whereas the economic situation improved notably in some EU 
member states, in others the recession persisted. The situation on the labour market 
improved slightly. However, at an average of 11.6 % the unemployment rate remained 
at a very high level.
Deutsche Post DHL Group — 2014 Annual Report
43
Group Management ­Report — Report on Economic Position — Overall Board of Management assessment  
of the economic position — Forecast / actual comparison — Economic parameters

The German economy had a positive start to 2014. However, it then began to falter 
primarily in light of on-going international political conflicts. Economic output largely 
stagnated from the start of the second quarter. Nonetheless, overall GDP increased by 
1.5 % (previous year: 0.1 %). Despite slumps in individual countries, growth in exports 
slightly exceeded that in imports to reach nearly 4 %. Gross fixed capital formation in 
fact expanded considerably by around 3 % on an annual average. Private consumption 
increased by 1.1 % (previous year: 0.8 %). The labour market developed positively, with 
the average annual number of employed workers increasing to 42.7 million (previous 
year: 42.3 million).
Crude oil prices fall sharply
At the end of 2014, a barrel of Brent Crude was US$54.76 (previous year: US$111.49). 
The price of oil fell by approximately 9 % on the previous year to just under US$99 per 
barrel on average for the year. Over the course of the year, oil prices fluctuated massively 
between US$54 and US$116. From the middle of 2014, the price of oil was in constant 
decline as a result of a notable increase in global supply – not least due to rising oil 
production in the US – in combination with only moderate demand. Moreover, OPEC 
was not able to agree upon reduced production quotas.
A.22	 Brent Crude spot price and euro / US dollar exchange rate in 2014
140
1.55
1.50
120
1.45
1.40
100
1.35
1.30
80
1.25
1.20
60
1.15
1.10
40
1.05
January	
March	
June	
September	
December
  Brent Crude spot price per barrel in US dollars
Euro / US dollar exchange rate 
 
Central bank’s expansive monetary policies weaken the euro
The sharply declining rate of inflation in the euro zone in conjunction with the weak 
economy induced the European Central Bank (ECB) to lower its key interest rate by 0.10 
percentage points in both June and September to reach 0.05 %. At the same time, the ECB 
reduced its deposit rate by a total of 0.20 percentage points to reach –0.20 %. This means 
that banks are obliged to pay penalty interest in that amount on their deposits with the 
ECB. In addition, the central bank decided in September to buy covered bonds and asset-­
backed securities. At the beginning of 2015 it then decided to purchase bonds in the 
amount of €60 billion every month from March 2015 until at least September 2016. The 
US Federal Reserve maintained its key interest rate at between 0 % and 0.25 % throughout 
2014. However, it gradually reduced the volume of purchases of government bonds and 
mortgage-backed securities and discontinued buying altogether in October.
Deutsche Post DHL Group — 2014 Annual Report
44

These differing monetary policy strategies had a substantial impact on the EUR-USD 
exchange rate. The euro came under devaluation pressure in the middle of 2014 after 
having traded at a range of between US$1.35 and over US$1.39 during the first half of 
the year. By the end of the year, it had fallen 12.2 % to approximately US$1.21. Measured 
against the pound sterling, the euro posted a loss of 6.7 %.
Low risk premiums for corporate bonds
The euro zone bond markets were shaped by significant declines in the rate of inflation 
and expansive monetary policy in 2014. Added to this were increased expectations at 
the end of the year that the ECB might start buying up government bonds at the be-
ginning of 2015, which led to a massive drop in capital market interest rates. Yields on 
ten-year ­German government bonds declined to 0.54 % by the end of the year (previous 
year: 1.93 %). Yields on long-term US government bonds also experienced significant 
decreases. However, the market was propped up by the fact that demand for government 
bonds did not weaken perceptibly despite the reduced and ultimately halted bond-buy-
ing behaviour of the US Federal Reserve. By the end of the year, yields on ten-year US 
government bonds had fallen by 0.86 percentage points year-on-year to 2.17 %. Risk 
premiums for corporate bonds fluctuated at a low level during the reporting year.
International trade continues to grow in emerging markets
Global trade recovered somewhat in 2014. Trade volumes (transported quantity in 
tonnes) thus increased by 2.4 % in the reporting year. Exports from North America and 
the Asia Pacific region rose at a greater rate than in other regions.
A.23	 Trade volumes: compound annual growth rate 2013 to 2014
%
Asia Pacific
Europe
Latin America
MEA  
(Middle East  
and Africa)
North America

Imports 
Exports
Asia Pacific
5.9
3.8
2.4
4.2
7.5
Europe
5.3
–1.1
–7.9
– 0.4
–1.1
Latin America
1.5
0.1
–1.8
0.6
0.4
MEA (Middle East and Africa)
3.6
–2.2
–1.6
4.9
–8.0
North America
9.6
3.9
8.1
0.1
0.6
Source: Copyright © IHS Global Insight GmbH, 2015. All rights reserved, at 31 December 2014.
Deutsche Post DHL Group — 2014 Annual Report
45
Group Management ­Report — Report on Economic Position — Economic parameters

Legal environment
In view of our leading market position, a large number of our services are subject to 
sector-specific regulation under the Postgesetz (PostG – German Postal Act). Further 
information on this issue and legal risk is contained in the Notes to the consolidated 
financial statements.
A.24	 Major trade flows: 2014 volumes 1
Million tonnes
  Intra-regional   
  More than 300   
  300 to 100   
  Less than 100
North America
Exports
65
 
364
 
162
 
241
  832
Imports
168
 
159
 
129
 
293
  749
Latin America
Exports
87
 
586
 
242
 
293
  1,208
Imports
50
 
94
 
60
 
241
  445
Europe
Exports
324
 
648
 
129
 
60
  1,161
Imports
507
 
353
 
162
 
242
  1,264
MEA (Middle East /Africa)
Exports
1,515
 
507
 
168
 
50
  2,240
Imports
249
 
324
 
65
 
87
  725
Asia Pacific
Exports
249
 
353
 
159
 
94
  855
Imports
1,515
 
648
 
364
 
586
  3,113
  MEA   
  Asia Pacific   
  Europe   
  North America   
  Latin America
1	 Including raw materials.
Source: Copyright © IHS, 2014. All rights reserved, as at 31 December 2014.
Europe
 2,729
MEA
 295
Latin America
 210
Asia Pacific
 3,249
North America
 439
  Note 53
Deutsche Post DHL Group — 2014 Annual Report
46

Significant events
No significant events
There were no events with material effects on the Group’s net assets, financial position 
and results of operations in financial year 2014.
Results of operations 
A.25	 Selected indicators for results of operations
 
2013 
adjusted 1
2014 
 
Revenue
€ m
54,912
56,630
Profit from operating activities (EBIT)
€ m
2,865
2,965
Return on sales 2
%
5.2
5.2
EBIT after asset charge (EAC)
€ m
1,501
1,551
Consolidated net profit for the period 3
€ m
2,091
2,071
Earnings per share 4
€
1.73
1.71
Dividend per share
€
0.80
0.85 5
1	
 Note 4.
2	 EBIT / revenue.
3	 After deduction of non-controlling interests.
4	 Basic earnings per share.
5	 Proposal.
Changes in reporting and portfolio
The amendments to IFRS 10 (Consolidated Financial Statements) and IFRS 11 (Joint 
­Arrangements) have been required to be applied since 1 January 2014. This had a minor 
overall impact on a number of items in the balance sheet and income statement. Detailed 
information can be found in the Notes.
Since all joint ventures, associates and other equity investments held by 
Deutsche Post DHL Group operate in the Group’s core business, we now report the 
­income and expenses of these investments under profit from operating activities (EBIT). 
They had previously been included in net financial income/net finance costs.
Our domestic parcel business in Belgium, the Czech Republic, India, the Nether-
lands and Poland was consolidated in the Post - eCommerce - Parcel division at the 
beginning of the year. This business was previously part of the Express and Global 
Forwarding, Freight divisions.
In addition, the US company Sky Courier Inc. was reassigned from the Express 
division to the Global Forwarding, Freight division in the first quarter.
The Belgian company Speedpack NV was transferred from the Global Forwarding, 
Freight division to the PeP division effective 1 April 2014.
The prior-period amounts have been adjusted. We have not drawn attention to this 
again in the following explanations to the Group management report.
DHL Global Forwarding & Co. LLC, Oman, was consolidated in May 2014 due to 
contractual changes. The company had previously been accounted for using the equity 
method.
  Note 4
Deutsche Post DHL Group — 2014 Annual Report
47
Group Management ­Report — Report on Economic Position — Economic parameters — Significant events —  
Results of operations

In the Global Forwarding, Freight division, we sold the activities of Hull Blyth 
­Angola Ltd. not belonging to the core business and Hull Blyth Angola Viagens e Turismo 
Lda. effective 31 July. All of the company’s assets and liabilities had previously been 
reclassified as held for sale.
Effective 18 December, we acquired StreetScooter GmbH, Aachen. The company 
assists us in further improving the CO2 efficiency of our vehicle fleet by developing 
cost-effective electric vehicles for us.
Consolidated revenue up 3.1 %
Consolidated revenue rose by 3.1 % to €56,630 million in financial year 2014, although 
negative currency effects reduced revenue by €407 million. The proportion of rev­
enue generated abroad remained stable year-on-year at 69.3 % (previous year: 69.1 %). 
Changes in the portfolio reduced revenue by €152 million. At €15,365 million, rev­enue 
was up by €915 million in the fourth quarter of 2014; positive currency effects ­increased 
this item by €322 million.
Other operating income rose from €1,962 million in the previous year to €2,016 mil-
lion. It increased by €101 million in the reporting year due to a change in the assess-
ment of settlement payment obligations assumed in the context of restructuring the US 
­express business, and other factors.
Higher transportation costs
Materials expense rose by €1,004 million to €32,042 million, especially due to higher 
transportation costs and the increase in goods purchased and held for resale for the 
business with the UK National Health Service in the Supply Chain division.
Staff costs rose by 2.3 % to €18,189 million. This was mainly attributable to the 
­increase in the number of employees in the Supply Chain division and higher labour 
costs in the PeP division.
Depreciation, amortisation and impairment losses increased from €1,337 million to 
€1,381 million, due mainly to impairment losses on aircraft and aircraft parts amounting 
to €106 million. 
At €4,074 million, other operating expenses were €211 million higher than in the 
previous year (€3,863 million). The increase was attributable to a large number of 
smaller factors.
A.27	 Development of revenue, other operating income and operating expenses
€m
+ / – %
 
 
Revenue 
 
 
56,630 
 
 
3.1 
 
 
•	Growth trends in the German parcel and international 
express businesses remain intact.
•	Currency effects reduce consolidated revenue by 
€407 ­million.
Other operating income 
2,016 
2.8 •	Restructuring provisions for the US express ­business 
reversed.
Materials expense 
 
32,042 
 
3.2 
 
•	Higher transportation costs.
•	Higher cost of goods purchased and held for resale 
in the Supply Chain division.
Staff costs 
 
18,189 
 
2.3 
 
•	Increased number of staff, mostly in the Supply Chain 
­division.
•	Higher labour costs in the PeP division.
Depreciation, ­amortisation 
and impairment losses
1,381 
3.3 •	Includes impairment losses on aircraft of €106 million. 
Other operating expenses
4,074
5.5
•	Large number of smaller factors.
A.26	 Consolidated revenue
€ m
2014
  56,630
17,367	
39,263
2013 adjusted
  54,912
16,983	
37,929
 
  Germany   
 
  Abroad
 
Deutsche Post DHL Group — 2014 Annual Report
48

Consolidated EBIT improves by 3.5 %
Profit from operating activities (EBIT) improved year-on-year, rising by 3.5 % to 
€2,965 million in the reporting year. In the fourth quarter of 2014, it rose by 1.9 % to 
€905 million.
By contrast, net finance costs widened from €293 million to €388 million due in 
particular to lower interest income. The prior-year figure included interest income from 
the reversal of a provision for interest on tax liabilities.
At €2,577 million, the reporting year’s profit before income taxes was up slightly on 
the previous year (€2,572 million). Income taxes also increased, rising by €39 million 
to €400 million. The effective tax rate was 15.5 %.
Net profit and earnings per share down
Consolidated net profit for the period declined from €2,211 million to €2,177 million. 
Of this amount, €2,071 million is attributable to shareholders of Deutsche Post AG and 
€106 million to non-controlling interest holders. Earnings per share also decreased, 
with basic earnings per share down from €1.73 to €1.71 and diluted earnings per share 
­declining from €1.66 to €1.64.
Dividend of €0.85 per share proposed
Our finance strategy calls for a payout of 40 % to 60 % of net profits as dividends as a 
general rule. At the Annual General Meeting on 27 May 2015, the Board of Manage-
ment and the Supervisory Board will therefore propose a dividend of €0.85 per share 
for finan­cial year 2014 (previous year: €0.80) to shareholders. The distribution ratio 
based on the consolidated net profit for the period attributable to Deutsche Post AG 
shareholders amounts to 49.7%. The net dividend yield based on the year-end closing 
price of our shares is 3.1%. The dividend will be distributed on 28 May 2015 and is tax-
free for shareholders resident in Germany. It does not entitle recipients to a tax refund 
or a tax credit.
EBIT after asset charge increases
EAC improved from €1,501 million to €1,551 million in 2014, due primarily to the im-
proved profitability of the Express division. The asset charge rose by 3.7 %, which was 
attributable predominantly to increased capital expenditure in the DHL divisions as well 
as to the changes in net working capital of the Post - eCommerce - Parcel and Global 
Forwarding, Freight divisions.
A.30	 EBIT after asset charge (EAC)
€ m
2013 
adjusted 1
2014 
+ / – % 
 
EBIT
2,865
2,965
3.5
  Asset charge
–1,364
–1,414
–3.7
  EAC
1,501
1,551
3.3
1	 Prior-period amounts adjusted due to a revised calculation basis.
The net asset base increased by €1,185 million to €16,515 million in the reporting year. 
Invest­ments in IT systems, the purchase of freight aircraft and replacement and expan-
sion investments in warehouses, sorting systems and the vehicle fleet increased year-on-
year, as did intangible assets. Changes in net working capital additionally contributed 
to the rising trend.
A.28	 Consolidated EBIT
€m
2014
  2,965
2013 adjusted
  2,865
 
0.80 0.85
0.60 0.60 0.65
0.90
0.75
0.70
0.70 0.70
968
1,030
846
846
1,087
725 725
786
903
836
A.29	 Total dividend and dividend 
per no-par value share
€m
	05	 06	 07	 08	 09	 10	 11	
12	 13 14 1
 
    Dividend per no-par value share (€)
1	 Proposal.
Deutsche Post DHL Group — 2014 Annual Report
49
Group Management ­Report — Report on Economic Position — Results of operations

The decline in operating provisions is due to the reversal of restructuring provisions 
in the Express division, amongst other factors. The increase in other non-current assets 
and liabilities contributed to the rise in the net asset base.
A.31	 Net asset base (non-consolidated)
€ m
31 Dec. 2013  
adjusted 1
31 Dec. 2014 
+ / – % 
 
Intangible assets and property, plant and equipment
18,681
19,540
4.6
  Net working capital
– 681
–512
–24.8
  Operating provisions (excluding provisions for pensions  
and similar obligations)
–2,654
–2,505
–5.6
  Other non-current assets and liabilities
–16
–8
–50.0
  Net asset base
15,330
16,515
7.7
1	 Prior-period amounts adjusted due to a revised calculation basis.
Financial position
A.32	 Selected cash flow indicators
€ m
2013 
adjusted 1
2014 
 
Cash and cash equivalents as at 31 December
3,414
2,978
Change in cash and cash equivalents
1,114
–395
Net cash from operating activities
2,989
3,040
Net cash used in investing activities
–1,765
–1,087
Net cash used in financing activities
–110
–2,348
1	
 Note 4.
Financial management is a centralised function in the Group
The Group’s financial management activities include managing cash and liquidity; hedg-
ing interest rate, currency and commodity price risk; arranging Group financing; issuing 
guarantees and letters of comfort and liaising with rating agencies. We steer processes 
centrally, which allows us to work efficiently and successfully manage risk.
Responsibility for these activities rests with Corporate Finance at Group headquar-
ters in Bonn, which is supported by three Regional Treasury Centres in Bonn (Germany), 
Weston (USA) and Singapore. These act as interfaces between headquarters and the 
operating companies, advise the companies on all financial management issues and 
ensure compliance with Group-wide requirements.
Corporate Finance’s main task is to minimise financial risk and the cost of capital, 
whilst preserving the Group’s continuous financial stability and flexibility. In order to 
maintain its unrestricted access to the capital markets, the Group continues to aim for a 
credit rating appropriate to the sector. We therefore monitor the ratio of our operating 
cash flow to our adjusted debt particularly closely. Adjusted debt refers to the Group’s net 
debt, allowing for unfunded pension obligations and liabilities under operating leases.
 
Deutsche Post DHL Group — 2014 Annual Report
50

Maintaining financial flexibility and low cost of capital
The Group’s finance strategy builds upon the principles and aims of financial manage-
ment. In addition to the interests of shareholders, the strategy also takes creditor require-
ments into account. The goal is for the Group to maintain its financial flexibility and low 
cost of capital by ensuring a high degree of continuity and predictability for investors.
A key component of this strategy is a target rating of “BBB+”, which is managed 
via a dynamic performance metric known as funds from operations to debt (FFO to 
debt). Our strategy additionally includes a sustained dividend policy and clear priorities 
­regarding the use of excess liquidity, which is to be used to gradually increase plan assets 
of our German pension plans as well as paying special dividends or buying back shares.
A.33	 Finance strategy
Credit rating
•	Maintain “BBB+” and “Baa1” ratings, respectively.
•	FFO to debt used as dynamic performance metric.
Dividend policy
•	Pay out 40 % to 60 % of net profit.
•	Consider cash flows and continuity.
Excess liquidity
•	Increase plan assets of German pension plans.
•	Pay out special dividends or execute share buy-back 
programme.
Debt portfolio
•	Syndicated credit facility taken out as liquidity reserve.
•	Debt Issuance Programme established for issuing bonds.
•	Issue bonds to cover long-term capital requirements.
Investors
•	Reliable and consistent information 
from the company.
•	Predictability of expected returns.
Group
•	Preserve financial and strategic flexibility.
•	Assure low cost of capital (WACC) 1.
1	 Weighted average cost of capital 
 Group management, page 36.
Funds from operations (FFO) represents operating cash flow before changes in working 
capital plus interest received less interest paid and adjusted for operating leases, pen-
sions and non-recurring income or expenses, as shown in the following calculation. In 
addition to financial liabilities and surplus cash and near-cash investments, the figure 
for debt also includes operating lease liabilities as well as unfunded pension liabilities.
Deutsche Post DHL Group — 2014 Annual Report
51
Group Management ­Report — Report on Economic Position — Results of operations — Financial position

A.34	 FFO to debt
€ m
2013 
adjusted 1
2014 
 
Operating cash flow before changes in working capital
3,078
3,061
  Interest received 2
55
45
  Interest paid
166
188
  Adjustment for operating leases
1,240
1,283
  Adjustment for pensions
144
122
  Non-recurring income / expenses
73
74
  Funds from operations (FFO)
4,424
4,397
Reported financial liabilities
5,954
5,169
  Financial liabilities at fair value through profit or loss
40
145
  Adjustment for operating leases
5,099
5,953
  Adjustment for pensions
4,940
7,174
  Surplus cash and near-cash investments 3
3,082
2,256
  Debt
12,871
15,895
FFO to debt (%)
34.4
27.7
1	
 Note 4.
2	 The dividends received previously shown under this item have been included in operating cash flow before changes  
in working capital as at 31 December 2014. To improve comparability, the figures for 2013 take the new presentation  
into account.
3	 Surplus cash and near-cash investments are defined as cash and cash equivalents and investment funds callable at sight,  
less cash needed for operations.
The “FFO to debt” dynamic performance metric declined significantly in the reporting 
year compared with the prior year primarily due to an increase in debt.
Funds from operations decreased slightly by €27 million to a total of €4,397 million, 
due to the nominal decline in operating cash flow before changes in working capi-
tal, amongst other factors. The amount of interest paid increased, mainly because we 
had to pay interest on the two bonds issued in 2013 for the first time. Operating re-
structuring payments in the amount of €74 million were recognised as non-recurring 
­income / ­expenses in the reporting year.
Debt increased by €3,024 million year-on-year to €15,895 million in financial year 
2014. The increase was attributable mainly to the increase in the adjustment for pensions, 
which resulted above all from the significant increase in pension obligations due to lower 
discount rates. Further information on pensions is contained in the Notes. Another 
factor contributing to the increase was the rise in lease obligations, which are reported 
under adjustment for operating leases.
Cash and liquidity managed centrally
The cash and liquidity of our globally operating subsidiaries is managed centrally by 
Corporate Treasury. More than 80 % of the Group’s external revenue is consolidated in 
cash pools and used to balance internal liquidity needs. In countries where this practice 
is ruled out for legal reasons, internal and external borrowing and investment are man-
aged centrally by Corporate Treasury. In this context, we observe a balanced banking 
policy in order to remain independent of individual banks. Our subsidiaries’ intra-group 
revenue is also pooled and managed by our in-house bank in order to avoid exter-
nal bank charges and margins through intercompany clearing. Payment trans­actions 
are ­executed in accordance with uniform guidelines using standardised processes and 
IT systems. Many Group companies pool their external payment transactions in the 
Group’s Payment Factory, which executes payments in the name of the respective com-
panies via Deutsche Post AG’s central bank accounts.
  Note 44
Deutsche Post DHL Group — 2014 Annual Report
52

Limiting market risk
The Group uses both primary and derivative financial instruments to limit market risk. 
Interest rate risk is managed exclusively via swaps. Currency risk is hedged additionally 
using forward transactions, cross-currency swaps and options. We pass on most of the 
risk arising from commodity fluctuations to our customers and, to some extent, use 
commodity swaps to manage the remaining risk. The parameters, responsibilities and 
controls governing the use of derivatives are laid down in internal guidelines.
Flexible and stable financing
The Group covers its long-term financing requirements by means of equity and liabil­
ities. This ensures our financial stability and also provides adequate flexibility. Our most 
important source of funds is net cash from operating activities.
We also have a syndicated credit facility in a total volume of €2 billion that guaran-
tees us favourable market conditions and acts as a secure, long-term liquidity reserve. 
The facility was extended in 2013 and renewed in the reporting year by one year and now 
runs until 2019. Moreover, there is an option to renew it for another year. The syndicated 
credit facility does not contain any covenants concerning the Group’s financial indica-
tors. In view of our solid liquidity, it was not drawn down during the year under review.
As part of our banking policy, we spread our business volume widely and maintain 
long-term relationships with the financial institutions we entrust with our business. In 
addition to credit lines, we meet our borrowing requirements through other independ-
ent sources of financing, such as bonds and operating leases. Most debt is taken out 
centrally in order to leverage economies of scale and specialisation benefits and hence 
minimise borrowing costs.
No bonds were issued in the reporting year and a bond falling due in January 2014 
was repaid. Further information on the existing bonds is contained in the Notes.
Group issues sureties, letters of comfort and guarantees
Deutsche Post AG provides security for the loan agreements, leases and supplier con-
tracts entered into by Group companies, associates or joint ventures by issuing letters 
of comfort, sureties or guarantees as needed. This practice allows better conditions to 
be negotiated locally. The sureties are provided and monitored centrally.
Group’s credit rating improved
Credit ratings represent an independent and current assessment of a company’s credit 
standing. Ratings are based upon a quantitative analysis and measurement of the an-
nual report and appropriate planning data. Qualitative factors, such as industry-specific 
features and the company’s market position and range of products and services, are also 
taken into account.
  Note 46
Deutsche Post DHL Group — 2014 Annual Report
53
Group Management ­Report — Report on Economic Position — Financial position

In September 2014, Moody’s Investors Service (Moody’s) raised our credit rating 
from “Baa1” to “A3” with a stable outlook. The decision was based upon the improved 
profitability of our Group. For 2015, Moody’s continues to forecast slight economic 
growth and is projecting a sustained improvement in the operating environment and 
a further increase in profitability for Deutsche Post DHL Group. Our credit quality as 
rated by Fitch Ratings has not changed from the rating of “BBB+” with a stable outlook.
Deutsche Post DHL Group remains well positioned in the transport and logistics 
sector with these ratings. The following table shows the ratings as at the reporting date 
and the underlying factors. The complete and current analyses by the rating agencies 
and the rating categories can be found on our website.
A.35	 Agency ratings
  Rating factors
  Rating factors
Fitch Ratings
Long-term: BBB+
Short-term: F2
Outlook: stable
•	Well-integrated business profile.
•	Dominant position in the domestic 
mail and parcel market.
•	Strong global footprint in the Express, 
Global Forwarding, Freight and 
­Supply Chain businesses.
•	Improvements in the financial profile 
after the completion of the sale 
of Postbank shares.
•	Recovery of the express business’s 
profits and market share, offsetting 
the challenging macroeconomic 
environment.
•	Exposure to regulatory and litigation 
risks (i. e., EU antitrust and state 
aid ­investigations).
•	Structural volume decline in the 
Mail ­division due to secular changes 
in the industry (i. e., competition 
from electronic communication and 
­digitalisation).
•	High exposure to global market 
­volatility through the DHL divisions.
Moody’s Investors 
Service
Long-term: A3
Short-term: P – 2
Outlook: stable
•	Scale and global presence as the 
world’s largest logistics company.
•	Large and robust mail business 
in Germany.
•	Success in restoring profitability 
levels in the logistics activities and 
its mail business.
•	Moderate financial metrics, 
­conservative financial policy and 
sound liquidity profile.
•	Exposure to global macroeconomic 
trends in the logistics businesses.
•	Structural decline of traditional 
postal services.
 
Liquidity and sources of funds
As at the balance sheet date, the Group had cash and cash equivalents in the amount of 
€3.0 billion (previous year: €3.4 billion) at its disposal. A large portion of this is held 
directly by Deutsche Post AG. Most of the cash is invested centrally on the money mar-
ket. These central short-term money market investments had a volume of €1.6 billion 
as at the balance sheet date. Another €0.2 billion was invested in short-term money 
­market funds.
  dpdhl.com/en/investors
Deutsche Post DHL Group — 2014 Annual Report
54

The financial liabilities reported in our balance sheet break down as follows:
A.36	 Financial liabilities
€ m
2013  
adjusted 1
2014 
 
Bonds
5,088
4,290
Due to banks
198
184
Finance lease liabilities
213
210
Liabilities to Group companies
90
23
Financial liabilities at fair value though profit or loss
40
145
Other financial liabilities
325
317
 
5,954
5,169
1	
 Note 4.
The decrease in financial liabilities is primarily the result of the bond in the amount of 
€0.9 billion that was repaid in January 2014. Further information on recognised finan-
cial liabilities is contained in the Notes.
Operating leases remain an important source of funding for the Group. We mainly 
use operating leases to finance real estate, although we also finance aircraft, vehicle fleets 
and IT equipment.
A.37	 Operating lease liabilities by asset class
€ m
2013
2014
 
Land and buildings
4,966
5,375
Aircraft
524
1,083
Transport equipment
512
576
Technical equipment and machinery
67
67
Other equipment, operating and office equipment, miscellaneous
60
54
 
6,129
7,155
Operating lease obligations increased significantly year-on-year to €7.2 billion, with new 
long-term agreements – primarily for aircraft but also real estate – overcompensating 
considerably for the reduction in the remaining terms of legacy agreements.
Capital expenditure above prior-year level
The Group’s capital expenditure (capex) was €1,876 million at the end of December 2014, 
7.4 % above the prior year’s figure of €1,747 million. Funds were used mainly to replace 
and expand assets as follows: €1,576 million was invested in property, plant and equip-
ment and €300 million in intangible assets excluding goodwill. Investments in prop-
erty, plant and equipment related to advance payments and assets under development 
(€790 million), transport equipment (€358 million), land and buildings (€138 mil-
lion), technical equipment and machinery (€100 million), IT equipment (€79 million), 
­operating and office equipment (€76 million) as well as aircraft (€35 million). In regional 
terms, we invested mainly in Europe and the Americas as well as in Asia.
  Note 46
A.38	 Capex by region
€m
Germany
  1,092
  1,128
Europe (excluding Germany)
  300 
  227
Americas 1
  223
  172 
Asia Pacific
  191
  165
Other regions
  70
  55
  2014   
  2013
1	 Prior-period amount adjusted.
Deutsche Post DHL Group — 2014 Annual Report
55
Group Management ­Report — Report on Economic Position — Financial position

Post - eCommerce - Parcel expands parcel network
Capital expenditure in the Post - eCommerce - Parcel division decreased, falling from 
€452 million in the prior year to €415 million. The largest capex portion continued to 
be attributable to the Parcel 2012 Production Concept, which is designed to adapt our 
network capacities to cater to increasing shipment volumes. The international parcel 
network was also expanded. Additional investments focused on other operating and 
office equipment and enhancing IT performance.
Express investments driven by markets with rising customer demand
In the Express division, capital expenditure amounted to €571 million in the reporting 
year (previous year: €484 million). Investments focused primarily upon our global and 
regional hubs in Leipzig, Cincinnati, Singapore and Dubai in order to meet growing cus-
tomer demand. In addition, a substantial portion of capital expenditure was attributable 
to selected markets such as the UK, the USA and China. We also continued to invest in 
our fleet of aircraft, albeit less than in the previous year.
Global Forwarding, Freight continues to expand IT
In the Global Forwarding, Freight division, capital expenditure rose from €127 million 
in the prior year to €207 million in 2014. Of that figure, €182 million was attributable to 
the Global Forwarding business unit where we continued to improve our IT, particularly 
as part of the New Forwarding Environment project. We also modernised and fitted out 
warehouses and office buildings across all regions. A total of €25 million was invested 
in the Freight business unit, mainly for real estate, operational and technical equipment 
and machinery and software.
A.39	 Capex and depreciation, amortisation and impairment losses, full year
PeP
Express
Global Forwarding, 
Freight
Supply Chain
Corporate Center / 
Other
Consolidation 1
Group
 
2013 
adjusted
2014 
2013 
adjusted
2014 
2013 
adjusted
2014 
2013 
2014 
2013 
2014 
2013 
2014 
2013 
adjusted
2014 
Capex (€ m)
452
415
484
571
127
207
277
304
407
380
0
–1
1,747
1,876
Depreciation, 
amortisation and 
impairment losses 
(€ m)
384
340
380
462
90
88
270
268
213
224
0
–1
1,337
1,381
Ratio of capex 
to depreciation, 
amortisation and 
impairment losses
1.18
1.22
1.27
1.24
1.41
2.35
1.03
1.13
1.91
1.70
–
–
1.31
1.36
1	 Including rounding.
A.40	 Capex and depreciation, amortisation and impairment losses, Q 4
PeP
Express
Global Forwarding, 
Freight
Supply Chain
Corporate Center / 
Other
Consolidation 1
Group
 
2013 
adjusted
2014 
2013 
adjusted
2014 
2013 
adjusted
2014 
2013 
2014 
2013 
2014 
2013 
2014 
2013 
adjusted
2014 
Capex (€ m)
266
208
223
296
56
79
90
108
217
181
0
–1
852
871
Depreciation, 
amortisation and 
impairment losses 
(€ m)
114
86
88
96
22
23
65
71
58
58
0
–1
347
333
Ratio of capex 
to depreciation, 
amortisation and 
impairment losses
2.33
2.42
2.53
3.08
2.55
3.43
1.38
1.52
3.74
3.12
–
–
2.46
2.62
1	 Including rounding.
A.41	 Capex by segment
€m
PeP
  415
  452
Express
  571
  484
Global Forwarding, Freight
  207
  127
Supply Chain
  304
  277
Corporate Center /Others
  380
  407
  2014   
  2013 adjusted
 
Deutsche Post DHL Group — 2014 Annual Report
56

Supply Chain invests in new business
In the Supply Chain division, capital expenditure amounted to €304 million in the 
­reporting year (previous year: €277 million). Of this amount, €263 million related to 
the Supply Chain business unit, €26 million to Williams Lea and €15 million to central 
entities. Approximately 50 % of the funds were used to support new business globally. In 
the Americas and Asia Pacific regions, investments focused primarily on new business in 
the Consumer, Retail and Automotive sectors. In Europe, the majority of capital expend-
iture was used for customer projects in the UK Consumer sector and the Retail sector in 
Germany. Investments were also made to renew the fleet in the UK and in Africa. In the 
Williams Lea business unit, the main focus of our investments was on IT infrastructure.
Cross-divisional investments decline
Cross-divisional capital expenditure fell from €407 million in the prior year to €380 mil-
lion in 2014, due predominantly to lower expenditure for real estate. By contrast, invest-
ments in vehicles and IT equipment increased year-on-year.
Higher operating cash flow
Net cash from operating activities amounted to €3,040 million in financial year 2014, 
up €51 million on the previous year. The improved EBIT contributed €100 million to 
this increase. The depreciation, amortisation and impairment losses contained in EBIT 
are non-cash effects and are therefore eliminated. They increased by €44 million, mainly 
due to impairment losses recognised on aircraft. The change in provisions rose from 
€–500 million to €–698 million, partially due to the reversal of restructuring provisions 
in the Express division. At €3,061 million, net cash from operating activities before 
changes in working capital was €17 million down on the previous year. Thanks to better 
working capital management, the changes in working capital led to a lower cash outflow 
of €21 million, compared with a cash outflow of €89 million in the previous year.
Cash paid to acquire property, plant and equipment and intangible assets increased 
considerably during the reporting year from €1,381 million to €1,750 million. By con-
trast, the changes in current financial assets in particular led to a significant net cash 
inflow of €405 million: the sale of money market funds at the beginning of the year 
­resulted in a cash inflow of €600 million, whilst towards the end of the year we reinvested 
surplus liquid funds of €200 million on the capital market on a short-term basis. In the 
previous year, the investment of short-term liquidity had led to a net cash outflow of 
€575 million. In total, at €1,087 million, net cash used in investing activities was signifi­
cantly lower than in the previous year (€1,765 million).
A.42	 Operating cash flow by division, 2014
€m
PeP
  1,085
Express
  1,689
Global Forwarding, Freight
  181
Supply Chain
  673
 
Deutsche Post DHL Group — 2014 Annual Report
57
Group Management ­Report — Report on Economic Position — Financial position

A.43	 Calculation of free cash flow
€ m
2013 
adjusted 1
2014 
Q 4 2013 
adjusted 1
Q 4 2014 
 
Net cash from operating activities
2,989
3,040
1,562
1,659
Sale of property, plant and equipment and intangible assets
177
200
59
84
Acquisition of property, plant and equipment and intangible assets
–1,381
–1,750
– 457
–560
Cash outflow arising from change in property, plant  
and equipment and intangible assets
–1,204
–1,550
–398
– 476
Disposal of subsidiaries and other business units
32
4
1
1
Disposal of investments accounted for using the equity method 
and other investments
0
0
0
0
Acquisition of subsidiaries and other business units
–37
–5
0
– 6
Acquisition of investments accounted for using the equity method 
and other investments
0
–1
0
–1
Cash outflow/inflow arising from acquisitions / divestitures
–5
–2
1
– 6
Interest received
55
45
8
8
Interest paid
–166
–188
– 45
–71
Net interest paid
–111
–143
–37
– 63
Free cash flow
1,669
1,345
1,128
1,114
1	
 Note 4.
Free cash flow declined by €324 million year-on-year to €1,345 million, primarily due 
to the increase in cash paid to acquire property, plant and equipment and intangible 
assets. At €1,114 million, free cash flow was also below the prior-year amount in the 
fourth quarter of 2014.
At €2,348 million, net cash used in financing activities was €2,238 million higher 
than in the previous year. In particular, the repayment of a bond of €926 million in Janu­
ary 2014 made a significant contribution towards repayments of non-current financial 
liabilities in the amount of €1,030 million. In the previous year, by contrast, the issue of 
two bonds with a five-year and ten-year term resulted in a cash inflow of €495 million 
for each bond. At €968 million, the dividend paid to our shareholders was another large 
payment item, increasing by €122 million year-on-year. Payments to acquire treasury 
shares amounted to €85 million in the reporting year, a significant increase on the prior-­
year figure of €23 million.
As a result of the aforementioned items, cash and cash equivalents declined from 
€3,414 million as at 31 December 2013 to €2,978 million. 
  Note 38
Deutsche Post DHL Group — 2014 Annual Report
58

Net assets
A.44	 Selected indicators for net assets
 
31 Dec. 2013 
adjusted 1
31 Dec. 2014 
 
Equity ratio
%
28.3
25.9
Net debt
€ m
1,499
1,499
Net interest cover
 
25.8
20.7
Net gearing
%
13.0
13.5
FFO to debt 2
%
34.4
27.7
1	
 Note 4.
2	 Calculation 
 Financial position, page 52.
Consolidated total assets increased
The Group’s total assets amounted to €36,979 million as at 31 December 2014, €1,518 mil-
lion higher than at 31 December 2013 (€35,461 million).
At €22,902 million, non-current assets were up on the previous year, increasing 
markedly by €1,532 million. Intangible assets rose by €520 million to €12,352 million: 
in addition to advance payments for the NFE project, this item increased primarily due 
to the impact of foreign currency effects on goodwill. Property, plant and equipment 
also rose by €377 million to €7,177 million, driven primarily by investments in the DHL 
divisions. Non-current financial assets rose from €1,123 million to €1,363 million, due 
mainly to an increase in loans and receivables.
At €14,077 million, current assets were on a par with the previous year (€14,091 mil-
lion). Inventories declined by €70 million to €332 million. Current financial assets 
decreased significantly by €470 million to €351 million, largely because we liquidated 
short-term investments in money market funds and used them in part to repay a bond. 
Trade receivables rose by €803 million to €7,825 million, driven to a significant extent 
by revenue growth and currency effects. Other current assets also increased, rising by 
€192 million to €2,415 million. The reasons for the €436 million decline in cash and 
cash equivalents to €2,978 million are described in the section entitled Financial position. 
Assets held for sale declined by €38 million to €4 million, mainly due to the completion 
of the sale of a number of properties in Germany.
At €9,376 million, equity attributable to Deutsche Post AG shareholders was 
€468 million lower than at 31 December 2013 (€9,844 million). Although consolidated 
net profit for the period made a positive contribution, actuarial losses on pension 
­obligations and the dividend payment to our shareholders in particular led to a ­decrease 
in equity.
  Page 57 f.
Deutsche Post DHL Group — 2014 Annual Report
59
Group Management ­Report — Report on Economic Position — Financial position — Net assets

At €16,988 million, current and non-current liabilities were on a par with the 
previous year (€16,946 million). Financial liabilities decreased by €785 million to 
€5,169 million, mainly as a result of the repayment in January of a bond in the amount 
of €926 million. Trade payables, on the other hand, increased significantly by €564 mil-
lion to €6,922 million. Higher customs and duties, amongst other factors, led to a rise in 
other current liabilities from €3,978 million to €4,196 million. At €10,411 million, cur-
rent and non-current provisions were significantly higher than as at 31 December 2013 
(€8,481 million): a decline in discount rates led in particular to the recognition of addi-
tional provisions for pensions.
Net debt unchanged at €1,499 million
As at 31 December 2014, our net debt of €1,499 million was exactly at the prior-­year 
level. The equity ratio declined from 28.3 % in the previous year to 25.9 % as at the 
reporting date.
The dynamic gearing ratio is an indicator of internal financing capacity and ex-
presses the average number of years a company would require to pay off its outstanding 
debt using the cash flow generated from operating activities. It amounted to 0.5 years 
in financial year 2014.
Net interest cover shows the extent to which net interest obligations are covered by 
EBIT. This indicator declined from 25.8 to 20.7. Net gearing expresses the ratio of net 
debt to the total of equity and net debt. This amounted to 13.5 % at 31 December 2014.
A.45	 Net debt
€ m
31 Dec. 2013 
adjusted 1
31 Dec. 2014  
 
Non-current financial liabilities
4,599
4,655
  Current financial liabilities
1,297
425
  Financial liabilities
5,896
5,080
  Cash and cash equivalents
3,414
2,978
  Current financial assets
821
351
  Long-term deposits 2
55
60
  Positive fair value of non-current financial derivatives 2
107
192
  Financial assets
4,397
3,581
Net debt
1,499
1,499
1	
 Note 4.
2	 Reported in non-current financial liabilities in the balance sheet.
Deutsche Post DHL Group — 2014 Annual Report
60

Business performance in the divisions
OVERVIEW
A.46	 Key figures by operating division
€ m
2013 
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
 
Post - eCommerce - Parcel
Revenue
15,291
15,686
2.6
4,183
4,353
4.1
of which Post
9,975
10,026
0.5
2,665
2,693
1.1
	
eCommerce - Parcel
5,316
5,660
6.5
1,518
1,660
9.4
Profit from operating activities (EBIT)
1,286
1,298
0.9
374
425
13.6
Return on sales (%) 1
8.4
8.3
–
8.9
9.8
–
Operating cash flow
1,038
1,085
4.5
366
478
30.6
Express
Revenue
11,821
12,491
5.7
3,100
3,411
10.0
of which Europe
5,432
5,670
4.4
1,444
1,528
5.8
	
Americas
2,207
2,259
2.4
579
627
8.3
	
Asia Pacific
4,069
4,456
9.5
1,063
1,237
16.4
	
MEA (Middle East and Africa)
924
924
0.0
229
246
7.4
	
Consolidation/Other
–811
–818
– 0.9
–215
–227
–5.6
Profit from operating activities (EBIT)
1,083
1,260
16.3
312
348
11.5
Return on sales (%) 1
9.2
10.1
–
10.1
10.2
–
Operating cash flow
1,379
1,689
22.5
556
578
4.0
Global Forwarding, Freight
Revenue
14,787
14,924
0.9
3,774
3,960
4.9
of which Global Forwarding
10,813
10,892
0.7
2,754
2,918
6.0
	
Freight
4,117
4,180
1.5
1,059
1,082
2.2
	
Consolidation/Other
–143
–148
–3.5
–39
– 40
–2.6
Profit from operating activities (EBIT)
478
293
–38.7
138
71
– 48.6
Return on sales (%) 1
3.2
2.0
–
3.7
1.8
–
Operating cash flow
641
181
–71.8
372
205
– 44.9
Supply Chain
Revenue
14,227
14,737
3.6
3,699
3,953
6.9
of which Supply Chain
12,889
13,329
3.4
3,329
3,564
7.1
	
Williams Lea
1,345
1,407
4.6
371
383
3.2
	
Consolidation/Other
–7
1
–
–1
6
–
Profit from operating activities (EBIT)
441
465
5.4
178
161
–9.6
Return on sales (%) 1
3.1
3.2
–
4.8
4.1
–
Operating cash flow
635
673
6.0
376
436
16.0
1	 EBIT / revenue.
Deutsche Post DHL Group — 2014 Annual Report
61
Group Management ­Report — Report on Economic Position — Net assets — Business performance in the divisions

POST - ECOMMERCE - PARCEL DIVISION
Revenue increases by 2.6 %
In the reporting year, with 0.3 additional working days in Germany, revenue in the 
division was €15,686 million, 2.6 % above the prior-­year figure of €15,291 million. 
­Operations in both business units performed well, with our international and domestic 
parcel business, predominantly in Germany, accounting for most of the gain. Negative 
currency effects of €6 million were recorded.
Mail business increases revenue as volume declines
In the Post business unit, revenue was €10,026 million, slightly above the prior-year 
figure of €9,975 million. This is attributable primarily to the price increases for both 
a standard letter and our Infopost product since overall volumes continued to decline. 
Revenue in the fourth quarter of 2014 was €2,693 million (previous year: €2,665 million).
The domestic mail business performed well mainly as a result of the price increases. 
Volumes were slightly below the prior-year level. This decline can be attributed to the 
additional mail correspondence seen in advance of the SEPA migration in 2013 in 
addition to the general market trend and other factors. Revenue in the international 
­import / ­export business in the reporting year declined noticeably compared to the prior-­
year level due to changes in the mix.
In the Dialogue Marketing business, we were able to increase revenue despite 
­declining volumes compared with the previous year. The prices for the Standard, 
­Kompakt and Maxi formats of our Infopost product were raised by three cents on 
1 July 2014. In addition, we accelerated our advertising activities with regard to retail 
and mail-order businesses. Both revenue and sales in unaddressed advertising mail 
decreased slightly. We generated growth through new customers and by expanding the 
delivery area for our unaddressed product Einkauf aktuell; however, this growth did not 
offset the declines in Postwurfsendung items.
A.47	 Post: volumes
Mail items (millions)
2013  
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
 
Total
20,804
20,498
–1.5
5,724
5,433
–5.1
of which Mail 
­Communication
8,958
8,891
– 0.7
2,390
2,309
–3.4
of which Dialogue 
­Marketing
9,716
9,523
–2.0
2,765
2,561
–7.4
eCommerce - Parcel business unit continues to grow
Worldwide online retailing continues to have a positive impact on our parcel business. 
By expanding our portfolio and improving our services, we are laying the logistical 
­foundation around the world to ensure that the strong growth in this market is sustained. 
In the reporting year, revenue in the eCommerce - Parcel business unit was €5,660 mil-
lion, exceeding the prior-year figure of €5,316 million by 6.5 %.
The volume in the German parcel business rose sharply again in 2014, surpassing 
the prior-year figure by 7.0 %. We extended our product portfolio again and significantly 
expanded our services. Revenue exceeded the prior-year figure by an even wider margin 
due to changes in the mix. In the fourth quarter of 2014, the positive trend accelerated 
further.
Deutsche Post DHL Group — 2014 Annual Report
62

Our other domestic parcel business in Europe performed just as well. Since we 
consolidated this business into the Post - eCommerce - Parcel division, revenue and sales 
have increased considerably compared with the prior year.
Our worldwide e-commerce activities also continue to perform well. Revenue in-
creased in the reporting year due to solid growth in the Americas and India. In contrast, 
volumes remained below the prior-year figure because we began to reassess our cus-
tomer portfolio, particularly in the USA.
A.48	 Parcel Germany: volumes
Parcels (millions)
2013  
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
 
Parcel Germany
965
1,033
7.0
285
309
8.4
Increased costs slow earnings growth
Although revenue rose significantly compared with the previous year, EBIT improved 
only slightly to €1,298 million (previous year: €1,286 million). Increased material and 
labour costs, in particular, as well as the continued expansion of our parcel network, 
noticeably slowed the improvement in earnings. The return on sales was 8.3 % (previ-
ous year: 8.4 %). In the fourth quarter of 2014, EBIT was €425 million (previous year: 
€374 million), which improved return on sales from 8.9 % to 9.8 % quarter-on-quarter.
Operating cash flow in the reporting year was €1,085 million, exceeding the prior-­
year figure of €1,038 million by 4.5 %, which is mainly a result of lower net cash outflow 
from working capital. At €–278 million, working capital was significantly less favorable 
than the prior-year level (€–457 million).
Deutsche Post DHL Group — 2014 Annual Report
63
Group Management ­Report — Report on Economic Position — Business performance in the divisions

EXPRESS DIVISION
Revenue in time-definite business grows at a high level
Revenue in the division increased by 5.7 % to €12,491 million in the reporting year (previ-
ous year: €11,821 million). Our business continued to grow: excluding negative currency 
effects of €193 million and the effect from the sale of the domestic express business in 
Romania in the first quarter of 2013, revenue in the reporting year increased by 7.3 %. 
In the fourth quarter of 2014, revenue climbed year-on-year by 10.0 %.
In the Time Definite International (TDI) product line, both per-day shipment vol-
umes and daily revenues rose by 7.8 % compared with the prior year. An increase of 7.8 % 
in the final quarter affirmed the growth in per-day volumes.
In the Time Definite Domestic (TDD) business, our customers sent 1.7 % more ship-
ments each day year-on-year in 2014. Daily revenues in the reporting year remained 
at the prior-year level. In the fourth quarter of 2014, daily shipment volumes went up 
by 3.9 %.
Effective 1 January 2014, we transferred the Indian subsidiary Blue Dart as well 
as the domestic express business in the Netherlands, Belgium and Poland to the PeP 
­division. Since then our focus in the Express division in these countries has been on our 
core competence, international business. The subsidiary Sky Courier Inc. in the United 
States was transferred to the Global Forwarding, Freight division.
A.49	 EXPRESS: revenue by product
€ m per day 1
2013 
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
 
Time Definite ­ 
International (TDI)
34.7
37.4
7.8
37.5
40.0
6.7
Time Definite  
Domestic (TDD)
3.9
3.9
0.0
4.1
4.3
4.9
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.
A.50	 EXPRESS: volumes by product
Thousands of items  
per day 1
2013 
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
Time Definite ­ 
International (TDI)
643
693
7.8
694
748
7.8
Time Definite  
Domestic (TDD)
361
367
1.7
380
395
3.9
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.
TDI volumes in Europe region see final-quarter double-digit increases
Revenue in the Europe region was €5,670 million, 4.4 % above the prior year’s figure of 
€5,432 million. The figure for the reporting year included negative currency effects of 
€37 million, which related mainly to our business activities in Russia and Turkey. Exclud-
ing these effects and the effect from the sale of the domestic express business in Romania 
in the first quarter of 2013, revenue growth in 2014 was 5.2 %. Daily revenues in the TDI 
product line grew by 4.6 %, due primarily to the 6.0 % increase in daily shipment volumes. 
In the fourth quarter of 2014, daily revenues in international shipments increased by 
4.5 % compared with the prior-year quarter; shipment volumes were even up by 10.2 %.
Deutsche Post DHL Group — 2014 Annual Report
64

Business growth stable in the Americas region
Revenue in the Americas region increased by 2.4 % in the reporting year to €2,259 mil-
lion (previous year: €2,207 million). The figure for the reporting year included major 
negative currency effects of €99 million, which related mainly to our business activities 
in South America – above all Venezuela and Argentina. Excluding these effects, revenue 
in the region rose by 6.8 % in the reporting year. In the TDI product line, daily revenues 
and per-day volumes increased by 6.8 % and 7.0 %, respectively. In the fourth quarter of 
2014, daily shipment volumes slightly exceeded the prior-year level by 0.5 %.
Performance in Asia Pacific region remains dynamic
In the Asia Pacific region, we increased revenue by 9.5 % to €4,456 million (previous year: 
€4,069 million). The figure for the reporting year included negative currency ­effects of 
€41 million. Excluding these effects, the revenue increase was a strong 10.5 %. Daily rev-
enues in the TDI product line were up by 11.3 % in 2014, due primarily to the 9.6 % rise 
in daily shipment volumes. The encouraging growth was also maintained in the fourth 
quarter: revenues in daily international shipments increased by 11.1 % whilst shipment 
volumes grew by 8.0 %.
Time-definite shipments rise in the MEA region
In the MEA region (Middle East and Africa), revenue in the reporting year was €924 mil-
lion and thus at the prior-year level. Excluding negative currency effects of €11 million, 
revenue grew by 1.2 % in the reporting year. In the TDI product line, daily revenues 
increased by 8.7 % and per-day volumes by 10.5 %. In the fourth quarter of 2014 daily 
revenues in international shipments increased by 8.8 %, and shipment volumes by 10.0 %, 
compared with the previous quarter.
EBIT exceeds high prior-year figure again
In the reporting year, EBIT in the division increased year-on-year by 16.3 % to €1,260 mil-
lion (previous year: €1,083 million). Increased revenues, the higher operating profitabil-
ity of our network and strict cost management in particular contributed to this improve­
ment. The EBIT figure for the previous year included a €12 million deconsolidation 
gain on the divestment of the domestic express business in Romania. The reversal of 
restructuring provisions in the United States resulted in income that was offset mainly 
by impairment losses on aircraft. Return on sales in the reporting year rose from 9.2 % 
to 10.1 %. In the final quarter, EBIT climbed by 11.5 % to €348 million, which improved 
return on sales from 10.1 % to 10.2 %.
As a result of the improved operating profit, operating cash flow increased in the 
reporting year by 22.5 % to €1,689 million (previous year: €1,379 million).
Deutsche Post DHL Group — 2014 Annual Report
65
Group Management ­Report — Report on Economic Position — Business performance in the divisions

GLOBAL FORWARDING, FREIGHT DIVISION
Freight forwarding volumes recovered slightly during the year
Revenue in the division increased by 0.9 % to €14,924 million in the reporting year 
(previous year: €14,787 million). Excluding negative currency effects of €339 million, 
revenue was 3.2 % above the previous year. After declining in the first half of the year, 
the freight forwarding business recovered slightly over the course of the year. In the 
fourth quarter, revenue was up year-on-year by 4.9 % to €3,960 million (previous year: 
€3,774 million). The fourth-quarter figure included positive currency effects of €15 mil-
lion. Excluding currency effects, revenue saw a 4.5 % year-on-year increase. Our rev­enue 
continued to be impacted by reduced prices.
In the Global Forwarding business unit, revenue in the reporting year increased 
slightly by 0.7 % to €10,892 million (previous year: €10,813 million). Excluding negative 
currency effects of €281 million, the increase was 3.3 %. Gross profit declined by 4.9 % to 
€2,403 million (previous year: €2,526 million).
Implementation of our NFE strategic project is on-going.
Volume rise in air and ocean freight confirmed
Revenues and volumes in air and ocean freight increased year-on-year in the reporting 
year.
Our air freight volumes grew in financial year 2014 by 2.4 % compared with the 
previous year. Margin pressure continued to rise over the course of the year. In light 
of the falling oil price, major customers engaged in aggressive competitive bidding in 
the second half of the year. Furthermore, airlines reduced their capacities, in particular 
along the very busy routes from Asia. Our revenue in the reporting period grew by 2.2 %; 
however, gross profit declined by 8.9 %. In the fourth quarter, volumes were 2.7 % and 
revenue 6.6 % above the prior-year quarter.
Ocean freight volumes for 2014 as a whole were up by 4.6 % year-on-year, driven 
mainly by newly acquired customers and increased volumes from existing customers. 
Asia remains the largest growth engine. Despite the fact that new, larger vessels are being 
put into operation, ocean carriers continued to reduce effective capacity and therefore 
maintain the balance between supply and demand. At the same time, rates were in-
creased, which added pressure to the margins. Our ocean freight revenue increased by 
1.3 % in the reporting year. Although we implemented strict operational cost control 
measures, gross profit declined by 4.1 %. In the fourth quarter, volumes were 3.4 % and 
revenue 9.3 % above the prior-year quarter.
Our industrial project business (in table A.51, reported as part of Other in the Global 
Forwarding business unit) saw weaker performance compared with the prior year. In the 
reporting year, the share of revenue related to industrial project business and reported 
under Other was 34.7 % and therefore down year-on-year (previous year: 37.1 %). Gross 
profit therefore declined by 10.8 % compared with the prior-year period.
Deutsche Post DHL Group — 2014 Annual Report
66

A.51	 Global Forwarding: revenue
€ m
2013 
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
 
Air freight
5,006
5,114
2.2
1,324
1,411
6.6
Ocean freight
3,532
3,578
1.3
848
927
9.3
Other
2,275
2,200
–3.3
582
580
– 0.3
Total
10,813
10,892
0.7
2,754
2,918
6.0
A.52	 Global Forwarding: volumes
Thousands
 
2013 
adjusted
2014 
+ / – % 
Q 4 2013 
adjusted
Q 4 2014 
+ / – % 
 
Air freight
tonnes
3,953
4,048
2.4
1,047
1,075
2.7
of which exports
tonnes
2,215
2,272
2.6
591
600
1.5
Ocean freight
TEUs 1
2,807
2,935
4.6
707
731
3.4
1	 Twenty-foot equivalent units.
Revenue in European overland transport business grows steadily
In the Freight business unit, revenue was up by 1.5 % to €4,180 million in financial year 
2014 (previous year: €4,117 million) despite negative currency effects of €59 million. 
Business grew primarily in Central and Eastern Europe, Germany, Turkey, Sweden and 
France. Gross profit declined by 1.6 % to €1,079 million in the reporting year (previous 
year: €1,097 million), due primarily to negative currency effects.
EBIT includes high NFE expenses
EBIT in the division was €293 million in the reporting year and therefore significantly 
below the prior-year level of €478 million. The impact of high NFE expenses continues 
to be felt. At the same time, gross profit margins remained at a historically low level 
due to higher pressure on margins, despite strict cost management. The return on sales 
declined to 2.0 % (previous year: 3.2 %). In the fourth quarter of 2014, EBIT fell year-on-
year, from €138 million to €71 million.
Moreover, net working capital in the reporting year worsened due to increased 
outstanding receivables, leading to an operating cash flow of €181 million (previous 
year: €641 million).
 
Deutsche Post DHL Group — 2014 Annual Report
67
Group Management ­Report — Report on Economic Position — Business performance in the divisions

SUPPLY CHAIN DIVISION
Positive revenue performance
Revenue in the division increased in the reporting year by 3.6 % to €14,737 million (pre-
vious year: €14,227 million). Positive currency effects of €132 million almost offset the 
loss of revenue from prior-year disposals of €147 million. Excluding these effects, rev-
enue growth was 3.7 %. In the fourth quarter of 2014, revenue increased year-on-year 
by 6.9 % from €3,699 million to €3,953 million. Excluding the positive currency effects, 
revenue grew by 1.9 %.
Revenue in the Supply Chain business unit was €13,329 million in 2014, an increase 
of 3.4 % (previous year: €12,889 million). Excluding business disposals and positive cur-
rency effects, growth was 3.8 %. On this basis, growth in the emerging markets was 
better than that of the business unit as a whole. Compared with the previous year, the 
Automotive and Life Sciences & Healthcare sectors represented a higher proportion of 
revenue, offset by a slightly lower share in the Retail sector. Revenue from the top 20 
customers increased by 1.5 %.
In the Americas region, revenue no longer includes Exel Direct in the United States, 
which we disposed of in the second quarter of 2013. Our revenue in Canada was im-
pacted negatively by the loss of a contract in the Retail sector at the end of the second 
quarter of 2014. We generated the highest revenue growth in the USA and Brazil, pre-
dominantly from new business in the Consumer and Energy sectors.
In the Asia Pacific region, we achieved substantial revenue growth from additional 
volumes and new business, particularly in Japan, Australia and China. In Japan, we bene­
fited from new business in the Technology sector that was gained in the second half of 
2013. Revenue growth in Australia came primarily from the Life Sciences & Healthcare 
sector. In China, revenue increased significantly due to new business and higher volumes 
in the Automotive and Consumer sectors. However, the overall rise in revenue in the 
region was offset partly by negative currency effects, due primarily to the Japanese yen.
In Europe, volumes in the Automotive and Retail sectors increased as a result of 
higher end-customer demand. Revenue in the Life Sciences & Healthcare sector im-
proved due to additional business with the UK National Health Service. Prior-year dis-
posals and the strong pound sterling also affected revenue growth.
In the Williams Lea business unit, revenue grew by 4.6 % to €1,407 million in the 
reporting period, driven mainly by higher volumes in the public sector in the UK and 
the new Marketing Solutions sourcing business in Asia.
A.53	 SUPPLY CHAIN: 
revenue by sector, 2014
Total revenue: €14,737 million
 
  4 %  Supply Chain Others
  3 %  Energy
10 %  Williams Lea
10 %  Automotive
10 %  Technology
20 %  Life Sciences &  
Healthcare
19 %  Consumer
24 %  Retail
A.54 	SUPPLY CHAIN: 
revenue by region, 2014
Total revenue: €14,737 million
 
26 %  Americas
14 %  Asia Pacific /  
Middle East/Africa
60 %  Europe/Other /  
Consolidation
Deutsche Post DHL Group — 2014 Annual Report
68

New business worth around €1,220 million secured
In the reporting year, the Supply Chain business unit concluded additional contracts 
worth around €1,220 million in annualised revenue with both new and existing custom-
ers in the reporting year. The Consumer, Retail, Automotive, Life Sciences & Healthcare 
and Technology sectors accounted for the majority of the gains. The annualised contract 
renewal rate remained at a consistently high level.
EBIT further improved in the reporting year
EBIT in the division was €465 million in the reporting year (previous year: €441 million). 
The previous year included a gain of €50 million from the adjustment of pension plans 
as well as charges of €30 million for restructuring, charges associated with the Chapter 11 
insolvency filing of a major customer and expenses arising from business disposals. The 
improved EBIT can be attributed both to the high level of new business and to continuing 
restructuring programmes. The return on sales was 3.2 % (previous year: 3.1 %). In the 
fourth quarter of 2014, EBIT decreased from €178 million to €161 million, reflecting pri-
marily the prior-­year net gain from the pension plan adjustment and restructuring costs.
Operating cash flow for the reporting year increased to €673 million, from €635 mil-
lion in the previous year.
Deutsche Post DHL Group — 2014 Annual Report
69
Group Management ­Report — Report on Economic Position — Business performance in the divisions

DEUTSCHE POST SHARES
Highly volatile equities markets
The stock markets were extremely volatile in 2014. The DAX saw high levels of fluctuation 
between its annual low of 8,571 points on 15 October and its high of 10,087 points on 
5 December. Volatility was similarly high on the EURO STOXX 50 as a result of geopolit-
ical and monetary policy factors that gave rise to nervousness amongst investors. The 
stock markets registered significant price declines on a regular basis, above all due to the 
Russia-Ukraine conflict, Middle East trouble spots and concerns regarding economic 
performance in the emerging economies. Falling oil prices and the EUR-USD exchange 
rate also contributed to uncertainty on the financial markets. Central banks all over 
the world attempted to counteract these trends by adopting expansive monetary pol­
icies. Thanks in particular to improved US economic indicators and hopes of additional 
stimulus from the European Central Bank, equities prices increased somewhat more 
significantly at the end of the year, which at least allowed the European stock markets 
to close the year with slight gains. The DAX ended the year 2014 at 9,805 points, a gain 
of 2.7 %. The EURO STOXX 50 registered growth of 1.2 % year-on-year.
A.55	 Deutsche Post shares: multi-year review
 
2008
2009
2010
2011
2012
2013
2014
 
Year-end closing price
€
11.91
13.49
12.70
11.88
16.60
26.50
27.05
High
€
24.18
13.79
14.46
13.83
16.66
26.71
28.43
Low
€
7.18
6.65
11.18
9.13
11.88
16.51
22.30
Number of shares
millions
1,209.0
1,209.0
1,209.0
1,209.0
1,209.0
1,209.0
1,211.2 1
Market capitalisation as at 31 December
€ m
14,399
16,309
15,354
14,363
20,069
32,039
32,758
Average trading volume per day
shares
7,738,509
5,446,920
5,329,779
4,898,924
4,052,323
4,114,460
4,019,689
Annual performance including dividends
%
– 45.5
18.3
–1.4
–1.3
45.6
63.9
5.1
Annual performance excluding dividends
%
– 49.3
13.3
–5.9
– 6.5
39.7
59.6
2.1
Beta factor 2
 
0.81
0.91
0.95
1.19
0.88
0.86
0.94
Earnings per share 3
€
–1.40
0.53
2.10
0.96
1.36 7
1.73
1.71
Cash flow per share 4
€
1.60
– 0.48
1.59
1.96
– 0.17
2.47
2.51
Price-to-earnings ratio 5
 
–8.5
25.5
6.0
12.4
12.2 7
15.3
15.8
Price-to-cash flow ratio 4, 6
 
7.4
–28.1
8.0
6.1
–97.6
10.7
10.8
Dividend
€ m
725
725
786
846
846
968
1,030 8
Payout ratio
%
–
112.6
30.9
72.7
51.6
46.3
49.7 8
Dividend per share
€
0.60
0.60
0.65
0.70
0.70
0.80
0.85 8
Dividend yield
%
5.0
4.4
5.1
5.9
4.2
3.0
3.1
1	 Increase due to the operation of a bonus programme for executives 
 Note 38.
2	 Three-year beta; Source: Bloomberg.
3	 Based on consolidated net profit after deduction of non-controlling interests 
 Note 22.
4	 Cash flow from operating activities.
5	 Year-end closing price / earnings per share.
6	 Year-end closing price / cash flow per share.
7	 Adjusted to reflect the application of IAS 19 R.
8	 Proposal.
Deutsche Post DHL Group — 2014 Annual Report
70

A.56	 Peer group comparison: closing prices
 
 
30 Sep. 
2014
31 Dec. 
2014
+ / – %
31 Dec. 
2013
31 Dec. 
2014
+ / – %
 
Deutsche Post DHL
EUR
25.39
27.05
6.5
26.50
27.05
2.1
PostNL
EUR
3.42
3.10
–9.4
4.15
3.10
–25.3
TNT Express
EUR
5.01
5.54
10.6
6.75
5.54
–17.9
FedEx
USD
161.45
173.66
7.6
143.77
173.66
20.8
UPS
USD
98.29
111.17
13.1
105.08
111.17
5.8
Kuehne + Nagel
CHF
120.60
135.30
12.2
117.10
135.30
15.5
A.57	 Share price performance
€   
30
29
28
27
26
25
24
23
22
21
20
31 December 2013	
31 March 2014	
30 June 2014	
30 September 2014	
31 December 2014
  ­Deutsche Post   
  EURO STOXX 50 1   
  DAX 1
1	 Rebased to the closing price of Deutsche Post shares on 31 December 2013.
Deutsche Post shares register positive trend
Despite the uncertainties on the equities markets, Deutsche Post shares closed 2014 with 
an overall gain. The shares recorded their greatest price increase at the start of the year 
after publication of the figures for 2013. On 2 April, the shares benefited from the posi-
tive response to presentation of our Strategy 2020 to reach a new all-time high of €28.43. 
However, the share price could not withstand the generally negative market trend as the 
year progressed. From the middle of the year Deutsche Post shares declined, reaching 
an annual low of €22.30 on 15 October 2014. In view of the sound third-quarter figures 
and an overall positive market trend, however, the shares subsequently made up for 
most of that loss. Price levels were impacted positively by Moody’s credit rating upgrade 
from “Baa1” to “A3” in September. With a closing price of €27.05, our shares ended the 
year up 2.1 % year-on-year, thus charting similar progress to the DAX (up 2.7 %) and the 
EURO STOXX 50 (up 1.2 %). The shares generated a gain of 5.1 % on a total return ­basis, 
i. e., including the dividend per share. Average daily Xetra trading volumes remained 
just below the prior-year level at 4.0 million shares.
 
Closing price: €27.05
Deutsche Post DHL Group — 2014 Annual Report
71
Group Management ­Report — Deutsche Post Shares

Majority of analysts give shares a “buy” rating
At the close of 2014, 19 analysts issued a “buy” recommendation on our shares, which is 
one more than the year before. The number of “hold” ratings remained the same, how-
ever, at 14. Four analysts gave a “sell” recommendation – one more than in the prior year. 
The average price target increased from €26.13 to €26.92 during the year.
Free float remains the same
The investment share of our largest investor – KfW Bankengruppe – remains at 21.0 % 
(previous year: 21.0 %). As a result, the free float also remained unchanged at 79.0 %. The 
share of our stock held by private investors rose to 13.4 % (previous year: 11.2 %). In terms 
of the regional distribution of identified institutional investors, the highest percentage 
of shares (16.3 %) continues to be held in the UK (previous year: 14.8 %). The share of US 
investors decreased to 13.7 % (previous year: 13.8 %) and that of institutional investors 
in Germany to 10.8 % (previous year: 12.3 %). Our 25 largest institutional investors hold 
a total of 36.6 % of all issued shares (previous year: 30.5 %).
Recognition for investor relations work
We held a total of 474 individual and group meetings with more than 700 investors 
at conferences and road shows during the reporting year. In addition to maintaining 
close contact with institutional investors on the global financial markets, we also took 
advantage of numerous local investor events to cultivate our base of private investors in 
Germany. Key topics of discussion in the Post - eCommerce - Parcel division revolved 
around medium-term strategic issues and the growth potential of e-commerce activities. 
In the Express division, focus was upon the strong performance of volumes and margins. 
Investor talks relating to the Global Forwarding, Freight division concentrated on the 
fluctuating market conditions and the strategic NFE project. At the Group level, cash 
flow was an important topic for our investors.
We presented our Strategy 2020 at a Capital Markets Day in April and in ­November 
we held a Capital Market Tutorial Workshop in London at which the focus of attention 
was the Supply Chain division. This event was dedicated specifically to implementing 
Group strategy at the divisional level. We plan to continue holding tutorial workshops 
in the future to give investors a closer look at our daily activities as well as the strategic 
projects being carried out by the individual divisions.
Our investor relations activities received several awards from the renowned IR 
­Magazine in the reporting year. In a survey of 700 analysts and fund managers from 23 
countries, our IR team was ranked 18th in the Global Top 50 and 8th in the European 
Top 100. In addition, our IR activities were regarded as the Best in Sector.
A.58	 Shareholder structure 1
 
1	 As at 31 December 2014.
21.0 %  KfW Bankengruppe
79.0 %  Free float
13.4 %  Private investors
65.6 %  Institutional 
investors
A.59	 Shareholder structure by region 1
 
1	 As at 31 December 2014.
13.7 %  USA
16.3 %  UK
24.8 %  Other
45.2 %  Germany
Deutsche Post DHL Group — 2014 Annual Report
72

NON-FINANCIAL FIGURES
Deutsche Post DHL Group not only wants to be an attractive investment for shareholders, it 
also wants to become the employer of choice for employees and the provider of choice for 
customers. Our performance in the areas of HR, diversity, health management, occupational 
safety, service and quality play a key role in this endeavour. With programmes in the areas of 
environmental protection, disaster management and education, the Group is also committed 
to social responsibility.
Employees
Human Resources supports corporate strategy
In accordance with Strategy 2020, Human Resources is focusing its activities even more 
intensely on our core business. We want to secure the best team at competitive costs. 
To do so, we have to find the right talent based upon the specific needs of our busi-
ness units, build relationships with them and tailor their professional development. 
Our Group-wide Certified initiative, which was extended to also cover our Human 
­Resources staff in the reporting year, plays a key role in these efforts. As at the end of 
2014, 3,565 ­participants had undergone courses taught exclusively by our own staff.
Employee Opinion Survey sees positive trend continue
The results of our annual Group-wide Employee Opinion Survey are indicators ­relevant 
for internal management that help us to foster employee engagement with ­appropriate 
­activities. As in the previous year, 77 % of our employees participated. The trend 
­remained positive for the majority of the areas evaluated. Particular attention is always 
paid to Employee Engagement and to how employees evaluate their managers under the 
key performance indicator Active Leadership, which is tied to management bonuses. In 
keeping with the spirit of our GoGreen environmental protection programme, the survey 
was largely conducted electronically: 55 % of the questionnaires were completed online.
A.60	 Selected results from the Employee Opinion Survey
%
2013
2014
 
Response rate
77
77
KPI Active Leadership
70
71
KPI Employee Engagement
72
72
  Objectives and strategies, page 31
  Objectives and strategies, page 31
  Group management, page 37
  Corporate responsibility, page 78
Deutsche Post DHL Group — 2014 Annual Report
73
Group Management ­Report — DEUTSCHE POST SHARES — Non-Financial Figures — Employees

Another slight increase in number of employees
As at 31 December 2014, we employed 443,784 full-time equivalents in more than 
220 countries and territories, 2.0 % more than in the previous year.
A.61	 Number of employees
2013 
adjusted
2014 
+ / – % 
 
At year-end
Headcount 1
479,690
488,824
1.9
Full-time equivalents 2
434,974
443,784
2.0
of which Post - eCommerce - Parcel
163,195
166,342
1.9
	
Express
71,290
75,185
5.5
	
Global Forwarding, Freight
42,825
44,059
2.9
	
Supply Chain
145,152
146,220
0.7
	
Corporate Center/Other
12,512
11,978
– 4.3
of which Germany
168,854
170,596
1.0
	
Europe (excluding Germany)
105,006
108,890
3.7
	
Americas
76,966
74,573
–3.1
	
Asia Pacific
66,840
71,216
6.5
	
Other regions
17,308
18,509
6.9
Average for the year
Headcount
478,903
484,025
1.1
of which hourly workers and salaried employees
433,647
440,973
1.7
	
Civil servants
40,321
37,963
–5.8
	
Trainees
4,935
5,089
3.1
Full-time equivalents
435,218
440,809
1.3
1	 Including trainees.
2	 Excluding trainees.
In the Post - eCommerce - Parcel division, we hired new employees mainly to accommo-
date the sustained growth in the parcel business in Germany. The number of employees 
in the Express division increased compared with the previous year. This was necessary 
primarily in operations due to increased shipment volumes. In the Global Forwarding, 
Freight division, our workforce grew, due primarily to the new customers we won in 
Asia. In the Supply Chain division, growth in new and existing business led to a 0.7 % 
increase in the workforce, which was tempered by the loss of a contract in the Retail 
sector in Canada. Excluding this effect, employment rose by 3.4 %.
From a geographic perspective, the loss of the contract in Supply Chain more than 
compensated for the increase in our workforce in the Americas. Our staff levels were 
up in all other regions. We continue to employ the highest number of our personnel 
in Germany.
Our current planning foresees further slight growth in the number of employees 
in financial year 2015.
A.62 	Employees by region 1
 
1	 As at 31 December 2014; full-time equivalents.
25 %  Europe  
(excluding Germany)
  4 %  Other
16 %  Asia Pacific
17 %  Americas
38 %  Germany
Deutsche Post DHL Group — 2014 Annual Report
74

Staff costs exceed prior-year level
At €18,189 million, staff costs exceeded the adjusted prior-year level (€17,776 million).
A.63	 Staff costs and social security benefits
€ m
2013 
adjusted 1
2014 
 
Wages, salaries and compensation
14,300
14,583
Social security contributions
2,110
2,164
Retirement benefit expenses
883
965
Expenses for other employee benefits
356
344
Expenses for severance payments
127
133
Staff costs
17,776
18,189
1	
 Note 4.
Compensation is performance-based
We offer our employees compensation that is based upon responsibilities and per-
formance, is in line with our corporate objectives and creates long-term incentives. 
­Compensation always depends upon national laws, local market conditions and, where 
­applicable, existing collective agreements. We aim to offer competitive pay to our staff 
in all fields. Moreover, we provide defined benefit or defined contribution retirement 
plans in many countries.
In order to ensure a fair and balanced compensation structure within our company, 
we have introduced systems to rate positions in a number of areas. The rating is based 
upon job category and responsibilities – and is not tied to the personal traits of the 
employee.
Forward-looking Human Resources activities making a difference
The Generations Pact, concluded between Deutsche Post AG and the trade unions in 2011, 
continues to be well received by our workforce. As at the end of 2014, 2,323 ­employees 
had gone into partial retirement and 18,788 had set up a working-time ­account. Legisla-
tors are currently laying the necessary foundations so that we can offer our civil servants 
a comparable instrument for age-based working solutions.
With strategic workforce management, we aim to accurately meet our staff 
­requirements for the long term. To this end, we developed an analysis and planning 
instrument as early as 2011 that gives our company units specific recommendations for 
implementing their business objectives. This methodology was developed further in the 
­reporting year to allow more flexible use. With the help of this instrument, we were able 
to establish a Talent Roadmap for Supply Chain in Latin America, for example, which will 
play a significant role in the achievement of our ambitious growth targets in this region.
Deutsche Post DHL Group — 2014 Annual Report
75
Group Management ­Report — Non-Financial Figures — Employees

Developing and fostering in stages
We have established a training system to develop and foster our employees at all levels. 
As part of cross-functional and cross-divisional programmes, our executives discuss how 
they can use their management style to contribute even more towards implementing 
our Group strategy. As at the end of 2014, 1,557 executives had taken part in the first 
generation of the training course. In the reporting year, 62 top executives completed the 
second generation of our leadership programme and the next executive levels will follow 
in 2015 and 2016. Further training and talent management are having a positive effect 
on the internal placement rate for upper and middle management, which was 93.9 % in 
the reporting year (previous year: 90.3 %). Of these, 11.8 % (previous year: 11.0 %) were 
cross-divisional.
Our now Group-wide Certified initiative is based upon the Express division’s ­Certified 
International Specialist programme and will now be extended out to all ­employees 
across the Group. The course programme is modular in nature and widely diversified so 
that all employees can receive training and certification based upon their specific needs. 
This is just one way in which we encourage employee engagement and cultural change.
Deutsche Post DHL Group is one of the companies that provides the most oppor-
tunities for apprentices in Germany. We develop and qualify our junior employees in 
more than 20 state-accredited apprenticeship schemes and dual-study programmes. 
In the reporting year, we offered 1,913 junior employees an apprenticeship or study 
opportunity; in 2015, we will increase this offer to 2,375.
Diversity as a success factor
Diversity is not only integral to our corporate values, it is also considered as a factor 
for success and a competitive advantage. In 2014, our Diversity Council took up its 
mandate. Made up of senior executives, the Council discusses the further alignment of 
Diversity Management within the Group and introduces the topic in their departments. 
Furthermore, we held, amongst other things, a global Diversity Day and trained a large 
number of executives. In 2015, we shall offer training as e-learning modules in multiple 
languages on our company-wide training platform.
As at 31 December 2014, the proportion of women in executive positions worldwide 
was 19.3 % (previous year: 19.6 %). In order to increase the proportion of women in 
manage­ment positions we have undertaken various measures, which include a system 
of key indicators, professional development programmes for female junior ­employees, 
a variety of women’s networks and options to improve work-family balance.
A.66	 Work-family balance 1
Headcount
2013
2014
 
State-regulated parental leave
1,579
1,431
of which men
146
148
of which women
1,433
1,283
Unpaid holiday for family reasons
1,966
1,797
Part-time employees 2
63,169
64,511
Share of part-time employees (%) 3
36.1
36.6
1	 Includes employees of Deutsche Post AG.
2	 Excludes employees in the release phase of partial retirement.
3	 Prior-period amount adjusted due to a change in the basis for calculation.
  Objectives and strategies, page 31
A.64	 Group apprenticeship schemes 
Deutsche Post DHL Group, worldwide 1
 
1	 Number of apprentices, annual average: 5,089.
  5.6 %  Duale Hochschule 
students
  6.8 %  Forwarding and 
logistics services 
specialists
49.3 %  Courier, express 
and postal services 
specialists
32.8 %  Other apprentice­
ships
  5.5 %  Warehousing 
­logistics specialists
A.65	 Gender distribution 
in ­management 1, 2014
 
1	 Based on upper and middle management.
19.3 %  Women
80.7 %  Men
Deutsche Post DHL Group — 2014 Annual Report
76

The average annual employment rate of people with disabilities was 9.1 % at 
Deutsche Post AG in 2014, again well above the national average in the German private 
sector (4.1 % in 2012, source: Bundesagentur für Arbeit (German federal employment 
agency)).
A.67	 Employees with disabilities  1
 
2012
2013
2014
 
Employees with disabilities 2
Headcount
13,740
14,170
14,741
Employment rate
%
8.6
8.7
9.1
1	 Deutsche Post AG employees.
2	 In accordance with section 80 of German Social Code IX.
Health and safety
Comprehensive health concept
The World Health Organization (WHO) defines health as mental, physical and social 
well-being. In accordance with this definition, our health and safety strategy aims to 
strengthen the health of our staff primarily through prevention. It also involves work-
place design, corporate culture and supporting the entire community.
In 2014, we analysed prevention requirements in several projects and consolidated 
our international co-operation in the field of health promotion. Notable Group health 
initiatives were recognised again with awards – in Germany alone, up to 40,000 such 
initiatives take place in our facilities every year. At 8.6 % the illness rate in Germany for 
2014 was up slightly on the prior-year figure (8.4 %).
Occupational safety in focus
We rely on training and prevention, both to avoid risks and to design a safe and healthy 
working environment for our employees. To this end, we have developed and intro-
duced activities to increase road safety and prevent accidents. Employees are made 
aware of common safety hazards through practical exercises such as driving vehicles 
or climbing stairs.
A.69	 Occupational safety  1
2013 
adjusted
2014 
 
Number of workplace accidents 2
15,823
15,808
Accident rate (number of accidents per 1,000 employees per year)
86
87
Number of working days lost due to accidents (calendar days)
359,781
349,364
Working days lost per accident
22.7
22.1
Number of fatalities due to workplace accidents
2
1
1	 Includes employees of Deutsche Post AG. As at 8 January 2015. Subject to change if later reports received.
2	 Accidents when at least one working day is lost, including accidents on the way to and from work.
A.68	 Illness rate 1
2014
  8.6 %
2013
  8.4 %
1	 All organisational units in Germany.
Deutsche Post DHL Group — 2014 Annual Report
77
Group Management ­Report — Non-Financial Figures — Employees — Health and safety

Corporate responsibility
Linking profitability to sustainability
Corporate responsibility is a key element of our Group’s strategy. It is codified in our 
Code of Conduct, which is guided by the principles of the Universal Declaration of 
­Human Rights, the United Nations (UN) Global Compact, the International Labour 
Organisation (ILO) convention and the OECD guidelines for multinational companies. 
We wish to run our business responsibly, develop sustainable solutions for our custom-
ers and also leverage our logistics expertise as well as our global presence to address 
social transformation.
In a Group-wide network relating to issues of Responsible Business Practice, we 
co-ordinate the on-going dialogue with our stakeholders, which we strengthened in 
the reporting year. This dialogue ensures that our stakeholders’ requirements as regards 
­social and environmental issues are taken into account appropriately and that our busi-
ness is systematically aligned accordingly. The goal is to link profitability to sustainability.
As part of our Corporate Citizenship efforts we also transfer our expertise in trans-
port and logistics to our social commitment. We are committed to educational and 
professional development, provide logistical support in the wake of natural disasters 
and support local environmental protection and aid projects. In the reporting year, 
we ­evaluated all Corporate Citizenship-related investments in accordance with the 
LBG model for the first time and are thus fulfilling the assessment base for corporate 
­community investment.
Our Group-wide environmental management is based upon the value proposition of 
shared value. With measures to increase CO 2 efficiency as well as environmentally friendly 
GoGreen products we fulfil our responsibility towards the environment and ­society, and 
create added value for our customers whilst strengthening our ­market ­position.
Greenhouse gas emissions almost constant
We aim to reduce our dependency upon fossil fuels, improve our CO2 efficiency and 
lower costs. We have anchored these goals throughout the entire Group with our 
­GoGreen environmental protection programme. Our “green” products and services 
also help customers achieve their own environmental targets whilst concurrently open-
ing up new business opportunities for the company. By the year 2020, we intend to 
improve the CO2 efficiency of our own operations and those of our subcontractors by 
30 % compared with 2007.
We quantify our greenhouse gas emissions based upon the GHG Protocol ­Corporate 
Standard and DIN EN 16258; those for our European air freight activities are also 
­calculated in accordance with the requirements of the European Union Emissions 
Trading System (EU ETS). Pursuant to DIN EN 16258, all gases that are harmful to the 
environment must be disclosed in the form of CO2 equivalents (CO2e). In 2014, our 
direct (Scope 1) and indirect (Scope 2) greenhouse gas emissions amounted to 5.67 mil-
lion tonnes of CO2e (previous year, adjusted: 5.62 million tonnes of CO2e). This figure 
­reflects the fuel consumption of our fleet and energy consumption in our buildings. The 
increase in emissions from the above-average performance in our Express division was 
offset largely by lower emissions in the other divisions. Overall, emissions increased 
slightly by 0.9 %. As in the previous year, we avoided 0.45 million tonnes of CO2e by 
using electricity from renewable sources. At the same time, energy consumption in our 
buildings and facilities fell by 4.3 %.
  lbg-online.net
A.70	 CO2e emissions, 2014
Total: 5.67 million tonnes 1
 
1	 Scopes 1 and 2.
20 %  Road transport
13 %  Real estate
67 %  Air transport
Deutsche Post DHL Group — 2014 Annual Report
78

A.71	 Fuel and energy consumption
 
2013 
adjusted
2014 
 
Consumption by fleet
Air transport (jet fuel)
million kilograms
1,150.7
1,187.9
Road transport (petrol, biodiesel, diesel, bio-ethanol, LPG)
million litres
450.2
445.8
Road transport (biogas, CNG)
million kilograms
3.2
4.4
Energy for buildings and facilities (including electric vehicles)
million kilowatt hours
3,393
3,247
Changes in the consolidated group and an improved method of calculation for road 
and air transport in the Express division necessitated the adjustment of the prior-year 
­figures. The basis for calculating our CO2 emissions, the changes in our CO2 efficiency 
and ­detailed consumption data are available in the Corporate Responsibility Report.
Using our expertise and network to serve the community
As part of a public-private partnership, we support the UN in disaster management free 
of charge through our GoHelp Group programme. Our logistics experts hold multi-day 
workshops known as Get Airports Ready for Disaster (GARD) to train the personnel 
at airports selected in conjunction with the UN. The workshops include an on-site risk 
analysis as well as the development of action plans to increase the capacity and efficiency 
of the airports in the event of disasters. In 2014, seven workshops were held at airports 
in the Dominican Republic, Jordan, Peru, the Philippines and Sri Lanka. Two refresher 
courses took place in Armenia and Peru.
Our Disaster Response Teams provide on-site, emergency assistance when disaster 
strikes. The teams are part of a worldwide network of more than 400 volunteer logis-
tics specialists who can be deployed to a disaster area within 72 hours of receiving the 
call from the UN. Once on-site, they support relief organisations by taking over airport 
logistics. In the reporting year, teams were deployed to Chile and Panama.
As one of the world’s largest employers, we want to improve the education and 
employability of socially disadvantaged children and young people. To this end, we 
co-­operate with two global partners – Teach For All and SOS Children’s Villages – as 
part of our GoTeach Group programme. In the reporting year, we supported organ-
isations in 31 countries in Africa, Asia, Europe and Latin America. We entered into 
new partnerships with SOS Children’s Villages in the Dominican Republic, El Salvador, 
Haiti, Indonesia, Columbia, Lithuania, Mauritius, Paraguay, Swaziland and Thailand. 
Our co-operation with this organisation was extended for three years in 2014. We are 
also now involved with Teach For All in Ecuador.
We foster the voluntary work of our employees with Global Volunteer Day, in which 
around 108,000 employees (previous year: around 100,000) took part during the 
­reporting year, and the Living Responsibility Fund. The We Help Each Other (WHEO) 
relief fund enables employees to donate money for colleagues in need.
  Note 2
  dpdhl.com/cr-report2014
Deutsche Post DHL Group — 2014 Annual Report
79
Group Management ­Report — Non-Financial Figures — Corporate responsibility

Significant improvement in sustainability ratings
Investors and analysts on international capital markets monitor and evaluate how sus-
tainable a company’s business is. In the reporting year, we improved significantly in the 
most well-known ratings. Our most important achievements were our readmission to 
the DJSI World and DJSI ­Europe indices, being awarded the RobecoSAM Bronze Class 
and our inclusion in the STOXX Global ESG Leaders index. In addition, our sustainability 
was validated in the FTSE4Good and MSCI indices, receiving the top “AAA” ranking 
from MSCI. We were ranked third amongst 134 companies by the leading sustainability 
research company Sustainalytics. Moreover, we received another very good ranking 
in the CDP Global 500 Climate Disclosure Leadership Index. Please see our Corporate 
Responsibility Report for additional results.
Procurement
Group’s procurement expenditure increased
In the year under review, the Group centrally purchased goods and services with a 
total value of around €10.3 billion (previous year: €9.4 billion). Procurement helps the 
divisions to reduce expenditure and make cost-effective investments.
For the Express division, a global tender was put out again for divisional kerosene 
requirements in the area of aviation. The result equated to savings of around €1 million 
in the reporting year. The maintenance costs for A300-600 aircraft were also reduced. 
Furthermore, Corporate Procurement purchases the necessary sorting equipment for 
the construction and expansion of hubs and gateways.
In order to expand capacities in the parcel network in Germany, Procurement sup-
ported the Post - eCommerce - Parcel division with the selection and order placement of 
sorting solutions at 34 locations. Furthermore, sorting system components were retro­
fitted and replaced. New maintenance and spare parts supply contracts were drawn up 
for 33 parcel centres, which will allow us to save costs, increase transparency and work 
more efficiently in the future.
In several regions, telecommunications services were again put out to tender, 
thus facilitating considerable cost savings and increasing quality. In North America, 
we are consolidating our data centres, the tender process for which was supported by 
Procure­ment. The financing and payment model Supplier Finance, which is in place in 
many parts of Europe, Asia and the United States, was extended to more countries and 
business units during the reporting year. The programme co-ordinated by Corporate 
­Finance and Procurement supports the divisions in improving their working capital and 
suppliers to benefit from favourable financing conditions.
Procurement organisation works closely together
Procurement is a centralised function in the Group. Corporate Category Management 
comprises three Global Sourcing departments which work closely with the four pro-
curement regions. All functions report to the head of Corporate Procurement. Our pur-
chasing operations are pooled in regional centres at six locations. In Asia, we outsourced 
the catalogue-based ordering system to an external provider.
  dpdhl.com/cr-report2014
A.72	 Procurement expenses, 2014
Volume: €10.3 billion
 
21 %  Air fleet
15 %  Ground fleet
12 %  IT and communications
  9 %  Real estate
21 %  Services
  7 %  Production systems
  6 %  Network supplies
  9 %  Transport services
Deutsche Post DHL Group — 2014 Annual Report
80

Procurement considers environmental aspects
When purchasing products and services, Procurement works closely together with those 
responsible for the various product categories and regions in order to take environ-
mental aspects into consideration. Deutsche Post DHL Group obtains up to 60 % of its 
electricity from renewable sources and works closely with its business partners to help 
them achieve their environmental targets. This includes the use of energy efficient light-
ing, digital measuring devices, co-generation heat and power plants and heat-reflective 
wall paints. In the reporting year, we also modernised our operational vehicle fleet. A 
total of 11,682 emissions-efficient Euro class 5 and 6 vehicles were put into operation in 
Germany and 1,864 company cars were ordered in these two Euro classes. In addition, 
we purchased 60 electric vehicles, which are currently being tested on delivery routes. 
Individual projects are described in our Corporate Responsibility Report.
Procurement systems further expanded
The use of IT applications to procure goods and services more efficiently increased 
again in the reporting year. For instance, our electronic ordering system “GeT” is now 
available in the 48 countries with the highest procurement rates and further roll-out in 
other countries is also planned. The IT systems used for purchasing are currently being 
updated and positioned on a standardised platform. This ensures that all information 
about a supplier is stored in one place – from determining demand quantities to auto-
mated tenders and supplier ratings.
Simplifying and standardising supplier management
We continuously review whether our suppliers comply with the ethical and environ-
mental standards set forth in our Code of Conduct. In the reporting year, we simplified 
and standardised these procedures in line with the criteria in the anti-corruption and 
competition compliance policy. Consequently, the self-assessment process for suppliers, 
business partners, subcontractors, joint venture partners, representatives, agents and 
consultants was updated in close co-operation with the Corporate Compliance Office 
and all associated units. In addition to the self-assessment initiative, we now require 
additional evidence which gives us objective, verifiable supplier ratings.
Customers and quality
Innovative technology translates into competitive advantage  
in the mail and parcel business
We operate a first-class, efficient and environmentally friendly nationwide transport and 
delivery network in Germany consisting of 82 mail centres and 33 parcel centres that 
process about 64 million letters and in excess of 3.4 million parcels each working day. 
In the reporting year, the high level of automation in our mail business, which exceeds 
90 %, saw a further slight increase. In our parcel network, we have increased our overall 
sorting capacity by 50 % since the launch of our Parcel 2012 Production Concept by 
upgrading existing facilities. Additional parcel centres are currently under construction.
Our customers rate the quality of our services based on whether posted items reach 
their destinations quickly, reliably and undamaged. We again achieved excellent results 
in letter transit times within Germany: according to surveys conducted by Quotas, a 
quality research institute, 94 % of the letters posted during our daily opening hours or 
before final collection are delivered to their recipients the next day. This places us far 
  Corporate responsibility, page 78
  dpdhl.com/cr-report2014
Deutsche Post DHL Group — 2014 Annual Report
81
Group Management ­Report — Non-Financial Figures — Corporate responsibility — Procurement — Customers and quality

above the legal requirement of 80 %. In order to ensure this level of quality in the long 
term, our quality management is based on a system that is certified each year by TÜV 
NORD, a recognised certification and testing organisation. Transit times for international 
letters are determined by the International Post Corporation. Here, we rank amongst 
the top postal companies.
In the parcel business, items usually reach their recipients the next working day. 
This is based on parcels that were collected from business customers and then delivered 
the next day. Our internal system for measuring parcel transit times has been certified 
by TÜV Rheinland since 2008. The German consumer organisation Stiftung Warentest 
declared DHL the winner of its parcel delivery services test on account of our outstand-
ing transit time, damage-free deliveries, fair working conditions and compliance with 
environmental standards.
E-POST has established itself in the digital communication market, and in 2014 we 
expanded its portfolio. Companies of all sizes can send items directly from their own 
company software either digitally or by conventional post. Private customers can receive 
their mail digitally on their computers or mobile devices, are able to securely store their 
documents and pay invoices online.
The average weekly opening time of our 29,000-plus sales points was 55 hours in the 
reporting year (previous year: 55 hours). The annual survey conducted by Kunden­monitor 
Deutschland, the largest consumer study in Germany, also showed a high acceptance of 
our exclusively partner-operated retail outlets: 91 % of customers were satisfied with our 
quality and service (previous year: 91 %). In addition, impartial mystery shoppers from 
TNS Infratest tested the postal outlets in retail stores around 38,000 times over the year. 
The results showed that 94.5 % of customers were served within three minutes.
Another central characteristic of the quality of our products is environmental pro-
tection. We employ a TÜV NORD-certified environmental management system in our 
mail and parcel businesses in Germany. Our GoGreen products offer private and busi-
ness customers climate-neutral shipping options. Moreover, we operate one of the largest 
electric vehicle fleets in the world, comprising over 200 vehicles. Furthermore, we use 
innovative technologies in our buildings and operating facilities, such as LED s, and we 
have also increased our use of renewable energies.
Service quality translates into competitive advantage in the express business
We want to offer our customers the best possible service quality all around the world 
and thus place high demands on our products, processes, infrastructure and ­employees. 
Therefore, we keep a constant eye on the changing requirements of our customers, for 
example, through our Insanely Customer Centric Culture (ICCC) programme. When-
ever our employees – as couriers, in customer service or in sales – are in contact with 
a customer, their feedback is documented, evaluated and made available to all respon-
sible departments within the company. As part of the Net Promoter Approach, our 
­managers talk specifically to dissatisfied customers personally in order to find out the 
root causes of their dissatisfaction. In this way we are able to continuously turn feedback 
into improve­ments.
Deutsche Post DHL Group — 2014 Annual Report
82

Online, we provide the MyDHL portal as well as the Small Business Solutions 
­section of our website. These portals make it easier for, above all, small and medium-­
sized ­business customers to send their shipments. They also receive comprehensive 
information on the topic of shipping. In Europe, we can provide our global customers 
with a central point of contact with our European Key Account Support. The staff of this 
service team speak several languages, are available every weekday and co-ordinate the 
services of various DHL business units in multiple countries. Upon request, shipment 
information can even be updated directly in the customer’s systems.
We use quality control centres to track shipments worldwide and adjust our pro-
cesses as required. Should unforeseen events occur, flight and shipment routes can be 
altered immediately. All our premium products are tracked by default – for example, 
Medical Express shipments – until they are delivered. In the case of sensitive shipments, 
we also immediately take all necessary measures to ensure that they reach the recipient 
at the agreed time and in the agreed quality. In the reporting year, we substantially in-
creased the number of staff in our quality control centres. As a result, we are able to track 
shipments precisely, even when volumes go up, and respond rapidly when necessary.
Our operational safety, compliance with standards and the quality of service at 
our facilities are reviewed regularly in co-operation with government authorities. More 
than 250 locations – over 100 of which are in Europe – have been certified by the 
Transported Asset Protection Association (TAPA), one of the world’s most renowned 
safety ­associations, making us the leader in this area. In 2010, we began recording all 
certification processes in a standardised system and managing them globally. Our sites 
have had global ISO 9001:2008 certification since 2013, thus validating our policy of 
harmonising quality standards. In Europe, our facilities are also certified to ISO 14001.
Continuous improvement translates into competitive advantage  
in the freight forwarding business
We strive to use customer feedback to systematically improve our offering. To this end, 
we survey our customers annually to determine their level of satisfaction with our ser-
vices. As part of our Net Promoter Approach, customers rate us directly after interacting 
with us. The knowledge gained is used to adapt local services where necessary and im-
prove internal processes. We currently use this approach in more than a dozen countries. 
Over the reporting year, more than 10,000 customers were asked to rate our services.
Our top priority is always the interests of our customers, and the benefits of this are 
clear. As part of our new Customer Improvement Programme, for example, we were 
able to achieve further improvements with selected customers. Since the programme 
began in April 2014, it has seen the launch of over 30 projects – over half of which 
have already been completed successfully. We are stabilising our operational processes 
through continuous improvement methods. Moreover, by 2014, over 5,400 employees 
had been trained in First Choice methodology and more than 1,000 improvements were 
made during the reporting year. Aside from our operational service performance, we 
are also continuously improving our cost structure and thus those of our customers, for 
example, through worldwide optimised routing. Our efforts are not going unnoticed by 
our customers – as in 2014, they again honoured us with multiple awards.
 
Deutsche Post DHL Group — 2014 Annual Report
83
Group Management ­Report — Non-Financial Figures — Customers and quality

Quality translates into competitive advantage in the supply chain business
In line with our Group strategy, we also want to be the provider of choice in the Supply 
Chain division. We therefore implement practices and methodologies that provide our 
customers with the highest level of service and the most added value. We use globally 
tested processes to offer our customers comparable solutions and uniformly high service 
standards.
In order to measure and monitor the quality of our service, we have defined a num-
ber of key performance indicators (KPI s) for the division. These include safety, produc-
tivity and inventory accuracy. We consistently perform at high levels in all ­categories, 
achieving more than 95 % against relevant KPI s worldwide. In 2014 eight out of ten 
customers surveyed confirmed that DHL is their provider of choice in the supply chain 
business.
Brands
A.73	 Brand architecture
Group
Divisions
Post - eCommerce - Parcel 
Express 
Global ­Forwarding, 
Freight
Supply Chain 
Brands
 
Brand architecture updated
As of the publication of this report, we begin operating under the name Deutsche Post DHL 
Group. This change is intended to better distinguish our brands, Deutsche Post and DHL, 
from our Group name and to elevate the structure of our various divisions and brands. 
As part of renaming the Post - eCommerce - Parcel division, we have also adjusted the 
brand architecture. The brands referred to in graph A.73 are just some of those belonging 
to the Group.
DHL’s brand value rising sharply
According to independent studies, the strength of our brand continued to grow in the 
reporting year. The market research institute Millward Brown, for example, which pub-
lishes the BrandZ™ Top 100 Most Valuable Global Brands each year, valued DHL’s brand 
at US$13.7 billion (previous year: US$8.9 billion), moving the company up 25 places to 
73rd on the list. The study looks at financial figures as well as market and consumer 
research data. Interbrand, an international brand consultancy, listed DHL in its Best 
Global Brands ranking for the first time. We were ranked 81st out of 100 companies 
with a brand value of US$5.1 billion, making us the highest ranking newcomer in 2014.
In total, we invested around €391 million (previous year: €341 million) into building 
and expanding our brands internationally in the reporting year. 
  Objectives and strategies, page 30 f.
A.74	 Marketing expenditures, 2014
Volume: around €391 million
 
14.3 %  Other
  5.9 %  Corporate wear
61.7 %  Product devel-
opment and 
communication
18.1 %  Public & customer  
relations
Deutsche Post DHL Group — 2014 Annual Report
84

Deutsche Post is the brand of the football world champions
Sports sponsorships strengthen people’s emotional ties with the Deutsche Post brand, 
which is why we are involved with the DFB cup and the German national teams in 
partner­ship with the Deutsche Fußball-Bund (DFB – German football federation). 
­During the 2014 FIFA World Cup Brazil™, we ran an attention-grabbing multimedia 
brand campaign. Furthermore, in co-operation with the DFB, we have been co-provid-
ers of a new ­national amateur football platform – www.fussball.de – since mid-2014. 
We have also con­tinued our sponsorship of the Deutsche Tourenwagen Masters (DTM – 
German ­Touring Car Masters) race series as well as our partnership with FC Bayern 
Munich’s federal league basketball team. Since the end of 2014, we have increased our 
brand presence in ­winter sports as well: the sleds and suits of the athletes of the Bob- und 
Schlittenverbands (German bobsleigh, luge and skeleton federation) are now designed to 
incorporate the Deutsche Post brand. Furthermore, on 15 October 2014, the well-known 
Königssee bobsleigh, luge, and skeleton track became Deutsche Post Eisarena Königssee.
DHL showcases a new brand look
We want our customers to associate more strongly with the DHL brand and have carefully 
developed our corporate design with that goal in mind. Our new look is more dynamic 
and versatile; optimised for online channels it refrains from graphically highlighting 
the DHL brand areas.
International events rely on DHL logistics
As the global logistics partner of Formula 1™, the Formula E Championship, IMG Fashion 
Weeks, Manchester United as well as other events, we have showcased the DHL brand to 
the public and the media in connection with 328 events in 44 countries in the reporting 
year. At the beginning of 2014, DHL also began handling event logistics for the world 
touring live show of Canada’s Cirque du Soleil. Moreover, since August 2014, DHL has 
been a platinum sponsor of FC Bayern Munich football club.
POST-BALANCE-SHEET DATE EVENTS
DHL Delivery GmbH creates new jobs
In order to secure the increased demand for labour as a result of continued sustained 
growth in the parcel business, Deutsche Post DHL Group has founded numerous ­regional 
companies under the umbrella of DHL Delivery GmbH. The goal is to create up to 10,000 
new positions by 2020. Staff working in the new companies shall be employed in line 
with the regionally applicable collective terms and conditions for the forwarding and 
logistics sector.
Shares held in King’s Cross to be reduced
The requirements for classifying an asset as held for sale in accordance with IFRS 5 were 
met in the period between the balance sheet date and the preparation of the consolidated 
financial statements by the Board of Management so that the shares held in King’s Cross 
Central Property Trust, UK, and in King’s Cross Central General Partner Ltd., UK, can 
be reduced as planned.
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Group Management ­Report — NON-FINANCIAL FIGURES — Customers and quality — Brands —  
Post-Balance-Sheet Date Events

OPPORTUNITIES AND RISKS
Overall Board of Management assessment  
of opportunity and risk situation
No foreseeable risk to the Group
Identifying opportunities and risks – and swiftly capitalising upon or counteracting 
them – is an important objective for our Group. This is why we already account for 
the anticipated impact of potential events and developments in our current business 
plan. The opportunities and risks reported here represent additional potential deviations 
from the Group’s projected earnings. In consideration of our current business plan, the 
Group’s overall opportunity and risk situation has not changed significantly compared 
with last year. No new risks have been identified that could have a potentially critical 
impact on the Group’s result. Based on the Group’s early warning system and in the 
estimation of its Board of Management, there were no identifiable risks for the Group 
in the current forecast period which, 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. The assessment of a stable to positive outlook is moreover reflected 
in the Group’s credit ratings.
Opportunity and risk management processes
Uniform reporting standards for opportunity and risk management
As an internationally operating logistics company, we are faced with numerous changes. 
Our aim is to identify the resulting opportunities and risks at an early stage and take the 
necessary measures in the specific areas affected in due time to ensure that we achieve a 
sustained increase in enterprise value. Our Group-wide opportunity and risk manage-
ment system facilitates this aim. Each quarter, managers estimate the impact of future 
scenarios, evaluate opportunities and risks in their departments and present planned 
measures as well as those already taken. Queries are made and approvals given on a 
hierarchical basis to ensure that different managerial levels are involved in the process. 
Opportunities and risks can also be reported at any time on an ad hoc basis.
Our early identification process links the Group’s opportunity and risk management 
with uniform reporting standards. We continuously improve the IT application used 
for this purpose. Furthermore, we use a Monte Carlo simulation for the purpose of 
aggregating opportunities and risks in standard evaluations.
This stochastic model takes the probability of occurrence of the underlying risks 
and opportunities into consideration and is based on the law of large numbers. From 
the distribution function of each individual opportunity and risk one million randomly 
selected scenarios – one for each opportunity and risk – are combined. The resulting 
totals are shown in a graph of frequency of occurrence. The following graph shows an 
example of such a simulation:
 
 
  Financial position, page 53 f.
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86

A.76	 Opportunity and risk management process
1  Identify and assess
Assess
Define measures
Analyse
Identify
5  Control
Review results
Review measures
Monitor early warning indicators
Internal 
auditors 
review 
processes
2  Aggregate and report
Review
Supplement and change
Aggregate
Report
3  Overall strategy / risk  
management / compliance
Determine
Manage
4  Operating measures
Plan
Implement
  Divisions   
  Opportunity and risk-controlling processes   
  Board of Management   
  Internal auditors
 
The most important steps in our opportunity and risk management process are:
1 	 Identify and assess: Opportunities and risks are defined as potential deviations from 
projected earnings. Managers in all divisions and regions provide an estimate of 
our opportunities and risks on a quarterly basis and document respective actions. 
They use scenarios to assess best, expected and worst cases. Each identified risk is 
assigned to one or more managers, who assess it, monitor it, specify possible pro-
cedures for going forwards and then file a report. The same applies to opportunities. 
The results are compiled in a database.
2 	 Aggregate and report: The controlling units responsible collect the results, evaluate 
them and review them for plausibility. If individual financial effects overlap, they 
are noted in our database and taken into account when compiling them. After ­being 
approved by the department head, all results are passed on to the next level in the 
hierarchy. The last step is complete when Corporate Controlling reports to the 
Group’s Board of Management on significant opportunities and risks as well as 
A.75	 Monte Carlo simulation
Frequency of occurrence 
in one million simulation steps (incidence density)
Bandwidth with 95 % probability
– aa € m
+ bb € m
+ zz € m
Deviation from planned EBIT
  Planned EBIT   
  Most common value in one million simulation steps (“mode”)     
  “Worse than expected”   
  “Better than expected”
 
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Group Management ­Report — Opportunities and Risks — Overall Board of Management assessment of opportunity  
and risk situation — Opportunity and risk management processes

on the potential overall impact each division might experience. For this purpose, 
­opportunities and risks are aggregated for key organisational levels. We use two 
methods for this. In the first method, we calculate a possible spectrum of results 
for the divisions and add the respective scenarios together. The totals for “worst 
case” and “best case” indicate the total spectrum of results for the respective div­
ision. Within these extremes, the total “expected cases” shows current expectations. 
The second method makes use of a Monte Carlo simulation, the divisional results 
of which are regularly included in the opportunity and risk reports to the Board of 
Management.
3 	 Overall strategy: The Group Board of Management decides on the methodology that 
will be used to analyse and report on opportunities and risks. The reports created 
by Corporate Controlling provide an additional regular source of information to 
the Board of Management for the overall steering of the Group.
4 	 Operating measures: The measures to be used to take advantage of opportunities and 
manage risks are determined within the individual organisational units. They use 
cost-benefit analyses to assess whether risks can be avoided, mitigated or transferred 
to third parties.
5 	 Control: For key opportunities and risks, early warning indicators have been defined 
that are monitored constantly by those responsible. Corporate Internal Audit has 
the task of ensuring that the Board of Management’s specifications are adhered to. 
It also reviews the quality of the entire opportunity and risk management operation. 
The control units regularly analyse all parts of the process as well as the reports from 
Internal Audit and the independent auditors with the goal of identifying potential 
for improvement and making adjustments where necessary.
Internal accounting control and risk management system
(Disclosures required under section 315 (2), number 5 of the Handelsgesetzbuch (HGB – 
German Commercial Code) and explanatory report)
Deutsche Post DHL Group uses an internal accounting control system to ensure that 
Group accounting adheres to generally accepted accounting principles. This system is 
intended to make sure that statutory provisions are complied with and that both internal 
and external accounting provide a valid depiction of business processes in figures. All 
figures are to be entered and processed accurately and completely. Accounting mistakes 
are to be avoided in principle and significant assessment errors uncovered promptly.
The control system design comprises organisational and technical measures that 
­extend to all companies in the Group. Centrally standardised accounting guidelines 
govern the reconciliation of the single-entity financial statements and ensure that in-
ternational financial reporting standards (EU IFRS s) are applied in a uniform manner 
throughout the Group. All Group companies are required to use a standard chart of 
accounts. We immediately assess new developments in international accounting for rele­
vance and announce their implementation in a timely manner, for example, in monthly 
newsletters. Often, accounting processes are pooled in a shared services centre in order 
to centralise and standardise them. The IFRS financial statements of the separate Group 
companies are recorded in a standard, SAP-based system and then processed at a central 
location where one-step consolidation is performed. Other components of our control 
system include automatic plausibility reviews and system validations of the accounting 
data. In addition, manual checks are carried out regularly at a decentralised level by those 
responsible locally (by a chief financial officer, for example) and at a central level by Cor-
porate Accounting & Controlling, Taxes and Corporate Finance at the Corporate Center.
Deutsche Post DHL Group — 2014 Annual Report
88

Over and above the aforementioned internal accounting control system and risk 
management structures, Corporate Internal Audit is an essential component of the 
Group’s controlling and monitoring system. Using risk-based auditing procedures, 
­Corporate Internal Audit regularly examines the processes related to financial report-
ing and reports its results to the Board of Management. Upstream and downstream 
checks and analyses of the reported data are performed under chronological aspects. 
If necessary, we call in outside experts, for instance in the case of pension provisions. 
Finally, the Group’s standardised process for preparing financial statements using a cen-
trally administered financial statements calendar guarantees a structured and efficient 
accounting process.
Reporting opportunities and risks
Identifying opportunities and risks – and swiftly capitalising upon or counteracting 
them – is a key objective for our Group. This is why we account for the anticipated 
­impact of potential events and developments in our current business plan as well as 
in our revenue and earnings projection. In the following we primarily report those 
risks and opportunities which, from the current standpoint, could have an additional 
significant, potentially positive or negative, impact during the current forecast period. 
We assess opportunities and risks based on their probability of occurrence and 
impact. Subsequently, we distinguish between opportunities and risks of low, medium 
and high relevance. We characterise opportunities and risks of medium and high rele-
vance as significant.
The opportunities and risks described here are not necessarily the only ones the 
Group faces or is exposed to. Our business activities could also be influenced by add­
itional factors of which we are currently unaware or which we do not yet consider to 
be material.
Opportunities and risks are identified and assessed decentrally at Deutsche Post DHL 
Group. Reporting on possible deviations from projections, including latent opportun­
ities and risks, occurs primarily at the country or regional level. In view of the degree of 
detail provided in the internal reports, decentrally reported opportunities and risks are 
combined into categories below for the purposes of this report. It should be noted that 
the underlying individual reports – with the exception of those on the world economy 
and global economic output – usually exhibit a zero to minimal correlation. It is rather 
unlikely that a number of major opportunities or risks in a single category or across 
categories would occur systematically at the same time. 
Unless otherwise specified, a low relevance is attached to individual opportunities 
and risks within the respective categories and in the forecast period under observation 
(2015). With respect to opportunities and risks arising from possible legal proceedings 
or those already underway, we generally refrain from making an assessment to avoid 
affecting our position in the proceedings. The opportunities and risks generally apply 
for all divisions, unless indicated otherwise.
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Group Management ­Report — Opportunities and Risks — Opportunity and risk management processes

Categories of opportunities and risks
Opportunities and risks arising from political, regulatory or legal conditions
Some risks arise primarily from the fact that the Group provides some of its services 
in a regulated market. A large number of postal services rendered by Deutsche Post AG 
and its subsidiaries (particularly the Post - eCommerce - Parcel division) are subject to 
sector-specific regulation by the Bundesnetzagentur (German federal network agency) pur-
suant to the Postgesetz (PostG – German Postal Act). The Bundesnetzagentur approves or 
reviews prices, formulates the terms of downstream access and has special supervisory 
powers to combat market abuse.
On 25 January 2012, the European Commission issued a ruling on the formal in-
vestigation regarding state aid that it had initiated on 12 September 2007. In its review, 
the European Commission determined that Deutsche Post AG was not overcompen-
sated for providing universal services between 1989 and 2007 using state resources. It 
also did not find fault with the state guarantees for legacy liabilities. By contrast, in its 
review of funding for civil servants’ pensions, the European Commission concluded 
that illegal state aid had, in part, been received. It said that the pension relief granted 
to Deutsche Post AG by the Bundesnetzagentur during the price approval process led 
to Deutsche Post AG receiving a benefit, which it must repay to the Federal Republic of 
Germany; in addition, it must also be ensured that no benefits are received in the future 
which could be considered illegal state aid. The Commission furthermore stated that 
the precise amount to be repaid was to be calculated by the Federal Republic. In a press 
release, the European Commission had referred to an amount of between €500 mil-
lion and €1 billion. Deutsche Post AG is of the opinion that the Commission’s state aid 
­decision of 25 January 2012 cannot withstand legal review and has filed an appeal with 
the European Court of Justice in Luxembourg. The Federal Republic of Germany has 
similarly appealed the decision.
To implement the state aid ruling, the federal government called upon 
Deutsche Post AG on 29 May 2012 to make a payment of €298 million, including ­interest. 
Deutsche Post AG paid this amount to a trustee on 1 June 2012 and appealed the ­recovery 
order to the Administrative Court. The appeal, however, has been suspended pending a 
ruling from the European Court. The company made additional payments of €19.4 mil-
lion, €15.6 million and €20.2 million to the trustee on 2 January 2013, 2 January 2014 
and 2 January 2015, respectively. The payments made were reported in the balance sheet 
under non-­current assets; the earnings position remained unaffected. The European 
Commission has not expressed its final acceptance of the calculation of the state aid to 
be repaid. On 17 December 2013, it initiated proceedings against the Federal Republic 
of Germany with the European Court of Justice to effect a higher repayment amount.
If the appeals issued by Deutsche Post AG or the federal government against the state 
aid ruling are successful, the opportunity exists that the payment of €298 million and the 
payments of €19.4 million, €15.6 million and €20.2 million made in addition – as well as 
the additional annual payments of around €19 million to be made in the future – will be 
returned. A repayment would only affect the liquidity of Deutsche Post AG; the earnings 
position would remain unaffected.
  Glossary, page 218
  Glossary, page 218
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90

On the other hand, although Deutsche Post AG and the federal government are of 
the opinion that the state aid decision cannot withstand legal review, it cannot be ruled 
out that Deutsche Post AG will ultimately be required to make a potentially higher pay-
ment, which could have an adverse effect on earnings. More information about the state 
aid investigation is provided in the Notes. 
On 14 November 2013, the Bundesnetzagentur determined the conditions for 
regulating certain mail prices requiring approval under the price-cap procedure 
from ­January 2014 to December 2018. The general rate of inflation less the produc-
tivity growth rate stipulated by the regulatory authority (X-factor) in the amount of 
0.2 % p. a. ­constitutes the key factor applicable to the price trend for these products. This 
would necessitate price reductions if the inflation rate in the reference period is lower 
than the productivity growth rate specified and permit price increases if the inflation 
rate in the reference period is higher than the productivity growth rate specified. On 
15 ­October 2014, the Bundesnetzagentur approved a 1.0 % increase in the average price 
of all price-capped products. 
On 8 June 2013, the Bundesnetzagentur initiated market abuse proceedings against 
Deutsche Post InHaus Services GmbH, citing discriminatory access conditions for 
sorting and consolidation services following a complaint by one of the company’s 
­competitors. The party filing the complaint accused the company in particular of offer-
ing other postal services providers better conditions for posting and collection than it 
itself had been offered. Deutsche Post InHaus Services GmbH considers the accusations 
to be unfounded. On 18 November 2014, the Bundesnetzagentur suspended the market 
abuse proceedings. It is currently unknown whether the complainant will appeal the 
suspension of the proceedings.
Since 1 July 2010, as a result of the revision of the relevant tax exemption provisions, 
the VAT exemption has only applied to those specific universal services in Germany 
that are not subject to individually negotiated agreements or provided on special terms 
(discounts etc.). Deutsche Post AG does not believe that the legislative amendment fully 
complies with the applicable provisions of European Community law. Due to the legal 
uncertainty resulting from the new legislation, Deutsche Post AG is endeavouring to 
clarify certain key issues with the tax authorities. Although Deutsche Post AG is imple-
menting the required measures to a large extent, the differing legal opinions on the part 
of Deutsche Post AG and the tax authorities will be judicially clarified.
In light of the announced legal proceedings, we have not undertaken a risk 
­classification.
In addition to the opportunities and risks arising from sector-specific regulation 
pursuant to the Postgesetz (PostG – German Postal Act), the company is subject to additional 
opportunities and risks arising from legal conditions.
On 5 November 2012, the Bundeskartellamt (German federal cartel office) initi-
ated proceedings against Deutsche Post based on suspicion of abusive behaviour with 
­respect to agreements on mail transport with major customers. Based upon information 
from Deutsche Post AG’s competitors and customer surveys, the authorities suspect 
that the company had violated the provisions of German and European antitrust law. 
Deutsche Post AG does not share this opinion. However, should the authorities find 
their suspicions confirmed, they may require Deutsche Post AG to refrain from certain 
practices or impose fines. Due to the on-going legal proceedings, we are not providing 
a risk assessment at present.
  Note 53
  Glossary, page 218
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Group Management ­Report — Opportunities and Risks — Categories of opportunities and risks

On 30 June 2014, DHL Express France received a Statement of Objections from the 
French Competition Authority alleging anti-competitive conduct in the domestic express 
business; a business which we had divested in June 2010. We are currently co-operating 
with the French authorities regarding the issues raised in the Statement of Objections. 
Due to the on-going legal proceedings, we are not providing a risk assessment.
Macroeconomic and industry-specific opportunities and risks
Risks arising from macroeconomic and sector-specific conditions are a key factor in 
determining the success of our business. For this reason we pay close attention to eco-
nomic trends in the individual regions. Despite the volatile economic climate, demand 
for logistics services rose in 2014, as did the related revenues.
A variety of external factors offer us numerous opportunities, indeed we believe 
that the global market will continue to grow. Advancing globalisation means that the 
logistics industry will continue to grow at least as fast as or faster than the world econ-
omy as a whole. This is especially true for Asia, where trade flows to other regions and 
in particular within the continent will continue to increase. As the market leader, our 
DHL divisions can generate above-average benefits from this. This also applies to regions 
such as South America and the Middle East, which continue to see robust growth. We 
are similarly well positioned in the emerging economies of Brazil, Russia, India, China 
and Mexico (BRIC+M) and will take advantage of opportunities arising in these markets.
Whether and to what extent the logistics market will grow is dependent on a num-
ber of factors. The trend towards outsourcing business processes continues. As a result, 
supply chains are becoming more complex and more international but are also more 
prone to disruption. For this reason, customers want stable, integrated logistics solutions, 
which is what we provide with our broad-based service portfolio. We continue to see 
growth opportunities in this area, in particular in the Supply Chain division and as a 
result of closer co-operation between all our divisions.
The booming online marketplace represents another opportunity for us in that it is 
creating demand for transporting documents and goods. The B2C market is experiencing 
double-digit growth, particularly due to the rapid rise in digital retail trade. This has 
created high growth potential for the national and international parcel business, which 
we intend to tap into by expanding our parcel network.
On the other hand, we are nonetheless unable to rule out the possibility of an eco-
nomic downturn in specific regions and a stagnation or decrease in transport quantities. 
However, this would not reduce demand for our services in all business units. Indeed, 
the opposite effect could arise in the parcel business, for example, as a result of an in-
crease in online purchasing amongst consumers. Companies might also be forced to out-
source transport services in order to lower costs. Cyclical risks can affect our divisions 
differently with respect to magnitude as well as point in time, which may mitigate the 
total effect. Therefore, we consider these risks to be medium at best. Moreover, we have 
taken measures in recent years to make costs more flexible and to allow us to respond 
quickly to a change in market demand.
  Glossary, page 218
Deutsche Post DHL Group — 2014 Annual Report
92

Deutsche Post and DHL are in competition with other providers. Such competition 
can significantly impact our customer base as well as the levels of prices and margins 
in our markets. In the mail and logistics business, the key factors for success are quality, 
customer confidence and competitive prices. Thanks to our high quality along with the 
cost savings we have generated in recent years, we believe that we shall be able to remain 
competitive and keep any negative effects at a low level.
Financial opportunities and risks
As a global operator, Deutsche Post DHL Group is inevitably exposed to financial op-
portunities and risks. These are mainly opportunities or risks arising from fluctuating 
­exchange rates, interest rates and commodity prices and the Group’s capital require-
ments. Using operational and financial measures, we try to reduce the volatility of our 
financial performance due to financial risk.
Opportunities and risks with respect to currencies may result from scheduled or 
planned future foreign currency transactions. Significant currency risks from planned 
transactions are quantified as a net position over a rolling 24-month period. Highly cor-
related currencies are consolidated in blocks. The identified risks are partly hedged using 
derivatives. The most important planned net surpluses at the Group level are in pound 
sterling, Japanese yen and Indian rupee, whilst the Czech crown is the only currency 
with a considerable net deficit. By offsetting the net deficit in US dollars with surpluses 
in other highly correlated currencies, the net risk in the “US dollar block” at the Group 
level is relatively balanced and thus not actively managed. The average hedging level for 
the year 2015 was approximately 55 % as at the reporting date. 
A potential general devaluation of the euro presents an opportunity for the Group’s 
earnings position. Based on current macroeconomic estimates, we consider this oppor-
tunity to be of low relevance.
The main risk to the Group’s earnings position would be a general appreciation of 
the euro. The significance of this is considered low when considering the individual risks 
arising from the performance of the respective currencies.
As a logistics group, our biggest commodity price risks result from changes in fuel 
prices (kerosene, diesel and marine diesel). In the DHL divisions, most of these risks 
are passed on to customers via operating measures (fuel surcharges). We only have 
noteworthy hedging instruments for the purchase of diesel in the Post - eCommerce - 
Parcel (PeP) division. 
The key control parameters for liquidity management are the centrally available 
liquidity reserves. Deutsche Post DHL Group had central liquidity reserves of €3.8 bil-
lion as at the reporting date, consisting of central finan­cial investments amounting to 
€1.8 billion plus a syndicated credit line of €2 billion. Therefore, the Group’s liquidity is 
sound in the short and medium term. Moreover, the Group enjoys open access to the 
capital markets on account of its good ratings within the industry, and is well positioned 
to secure long-term capital requirements.
The Group’s net debt amounted to €1.5 billion at the end of 2014. Given our ­existing 
interest rate hedging instruments, the share of financial liabilities with short-term 
­interest lock-ins in total financial liabilities in the amount of €5.2 billion is approxi-
mately 35%. The fact that the European Central bank is likely to keep short-term interest 
rates at a low level during 2015 and beyond favourably impacts the risk assessment.
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Group Management ­Report — Opportunities and Risks — Categories of opportunities and risks

Further information on the financial position and finance strategy of the Group 
as well as on the management of financial risks is found in the report on the economic 
position and in the Notes.
Opportunities and risks arising from environmental protection
Our Group-wide opportunity and risk management also considers environmental 
develop­ments.
Our customers want to improve their carbon efficiency and be supplied with infor-
mation on their CO2 emissions, which we regard as a positive trend. Such an increase 
in environmental awareness presents new business potential: with our mail, parcel 
and ­express products as well as air and ocean freight transport, we not only lead our 
industry in the areas of energy-efficient transport, transparent emissions reports and 
climate-­neutral products, but we also offer customer-specific solutions to reduce carbon 
emissions.
Opportunities and risks arising from corporate strategy
Over the past years, the Group has ensured that its business activities are well positioned 
in the world’s fastest growing regions and markets. We are also constantly working to 
create efficient structures in all areas to enable us to flexibly adapt capacities and costs to 
demand – a prerequisite for lasting, profitable business success. With respect to strategic 
orientation, we are focusing on our core competencies in the mail and logistics busi-
nesses with an eye towards growing organically and simplifying our processes for the 
benefit of our customers. Our earnings projections regularly take account of develop-
ment opportunities arising from our strategic orientation. In the specified period under 
consideration, risks arising from the current corporate strategy, which extends over a 
long-term period, are considered to have a low relevance for the Group. In addition, the 
divisions face the following special situations:
In the PeP division, we are responding to the challenges presented by the structural 
change from a physical to a digital business. We are counteracting the risk arising from 
changing demand by expanding our range of services. Due to the e-commerce boom, 
we expect our parcel business to continue growing robustly in the coming years and are 
therefore extending our parcel network. We are also expanding our range of electronic 
communications services, securing our standing as the quality leader and, where pos-
sible, making our transport and delivery costs more flexible. We follow developments 
in the market very closely and take these into account in our earnings projections. For 
the specified forecast period, we do not see these developments as having a significant 
potential to result in a negative impact.
In the Express division, our future success depends above all on general factors such 
as trends in the competitive environment, costs and quantities transported. After having 
spent recent years successfully restructuring our business and substantially improv-
ing cost structures, we are focusing on fostering growth in our international business. 
We expect a further increase in shipment volumes. Based on this assumption, we are 
­investing in our network, our services, our employees and the DHL brand. Against the 
backdrop of the past trend and the overall outlook, we do not see any significant strate-
gic opportunities or risks for the Express division beyond those reported in the section 
entitled “Opportunities and risks arising from macroeconomic and industry-specific 
conditions”.
  Note 50
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94

In the Global Forwarding, Freight division we purchase transport services from 
airlines, shipping companies and freight carriers rather than providing them ourselves. 
Under favourable circumstances, we succeed in purchasing transport services on a 
cost-effective basis. We thus have the opportunity of generating higher margins. When 
circumstances are not favourable, we bear the risk of not being able to pass on all price 
increases to our customers. The extent of the opportunities and risks essentially depends 
on trends in the supply, demand and price of transport services as well as the duration 
of our contracts. Comprehensive knowledge in the area of brokering transport services 
helps us to capitalise on opportunities and minimise risk.
Our Supply Chain division provides customers in a variety of industries with solu-
tions along the entire logistics chain. Our success is highly dependent on our customers’ 
business success. Since we offer customers a widely diversified range of products in 
different sectors all over the world, we can diversify our risk portfolio and thus counter­
act the incumbent risks. Moreover, our future success also depends on our ability to 
continuously improve our existing business and to grow in our most important markets 
and customer segments. We do not see any significant strategic opportunities or risks for 
the Supply Chain division beyond those reported in the section entitled “Opportunities 
and risks arising from macroeconomic and industry-specific conditions”.
Opportunities and risks arising from internal processes
For us to render our services, a number of internal processes need to be integrated. In 
addition to fundamental operating processes, these include supporting functions such 
as sales and purchasing as well as corresponding management. Should we succeed in 
aligning our internal processes to meet customer needs whilst simultaneously lowering 
costs, this could lead to positive deviations from current projections. We are steadily 
improving internal processes with the help of our First Choice initiatives. This improves 
customer satisfaction whilst reducing our costs. Our earnings projection already incor-
porates expected cost savings.
Logistics services are generally provided in bulk and require a complex oper­ational 
infrastructure with high quality standards. To consistently guarantee reliability and 
punctual delivery, processes must be organised so as to proceed smoothly with no 
­technical or personnel-related glitches. Any weaknesses with regard to posting and 
collection, sorting, transport, warehousing or delivery could seriously compromise 
our competitive position. We therefore adapt all processes to current circumstances as 
needed. We also take preventive measures to guard against disruptions or malfunctions 
in our operational processes. Should disruptions nonetheless occur, contingency plans 
will come into effect to minimise the consequences. Some risks from business inter­
ruptions are also partly protected by our insurance policies.
Opportunities and risks arising from information technology
The security of our information systems is particularly important to us. The goal is to en-
sure continuous IT system operation and prevent unauthorised access to our systems and 
databases. To fulfil this responsibility, the Information Security Committee, a sub-com-
mittee of the IT Board, has defined guidelines and procedures based on ISO 27002, the 
international standard for information security management. In addition, Group Risk 
Management, IT Audit, Data Protection and Corporate Security monitor and assess IT 
risk on an on-going basis. For our processes to run smoothly at all times, the essential 
IT systems must be constantly available. We ensure this by designing our systems to 
Deutsche Post DHL Group — 2014 Annual Report
95
Group Management ­Report — Opportunities and Risks — Categories of opportunities and risks

protect against complete system failures. In addition to third-party data centres, we 
operate central data centres in the Czech Republic, Malaysia and the United States. Our 
systems are thus geographically separate and can be replicated locally.
We limit access to our systems and data so employees can only access the data they 
need to do their jobs. All systems and data are backed up on a regular basis and critical 
data are replicated across data centres.
All of our software is updated regularly to address bugs, close potential gaps in 
­security and increase functionality. We employ a patch management process – a defined 
procedure for managing software upgrades – to control risks that could arise from out-
dated software or from software upgrades.
Based on the measures described above, we estimate the probability of experien­cing 
a significant IT incident with serious consequences as very unlikely.
Our E-POST products – first and foremost E-Postbrief – come with our pledge of 
security and data protection. In 2014, the associated platform was re-certified by the 
German Federal Office for Information Security in accordance with its standards for 
IT-Grundschutz in a seamless continuation of the previous certification. In addition, 
the 2013 certification from TÜV Informationstechnik GmbH pursuant to the criteria 
for trusted site privacy is still valid. This confirms compliance with the legal standards 
and applicable data protection regulations.
Opportunities and risks arising from human resources
As a mail and logistics services group, it is particularly important that we have qualified 
and motivated employees in order to achieve long-term success. However, demographic 
change could lead to a decrease in the pool of available talent in various markets. To 
minimise the risk of failing to acquire a sufficient number of qualified employees, we 
have implemented various measures designed to motivate, commit, develop and pro-
mote our employees.
We use Strategic Resource Management to address the risks arising from an aging 
­population and the capacity shortages that may result from changing age and social 
structures. The experience gained is used to continuously improve this analysis and 
planning instrument. The Generations Pact agreed with trade unions in Germany also 
contributes to taking advantage of the career experience of employees for as long as 
possible whilst at the same time offering young people a career perspective.
Possible increases in both chronic and acute disease pose another risk to sustain-
ing business operations. For example, an infectious disease such as Ebola that initially 
strikes only locally can quickly have a global impact when spreading via networked trade 
routes and global traffic flows. We are responding to this risk with a systematic health 
management programme and cross-divisional co-operation.
  Employees, page 75
  Employees, page 75
  Health and safety, page 77
Deutsche Post DHL Group — 2014 Annual Report
96

EXPECTED DEVELOPMENTS
Overall Board of Management assessment  
of the future economic position
Consolidated EBIT of €3.05 billion to €3.20 billion expected
We expect the global economy to continue to experience regional variations in 2015 
and to demonstrate only moderate growth on the whole. A similar development is 
­anticipated for world trade. Our strong position as market leader in the German mail 
and parcel business and in nearly all of our international logistics activities is the best 
possible ­basis for further growth. Our strategic focus on business driven by e-commerce
and emerging economies that exhibit strong structural growth are the main factors we
see as supporting the long-term performance of our business. The Board of Manage-
ment expects consolidated EBIT to reach €3.05 billion to €3.20 billion in financial year 
2015. The Post - eCommerce - Parcel division is likely to contribute at least €1.3 billion 
to this figure. Compared with the previous year, we expect an additional improvement 
in overall earnings to €2.1 billion to €2.25 billion in the DHL divisions. Within the DHL 
divisions we expect a further increase in earnings for Express, whilst the transformation 
in the Global Forwarding, Freight division and investments in the Supply Chain division 
will dampen those divisions’ earnings. The Corporate Center / Other result is projected 
to remain at around €–0.35 billion. Due in particular to the forecast increase in EBIT, 
we also expect EAC to grow in financial year 2015. Free cash flow is expected to at least 
cover the dividend payment for financial year 2014 projected to be paid in May 2015.
Forecast period
Outlook generally refers to 2015
The information contained in the report on expected developments generally refers to 
financial year 2015. However, in some instances we have chosen to extend the scope.
Future organisation
No material changes to the organisational structure planned
No material changes to the Group’s organisational structure are planned for financial 
year 2015.
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Group Management ­Report — OPPORTUNITIES AND RISKS — Categories of opportunities and risks —  
Expected Developments — Overall Board of Management assessment of the future economic position —  
Forecast period — Future organisation

Future economic parameters
Good prospects for slightly accelerated global growth
Prospects for slightly accelerated global growth are favourable in 2015. The economic up-
swing is expected to grow stronger, especially in the industrial countries. Low oil prices 
are likely to spur domestic demand. Moreover, fiscal consolidation pressure has abated. 
Monetary policy is likely to remain expansive and continue to support growth. In the 
emerging markets, economic performance is projected to vary greatly with the effects 
of existing negative factors likely to persist or even grow. This could become a problem, 
especially for countries that rely on commodities exports. Risks to global growth could 
emanate from geopolitical conflicts in particular. It is furthermore ­impossible to rule 
out that the sovereign debt crisis will flare up again in the euro zone as a consequence 
of conflicts of interest on the part of policymakers.
A.77	 Global economy: growth forecast
%
2014
2015
 
World trade volumes
3.1
3.8
Real gross domestic product
World
3.3
3.5
Industrial countries
1.8
2.4
Emerging markets
4.4
4.3
Central and Eastern Europe
2.7
2.9
CIS countries
0.9
–1.4
Emerging markets in Asia
6.5
6.4
Middle East and North Africa
2.8
3.3
Latin America and the Caribbean
1.2
1.3
Sub-Saharan Africa
4.8
4.9
Source: International Monetary Fund (IMF) World Economic Outlook, Update January 2015.  
Growth rates calculated on the basis of purchasing power parity.
In China, the economy is expected to revive over the course of the year. Exports are set 
to rise thanks to growing demand from the industrial countries. It is also possible that 
the government will enact fiscal measures to boost growth. GDP growth is nonetheless 
expected to soften over the year as a whole (IMF: 6.8 %, OECD: 7.1 %). The Japanese 
economy is forecast to recover from the economic setback. However, there are no signs 
of a strong upswing. Private consumption is likely to rise slightly. By contrast, export 
momentum is expected to slow. GDP growth will likely see only moderate growth overall 
(IMF: 0.6 %, OECD: 0.8 %; Global Insight: 1.0 %).
In the United States, the economic upturn could accelerate appreciably. Private 
consumption is likely to benefit from a further drop in the unemployment rate and low 
energy prices. Strong momentum is also expected to come from corporate investment 
and residential construction spending. Although foreign trade will presumably have a 
negative impact on growth, GDP is likely to see stronger growth on the whole than in 
the previous year (IMF: 3.6 %; OECD: 3.1 %; Global Insight: 3.1 %).
Deutsche Post DHL Group — 2014 Annual Report
98

In the euro zone, the economy is forecast to recover gradually. Private consumption 
is likely to rise. Gross fixed capital formation is also expected to expand from its cur-
rently very low level. Government spending, however, is projected to rise only slightly. 
No notable growth momentum is expected from foreign trade. All in all, GDP growth is 
projected to increase somewhat but still remain modest (IMF: 1.2 %; ECB: 1.0 %; Global 
Insight: 1.4 %).
Early indicators suggest that the German economy will revive gradually. Exports are 
expected to register strong growth and companies to gradually expand capital expend-
iture. Private consumption could turn into the most important driver of growth. The 
number of employed people is likely to rise again on the annual average. Due to the weak 
starting position, however, it is nonetheless questionable whether GDP growth will be as 
strong as in the prior year (IMF: 1.3 %, Sachverständigenrat: 1.0 %; Global Insight: 1.6 %).
The expected revival of the global economy is likely to increase demand for crude 
oil. Since it is improbable that the supply will rise significantly in light of the low prices, 
it is more likely than not that prices will rise again in 2015.
The ECB will very probably maintain its key interest rate at the current level for some 
time and implement the decisions taken at the start of 2015. By contrast, the US Federal 
Reserve could raise its key interest rate slightly in 2015, which could lead to a moderate 
increase in capital market interest rates.
World trade grows, thanks especially to Asia
The emerging markets in Asia are expected to play a significant role in the growth of 
global trade again in 2015. At 3.0 %, growth in global trade volumes (transported quan-
tity in tonnes) is forecast to be overall slightly higher in 2015 compared with 2014 due 
to the slight improvement in the economic climate in the industrial countries.
The mail and parcel business in the digital age
The market for paper-based mail communication continues to decline in Germany, 
though more moderately than in other European countries. Mail volumes are decreasing, 
primarily because people are increasingly communicating digitally rather than physic­
ally. With E-POST, we have developed a portfolio of digital products that are gaining 
traction in the German market. At the beginning of 2014, we increased postage for a 
standard domestic letter slightly in accordance with the price-cap procedure. Although 
prices were subject to a further slight increase at the beginning of 2015, they are still 
below the European average.
The German advertising market saw a nominal increase in revenues in 2014. Mod-
erate growth is also expected in 2015. Similar to the mail business, advertising budgets 
are increasingly being shifted to digital media. The trend is towards personalised, cross-­
media campaigns. We intend to consolidate our position in the market for paper-based 
advertising. Furthermore, we want to tap into new fields by developing new technologies 
for online marketing and cross-media campaigns.
  Glossary, page 218
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Group Management ­Report — Expected Developments — Future economic parameters

The parcel market will continue to grow both in Germany and internationally. We 
shall drive this development with our high-quality shipping and delivery services as 
well as the associated infrastructure for new markets. By offering logistics services 
­specifically for the e-commerce segment, we shall also further expand our international 
market ­position. This will also have a positive impact on the international mail business 
– a market that is likely to see slight growth, particularly due to increasing merchandise 
shipping.
International express business to remain stable
Experience shows that growth in the international express market is highly dependent 
upon the economy. The volume trend and the growth in our international business 
market share suggest that the express market will continue to develop stably in 2015.
By implementing further initiatives to increase profitability and quality, we shall 
continue to ­improve our result. We are confident that we shall remain on course for 
growth and defend our leading market position. Our global DHL brand campaign and 
logistics partnerships will also contribute to this.
Market trends in freight forwarding business likely to continue
In 2015, we anticipate growth in the air freight market to follow a similar trend as in 
the reporting year.
Ocean freight capacities are expected to increase further as a result of new vessels 
being put into operation; however, ocean carriers will continue to limit capacities. At 
the same time, demand is likely to remain stable or rise slightly.
Should the moderate growth observed in the global and European economies in 
the reporting year continue in 2015, the European overland transport market is likely 
to see a positive trend similar to that of 2014.
Outlook for Supply Chain market remains optimistic
The trend towards outsourcing warehouse and distribution services continues. For this 
reason, projections indicate that the market for contract logistics will continue to ex­
perience continuous growth of more than 6 %. Many companies prefer to outsource their 
logistics due to market challenges such as high cost pressure and increasingly complex 
supply chains. Demand for supply chain services is expected to see particularly strong 
growth in emerging markets such as China, India, Brazil and Mexico, where we benefit 
from a strong market position. Although the economic environment remains uncertain, 
we are well positioned in the Supply Chain division to deliver consistent growth.
Revenue and earnings forecast
Consolidated EBIT of €3.05 billion to €3.20 billion expected
The world economy again registered below-average growth in the reporting year. We 
expect the global economy to continue to experience regional variations in 2015 and to 
grow only moderately on the whole. The global trading volumes relevant to our business 
are likely to perform similarly. Revenue performance is expected to reflect our strategic 
focus on business driven by e-commerce and emerging economies evidencing strong 
structural growth.
  Brands, page 85
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100

Against this backdrop, we expect consolidated EBIT to reach €3.05 billion to 
€3.20 billion in financial year 2015. The Post - eCommerce - Parcel division is likely to 
contribute at least €1.3 billion to this figure. Compared with the previous year, we expect 
an additional improvement in overall earnings to €2.1 billion to €2.25 billion in the 
DHL divisions. Within the DHL divisions, Express is expected to show continued earn-
ings growth, whereas transformation in Global Forwarding, Freight and investments in 
­Supply Chain will dampen EBIT growth in the latter divisions. The Corporate Center /
Other result is projected to remain at around €–0.35 billion.
In line with our Group strategy, we are targeting organic growth and anticipate only 
a few small acquisitions in 2015, as in the previous year.
We are reiterating the earnings forecast for 2016 that we presented in August 2014: 
consolidated EBIT is expected to reach between €3.4 billion and €3.7 billion in 2016. 
The PeP division is likely to account for more than €1.3 billion of this and the earnings 
contribution of the DHL divisions is forecast to range from €2.45 billion to €2.75 billion.
Our finance strategy calls for a payout of 40 % to 60 % of net profits as dividends as 
a general rule. At the Annual General Meeting on 27 May 2015, we intend to propose 
to the shareholders that a dividend per share of €0.85 be paid for financial year 2014 
(previous year: €0.80).
Expected financial position
No change in the Group’s credit rating
In light of the earnings forecast for 2015, we expect the “FFO to debt” indicator to remain 
stable on the whole and do not expect the rating agencies to change our credit rating 
from the present level.
Liquidity to remain solid
We anticipate a deterioration in our liquidity in the first half of 2015 as a result of the 
annual pension prepayment due to Bundesanstalt für Post und Telekommunikation as 
well as the dividend payment for financial year 2014 in May 2015. However, our oper-
ating liquidity situation will improve again significantly towards the end of the year due 
to the upturn in business that is normal in the second half.
Investments of around €2.0 billion expected
In 2015, we plan to increase capital expenditure to around €2.0 billion to support the 
goals of our Strategy 2020. The focus of investment will be upon technical equipment 
and machinery, aircraft, transport and operating equipment as well as IT.
In the Post - eCommerce - Parcel division, we shall further expand our domestic and 
international parcel network. Moreover, we plan to optimise our IT, particularly in the 
growth sector of eCommerce - Parcel and to expand delivery options, such as the parcel 
box or Packstation. In the Express division, we expect investment spending in 2015 to 
considerably exceed that of the previous year. We shall continue to invest in global and 
regional hubs and in continually renewing our aircraft fleet. In the Global ­Forwarding, 
Freight division, we envisage lower investments in 2015, although we shall expand our 
IT, in particular for the NFE project. In the Supply Chain division, capital expenditure 
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Group Management ­Report — Expected Developments — Future economic parameters — Revenue and earnings forecast —  
Expected financial position

in 2015 is expected to be slightly above that of the reporting year. New business projects 
will continue to be the main focus of investments. We shall also be investing in strategic 
initiatives and business expansion.
Cross-divisional investments in 2015 will be lower than in the reporting year.
Development of further indicators relevant 
for ­internal ­management
EAC increases slightly
As a result of the projected growth in EBIT, we expect that EAC will also grow in 2015. 
The divisions will be under the same impact with regard to EAC as laid out in the EBIT 
outlook. However, as our investing activities continue and the net base will increase as a 
result, the rise in EBIT after asset charge may fall slightly short of EBIT growth. Free cash 
flow is expected to at least cover the dividend payment for financial year 2014 projected 
to be made in May 2015.
Employee Opinion Survey results again positive
We intend to keep up the positive results that our Employee Opinion Survey achieved in 
the reporting year. For 2015, we expect to see an increase to 72 % in the approval rating 
for the key performance indicator Active Leadership.
Transparent presentation of greenhouse gas efficiency
We intend to increase transparency in our greenhouse gas efficiency because it is the 
target of our GoGreen environmental protection programme. It will be measured using 
a CO2 Efficiency Index (CEX), which is based upon division and business unit-specific 
emission intensity figures that show the ratio of the respective emissions to a matching 
performance indicator. Our goal therefore remains to consider CEX as a non-financial 
indicator relevant for internal management in the Group.
This Annual Report contains forward-looking statements that relate to the business, financial performance and results of oper­
ations of Deutsche Post AG. Forward-looking statements are not historical facts and may be identified by words such as “believes”, 
“­expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets” and similar expressions. 
As these statements are based on current plans, estimates and projections, they are subject to risks and uncertainties that could 
cause actual results to be materially different from the future development, performance or results expressly or implicitly assumed 
in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which 
apply only as at the date of this presentation. Deutsche Post AG does not intend or assume any obligation to update these forward-­
looking statements to reflect events or circumstances after the date of this Annual Report.
  Any internet sites referred to in the Group Management Report do not form part of the report.
Deutsche Post DHL Group — 2014 Annual Report
102

B  CORPORATE GOVERNANCE
103 — 130
CORPORATE GOVERNANCE
B

105	 REPORT OF THE SUPERVISORY BOARD
	109	 SUPERVISORY BOARD
	109	
Members of the Supervisory Board
	109	
Committees of the Supervisory Board
	110	 MANDATES
	110	
Mandates held by the Board of Management
	110	
Mandates held by the Supervisory Board
	111	 CORPORATE GOVERNANCE REPORT
	117	
Remuneration report
CORPORATE GOVERNANCE
B

REPORT OF THE SUPERVISORY BOARD
DEAR SHAREHOLDERS,
In financial year 2014, Deutsche Post DHL Group continued to perform well as an attractive investment 
and the provider and employer of choice in the Group’s market despite a consistently challenging eco-
nomic environment. Building on Strategy 2015, the Group took steps early on to ensure that growth would 
remain positive beyond the current planning horizon. “Strategy 2020: Focus.Connect.Grow.” under­
scores Deutsche Post DHL Group’s aim of becoming the world leader in logistics and sets out the strategic 
­priorities for the coming years.
Advising and monitoring the Board of Management
During 2014, the Supervisory Board closely examined the implementation of both Strategy 2015 and its 
successor Strategy 2020 as well as the Group and divisional results in the context of the global economic 
situation. To this end, the Board of Management provided the Supervisory Board with detailed, up-to-
date information on the Group’s financial position and performance, strategic initiatives, key business 
transactions, the progress of acquisitions, compliance and compliance management, risk exposure and 
risk management and all material planning and related implementation issues. The Chairman of the 
Supervisory Board was also kept abreast of developments between meetings. Measures requiring the con-
sent of the Supervisory Board were subject to detailed discussion in advance by the relevant committees.
Eight meetings during the reporting year
The Supervisory Board met four times in each half of the financial year. All members attended at least 
half of the meetings. The overall attendance rate exceeded 95 %.
WULF VON SCHIMMELMANN
Chairman
Deutsche Post DHL Group — 2014 Annual Report
105
Corporate Governance — Report of the Supervisory Board

The annual and consolidated financial statements and the management reports for 2013 were dis-
cussed in detail and approved at the financial statements meeting on 11 March 2014. The meeting was 
also attended by the auditors. After a thorough review, we endorsed the Board of Management’s proposal 
for the appropriation of the net retained profit for financial year 2013. We also approved a share capital 
increase in order to finance a share buy-back to settle share-based payments due to executives in 2014. 
The financial statements meeting approved the Supervisory Board’s proposed resolutions for the Annual 
General Meeting (AGM). The meeting also discussed variable remuneration components, with a particular 
emphasis on the performance targets achieved. In addition, we examined the findings of the efficiency 
review of the work of the Supervisory Board. The Supervisory Board noted and accepted Bruce Edwards’ 
resignation from the Board of Management. Mr Edwards’ successor, John Gilbert, was appointed to the 
Board of Management for a three-year term.
In an extraordinary meeting of the Supervisory Board on 26 March 2014, the Board of Manage-
ment gave a detailed presentation setting out the principles of “Strategy 2020: Focus.Connect.Grow.”. 
­Another extraordinary meeting was held immediately after the Deutsche Post AG AGM on 27 May 2014 
to ­determine the composition of the Supervisory Board committees. Hero Brahms stepped down from 
the Supervisory Board at the end of the AGM as he had reached the upper age limit for Supervisory Board 
members. The members of the Supervisory Board elected Stefan Schulte as the new chair of the Finance 
and Audit Committee. Details of the current members of the Supervisory Board committees can be 
found on page 109.
At the Supervisory Board meeting on 27 June 2014, we discussed the Group’s IT strategy. We also con-
sidered the impending mandate renewals and new appointments relevant to the Board of Management.
At the start of July, the Supervisory Board accepted Angela Titzrath’s resignation from the Board of 
Management using the written procedure. The Supervisory Board approved the renewal of Jürgen Gerdes’ 
mandate and contract for a further five years at an extraordinary meeting on 8 July 2014.
The Supervisory Board held one ordinary meeting and one closed meeting on 22 and 23 Septem-
ber 2014. The main focus of the Supervisory Board meeting was the question of whether Board of Manage­
ment remuneration was appropriate. The Supervisory Board decided to transfer responsibility for M & A 
activities from the Finance and Audit Committee to the Strategy Committee. During the closed meeting, 
presentations by external speakers describing the customers’ and investors’ point of view, as well as con-
tributions from other speakers on social sustainability in logistics companies and management ­culture, 
formed the basis for lively debate in the plenary meeting. The discussions focused on implementing 
Strategy 2015 and integrating Strategy 2020 into Group and divisional activities. As part of the on-going 
training and support recommended for Supervisory Board members in the German Corporate Govern-
ance Code (DCGK), the meeting was followed by a Directors’ Day, with presentations by selected speakers.
At the extraordinary Supervisory Board meeting on 31 October 2014, we appointed Melanie Kreis as 
member of the Board of Management and Labour Director.
On 10 December, at the last meeting of the Supervisory Board in 2014, we approved the 2015 busi-
ness plan after extensive discussions and set the Board of Management’s performance targets for 2015. 
In addition, a share capital increase was resolved upon for the purpose of financing a share buy-back to 
settle share-based payments due to executives in 2015. We also reiterated our unqualified Declaration of 
Conformity with the German Corporate Governance Code.
Hard work by the committees
The Executive Committee met five times during the year under review. The main agenda items were 
­matters regarding the Board of Management and preparations for the various Supervisory Board meetings.
The Personnel Committee met four times. The topics discussed included women in executive 
­positions, personnel development measures, the Group-wide Certified programme which promotes 
employee ­commitment and changes in corporate culture, and the annual Employee Opinion Survey.
Deutsche Post DHL Group — 2014 Annual Report
106

The Finance and Audit Committee met seven times. Following Hero Brahms’ resignation, both Stefan 
Schulte, Chair of the Finance and Audit Committee since 27 May 2014, and Simone Menne, also a mem-
ber of the Finance and Audit Committee since 27 May 2014, have the accounting and auditing expertise 
required under the Aktiengesetz (AktG – German Stock Corporation Act). At the March meeting, the 
Committee examined the annual and consolidated financial statements for 2013 and recommended that 
the Supervisory Board approve the statements. The auditors attended the meeting and gave a detailed 
presentation on their findings regarding the key audit priorities for 2013 as defined by the Committee 
and made specific recommendations based on their findings. Following the AGM, the Finance and Audit 
Committee engaged the auditors to audit the 2014 annual and consolidated financial statements and the 
interim financial report for the first half of the year. The Committee also defined the key audit priorities. 
The Committee discussed the reviewed quarterly and half-year interim reports together with the Board 
of Management and the auditors prior to publication. The March meeting also examined recommen-
dations to the Supervisory Board regarding the agenda of the AGM and its proposed resolutions. Key 
Group risk management factors were also examined during the meeting as planned. At the Finance and 
Audit Committee meeting on 18 June 2014, the Committee listened to a presentation on the findings of 
internal audits and discussed measures to implement the auditors’ recommendations on the key audit 
priorities. At the Finance and Audit Committee meeting on 16 September 2014, the Chief Compliance 
Officer presented a detailed report on compliance. The report focused primarily on enhancing com­pliance 
organisation and management. The Finance and Audit Committee advised the Super­visory Board to 
transfer responsibility for M & A activities to the Strategy Committee. The ­Committee also examined the 
investment strategy for pension assets. On 3 December 2014, the Finance and Audit Committee meet-
ing concentrated on the Group business plan for 2015 and recommended that the Supervisory Board 
approve the plan. The Committee discussed the Group’s performance and the internal control and risk 
management system at regular inter­vals during the year. The Committee discussed the appropriateness 
of the Group’s accounting system with the auditors.
The Strategy Committee met twice in 2014 and focused primarily on the progress made on imple-
menting Strategy 2015, as well as how to develop and implement Strategy 2020. 
The Nomination Committee met once in 2014 to discuss nominations for the 2014 AGM and ­approve 
the recommendations made to the Supervisory Board. Here, discussions covered the re-election of 
­Henning Kagermann, Ulrich Schröder and Stefan Schulte and the nomination of Simone Menne for 
membership of the Supervisory Board.
The Mediation Committee formed pursuant to section 27 (3) of the ­Mitbestimmungsgesetz (German 
Co-determination Act) met once in 2014.
The chairs of the committees reported on the committees’ deliberations in the subsequent Supervisory 
Board meeting.
Changes to the composition of the Supervisory Board and Board of Management
Having reached the upper age limit for office, Hero Brahms stepped down as a member of the Super­
visory Board at the end of the AGM on 27 May 2014. The AGM elected Simone Menne as a shareholder 
representative on the Supervisory Board. At the extraordinary meeting held immediately after the AGM, 
the Supervisory Board voted to appoint Stefan Schulte as chair and Simone Menne as a member of the 
Finance and Audit Committee. Details of the current members of the Supervisory Board committees can 
be found on page 109. With regard to the employee representatives, Heinrich Josef Busch, the execu­­
tive management representative, resigned from the Supervisory Board as of 30 November 2014, on the 
grounds that he would reach retirement age at the end of the year. Jörg von Dosky was appointed by the 
court as his successor on the Supervisory Board on 9 December 2014. The composition of the Board of 
Management changed as follows during the year under review: Bruce Edwards stepped down from the 
Board of Management on 10 March 2014. He was replaced by John Gilbert, who became a member of the 
Board of Management on 11 March 2014. Angela Titzrath stepped down from the Board of Management 
Deutsche Post DHL Group — 2014 Annual Report
107
Corporate Governance — Report of the Supervisory Board

as of 2 July 2014. Melanie Kreis was appointed as a member of the Board of Management and Labour 
Director on 31 October 2014. In the interim period, the Chief Executive Officer Frank Appel also took 
on responsibility for the Human Resources board department.
Managing conflicts of interest
None of the Supervisory Board members holds positions on the governing bodies of or provides con­
sultancy services to the Group’s main competitors. The Supervisory Board has not been informed of any 
conflicts of interest affecting individual members during the year under review.
Full compliance with the recommendations of the German Corporate Governance Code
In December 2014, the Board of Management and the Supervisory Board issued an unqualified Declar­
ation of Conformity pursuant to section 161 of the AktG, which was also published on the company’s 
website. The declarations from previous years are also available on the website. In financial year 2014, 
Deutsche Post AG complied with all recommendations of the Government Commission for the German 
Corporate Governance Code, as amended on 13 May 2013 and 24 June 2014. The company also intends 
to continue to comply with all recommendations contained in the Code as amended on 24 June 2014. 
The Corporate Governance Report (page 111 ff.) contains more information about corporate governance 
within the company and the remuneration report.
Annual and consolidated financial statements audited
The auditors appointed by the AGM, PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungs­
gesellschaft (PwC), Düsseldorf, conducted an audit of the annual and consolidated financial statements for 
financial year 2014, including the respective management reports, and issued unqualified audit opinions. 
PwC also reviewed the quarterly financial reports and the interim report for the first half of the year.
Following a detailed preliminary assessment by the Finance and Audit Committee, the Supervisory 
Board reviewed the 2014 annual and consolidated financial statements and the management reports, 
including the appropriation of the net retained profit as proposed by the Board of Management, at the 
financial statements meeting held on 10 March 2015. The auditors’ reports were made available to all 
Supervisory Board members and were discussed in detail with the Board of Management in the presence 
of the auditors. The Supervisory Board concurred with the results of the audit and approved the annual 
and consolidated financial statements for financial year 2014, as recommended by the Finance and Audit 
Committee. No objections were raised on the basis of the final outcome of the examination by the Super­
visory Board and the Finance and Audit Committee of the annual and consolidated financial statements, 
the management reports and the proposal for the appropriation of the net retained profit. The Supervisory 
Board endorses the Board of Management’s proposal for the appropriation of the net retained profit and 
the payment of a dividend of €0.85 per share.
We would like to thank the Board of Management and all employees for their genuine commitment 
and all their hard work in a challenging economic climate. You have all made an important contribution 
to the company’s success.
Bonn, 10 March 2015
The Supervisory Board
Wulf von Schimmelmann
Chairman
Deutsche Post DHL Group — 2014 Annual Report
108

SUPERVISORY BOARD
B.01	 Members of the Supervisory Board
B.02	 Committees of the Supervisory Board
Shareholder representatives
Prof. Dr Wulf von Schimmelmann (Chair)
Former CEO of Deutsche Postbank AG
Hero Brahms (until 27 May 2014)
Management consultant
Werner Gatzer
State Secretary, Federal Ministry of Finance
Prof. Dr Henning Kagermann
Former CEO of SAP AG
Thomas Kunz
CEO of Danone Dairy, member of the 
Executive Committee of Danone S. A., 
France
Simone Menne (since 27 May 2014)
Member of the Executive Board,  
Deutsche Lufthansa AG
Roland Oetker
Managing Partner, ROI Verwaltungs­
gesellschaft mbH
Dr Ulrich Schröder
CEO of KfW Bankengruppe
Dr Stefan Schulte
Chair of the Executive Board of Fraport AG
Elmar Toime
Managing Director, E Toime Consulting Ltd.
Prof. Dr-Ing. Katja Windt
Bernd Rogge Chair of Global Production 
Logistics
President / Member of the Executive Board 
of Jacobs University Bremen gGmbH
Employee representatives
Andrea Kocsis (Deputy Chair)
Deputy Chair of ver.di National Executive 
Board and Head of Postal Services, 
Forwarding Companies and Logistics 
on the ver.di National Executive Board
Rolf Bauermeister
Head of Postal Services, Co-determination 
and Youth and Head of National Postal 
Services Group at ver.di national adminis-
tration
Heinrich Josef Busch  
(until 30 November 2014)
Chair of the Group and Company Executive 
Representation Committee, Deutsche Post AG
Jörg von Dosky (since 9 December 2014)
Chair of the Group and Company Executive 
Representation Committee, Deutsche Post AG
Thomas Koczelnik
Chair of the Group Works Council, 
Deutsche Post AG
Anke Kufalt
Member of the Works Council, DHL Global 
Forwarding GmbH, Hamburg 
(­until 26 May 2014)
Chair of the Works Council, DHL Global 
Forwarding GmbH, Hamburg 
(since 27 May 2014)
Andreas Schädler
Chair of the Central Works Council, 
Deutsche Post AG
Sabine Schielmann
Member of the Executive Board of the 
Central Works Council, Deutsche Post AG
Stephan Teuscher
Head of wage, civil servant and social 
policies in the Postal Services, Forwarding 
Companies and Logistics department  
ver.di national administration
Helga Thiel
Deputy Chair of the Central Works Council, 
Deutsche Post AG
Stefanie Weckesser
Deputy Chair of the Works Council, 
Deutsche Post AG, MAIL Branch, Augsburg
Executive Committee
Prof. Dr Wulf von Schimmelmann (Chair)
Andrea Kocsis (Deputy Chair)
Rolf Bauermeister
Werner Gatzer
Roland Oetker
Stefanie Weckesser
Finance and Audit Committee
Dr Stefan Schulte (Chair) (since 27 May 2014)
Hero Brahms (Chair) (until 27 May 2014)
Stephan Teuscher (Deputy Chair)
Werner Gatzer
Thomas Koczelnik
Simone Menne (since 27 May 2014)
Helga Thiel
Personnel Committee
Andrea Kocsis (Chair)
Prof. Dr Wulf von Schimmelmann 
(Deputy Chair)
Thomas Koczelnik
Roland Oetker
Mediation Committee  
(pursuant to section 27 (3) of the German 
Co-determination Act)
Prof. Dr Wulf von Schimmelmann (Chair)
Andrea Kocsis (Deputy Chair)
Rolf Bauermeister
Roland Oetker
Nomination Committee
Prof. Dr Wulf von Schimmelmann (Chair)
Werner Gatzer 
Roland Oetker
Strategy Committee
Prof. Dr Wulf von Schimmelmann (Chair)
Andrea Kocsis (Deputy Chair)
Rolf Bauermeister
Prof. Dr Henning Kagermann
Thomas Koczelnik
Dr Ulrich Schröder
 
Deutsche Post DHL Group — 2014 Annual Report
109
Corporate Governance — REPORT OF THE SUPERVISORY BOARD — Supervisory Board —  
Members of the Supervisory Board — Committees of the Supervisory Board

MANDATES
B.03	 Mandates held by the Board of Management
Membership of supervisory boards 
required by law
Lawrence Rosen
Deutsche Postbank AG
Membership of  
comparable bodies
Ken Allen
DHL-Sinotrans International Air Courier Ltd, 
China (Board of Directors) 1
Roger Crook
DHL Global Forwarding Management 
(Asia Pacific) Pte Ltd, Singapore  
(Board of Directors) 1
 
 
 
 
Bruce Edwards (until 10 March 2014)
Ashtead plc, UK (Board of Directors)
Greif, Inc., USA (Board of Directors)
Williams Lea Group Limited, UK  
(Board of Directors) 1
Williams Lea Holdings PLC, UK  
(Board of Directors, Chair) 1
Lawrence Rosen
Qiagen N. V. (Supervisory Board)
1	 Group mandate.
B.04	 Mandates held by the Supervisory Board
Shareholder representatives
Membership of supervisory boards 
required by law
Prof. Dr Wulf von Schimmelmann (Chair)
Allianz Deutschland AG
Maxingvest AG
Hero Brahms (until 27 May 2014)
Georgsmarienhütte Holding GmbH 
(Deputy Chair)
Krauss-Maffei-Wegmann GmbH & Co. KG
Live Holding AG (Chair)  
(until 15 January 2014)
Werner Gatzer
Bundesdruckerei GmbH 
Flughafen Berlin Brandenburg GmbH
Partnerschaften Deutschland ÖPP 
Deutschland AG (since 10 October 2014)
Prof. Dr Henning Kagermann
BMW AG
Deutsche Bank AG
Franz Haniel & Cie. GmbH
Münchener Rückversicherungs-­
Gesellschaft AG
Simone Menne (since 27 May 2104)
Delvag Luftfahrtversicherungs-AG, 
Germany (Chair) 1
LSG Lufthansa Service Holding AG, 
Germany (Chair) 1
Lufthansa Cargo AG, Germany 1
Lufthansa Systems AG, Germany (Chair) 1
Lufthansa Technik AG, Germany 1
Roland Oetker
Evotec AG (until 16 June 2014)
Dr Ulrich Schröder
Deutsche Telekom AG
Prof. Dr-Ing. Katja Windt
Fraport AG
 
Membership of  
comparable bodies
Prof. Dr Wulf von Schimmelmann (Chair)
Accenture Corp., Ireland (Board of Directors)
Thomson Reuters Corp., Canada  
(Board of Directors)
Western Union Company, USA  
(Board of Directors) (until 16 May 2014)
Hero Brahms (until 27 May 2014)
Zumtobel AG, Austria (Supervisory Board, 
Deputy Chair)
Prof. Dr Henning Kagermann
Nokia Corporation, Finland  
(Board of Directors) (until 17 June 2014)
Wipro Ltd., India (Board of Directors)  
(until 30 June 2014)
Simone Menne
Frankfurt Stock Exchange (Exchange 
Council) (since 14 November 2014)
Miles & More GmbH (Advisory Council, 
Chair) (since 4 September 2014) 1
Roland Oetker
Rheinisch-Bergische Verlagsgesellschaft 
mbH (Supervisory Board)
Dr Ulrich Schröder
DEG – Deutsche Investitions- und 
Entwicklungsgesellschaft mbH 
(­Supervisory Board) 
“Marguerite 2020”: European Fund for 
Energy, Climate Change and Infrastructure, 
Luxembourg (Supervisory Board) 
Elmar Toime
Postea Inc., USA (Non-Executive Chairman)
Blackbay Ltd., United Kingdom 
(Non-Executive Director) (since 7 March 2014)
Qatar Postal Services Company, Qatar 
(Non-Executive Director) (since 19 Novem-
ber 2014)
Employee representatives 
Membership of supervisory boards 
required by law
Rolf Bauermeister
Deutsche Postbank AG
Andreas Schädler
PSD Bank Köln eG (Chair)
Stephan Teuscher
DHL Hub Leipzig GmbH  
(Supervisory Board, Deputy Chair)
Helga Thiel
PSD Bank Köln eG (Deputy Chair)
1	 Group mandates, Deutsche Lufthansa.
Deutsche Post DHL Group — 2014 Annual Report
110

CORPORATE GOVERNANCE REPORT
Annual Corporate Governance Statement pursuant to section 289a  
of the Handelsgesetzbuch (HGB – German Commercial Code) 
This Annual Corporate Governance Statement contains information about the main compo-
nents of Deutsche Post DHL Group’s corporate governance structure. These include the 
Declaration of Conformity by the Board of Management and the Supervisory Board, rele-
vant corporate governance practices that exceed legal requirements, the working methods 
of the Board of Management and the Supervisory Board, the composition and working 
methods of the committees, and the composition targets for the Supervisory Board.
Company in compliance with all recommendations of the German Corporate  
Governance Code
In December 2014, the Board of Management and the Supervisory Board once again 
issued an unqualified Declaration of Conformity pursuant to section 161 of the AktG, 
which reads as follows:
“The Board of Management and the Supervisory Board of Deutsche Post AG 
­declare that the recommendations of the Government Commission German Corpor­
ate ­Governance Code in the version dated 13 May 2013 / 24 June 2014 have been com-
plied with since issuance of the Declaration of Conformity in December 2013 and that 
it is intended to comply with all recommendations of the Code in the version dated 
24 June 2014 in the future.” 
We also intend to implement the suggestions made in the Code, with one exception: 
the Annual General Meeting will only be broadcast on the internet up to the end of the 
Chief Executive Officer’s address.
Specific corporate governance practices
Our guiding principle is “respect and results”: we expect our corporate governance to 
rise to the challenge of achieving first-class results every day whilst also considering the 
needs of our employees, customers and investors.
Accepting corporate responsibility is integral to our Group strategy. We put our 
knowledge and global presence to good use so as to make a positive contribution to 
the environment, society and our business. We systematically include our stakeholders’ 
expectations and needs in our strategic decisions, develop sustainable solutions for our 
customers and use our expertise in logistics to also address social issues. We concentrate 
these efforts on environmental protection, disaster management and improving educa-
tional and employment opportunities. We also support voluntary activities under­taken 
by our employees. Our annual Group-wide Employee Opinion Survey has again revealed 
high levels of continuing positive feedback. As in 2013, 77 % of our employees partici-
pated in the survey.
Furthermore, the annual private customer survey conducted by the Kunden­monitor 
Deutschland independent market study confirmed that customer satisfaction remains 
high at 95 %. We achieved excellent results in transit times for letters sent within ­Germany, 
thus exceeding the statutory requirement of 80 % for next-day letter deliveries by a wide 
margin. According to surveys conducted by the quality research institute Quotas, 94 % of 
the letters received during our daily opening hours and before final post box collections 
were delivered the next day.
  dpdhl.com/en/investors
  Employees, page 73
Deutsche Post DHL Group — 2014 Annual Report
111
Corporate Governance — MANDATES — Mandates held by the Board of Management —  
Mandates held by the Supervisory Board — CORPORATE GOVERNANCE REPORT

Code of Conduct, diversity and compliance management
Our Code of Conduct remained unchanged in 2014. It has been a firm part of our cor-
porate culture since 2006 and is applicable to all regions and divisions and the basis of 
guidelines within the Group. The Code of Conduct and these guidelines, together with 
regional guidelines and procedures, provide the framework for ethical and environ-
mentally sound corporate conduct. The guidelines serve as a clear point of reference for 
all employees, informing them of our values and principles. The guidelines are based 
upon the principles set out in the Universal Declaration of Human Rights, the United 
Nations (UN) Global Compact, the ILO Declaration on Fundamental Principles and 
Rights at Work of 1998 and the OECD Guidelines for multinational enterprises. The Code 
is available in 21 languages. Employees can attend webinars to learn about the Code.
The Code of Conduct also sets out our commitment to the health of our employees, 
respect for human rights, the rejection of child and forced labour, and our position on 
diversity and inclusion. The Corporate Diversity & Inclusion Statement issued in 2013 
reflects our belief that diversity represents both a key factor for success and a distinct 
competitive advantage. In the Statement we also undertake to promote an inclusive 
working environment and express our opposition to all forms of discrimination. The 
Diversity Council began work in February 2014, meeting on three occasions during 
the year under review. The participants discussed the strategic direction of diversity 
and exchanged views on the divisions’ various requirements of diversity management.
The Supervisory Board supports the Group’s diversity strategy, placing particular 
emphasis on the target for increasing the number of women on the Board of Manage-
ment. The Supervisory Board sees efforts to increase diversity as part of long-term 
succession planning, for which the Supervisory Board and Board of Management are 
jointly responsible. In the opinion of the Supervisory Board, the targeted increase in 
the ­number of women in executive positions is necessary to ensure that, overall, more 
suitable female candidates are available for vacant positions on the Board of Manage-
ment. As at 31 December 2014 the proportion of women in management around the 
world ­remained almost stable at 19.3 % (previous year: 19.6 %). The international compo-
sition of the Board of Management already clearly reflects the company’s international 
activities.
In order to protect our employees from hazards and risks in the workplace, we have 
created a comprehensive regulatory framework that goes far beyond statutory occupa-
tional safety requirements and minimum standards. In addition, preventive measures 
were defined in the course of occupational safety information events organised around 
Germany in the year under review. We seek to maintain and improve the health and 
wellbeing of our employees. All measures undertaken to promote health and safety at 
work are consistent with our Group-wide strategy for health, safety and wellbeing.
Within Deutsche Post DHL Group, the Chief Compliance Officer is responsible 
for the compliance management system and reports directly to the Chief Financial 
Officer. The Chief Compliance Officer is supported by the Global Compliance Office, 
which establishes Group-wide compliance management standards and supports the 
implementation of related activities within the divisions. Each of the four operating 
divisions has a Compliance Officer, who regularly presents a report to the Board of 
Management member for the respective division. These reports are incorporated into 
the Chief Compliance Officer’s report to the Board of Management and to the Finance 
and Audit Committee of the Supervisory Board.
Deutsche Post DHL Group — 2014 Annual Report
112

The main compliance management activities within Deutsche Post DHL Group 
­include creating a system for identifying potential compliance risks, evaluating business 
partner compliance, and developing and organising compliance-related training and 
communications. Our compliance hotline is a key factor in reporting breaches of the law 
or our guidelines. The hotline is available in around 150 countries and assists employees 
in reporting potential breaches of the law or the Code of Conduct within the company. 
The hotline also provides a structure for addressing and resolving such breaches. The 
insights gained from reported cases are used to improve the compliance management 
system on an on-going basis. Group-wide communications on compliance ensure that 
all employees are aware of the relevance of compliance, and provide briefings on specific 
features of the Code of Conduct.
Working methods of the Board of Management and the Supervisory Board
As a German public limited company, Deutsche Post AG is required to use a dual manage­
ment system. The Board of Management is responsible for managing the company. The 
Board of Management is appointed, overseen and advised by the Supervisory Board.
In addition to the board departments of the Chief Executive Officer (CEO), the 
Chief Financial Officer (CFO) and the Board Member for Human Resources, the Board 
of Management also includes four operating divisions: Post - eCommerce - Parcel, 
­Express, Global Forwarding, Freight, and Supply Chain. Group management func-
tions are ­centralised in the Corporate Center. The Group Strategy provides a framework 
for the whole Group. It follows the goal of remaining the postal service for Germany 
and ­becoming the logistics company for the world. The Board’s rules of procedure lay 
down objectives for the basic internal structure, management and co-operation within 
the Board of Management. Within this framework, each Board member manages 
their depart­ment independently and informs the rest of the Board about key develop-
ments at regular intervals. The Board of Management as a whole decides on matters of 
­particular significance for the company or the Group, including all decisions that have 
to be ­presented to the Supervisory Board for approval, and on all tasks that cannot be 
delegated by law. The entire Board of Management also decides upon matters presented 
by one member of the Board of Management for ­decision by the Board of Management 
as a whole.
When making decisions, members of the Board of Management may not act in their 
own personal interest or exploit corporate business opportunities for their own benefit. 
The Supervisory Board must be informed of any conflicts of interest without delay.
The Supervisory Board advises and oversees the Board of Management and also 
­appoints the members of the Board of Management. The Supervisory Board has estab-
lished rules of procedure that include the basic internal structure, a catalogue of Board of 
Management transactions requiring Supervisory Board approval and rules for the Super-
visory Board committees. The Supervisory Board meets at least twice every six months in a 
calendar year. Extraordinary Supervisory Board meetings are held whenever particular 
developments or measures need to be discussed or approved promptly. In financial year 
2014, the Supervisory Board met for eight plenary meetings, 20 committee meetings 
and one closed meeting, as described in the Report of the Supervisory Board. All members 
attended at least half of the meetings. The overall attendance rate remained high in the 
year under review, at over 95 %.
  Members, page 16 f.,  
Mandates, page 110
  Objectives and strategies,  
page 30 f.
  Members, page 109,  
Mandates, page 110
  Page 109
  Page 105 ff.
Deutsche Post DHL Group — 2014 Annual Report
113
Corporate Governance — Corporate Governance Report

The Board of Management and the Supervisory Board engage in regular dialogue 
regarding the Group’s financial position and performance, strategic initiatives, key busi-
ness transactions, the progress of acquisitions, compliance and compliance management, 
risk exposure and risk management, and all material planning and related implemen-
tation issues. The Board of Management informs the Supervisory Board promptly and 
in full about all issues of significance. The Chairman of the Supervisory Board and the 
CEO maintain close contact and discuss current issues. The Chairman of the Supervisory 
Board also has regular contact with other Board of Management members between 
Supervisory Board meetings.
The Supervisory Board carries out an annual efficiency review of the work of the 
Super­visory Board, which includes assessing co-operation with the Board of Manage-
ment. The efficiency review for financial year 2014 concluded that the Supervisory Board 
had performed its monitoring and advisory duties efficiently and effectively.
All Supervisory Board decisions, particularly those concerning transactions that 
require Supervisory Board approval, are discussed in detail in advance by the relevant 
committees. Each Supervisory Board plenary meeting includes a detailed report on the 
committees’ work and decisions taken.
None of the Supervisory Board members holds positions on the governing bodies 
of, or provides consultancy services to, the Group’s main competitors. The Supervisory 
Board has not been informed of any conflicts of interest affecting individual members 
during the year under review.
Executive committees and Supervisory Board committees
Executive committees prepare the decisions to be made by the entire Board of Manage­
ment and take decisions on matters delegated to them. The duties of the executive 
committees include preparing and/or approving investments and transactions in the 
various divisions. The Deutsche Post Executive Committee is responsible for the Post - 
­eCommerce - Parcel division; the cross-divisional DHL Executive Committee is in 
charge of the Express, Global Forwarding, Freight, and Supply Chain divisions; the 
CC & GBS Executive Committee covers the Corporate Center (CC) and Global Business 
Services (GBS). The CEO, the CFO and the Board Member for Human Resources have 
permanent representation on the committees, whilst the Board members responsible 
for the divisions are represented on the committees in matters relating to their div­
isions. First-tier executives from the level immediately below the Board of Management 
also attend executive committee meetings that cover topics relevant to their field. For 
example, Accounting & Controlling, Corporate Finance, Corporate Development and 
Legal Services will be invited to take part in discussions on acquisitions. The Deutsche 
Post Executive Committee and the DHL Executive Committee each meet at least once a 
month; the CC & GBS Executive Committee usually meets every quarter.
Business review meetings also take place once a quarter. These meetings are part 
of the strategic performance dialogue between the divisions, the CEO and the CFO. 
The business review meetings discuss strategic initiatives, operational matters and the 
­budgetary situation of the divisions.
For details of the members of the Board of Management, see the sections on the 
Board of Management and Mandates held by the Board of Management.
The Supervisory Board has formed six committees to ensure the efficient discharge 
of its duties. In particular, these committees prepare the resolutions for the Supervisory 
Board plenary meetings. The Supervisory Board delegates the final decisions on certain 
topics to the individual committees.
  Pages 16 f. and 110
Deutsche Post DHL Group — 2014 Annual Report
114

The Executive Committee’s duties include arranging the appointment of members 
of the Board of Management and determining the Board of Management remuneration 
for approval by the Supervisory Board plenary meeting. The members of the Executive 
Committee are Wulf von Schimmelmann (Chair), Andrea Kocsis (Deputy Chair), Rolf 
Bauermeister, Werner Gatzer, Roland Oetker and Stefanie Weckesser.
The Finance and Audit Committee oversees the accounting process, the effective-
ness of the internal control system, the risk management and internal auditing systems, 
and the audit of the financial statements. It examines corporate compliance issues and 
discusses the half-yearly and quarterly financial reports with the Board of Management 
before publication. Based upon its own preliminary assessment, the Committee submits 
proposals for approval of the annual and consolidated financial statements by the Super­
visory Board. The members of the Finance and Audit Committee are Stefan Schulte 
(Chair), Stephan Teuscher (Deputy Chair), Werner Gatzer, Thomas Koczelnik, Simone 
Menne and Helga Thiel. The Chair of the Finance and Audit Committee, Stefan Schulte, 
is a financial expert as defined in sections 100 (5) and 107 (4) of the AktG.
The Personnel Committee discusses human resources principles for the Group. The 
members of the Personnel Committee are Andrea Kocsis (Chair), Wulf von Schimmel-
mann (Deputy Chair), Thomas Koczelnik and Roland Oetker.
The Mediation Committee carries out the duties assigned to it pursuant to the 
­Mitbestimmungsgesetz (MitbestG – German Co-determination Act). The members of 
the Mediation Committee are Wulf von Schimmelmann (Chair), Andrea Kocsis (­Deputy 
Chair), Rolf Bauermeister and Roland Oetker.
The Nomination Committee presents the shareholder representatives of the Super­
visory Board with recommendations for shareholder candidates for election to the 
Super­visory Board at the AGM. The members of the Nomination Committee are Wulf 
von Schimmelmann (Chair), Werner Gatzer and Roland Oetker.
The Strategy Committee prepares material for strategy discussions in the Super­visory 
Board and for resolutions on corporate acquisitions and disposals requiring approval by 
the plenary meeting of the Supervisory Board. The Committee also regularly discusses 
the competitive position of the company and the individual divisions. The members of 
the Strategy Committee are Wulf von Schimmelmann (Chair), Andrea Kocsis (Deputy 
Chair), Rolf Bauermeister, Henning Kagermann, Thomas Koczelnik and Ulrich Schröder.
Information about the work of the Supervisory Board and its committees in finan­cial 
year 2014 is also contained in the Report of the Supervisory Board. Details of the members 
of the Supervisory Board and the composition of the Supervisory Board committees can 
be found in the sections on the Supervisory Board and Mandates held by the Supervisory Board.
Targets for the composition of the Supervisory Board
The Supervisory Board set specific targets for its composition in December 2010. In 
2012, the Supervisory Board added a target for the number of independent Supervisory 
Board members. During the year under review, the Supervisory Board resolved to pur-
sue the goal of 30 % of its members being women beyond 2015.
1 	 The candidates proposed by the Supervisory Board to the AGM for election as Super-
visory Board members must be made purely in the interests of the company. Subject 
to this requirement, the Supervisory Board aims to ensure that the independent 
Supervisory Board members as defined in number 5.4.2 of the German Corporate 
Governance Code comprise at least 75 % of the Supervisory Board and that at least 
30 % of the Supervisory Board members are women.
  Page 105 ff.
  Members, page 109,  
Mandates, page 110
Deutsche Post DHL Group — 2014 Annual Report
115
Corporate Governance — Corporate Governance Report

2 	 The company’s international activities are already adequately reflected in the com-
position of the Supervisory Board. The Supervisory Board aims to maintain this 
and will therefore, in future proposals to the AGM, consider candidates whose origin, 
education or professional experience equip them with international knowledge and 
experience.
3 	 Conflicts of interest affecting Supervisory Board members are an obstacle to provid-
ing independent and efficient advice to, and supervision of, the Board of Manage­
ment. The Supervisory Board will decide how to deal with potential or actual con-
flicts of interest on a case-by-case basis, in accordance with the law and giving due 
consideration to the German Corporate Governance Code.
4 	 In accordance with the age limit adopted by the Supervisory Board and laid down 
in the rules of procedure for the Supervisory Board, proposals for the election of 
Super­visory Board members must ensure that the term of office ends no later than 
the close of the Annual General Meeting after the Supervisory Board member 
­reaches the age of 72.
The current composition of the Supervisory Board meets all these targets. Simone 
Menne was elected as a member of the Supervisory Board by the 2014 AGM. She has 
worked for Lufthansa AG for many years, which has given her a great deal of busi-
ness experience and an excellent understanding of the industry. Simone Menne will 
also be able to support the Supervisory Board as an additional financial expert. With 
­regard to the employee representatives, Heinrich Josef Busch, the executive manage­
ment ­representative, resigned from the Supervisory Board as of 30 November 2014, after 
many years of service. He was succeeded by Jörg von Dosky, who was appointed by the 
court as a Supervisory Board member on 9 December 2014. Having been a manager 
with the company for many years, Jörg von Dosky has a sound understanding of the 
management perspective. At present, 35 % of Supervisory Board members are female, 
which is above our target. The number of independent members of the Supervisory 
Board also currently exceeds the target. All members of the Supervisory Board are in-
dependent members as defined by the German Corporate Governance Code. In view of 
the European Commission’s recommendation on independent non-executive directors, 
the wide-ranging protection against summary dismissal and the ban on discrimination 
contained in the Betriebsverfassungsgesetz (German Works Constitution Act) and Mit-
bestimmungsgesetz (German Co-Determination Act), it must be assumed that being 
an employee is consistent with the requirement for independence as defined by the 
Code. The largest shareholder in the company, KfW Bankengruppe, currently holds 
approximately 21 % of shares in Deutsche Post AG. There are therefore no controlling 
shareholders as defined in the Code with whom relationships might exist that could 
call into question the Supervisory Board’s independence. The international nature of 
the company’s business is also appropriately reflected in the extensive international 
experience of many Supervisory Board members.
Deutsche Post DHL Group — 2014 Annual Report
116

Remuneration report
The remuneration report also forms part of the Group Management Report.
Remuneration structure of the Group Board of Management in financial year 2014
The remuneration paid to individual Board of Management members for financial year 
2014 was determined by the Supervisory Board, which held consultations to resolve on 
the total remuneration to be paid to the individual members of the Board of Manage-
ment, including the main contractual elements. In so doing it obtained advice from an 
independent remuneration consultant.
The Board of Management remuneration reflects the size and global reach of the 
company, its economic and financial situation and the roles and achievements of the 
individual members. It is set to ensure competitiveness with comparable German and 
inter­national companies, thus incentivising the Board of Management members to 
­deliver maximum performance and achieve results.
The remuneration paid to the Board of Management for 2014 is in line with standard 
market practice, appropriate to the tasks involved and designed to reward performance; 
it comprises fixed (non-performance-related) elements and variable (performance-­
related) elements, which include short, medium and long-term incentives. The remu-
neration as a whole as well as its variable components have been capped.
Non-performance-related components are the annual base salary (fixed annual 
remu­neration), fringe benefits and pension commitments. The annual base salary is 
paid in twelve equal monthly instalments retroactively at the end of each month. Fringe 
benefits mainly comprise the use of company cars, supplements for insurance premiums 
and special allowances and benefits for assignments outside the home country.
The variable remuneration paid to the Board of Management is almost entirely 
­medium and long-term based. More than half of the variable target remuneration con-
sists of a long-term incentive plan (LTIP) with a four-year calculation period; the rest 
is made up of an annual bonus linked to the company’s yearly profits, with 50 % of the 
annual bonus flowing into a medium-term component with a three-year calculation 
period (deferral). Thus less than a quarter of the variable remuneration component is 
paid out on the basis of a one-year calculation. The amount of the annual bonus is set at 
the due discretion of the Supervisory Board on the basis of the company’s performance. 
The individual annual bonus amounts reflect the extent to which predefined targets are 
achieved, missed or exceeded. The maximum amount of the annual bonus may not 
exceed 100 % of the annual base salary.
In the reporting year, the same criteria were used to calculate the amount of the an-
nual bonus as in the previous year. A key parameter for all Board of Management mem-
bers is the Group’s EBIT after asset charge performance metric, including the asset charge 
on goodwill before goodwill impairment (EAC). For the Board of Management members 
in charge of the Post - eCommerce - Parcel, Express, Global Forwarding, Freight and 
Supply Chain divisions, the EAC of their respective division is also a key parameter. 
The Group’s reported free cash flow is one of the targets applicable to all members of 
the Board of Management. Furthermore, an employee-related target is agreed with all 
Board of Management members based upon the annual Employee Opinion Survey, as 
are additional targets.
Deutsche Post DHL Group — 2014 Annual Report
117
Corporate Governance — Corporate Governance Report — Remuneration report

Achievement of the upper targets for the financial year that have been agreed based 
upon demanding objectives is rewarded with the maximum annual bonus. If the tar-
gets specified for the financial year are only partially reached or completely missed, the 
annual bonus will be paid on a pro-rata basis or not at all. The Supervisory Board may 
also elect to award an appropriate special bonus for extraordinary achievement.
The annual bonus is not paid in full in a single instalment on the basis of having 
reached the agreed targets. Instead, 50 % of the annual bonus flows into a medium-term 
component with a three-year calculation period (performance phase of one year, sus-
tainability phase of two years). This medium-term component will be paid out after 
expiry of the sustainability phase subject to the condition that EAC, as an indicator of 
sustainability, is reached during the sustainability phase. Otherwise, payment of the 
medium-term component is forfeited without compensation. This demerit system puts 
greater emphasis on sustainable company development in determining management 
board remuneration and sets long-term incentives.
Stock appreciation rights (SAR s) are granted as a long-term remuneration com-
ponent based upon the LTIP resolved by the Supervisory Board in 2006 (2006 LTIP).
Each SAR entitles the holder to receive a cash settlement equal to the difference 
between the average closing price of Deutsche Post shares for the five trading days 
preceding the exercise date and the exercise price of the SAR. In 2014, the members of 
the Board of Management each made a personal financial investment consisting of 10 % 
of their annual base salary. The waiting period for the stock appreciation rights is four 
years from the date on which they were granted. After expiration of the waiting period, 
and provided an absolute or relative performance target has been achieved, the SAR s 
can be exercised wholly or partially for a period of two years. Any SAR s not exercised 
during this two-year period will expire.
To determine how many, if any, of the SAR s granted can be exercised, the average 
share price or the average index value for the reference period is compared with that of 
the performance period. The reference period comprises the last 20 consecutive trading 
days prior to the issue date. The performance period is the last 60 trading days before 
the end of the waiting period. The average (closing) price is calculated as the average 
closing price of Deutsche Post shares in Deutsche Börse AG’s Xetra trading system.
A maximum of four out of every six SAR s can be earned via the absolute perfor-
mance target, and a maximum of two via the relative performance target. If neither an 
absolute nor a relative performance target is met by the end of the waiting period, the 
SAR s attributable to the related tranche will expire without replacement or compensation.
One SAR is earned each time the closing price of Deutsche Post shares exceeds 
the issue price by at least 10, 15, 20 or 25 %. The relative performance target is tied 
to the performance of the shares in relation to the STOXX Europe 600 Index (SXXP, 
ISIN EU0009658202). It is met if the share price equals the index performance or if it 
outperforms the index by at least 10 %.
The proceeds from stock appreciation rights are limited to a maximum amount. The 
individual amount limits for the 2014 tranche can be seen in tables B.05 and B.06. The 
remuneration from stock appreciation rights may be limited by the Supervisory Board 
in the event of extraordinary circumstances.
Deutsche Post DHL Group — 2014 Annual Report
118

Provisions to cap severance payments pursuant to the Corporate Governance Code 
­recommendation, change-of-control provisions and post-contractual non-compete clauses
In accordance with the recommendation of the German Corporate Governance Code, 
Board of Management contracts contain a provision stipulating that in the event of pre-
mature termination of a Board of Management member’s contract, the severance pay-
ment may compensate no more than the remaining term of the contract. The severance 
payment is limited to a maximum amount of two years’ remuneration including fringe 
benefits (severance payment cap). The severance payment cap is calculated without any 
special remuneration or the value of rights allocated from LTIP s.
In the event of a change in control, any member of the Board of Management is 
entitled to resign their office for good cause within a period of six months following the 
change in control, after giving three months’ notice by the end of a given month, and to 
terminate their Board of Management contract (right to early termination).
The contractual provisions stipulate that a change of control exists if a shareholder 
has acquired control within the meaning of section 29 (2) of the Wertpapiererwerbs- 
und Übernahmegesetz (WpÜG – German Securities Acquisition and Takeover Act) via 
possession of at least 30 % of the voting rights, including the voting rights attribut­able 
to such shareholder by virtue of acting in concert with other shareholders as set forth in 
section 30 of the WpÜG or if a control agreement has been concluded with the company 
as a dependent entity in accordance with section 291 of the AktG and such agreement 
has taken effect or if the company has merged with another legal entity outside of the 
Group pursuant to section 2 of the Umwandlungsgesetz (UmwG – German Reorganisa-
tion and Transformation Act), ­unless the value of such other legal entity, as determined 
by the agreed conversion rate, is less than 50 % of the value of the company.
In the event that the right to early termination is exercised or a Board of Manage-
ment contract is terminated by mutual consent within nine months of the change of 
control, the Board of Management member is entitled to payment to compensate the 
remaining term of their Board of Management contract. Such payment is limited to 
150 % of the severance payment cap pursuant to the recommendation of the German 
­Corporate ­Governance Code. The amount of the payment is reduced by 25 % if the Board 
of Manage­ment member has not reached the age of 60 upon leaving the company. If 
the remaining term of the Board of Management contract is less than two years and the 
Board of Management member has not reached the age of 62 upon leaving the company, 
the payment will correspond to the severance payment cap. The same applies if a Board 
of Management contract expires prior to the Board of Management member’s reaching 
the age of 62 because less than nine months remained on the term of the contract at the 
time of the change of control and the contract was not renewed.
Board of Management members are also subject to a non-compete clause, taking 
­effect on the cessation of their contracts. During the one-year non-compete ­period, 
­former Board of Management members receive 100 % of their last contractually ­stipulated 
annual base salary on a pro-rata basis as compensation each month. Any other income 
earned during the non-compete period is subtracted from the compensation paid. The 
amount of the compensation payment itself is deducted from any severance payments or 
pension payments. Prior to, or concurrent with, cessation of the Board of Management 
contract, the company may declare its waiver of adherence to the non-compete clause. 
In such a case, the company will be released from the obligation to pay compensation 
due to a restraint on competition six months after receipt of such declaration. 
Apart from the aforementioned arrangements, no member of the Board of Manage-
ment has been promised any further benefits after leaving the company.
Deutsche Post DHL Group — 2014 Annual Report
119
Corporate Governance — Corporate Governance Report — Remuneration report

Other provisions
Bruce Edwards went into retirement at the end of 30 September 2014. In the period 
between leaving his seat on the Board of Management on 10 March 2014 and going 
into retirement he was active in a consultative capacity for the company. Mr Edwards 
received total remuneration of €1,080,346 for that period.
Angela Titzrath left her position as member of the company’s Board of Management 
on 2 July 2014 and left the company at the expiry of 31 July 2014. She received a payment 
in the amount of €1,392,589 to settle the claims arising from her employment agreement.
Amount of remuneration paid to members of the Group Board of Management  
in financial year 2014
The remuneration paid to members of the Board of Management in financial year 
2014 totalled €13.61 million (previous year: €13.21 million) in accordance with the 
­applicable international accounting standards. This amount comprised €7.62 million 
in non-­performance-­related components (previous year: €7.84 million) and €5.99 mil-
lion in the performance-related component paid out (previous year: €5.37 million). An 
­additional €3.22 million of the performance-related component was transferred to the 
medium-term component and will be paid out in 2017 subject to the condition that the 
required EAC, as an indicator of sustainability, be reached.
The members of the Board of Management were granted a total of 1,591,332 SAR s in 
financial year 2014 for a total value of €7.30 million (previous year: €7.30 million) at the 
time of issue (1 September 2014). The total remuneration of the Board of Management 
members is presented individually in the tables below. In addition to the applicable 
­accounting principles, the new recommendations of the German Corporate Governance 
Code were also taken into account.
In accordance with the recommendations, the “target remuneration” tables (B.05 
and B.06, or “benefits granted” in the language of the German Corporate Governance 
Code) do not show any actual payments of performance-based remuneration. By con-
trast with the statement of the payment amount, the target amount for the one-year 
variable remuneration and the portion of the one-year variable remuneration to be 
deferred (deferral) that was granted for financial year 2014 or for the previous year is 
stated (i. e., the amount when achieving 100 % of the target). In addition, the long-term 
remuneration (LTIP with a four-year waiting period) granted in the reporting year or 
in the previous year is reported at the fair value at the time granted. With respect to 
pension commitments, the pension expense, i. e., the service cost in accordance with 
IAS 19, is presented. The presentation is supplemented by the minimum and maximum 
values that can be achieved.
Deutsche Post DHL Group — 2014 Annual Report
120

B.05	 Target remuneration for the Board of Management members active as at 31 December 2014
€
Dr Frank Appel  
Chairman
 
2013
2014
Min. 2014
Max. 2014
a)	Non-performance-related remuneration
Base salary
1,962,556
1,962,556
1,962,556
1,962,556
Fringe benefits
30,093
49,122
49,122
49,122
Total (lit. a)
1,992,649
2,011,678
2,011,678
2,011,678
b)	Performance-related remuneration
One-year variable remuneration
785,022
785,022
0
981,278
Multi-year variable remuneration
2,747,581
2,747,605
0
5,887,668
LTIP with four-year waiting period
1,962,559
1,962,583
0
4,906,390
Deferral with three-year waiting period
785,022
785,022
0
981,278
Total (lit. a and b)
5,525,252
5,544,305
2,011,678
8,880,624
c)	 Pension expense (service cost)
823,857
802,179
802,179
802,179
Total DCGK remuneration (lit. a to c)
6,349,109
6,346,484
2,813,857
9,682,803
d)	Variable cash remuneration pursuant 
to DRS 17
One-year variable remuneration  
(payment amount)
834,086
928,682
 
 
Payout from medium-term component
436,268
519,194
 
 
Total remuneration (cash components) 
pursuant to DRS 17 (lit. a and d)
3,263,003
3,459,554
 
 
Ken Allen  
Express
Roger Crook  
Global Forwarding, Freight
 
2013
2014
Min. 2014
Max. 2014
2013
2014
Min. 2014
Max. 2014
a)	Non-performance-related remuneration
Base salary
930,000
930,000
930,000
930,000
860,000
912,500
912,500
912,500
Fringe benefits
97,403
106,274
106,274
106,274
203,918
210,096
210,096
210,096
Total (lit. a)
1,027,403
1,036,274
1,036,274
1,036,274
1,063,918
1,122,596
1,122,596
1,122,596
b)	Performance-related remuneration
One-year variable remuneration
372,000
372,000
0
465,000
344,000
365,000
0
456,250
Multi-year variable remuneration
1,302,010
1,302,026
0
4,185,000
1,204,016
1,295,026
0
4,176,250
LTIP with four-year waiting period
930,010
930,026
0
3,720,000
860,016
930,026
0
3,720,000
Deferral with three-year waiting period
372,000
372,000
0
465,000
344,000
365,000
0
456,250
Total (lit. a and b)
2,701,413
2,710,300
1,036,274
5,686,274
2,611,934
2,782,622
1,122,596
5,755,096
c)	 Pension expense (service cost)
318,826
321,620
321,620
321,620
298,666
301,904
301,904
301,904
Total DCGK remuneration (lit. a to c)
3,020,239
3,031,920
1,357,894
6,007,894
2,910,600
3,084,526
1,424,500
6,057,000
d)	Variable cash remuneration pursuant 
to DRS 17
One-year variable remuneration  
(payment amount)
453,375
447,935
 
 
384,678
336,849
 
 
Payout from medium-term component
208,708
419,100
 
 
290,228
407,756
 
 
Total remuneration (cash components) 
pursuant to DRS 17 (lit. a and d)
1,689,486
1,903,309
 
 
1,738,824
1,867,201
 
 
Deutsche Post DHL Group — 2014 Annual Report
121
Corporate Governance — Corporate Governance Report — Remuneration report

Jürgen Gerdes  
Post - eCommerce - Parcel
John Gilbert  
Supply Chain  
(since 11 March 2014)
 
2013
2014
Min. 2014
Max. 2014
2013
2014
Min. 2014
Max. 2014
a)	Non-performance-related remuneration
Base salary
953,250
976,500
976,500
976,500
–
576,613
576,613
576,613
Fringe benefits
23,858
31,479
31,479
31,479
–
75,044
75,044
75,044
Total (lit. a)
977,108
1,007,979
1,007,979
1,007,979
–
651,657
651,657
651,657
b)	Performance-related remuneration
One-year variable remuneration
381,300
390,600
0
488,250
–
230,645
0
288,307
Multi-year variable remuneration
1,357,810
1,367,113
0
4,394,250
–
945,666
0
3,148,307
LTIP with four-year waiting period
976,510
976,513
0
3,906,000
–
715,021
0
2,860,000
Deferral with three-year waiting period
381,300
390,600
0
488,250
–
230,645
0
288,307
Total (lit. a and b)
2,716,218
2,765,692
1,007,979
5,890,479
–
1,827,968
651,657
4,088,271
c)	 Pension expense (service cost)
244,254
239,548
239,548
239,548
–
–
–
–
Total DCGK remuneration (lit. a to c)
2,960,472
3,005,240
1,247,527
6,130,027
–
1,827,968
651,657
4,088,271
d)	Variable cash remuneration pursuant 
to DRS 17
One-year variable remuneration  
(payment amount)
457,274
470,331
 
 
–
277,726
 
 
Payout from medium-term component
465,000
448,725
 
 
–
–
 
 
Total remuneration (cash components) 
pursuant to DRS 17 (lit. a and d)
1,899,382
1,927,035
 
 
–
929,383
 
 
Melanie Kreis 
Human Resources  
(since 31 October 2014)
Lawrence Rosen  
Finance, Global Business Services
 
2013
2014
Min. 2014
Max. 2014
2013
2014
Min. 2014
Max. 2014
a)	Non-performance-related remuneration
Base salary
–
121,089
121,089
121,089
930,000
930,000
930,000
930,000
Fringe benefits
–
3,849
3,849
3,849
20,220
29,476
29,476
29,476
Total (lit. a)
–
124,938
124,938
124,938
950,220
959,476
959,476
959,476
b)	Performance-related remuneration
One-year variable remuneration
–
48,436
0
60,545
372,000
372,000
0
465,000
Multi-year variable remuneration
–
48,436
0
60,545
1,302,010
1,302,026
0
4,185,000
LTIP with four-year waiting period
–
0
0
0
930,010
930,026
0
3,720,000
Deferral with three-year waiting period
–
48,436
0
60,545
372,000
372,000
0
465,000
Total (lit. a and b)
–
221,810
124,938
246,028
2,624,230
2,633,502
959,476
5,609,476
c)	 Pension expense (service cost)
–
–
–
–
321,414
325,451
325,451
325,451
Total DCGK remuneration (lit. a to c)
–
221,810
124,938
246,028
2,945,644
2,958,953
1,284,927
5,934,927
d)	Variable cash remuneration pursuant 
to DRS 17
One-year variable remuneration  
(payment amount)
–
58,056
 
 
453,375
434,264
 
 
Payout from medium-term component
–
–
 
 
215,000
295,350
 
 
Total remuneration (cash components) 
pursuant to DRS 17 (lit. a and d)
–
182,994
 
 
1,618,595
1,689,090
 
 
Deutsche Post DHL Group — 2014 Annual Report
122

The “payments” tables (B.07 and B.08) below include the same figures for fixed 
­remuneration and fringe benefits as in the “target remuneration” tables (B.05 and B.06). 
By contrast with the presentation in the target remuneration tables, the one-year ­variable 
remuneration paid in financial year 2014 or in the previous year (the payment amount) 
is stated; the presentation therefore does not include the share of the annual bonus trans-
ferred to the medium-term component. With regard to the medium-term component 
(deferral), the payment amounts of the deferral whose calculation period ended upon 
expiry of the reporting year or the previous year is reported. The tables also reflect the 
amount paid (payment amount) from the tranches of the long-term components that 
were ­exercised in financial year 2014 or in the previous year. In addition, the pension 
expense (­service cost in accordance with IAS 19) is stated pursuant to the recommenda-
tions of the ­German Corporate Governance Code. Although the pension expense does 
not represent an actual payment per se, it is included in the presentation for the purpose 
of illustrating the total remuneration.
B.06	 Target remuneration for the Board of Management members who left the company in financial year 2014
€
Bruce Edwards  
Supply Chain  
(until 10 March 2014)
Angela Titzrath  
Human Resources  
(until 1 July 2014)
 
2013
2014
Min. 2014
Max. 2014
2013
2014
Min. 2014
Max. 2014
a)	Non-performance-related remuneration
Base salary
930,000
180,000
180,000
180,000
715,000
390,020
390,020
390,020
Fringe benefits
124,884
52,423
52,423
52,423
61,234
77,294
77,294
77,294
Total (lit. a)
1,054,884
232,423
232,423
232,423
776,234
467,314
467,314
467,314
b)	Performance-related remuneration
One-year variable remuneration
372,000
72,000
0
90,000
286,000
156,008
0
195,010
Multi-year variable remuneration
1,302,010
72,000
0
90,000
1,001,017
1,016,027
0
3,635,010
LTIP with four-year waiting period
930,010
0
0
0
715,017
860,019
0
3,440,000
Deferral with three-year waiting period
372,000
72,000
0
90,000
286,000
156,008
0
195,010
Total (lit. a and b)
2,728,894
376,423
232,423
412,423
2,063,251
1,639,349
467,314
4,297,334
c)	 Pension expense (service cost)
327,236
325,446
325,446
325,446
239,711
246,742
246,742
246,742
Total DCGK remuneration (lit. a to c)
3,056,130
701,869
557,869
737,869
2,302,962
1,886,091
714,056
4,544,076
d)	Variable cash remuneration pursuant 
to DRS 17
One-year variable remuneration  
(payment amount)
446,493
86,697
 
 
303,875
174,807
 
 
Payout from medium-term component
421,317
443,610
 
 
–
235,950
 
 
Total remuneration (cash components) 
pursuant to DRS 17 (lit. a and d)
1,922,694
762,730
 
 
1,080,109
878,071
 
 
Deutsche Post DHL Group — 2014 Annual Report
123
Corporate Governance — Corporate Governance Report — Remuneration report

B.07	 Payments made to the Board of Management members active as at 31 December 2014
€
Dr Frank Appel  
Chairman
 
2013
2014
Payments
Base salary
1,962,556
1,962,556
Fringe benefits
30,093
49,122
Total
1,992,649
2,011,678
One-year variable remuneration
834,086
928,682
Multi-year variable remuneration
4,221,236
5,845,059
Medium-term component (2011)
436,268
–
Medium-term component (2012)
–
519,194
LTIP (2009 tranche)
3,784,968
–
LTIP (2010 tranche)
–
5,325,865
Miscellaneous
–
–
Total
7,047,971
8,785,419
Pension expense (service cost)
823,857
802,179
Total
7,871,828
9,587,598
Ken Allen  
Express
Roger Crook  
Global Forwarding, Freight
Jürgen Gerdes  
Post - eCommerce - Parcel
 
2013
2014
2013
2014
2013
2014
Payments
Base salary
930,000
930,000
860,000
912,500
953,250
976,500
Fringe benefits
97,403
106,274
203,918
210,096
23,858
31,479
Total
1,027,403
1,036,274
1,063,918
1,122,596
977,108
1,007,979
One-year variable remuneration
453,375
447,935
384,678
336,849
457,274
470,331
Multi-year variable remuneration
2,730,482
4,015,170
290,228
407,756
2,976,610
4,141,942
Medium-term component (2011)
208,708
–
290,228
–
465,000
–
Medium-term component (2012)
–
419,100
–
407,756
–
448,725
LTIP (2009 tranche)
2,521,774
–
–
–
2,511,610
–
LTIP (2010 tranche)
–
3,596,070
–
–
–
3,693,217
Miscellaneous
–
–
–
–
–
–
Total
4,211,260
5,499,379
1,738,824
1,867,201
4,410,992
5,620,252
Pension expense (service cost)
318,826
321,620
298,666
301,904
244,254
239,548
Total
4,530,086
5,820,999
2,037,490
2,169,105
4,655,246
5,859,800
John Gilbert  
Supply Chain  
(since 11 March 2014)
Melanie Kreis  
Human Resources  
(since 31 October 2014)
Lawrence Rosen  
Finance, Global Business 
Services
 
2013
2014
2013
2014
2013
2014
Payments
Base salary
–
576,613
–
121,089
930,000
930,000
Fringe benefits
–
75,044
–
3,849
20,220
29,476
Total
–
651,657
–
124,938
950,220
959,476
One-year variable remuneration
–
277,726
–
58,056
453,375
434,264
Multi-year variable remuneration
–
–
–
–
2,774,610
3,994,924
Medium-term component (2011)
–
–
–
–
215,000
–
Medium-term component (2012)
–
–
–
–
–
295,350
LTIP (2009 tranche)
–
–
–
–
2,559,610
–
LTIP (2010 tranche)
–
–
–
–
–
3,699,574
Miscellaneous
–
–
–
–
–
–
Total
–
929,383
–
182,994
4,178,205
5,388,664
Pension expense (service cost)
–
–
–
–
321,414
325,451
Total
–
929,383
–
182,994
4,499,619
5,714,115
Deutsche Post DHL Group — 2014 Annual Report
124

B.09	 Share-based component with long-term incentive effect
Number of shares
Number  
of SAR s  
2013 tranche 
Number  
of SAR s  
2014 tranche 
 
Dr Frank Appel, Chairman
533,304
427,578
Ken Allen
252,720
202,620
Roger Crook 
233,700
202,620
Bruce Edwards (until 10 March 2014)
252,720
–
Jürgen Gerdes
265,356
212,748
John Gilbert (since 11 March 2014)
–
155,778
Melanie Kreis (since 31 October 2014)
–
–
Lawrence Rosen
252,720
202,620
Angela Titzrath (until 1 July 2014)
194,298
187,368
Pension commitments under the previous system
Dr Frank Appel and Jürgen Gerdes have direct, final-salary-based pension commitments 
on the basis of their individual contracts, providing for benefits in case of permanent 
disability, death or retirement. If the contract of a member ends after at least five years 
of service on the Board of Management, the entitlements they have acquired will vest 
in full. Members become entitled to benefits due to permanent disability after at least 
five years of service. Eligibility for retirement benefits begins at the earliest at the age of 
55, or at the age of 62 in the case of Jürgen Gerdes. The pensions are generally geared 
towards annuity payments. However, the members of the Board of Management have 
the option of choosing a lump sum payment instead of the annuity payment. The benefit 
amount depends on the pensionable income and the pension level derived from the 
years of service.
B.08	 Payments made to the Board of Management members who left the company in financial year 2014
€
Bruce Edwards  
Supply Chain 
(until 10 March 2014)
Angela Titzrath  
Human Resources  
(until 1 July 2014)
 
2013
2014
2013
2014
Payments
Base salary
930,000
180,000
715,000
390,020
Fringe benefits
124,884
52,423
61,234
77,294
Total
1,054,884
232,423
776,234
467,314
One-year variable remuneration
446,493
86,697
303,875
174,809
Multi-year variable remuneration
2,979,000
4,143,184
–
235,950
Medium-term component (2011)
421,317
–
–
–
Medium-term component (2012)
–
443,610
–
235,950
LTIP (2009 tranche)
2,557,683
–
–
–
LTIP (2010 tranche)
–
3,699,574
–
–
Miscellaneous
–
–
–
1,392,589
Total
4,480,377
4,462,304
1,080,109
2,270,660
Pension expense (service cost)
327,236
325,446
239,711
246,742
Total
4,807,613
4,787,750
1,319,820
2,517,402
Deutsche Post DHL Group — 2014 Annual Report
125
Corporate Governance — Corporate Governance Report — Remuneration report

Pensionable income consists of the annual base salary (fixed annual remuneration) 
computed on the basis of the average salary over the last twelve calendar months of 
employment. Members of the Board of Management attain a pension level of 25 % after 
five years of service. The maximum pension level of 50 % is attained after ten years of 
service. Subsequent pension benefits increase or decrease to reflect changes in the con-
sumer price index in Germany.
B.10	 Individual breakdown of pension commitments under the previous system
Pension commitments
 
Pension 
level on 
31 Dec. 2013  
%
Pension 
level on 
31 Dec. 2014  
%
Maximum 
pension level  
% 
Present value 
(DBO) as at 
31 Dec. 2013  
€
Present value 
(DBO) as at 
31 Dec. 2014  
€
Dr Frank Appel, Chairman
50
50
50
11,083,250
17,206,903 
Jürgen Gerdes
25
25
50
4,749,766
7,248,450
Total
 
 
 
15,833,016
24,455,353
The increase in the present value (DBO) as at 31 December 2014 compared with 31 De-
cember 2013 was due primarily to the significant reduction in the IAS discount rate. 
Since the pension commitments under the old system normally involve payment of a 
pension and thus a provision of benefits over a very long period, they are – by contrast 
with lump-sum commitments – subject to a high degree of interest rate risk, which is 
reflected directly in the amount of the DBO. For that reason, around 80 % of the DBO 
increase is attributable to the interest rate risk.
Pension commitments under the new system
Since 4 March 2008, newly appointed Board of Management members have received 
pension commitments based upon a defined contribution plan rather than the previous 
commitments, which were based upon the final salary. Under the defined contribution 
pension plan, the company credits an annual amount of 35 % of the annual base salary 
to a virtual pension account for the Board of Management member concerned. The 
maximum contribution period is 15 years. The pension capital accrues interest at an 
annual rate equal to the “iBoxx Corporates AA 10+ Annual Yield” rate, or at an annual 
rate of 2.25 % at minimum, and will continue to do so until the pension benefits fall due. 
The pension benefits are paid out in a lump sum in the amount of the value accumulated 
in the pension account. The benefits fall due when the Board of Management member 
reaches the age of 62 or in the case of invalidity or death whilst in office. In the event 
of benefits falling due, the pension beneficiary may opt to receive an annuity payment 
in lieu of a lump sum payment. If this option is exercised, the capital is converted to an 
annuity payment, taking into account the average “iBoxx Corporates AA 10+ Annual 
Yield” for the past ten full calendar years as well as the individual data of the surviving 
dependents and a future pension increase of 1 % per year.
Deutsche Post DHL Group — 2014 Annual Report
126

B.11	 Individual breakdown of Board of Management pension commitments under the new system
€
Total 
­contribution 
for 2013
Total 
­contribution 
for 2014
Present value 
(DBO) as at 
31 Dec. 2013
Present value 
(DBO) as at 
31 Dec. 2014
 
Ken Allen
325,500
325,500
1,397,841
1,758,438
Roger Crook 
301,000
301,000
783,308
1,112,203
Bruce Edwards (until 10 March 2014)
325,500
54,250
1,852,506
1,978,493
John Gilbert (since 11 March 2014)
–
187,688
–
196,163
Melanie Kreis (since 31 October 2014)
–
454,639 1
–
789,731
Lawrence Rosen
325,500
325,500
2,396,295
2,847,639
Angela Titzrath (until 1 July 2014)
250,250
250,250
461,924
1,171,010
Total
1,527,750
1,898,827
6,891,874
9,853,677
1	 Including settlement of the benefits resulting from previous pension commitments in the amount of €412,931. With respect to invalidity 
benefits and surviving dependents’ benefits, the minimum benefit is based upon the previous pension commitment.
Benefits for former Board of Management members
Benefits paid to former members of the Board of Management or their surviving 
­dependents amounted to €6.0 million in financial year 2014 (previous year: €4.4 mil-
lion). The defined benefit obligation (DBO) for current pensions calculated under IFRS s 
amounted to €104 million (previous year: €72 million). The increase was due mainly 
to a significant reduction in the IAS discount rate compared with the previous year as 
well as an increase in the number of pensioners whose pension benefits fell due; no 
­additional obligations were thus incurred. Without these special effects in the amount of 
€33.1 million, the defined benefit obligation would have decreased by around €1 million 
to around €71 million compared with the previous year.
Supervisory Board remuneration
The Annual General Meeting on 29 May 2013 decided on the remuneration payable 
to the members of the Supervisory Board. It is regulated by article 17 of the Articles 
of Association of Deutsche Post AG. Unlike in previous years (fixed remuneration of 
€40,000 plus variable, profit-related bonus) Supervisory Board members will receive 
only fixed annual remuneration in the amount of €70,000.
The Supervisory Board chairman and the Supervisory Board committee chairs 
receive an additional 100 % of the remuneration, and the Supervisory Board deputy 
chair and committee members receive an additional 50 %. This does not apply to the 
­Mediation or Nomination Committees. Those who only serve on the Supervisory Board 
or its committees, or act as chair or deputy chair, for part of the year are remunerated 
on a pro-rata basis.
As in the previous year, Supervisory Board members receive an attendance allow-
ance of €1,000 for each plenary meeting of the Supervisory Board or committee meeting 
that they attend. They are entitled to the reimbursement of out-of-pocket cash expenses 
incurred in the exercise of their office. Any value added tax charged on Supervisory 
Board remuneration or out-of-pocket expenses is reimbursed.
Deutsche Post DHL Group — 2014 Annual Report
127
Corporate Governance — Corporate Governance Report — Remuneration report

The remuneration for 2014 totalled €2,671,000 (previous year: €1,416,833 plus a 
vari­able amount for 2013 to be paid in 2016). The following table shows the remuner­
ation paid to each Supervisory Board member:
B.12	 Remuneration paid to Supervisory Board members for 2014
€
Fixed 
­component
Attendance 
allowance
Total
Board members
Prof. Dr Wulf von Schimmelmann (Chair)
315,000
23,000
338,000
Andrea Kocsis (Deputy Chair)
245,000
19,000
264,000
Rolf Bauermeister 
140,000
16,000
156,000
Hero Brahms (until 27 May 2014)
52,500
4,000
56,500
Heinrich Josef Busch (until 30 November 2014)
64,167
7,000
71,167
Jörg von Dosky (since 9 December 2014)
5,833
1,000
6,833
Werner Gatzer
140,000
19,000
159,000
Prof. Dr Henning Kagermann
105,000
8,000
113,000
Thomas Koczelnik
175,000
21,000
196,000
Anke Kufalt
70,000
8,000
78,000
Thomas Kunz 
70,000
6,000
76,000
Simone Menne (since 27 May 2014)
65,625
9,000
74,625
Roland Oetker
140,000
18,000
158,000
Andreas Schädler
70,000
8,000
78,000
Sabine Schielmann
70,000
8,000
78,000
Dr Ulrich Schröder
105,000
9,000
114,000
Dr Stefan Schulte
126,875
15,000
141,875
Stephan Teuscher
105,000
15,000
120,000
Helga Thiel
105,000
14,000
119,000
Elmar Toime
70,000
8,000
78,000
Stefanie Weckesser
105,000
13,000
118,000
Prof. Dr-Ing. Katja Windt 
70,000
7,000
77,000
Deutsche Post DHL Group — 2014 Annual Report
128

The following table shows the fixed remuneration paid to each Supervisory Board mem-
ber for the previous year (2013):
B.13	 Remuneration paid to Supervisory Board members for 2013
€
Fixed 
­component
Attendance 
allowance
Total
Maximum 
variable 
remuneration 
(cap) 1
Board members
Prof. Dr Wulf von Schimmelmann (Chair)
141,667
16,000
157,667
70,833
Andrea Kocsis (Deputy Chair)
120,833
13,000
133,833
60,416
Rolf Bauermeister 
60,833
9,000
69,833
30,416
Hero Brahms (until 27 May 2014)
80,000
12,000
92,000
40,000
Heinrich Josef Busch (until 30 November 2014)
40,000
4,000
44,000
20,000
Werner Gatzer
80,000
12,000
92,000
40,000
Prof. Dr Henning Kagermann
40,833
3,000
43,833
20,416
Thomas Koczelnik
80,833
16,000
96,833
40,416
Anke Kufalt
40,000
5,000
45,000
20,000
Thomas Kunz 
40,000
4,000
44,000
20,000
Roland Oetker
80,000
14,000
94,000
40,000
Andreas Schädler
40,000
5,000
45,000
20,000
Sabine Schielmann
40,000
5,000
45,000
20,000
Dr Ulrich Schröder
40,833
4,000
44,833
20,416
Dr Stefan Schulte
60,000
10,000
70,000
30,000
Stephan Teuscher
60,000
12,000
72,000
30,000
Helga Thiel
60,000
9,000
69,000
30,000
Elmar Toime
40,000
5,000
45,000
20,000
Stefanie Weckesser
60,000
9,000
69,000
30,000
Prof. Dr-Ing. Katja Windt 
40,000
4,000
44,000
20,000
1	 This variable remuneration component will fall due for payment as at the end of the 2016 AGM after determination  
of the consolidated net profit per share for financial year 2015.
Deutsche Post DHL Group — 2014 Annual Report
129
Corporate Governance — Corporate Governance Report — Remuneration report

The variable remuneration for financial year 2012 falls due for payment as at the end of 
the 2015 AGM. It will amount to €1,000 for each €0.02 by which the consolidated net 
profit per share for financial year 2014 exceeds the consolidated net profit per share for 
financial year 2011. The remuneration cap takes effect for financial year 2012, meaning 
that the variable remuneration component will be limited to 50 % of the fixed compo-
nent. The total amount of the variable remuneration of financial year 2012 amounts to 
€616,250. Of that amount, €21,250 is attributable to one Supervisory Board member 
who has meanwhile left the company and €595,000 to active Supervisory Board mem-
bers, as broken down by member in the following table:
B.14	 Variable remuneration paid to Supervisory Board members for 2012
€
Variable 
remuneration 
(cap)
Active Board members
Prof. Dr Wulf von Schimmelmann (Chair)
70,000
Andrea Kocsis (Deputy Chair)
60,000
Rolf Bauermeister
30,000
Hero Brahms (until 27 May 2014)
40,000
Heinrich Josef Busch (until 30 November 2014)
20,000
Jörg von Dosky (since 9 December 2014) 1
–
Werner Gatzer
40,000
Prof. Dr Henning Kagermann
20,000
Thomas Koczelnik
40,000
Anke Kufalt
20,000
Thomas Kunz
20,000
Simone Menne (since 27 May 2014) 1
–
Roland Oetker
40,000
Andreas Schädler
20,000
Sabine Schielmann
20,000
Dr Ulrich Schröder
20,000
Dr Stefan Schulte
30,000
Stephan Teuscher
5,000
Helga Thiel
30,000
Elmar Toime
20,000
Stefanie Weckesser
30,000
Prof. Dr-Ing. Katja Windt
20,000
1	 Not a Board member in financial year 2012.
No variable remuneration for financial year 2011 was paid out in the previous year 
(2013) as the requirements had not been met.
Deutsche Post DHL Group — 2014 Annual Report
130

C  CONSOLIDATED FINANCIAL STATEMENTS
131 — 214
CONSOLIDATED  
­FINANCIAL STATEMENTS
C

133	 INCOME STATEMENT
	134	 STATEMENT OF COMPREHENSIVE INCOME
	135	 BALANCE SHEET
	136	 CASH FLOW STATEMENT 
	137	 STATEMENT OF CHANGES IN EQUITY
	138	 NOTES TO THE CONSOLIDATED FINANCIAL 
STATEMENTS OF DEUTSCHE POST AG
	138	
BASIS OF PREPARATION
	138	
	 1	–	Basis of accounting
	138	
	 2	–	Consolidated group
	142	
	 3	–	Significant transactions
	142	
	 4	–	Adjustment of prior-period amounts
	144	
	 5	–	New developments in international accounting under IFRS s
	146	
	 6	–	Currency translation
	147	
	 7	–	Accounting policies
	154	
	 8	–	Exercise of judgement in applying the accounting policies
	155	
	 9	–	Consolidation methods
	156	
SEGMENT REPORTING 
	156	
	10	–	Segment reporting
	159	
INCOME STATEMENT DISCLOSURES
	159	
	11	–	Revenue
	159	
	12	–	Other operating income
	159	
	13	–	Materials expense
	160	
	14	–	Staff costs / employees
	160	
	15	–	Depreciation, amortisation and impairment losses
	161	
	16	–	Other operating expenses
	161	
	17	–	Net income from investments accounted for  
using the equity method
	161	
	18	–	Net finance costs
	161	
	19	–	Income taxes
	163	
	20	–	Consolidated net profit for the period
	163	
	21	–	Non-controlling interests
	163	
	22	–	Earnings per share
	163	
	23	–	Dividend per share
C
CONSOLIDATED ­FINANCIAL STATEMENTS
	164	
BALANCE SHEET DISCLOSURES
	164	
	24	–	Intangible assets
	166	
	25	–	Property, plant and equipment
	167	
	26	–	Investment property
	168	
	27	–	Investments accounted for using the equity method
	169	
	28	–	Non-current financial assets
	169	
	29	–	Other non-current assets
	169	
	30	–	Deferred taxes
	170	
	31	–	Inventories
	170	
	32	–	Current financial assets
	170	
	33	–	Trade receivables
	170	
	34	–	Other current assets
	170	
	35	–	Income tax assets and liabilities
	171	
	36	–	Cash and cash equivalents
	171	
	37	–	Assets held for sale and liabilities associated  
with ­assets held for sale
	172	
	38	–	Issued capital and purchase of treasury shares
	174	
	39	–	Capital reserves
	174	
	40	–	Other reserves
	176	
	41	–	Retained earnings
	176	
	42	–	Equity attributable to Deutsche Post AG shareholders
	176	
	43	–	Non-controlling interests
	178	
	44	–	Provisions for pensions and similar obligations
	186	
	45	–	Other provisions
	187	
	46	–	Financial liabilities
	189	
	47	–	Other liabilities
	190	
	48	–	Trade payables
	190	
CASH FLOW DISCLOSURES
	190	
	49	–	Cash flow disclosures
	192	
OTHER DISCLOSURES
	192	
	50	–	Risks and financial instruments of the Group
	205	
	51	–	Contingent liabilities
	205	
	52	–	Other financial obligations
	205	
	53	–	Litigation
	206	
	54	–	Share-based payment
	209	
	55	–	Related party disclosures
	212	
	56	–	Auditor’s fees
	212	
	57	–	Exemptions under the HGB and local foreign legislation
	213	
	58	–	Declaration of Conformity with the German Corporate 
­Governance Code
	213	
	59	–	Significant events after the reporting date
	213	 RESPONSIBILITY STATEMENT
	214	 INDEPENDENT AUDITOR’S REPORT

1 January to 31 December
€ m
Note
2013 
adjusted 1
2014 
 
Revenue 
11
54,912
56,630
Other operating income
12
1,962
2,016
Total operating income
 
56,874
58,646
Materials expense
13
–31,038
–32,042
Staff costs
14
–17,776
–18,189
Depreciation, amortisation and impairment losses
15
–1,337
–1,381
Other operating expenses
16
–3,863
– 4,074
Total operating expenses
 
–54,014
–55,686
Net income from investments accounted for using the equity method
17
5
5
Profit from operating activities (EBIT)
 
2,865
2,965
Financial income
 
182
74
Finance costs
 
–432
– 423
Foreign currency result
 
–43
–39
Net finance costs
18
–293
–388
Profit before income taxes
 
2,572
2,577
Income taxes
19
–361
– 400
Consolidated net profit for the period
20
2,211
2,177
attributable to Deutsche Post AG shareholders
 
2,091
2,071
attributable to non-controlling interests
21
120
106
Basic earnings per share (€)
22
1.73
1.71
Diluted earnings per share (€)
22
1.66
1.64
1	
 Note 4.
C.01	 INCOME STATEMENT
Deutsche Post DHL Group — 2014 Annual Report
133
Consolidated ­Financial Statements — INCOME STATEMENT

C.02	 STATEMENT OF COMPREHENSIVE INCOME
1 January to 31 December
€ m
Note
2013 
adjusted 1
2014 
 
Consolidated net profit for the period
20
2,211
2,177
Items that will not be reclassified to profit or loss
Change due to remeasurements of net pension provisions
 
–50
–2,350
IFRS 3 revaluation reserve
 
–1
–2
Other changes in retained earnings
 
1
2
Income taxes relating to components of other comprehensive income
19
36
285
Share of other comprehensive income of investments accounted for using the equity method (after tax)
 
0
0
Total (after tax)
 
–14
–2,065
Items that may be subsequently reclassified to profit or loss
IAS 39 revaluation reserve
Changes from unrealised gains and losses
 
77
112
Changes from realised gains and losses
 
0
0
IAS 39 hedging reserve
Changes from unrealised gains and losses
 
111
–73
Changes from realised gains and losses
 
–49
–19
Currency translation reserve
Changes from unrealised gains and losses
 
–461
454
Changes from realised gains and losses
 
1
0
Income taxes relating to components of other comprehensive income
19
–26
17
Share of other comprehensive income of investments accounted for using the equity method (after tax)
 
–1
4
Total (after tax)
 
–348
495
Other comprehensive income (after tax)
 
–362
–1,570
Total comprehensive income
 
1,849
607
attributable to Deutsche Post AG shareholders
 
1,739
488
attributable to non-controlling interests
 
110
119
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
134

C.03	 BALANCE SHEET
 
€ m
Note
1 Jan. 2013 
adjusted 1
31 Dec. 2013 
adjusted 1
31 Dec. 2014 
 
ASSETS
Intangible assets
24
12,146
11,832
12,352
Property, plant and equipment
25
6,652
6,800
7,177
Investment property
26
43
33
32
Investments accounted for using the equity method
27
66
68
75
Non-current financial assets
28
1,038
1,123
1,363
Other non-current assets
29
301
187
151
Deferred tax assets
30
1,328
1,327
1,752
Non-current assets
 
21,574
21,370
22,902
Inventories
31
321
402
332
Current financial assets
32
252
821
351
Trade receivables
33
6,940
7,022
7,825
Other current assets
34
2,155
2,223
2,415
Income tax assets
35
127
167
172
Cash and cash equivalents
36
2,395
3,414
2,978
Assets held for sale 
37
76
42
4
Current assets
 
12,266
14,091
14,077
Total assets
 
33,840
35,461
36,979
EQUITY AND LIABILITIES
Issued capital
38
1,209
1,209
1,210
Capital reserves
39
2,254
2,269
2,339
Other reserves
40
–474
–817
–341
Retained earnings
41
6,017
7,183
6,168
Equity attributable to Deutsche Post AG shareholders
42
9,006
9,844
9,376
Non-controlling interests
43
207
190
204
Equity
 
9,213
10,034
9,580
Provisions for pensions and similar obligations
44
5,216
5,016
7,226
Deferred tax liabilities
30
156
124
84
Other non-current provisions
45
1,954
1,589
1,556
Non-current provisions
 
7,326
6,729
8,866
Non-current financial liabilities
46
4,421
4,619
4,683
Other non-current liabilities
47
276
227
255
Non-current liabilities
 
4,697
4,846
4,938
Non-current provisions and liabilities
 
12,023
11,575
13,804
Current provisions
45
1,667
1,752
1,545
Current financial liabilities
46
410
1,335
486
Trade payables
48
5,960
6,358
6,922
Other current liabilities
47
4,003
3,978
4,196
Income tax liabilities
35
534
429
446
Liabilities associated with assets held for sale 
37
30
0
0
Current liabilities  
 
10,937
12,100
12,050
Current provisions and liabilities
 
12,604
13,852
13,595
Total equity and liabilities
 
33,840
35,461
36,979
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
135
Consolidated ­Financial Statements — STATEMENT OF COMPREHENSIVE INCOME — BALANCE SHEET

C.04	 CASH FLOW STATEMENT 
1 January to 31 December
€ m
Note
2013 
adjusted 1
2014 
 
Consolidated net profit for the period attributable to Deutsche Post AG shareholders
 
2,091
2,071
Consolidated net profit for the period attributable to non-controlling interests
 
120
106
Income taxes
 
361
400
Net finance costs
 
293
388
Profit from operating activities (EBIT)
 
2,865
2,965
Depreciation, amortisation and impairment losses
 
1,337
1,381
Net income from disposal of non-current assets
 
–22
–11
Non-cash income and expense
 
12
– 4
Change in provisions
 
–500
– 698
Change in other non-current assets and liabilities
 
–53
–25
Dividend received
 
0
1
Income taxes paid
 
–561
–548
Net cash from operating activities before changes in working capital
 
3,078
3,061
Changes in working capital
Inventories
 
–104
106
Receivables and other current assets
 
–670
–814
Liabilities and other items
 
685
687
Net cash from operating activities
49.1
2,989
3,040
Subsidiaries and other business units
 
32
4
Property, plant and equipment and intangible assets
 
177
200
Investments accounted for using the equity method and other investments
 
0
0
Other non-current financial assets
 
32
118
Proceeds from disposal of non-current assets
 
241
322
Subsidiaries and other business units
 
–37
–5
Property, plant and equipment and intangible assets
 
–1,381
–1,750
Investments accounted for using the equity method and other investments
 
0
–1
Other non-current financial assets
 
–68
–103
Cash paid to acquire non-current assets
 
–1,486
–1,859
Interest received
 
55
45
Current financial assets
 
–575
405
Net cash used in investing activities
49.2
–1,765
–1,087
Proceeds from issuance of non-current financial liabilities
 
1,010
43
Repayments of non-current financial liabilities
 
–34
–1,030
Change in current financial liabilities
 
35
–53
Other financing activities
 
39
–5
Proceeds from transactions with non-controlling interests
 
1
0
Cash paid for transactions with non-controlling interests
 
–21
–34
Dividend paid to Deutsche Post AG shareholders
 
–846
–968
Dividend paid to non-controlling interest holders
 
–109
–90
Purchase of treasury shares
 
–23
–85
Proceeds from issuing shares or other equity instruments
 
4
62
Interest paid
 
–166
–188
Net cash used in financing activities
49.3
–110
–2,348
Net change in cash and cash equivalents
 
1,114
–395
Effect of changes in exchange rates on cash and cash equivalents
 
–102
– 42
Changes in cash and cash equivalents associated with assets held for sale
 
7
0
Changes in cash and cash equivalents due to changes in consolidated group
 
0
1
Cash and cash equivalents at beginning of reporting period
 
2,395
3,414
Cash and cash equivalents at end of reporting period
49.4
3,414
2,978
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
136

C.05	 STATEMENT OF CHANGES IN EQUITY
1 January to 31 December
€ m
Issued 
capital
Other reserves
Retained 
earnings
Equity 
attributable 
to Deutsche 
Post AG 
shareholders
Non-­
controlling 
interests
 Total equity
 
Capital 
reserves
IFRS 3 
revaluation 
reserve
IAS 39 
revaluation 
reserve 
IAS 39 
hedging 
reserve 
Currency 
translation 
reserve
Note
38
39
40.1
40.2
40.3
40.4
41
42
43
 
Balance at 1 January 2013
1,209
2,254
3
–1
–7
–470
6,031
9,019
209
9,228
Adjustment 1
0
0
0
0
0
1
–14
–13
–2
–15
Balance at 1 January 2013, adjusted
1,209
2,254
3
–1
–7
–469
6,017
9,006
207
9,213
Capital transactions with owner 
Dividend
0
0
0
0
0
0
–846
–846
–111
–957
Transactions with non-controlling 
interests
0
0
0
0
0
–5
–62
–67
–18
–85
Changes in non-controlling interests 
due to changes in consolidated group
0
0
0
0
0
0
0
0
–3
–3
Issue of shares or other equity 
instruments
0
0
0
0
0
0
0
0
5
5
Purchase of treasury shares
–1
0
0
0
0
0
–22
–23
0
–23
Share-based payment (issuance)
0
35
0
0
0
0
0
35
0
35
Share-based payment (exercise)
1
–20
0
0
0
0
19
0
0
0
 
 
 
 
 
 
 
 
–901
–127
–1,028
Total comprehensive income
Consolidated net profit for the period
0
0
0
0
0
0
2,091
2,091
120
2,211
Currency translation differences
0
0
0
0
0
–450
0
–450
–11
– 461
Change due to remeasurements 
of net pension provisions
0
0
0
0
0
0
–15
–15
1
–14
Other changes
0
0
–1
69
44
0
1
113
0
113
 
 
 
 
 
 
 
 
1,739
110
1,849
Balance at 31 December 2013, 
adjusted 1
1,209
2,269
2
68
37
–924
7,183
9,844
190
10,034
Balance at 1 January 2014
1,209
2,269
2
68
37
–924
7,183
9,844
190
10,034
Capital transactions with owner 
Dividend
0
0
0
0
0
0
–968
–968
–101
–1,069
Transactions with non-controlling 
interests
0
0
0
0
0
0
–6
–6
–15
–21
Changes in non-controlling interests 
due to changes in consolidated group
0
0
0
0
0
0
0
0
5
5
Issue of shares or other equity 
instruments
2
54
0
0
0
0
0
56
6
62
Purchase of treasury shares
–3
0
0
0
0
0
–82
–85
0
–85
Share-based payment (issuance)
0
47
0
0
0
0
0
47
0
47
Share-based payment (exercise)
2
–31
0
0
0
0
29
0
0
0
 
 
 
 
 
 
 
 
–956
–105
–1,061
Total comprehensive income
Consolidated net profit for the period
0
0
0
0
0
0
2,071
2,071
106
2,177
Currency translation differences
0
0
0
0
0
441
0
441
17
458
Change due to remeasurements 
of net pension provisions
0
0
0
0
0
0
–2,061
–2,061
–4
–2,065
Other changes
0
0
–2
102
–65
0
2
37
0
37
 
 
 
 
 
 
 
 
488
119
607
Balance at 31 December 2014
1,210
2,339
0
170
–28
–483
6,168
9,376
204
9,580
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
137
Consolidated ­Financial Statements — CASH FLOW STATEMENT — STATEMENT OF CHANGES IN EQUITY

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS OF 
DEUTSCHE POST AG
BASIS OF PREPARATION
Deutsche Post DHL Group is a global mail and logistics group. The 
Deutsche Post and DHL corporate brands represent a portfolio of 
logistics (DHL) and communication (Deutsche Post) services. The 
financial year of Deutsche Post AG and its consolidated subsidiaries 
is the calendar year. Deutsche Post AG, whose registered office is in 
Bonn, Germany, is entered in the commercial register of the Bonn 
Local Court.
1	
Basis of accounting
As a listed company, Deutsche Post AG prepared its consolidated 
financial statements in accordance with the International Financial 
Reporting Standards (IFRS s), as adopted by the European ­Union 
(EU), and the provisions of commercial law to be additionally 
­applied in accordance with section 315 a (1) of the Handelsgesetz-
buch (HGB – German Commercial Code). 
The requirements of the Standards applied have been satisfied 
in full, and the consolidated financial statements therefore provide 
a true and fair view of the Group’s net assets, financial position and 
results of operations. 
The consolidated financial statements consist of the income 
statement and the statement of comprehensive income, the balance 
sheet, the cash flow statement, the statement of changes in equity 
and the Notes. In order to improve the clarity of presentation, vari­
ous items in the balance sheet and in the income statement have 
been combined. These items are disclosed and explained separately 
in the Notes. The income statement has been classified in accord-
ance with the nature of expense method.
The accounting policies, as well as the explanations and dis-
closures in the Notes to the IFRS consolidated financial statements 
for financial year 2014, are generally based on the same accounting 
policies used in the 2013 consolidated financial statements. Excep­
tions to this are the changes in international financial reporting 
­under the IFRS s described in 
 Note 5 that have been required 
to be applied by the Group since 1 January 2014. The accounting 
­policies are explained in 
 Note 7.
These consolidated financial statements were authorised for 
issue by a resolution of the Board of Management of Deutsche 
Post AG dated 20 February 2015.
The consolidated financial statements are prepared in ­euros 
(€). Unless otherwise stated, all amounts are given in millions of 
euros (€ million, € m).
2	
Consolidated group
The consolidated group includes all companies controlled by 
Deutsche Post AG. Control exists if Deutsche Post AG has decision-­
making powers, is exposed to, and has rights to, variable returns, 
and is able to use its decision-making powers to affect the amount 
of the variable returns. 
The Group companies are consolidated from the date on 
which Deutsche Post DHL Group is able to exer­cise control. 
When Deutsche Post DHL Group holds less than the ­majority 
of voting rights, other contractual arrangements may ­result in the 
Group controlling the investee. 
DHL Sinotrans ­International Air Courier Ltd. (Sinotrans), 
China, is a significant company that has been consolidated despite 
Deutsche Post DHL Group not having a majority of voting rights. 
Sinotrans ­provides domestic and international express delivery 
and transport services and has been assigned to the Express seg-
ment. The company is fully inte­grated into the global DHL network 
and operates exclusively for Deutsche Post DHL Group. Due to the 
arrangements in the Network Agreement, DHL is able to prevail 
in decisions concerning Sinotrans’ relevant activities. Sinotrans 
has therefore been consolidated fully although Deutsche Post DHL 
Group holds no more than 50 % of the company’s share capital.
The complete list of the Group’s shareholdings in accordance 
with section 313 (2) nos. 1 to 4 and section 313 (3) of the HGB can be 
accessed online at 
 www.dpdhl.com/en/investors.html.
Deutsche Post DHL Group — 2014 Annual Report
138

The companies listed in the following table are consolidated 
in addition to the parent company Deutsche Post AG:
Consolidated group
2013 
Adjustment 1 
2013  
adjusted
2014 
 
Number of fully consolidated companies (subsidiaries)
German
88
–1
87
90
Foreign
707
–5
702
685
Number of proportionately consolidated joint ventures
German
1
–1
0
0
Foreign
3
–3
0
0
Number of joint operations
German
0
1
1
1
Foreign
0
1
1
1
Number of investments accounted for using the equity method
German
0
1
1
1
Foreign
8
7
15
14
1	
 Note 4.
The changes in the consolidation requirements resulting from the 
application of IFRS 10 and IFRS 11 had no significant effects on the 
Group’s net assets, financial position and results of operations. The 
prior-period amounts were adjusted accordingly. The relevant in-
formation can be found in 
 Note 4 “Adjustment of prior-period 
amounts”.
2.1	
Acquisitions
Acquisitions in 2014
The following acquisitions were made in 2014:
Acquisitions, 2014
Country
Segment
Interest  
%
Date of 
­acquisition
Name
DHL Global 
­Forwarding & Co. 
LLC (DHL Oman), 
Muscat
Oman
Global 
Forwarding, 
Freight
40
7 May 2014
StreetScooter, 
Aachen
Germany
PeP 1
100
18 Dec. 2014
1	 Post - eCommerce - Parcel, formerly the Mail segment.
Freight forwarding, transport and logistics service provider DHL 
Global Forwarding & Co. LLC (DHL Oman), Oman, which was 
previously accounted for using the equity method, has been con-
solidated since May 2014 due to contractual changes. In Decem-
ber 2014, Deutsche Post DHL Group acquired StreetScooter GmbH. 
The company develops electric vehicles. As a result of the acquisi-
tion, Deutsche Post DHL Group has also acquired the development 
and production rights to the vehicles.
Insignificant acquisitions, 2014
€ m
Carrying 
amount
Adjustment
Fair value
1 January to 31 December
Non-current assets
3
–
3
Current assets
11
–
11
Cash and cash equivalents
5
–
5
ASSETS
19
–
19
Current provisions and liabilities
9
–
9
EQUITY AND LIABILITIES
9
–
9
Net assets
 
 
10
The calculation of goodwill is presented in the following table:
Goodwill, 2014
€ m
Fair value
 
Contractual consideration
7
Fair value of the existing equity interest 1
2
Cost
9
Less net assets
10
Difference
–1
Plus non-controlling interests 2
3
Goodwill
2 
1	 Gain on the change in the method of consolidation is recognised  
under other operating income.
2	 Non-controlling interests are recognised at their carrying amounts.
Deutsche Post DHL Group — 2014 Annual Report
139
Consolidated ­Financial Statements — NOTES — Basis of preparation

Since their consolidation, the companies have contributed €17 mil-
lion to consolidated revenue and €2 million to consolidated EBIT. 
If the companies had already been acquired as at 1 January 2014, 
they would have contributed an additional €8 million to consoli-
dated revenue and €1 million to consolidated EBIT.
Transaction costs amounted to less than €1 million and are 
reported in other operating expenses.
€7 million was paid for the companies acquired in financial 
year 2014, and €3 million was paid for companies acquired in pre-
vious years. The purchase price for the companies acquired was 
paid by transferring cash funds.
Acquisitions in 2013
In the period up to 31 December 2013, Deutsche Post DHL Group 
acquired companies that did not materially affect the Group’s net 
assets, financial position and results of operations, either individu-
ally or in the aggregate:
Acquisitions, 2013
Country
Segment
Interest  
%
Date of 
­acquisition
Name
Compador 
­Technologies  
GmbH, Berlin
Germany
PeP
49
15 January 
2013
optivo GmbH, Berlin Germany
PeP
100
28 June 2013
RISER ID Services 
GmbH, Berlin
Germany
PeP
100
31 July 2013
In January 2013, Deutsche Post DHL Group acquired 49 % of the 
shares of Compador Technologies GmbH (Compador), Berlin, 
which specialises in the development and manufacture of sorting 
machines and software solutions. The company is consolidated 
­because of existing potential voting rights.
In addition, optivo GmbH, Berlin, was acquired in June 2013. 
optivo provides technical e-mail marketing services. The software 
and services offered by the company make it possible to reach out 
to existing customers by automatically sending campaign e-mails.
At the end of July 2013, all of the shares of RISER ID 
­Services GmbH, Berlin, were acquired via a subsidiary in which 
Deutsche Post DHL Group holds a 51 % interest. The company is a 
service provider offering electronic address information from pub-
lic resident registers. 
In financial year 2012, Deutsche Post DHL Group increased 
its stake in All you need GmbH, Berlin, a mobile commerce super-
market. The step acquisition of the company was carried out with 
a view to resale. The company was therefore classified under assets 
held for sale and liabilities associated with assets held for sale in 
accordance with IFRS 5. In the third quarter of 2013, the Board of 
Management announced that it no longer intended to resell the 
company. Initial consolidation resulted in goodwill of €5 million. 
The company was accounted for in the third quarter of 2013. The 
income statement presentation was not adjusted retrospectively 
due to the immateriality of the amounts involved.
Insignificant acquisitions, 2013 
€ m
Carrying 
amount
Adjustment
Fair value
1 January to 31 December
Non-current assets
2
–
2
Current assets
8
–
8
Cash and cash equivalents
2
–
2
ASSETS
12
–
12
Current liabilities and provisions
7
–
7
EQUITY AND LIABILITIES
7
–
7
Net assets
 
 
5
The calculation of goodwill is presented in the following table:
Goodwill, 2013
€ m
Fair value
 
Contractual consideration
37
Fair value of existing equity interest 1
2
Cost
39
Less net assets
5
Less cost attributable to non-controlling interests
5
Difference
29
Plus non-controlling interests 2
2
Goodwill
31
1	 Gain on the change in the method of consolidation is recognised  
under other operating income.
2	 Non-controlling interests are recognised at their carrying amount.
In financial year 2013, the companies contributed €8 million to 
consolidated revenue and €–2 million to consolidated EBIT follow-
ing consolidation. If the companies had already been acquired as at 
1 January 2013, they would have contributed an additional €9 mil-
lion to consolidated revenue and €1 million to consolidated EBIT.
Transaction costs amounted to less than €1 million and are 
reported in other operating expenses.
€34 million was paid for the companies acquired in financial 
year 2013 and €5 million was paid for companies acquired in previ-
ous years. The purchase price for the companies acquired was paid 
by transferring cash funds.
Deutsche Post DHL Group — 2014 Annual Report
140

2.2	
Contingent consideration
Variable purchase prices, which are presented in the following table, 
were agreed for the acquisitions in previous financial years:
Contingent consideration
Period for financial years 
from / to
Results range from
Fair value  
of total obligation
Remaining  
payment obligation  
at 31 Dec. 2013
Remaining  
payment obligation  
at 31 Dec. 2014
Basis
Revenue and EBITDA 1
2011 to 2013
€0 to €3 million
€0 million
€1 million
€0 million
Revenue and sales margin
2012 to 2014
€0 to €9 million
€3 million
€1 million
€0 million 
1	 Change in the fair value of the total and remaining payment obligation due to differences between actual and estimated amounts.
2.3	
Disposal and deconsolidation effects
Gains are shown under other operating income; losses are reported 
under other operating expenses.
Disposal and deconsolidation effects, 2014
The disposal and deconsolidation effects in financial year 2014 
were as follows:
Disposal and deconsolidation effects, 2014
€ m
Hull Blyth
Digital 
­Solutions 
Business
Compador 
Technologies
Total
1 January to 31 December
Non-current assets
1
1
1
3
Current assets
3
0
0
3
Cash and cash equivalents
0
0
0
0
ASSETS
4
1
1
6
Non-current provisions and liabilities
0
0
5
5
Current provisions and liabilities
2
0
1
3
EQUITY AND LIABILITIES
2
0
6
8
Net assets
2
1
–5
–2
Total consideration received
2
4
–4
2
Income from the currency translation reserve
0
0
0
0
Non-controlling interests
0
0
2
2
Deconsolidation gain (+) / loss (–)
0
3
–1 
2
Post - eCommerce - Parcel segment
Compador Technologies, Berlin, was sold and deconsolidated in 
December 2014.
Supply Chain segment
In December 2014, DHL Supply Chain Limited, UK, sold its Digital 
Solutions Business by way of an asset deal.
Global Forwarding, Freight segment
In July 2014, activities not forming part of the core business of 
Hull Blyth (Angola) Ltd., Angola, including the related non-­current 
­assets and the company Hull Blyth Angola Viagens e ­Turismo Lda., 
Angola, were sold. During the course of the year, the assets and 
liabilities were reclassified as assets held for sale and liabilities asso-
ciated with assets held for sale in accordance with IFRS 5. The most 
recent measurement of the assets prior to reclassification did not 
indicate any impairment. 
Deutsche Post DHL Group — 2014 Annual Report
141
Consolidated ­Financial Statements — NOTES — Basis of preparation

Disposal and deconsolidation effects in 2013
 
€ m
Cargus 
­International
DHL Fashion 
(France)
ITG Group
Exel Direct
DHL Express UK
Total
1 January to 31 December
Non-current assets
6
0
14
6
1
27
Current assets
3
12
30
14
0
59
Cash and cash equivalents
2
23
4
1
0
30
ASSETS
11
35
48
21
1
116
Current provisions and liabilities
4
12
38
10
0
64
EQUITY AND LIABILITIES
4
12
38
10
0
64
Net assets
7
23
10
11
1
52
Total consideration received
19
0
18
24
1
62
Losses from the currency translation reserve
0
0
0
–2
0
–2
Deconsolidation gain (+) / loss (–)
12
–23
8
11
0
8
Express segment
The sale of the Romanian domestic express business of Cargus 
Inter­national S. R. L. was completed in the first quarter of 2013. The 
­assets and liabilities had previously been reclassified as assets held 
for sale and liabilities associated with ­assets held for sale in accord-
ance with IFRS 5. The most recent measurement of the assets prior 
to their reclassification did not indicate any impairment. 
The sale of the Domestic Same Day business of DHL Express UK 
Limited, UK, closed at the end of October 2013. The relevant ­assets 
and liabilities had previously been reclassified as assets held for sale 
and liabilities associated with assets held for sale in accordance with 
IFRS 5. The most recent measurement of the assets and liabilities 
prior to their reclassification did not indicate any impairment.
Supply Chain segment
Deutsche Post DHL Group completed the sale of the fashion logis-
tics business of DHL Fashion (France) SAS, France, in April 2013. 
The most recent measurement of the assets and liabilities prior to 
their reclassification as assets held for sale and liabilities associated 
with assets held for sale resulted in an impairment loss of €1 mil-
lion in 2012, which was reported in depreciation, amortisation and 
impairment losses.
In addition, ITG GmbH Internationale Spedition und ­Logistik, 
Germany, was sold together with its subsidiaries in June 2013. The 
companies’ assets and liabilities were reclassified as assets held for 
sale and liabilities associated with assets held for sale in accordance 
with IFRS 5. The most recent measurement of the assets prior to 
their reclassification did not indicate any impairment. 
The sale of US company Exel Direct Inc. including its Can­
adian branch was completed in May 2013. The most recent meas-
urement of the assets prior to their reclassification did not indicate 
any impairment.
US warehousing specialist Llano Logistics Inc. was sold and 
deconsolidated in May 2013. Since all of the amounts involved 
were lower than €1 million, they are not shown in the table.
2.4	
Joint operations
Joint operations are consolidated in accordance with IFRS 11, based 
on the interest held. 
A significant joint operation is Aerologic GmbH (Aerologic), 
Germany, a cargo airline domiciled in Leipzig. The company has 
been allocated to the Express segment. It was jointly established by 
Deutsche Lufthansa AG and Deutsche Post Beteiligungen ­Holding 
GmbH, which each hold 50 % of its capital and voting rights. 
­Aerologic’s shareholders are simultaneously its customers, giving 
them access to its freight aircraft capacity. Aerologic serves the 
DHL ­Express network exclusively from Monday to Friday, whilst 
it flies for the Lufthansa Cargo network at weekends. In contrast 
to its capital and voting rights, the company’s assets and liabilities, 
as well as its income and expenses, are allocated based on this user 
relationship.
3	
Significant transactions
Capital increases
Deutsche Post AG increased its capital in March and Decem-
ber 2014 by issuing new shares and performing a share buy-back; 
 Note 38.
There were no other significant transactions to report.
4	
Adjustment of prior-period amounts
As the amended IFRS 10 and IFRS 11 came into force on 1 Jan-
uary 2014 and were applied retrospectively, the prior-period 
amounts of the relevant balance sheet and income statement items 
were adjusted accordingly. During this transition process, further 
insignificant adjustments were made to the inclusion method and 
the equity interest included.
The investments in associates balance sheet item was re-
named investments accounted for using the equity method as it 
now also includes the joint ventures to be accounted for using the 
equity method. Accordingly, the net income from associates item 
in the income statement was changed to net income from invest-
ments accounted for using the equity method.
Deutsche Post DHL Group — 2014 Annual Report
142

An analysis of Deutsche Post DHL Group’s investment port-
folio revealed that it only held investments in companies that are 
active in the Group’s core business area. This means that reporting 
the income and expenses from these investments under operating 
profit (EBIT) gives a better view of operating performance. As a 
result, the net income from investments accounted for using the 
­equity method item and those effects from available-for-sale finan­
cial assets relating to equity investments have been reclassified 
from net finance costs to profit from operating activities. This item 
has been reclassified retrospectively.
Balance sheet adjustments at 1 January 2013 and 31 December 2013
€ m
1 Jan. 2013 
Adjustment 
1 Jan. 2013 
adjusted
31 Dec. 2013 
Adjustment 
31 Dec. 2013 
adjusted
 
ASSETS
Intangible assets
12,151
–5
12,146
11,836
–4
11,832
Property, plant and equipment
6,663
–11
6,652
6,814
–14
6,800
Investments in associates
46
–46
–
48
–48
–
Investments accounted for using the equity method
–
66
66
–
68
68
Non-current financial assets
1,039
–1
1,038
1,124
–1
1,123
Other non-current assets
298
3
301
184
3
187
Inventories
322
–1
321
403
–1
402
Trade receivables
6,959
–19
6,940
7,040
–18
7,022
Other current assets
2,153
2
2,155
2,221
2
2,223
Income tax assets
127
0
127
168
–1
167
Cash and cash equivalents
2,400
–5
2,395
3,417
–3
3,414
Total ASSETS
33,857
–17
33,840
35,478
–17
35,461
Equity and liabilities
Other reserves
–475
1
–474
–819
2
–817 
Retained earnings
6,031
–14
6,017
7,198
–15
7,183
Non-controlling interests
209
–2
207
191
–1
190
Provisions for pensions and similar obligations
5,216
0
5,216
5,017
–1
5,016
Other non-current provisions
1,943
11
1,954
1,574
15
1,589
Non-current financial liabilities
4,413
8
4,421
4,612
7
4,619
Current provisions 
1,663
4
1,667
1,745
7
1,752
Current financial liabilities 
403
7
410
1,328
7
1,335
Trade payables
5,991
–31
5,960
6,392
–34
6,358
Other current liabilities
4,004
–1
4,003
3,981
–3
3,978
Income tax liabilities
534
0
534
430
–1
429
Total EQUITY AND LIABILITIES
33,857
–17
33,840
35,478
–17
35,461
Income statement adjustments 1 January to 31 December 2013
€ m
2013 
Adjustment 
2013  
adjusted
 
Revenue
55,085
–173
54,912
Other operating income
1,961
1
1,962
Materials expense
–31,212
174
–31,038
Staff costs
–17,785
9
–17,776
Depreciation, amortisation and impairment losses
–1,341
4
–1,337
Other operating expenses
–3,847
–16
–3,863
Net income from investments accounted for using the equity method
–
5
5
Profit from operating activities (EBIT)
2,861
4
2,865
Net income from associates
2
–2
–
Net finance costs
–289
–4
–293
Deutsche Post DHL Group — 2014 Annual Report
143
Consolidated ­Financial Statements — NOTES — Basis of preparation

5	
New developments in international accounting under IFRS s
New Standards required to be applied in financial year 2014
The following Standards, changes to Standards and Interpretations 
are required to be applied on or after 1 January 2014:
 
Effective for 
financial years 
beginning  
on or after
Subject matter and significance
Standard
IFRS 10 (Consolidated 
­Financial Statements) 
­including transitional 
provisions 
 
1 January 2014 
 
 
 
 
This new standard introduces a uniform definition of control for all entities that are to be included in the consolidated 
financial statements. IFRS 10 supersedes IAS 27 (Consolidated and Separate Financial Statements) and SIC-12 (­Consolidation – 
­Special Purpose Entities). Special purpose entities previously consolidated in accordance with SIC-12 are now subject 
to IFRS 10. Retrospective application of the standard only resulted in insignificant changes for financial year 2013; 
 Notes 2 
and 4. Pro forma disclosure: non-application of the standard in financial year 2014 would not have resulted in significant 
changes to EBIT or consolidated net profit. 
IFRS 11 (Joint Arrangements) 
including transitional 
provisions 
 
 
 
 
 
1 January 2014 
 
 
 
 
 
 
 
IFRS 11 supersedes IAS 31 (Interests in Joint Ventures) and abolishes the option to proportionately consolidate joint ventures. 
However, IFRS 11 does not require all entities that were previously subject to proportionate consolidation to be accounted for 
using the equity method. IFRS 11 provides a uniform definition of the term “joint arrangements” and distinguishes between 
joint operations and joint ventures. The interest in a joint operation is recognised on the basis of direct rights and obligations, 
whereas the interest in the profit or loss of a joint venture must be accounted for using the equity method. Application of 
the equity method to joint ventures will follow the requirements of the revised IAS 28 (Investments in Associates and Joint 
Ventures). Retrospective application of the standard only resulted in insignificant changes for financial year 2013; 
 Notes 2 
and 4. Pro forma disclosure: non-application of the standard in financial year 2014 would not have resulted in significant 
changes to EBIT or consolidated net profit. 
IFRS 12 (Disclosures  
of Interests in Other  
Entities) including 
­transitional provisions
1 January 2014 
 
 
IFRS 12 combines the disclosure requirements for all interests in subsidiaries, joint ventures, associates and unconsolidated 
structured entities into a single standard. An entity is required to provide quantitative and qualitative disclosures about the 
types of risks and financial effects associated with the entity’s interests in other entities. The disclosures required by IFRS 12 
are presented in the Notes to the consolidated financial statements for the year ending on 31 December 2014.
IAS 27 (Separate Financial 
Statements) (revised 2011) 
 
1 January 2014 
 
 
The existing standard IAS 27 (Consolidated and Separate Financial Statements) was revised in conjunction with the new 
standards IFRS 10, IFRS 11 and IFRS 12 and renamed IAS 27 (Separate Financial Statements) (revised 2011). The revised 
­standard now only contains requirements applicable to separate financial statements. The amendment does not affect 
the financial statements.
IAS 28 (Investments  
in Associates and Joint 
Ventures) (revised 2011) 
1 January 2014 
 
 
The existing standard IAS 28 (Investments in Associates) was revised by the standards IFRS 10, IFRS 11 and IFRS 12 and renamed 
IAS 28 (Investments in Associates and Joint Ventures) (revised 2011). Its scope was extended to include accounting for joint 
ventures using the equity method. The previous requirements of SIC-13 (Jointly Controlled Entities – Non-Monetary Contribu-
tions by Venturers) have been incorporated into IAS 28. The amendment has no significant effect on the financial statements.
Amendments to IAS 32 
(Financial Instruments: 
Presentation – ­Offsetting 
­Financial Assets and 
­Financial Liabilities)
1 January 2014 
 
 
 
These amendments have provided clarification on the conditions for offsetting financial assets and liabilities in the balance 
sheet. They have no significant effect on the presentation of the financial statements. In individual cases, additional 
­disclosures are required. 
 
Amendments to IAS 36 
(­Impairment of Assets – 
­Recoverable Amount 
­Disclosures for Non-­
Financial Assets)
1 January 2014 
 
 
 
The amendment clarifies that disclosures regarding the recoverable amount of non-financial assets are only required  
if an impairment loss has been recognised or reversed in the current reporting period. In addition, the disclosures required 
when the recoverable amount is determined based on fair value less costs of disposal have been amended. The standard 
was applied early in financial year 2013. 
Amendments to IAS 39 
(Novation of Derivatives 
and Continuation of 
Hedge Accounting)
1 January 2014 
 
 
Under this amendment, subject to certain conditions, novation of a hedging instrument to a central counterparty as 
a ­consequence of laws or regulations does not give rise to termination of a hedging relationship. The amendment has 
no significant effect on the presentation of the financial statements. 
The following are not relevant for the consolidated financial statements:  
amendments to IFRS 10, IFRS 12 and IAS 27 (Investment Entities), effective for financial years beginning on or after 1 January 2014.
Deutsche Post DHL Group — 2014 Annual Report
144

New accounting pronouncements adopted by the EU  
but only required to be applied in future periods
The following Standards, changes to Standards and Interpretations 
have already been endorsed by the EU. However, they will only be 
required to be applied in future periods.
 
Effective for 
financial years 
beginning  
on or after
Subject matter and significance
Standard  
(Issue date)
IFRIC 21 (Levies)  
(20 May 2013) 
 
17 June 2014 1 
 
 
This Interpretation provides guidance on when to recognise a liability for a levy imposed by a government. It covers the 
recognition of levies imposed in accordance with laws or regulations. It does not include taxes, fines and other outflows 
that fall within the scope of other standards. The effects of this Interpretation on the consolidated financial statements 
are immaterial.
Amendments to IAS 19 
(­Defined Benefit Plans: 
Employee Contributions)  
(21 November 2013)
1 February 2015 1 
 
 
The amendments apply to the recognition of employee contributions to defined benefit retirement plans. Their objective 
is to simplify accounting for employee contributions that are independent of the number of years of service. In such cases, 
the service cost in the period in which the corresponding service is rendered may be reduced. The new requirements must 
be applied retrospectively. Application will not lead to any significant effects.
Annual Improvements 
to IFRS s 2010–2012 Cycle  
(12 December 2013)
1 February 2015 1 
 
The annual improvement process refers to the following standards: IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24, IAS 37, IAS 38 
and IAS 39. The amendments will not have a significant influence on the consolidated financial statements. 
Annual Improvements 
to IFRS s 2011–2013 Cycle  
(12 December 2013)
1 January 2015 1 The annual improvement process refers to the following standards: IFRS 1, IFRS 3, IFRS 13 and IAS 40. The amendments will 
not have a significant influence on the consolidated financial statements.
1	 The effective date was amended for companies within the EU. This is a departure from the original standard.
New accounting requirements not yet adopted by the EU 
(­endorsement procedure)
The IASB and the IFRIC issued further Standards, amendments to 
Standards and Interpretations in financial year 2014 and in previ-
ous years whose application is not yet mandatory for financial year 
2014. The application of these IFRS s is dependent on their adoption 
by the EU.
 
Effective for 
financial years 
beginning  
on or after
Subject matter and significance
Standard  
(Issue date)
IFRS 9 (Consolidated  
Financial Statements) 
(24 July 2014) 
 
 
 
 
 
 
 
 
 
 
 
 
1 January 2018 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
IFRS 9 was issued in 2009 as part of the project to replace IAS 39 and contains rules on the recognition and measurement of 
financial instruments, derecognition and hedge accounting. The fourth and final version of IFRS 9 now issued supersedes 
all previous versions. IFRS 9 changes the previous requirements applicable for the classification and measurement of finan-
cial assets, including the requirements regarding impairment, and supplements the new hedge accounting requirements 
published in 2013. A new fair value through other comprehensive income measurement ­category was introduced for business 
models where assets are both held for sale and held to collect contractual cash flows. The new ­requirements for deter-
mining impairment (impairment losses, particularly allowances for losses on loans and ­advances) ­include a new expected 
loss model, under which losses are recognised earlier, with both incurred and expected future losses taken into account. 
By contrast, IFRS 9 results in little change to the classification and measurement ­requirements for ­financial liabilities. For 
financial liabilities designated as at fair value, changes to their fair value attributable to ­changes in the credit risk of the 
entity must in future be presented in other comprehensive income (OCI), as opposed to profit and loss. The revision of hedge 
accounting places greater focus on an entity’s economic risk management. Extensive new disclosure requirements were 
added as an amendment to IFRS 7. Application of IFRS 9 is required for reporting ­periods ­beginning on or after 1 January 2018. 
Voluntary early application is permitted subject to local requirements. Initial application must in principle be retrospective, 
although various simplification options are permitted. The Group is currently reviewing the effects on the consolidated 
financial statements.
IFRS 15 (Revenue from 
Contracts with Customers) 
(28 May 2014) 
 
 
1 January 2017 
 
 
 
 
This standard will in future replace the existing requirements governing revenue recognition under IAS 18 (Revenue) and 
IAS 11 (Construction Contracts). The new standard establishes uniform requirements regarding the timing and amount of 
­revenue recognition, which are applicable for all sectors and for all categories of revenue transaction. The standard provides 
a principle-based five-step model that must be applied to all contracts with customers. It also introduces extensive dis­
closure requirements. IFRS 15 must be applied for reporting periods beginning on or after 1 January 2017. The requirements 
must in principle be applied retrospectively. Its effects on the consolidated financial statements are currently being reviewed.
 
Deutsche Post DHL Group — 2014 Annual Report
145
Consolidated ­Financial Statements — NOTES — Basis of preparation

Effective for 
financial years 
beginning  
on or after
Subject matter and significance
Standard  
(Issue date)
Amendments to IFRS 11  
(Joint Arrangements – 
­Acquisition of Interests  
in Joint Operations) 
(6 May 2014) 
 
1 January 2016 
 
 
 
 
 
The amendment clarifies that the acquisition and additional acquisition of interests in joint operations in which the activity 
constitutes a business, as defined in IFRS 3 (Business Combinations), must be recognised in accordance with the principles 
governing business combinations accounting in IFRS 3 and other IFRS s, with the exception of those principles that conflict 
with the requirements of IFRS 11. The amendments do not apply if the reporting entity and the other parties involved are 
under the common control of the same ultimate controlling party. The new requirements are applicable prospectively 
for interests acquired in reporting periods beginning on or after 1 January 2014. Voluntary earlier application is permitted. 
The effects on the Group are currently being reviewed.
Amendments to IAS 16 
­(Property, Plant and 
­Equipment) and IAS 38 
(­Intangible Assets): 
­Clarification of Acceptable 
Methods of ­Depreciation 
and Amortisation 
(12 May 2014)
1 January 2016 
 
 
 
 
 
 
The amendments expand the existing requirements relating to the permitted depreciation and amortisation methods for 
intangible assets and for property, plant and equipment. The amendments specify that revenue-based depreciation and 
amortisation methods are not permitted for property, plant and equipment and may only be used for intangible assets in 
certain exceptional circumstances. In addition, the amendments clarify that a reduction in the selling price of goods and 
­services could signal obsolescence, which could in turn reflect a reduction in the economic benefits available from the asset. 
The requirements are applicable prospectively. Voluntary early application is permitted. The effects on the consolidated 
financial statements are currently being reviewed. 
Annual Improvements 
to IFRS s 2012–2014 Cycle 
(25 September 2014)
1 January 2016 
 
The annual improvement process refers to the following standards: IFRS 5, IFRS 7, IAS 19, IAS 34. Application of the new 
requirements is mandatory for reporting periods beginning on or after 1 January 2016. The amendments will not have 
a ­significant influence on the consolidated financial statements.
Amendments to IAS 1 
(Presentation of Financial 
Statements)  
(18 December 2014) 
 
 
1 January 2016 
 
 
 
 
 
The changes comprise clarifications relating to the materiality of the items presented in the balance sheet, the statement 
of comprehensive income, the cash flow statement, the statement of changes in equity and the disclosures in the notes. 
­Information that is not material need not be presented. This applies even if disclosure is explicitly required in other standards. 
In addition, the revised version of IAS 1 includes new rules or clarifications of existing requirements concerning the presenta-
tion of subtotals, the structure of the notes and the disclosures on accounting policies. The presentation of the interest in 
equity-accounted investments in other comprehensive income is also clarified. The amendments will not have a significant 
effect on the financial statements.
The following are not relevant for the consolidated financial statements:  
IFRS 14 (Regulatory Deferral Accounts), issued on 30 January 2014 and effective for financial years beginning on or after 1 January 2016; amendments to IAS 16 (­Property, 
Plant and Equipment) and IAS 41 (Agriculture): Bearer Plants, issued on 30 June 2014 and effective for financial years beginning on or after 1 January 2016; amendments 
to IAS 27 (Equity Method in Separate Financial Statements), issued on 12 August 2014 and effective for financial years beginning on or after 1 January 2016; amendments 
to IFRS 10 (­Consolidated Financial Statements) and IAS 28 (Investments in Associates and Joint Ventures), issued on 11 September 2014 and effective for financial years 
­beginning on or after 1 January 2016. Amendments to IFRS 10, IFRS 12 and IAS 28, Investment Entities: Applying the Consolidation Exception, issued on 18 December 2014 
and ­effective for financial years beginning on or after 1 January 2016.
6	
Currency translation
The financial statements of consolidated companies prepared in 
foreign currencies are translated into euros (€) in accordance with 
IAS 21 using the functional currency method. The functional cur-
rency of foreign companies is determined by the primary economic 
environment in which they mainly generate and use cash. Within 
the Group, the functional currency is predominantly the local cur-
rency. In the consolidated financial statements, assets and liabil­
ities are therefore translated at the closing rates, whilst periodic in-
come and expenses are generally translated at the monthly closing 
rates. The resulting currency translation differences are recognised 
in other comprehensive income. In financial year 2014, currency 
translation differences amounting to €441 million (previous year, 
adjusted: €–450 million) were recognised in other comprehensive 
income (see the statement of comprehensive income and statement 
of changes in equity).
Goodwill arising from business combinations after 1 Janu-
ary 2005 is treated as an asset of the acquired company and there-
fore carried in the functional currency of the acquired company. 
The exchange rates for the currencies that are significant for 
the Group were as follows:
 
Closing rates
Average rates
Currency
Country
2013  
EUR 1 =
2014  
EUR 1 =
2013  
EUR 1 =
2014  
EUR 1 =
AUD
Australia
1.5408
1.4823
1.3769
1.4729
CNY
China
8.3411
7.5389
8.1670
8.1891
GBP
UK
0.8332
0.7789
0.8492
0.8064
JPY
Japan
144.6070
145.1930
129.6521
140.3815
SEK
Sweden
8.8682
9.3797
8.6511
9.1000
CHF
Switzerland
1.2269
1.2025
1.2308
1.2146
USD
USA
1.3778
1.2148
1.3284
1.3291
 
Deutsche Post DHL Group — 2014 Annual Report
146

The carrying amounts of non-monetary assets recognised at con-
solidated companies operating in hyperinflationary economies are 
generally indexed in accordance with IAS 29 and thus reflect the 
current purchasing power at the balance sheet date.
In accordance with IAS 21, receivables and liabilities in the 
financial statements of consolidated companies that have been 
prepared in local currencies are translated at the closing rate as at 
the balance sheet date. Currency translation differences are recog-
nised in other operating income and expenses in the income state-
ment. In financial year 2014, income of €171 million (previous year, 
­adjusted: €157 million) and expenses of €170 million (­previous 
year, adjusted: €157 million) resulted from currency translation 
differences. In contrast, currency translation differences relating 
to net investments in a foreign operation are recognised in other 
comprehensive income.
The company’s business in Venezuela is subject to exchange 
controls. The Venezuelan currency, the bolívar fuerte, is not freely 
convertible. In March 2014, a new exchange rate system known 
as SICAD II (Sistema Complementario de Administración de 
­Divisas) was introduced and the state-set exchange rate adjusted. 
Deutsche Post DHL Group began using this system in the second 
quarter of 2014 and modified the conversion rate on this basis. 
Due to currency effects, the cash and cash equivalents of the com­
panies affected decreased by €130 million and non-current assets 
by €27 million as at the date of the change. Other current assets 
declined by €56 million and current provisions and liabilities by 
€103 million. The corresponding contra entries are included in the 
currency translation reserve in equity. Cash and cash equivalents 
amounted to €23 million as at 31 December 2014.
7	
Accounting policies
Uniform accounting policies are applied to the annual financial 
statements of the entities that have been included in the consoli-
dated financial statements. The consolidated financial statements 
are prepared under the historical cost convention, except where 
items are required to be recognised at their fair value.
Revenue and expense recognition
Deutsche Post DHL Group’s normal business operations consist 
of the provision of logistics services. All income relating to nor-
mal business operations is recognised as revenue in the income 
statement. All other income is reported as other operating income. 
Revenue and other operating income is generally recognised when 
services are rendered, the amount of revenue and income can be 
reliably measured and, in all probability, the economic benefits 
from the transactions will flow to the Group. Operating expenses 
are recognised in income when the service is utilised or when the 
expenses are incurred.
Intangible assets
Intangible assets are measured at amortised cost. Intangible assets 
comprise internally generated and purchased intangible assets and 
purchased goodwill.
Internally generated intangible assets are capitalised at cost 
if it is probable that their production will generate an inflow of 
future economic benefits and the costs can be reliably measured. 
In the Group, this concerns internally developed software. If the 
criteria for capitalisation are not met, the expenses are recognised 
immediately in income in the year in which they are incurred. In 
addition to direct costs, the production cost of internally devel-
oped software includes an appropriate share of allocable produc-
tion overhead costs. Any borrowing costs incurred for qualifying 
assets are included in the production cost. Value added tax arising 
in conjunction with the acquisition or production of intangible 
­assets is included in the cost if it cannot be deducted as input tax. 
Capitalised software is amortised over its useful life.
Intangible assets are amortised using the straight-line 
method over their useful lives. Impairment losses are recognised 
in accordance with the principles described in the section headed 
Impairment. The useful lives of significant intangible assets are pre-
sented in the table below.
 
Useful lives
Years 1
 
Internally developed software
up to 10
Purchased software
up to 5
Licences
term of agreement
Customer relationships
up to 20
1	 The useful lives indicated represent maximum amounts specified by the Group.  
The actual useful lives may be shorter due to contractual arrangements or other  
specific factors such as time and location.
Intangible assets that are not affected by legal, economic, con-
tractual, or other factors that might restrict their useful lives are 
considered to have indefinite useful lives. They are not amortised 
but are tested for impairment annually or whenever there are indi-
cations of impairment. They generally include brand names from 
business combinations, for example. Impairment testing is carried 
out in accordance with the principles described in the section 
headed Impairment.
Deutsche Post DHL Group — 2014 Annual Report
147
Consolidated ­Financial Statements — NOTES — Basis of preparation

Property, plant and equipment
Property, plant and equipment is carried at cost, reduced by 
accumu­lated depreciation and valuation allowances. In addition 
to direct costs, production cost includes an appropriate share of 
allocable production overhead costs. Borrowing costs that can be 
allocated directly to the purchase, construction or manufacture 
of property, plant and equipment are capitalised. Value added tax 
­arising in conjunction with the acquisition or production of items 
of property, plant or equipment is included in the cost if it can-
not be deducted as input tax. Depreciation is charged using the 
straight-line method. The estimated useful lives applied to the 
­major asset classes are presented in the table below: 
Useful lives
Years 1
 
Buildings
20 to 50
Technical equipment and machinery
10 to 20
Aircraft
15 to 20
IT systems
4 to 5
Transport equipment and vehicle fleet
4 to 18
Other operating and office equipment
8 to 10
1	 The useful lives indicated represent maximum amounts specified by the Group.  
The actual useful lives may be shorter due to contractual arrangements or other  
specific factors such as time and location.
Useful lives for letter sorting systems were extended from ten to 
20 years and those for parcel sorting systems from 15 to 20 years 
in financial year 2014, based on an improved estimate. A stand-
ard adjustment to 50 years was made for operational and admin-
istrative buildings. The useful lives were adjusted prospectively 
as a change in accounting estimates; they have not been adjusted 
retrospectively for prior periods. Application of the adjusted use-
ful lives caused depreciation to decrease by €42 million in finan-
cial year 2014. It is expected that depreciation will be reduced by 
€68 million for finan­cial year 2015 and by €66 million for financial 
year 2016.
If there are indications of impairment, an impairment test 
must be carried out; 
 section headed Impairment.
Impairment
At each balance sheet date, the carrying amounts of intangible 
­assets, property, plant and equipment and investment property 
are reviewed for indications of impairment. If there are any such 
indications, an impairment test must be carried out. This is done 
by determining the recoverable amount of the relevant asset and 
comparing it with the carrying amount. 
In accordance with IAS 36, the recoverable amount is the 
asset’s fair value less costs to sell or its value in use, whichever is 
higher. The value in use is the present value of the pre-tax free cash 
flows expected to be derived from the asset in future. The discount 
rate used is a pre-tax rate of interest reflecting current market 
conditions. If the recoverable amount cannot be determined for 
an individual asset, the recoverable amount is determined for the 
smallest identifiable group of assets to which the asset in question 
can be allocated and which generates independent cash flows (cash 
generating unit – CGU). If the recoverable amount of an asset is 
lower than its carrying amount, an impairment loss is recognised 
immediately in respect of the asset. If, after an impairment loss has 
been recognised, a higher recoverable amount is determined for 
the asset or the CGU at a later date, the impairment loss is reversed 
up to a carrying amount that does not exceed the recoverable 
amount. The increased carrying amount attributable to the rever-
sal of the impairment loss is limited to the carrying amount that 
would have been determined (net of amortisation or depreciation) 
if no impairment loss had been recognised in the past. The rever-
sal of the impairment loss is recognised in the income statement. 
Impairment losses recognised in respect of goodwill may not be 
reversed.
Since January 2005, goodwill has been accounted for using 
the impairment-only approach in accordance with IFRS 3. This 
stipulates that goodwill must be subsequently measured at cost, 
less any cumulative adjustments from impairment losses. Pur-
chased goodwill is therefore no longer amortised and instead is 
tested for impairment annually in accordance with IAS 36, regard-
less of whether any indication of possible impairment exists, as in 
the case of intangible assets with an indefinite useful life. In addi-
tion, the obligation remains to conduct an impairment test if there 
is any indication of impairment. Goodwill resulting from company 
­acquisitions is allocated to the identifiable groups of assets (CGU s 
or groups of CGU s) that are expected to benefit from the synergies 
of the acquisition. These groups represent the lowest reporting level 
at which the goodwill is monitored for internal management pur-
poses. The carrying amount of a CGU to which goodwill has been 
allocated is tested for impairment annually and whenever there is 
an indication that the unit may be impaired. Where impairment 
losses are recognised in connection with a CGU to which goodwill 
has been allocated, the existing carrying amount of the goodwill 
is reduced first. If the amount of the impairment loss exceeds the 
carrying amount of the goodwill, the difference is allocated to the 
remaining non-current assets in the CGU. 
Finance leases
A lease financing transaction is an agreement in which the lessor 
conveys to the lessee the right to use an asset for a specified period 
in return for a payment or a number of payments. In accordance 
with IAS 17, beneficial ownership of leased assets is attributed to 
the lessee if the lessee substantially bears all risks and rewards inci-
dent to ownership of the leased asset. To the extent that beneficial 
ownership is attributable to the Group as the lessee, the asset is 
capitalised at the date on which use starts, either at fair value or at 
the present value of the minimum lease payments if this is less than 
the fair value. A lease liability in the same amount is recognised 
under non-current liabilities. The lease is subsequently measured 
at amortised cost using the effective interest method. The depre-
ciation methods and estimated useful lives correspond to those of 
comparable purchased assets.
Deutsche Post DHL Group — 2014 Annual Report
148

Operating leases
For operating leases, the Group reports the leased asset at amor-
tised cost as an asset under property, plant and equipment where 
it is the lessor. The lease payments recognised in the period are 
shown under other operating income. Where the Group is the 
­lessee, the lease payments made are recognised as lease expenses 
under materials expense. Lease expenses and income are recog-
nised ­using the straight-line method.
Investments accounted for using the equity method
Investments accounted for using the equity method cover asso-
ciates and joint ventures. These are recognised using the equity 
method in accordance with IAS 28 (Investments in Associates 
and Joint Ventures). Based on the cost of acquisition at the time 
of purchase of the investments, the carrying amount of the invest­
ment is increased or reduced annually to reflect the share of earn-
ings, dividends distributed and other changes in the equity of the 
associates and joint ventures attributable to the investments of 
Deutsche Post AG or its consolidated subsidiaries. The goodwill 
contained in the carrying amounts of the investments is accounted 
for in ­accordance with IFRS 3. Investments accounted for using the 
­equity method are impaired if the recoverable amount falls below 
the carrying amount. Gains and losses from the disposal of invest-
ments accounted for using the equity method, as well as impair-
ment losses and their reversals, are recognised in other operating 
income or other operating expenses; 
 Note 4.
Financial instruments
A financial instrument is any contract that gives rise to a financial 
asset of one entity and a financial liability or equity instrument of 
another entity. Financial assets include in particular cash and cash 
equivalents, trade receivables, originated loans and receivables, 
and derivative financial assets held for trading. Financial liabilities 
include contractual obligations to deliver cash or another financial 
asset to another entity. These mainly comprise trade payables, li­
abilities to banks, liabilities arising from bonds and finance leases, 
and derivative financial liabilities.
Fair value option
Under the fair value option, financial assets or financial liabilities 
may be measured at fair value through profit or loss on initial rec-
ognition if this eliminates or significantly reduces a measurement 
or recognition inconsistency (accounting mismatch). The Group 
makes use of the option in order to avoid accounting mismatches.
Financial assets
Financial assets are accounted for in accordance with the pro­
visions of IAS 39, which distinguishes between four categories of 
finan­cial instruments.
Available-for-sale financial assets
These financial instruments are non-derivative financial assets 
and are carried at their fair value, where this can be measured 
reli­ably. If a fair value cannot be determined, they are carried at 
cost. Changes in fair value between reporting dates are generally 
recognised in other comprehensive income (revaluation reserve). 
The reserve is reversed to income either upon disposal or if the fair 
value falls below cost more than temporarily. If, at a subsequent 
balance sheet date, the fair value of a debt instrument has increased 
objectively as a result of events occurring after the impairment loss 
was recognised, the impairment loss is reversed in the appropriate 
amount. Impairment losses recognised in respect of equity instru-
ments may not be reversed to income. If equity instruments are 
recognised at fair value, any reversals must be recognised in other 
comprehensive income. No reversals may be made in the case of 
equity instruments that were recognised at cost. Available-for-sale 
financial instruments are allocated to non-current assets unless 
the intention is to dispose of them within 12 months of the bal-
ance sheet date. In particular, investments in unconsolidated sub-
sidiaries, marketable securities and other equity investments are 
­reported in this category.
Held-to-maturity financial assets
Financial instruments are assigned to this category if there is an 
intention to hold the instrument to maturity and the economic 
conditions for doing so are met. These financial instruments are 
non-derivative financial assets that are measured at amortised cost 
using the effective interest method.
Loans and receivables
These are non-derivative financial assets with fixed or determin­
able payments that are not quoted on an active market. Unless 
held for trading, they are recognised at cost or amortised cost at 
the balance sheet date. The carrying amounts of money market 
receiv­ables correspond approximately to their fair values due to 
their short maturity. Loans and receivables are considered current 
assets if they mature not more than 12 months after the balance 
sheet date; otherwise, they are recognised as non-current assets. If 
the recoverability of receivables is in doubt, they are recognised 
at ­amortised cost, less appropriate specific or collective valuation 
­allowances. A write-down on trade receivables is recognised if 
there are objective indications that the amount of the outstanding 
receivable cannot be collected in full. The write-down is recognised 
in the income statement via a valuation account.
Deutsche Post DHL Group — 2014 Annual Report
149
Consolidated ­Financial Statements — NOTES — Basis of preparation

Financial assets at fair value through profit or loss
All financial instruments held for trading and derivatives that do 
not satisfy the criteria for hedge accounting are assigned to this cat-
egory. They are generally measured at fair value. All changes in fair 
value are recognised in income. All financial instruments in this 
category are accounted for at the trade date. Assets in this category 
are recognised as current assets if they are either held for trading 
or will likely be realised within 12 months of the balance sheet date.
To avoid variations in earnings resulting from changes in the 
fair value of derivative financial instruments, hedge accounting is 
applied where possible and economically useful. Gains and losses 
from the derivative and the related hedged item are recognised in 
income simultaneously. Depending on the hedged item and the risk 
to be hedged, the Group uses fair value hedges and cash flow hedges.
The carrying amounts of financial assets not carried at fair 
value through profit or loss are tested for impairment at each bal-
ance sheet date and whenever there are indications of impairment. 
The amount of any impairment loss is determined by comparing 
the carrying amount and the fair value. If there are objective in-
dications of impairment, an impairment loss is recognised in the 
income statement under other operating expenses or net financial 
income / net finance costs. Impairment losses are reversed if there 
are objective reasons arising after the balance sheet date indicat-
ing that the reasons for impairment no longer exist. The increased 
carry­ing amount resulting from the reversal of the impairment loss 
may not exceed the carrying amount that would have been deter-
mined (net of amortisation or depreciation) if the impairment loss 
had not been recognised. Impairment losses are recognised within 
the Group if the debtor is experiencing significant financial diffi-
culties, it is highly probable that the debtor will be the subject of 
bankruptcy proceedings, there are material changes in the issuer’s 
technological, economic, legal or market environment, or the fair 
value of a financial instrument falls below its amortised cost for a 
prolonged period. 
A fair value hedge hedges the fair value of recognised assets 
and liabilities. Changes in the fair value of both the derivatives and 
the hedged item are recognised in income simultaneously.
A cash flow hedge hedges the fluctuations in future cash flows 
from recognised assets and liabilities (in the case of interest rate 
risks), highly probable forecast transactions as well as unrecog-
nised firm commitments that entail a currency risk. The effective 
portion of a cash flow hedge is recognised in the hedging reserve in 
equity. Ineffective portions resulting from changes in the fair value 
of the hedging instrument are recognised directly in income. The 
gains and losses generated by the hedging transactions are initially 
recognised in equity and are then reclassified to profit or loss in 
the period in which the asset acquired or liability assumed affects 
profit or loss. If a hedge of a firm commitment subsequently results 
in the recognition of a non-financial asset, the gains and losses 
recognised directly in equity are included in the initial carrying 
amount of the asset (basis adjustment). 
Net investment hedges in foreign entities are treated in the 
same way as cash flow hedges. The gain or loss from the effective 
portion of the hedge is recognised in other comprehensive income, 
whilst the gain or loss attributable to the ineffective portion is rec-
ognised directly in income. The gains or losses recognised in other 
comprehensive income remain there until the disposal or partial 
disposal of the net investment. Detailed information on hedging 
transactions can be found in 
 Note 50.2.
Regular way purchases and sales of financial assets are recog-
nised at the settlement date, with the exception of held-for-trading 
instruments, particularly derivatives. A financial asset is derecog-
nised if the rights to receive the cash flows from the asset have ex-
pired. Upon transfer of a financial asset, a review is made under the 
requirements of IAS 39 governing disposal as to whether the asset 
should be derecognised. A disposal gain / loss arises upon disposal. 
The remeasurement gains / losses recognised in other comprehen-
sive income in prior periods must be reversed as at the disposal 
date. Financial liabilities are derecognised if the payment obliga-
tions arising from them have expired.
Investment property
In accordance with IAS 40, investment property is property held 
to earn rentals or for capital appreciation or both, rather than for 
use in the supply of services, for administrative purposes, or for 
sale in the normal course of the company’s business. It is meas-
ured in accordance with the cost model. Depreciable investment 
property is depreciated over a period of between 20 and 50 years 
using the straight-line method. The fair value is determined on 
the basis of expert opinions. Impairment losses are recognised in 
­accordance with the principles described under the section headed 
Impairment.
Deutsche Post DHL Group — 2014 Annual Report
150

Inventories
Inventories are assets that are held for sale in the ordinary course of 
business, are in the process of production, or are consumed in the 
production process or in the rendering of services. They are meas-
ured at the lower of cost or net realisable value. Valuation allow-
ances are charged for obsolete inventories and slow-moving goods.
Government grants
In accordance with IAS 20, government grants are recognised at 
their fair value only when there is reasonable assurance that the 
conditions attaching to them will be complied with and that the 
grants will be received. The grants are reported in the income 
statement and are generally recognised as income over the periods 
in which the costs they are intended to compensate are incurred. 
Where the grants relate to the purchase or production of assets, 
they are reported as deferred income and recognised in the income 
statement over the useful lives of the assets.
Assets held for sale and liabilities associated with assets held for sale
Assets held for sale are assets available for sale in their present con-
dition and whose sale is highly probable. The sale must be expected 
to qualify for recognition as a completed sale within one year of the 
date of classification. Assets held for sale may consist of individual 
non-current assets, groups of assets (disposal groups), components 
of an entity or a subsidiary acquired exclusively for resale (discon-
tinued operations). Liabilities intended to be disposed of together 
with the assets in a single transaction form part of the disposal 
group or discontinued operation and are also reported separately 
as liabilities associated with assets held for sale. Assets held for sale 
are no longer depreciated or amortised, but are recognised at the 
lower of their fair value less costs to sell and the carrying amount. 
Gains and losses arising from the remeasurement of individual 
non-current assets or disposal groups classified as held for sale are 
reported in profit or loss from continuing operations until the final 
date of disposal. Gains and losses arising from the measurement at 
fair value less costs to sell of discontinued operations classified as 
held for sale are reported in profit or loss from discontinued oper­
ations. This also applies to the profit or loss from operations and 
the gain or loss on disposal of these components of an entity.
Cash and cash equivalents
Cash and cash equivalents comprise cash, demand deposits and 
other short-term liquid financial assets with an original maturity 
of up to three months and are carried at their principal amount. 
Overdraft facilities used are recognised in the balance sheet as 
amounts due to banks.
Non-controlling interests
Non-controlling interests are the proportionate minority interests 
in the equity of subsidiaries and are recognised at their carrying 
amount. If an interest is acquired from, or sold to, other share­
holders without this impacting the existing control relationship, 
this is presented as an equity transaction. The difference between 
the proportionate net assets acquired from, or sold to, another 
shareholder / other shareholders and the purchase price is recog-
nised in other comprehensive income. If non-controlling interests 
are increased by the proportionate net assets, no goodwill is allo-
cated to the proportionate net assets.
Share-based payments to executives
Equity-settled share-based payment transactions are measured 
at fair value at the grant date. The fair value of the obligation is 
recognised in staff costs over the vesting period. The fair value of 
equity-­settled share-based payment transactions is determined 
­using inter­nationally recognised valuation techniques. 
Stock appreciation rights are measured on the basis of an 
­option pricing model in accordance with IFRS 2. The stock appre­
ciation rights are measured on each reporting date and on the settle­
ment date. The amount determined for stock appre­ciation rights 
that will probably be exercised is recognised pro rata in ­income 
under staff costs to reflect the services rendered as ­consideration 
during the vesting period (lock-up period). A ­provision is recog-
nised for the same amount.
Retirement plans
There are arrangements in many countries under which the Group 
grants post-employment benefits to its employees. These benefits 
include pensions, lump-sum payments on retirement and other 
post-employment benefits and are referred to as retirement bene­
fits, pensions and similar benefits, or simply pensions, in these 
­disclosures. A distinction must be made between defined benefit 
and defined contribution plans.
Deutsche Post DHL Group — 2014 Annual Report
151
Consolidated ­Financial Statements — NOTES — Basis of preparation

The Group’s defined benefit retirement plans
Defined benefit obligations are measured using the projected unit 
credit method prescribed by IAS 19. This involves making certain 
actuarial assumptions. Most of the defined benefit retirement plans 
are at least partly funded via external plan assets. The remaining 
net obligations are funded by provisions for pensions and similar 
obligations; net assets are presented separately as pension assets. 
Where necessary, an asset ceiling must be applied when recognis-
ing pension assets. With regard to the cost components, the service 
cost is recognised in staff costs, the net interest cost in net financial 
income /net ­finance costs and any remeasurement outside profit 
and loss in other comprehensive income. 
Defined contribution retirement plans  
for civil servant employees in Germany
In accordance with statutory provisions, Deutsche Post AG pays 
contributions to retirement plans in Germany which are defined 
contribution retirement plans for the company. These contribu-
tions are recognised in staff costs.
Under the provisions of the Gesetz zum Personalrecht der 
­Beschäftigten der früheren Deutschen Bundespost (PostPersRG – 
Former Deutsche Bundespost Employees Act), introduced as 
­article 4 of the Gesetz zur Neuordnung des Postwesens und der Tele­
kommunikation (PTNeuOG – German Posts and Telecommunica-
tions Reorganisation Act), Deutsche Post AG provides benefit and 
assistance payments through the Bundes-Pensions-Service für Post 
und Telekommunikation e. V. (BPS-PT), a special pension fund 
for postal civil servants operated jointly, since early 2001, by the 
Deutsche Bundespost successor companies, to retired ­employees or 
their surviving dependants who are entitled to benefits on the basis 
of a civil service appointment. At the beginning of 2013, Bundes­
anstalt für Post und Telekommunikation (­BAnstPT – ­Federal Posts 
and Telecommunications Agency) assumed the rights and obliga-
tions of the BPS-PT. It has undertaken the tasks of the pension fund 
for postal civil servants since that time. The amount of Deutsche 
Post AG’s payment obligations is governed by section 16 of the Post-
PersRG. Since 2000, this Act has obliged Deutsche Post AG to pay 
into the postal civil servant pension fund an annual contribution 
of 33 % of the gross compensation of its active civil servants and the 
notional gross compensation of civil servants on leave of absence 
who are eligible for a pension. 
Under section 16 of the PostPersRG, the federal government 
makes good the difference between the current payment obliga-
tions of the postal civil servant pension fund on the one hand, and 
the funding companies’ current contributions or other return on 
assets on the other, and guarantees that the postal civil ser­vant 
­pension fund is able at all times to meet the obligations it has 
­assumed in respect of its funding companies. Insofar as the federal 
government makes payments to the postal civil servant pension 
fund under the terms of this guarantee, it cannot claim reimburse-
ment from Deutsche Post AG.
Defined contribution retirement plans  
for the group’s hourly workers and salaried employees
Contributions to defined contribution retirement plans for the 
Group’s hourly workers and salaried employees are also reported 
under staff costs.
This also includes contributions to certain multi-employer 
plans which are basically defined benefit plans, especially in the 
USA and the Netherlands. However, the relevant institutions do not 
provide the participating companies with sufficient information to 
use defined benefit accounting. The plans are therefore accounted 
for as if they were defined contribution plans.
Regarding these multi-employer plans in the USA, contribu-
tions are made based on collective bargaining agreements between 
the employer and the local union. There is no employer liability to 
any of the plans beyond the normal bargained contribution rates 
except in the event of a withdrawal meeting specified criteria or 
in the event of liability for other entities' obligations as governed 
by US federal law. The expected employer contributions to the 
funds for 2015 are €26 million (actual employer contributions in 
the reporting year: €25 million, in the previous year: €23 million). 
Some of the plans in which Deutsche Post DHL Group participates 
are underfunded according to information provided by the funds. 
There is no information from the plans that would indicate any 
change from the contribution rates set by current collective bar-
gaining agreements. Currently, Deutsche Post DHL Group does not 
represent a significant level to any fund in terms of contributions, 
with the exception of one fund where the Group represents the 
largest employer in terms of contributions.
Regarding one multi-employer plan in the Netherlands, cost 
coverage-based contribution rates are set annually by the board 
of the pension fund with the involvement of the Central Bank 
of the Netherlands, and these rates are equal for all participating 
­employers and employees. There is no liability for the employer 
towards the fund beyond the contributions set, even in the case 
of withdrawal or obligations not met by other entities. Any sub-
sequent underfunding ultimately results in the rights of mem-
bers ­being cut and /or no indexation of their rights. The expected 
­employer contributions to the funds for 2015 are €21 million 
(actual ­employer contributions in the reporting year: €21 mil-
lion, in the ­previous year: €21 million). Currently, the plan is not 
underfunded ­according to information provided by the fund. 
Deutsche Post DHL Group does not represent a significant portion 
of the fund in terms of contributions.
Deutsche Post DHL Group — 2014 Annual Report
152

Other provisions
Other provisions are recognised for all legal or constructive obli-
gations to third parties existing at the balance sheet date that have 
arisen as a result of past events, that are expected to result in an 
outflow of future economic benefits and whose amount can be 
measured reliably. They represent uncertain obligations that are 
carried at the best estimate of the expenditure required to settle 
the obligation. Provisions with more than one year to maturity are 
discounted at market rates of interest that reflect the region and 
time to settlement of the obligation. The discount rates used in the 
financial year were between 0 % and 12 % (previous year: 0.25 % and 
11 %). The effects arising from changes in interest rates are recog-
nised in net financial income / net finance cost.
Provisions for restructurings are only established in accord-
ance with the aforementioned criteria for recognition if a detailed, 
formal restructuring plan has been drawn up and communicated 
to those affected.
The technical reserves (insurance) consist mainly of outstand-
ing loss reserves and IBNR (incurred but not reported claims) re-
serves. Outstanding loss reserves represent estimates of obligations 
in respect of actual claims or known incidents expected to give rise 
to claims, which have been reported to the company but which 
have yet to be finalised and presented for payment. Outstanding 
loss reserves are based on individual claim valuations carried out 
by the company or its ceding insurers. IBNR reserves represent 
estimates of obligations in respect of incidents taking place on or 
before the balance sheet date that have not been reported to the 
company. Such reserves also include provisions for potential errors 
in settling outstanding loss reserves. The company carries out its 
own assessment of ultimate loss liabilities using actuarial methods 
and also commissions an independent actuarial study of these each 
year in order to verify the reasonableness of its estimates.
Financial liabilities
On initial recognition, financial liabilities are carried at fair value 
less transaction costs. The price determined on a price-efficient 
and liquid market or a fair value determined using the treasury risk 
management system deployed within the Group is taken as the fair 
value. In subsequent periods the financial liabilities are measured 
at amortised cost. Any differences between the amount received 
and the amount repayable are recognised in income over the term 
of the loan using the effective interest method.
Convertible bond on Deutsche Post AG Shares
The convertible bond on Deutsche Post AG shares is split into an 
equity and a debt component, in line with the contractual arrange-
ments. The debt component, less the transaction costs, is reported 
under financial liabilities (bonds), with interest added up to the 
issue amount over the term of the bond using the effective inter-
est method (unwinding of discount). The value of the call option, 
which allows Deutsche Post AG to redeem the bond early if a speci­
fied share price is reached, is attributed to the debt component in 
accordance with IAS 32.31. The conversion right is classified as an 
equity derivative and is reported in capital reserves. The carry-
ing amount is calculated by assigning to the conversion right the 
­residual value that results from deducting the amount calculated 
separately for the debt component from the fair value of the in-
strument as a whole. The transaction costs are deducted on a pro-
portionate basis.
Liabilities
Trade payables and other liabilities are carried at amortised cost. 
The fair value of the liabilities corresponds more or less to their 
carrying amount.
Deferred taxes
In accordance with IAS 12, deferred taxes are recognised for tem­
porary differences between the carrying amounts in the IFRS 
finan­cial statements and the tax accounts of the individual ­entities. 
­Deferred tax assets also include tax reduction claims which arise 
from the expected future utilisation of existing tax loss carry­
forwards and which are likely to be realised. The recoverability of 
the tax reduction claims is assessed on the basis of each entity’s 
earnings projections which are derived from the Group projections 
and take any tax adjustments into account. The planning horizon 
is five years. 
In compliance with IAS 12.24 (b) and IAS 12.15 (b), deferred 
tax assets or liabilities were only recognised for temporary differ-
ences between the carrying amounts in the IFRS financial state-
ments and in the tax accounts of Deutsche Post  AG where the 
differences arose after 1 January 1995. No ­deferred tax assets or 
liabilities are recognised for temporary differences resulting from 
initial differences in the opening tax accounts of Deutsche Post AG 
as at 1 January 1995. Further details on deferred taxes from tax loss 
carryforwards can be found in 
 Note 30.
In accordance with IAS 12, deferred tax assets and liabil­
ities are calculated using the tax rates applicable in the ­individual 
­countries at the balance sheet date or announced for the time 
when the deferred tax assets and liabilities are realised. The tax rate 
­applied to German Group companies was raised by 0.4 % to 30.2 %, 
based on an improved estimate in the trade tax area. It comprises 
the corporation tax rate plus the solidarity surcharge, as well as 
a municipal trade tax rate that is calculated as the average of the 
different municipal trade tax rates. Foreign Group companies use 
their individual income tax rates to calculate deferred tax items. 
The income tax rates applied for foreign companies amount to up 
to 40 % (previous year: 38 %).
Deutsche Post DHL Group — 2014 Annual Report
153
Consolidated ­Financial Statements — NOTES — Basis of preparation

Income taxes
Income tax assets and liabilities are measured at the amounts for 
which repayments from or payments to the tax authorities are 
­expected to be received or made. Tax-related fines are recognised 
in income taxes if they are included in the calculation of income 
tax liabilities, due to their inclusion in the tax base and /or tax rate.
Contingent liabilities
Contingent liabilities represent possible obligations whose exist-
ence will be confirmed only by the occurrence or non-occurrence 
of one or more uncertain future events not wholly within the con-
trol of the enterprise. Contingent liabilities also include certain 
obligations that will probably not lead to an outflow of resources 
embodying economic benefits, or where the amount of the outflow 
of resources embodying economic benefits cannot be measured 
with sufficient reliability. In accordance with IAS 37, contingent li­
abilities are not recognised as liabilities; 
 Note 51.
8	
Exercise of judgement in applying the accounting policies
The preparation of IFRS-compliant consolidated financial state-
ments requires the exercise of judgement by management. All esti-
mates are reassessed on an ongoing basis and are based on histor-
ical experience and expectations with regard to future events that 
appear reasonable under the given circumstances. For example, this 
applies to assets held for sale. In this case, it must be determined 
whether the assets are available for sale in their present condition 
and whether their sale is highly probable. If this is the case, the 
assets and the associated liabilities are reported and measured as 
assets held for sale and liabilities associated with assets held for sale.
Estimates and assessments made by management
The preparation of the consolidated financial statements in accord-
ance with IFRS s requires management to make certain assump-
tions and estimates that may affect the amounts of the assets and 
liabilities included in the balance sheet, the amounts of income 
and expenses, and the disclosures relating to contingent liabilities. 
Examples of the main areas where assumptions, estimates and the 
exercise of management judgement occur are the recognition of 
provisions for pensions and similar obligations, the calculation of 
discounted cash flows for impairment testing and purchase price 
allocations, taxes and legal proceedings.
Disclosures regarding the assumptions made in connection 
with the Group’s defined benefit retirement plans can be found in 
 Note 44.
The Group has operating activities around the globe and 
is subject to local tax laws. Management can exercise judgement 
when calculating the amounts of current and deferred taxes in the 
relevant countries. Although management believes that it has made 
a reasonable estimate relating to tax matters that are inherently un-
certain, there can be no guarantee that the actual outcome of these 
uncertain tax matters will correspond exactly to the original esti-
mate made. Any difference between actual events and the estimate 
made could have an effect on tax liabilities and deferred taxes in 
the period in which the matter is finally decided. The amount rec-
ognised for deferred tax assets could be reduced if the estimates of 
planned taxable income or the tax benefits achievable as a result of 
tax planning strategies are revised downwards, or in the event that 
changes to current tax laws restrict the extent to which future tax 
benefits can be realised.
Goodwill is regularly reported in the Group’s balance sheet 
as a consequence of business combinations. When an acquisition 
is initially recognised in the consolidated financial statements, all 
identifiable assets, liabilities and contingent liabilities are meas-
ured at their fair values at the date of acquisition. One of the most 
important estimates this requires is the determination of the fair 
values of these assets and liabilities at the date of acquisition. Land, 
buildings and office equipment are generally valued by independ-
ent experts, whilst securities for which there is an active market 
are recognised at the quoted exchange price. If intangible assets 
are identified in the course of an acquisition, their measurement 
can be based on the opinion of an independent external expert 
valuer, depending on the type of intangible asset and the complex-
ity involved in determining its fair value. The independent expert 
determines the fair value using appropriate valuation techniques, 
normally based on expected future cash flows. In addition to the 
assumptions about the development of future cash flows, these 
valuations are also significantly affected by the discount rates used.
Impairment testing for goodwill is based on assumptions 
with respect to the future. The Group carries out these tests 
­annually and also whenever there are indications that goodwill has 
become ­impaired. The recoverable amount of the CGU must then 
be calculated. This amount is the higher of fair value less costs to 
sell and value in use. Determining value in use requires adjust-
ments and ­estimates to be made with respect to forecasted future 
cash flows and the discount rate applied. Although management 
believes that the assumptions made for the purpose of calculating 
the recoverable amount are appropriate, possible unforeseeable 
changes in these assumptions – e.g., a reduction in the EBIT mar-
gin, an increase in the cost of capital or a decline in the long-term 
growth rate – could result in an impairment loss that could neg-
atively affect the Group’s net assets, financial position and results 
of operations.
Deutsche Post DHL Group — 2014 Annual Report
154

Pending legal proceedings in which the Group is involved are 
disclosed in 
 Note 53. The outcome of these proceedings could 
have a significant effect on the net assets, financial position and 
results of operations of the Group. Management regularly analyses 
the information currently available about these proceedings and 
recognises provisions for probable obligations including estimated 
legal costs. Internal and external legal advisers participate in mak-
ing this assessment. In deciding on the necessity for a provision, 
management takes into account the probability of an unfavourable 
outcome and whether the amount of the obligation can be esti-
mated with sufficient reliability. The fact that an action has been 
launched or a claim asserted against the Group, or that a legal dis-
pute has been disclosed in the Notes, does not necessarily mean 
that a provision is recognised for the associated risk.
All assumptions and estimates are based on the circum-
stances prevailing and assessments made at the balance sheet 
date. For the purpose of estimating the future development of the 
business, a realistic assessment was also made at that date of the 
economic environ­ment likely to apply in the future to the different 
sectors and regions in which the Group operates. In the event of 
developments in this general environment that diverge from the 
assumptions made, the actual amounts may differ from the esti-
mated amounts. In such cases, the assumptions made and, where 
necessary, the carrying amounts of the relevant assets and liabil­
ities are adjusted accordingly.
At the date of preparation of the consolidated financial state-
ments, there is no indication that any significant change in the 
­assumptions and estimates made will be required, so that on the 
basis of the information currently available it is not expected that 
there will be significant adjustments in financial year 2015 to the 
carrying amounts of the assets and liabilities recognised in the 
finan­cial statements.
9	
Consolidation methods
The consolidated financial statements are based on the IFRS 
finan­cial statements of Deutsche Post AG and the subsidiaries, 
joint operations and investments accounted for using the equity 
method included in the consolidated financial statements and 
prepared in accordance with uniform accounting policies as at 
31 December 2014.
Acquisition accounting for subsidiaries included in the 
consolidated financial statements uses the purchase method of 
­accounting. The cost of the acquisition corresponds to the fair 
value of the assets given up, the equity instruments issued and 
the liabilities assumed at the transaction date. Acquisition-related 
costs are recognised as expenses. Contingent consideration is rec-
ognised at fair value at the date of initial consolidation.
The assets and liabilities, as well as income and expenses, of 
joint operations are included in the consolidated financial state-
ments in proportion to the interest held in these operations, in 
­accordance with IFRS 11. Accounting for the joint operators’ share 
of the assets and liabilities, as well as recognition and measurement 
of goodwill, use the same methods as applied to the consolidation 
of subsidiaries. 
In accordance with IAS 28, joint ventures and companies on 
which the parent can exercise significant influence (associates) are 
accounted for in accordance with the equity method using the 
purchase method of accounting. Any goodwill is recognised under 
invest­ments accounted for using the equity method.
In the case of step acquisitions, the equity portion previ-
ously held is remeasured at the fair value applicable on the date 
of ­acquisition and the resulting gain or loss recognised in profit 
or loss.
Intra-group revenue, other operating income, and expenses 
as well as receivables, liabilities and provisions between companies 
that are consolidated fully or on a proportionate basis are elimin­
ated. Intercompany profits or losses from intra-group deliveries 
and services not realised by sale to third parties are eliminated. 
Unrealised gains and losses from business transactions with invest-
ments accounted for using the equity method are eliminated on a 
proportionate basis.
Deutsche Post DHL Group — 2014 Annual Report
155
Consolidated ­Financial Statements — NOTES — Basis of preparation

SEGMENT REPORTING 
10	 Segment reporting
Segments by division
€ m
PeP
Express
 Global ­Forwarding, 
Freight
Supply Chain
Corporate 
Center / Other
Consolidation 1
Group
1 Jan. to 31 Dec.
2013 2
2014
2013 2
2014
2013 2
2014
2013 2
2014
2013
2014
2013 2
2014
2013 2
2014
External revenue
15,146
15,546
11,471
12,116
14,087
14,201
14,137
14,627
71
140
0
0
54,912
56,630
Internal revenue
145
140
350
375
700
723
90
110
1,180
1,203
–2,465
–2,551
0
0
Total revenue
15,291
15,686
11,821
12,491
14,787
14,924
14,227
14,737
1,251
1,343
–2,465
–2,551
54,912
56,630
Profit / loss from 
operating activities 
(EBIT)
1,286
1,298
1,083
1,260
478
293
441
465
–421
–352
–2
1
2,865
2,965
of which net income 
from investments 
accounted for using 
the equity method
0
0
1
1
2
2
2
2
0
0
0
0
5
5
Segment assets
5,210
5,384
8,286
8,644
7,608
8,488
5,969
6,401
1,491
1,630
–118
–200
28,446
30,347
of which invest-
ments accounted 
for using the equity 
method
6
6
40
43
21
24
1
2
0
0
0
0
68
75
Segment liabilities
2,645
2,611
2,763
2,985
2,916
3,188
2,900
3,132
845
1,007
–123
–166
11,946
12,757
Capex
452
415
484
571
127
207
277
304
407
380
0
–1
1,747
1,876
Depreciation 
and amortisation
372
335
358
355
90
88
270
267
209
217
0
–1
1,299
1,261
Impairment 
losses
12
5
22
107
0
0
0
1
4
7
0
0
38
120
Total depreciation, 
amortisation and 
impairment losses
384
340
380
462
90
88
270
268
213
224
0
–1
1,337
1,381
Other non-cash 
expenses
282
280
246
177
88
121
107
91
115
80
0
0
838
749
Employees
164,537
164,582
70,462
73,009
43,588
44,311
143,724
146,400
12,907
12,507
0
0
435,218
440,809
1	 Including rounding. 
2	 Prior-period amounts adjusted, 
 Note 4.
The segment liabilities include the non-interest bearing provisions. 
The employee numbers are expressed as average numbers of FTEs.
Information about geographical regions
€ m
Germany
Europe  
(excluding Germany)
Americas
Asia Pacific
Other regions
Group
1 Jan. to 31 Dec.
2013 1
2014
2013 1
2014
2013 1
2014
2013 1
2014
2013 1
2014
2013 1
2014
External revenue
16,983
17,367
17,633
18,501
9,526
9,375
8,526
9,143
2,244
2,244
54,912
56,630
Non-current assets
5,129
5,532
7,015
6,915
3,226
3,515
3,024
3,289
332
373
18,726
19,624
Capex
1,128
1,092
227
300
172
223
165
191
55
70
1,747
1,876
1	 Prior-period amounts adjusted, 
 Note 4.
10.1	
Segment reporting disclosures
Deutsche Post DHL Group reports four operating segments; these 
are managed independently by the responsible segment manage-
ment bodies in line with the products and services offered and 
the brands, distribution channels and customer profiles involved. 
Components of the entity are defined as a segment on the basis of 
the existence of segment managers with bottom-line responsibility 
who report directly to Deutsche Post DHL Group’s top management. 
External revenue is the revenue generated by the divisions 
from non-Group third parties. Internal revenue is revenue gen-
erated with other divisions. If comparable external market prices 
exist for services or products offered internally within the Group, 
these market prices or market-oriented prices are used as transfer 
prices (arm’s length principle). The transfer prices for services for 
which no external market exists are generally based on incremen-
tal costs.
Deutsche Post DHL Group — 2014 Annual Report
156

The expenses for IT services provided in the IT service centres 
are allocated to the divisions by their origin. The additional costs 
resulting from Deutsche Post AG’s universal postal service obliga-
tion (nationwide retail outlet network, delivery every working day), 
and from its obligation to assume the compensation structure as 
the legal successor to Deutsche Bundespost, are allocated to the 
PeP division.
As part of the central management of currency risk, fluctu-
ations between projected and actual exchange rates are fully or 
partially absorbed centrally by Corporate Treasury on the basis of 
division-specific agreements. 
In keeping with internal reporting, capital expenditure 
(capex) is disclosed. Additions to intangible assets net of goodwill 
and to property, plant and equipment are reported in the capex 
figure. Depreciation, amortisation and impairment losses relate to 
the segment assets allocated to the individual divisions. Other non-
cash expenses relate primarily to expenses from the recognition of 
provisions.
The profitability of the Group’s operating areas is measured as 
profit from operating activities (EBIT).
Adjustment of prior-period amounts
Prior-period amounts were adjusted due to the initial application 
of IFRS 10 and IFRS 11 (  Note 4) and the reallocation of companies 
­between the segments in the first and second quarters of 2014. The 
domestic parcel business in Belgium, the Czech Republic, India, 
the Netherlands and Poland was consolidated in the PeP division 
effective 1 January 2014. This business was previously part of the 
Express and Global Forwarding, Freight divisions. In addition, the 
US company Sky Courier Inc. was reallocated from the Express div­
ision to the Global Forwarding, Freight division. The prior-period 
amounts have been adjusted accordingly.
Reflecting the Group’s predominant organisational structure, 
the primary reporting format is based on the divisions. The Group 
distinguishes between the following divisions:
10.2	 Segments by division
Post - eCommerce - Parcel
The Mail division was renamed Post - eCommerce - Parcel (PeP) 
as part of the Group’s ongoing strategic development. The Post - 
eCommerce - Parcel division handles both domestic and inter­
national mail and is a specialist in dialogue marketing, nationwide 
press distribution services and all the electronic services associated 
with mail delivery. In addition to Germany, it also offers domes-
tic parcel services in other markets. It is ­divided into two business 
units: Post, and eCommerce - Parcel. 
EXPRESS
The Express division offers time-definite courier and express ser-
vices to business and private customers. The division comprises 
the Express Europe, Express Americas, Express Asia Pacific and 
Express MEA (Middle East and Africa) business units. 
GLOBAL FORWARDING, FREIGHT
The activities of the Global Forwarding, Freight division comprise 
the transportation of goods by rail, road, air and sea. The division’s 
business units are Global Forwarding and Freight. 
SUPPLY CHAIN
The Supply Chain division delivers customised logistics solutions 
to its customers based on globally standardised modular compo-
nents including warehousing, transport and value-added services. 
In addition, it offers specialised Business Process Outsourcing 
(BPO) and marketing communications solutions tailored to cus-
tomers’ needs. The division’s business units are Supply Chain and 
Williams Lea.
In addition to the reportable segments given above, segment re-
porting comprises the following categories:
Corporate Center / Other
Corporate Center / Other comprises Global Business Services (GBS), 
the Corporate Center, non-operating activities and other busi-
ness activities. The profit / loss generated by GBS is allocated to the 
­operating segments, whilst its assets and liabilities remain with GBS 
(asymmetrical allocation).
Consolidation
The data for the divisions are presented following consolidation 
of interdivisional transactions. The transactions between the div­
isions are eliminated in the Consolidation column.
10.3	 Information about geographical regions
The main geographical regions in which the Group is active are 
Germany, Europe, the Americas, Asia Pacific and Other regions. 
External revenue, non-current assets and capex are disclosed for 
these regions. Revenue, assets and capex are allocated to the indi-
vidual regions on the basis of the domicile of the reporting entity. 
Non-current assets primarily comprise intangible assets, property, 
plant and equipment and other non-current assets.
Deutsche Post DHL Group — 2014 Annual Report
157
Consolidated ­Financial Statements — NOTES — Segment reporting

10.4	 Reconciliation of segment amounts
Reconciliation of segment amounts to consolidated amounts
Reconciliation
€ m
Total for reportable segments
Corporate Center / Other
Reconciliation to Group /  
Consolidation 1
Consolidated amount
 
2013 2
2014
2013
2014
2013 2
2014
2013 2
2014
External revenue
54,841
56,490
71
140
0
0
54,912
56,630
Internal revenue
1,285
1,348
1,180
1,203
–2,465
–2,551
0
0
Total revenue
56,126
57,838
1,251
1,343
–2,465
–2,551
54,912
56,630
Other operating income
1,846
1,915
1,358
1,318
–1,242
–1,217
1,962
2,016
Materials expense
–32,352
–33,420
–1,308
–1,304
2,622
2,682
–31,038
–32,042
Staff costs
–16,802
–17,247
–983
–951
9
9
–17,776
–18,189
Depreciation, amortisation and impairment 
losses
–1,124
–1,158
–213
–224
0
1
–1,337
–1,381
Other operating expenses
– 4,411
– 4,617
–526
–534
1,074
1,077
–3,863
– 4,074
Net income from investments accounted 
for using the equity method
5
5
0
0
0
0
5
5
Profit / loss from operating activities (EBIT)
3,288
3,316
–421
–352
–2
1
2,865
2,965
Net finance costs
–
–
–
–
–
–
–293
–388
Profit before income taxes
–
–
–
–
–
–
2,572
2,577
Income taxes
–
–
–
–
–
–
–361
– 400
Consolidated net profit for the period
–
–
–
–
–
–
2,211
2,177
of which	attributable to
 
 
 
 
 
 
 
 
	
Deutsche Post AG shareholders
–
–
–
–
–
–
2,091
2,071
	
Non-controlling interests
–
–
–
–
–
–
120
106
1	 Including rounding.
2	 Prior-period amounts adjusted, 
 Note 4.
The following table shows the reconciliation of Deutsche Post DHL 
Group’s total assets to the segment assets. Financial assets, income 
tax assets, deferred taxes, cash and cash equivalents as well as add­
itional interest-bearing asset components are deducted.
Reconciliation of segment assets
€ m
2013 ­ 
adjusted 1
2014 
 
Total assets
35,461
36,979
Investment property
–33
–32
Non-current financial assets
–1,123
–1,265
Other non-current assets
–125
–88
Deferred tax assets
–1,327
–1,752
Income tax assets
–167
–172
Receivables and other current assets
–7
–1
Current financial assets
–819
–344
Cash and cash equivalents
–3,414
–2,978
Segment assets
28,446
30,347
of which	Corporate Center / Other
1,491
1,630
	
Total for reportable segments
27,073
28,917
	
Consolidation 2
–118
–200
1	
 Note 4.
2	 Including rounding.
The following table shows the reconciliation of Deutsche Post DHL 
Group’s total liabilities to the segment liabilities. The interest-bear-
ing components of the provisions and liabilities as well as income 
tax liabilities and deferred taxes are deducted.
Reconciliation of segment liabilities
€ m
2013 ­ 
adjusted 1
2014 
 
Total equity and liabilities
35,461
36,979
Equity
–10,034
–9,580
Consolidated liabilities
25,427
27,399
Non-current provisions
–6,729
–8,866
Non-current liabilities
–4,846
– 4,910
Current provisions
–143
–1
Current liabilities
–1,763
–865
Segment liabilities
11,946
12,757
of which	Corporate Center / Other
845
1,007
	
Total for reportable segments
11,224
11,916
	
Consolidation 2
–123
–166
1	
 Note 4.
2	 Including rounding.
Deutsche Post DHL Group — 2014 Annual Report
158

INCOME STATEMENT DISCLOSURES
11	
Revenue
 
€ m
2013 ­ 
adjusted 1
2014 
 
Revenue
54,912
56,630
1	
 Note 4.
Revenue rose by €1,718 million (3 %) year-on-year to €56,630 mil-
lion. The increase was due to the following factors:
Factors affecting revenue increase
€ m
2014
 
Organic growth
2,277
Portfolio changes
–152
Currency translation effects
–407
Total
1,718
As in the prior period, there was no revenue in financial year 2014 
that was generated on the basis of barter transactions.
The further classification of revenue by division and the al-
location of revenue to geographical regions are presented in the 
segment reporting.
12	 Other operating income
 
€ m
2013 ­ 
adjusted 1
2014 
 
Income from the reversal of provisions
206
308
Income from currency translation differences
157
171
Insurance income
191
168
Income from fees and reimbursements
133
159
Income from work performed and capitalised
88
128
Income from the remeasurement of liabilities
100
126
Commission income
105
126
Rental and lease income
136
124
Reversals of impairment losses on receivables 
and other assets
85
97
Income from derivatives
66
68
Gains on disposal of non-current assets
112
64
Income from the derecognition of liabilities
31
53
Income from prior-period billings
71
38
Income from loss compensation
25
28
Subsidies
8
11
Recoveries on receivables previously written off
17
9
Miscellaneous
431
338
Other operating income
1,962
2,016
1	
 Note 4.
Income from the reversal of provisions increased mainly because 
of a change in the assessment of settlement payment obligations 
assumed in the context of the restructuring measures in the USA. 
The probability that this obligation will occur has declined to the 
point where the provision was reversed. A contingent liability in 
the amount of €129 million as at the balance sheet date has been 
recognised for the potential obligation; 
 Note 51.
Subsidies relate to grants for the purchase or production of 
assets. The grants are reported as deferred income and recognised 
in the income statement over the useful lives of the assets.
Miscellaneous other operating income includes a large num-
ber of smaller individual items.
13	 Materials expense
 
€ m
2013 ­ 
adjusted 1
2014 
 
Cost of raw materials, consumables and supplies, 
and of goods purchased and held for resale
Goods purchased and held for resale
1,828
2,052
Aircraft fuel
1,342
1,338
Fuel
848
817
Packaging material
363
354
Spare parts and repair materials
88
96
Office supplies
65
62
Other expenses 
121
112
 
4,655
4,831
Cost of purchased services
Transportation costs
18,222
18,814
Cost of temporary staff
2,005
2,124
Expenses from non-cancellable leases
1,708
1,845
Maintenance costs
969
1,016
IT services
603
617
Expenses from cancellable leases
549
478
Commissions paid
466
462
Expenses for the use of Postbank branches
409
410
Other lease expenses (incidental expenses)
261
265
Other purchased services
1,191
1,180
 
26,383
27,211
Materials expense
31,038
32,042
1	
 Note 4.
The increase in the materials expense is mainly due to higher trans-
portation costs and increased expenses related to goods purchased 
and held for resale for the business with the UK National Health 
Service in the Supply Chain division.
Other expenses include a large number of individual items.
Deutsche Post DHL Group — 2014 Annual Report
159
Consolidated ­Financial Statements — NOTES — Segment reporting — Income statement disclosures

14	
Staff costs / employees
 
€ m
2013 ­ 
adjusted 1
2014 
 
Wages, salaries and compensation
14,300
14,583
of which expenses under Share Matching 
Scheme 2
82
82
of which expenses under Performance Share 
Plan 3
0
3
of which expenses under 2006 SAR Plan / LTIP 4
202
105
Social security contributions 
2,110
2,164
Retirement benefit expenses
883
965
Expenses for other employee benefits
356
344
Expenses for severance payments
127
133
Staff costs
17,776
18,189
1	
 Note 4. 
2	 Settlement by equity instruments and cash payments.
3	 Settlement by equity instruments.
4	 Cash payments.
€55 million of the expenses under the Share Matching Scheme 
(previous year: €62 million) is attributable to cash-settled share-
based payments. This amount corresponds to the obligation at the 
balance sheet date. In addition, expenses of €27 million (previous 
year: €20 million) were incurred for equity-settled share-based 
payments. 
Staff costs relate mainly to wages, salaries and compensation, 
as well as all other benefits paid to employees of the Group for their 
services in the year under review. Social security contributions 
­relate in particular to statutory social security contributions paid 
by employers. 
Retirement benefit expenses include the service cost related 
to the defined benefit retirement plans. Detailed information can 
be found in 
 Note 44. These expenses also include contributions 
to defined contribution retirement plans for civil servants in Ger-
many in the amount of €531 million (previous year: €538 million), 
as well as for the Group’s hourly workers and salaried ­employees – 
particularly in the UK, the USA and the Netherlands – in the 
amount of €276 million (previous year: €286 million).
The average number of Group employees in the year under 
review, broken down by employee group, was as follows:
Employees (annual average)
Headcount
2013 ­ 
adjusted 1
2014 
 
Hourly workers and salaried employees 
433,647
440,973
Civil servants
40,321
37,963
Trainees 
4,935
5,089
Employees
478,903
484,025
1	
 Note 4.
The employees of companies acquired or disposed of during the 
year under review were included rateably. Calculated as full-time 
equivalents, the number of employees as at 31 December 2014 
amounted to 443,784 (31 December 2013, adjusted: 434,974). The 
number of employees at joint operations included in the consoli­
dated financial statements amounted to 202 on a proportionate 
basis (previous year, adjusted: 187).
15	 Depreciation, amortisation and impairment losses
 
€ m
2013 ­ 
adjusted 1
2014 
 
Amortisation of and impairment losses on intangible 
assets, excluding impairment of goodwill
290
271
Depreciation of and impairment losses on property, 
plant and equipment
Land and buildings  
(including leasehold improvements)
173
174
Technical equipment and machinery
252
235
Other equipment, operating and office equipment
206
204
Vehicle fleet, transport equipment
203
216
Aircraft
212
281
 
1,046
1,110
Impairment losses on investment property
1
0
 
1,337
1,381
Impairment of goodwill
0
0
Depreciation, amortisation and impairment losses
1,337
1,381
1	
 Note 4.
Depreciation, amortisation and impairment losses increased by 
€44 million year-on-year to €1,381 million. This figure includes im-
pairment losses of €120 million (previous year: €38 million) that 
are attributable to the segments as follows:
Impairment losses
€ m
2013
2014
 
PeP
Software
12
5
Express
Property, plant and equipment
22
107
Supply Chain
Property, plant and equipment
0
1
Corporate Center / Other
Software
3
5
Property, plant and equipment
0
2
Investment property
1
0
Impairment losses
38
120
As in the previous year, the impairment losses in the Express 
­segment resulted exclusively from aircraft and aircraft parts. 
Deutsche Post DHL Group — 2014 Annual Report
160

16	 Other operating expenses
 
€ m
2013 ­ 
adjusted 1
2014 
 
Expenses for advertising and public relations
341
391
Travel and training costs
316
334
Cost of purchased cleaning and security services
320
319
Insurance costs
272
268
Write-downs of current assets
226
249
Warranty expenses, refunds and compensation 
payments
259
245
Telecommunication costs
219
223
Other business taxes 
226
219
Office supplies
180
178
Consulting costs (including tax advice)
177
170
Currency translation expenses
157
170
Entertainment and corporate hospitality expenses
147
151
Services provided by Bundesanstalt für Post 
und ­Telekommunikation (German federal post 
and telecommunications agency)
93
100
Customs clearance-related charges
74
88
Contributions and fees
88
87
Voluntary social benefits
80
80
Commissions paid
70
66
Legal costs
60
61
Losses on disposal of assets
87
56
Expenses from derivatives
20
48
Monetary transaction costs
40
42
Audit costs
33
32
Expenses from prior-period billings
29
24
Donations
20
21
Miscellaneous
329
452
Other operating expenses
3,863
4,074
1	
 Note 4.
Taxes other than income taxes are either recognised under the 
­related expense item or, if no specific allocation is possible, under 
other operating expenses.
Miscellaneous other operating expenses include a large num-
ber of smaller individual items.
17	
Net income from investments accounted for  
using the equity method
 
€ m
2013 ­ 
adjusted 1
2014 
 
Net income from associates
5
5
Net income from joint ventures
0
0
Net income from investments accounted for  
using the equity method
5
5
1	
 Note 4.
18	 Net finance costs
 
€ m
2013 ­ 
adjusted 1
2014 
 
Financial income
Interest income
92
43
Income from other equity investments  
and financial assets
14
2
Other financial income
76
29
 
182
74
Finance costs
Interest expenses
–365
–358
of which unwinding of discounts for net  
pension provisions and other provisions
–187
–221
Other finance costs
–67
– 65
 
–432
– 423
Foreign currency result
–43
–39
Net finance costs
–293
–388
1	
 Note 4.
The €–95 million change in net finance costs to €388 million is pri-
marily due to interest income from the reversal of a provision for 
interest on tax liabilities, as included in the prior-year figure.
Net finance costs include interest income of €43 million (pre-
vious year: €92 million) as well as interest expenses of €358 million 
(previous year: €365 million). These result from financial assets 
and liabilities that were not measured at fair value through profit 
or loss.
Information on the unwinding of discounted net pension 
provisions can be found in 
 Note 44.6.
19	 Income taxes
 
€ m
2013
2014
 
Current income tax expense
–604
– 604
Current recoverable income tax
198
56
 
–406
–548
Deferred tax expense from temporary differences
–87
–53
Deferred tax income from tax loss carryforwards
132
201
 
45
148
Income taxes
–361
– 400
Deutsche Post DHL Group — 2014 Annual Report
161
Consolidated ­Financial Statements — NOTES — Income statement disclosures

The reconciliation to the effective income tax expense is shown 
­below, based on consolidated net profit before income taxes and 
the expected income tax expense:
Reconciliation
€ m
2013
2014
 
Profit before income taxes
2,572
2,577
Expected income taxes
–766
–778
Deferred tax assets not recognised for initial 
differences 
20
13
Deferred tax assets of German Group companies  
not recognised for tax loss carryforwards and 
temporary differences
242
346
Deferred tax assets of foreign Group companies  
not recognised for tax loss carryforwards and 
temporary differences
51
59
Effect of current taxes from previous years
113
4
Tax-exempt income and non-deductible expenses
–87
–117
Differences in tax rates at foreign companies 
66
73
Income taxes
–361
–400
The difference from deferred tax assets not recognised for initial 
differences is due to temporary differences between the carrying 
amounts in the IFRS financial statements and in the tax accounts of 
Deutsche Post AG that result from initial differences in the opening 
tax accounts as at 1 January 1995. In accordance with IAS 12.15 (b) 
and IAS 12.24 (b), the Group did not recognise any deferred tax 
­assets in respect of these temporary differences, which related 
mainly to property, plant and equipment as well as to provisions 
for pensions and similar obligations. The remaining temporary dif-
ferences between the carrying amounts in the IFRS financial state-
ments and in the opening tax accounts amounted to €319 million 
as at 31 December 2014 (previous year: €366 million).
The effects from deferred tax assets of German Group com­
panies not recognised for tax loss carryforwards and temporary 
differences relate primarily to Deutsche Post AG and members 
of its consolidated tax group. Effects from deferred tax assets of 
­foreign companies not recognised for tax loss carryforwards and 
temporary differences relate primarily to the Americas region. 
€123 million (previous year: €106 million) of the effects from 
deferred tax assets not recognised for tax loss carryforwards and 
temporary differences relates to the reduction of the effective 
­income tax expense due to the utilisation of tax loss carryforwards 
and temporary differences, for which deferred tax assets had previ-
ously not been recognised. In addition, the recognition of deferred 
taxes previously not recognised for tax loss carryforwards and of 
deductible temporary differences from a prior period reduced the 
deferred tax expense by €317 million (previous year: €208 mil-
lion). Effects from unrecognised deferred tax assets amounting to 
€4 million (previous year: €10 million, write-down) were due to 
a valuation allowance recognised for a deferred tax asset. Other 
effects from unrecognised deferred tax assets primarily relate to 
tax loss carryforwards for which no deferred taxes were recognised.
A deferred tax asset in the amount of €17 million (previous 
year: €7 million) was recognised in the balance sheet for companies 
that reported a loss in the previous year or in the current period as, 
based on tax planning, realisation of the tax asset is probable.
In financial year 2014, a change in the tax rate had an insig-
nificant effect on German Group companies. The change in the 
tax rate in some foreign tax jurisdictions did not lead to any sig-
nificant effects.
The effective income tax expense includes prior-period tax 
expenses from German and foreign companies in the amount of 
€4 million (tax income) (previous year: income of €113 million). 
The following table presents the tax effects on the compo-
nents of other comprehensive income:
Other comprehensive income
€ m
Before taxes
Income taxes
After taxes
 
2014
Change due to remeasurements 
of net pension provisions
–2,350
285
–2,065
IFRS 3 revaluation reserve
–2
0
–2
IAS 39 revaluation reserve
112
–10
102
IAS 39 hedging reserve
–92
27
– 65
Currency translation reserve
454
0
454
Other changes in retained earnings
2
0
2
Share of other comprehensive 
income of investments accounted 
for using the equity method
4
0
4
Other comprehensive income
–1,872
302
–1,570
2013, adjusted 1
Change due to remeasurements 
of net pension provisions
–50
36
–14
IFRS 3 revaluation reserve
–1
0
–1
IAS 39 revaluation reserve
77
–8
69
IAS 39 hedging reserve
62
–18
44
Currency translation reserve
–460
0
– 460
Other changes in retained earnings
1
0
1
Share of other comprehensive 
income of investments accounted 
for using the equity method
–1
0
–1
Other comprehensive income
–372
10
–362
1	
 Note 4.
The procedure for calculating the recoverable portion of the de-
ferred tax asset potential relating to pensions was refined during 
the financial year. This led to recognition of a positive tax effect 
in the amount of €221 million in other comprehensive income. As 
regards future effects, it is very difficult to make an estimation be-
cause those effects depend crucially on the change in pension pro-
visions associated with the differences between the IFRS financial 
statements and the tax accounts.
Deutsche Post DHL Group — 2014 Annual Report
162

20	 Consolidated net profit for the period
In financial year 2014, the Group generated consolidated net profit 
for the period of €2,177 million (previous year: €2,211 million). 
Of this figure, €2,071 million (previous year: €2,091 million) was 
­attributable to Deutsche Post AG shareholders.
21	 Non-controlling interests
The net profit attributable to non-controlling interests decreased 
by €14 million from €120 million to €106 million.
22	 Earnings per share
Basic earnings per share are computed in accordance with IAS 33 
(Earnings per Share) by dividing consolidated net profit by the 
­average number of shares. Basic earnings per share for financial 
year 2014 were €1.71 (previous year: €1.73).
Basic earnings per share
 
2013
2014
 
Consolidated net profit for the 
­period attributable to Deutsche 
Post AG shareholders
€ m
2,091
2,071
Weighted average number of shares 
outstanding
number
1,208,910,457
1,209,507,913
Basic earnings per share
€
1.73
1.71
 
To compute diluted earnings per share, the average number of 
shares outstanding is adjusted for the number of all potentially 
­dilutive shares. This item includes the executives’ rights to shares 
under the Performance Share Plan and Share Matching Scheme 
share-based payment systems (as at 31 December 2014: 6,745,501 
shares; previous year: 5,992,349) and the maximum number of 
ordinary shares that can be issued on exercise of the conversion 
rights under the convertible bond issued on 6 December 2012. 
Consolidated net profit for the period attributable to Deutsche 
Post AG shareholders was increased by the amounts spent for the 
convertible bonds.
Diluted earnings per share in the reporting period were €1.64 
(previous year: €1.66).
Diluted earnings per share
 
2013
2014
 
Consolidated net profit for the 
­period attributable to Deutsche 
Post AG shareholders
€ m
2,091
2,071
Plus interest expense on the 
­convertible bond
€ m
6
6
Less income taxes
€ m
1
1
Adjusted consolidated net profit 
for the period attributable to 
Deutsche Post AG shareholders
€ m
2,096
2,076
Weighted average number  
of shares outstanding
number
1,208,910,457
1,209,507,913
Potentially dilutive shares
number
52,944,097
53,243,204
Weighted average number  
of shares for diluted earnings
number
1,261,854,554
1,262,751,117
Diluted earnings per share
€
1.66
1.64
23	 Dividend per share
A dividend per share of €0.85 is being proposed for financial year 
2014. Based on the 1,211,180,262 shares recorded in the commer-
cial register as at 31 December 2014, this corresponds to a dividend 
distribution of €1,030 million. In the previous year the dividend 
amounted to €0.80 per share. Further details on the dividend dis-
tribution can be found in 
 Note 42.
 
Deutsche Post DHL Group — 2014 Annual Report
163
Consolidated ­Financial Statements — NOTES — Income statement disclosures

BALANCE SHEET DISCLOSURES
24	 Intangible assets
24.1	 Overview
 
€ m
Internally 
generated 
intangible 
assets
Purchased 
brand names
Purchased 
customer lists
Other 
purchased 
intangible 
assets
Goodwill
Advance 
payments and 
intangible 
assets under 
development
Total
 
Cost
Balance at 1 January 2013 
adjusted 1
1,083
502
944
1,497
12,056
134
16,216
Additions from business combinations
1
0
0
4
31
0
36
Additions
39
0
0
79
0
126
244
Reclassifications
23
0
0
22
0
–36
9
Disposals
–30
0
0
–90
–22
–1
–143
Currency translation differences
–3
–12
–36
–33
–295
–1
–380
Balance at 31 December 2013 / 1 January 2014
1,113
490
908
1,479
11,770
222
15,982
Additions from business combinations
1
0
0
0
2
0
3
Additions
18
0
0
70
0
212
300
Reclassifications
48
19
0
12
0
–39
40
Disposals
–30
0
0
–53
–2
–4
–89
Currency translation differences
1
35
67
26
477
1
607
Balance at 31 December 2014
1,151
544
975
1,534
12,247
392
16,843
Amortisation and impairment losses
Balance at 1 January 2013 
adjusted 1
821
457
560
1,093
1,138
0
4,069
Additions from business combinations
1
0
0
2
0
0
3
Amortisation
99
0
58
118
0
0
275
Impairment losses
0
0
0
15
0
0
15
Reclassifications
2
0
0
–1
0
0
1
Reversals of impairment losses
0
0
0
0
0
0
0
Disposals
–28
0
0
–81
–5
0
–114
Currency translation differences
–2
–10
–26
–25
–36
0
–99
Balance at 31 December 2013 / 1 January 2014
893
447
592
1,121
1,097
0
4,150
Additions from business combinations
0
0
0
0
0
0
0
Amortisation
87
0
54
120
0
0
261
Impairment losses
10
0
0
0
0
0
10
Reclassifications
12
0
0
–13
0
2
1
Reversals of impairment losses
0
0
0
0
0
0
0
Disposals
–24
0
0
–43
0
0
– 67
Currency translation differences
1
31
44
19
41
0
136
Balance at 31 December 2014
979
478
690
1,204
1,138
2
4,491
Carrying amount at 31 December 2014
172
66
285
330
11,109
390
12,352
Carrying amount at 31 December 2013
220
43
316
358
10,673
222
11,832
1	
 Note 4.
Purchased software, concessions, industrial rights, licences and 
similar rights and assets are reported under purchased intangible 
assets. Internally generated intangible assets relate to development 
costs for internally developed software. 
Other than goodwill, only brand names that are acquired in 
their entirety are considered to have indefinite useful lives.
Deutsche Post DHL Group — 2014 Annual Report
164

The additions to goodwill of €2 million relate to StreetScooter 
GmbH. Of the disposals of goodwill, €1 million relates to Hull 
Blyth Angola Viagens and €1 million to the Digital Solutions Busi-
ness;  
 Note 2.
24.2	 Allocation of goodwill to CGU s
 
€ m
2013  
adjusted 1
2014 
 
Total goodwill
10,673
11,109
Post - eCommerce - Parcel
877
906
Express
3,890
3,918
Global Forwarding, Freight
DHL Global Forwarding
3,662
3,919
DHL Freight
273
275
Supply Chain
DHL Supply Chain
1,560
1,645
Williams Lea
411
446
1	
 Note 4.
For the purposes of annual impairment testing in accordance with 
IAS 36, the Group determines the recoverable amount of a CGU on 
the basis of its value in use. This calculation is based on projections 
of free cash flows that are initially discounted at a rate correspond-
ing to the post-tax cost of capital. Pre-tax discount rates are then 
determined iteratively.
The cash flow projections are based on the detailed planning 
for EBIT, depreciation / amortisation and investment planning 
adopted by management, as well as changes in net working capital, 
and take both internal historical data and external macroeconomic 
data into account. From a methodological perspective, the detailed 
planning phase covers a three-year planning horizon from 2015 to 
2017. It is supplemented by a perpetual annuity representing the 
value added from 2018 onwards. This is calculated using a long-
term growth rate, which is determined for each CGU separately 
and which is shown in the table below. The growth rates applied 
are based on long-term real growth figures for the relevant econ-
omies, growth expectations for the relevant sectors and long-term 
inflation forecasts for the countries in which the CGU s operate. The 
cash flow forecasts are based both on past experience and on the 
effects of the anticipated future general market trend. In addition, 
the forecasts take into account growth in the respective geograph­
ical submarkets and in global trade, and the ongoing trend towards 
outsourcing logistics activities. Cost trend forecasts for the trans-
portation network and services also have an impact on value in use.
The pre-tax cost of capital is based on the weighted average 
cost of capital. The (pre-tax) discount rates for the individual CGU s 
and the growth rates assumed in each case for the perpetual annu-
ity are shown in the following table:
 
%
Discount rates
Growth rates
 
2013
2014
2013
2014
Supply Chain
DHL Supply Chain
9.3
8.4
2.5
2.5
Williams Lea
9.1
7.8
2.0
2.0
Global Forwarding, Freight
DHL Freight
9.4
8.6
2.0
2.0
DHL Global Forwarding
9.2
8.3
2.5
2.5
Post - eCommerce - Parcel
8.8
8.3
0.5
0.5
Express
9.5
9.3
2.0
2.0
On the basis of these assumptions and the impairment tests car-
ried out for the individual CGU s to which goodwill was allocated, it 
was established that the recoverable amounts for all CGU s exceed 
their carrying amounts. No impairment losses were recognised on 
goodwill in any of the CGU s as at 31 December 2014.
When performing the impairment test, Deutsche Post DHL 
Group conducted sensitivity analyses as required by IAS 36.134. 
These analyses did not reveal any risk of impairment to goodwill.
Deutsche Post DHL Group — 2014 Annual Report
165
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

25	 Property, plant and equipment
25.1	 Overview
 
€ m
Land  
and buildings
Technical 
equipment 
and machinery
Other 
­equipment, 
operating 
and office 
equipment
Aircraft
Vehicle fleet 
and transport 
equipment
Advance 
payments and 
assets under 
development
Total
 
Cost
Balance at 1 January 2013 
adjusted 1
4,532
4,004
2,517
2,054
2,114
262
15,483
Additions from business combinations
1
13
3
0
4
0
21
Additions
214
150
189
27
283
640
1,503
Reclassifications
73
177
44
228
25
–548
–1
Disposals
–155
–197
–180
–150
–238
–10
–930
Currency translation differences
–96
–88
–86
–16
–30
–6
–322
Balance at 31 December 2013 / 1 January 2014
4,569
4,059
2,487
2,143
2,158
338
15,754
Additions from business combinations
0
1
1
0
0
0
2
Additions
138
100
155
35
358
790
1,576
Reclassifications
51
361
–30
116
52
–589
–39
Disposals
–172
–206
–200
–465
–261
–17
–1,321
Currency translation differences
90
88
61
24
19
11
293
Balance at 31 December 2014
4,676
4,403
2,474
1,853
2,326
533
16,265
Depreciation and impairment losses
Balance at 1 January 2013 
adjusted 1
2,172
2,730
1,945
885
1,097
1
8,830
Additions from business combinations
1
12
2
0
4
0
19
Depreciation
173
249
206
193
203
0
1,024
Impairment losses
0
3
0
19
0
0
22
Reclassifications
0
–1
1
0
0
0
0
Reversals of impairment losses
0
0
0
–1
0
0
–1
Disposals
–93
–151
–166
–125
–206
0
–741
Currency translation differences
–55
–53
–66
–7
–18
0
–199
Balance at 31 December 2013 / 1 January 2014
2,198
2,789
1,922
964
1,080
1
8,954
Additions from business combinations
0
0
0
0
0
0
0
Depreciation
171
235
203
175
216
0
1,000
Impairment losses
3
0
1
106
0
0
110
Reclassifications
1
49
–50
0
0
0
0
Reversals of impairment losses
0
0
0
0
0
0
0
Disposals
–106
–190
–192
–446
–229
0
–1,163
Currency translation differences
58
59
48
10
12
0
187
Balance at 31 December 2014
2,325
2,942
1,932
809
1,079
1
9,088
Carrying amount at 31 December 2014
2,351
1,461
542
1,044
1,247
532
7,177
Carrying amount at 31 December 2013
2,371
1,270
565
1,179
1,078
337
6,800
1	
 Note 4.
Advance payments relate only to advance payments on items of 
property, plant and equipment for which the Group has paid ad-
vances in connection with uncompleted transactions. Assets under 
development relate to items of property, plant and equipment in 
progress at the balance sheet date for whose production internal or 
third-party costs have already been incurred. 
Deutsche Post DHL Group — 2014 Annual Report
166

25.2	 Finance leases
The following assets are carried as non-current assets resulting 
from finance leases:
 
€ m
2013
2014
 
Land and buildings
155
142
Technical equipment and machinery
3
2
Other equipment, operating and office equipment
10
12
Aircraft
160
84
Vehicle fleet and transport equipment
2
2
Finance leases
330
242
The reduction in aircraft is attributable to impairment losses, as 
part of the aircraft fleet was taken out of service earlier than ex-
pected. Information on the corresponding liabilities can be found 
under financial liabilities; 
 Note 46.4.
26	 Investment property
26.1	 Overview
 
€ m
2013
2014
 
Cost
At 1 January
53
43
Additions
2
7
Reclassifications
–8
–1
Disposals
–4
–8
Currency translation differences
0
1
At 31 December
43
42
Depreciation
At 1 January
10
10
Additions
1
0
Impairment losses
1
0
Disposals
–2
0
Reclassifications
0
0
At 31 December
10
10
Carrying amount at 31 December
33
32
 
The investment property largely comprises leased property encum-
bered by heritable building rights, and developed and undeveloped 
land in Germany, the USA, Iran and Angola. The term property 
also covers undeveloped land.
The additions mainly relate to a new property in Angola. The 
disposals are attributable to the sale of a property in the USA and 
the reclassification of a property as held for sale.
Rental income for investment property amounted to €3 mil-
lion (previous year: €1 million), whilst the related expenses were 
€1 million (previous year: less than €1 million). The fair value 
amounted to €65 million (previous year: €74 million).
26.2	 Fair value measurement under IFRS 13
The following table shows the fair value of the investment property 
measured by valuation technique.
Investment property
€ m
Carrying 
amount
Fair value
Level 1 1
Level 2 2
Level 3 3
 
31 December 2014
Property – Germany
18
51
–
13
38
Property – Angola
7
7
–
4
3
Property – USA
6
6
–
6
–
Property – Iran
1
1
–
1
–
Total
32
65
–
24
41
31 December 2013
Property – Germany
21
58
–
14
44
Property – Angola
2
2
–
–
2
Property – USA
10
14
–
14
–
Total
33
74
–
28
46
1	 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
2	 Quoted market prices that are observable directly (as a price) or indirectly (derived from the price). 
3	 Inputs that are not based on observable market data.
Deutsche Post DHL Group — 2014 Annual Report
167
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

Fair value is determined using the comparison, investment and 
discounted cash flow (DCF) methods. Valuations are based on 
external and /or internal expert opinions as well as offered quotes. 
In some cases, inputs are based on criteria such as the size, age 
and condition of the land and buildings, the local economy and 
comparable prices, and are adjusted accordingly. Important inputs 
include the price per square metre or acre, or the ­expected rental 
income. 
There were no transfers between levels in financial years 2013 
and 2014.
27	 Investments accounted for using the equity method
Investments accounted for using the equity method changed 
as follows:
 
€ m
Associates
Joint ventures
Total
 
2013 ­ 
adjusted 1
2014 
2013 ­ 
adjusted 1
2014 
2013 ­ 
adjusted 1
2014 
Balance at 1 January
60
62
6
6
66
68
Disposals
0
–2
0
0
0
–2
Changes in Group’s share of equity
Changes recognised in profit or loss
5
5
0
0
5
5
Profit distributions
–2
0
0
0
–2
0
Changes recognised in other comprehensive income
–1
4
0
0
–1
4
Balance at 31 December
62
69
6
6
68
75
1	
 Note 4.
The complete list of investments in associates and joint ventures  
can be found in the list of the Group’s shareholdings in accordance 
with section 313 (2) nos. 1 to 4 and section 313 (3) of the HGB at 
 www.dpdhl.com/en/investors.html.
27.1	
Investments in associates 
The following table gives an aggregated overview of the carrying 
amount in the consolidated financial statements and selected 
finan­cial data (adjusted for the interest held) for those associates 
which, both individually and in the aggregate, are not of material 
significance for the Group. 
Aggregate financial data for associates
€ m
2013
2014
 
Carrying amount in the consolidated financial 
statements
62
69
Profit / loss before income taxes
5
4
Profit / loss after income taxes
5
3
Other comprehensive income
–1
4
Total comprehensive income
4
7
 
27.2	 Joint ventures 
The carrying amounts of the companies that were previously pro-
portionately consolidated and are now accounted for using the 
­equity method are lower than €1 million.
The following table presents in aggregated form the carrying 
amount and selected financial data of all interests in all joint ven-
tures which, both individually and in the aggregate, are immaterial. 
The figures represent the Group’s interests.
Aggregate financial data for joint ventures
€ m
2013
2014
 
Carrying amount in the consolidated financial 
statements
6
6
Profit / loss before income taxes
0
0
Profit / loss after income taxes
0
0
Other comprehensive income
0
0
Total comprehensive income
0
0
 
Deutsche Post DHL Group — 2014 Annual Report
168

28	 Non-current financial assets
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Available-for-sale financial assets
162
256
288
Loans and receivables
736
728
834
Assets at fair value through profit 
or loss
115
107
192
Lease receivables
25
32
49
Non-current financial assets
1,038
1,123
1,363
1	
 Note 4.
Write-downs of non-current financial assets amounting to €8 mil-
lion (previous year: €4 million) were recognised in the income 
statement as the value of the assets had decreased. As in the pre-
vious year, the entire amount is attributable to assets at fair value 
through profit or loss.
Compared with the market rates of interest prevailing at 
31 December 2014 for comparable non-current financial ­assets, 
most of the housing promotion loans are low-interest or interest-­
free loans. They are recognised in the balance sheet at a present value 
of €12 million (previous year: €20 million). The principal amount 
of these loans totals €13 million (previous year: €22 million). 
Details on restraints on disposal are contained in 
 Note 50.2.
29	 Other non-current assets
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Pension assets
198
120
88
Miscellaneous
103
67
63
Other non-current assets
301
187
151
1	
 Note 4.
Information on pension assets can be found in 
 Note 44.
30	 Deferred taxes
30.1	 Overview
 
€ m
2013 
2014
 
Deferred tax assets
1,327
1,752
Deferred tax liabilities
124
84
30.2	 Breakdown by balance sheet item
 
€ m
2013
2014
 
Assets
Liabilities
Assets
Liabilities
Intangible assets
33
171
62
156
Property, plant and 
­equipment
110
47
117
52
Non-current financial assets
8
55
0
70
Other non-current assets
42
38
36
42
Other current assets
71
63
39
26
Provisions
358
27
649
36
Financial liabilities
28
18
4
51
Other liabilities
150
17
154
8
Tax loss carryforwards
839
–
1,048
–
Gross amount
1,639
436
2,109
441
Netting
–312
–312
–357
–357
Carrying amount
1,327
124
1,752
84
€948 million (previous year: €738 million) of the deferred taxes on 
tax loss carryforwards relates to tax loss carryforwards in Germany 
and €100 million (previous year: €101 million) to foreign tax loss 
carryforwards.
No deferred tax assets were recognised for tax loss carry­
forwards of around €10.2 billion (previous year: €11.2 billion) and 
for temporary differences of around €5,082 million (previous year: 
€4,113 million), as it can be assumed that the Group will probably 
not be able to use these tax loss carryforwards and temporary dif-
ferences in its tax planning.
Most of the tax loss carryforwards are attributable to Deutsche 
Post AG. It will be possible to utilise them for an indefinite period 
of time. In the case of the foreign companies, the significant tax 
loss carryforwards will not lapse before 2023. 
Deferred taxes have not been recognised for temporary dif-
ferences of €726 million (previous year: €631 million) relating to 
earnings of German and foreign subsidiaries because these tempor­
ary differences will probably not reverse in the foreseeable future.
Deutsche Post DHL Group — 2014 Annual Report
169
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

30.3	 Maturity structure
 
€ m
Short-term
Long-term
Netting
Total
 
2014
Deferred tax assets
308
1,801
–357
1,752
Deferred tax 
liabilities
106
335
–357
84
2013
Deferred tax assets
486
1,153
–312
1,327
Deferred tax 
liabilities
169
267
–312
124
 
31	 Inventories
Standard costs for inventories of postage stamps and spare parts 
in freight centres amounted to €15 million (previous year: €15 mil-
lion). There was no requirement to charge significant valuation 
­allowances on these inventories.
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Raw materials, consumables 
and supplies 
208
203
233
Finished goods and goods 
­purchased and held for resale
52
69
69
Work in progress
60
126
28
Advance payments
1
4
2
Inventories
321
402
332
1	
 Note 4.
32	 Current financial assets
 
€ m
2013
2014
 
Available-for-sale financial assets
611
208
Financial assets at fair value through profit or loss
140
75
Loans and receivables
63
61
Lease receivables
7
7
Current financial assets
821
351
 
The change in current financial assets is primarily attributable to 
the liquidation of short-term investments in money market funds.
Of the available-for-sale financial assets, €208 million (pre-
vious year: €611 million) was measured at fair value. Details on 
­restraints on disposal are contained in 
 Note 50.2.
33	 Trade receivables
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Trade receivables
6,400
6,490
7,227
Deferred revenue
534
528
596
Receivables from Group companies
6
4
2
Trade receivables
6,940
7,022
7,825
1	
 Note 4.
34	 Other current assets
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Prepaid expenses
680
636
687
Current tax receivables
491
490
541
Receivables from private postal 
agencies
148
157
147
Income from cost absorption
61
71
87
Creditors with debit balances
43
33
48
Receivables from loss compensation 
(recourse claims)
25
25
36
Receivables from employees 
23
25
27
Receivables from insurance business
20
20
40
Receivables from sale of assets 
0
6
6
Receivables from cash-on-delivery 
7
5
4
Miscellaneous other assets
657
755
792
Other current assets
2,155
2,223
2,415
1	
 Note 4.
Of the tax receivables, €396 million (previous year: €366 million) 
relates to VAT, €101 million (previous year: €83 million) to customs 
and duties, and €44 million (previous year: €41 million) to other 
tax receivables. Miscellaneous other assets include a large number 
of individual items.
35	 Income tax assets and liabilities
 
€ m
1 Jan. 2013  
2013  
adjusted 1
2014 
 
Income tax assets
127
167
172
Income tax liabilities
–534
–429
– 446
1	
 Note 4.
All income tax assets and liabilities are current and have maturities 
of less than one year.
Deutsche Post DHL Group — 2014 Annual Report
170

36	 Cash and cash equivalents
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Cash equivalents
883
2,077
1,686
Bank balances / cash in transit
1,395
1,199
1,226
Cash
14
22
22
Other cash and cash equivalents
103
116
44
Cash and cash equivalents
2,395
3,414
2,978
1	
 Note 4.
Of the €2,978 million in cash and cash equivalents, €770 million 
was not available for general use by the Group as at the balance 
sheet date. Of this amount, €680 million was attributable to 
­countries where exchange controls or other legal restrictions ­apply 
(mostly China, India and Pakistan) and €90 million to ­companies 
with non-controlling interest holders as well as to cash funds 
­administered on a trust basis.
37	 Assets held for sale and liabilities associated  
with assets held for sale
37.1	
Overview
The amounts reported under this item mainly relate to the follow-
ing items:
 
€ m
Assets
Liabilities
 
2013
2014
2013
2014
Exel Inc., USA – property (Supply Chain segment)
2
4
0
0
Deutsche Post DHL Corporate Real Estate Management GmbH Co. Logistikzentren KG, Germany –  
property (Corporate Center / Other)
20
0
0
0
Deutsche Post AG – property (Corporate Center / Other)
20
0
0
0
DHL Aviation (Netherlands) B.V., the Netherlands – aircraft (Express segment)
0
0
0
0
Assets held for sale and liabilities associated with assets held for sale
42
4
0
0
The term property also covers undeveloped land.
Exel Inc.
Of the properties held for sale in the previous year, one was sold 
in the course of the financial year and one was reclassified as in-
vestment property, as it is no longer intended to be sold. Another 
property was reclassified from investment property to assets held 
for sale as it is planned to be sold. The most recent appraisal of the 
assets prior to reclassification did not indicate any impairment.
Deutsche Post DHL Corporate Real Estate Management 
Gmbh & Co. Logistikzentren KG
The planned sale of a property announced in financial year 2013 
was completed in the fourth quarter of 2014. The most recent 
­appraisal of the assets prior to reclassification as assets held for sale 
and liabilities associated with assets held for sale did not result in 
any impairment.
Deutsche Post AG
The planned sale of two properties by Deutsche Post AG, which 
was announced in financial year 2013, has been completed. The 
most recent appraisal of the assets prior to reclassification did not 
indicate any impairment.
DHL Aviation (Netherlands) B. V.
As part of early fleet renewal activities, DHL Aviation (Nether-
lands) B.V. plans to reduce its legacy aircraft fleet by 11 aircraft. The 
most recent measurement prior to reclassification led to an impair-
ment loss of €102 million.
Deutsche Post DHL Group — 2014 Annual Report
171
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

37.2	 Fair value measurement under IFRS 13
In accordance with IFRS 5, assets held for sale and liabilities asso-
ciated with assets held for sale are no longer depreciated or amor-
tised, but are recognised at the lower of their fair value less costs to 
sell and their carrying amount. 
The following table shows how the fair values were measured 
on a non-recurring basis using different inputs.
Non-recurring fair value measurements
€ m
Level 1 1
Level 2 2
Level 3 3
 
31 December 2014
USA – property
–
4
–
Netherlands – aircraft
–
–
0 
31 December 2013
Germany – property
–
–
40
USA – property
–
2
–
1	 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
2	 Quoted market prices that are observable directly (as a price) or indirectly  
(derived from the price). 
3	 Inputs that are not based on observable market data.
As in the previous year, external expert appraisals are used to de-
termine the fair value of the property held for sale in the USA. The 
comparison method is used to determine fair value. The inputs that 
are assigned to level 2 are partly based on criteria such as the size, 
age and condition of the land and buildings, the local economic 
situation and comparable prices, and are adjusted accordingly. The 
principal input is the price per acre. 
The fair value of the aircraft held for sale is determined based 
on an analysis of the market and the purchase offer by a potential 
buyer.
The fair values of the properties held for sale by Deutsche 
Post AG and Deutsche Post DHL Corporate Real Estate Manage-
ment GmbH & Co. Logistikzentren KG classified under level 3 in 
the previous year were determined based on the purchase offers by 
potential buyers.
There were no transfers between levels in financial year 2014.
38	 Issued capital and purchase of treasury shares
38.1	 Share capital
As in the previous year, KfW Bankengruppe (KfW) held a 21 % 
interest in the share capital of Deutsche Post AG as at 31 Decem-
ber 2014. The remaining 79 % of the shares were in free float. KfW 
holds the shares in trust for the Federal Republic of Germany.
38.2	 Issued capital and purchase of treasury shares
The issued capital amounts to €1,211 million. It is composed of 
1,211,180,262 no-par value registered shares (ordinary shares) with 
a notional interest in the share capital of €1 per share and is fully 
paid up. 
Changes in issued capital
€
2013
2014
 
Balance at 1 January
1,209,015,874
1,209,015,874
Addition due to 1st capital increase
0
656,915
Addition due to 2nd capital increase
0
1,507,473
Issued capital pursuant to the commercial register
1,209,015,874
1,211,180,262
Treasury shares acquired
–1,313,727
–3,158,717
Treasury shares issued
1,313,727
1,651,244
Balance at 31 December
1,209,015,874
1,209,672,789
As at 31 December 2014, Deutsche Post AG held 1,507,473 treasury 
shares (previous year: no treasury shares). Changes in treasury 
shares are presented in the statement of changes in equity.
Authorised / contingent capital at 31 December 2014
Amount  
€ m
Purpose
 
Authorised Capital 2009 
 
0 
 
Increase in share capital 
against cash / non-cash contri-
butions (until 20 April 2014)
Authorised Capital 2013 
 
240 
 
Increase in share capital 
against cash / non-cash contri-
butions (until 28 May 2018)
Contingent Capital 2011 
75 Issue of options / conversion 
rights (24 May 2016)
Contingent Capital 2013 
75 Issue of options / conversion 
rights (28 May 2018)
Contingent Capital 2014 
40 Issue of subscription rights 
to executives (26 May 2019)
 
Deutsche Post DHL Group — 2014 Annual Report
172

Authorised Capital 2009
As resolved by the Annual General Meeting on 21 April 2009, the 
Board of Management was authorised, subject to the consent of the 
Supervisory Board, to issue up to 240 million new, no-par value 
registered shares until 20 April 2014 in exchange for cash and /or 
non-cash contributions and thereby increase the company’s share 
capital. Shareholders generally have subscription rights. The Board 
of Management has not made use of such authorisation. Since this 
authorisation lapsed on 20 April 2014, the Annual General Meet-
ing on 29 May 2013 resolved to replace it with a new authorisation 
for the same amount (Authorised Capital 2013).
Authorised Capital 2013
As resolved by the Annual General Meeting on 29 May 2013, the 
Board of Management is authorised, subject to the consent of the 
Supervisory Board, to issue up to 240 million new, no-par value 
registered shares until 28 May 2018 in exchange for cash and /or 
non-cash contributions and thereby increase the company’s share 
capital. Shareholders generally have subscription rights. However, 
subject to the approval of the Supervisory Board, the Board of 
Management may disapply the shareholders’ subscription rights to 
the shares covered by the authorisation.
Deutsche Post AG’s Board of Management resolved, with 
the consent of the Supervisory Board, to make partial use of the 
authorisation granted to it by the Annual General Meeting on 
29 May 2013 in accordance with article 5 (2) of the Articles of 
Association of Deutsche Post AG (Authorised Capital 2013), to in-
crease Deutsche Post AG’s share capital by €656,915.00 by issuing 
656,915 new no-par value registered shares with a notional interest 
in the share capital of €1.00 per share in exchange for cash contri-
butions. The capital increase was entered in the commercial regis-
ter of the Bonn Local Court on 12 March 2014. The shares partici-
pated in the consolidated net profit for 2013.
The Board of Management resolved, with the consent of the 
Supervisory Board, to make further partial use of the authorisa-
tion granted to it by the Annual General Meeting on 29 May 2013 
in accordance with article 5 (2) of the Articles of Association of 
Deutsche Post AG (­Authorised Capital 2013), to increase Deutsche 
Post AG’s share capital by €1,507,473.00 by issuing 1,507,473 new 
no-par value registered shares with a notional interest in the share 
capital of €1.00 per share in exchange for cash contributions. The 
capital increase was entered in the commercial register of the Bonn 
Local Court on 11 December 2014. The shares participate in the 
consolidated net profit for 2014.
Implementation of the capital increases entailed transaction 
costs of €0.7 million.
Contingent Capital 2011
In its resolution dated 25 May 2011, the Annual General Meeting 
authorised the Board of Management, subject to the consent of 
the Supervisory Board, to issue bonds with warrants, convertible 
bonds and /or income bonds as well as profit participation certifi-
cates, or a combination thereof, in an aggregate principal amount 
of up to €1 billion, on one or more occasions until 24 May 2016, 
thereby granting options or conversion rights for up to 75 million 
shares with a proportionate interest in the share capital not to 
­exceed €75 million.
Based on this authorisation, Deutsche Post AG issued a €1 bil-
lion convertible bond on 6 December 2012, allowing holders to 
convert the bond into up to 48 million Deutsche Post AG shares. 
Full use was made of the authorisation by issuing the bond. The 
share capital is increased on a contingent basis by up to €75 million.
Contingent Capital 2013
In its resolution dated 29 May 2013, the Annual General Meeting 
authorised the Board of Management, subject to the consent of 
the Supervisory Board, to issue bonds with warrants, convertible 
bonds and /or income bonds as well as profit participation certifi-
cates, or a combination thereof, in an aggregate principal amount 
of up to €1.5 billion, on one or more occasions until 28 May 2018, 
thereby granting options or conversion rights for up to 75 million 
shares with a proportionate interest in the share capital not to 
­exceed €75 million. The share capital is increased on a contingent 
basis by up to €75 million. No use was made of the authorisation 
in the reporting year.
Contingent Capital 2014
On 27 May 2014, the Annual General Meeting of Deutsche Post AG 
resolved to authorise the Board of Management to contingently 
­increase the share capital by up to €40 million through the issue 
of up to 40 million new no-par value registered shares. The contin-
gent capital increase serves to grant subscription rights to selected 
Group executives. The subscription rights may only be issued 
based on the aforementioned Annual General Meeting resolution 
of 27 May 2014. The contingent capital increase will only be im-
plemented to the extent that shares are issued based on the sub-
scription rights granted and the company does not settle the sub-
scription rights by cash payment or delivery of treasury shares. The 
new shares participate in profit from the beginning of the finan­cial 
year in which they are issued. The share capital is increased on a 
­contingent basis by up to €40 million.
Deutsche Post DHL Group — 2014 Annual Report
173
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

38.3	 Authorisation to acquire treasury shares
In financial year 2014, use was made of the authorisation to ­acquire 
treasury shares granted until 27 April 2015 by the Annual ­General 
Meeting on 28 April 2010 and extended on 9 May 2012. The 
­Annual General Meeting on 27 May 2014 resolved to revoke the 
authorisation as of the effective date of the new authorisation. By 
way of a resolution adopted by the Annual General ­Meeting on 
27 May 2014, the company continues to be authorised to ­acquire 
treasury shares in the period to 26 May 2019 of up to 10 % of 
the share capital existing when the resolution was adopted. The 
author­isation permits the Board of Management to exercise it for 
every purpose permitted by law, and in particular to pursue the 
goals mentioned in the resolution by the Annual General Meeting. 
Treasury shares acquired on the basis of the authorisation, 
with shareholders’ subscription rights disapplied, may continue 
to be used for the purposes of listing on a stock exchange outside 
­Germany. In addition, the Board of Management remains author-
ised to acquire treasury shares using derivatives. 
As part of the Share Matching Scheme, Deutsche Post AG 
­issued a total of 1,651,244 shares to executives in the current finan-
cial year. To this end, 656,915 shares were acquired on the market 
for a total of €17 million in the first quarter of 2014. The average 
purchase price per share was €25.83. A further 990,269 shares were 
acquired for a total of €28 million and an average purchase price 
per share of €28.10 in the second and third quarter. Furthermore, 
4,060 shares that were required in addition, were bought for a pur-
chase price per share of €25.08 in the fourth quarter.
The treasury shares acquired to settle the 2010 tranche of the 
Share Matching Scheme for executives due in 2015 (shares allo-
cated to participating executives) were purchased for a total price 
of €40 million. The average purchase price per share was €26.59.
As at 31 December 2014, Deutsche Post AG held 1,507,473 
treasury shares.
38.4	 Disclosures on corporate capital
The equity ratio was 25.9 % in financial year 2014 (previous year: 
28.3 %). The company’s capital is monitored using the net gearing 
ratio, which is defined as net debt divided by the total of equity and 
net debt.
Corporate capital
€ m
2013
2014
 
Total financial liabilities
5,896
5,080
Less cash and cash equivalents
–3,414
–2,978
Less current financial assets
–821
–351
Less long-term deposits
–55
–60
Less non-current derivative financial instruments
–107
–192
Net debt
1,499
1,499
Plus total equity
10,034
9,580
Total capital
11,533
11,079
Net gearing ratio (%)
13.0
13.5
39	 Capital reserves
An amount of €101 million was transferred to the capital reserves 
in the period up to 31 December 2014. Of this amount, €44 mil-
lion was attributable to the Share Matching Scheme (31 Decem-
ber 2013: €35 million), €3 million to the Performance Share Plan 
and €16 million and €38 million to the capital increases; 
 Note 38.
Capital reserves
€ m
2013
2014
 
At 1 January
2,254
2,269
Addition / issue of rights under Share Matching 
Scheme
2009 tranche
1
1
2010 tranche
3
4
2011 tranche
4
4
2012 tranche
17
4
2013 tranche
10
21
2014 tranche
0
10
Total additions
35
44
Exercise of rights under Share Matching Scheme
2009 tranche – matching shares
0
–8
2012 tranche – investment and incentive shares
–20
0
2013 tranche – investment and incentive shares
0
–23
Total exercised
–20
–31
Total for Share Matching Scheme
15
13
Addition / issue of rights under Performance Share 
Plan
2014 tranche
0
3
Capital increases
0
54
Capital reserves at 31 December
2,269
2,339
The exercise of the rights to shares under the 2009 and 2013 
tranches reduced the capital reserves by €31 million (previous year: 
€20 million for the 2012 tranche) due to the issuance of treasury 
shares in this amount to the executives.
On issue of the convertible bond on Deutsche Post AG shares, 
the conversion right in the amount of €74 million was recognised 
in capital reserves; 
 Note 46.
40	 Other reserves
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
IFRS 3 revaluation reserve
3
2
0
IAS 39 revaluation reserve 
–1
68
170
IAS 39 hedging reserve
–7
37
–28
Currency translation reserve
–469
–924
– 483
Other reserves
–474
–817
–341
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
174

40.1	 IFRS 3 revaluation reserve
 
€ m
2013
2014
 
At 1 January 
3
2
Changes recognised in other comprehensive income
–1
–2
IFRS 3 revaluation reserve at 31 December
2
0
 
The IFRS 3 revaluation reserve includes the hidden reserves of DHL 
Logistics Co. Ltd., China, from purchase price allocation. These 
are attributable to the customer relationships contained in the 50 % 
­interest held previously and to adjustments to deferred taxes.
40.2	 IAS 39 revaluation reserve
 
€ m
2013
2014
 
At 1 January
0
77
Currency translation differences
1
6
Comprehensive income
Changes from unrealised gains and losses
76
107
Changes from realised gains and losses
0
0
IAS 39 revaluation reserve at 31 December  
before tax
77
190
Deferred taxes
–9
–20
IAS 39 revaluation reserve at 31 December  
after tax
68
170
The revaluation reserve comprises gains and losses from changes 
in the fair value of available-for-sale financial assets that have 
been recognised in other comprehensive income. This reserve is 
reversed to profit or loss either when the assets are sold or other-
wise disposed of, or if their value is significantly or permanently 
impaired.
40.3	 IAS 39 hedging reserve
The hedging reserve is adjusted by the effective portion of a cash 
flow hedge. The hedging reserve is reversed to profit or loss when 
the hedged item is settled.
 
€ m
2013
2014
 
At 1 January
–3
59
Comprehensive income
Changes from unrealised gains and losses
111
–73
Changes from realised gains and losses
–49
–19
IAS 39 hedging reserve at 31 December before tax
59
–33
Deferred taxes
–22
5
IAS 39 hedging reserve at 31 December after tax
37
–28
The change in the hedging reserve is mainly the result of the 
­recognition of previously unrealised gains and losses from ­hedging 
­future operating currency transactions. In the financial year, 
­realised gains of €70 million and realised losses of €51 million were 
recognised in other comprehensive income (previous year: realised 
losses of €26 million and realised gains of €75 million). Deferred 
taxes have been recognised in respect of the hedging reserve.
40.4	 Currency translation reserve
 
€ m
2013  
adjusted 1
2014 
 
At 1 January 
–469
–924
Transactions with non-controlling interests
–5
0
Comprehensive income
Changes from unrealised gains and losses
–451
441
Changes from realised gains and losses
1
0
Currency translation reserve at 31 December
–924
– 483
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
175
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

41	 Retained earnings
As well as the undistributed consolidated profits generated in prior 
periods, retained earnings also contain the effects from trans­
actions with non-controlling interests.
 
€ m
2013  
adjusted 1
2014 
 
At 1 January
6,017
7,183
Dividend payment
–846
–968
Consolidated net profit for the period
2,091
2,071
Change due to remeasurements of net pension 
provisions
–15
–2,061
Transactions with non-controlling interests
– 62
–6
Miscellaneous other changes
–2
–51
Retained earnings at 31 December
7,183
6,168
1	
 Note 4.
The dividend payment to Deutsche Post AG shareholders of 
€968 million was made in May 2014. This corresponds to a divi-
dend of €0.80 per share.
For information on the change due to remeasurements of net 
pension provisions, see 
 Note 44.6.
Changes in treasury shares are presented in the statement of 
changes in equity.
42	 Equity attributable to Deutsche Post AG shareholders
The equity attributable to Deutsche Post AG shareholders in finan-
cial year 2014 amounted to €9,376 million (1 January 2013, adjusted: 
€9,006 million; 31 December 2013, adjusted: €9,844 million).
Dividends
Dividends paid to the shareholders of Deutsche Post AG are based 
on the net retained profit of €1,645 million reported in Deutsche 
Post  AG’s annual financial statements in accordance with the 
Handels­gesetzbuch (HGB – German Commercial Code). The 
amount of €615 million remaining after deduction of the planned 
total dividend of €1,030 million (which corresponds to €0.85 per 
share) will be carried forward.
 
Total dividend 
€ m
Dividend  
per share  
€
 
Dividend distributed in financial year 2014  
for the year 2013
968
0.80
Dividend distributed in financial year 2013  
for the year 2012
846
0.70
 
As the dividend is paid in full from the tax-specific capital 
­contribution account (steuerliches Einlagekonto as defined by sec-
tion 27 of the Körperschaftssteuergesetz (KStG – German Corpor­
ation Tax Act)) (contributions not made to subscribed capital), 
payment will be made without the deduction of capital gains 
tax or the solidarity surcharge. The dividend is tax exempt for 
share­holders resident in Germany. It does not ­entitle recipients 
to a tax refund or a tax credit. In terms of taxation, the dividend 
­distribution is considered as a repayment of ­contributions from the 
capital ­contribution ­account and – in the opinion of the tax author-
ities – serves to ­reduce the cost of acquiring the shares.
43	 Non-controlling interests
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Non-controlling interests
207
190
204
1	
 Note 4.
This balance sheet item includes adjustments for the interests of 
non-Group shareholders in the consolidated equity from acquisi-
tion accounting, as well as their interests in profit or loss.
The following table shows the companies to which the ma­
terial non-controlling interests relate:
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
DHL Sinotrans International  
Air Courier Ltd., China
107
115
143
Blue Dart Express Limited, India
29
23
8
Exel Saudia LLC, Saudi Arabia
6
8
6
Tradeteam Limited, UK
13
0
0
Other companies
52
44
47
Non-controlling interests
207
190
204
1	
 Note 4.
The following two companies hold material non-controlling 
interests: 
DHL Sinotrans International Air Courier Ltd., China, which 
has been assigned to the Express segment, provides ­domestic 
and international express delivery and transport services. 
Deutsche Post DHL Group holds a 50 % share in the company. 
Blue Dart Express Limited (Blue Dart), India, is a courier service 
provider which has been assigned to the PeP segment. Deutsche 
Post AG holds a share of 75 % in Blue Dart. 
Deutsche Post DHL Group — 2014 Annual Report
176

The following table gives an overview of aggregated financial data 
for material non-controlling interests:
Financial data for material non-controlling interests
€ m
Sinotrans
Blue Dart
 
2013
2014
2013
2014
Balance sheet
ASSETS
Non-current assets
139
124
65
76
Current assets
310
365
67
69
Total ASSETS
449
489
132
145
EQUITY AND LIABILITIES
Non-current provisions and liabilities
1
8
4
47
Current provisions and liabilities
218
194
35
49
Total EQUITY AND LIABILITIES
219
202
39
96
Net assets
230
287
93
49
Non-controlling interests
115
143
23
8
Income statement
Revenue
978
1,163
239
272
Profit before income taxes
218
260
25
23
Income taxes
55
66
11
19
Profit / loss after income taxes
163
194
14
4
Other comprehensive income 
–1
19
–18
9
Total comprehensive income
162
213
–4
13
attributable to non-controlling interests
79
106
–1
3
Dividend distributed to non-controlling interests
82
78
5
14
Consolidated net profit attributable to non-controlling interests
79
97
3
1
Cash flow statement
Net cash from operating activities
156
109
16
2
Net cash used in / from investing activities
–19
–15
5
14
Net cash used in financing activities
–163
–156
–21
–14
Net change in cash and cash equivalents
–26
–62
0
2
Cash and cash equivalents at 1 January
196
173
5
4
Effect of changes in exchange rates on cash and cash equivalents
3
34
–1
0
Cash and cash equivalents at 31 December
173
145
4
6
Deutsche Post DHL Group — 2014 Annual Report
177
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

The portion of other comprehensive income attributable to 
non-controlling interests largely relates to the currency translation 
reserve. The changes are shown in the following table:
 
€ m
2013
2014
 
Balance at 1 January
–5
–11
Transactions with non-controlling interests
5
0
Comprehensive income
Changes from unrealised gains and losses 
–11
17
Changes from realised gains and losses
0
0
Currency translation reserve at 31 December
–11
6
 
The changes in transactions with non-controlling interests without 
change of control are presented in the following table: 
Transactions with non-controlling interests
€ m
2013
2014
 
Currency 
translation 
reserve
Retained 
earnings
Total
Currency 
translation 
reserve
Retained 
earnings
Total
Giorgio Gori Group, Italy
0
–62
–62
0
16
16
Tradeteam Limited, UK
–4
10
6
0
0
0
Blue Dart Express Limited, India
0
0
0
0
–10
–10
Other
–1
–10
–11
0
–12
–12
Total
–5
–62
–67
0
–6
– 6
44	 Provisions for pensions and similar obligations
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Provisions for pensions and similar 
obligations
5,216
5,016
7,226
1	
 Note 4.
The Group’s substantial defined benefit retirement plans are in 
­Germany and the UK. 
In Germany, Deutsche Post AG has occupational retirement 
arrangements dating back to 1997 based on a collective agreement, 
which are open to new hourly workers and salaried employees. 
These arrangements are based on fixed benefit amounts and pro-
vide for monthly payments as from the statutory retirement age, 
depending on length of service and the wage / salary level achieved. 
Annual increases in the fixed amounts during the service period 
and in the pension payments are linked to agreed percentages, i.e., 
1.45 % for active hourly workers and salaried employees and 1.00 % 
for retirees. The plan also provides for invalidity benefits and surviv-
ing dependents’ benefits. Negative past service cost was recognised 
in the previous year due to an internal change in the conditions for 
access to certain invalidity benefits. Retirement arrange­ments with 
a similar structure are available to executives below the manage-
ment board level and to specific ­employee groups who can make 
use of deferred compensation.
The large majority of Deutsche Post AG’s obligations relates to 
the vested entitlements of hourly workers and salaried ­employees 
on the transition date in 1997 and to legacy pension commitments 
towards former hourly workers and salaried employees who 
had left or retired from the company by the transition date. The 
amounts individually determined for the vested entitlements of 
the active hourly workers and salaried employees are subject to an 
­annual rate of increase of 1.45 %. 
Deutsche Post AG’s overall pension plan is based on the 
­Betriebsrentengesetz (BetrAVG – German Occupational Pension 
Act), in addition to collective agreements and other relevant docu­
ments. The prime source of external funding is a captive trust 
that also services a support fund and a pension fund. The trust 
is funded on a case-by-case basis in line with the Group’s finance 
strategy and, in the case of the support fund, on an ongoing basis 
in line with tax law options. In the case of the pension fund the 
super­visory funding requirements can, in principle, be met with-
out additional employer contributions. The support fund’s govern-
ing bodies ­include both Deutsche Post AG employees and former 
employees. Part of the plan assets is invested in real estate that is 
leased out to the Group on a long-term basis. In addition, some 
of the legacy pension commitments use Versorgungsanstalt der 
Deutschen Bundespost (VAP), a joint pension fund operated by the 
Deutsche Bundespost successor companies.
Deutsche Post DHL Group — 2014 Annual Report
178

Individual subsidiaries in Germany have retirement plans 
that were acquired in the context of acquisitions and transfers of 
operations and that are closed to new entrants. 
In the UK, the Group’s defined benefit pension arrangements 
have largely been closed to new entrants for a number of years. In 
addition, Deutsche Post DHL Group committed itself to a change 
in its pension strategy in the UK on 26 November 2013, and these 
arrange­ments are now also largely closed for further service accrual, 
with effect from 1 April 2014. As a result, negative past service cost 
was recognised in the prior year (shown in the tables below before 
closure costs and transitional payments). Since 1 April 2014, the 
employees affected have been able to participate in a defined con-
tribution arrangement. 
Currently, one single defined benefit pension arrangement 
of the Group in the UK remains open to existing employees, who 
have not yet chosen to join, or to new employees as a result of a 
business transfer from the UK government. It provides for monthly 
payments from retirement, depending on length of service and 
final salary. In addition, a pension commencement lump sum is 
payable. Indexation of pension payments is linked to inflation. 
This arrangement also includes invalidity benefits and surviving 
dependents’ benefits.
The majority of the Group’s (defined benefit) arrangements 
in the UK have been consolidated into a group plan with different 
sections for the participating divisions. These are largely funded 
via a group trust. The amount of the employer contributions must 
be negotiated with the trustee in the course of funding valuations. 
The trustee’s directors are Group employees, former employees and 
non-Group third parties, all of whom are required to be independ-
ent. Employee beneficiaries make their own funding contributions 
in the case of the remaining open defined benefit arrangement. The 
group plan is mainly governed by the corresponding trust deed 
and rules and the UK Pensions Acts.
A wide variety of other defined benefit retirement plans in 
the Group are to be found in the Netherlands, Switzerland, the USA 
and a large number of other countries.
In the Netherlands, collective agreements require that those 
employees who are not covered by a sector-specific plan participate 
in a dedicated defined benefit retirement plan. Following a change 
in the plan in the year under review, the benefit plan is no longer 
based on final salary, but exclusively provides for annual accruals 
from 1 January 2015. In addition, a new pensionable salary cap is 
applied in accordance with the relevant Dutch laws. Consequently, 
negative past service cost had to be recognised in the year under 
review. The dedicated defined benefit retirement plan provides for 
monthly benefit payments that increase in line with the agreed 
wage and salary increases on the one hand and the funds available 
for such increases on the other.
In Switzerland, employees receive an occupational pension 
in line with statutory requirements, depending on the contribu-
tions paid, an interest rate that is fixed each year, certain annuity 
factors and any pension increases specified. On 9 December 2014, 
a change in the plan was resolved which will lead to a change, from 
1 January 2015, in the annuity factors in particular. Consequently, 
negative past service cost was recognised in the year under review.
In the USA, the companies’ defined benefit plans have been 
closed to new entrants and accrued entitlements have been frozen.
The Group companies in these three countries primarily use 
joint funding institutions within the Group. In the Netherlands 
and in Switzerland, both employers and employees contribute to 
plan funding. In the USA no contributions are currently made to 
the companies’ defined benefit plans. In the year under review, 
there were no material amendments, curtailments or settlements 
affecting the Group’s defined benefit plans in the Other area, be-
yond the two plan changes in the Netherlands and Switzerland 
mentioned above.
Various risks arise in the context of defined benefit plans. Of 
these risks, the interest rate risk and investment risk in particular 
are still deemed to be significant.
The information below on pension obligations is broken 
down into the following areas: Germany, UK and Other.
Deutsche Post DHL Group — 2014 Annual Report
179
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

44.1	 Calculation of the balance sheet items
The balance sheet items were calculated as follows:
 
€ m
Germany
UK
Other
Total
 
31 December 2014
Present value of defined benefit obligations at 31 December
10,453
5,247
2,399
18,099
Fair value of plan assets at 31 December
–4,228 
–4,750 
–1,986 
–10,964 
Surplus (–) / deficit (+) at 31 December
6,225
497
413
7,135
Effect of asset ceilings at 31 December
0
1
2
3
Net pension provisions at 31 December
6,225
498
415
7,138
Reported separately
Pension assets at 31 December
0
3
85
88
Provisions for pensions and similar obligations at 31 December
6,225
501
500
7,226
31 December 2013
Present value of defined benefit obligations at 31 December
8,438
4,395
1,963
14,796
Fair value of plan assets at 31 December
–4,119 
–4,034 
–1,752 
–9,905 
Surplus (–) / deficit (+) at 31 December
4,319
361
211
4,891
Effect of asset ceilings at 31 December
0
1
4
5
Net pension provisions at 31 December
4,319
362
215
4,896
Reported separately
Pension assets at 31 December
0
18
102
120
Provisions for pensions and similar obligations at 31 December
4,319
380
317
5,016
 
In the Other area, the Netherlands, Switzerland and the USA 
­account for a share in the corresponding present value of the 
defined benefit obligations of 43 %, 22 % and 13 %, respectively 
(31 ­December 2013: 42 %, 24 % and 11 %). 
Additionally, rights to reimbursement from former Group 
companies existed in the Group in Germany in the amount of 
around €17 million (31 December 2013: €14 million) which are re-
ported separately. Consequently, benefit payments are being made 
directly by the former Group companies.
Deutsche Post DHL Group — 2014 Annual Report
180

44.2	 Present value of defined benefit obligations
The present value of defined benefit obligations changed as follows:
 
€ m
Germany
UK
Other
Total
 
2014
Present value of defined benefit obligations at 1 January
8,438
4,395
1,963
14,796
Current service cost, excluding employee contributions
110
14
39
163
Interest cost on defined benefit obligations
312
202
69
583
Actuarial gains (–) / losses (+) – changes in demographic assumptions
0
–88 
15
–73 
Actuarial gains (–) / losses (+) – changes in financial assumptions
2,057
627
375
3,059
Actuarial gains (–) / losses (+) – experience adjustments
–12 
–26 
–5 
– 43 
Past service cost
6
0
–20 
–14 
Settlement gains (–) / losses (+) 
0
0
0
0
Employee contributions
11
4
15
30
Benefit payments
–469 
–189 
–94 
–752 
Settlement payments
0
0
0
0
Transfers
0
0
1
1
Acquisitions / divestitures
0
0
0
0
Currency translation effects
0
308
41
349
Present value of defined benefit obligations at 31 December
10,453
5,247
2,399
18,099
2013
Present value of defined benefit obligations at 1 January
8,608
4,116
2,051
14,775
Current service cost, excluding employee contributions
111
34
41
186
Interest cost on defined benefit obligations
314
176
66
556
Actuarial gains (–) / losses (+) – changes in demographic assumptions
–33 
237
5
209
Actuarial gains (–) / losses (+) – changes in financial assumptions
–68 
156
–103 
–15 
Actuarial gains (–) / losses (+) – experience adjustments
25
0
3
28
Past service cost
–58 
–75 
–3 
–136 
Settlement gains (–) / losses (+) 
0
0
0
0
Employee contributions
10
11
15
36
Benefit payments
–471 
–173 
–77 
–721 
Settlement payments
0
0
–2 
–2 
Transfers
3
0
1
4
Acquisitions / divestitures
–3 
0
–1 
– 4 
Currency translation effects
0
–87 
–33 
–120 
Present value of defined benefit obligations at 31 December
8,438
4,395
1,963
14,796
 
The significant financial assumptions are as follows:
 
%
Germany
UK
Other
Total
 
31 December 2014
Discount rate
2.25
3.50
2.33
2.62
Expected annual rate of future salary increase
2.50
3.00
2.05
2.43
Expected annual rate of future pension increase
2.00
2.59
0.92
2.07
31 December 2013
Discount rate
3.75
4.50
3.48
3.94
Expected annual rate of future salary increase
2.50
4.50
2.12
3.06
Expected annual rate of future pension increase
2.00
2.96
1.06
2.20
 
Deutsche Post DHL Group — 2014 Annual Report
181
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

The discount rates for defined benefit obligations in the euro zone 
and the UK were each derived from an individual yield curve 
comprising the yields of AA-rated corporate bonds. Membership-­
related factors were taken into account. For other countries, the 
discount rate was determined in a similar way, ­provided there was 
a deep market for AA-rated (or, to some ­extent, AA and AAA-rated) 
corporate bonds. By contrast, government bond yields were used 
for countries without a deep market for such ­corporate bonds.
For the annual pension increase in Germany, agreed rates in 
particular must be taken into account in addition to the assump-
tions shown. The effective weighted average therefore amounts to 
1.00 % (2013: 1.00 %).
The significant demographic assumptions made relate to life 
expectancy and mortality. For the German Group companies, they 
were calculated using the Richttafeln 2005 G mortality tables pub-
lished by Klaus Heubeck. Life expectancy for the British retirement 
plans was based on the S1PMA / S1PFA tables of the Continuous 
­Mortality Investigation of the Institute and Faculty of Actuaries 
­adjusted to reflect plan-specific mortality. Other countries used 
their own, current standard mortality tables.
If one of the significant financial assumptions were to change, 
the present value of the defined benefit obligations would change 
as follows: 
 
%
Change in 
assumption
Change in present value  
of defined benefit obligations
 
 
Germany
UK
Other
Total
31 December 2014
Discount rate 
+1.00 
–1.00
–13.57 
17.85
–16.06 
19.78
–14.43 
18.75
–14.40 
18.53
Expected annual rate of future salary increase 
+0.50 
–0.50
0.18 
–0.17
0.11 
–0.10
1.17 
–1.10
0.29 
– 0.27
Expected annual rate of future pension increase 
+0.50 
–0.50
0.41 
–0.37
5.07 
–3.18
6.13 
–4.37
2.51 
–1.71
31 December 2013
Discount rate 
+1.00 
–1.00
–12.31 
15.63
–16.14 
19.58
–13.41 
17.20
–13.59 
17.01
Expected annual rate of future salary increase 
+0.50 
–0.50
0.17 
–0.15
1.06 
–1.21
1.44 
–1.30
0.60 
– 0.62
Expected annual rate of future pension increase 
+0.50 
–0.50
0.30 
–0.27
4.09 
–4.08
5.81 
–4.14
2.15 
–1.91
 
These are effective weighted changes in the present value of the var-
ious defined benefit obligations, e.g., taking into account the largely 
fixed nature of the pension increase for Germany.
A one-year increase in life expectancy for a 65-year-old bene-
ficiary would increase the present value of the defined benefit obli-
gations by 4.64 % in Germany (previous year: 4.63 %) and by 3.80 % 
in the UK (previous year: 3.53 %). The corresponding increase for 
other countries would be 2.08 % (previous year: 2.40 %), for a total 
increase of 4.06 % (previous year: 4.01 %). 
When determining the sensitivity disclosures, the present 
values were calculated using the same methodology used to cal-
culate the present values at the reporting date. The presentation 
does not take into account interdependencies between the assump-
tions; rather, it supposes that the assumptions change in isolation. 
This would be unusual in practice, since assumptions are often 
correlated.
The weighted average duration of the Group’s defined bene­
fit obligations at 31 December 2014 was 15.9 years in Germany 
(31 December 2013: 14.3 years) and 18.2 years in the UK (31 Decem-
ber 2013: 18.5 years). In the other countries it was 16.8 years (31 De-
cember 2013: 15.5 years), and in total it was 16.7 years (31 Decem-
ber 2013: 15.7 years). 
A total of 30.8 % (31 December 2013: 27.6 %) of the present 
value of the defined benefit obligations was attributable to active 
beneficiaries, 16.8 % (31 December 2013: 16.2 %) to terminated 
bene­ficiaries and 52.4 % (31 December 2013: 56.2 %) to retirees.
Deutsche Post DHL Group — 2014 Annual Report
182

44.3	 Fair value of plan assets
The fair value of the plan assets changed as follows:
 
€ m
Germany
UK
Other
Total
 
2014
Fair value of plan assets at 1 January
4,119
4,034
1,752
9,905
Interest income on plan assets
153
186
60
399
Return on plan assets excluding interest income
45
369
177
591
Other administration costs in accordance with IAS 19.130
0
–6 
–3 
–9 
Employer contributions
194
69
27
290
Employee contributions
0
4
15
19
Benefit payments
–278 
–189 
–84 
–551 
Settlement payments
0
0
0
0
Transfers
–5 
0
1
– 4 
Acquisitions / divestitures
0
0
0
0
Currency translation effects
0
283
41
324
Fair value of plan assets at 31 December
4,228
4,750
1,986
10,964
2013
Fair value of plan assets at 1 January
4,129
3,936
1,693
9,758
Interest income on plan assets
153
168
54
375
Return on plan assets excluding interest income
30
96
50
176
Other administration costs in accordance with IAS 19.130
0
–6 
–3 
–9 
Employer contributions
143
83
37
263
Employee contributions
0
11
15
26
Benefit payments
–337 
–173 
–66 
–576 
Settlement payments
0
0
–2 
–2 
Transfers
1
0
0
1
Acquisitions / divestitures
0
0
0
0
Currency translation effects
0
–81 
–26 
–107 
Fair value of plan assets at 31 December
4,119
4,034
1,752
9,905
 
The fair value of the plan assets can be broken down as follows: 
 
€ m
Germany
UK
Other
Total
 
31 December 2014
Equities
785
1,000
694
2,479
Fixed income securities
1,402
3,072
845
5,319
Real estate 
1,121
175
203
1,499
Alternatives
299
449
39
787
Insurances
576
0
108
684
Cash
42
40
19
101
Other 
3
14
78
95
Fair value of plan assets 
4,228
4,750
1,986
10,964
31 December 2013
Equities
622
872
632
2,126
Fixed income securities
1,227
2,488
658
4,373
Real estate 
1,030
150
193
1,373
Alternatives
314
469
53
836
Insurances
582
0
92
674
Cash
205
14
33
252
Other 
139
41
91
271
Fair value of plan assets 
4,119
4,034
1,752
9,905
 
Deutsche Post DHL Group — 2014 Annual Report
183
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

Quoted prices in an active market exist for around 81 % (previ-
ous year: 80 %) of the total fair values of plan assets. Most of the 
remain­ing assets for which no such quoted market prices exist are 
attributable as follows: 12 % (previous year: 12 %) to real estate, 6 % 
(previous year: 6 %) to insurances, 1 % (previous year: 1 %) to alter-
natives and 0 % (previous year: 1 %) to other. The majority of the 
investments on the active markets are globally diversified, with 
country-specific focus areas.
Real estate with a fair value of €1,106 million (previous year: 
€1,016 million) is used by Deutsche Post AG itself. Otherwise, as 
in the previous year, no plan assets were used by the Group and 
no transferable own financial instruments were held as plan assets.
Asset-liability studies are performed at regular intervals 
in Germany, the UK and, amongst other places, the Netherlands, 
Switzer­land and the USA to examine the match between assets and 
liabilities; the strategic allocation of plan assets is adjusted in line 
with this. 
44.4	 Effect of asset ceilings
In the UK and Switzerland, the plan rules for one retirement plan 
in each case required a surplus to be capped to a certain extent to 
reach the level of the present value of the benefits (asset ceiling). 
Apart from this, asset ceilings had no effect as at 31 December 2014, 
as in the previous year. See the table under 
 Note 44.1 for amounts 
and changes compared with the previous year.
44.5	 Net pension provisions
Net pension provisions changed as follows:
 
€ m
Germany
UK
Other
Total
 
2014
Net pension provisions at 1 January
4,319
362
215
4,896
Service cost 1
116
20
22
158
Net interest cost
159
16
9
184
Remeasurements 
2,000
144
206
2,350
Employer contributions
–194 
–69 
–27 
–290 
Employee contributions
11
0
0
11
Benefit payments
–191 
0
–10 
–201 
Settlement payments
0
0
0
0
Transfers
5
0
0
5
Acquisitions / divestitures
0
0
0
0
Currency translation effects
0
25
0
25
Net pension provisions at 31 December
6,225
498
415
7,138
2013
Net pension provisions at 1 January
4,479
181
358
5,018
Service cost 1
53
–35 
41
59
Net interest cost
161
8
12
181
Remeasurements 
–106 
297
–141 
50
Employer contributions
–143 
–83 
–37 
–263 
Employee contributions
10
0
0
10
Benefit payments
–134 
0
–11 
–145 
Settlement payments
0
0
0
0
Transfers
2
0
1
3
Acquisitions / divestitures
–3 
0
–1 
– 4 
Currency translation effects
0
–6 
–7 
–13 
Net pension provisions at 31 December
4,319
362
215
4,896
1	 Including administration costs in accordance with IAS 19.130 from plan assets.
Payments amounting to €453 million are expected with regard to 
net pension provisions in 2015. Of this amount, €199 million is 
attributable to the Group’s expected direct benefit payments and 
€254 million to expected employer contributions to pension funds.
Deutsche Post DHL Group — 2014 Annual Report
184

44.6	 Components of defined benefit cost 
The components of defined benefit cost are as follows: 
 
€ m
Germany
UK
Other
Total
 
2014
Current service cost, excluding employee contributions
110
14
39
163
Past service cost
6
0
–20 
–14 
Settlement gains (–) / losses (+)
0
0
0
0
Other administration costs in accordance with IAS 19.130
0
6
3
9
Service cost 1
116
20
22
158
Interest cost on defined benefit obligations
312
202
69
583
Interest income on plan assets
–153 
–186 
–60 
–399 
Interest on the effect of asset ceilings
0
0
0
0
Net interest cost
159
16
9
184
Actuarial gains (–) / losses (+) – total
2,045
513
385
2,943
Return on plan assets excluding interest income
–45 
–369 
–177 
–591 
Change in effect of asset ceilings excluding interest
0
0
–2 
–2 
Remeasurements 
2,000
144
206
2,350
Cost of defined benefit plans 
2,275
180
237
2,692
2013
Current service cost, excluding employee contributions
111
34
41
186
Past service cost
–58 
–75 
–3 
–136 
Settlement gains (–) / losses (+)
0
0
0
0
Other administration costs in accordance with IAS 19.130
0
6
3
9
Service cost 1
53
–35 
41
59
Interest cost on defined benefit obligations
314
176
66
556
Interest income on plan assets
–153 
–168 
–54 
–375 
Interest on the effect of asset ceilings
0
0
0
0
Net interest cost
161
8
12
181
Actuarial gains (–) / losses (+) – total
–76 
393
–95 
222
Return on plan assets excluding interest income
–30 
–96 
–50 
–176 
Change in effect of asset ceilings excluding interest
0
0
4
4
Remeasurements 
–106 
297
–141 
50
Cost of defined benefit plans 
108
270
–88 
290
1	 Including administration costs in accordance with IAS 19.130 from plan assets.
€158 million of the cost of defined benefit plans (previous year: 
€59 million) related to staff costs, €184 million (previous year: 
€181 million) to net other finance costs and €2,350 million (previ-
ous year: €50 million) to other comprehensive income. 
44.7	 Risk
A number of risks that are material to the company and the plans 
exist in relation to the defined benefit plans. Opportunities for risk 
mitigation are used in line with the specifics of the plans concerned.
Interest rate risk
A decrease (increase) in the discount rate would lead to an increase 
(decrease) in the present value of the total obligation and would 
in principle be accompanied by an increase (decrease) in the fair 
value of the fixed income securities contained in the plan assets. 
Other hedges are made, in some cases using derivatives.
Inflation risk
Pension obligations – especially final salary schemes or schemes 
involving increases during the pension payment phase – can be 
linked directly or indirectly to inflation. The risk of rates of infla-
tion increasing to the present value of the defined benefit obliga-
tions has been mitigated in the case of Germany, for example, by 
switching to an arrangement involving fixed benefit amounts. In 
the case of the UK, the risk has been mitigated by largely closing the 
defined benefit arrangements and setting a fixed rate of increase or, 
to some extent, by capping increases or providing for lump sum 
payments in some cases. Additionally, there is a positive correl­
ation with interest.
Deutsche Post DHL Group — 2014 Annual Report
185
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

Investment risk
The investment is in principle subject to a large number of risks; in 
particular, it is exposed to the risk that market prices may change. 
This is managed primarily by ensuring broad diversification and 
using risk overlays. 
Longevity risk
Longevity risk may arise in connection with the benefits payable in 
the future due to a future increase in life expectancy. This is miti-
gated in particular by using current standard mortality tables when 
calculating the present value of the defined benefit obligations. The 
mortality tables used in Germany and the UK, for example, include 
an allowance for expected future increases in life expectancy.
45	 Other provisions
45.1	 Overview
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Other non-current provisions
1,954
1,589
1,556
Other current provisions
1,667
1,752
1,545
Other provisions
3,621
3,341
3,101
1	
 Note 4.
Other provisions break down into the following main types of 
provision:
 
€ m
Non-current
Current
Total
 
2013  
adjusted 1
2014 
2013  
adjusted 1
2014 
2013  
adjusted 1
2014 
Other employee benefits
745
705
311
278
1,056
983
Restructuring provisions
109
93
425
209
534
302
Technical reserves (insurance)
402
435
203
211
605
646
Postage stamps
0
0
400
350
400
350
Tax provisions
0
0
116
98
116
98
Miscellaneous provisions
333
323
297
399
630
722
Other provisions
1,589
1,556
1,752
1,545
3,341
3,101
1	
 Note 4.
45.2	 Changes in other provisions
 
€ m
Other 
­employee 
benefits
Restructuring 
provisions
Technical 
reserves 
(insurance)
Postage 
stamps
Tax provisions
Miscellaneous 
provisions
Total
 
At 1 January 2014
1,056
534
605
400
116
630
3,341
Changes in consolidated group
0
0
0
0
0
0
0
Utilisation
– 476
–157
–55
–400
–55
–251
–1,394
Currency translation differences
44
40
16
0
2
11
113
Reversal
–22
–174
–24
0
–20
–67
–307
Unwinding of discount / changes in discount rate
15
1
11
0
0
9
36
Reclassification
5
–5
0
0
0
0
0
Additions
361
63
93
350
55
390
1,312
At 31 December 2014
983
302
646
350
98
722
3,101
Deutsche Post DHL Group — 2014 Annual Report
186

The provision for other employee benefits primarily covers work-
force reduction expenses (severance payments, transitional bene-
fits, partial retirement, etc.), stock appreciation rights (SAR s) and 
jubilee payments.
The restructuring provisions comprise all expenses resulting 
from the restructuring measures within the US express business as 
well as in other areas of the Group. These measures relate primarily 
to settlement payment obligations assumed in the USA, rentals for 
idle plant, termination benefits for employees (partial retirement 
programmes, transitional benefits), litigation risks and expenses 
from the closure of terminals, for example.
Technical reserves (insurance) mainly consist of outstand-
ing loss reserves and IBNR reserves; further details can be found 
in 
 Note 7. 
The provision for postage stamps covers outstanding obli-
gations to customers for letter and parcel deliveries from postage 
stamps sold but still unused by customers, and is based on studies 
by market research companies and internal calculations. It is meas-
ured at the nominal value of the stamps issued.
Of the tax provisions, €31 million (previous year: €35 mil-
lion) relates to VAT, €4 million (previous year: €5 million) to cus-
toms and duties, and €63 million (previous year: €76 million) to 
other tax provisions.
45.3	 Miscellaneous provisions
The miscellaneous provisions break down as follows:
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Litigation costs
115
97
177
Risks from business activities
105
91
45
Aircraft maintenance
58
73
96
Miscellaneous other provisions 
414
369
404
Miscellaneous provisions
692
630
722
1	
 Note 4.
Miscellaneous other provisions include a large number of individ-
ual items. 
45.4	 Maturity structure
The maturity structure of the provisions recognised in financial 
year 2014 is as follows:
 
€ m
Less  
than 1 year
More  
than 1 year  
to 2 years
More  
than 2 years 
to 3 years
More  
than 3 years 
to 4 years
More  
than 4 years 
to 5 years
More  
than 5 years
Total
 
2014
Other employee benefits
278
212
130
72
57
234
983
Restructuring provisions
209
18
8
10
11
46
302
Technical reserves (insurance)
211
180
90
56
36
73
646
Postage stamps
350
0
0
0
0
0
350
Tax provisions
98
0
0
0
0
0
98
Miscellaneous provisions
399
114
44
25
23
117
722
Total
1,545
524
272
163
127
470
3,101
46	 Financial liabilities
46.1	 Overview
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Non-current financial liabilities
4,421
4,619
4,683
Current financial liabilities
410
1,335
486
Financial liabilities
4,831
5,954
5,169
1	
 Note 4.
The decline in financial liabilities is largely attributable to the 
repay­ment of a bond in the amount of €0.9 billion in January 2014.
Deutsche Post DHL Group — 2014 Annual Report
187
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

€ m
Non-current
Current
Total
 
2013  
adjusted 1
2014 
2013  
adjusted 1
2014 
2013  
adjusted 1
2014 
Bonds
4,164
4,290
924
0
5,088
4,290
Amounts due to banks
0
1
198
183
198
184
Finance lease liabilities
194
191
19
19
213
210
Liabilities to Group companies
58
0
32
23
90
23
Financial liabilities at fair value through profit or loss
11
12
29
133
40
145
Other financial liabilities
192
189
133
128
325
317
Financial liabilities
4,619
4,683
1,335
486
5,954
5,169
1	
 Note 4.
46.2	 Bonds
The following table contains further details on the company’s most 
significant bonds. The bonds issued by Deutsche Post Finance B. V. 
are fully guaranteed by Deutsche Post AG.
Significant bonds
2013
2014
 
Nominal 
coupon 
%
Issue volume
Issuer
Carrying 
amount  
€ m
Fair value   
€ m
Carrying 
amount  
€ m
Fair value  
€ m
Bond 2003 / 2014
4.875
€926 million Deutsche Post Finance B. V.
924
929
0
0
Bond 2012 / 2017
1.875
€750 million Deutsche Post Finance B. V.
745
767
747
780
Bond 2012 / 2022
2.950
€500 million Deutsche Post Finance B. V.
496
516
496
575
Bond 2012 / 2020
1.875
€300 million Deutsche Post AG
295
296
297
323
Bond 2012 / 2024
2.875
€700 million Deutsche Post AG
696
706
697
806
Bond 2013 / 2018
1.5
€500 million Deutsche Post AG
491
499
496
522
Bond 2013 / 2023
2.75
€500 million Deutsche Post AG
495
501
495
570
Convertible bond 2012 / 2019 1
0.600
€1 billion Deutsche Post AG
931
928
942
1,006
1	 This relates to the debt component of the convertible bond; the equity component is recognised in the capital reserves.  
The fair value of the listed convertible bond as at the balance sheet date was €1,384 million (previous year: €1,353 million).
The €1 billion convertible bond issued on 6 December 2012 has a 
conversion right, which allows holders to convert the bond into 
a predetermined number of Deutsche Post AG shares if Deutsche 
Post AG’s share price more than temporarily exceeds 130 % of the 
conversion price applicable at that time. The conversion right may 
be exercised between 16 January 2013 and 21 November 2019. On 
issue, the conversion price was set at €20.74. It was required to be 
adjusted to €20.69 due to the dividend payment of €0.80 per share 
for financial year 2013. In addition, Deutsche Post AG was granted 
a call option allowing it to repay the bond early at face value plus 
accrued interest if Deutsche Post AG’s share price more than tem-
porarily exceeds 130 % of the conversion price applicable at that 
time. The option can be exercised between 6 ­December 2017 and 
16 November 2019. For contractual reasons, the convertible bond 
was split into a debt component and an equity component. The 
equity instrument in the amount of €74 million is reported under 
capital reserves. The value of the debt component on the issue date 
calculated in accordance with IFRS 32.31 amounted to €920 mil-
lion, including transaction costs and the call option granted. Trans-
action costs of €0.5 million and €5.8 million are included in the 
aforementioned amounts. In subsequent years, interest will be 
added to the carrying amount of the bond, up to the issue amount, 
using the effective interest method (unwinding of discount) and 
recognised in profit or loss.
46.3	 Amounts due to banks
The liabilities mainly comprise current overdraft facilities due to 
various banks.
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Amounts due to banks
136
198
184
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
188

46.4	 Finance lease liabilities
Finance lease liabilities mainly relate to the following items:
 
 
Leasing partner
Interest rate  
%
End of term
Asset
2013 
€ m
2014 
€ m
 
Deutsche Post Immobilien GmbH, Germany
Various leasing partners
4.75
2023 / 2028 Real estate
114
109
DHL Express (Austria) GmbH, Austria 
Raiffeisen Impuls Immobilien 
GmbH
3.62
2019 Real estate
11
10
DHL Logistics GmbH, Germany
Fittila GmbH
4.2
2016 Real estate
8
7
Deutsche Post AG, Germany
T-Systems International GmbH
6.5
2015 IT equipment
3
5
Deutsche Post Immobilien GmbH, Germany 
Lorac Investment Management 
Sarl
6.0
2016 Real estate
4
2
 
The leased assets are recognised in property, plant and equipment 
at carrying amounts of €242 million (previous year: €330 million). 
The difference between the carrying amounts of the assets and the 
liabilities results from longer useful lives of the assets compared 
with a shorter repayment period for the lease instalments and un-
scheduled repayments of lease obligations. The notional amount of 
the minimum lease payments totals €256 million (previous year: 
€255 million).
Maturity structure
€ m
Present value  
(finance lease liabilities)
Minimum lease payments 
(notional amount)
 
2013
2014
2013
2014
Less than 1 year
19
19
24
26
More than 1 year to 5 years
101
109
116
131
More than 5 years
93
82
115
99
Total
213
210
255
256
46.5	 Financial liabilities at fair value through profit or loss
The amounts reported under this item relate to the negative fair 
values of derivative financial instruments.
 
€ m
2013
2014
 
Financial liabilities at fair value through profit 
or loss
40
145
 
46.6	 Other financial liabilities
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Put option related to the acquisition 
of the remaining interest in Giorgio 
­Gori Group 
0
62
27
Loan notes related to the 
­acquisition of TAG Group 
57
55
60
Loan notes related to the early 
termination of a finance lease
0
18
16
Miscellaneous financial liabilities
163
190
214
Other financial liabilities
220
325
317
1	
 Note 4.
The other financial liabilities relate to a large number of individual 
items.
47	 Other liabilities
47.1	
Overview
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Other non-current liabilities
276
227
255
Other current liabilities
4,003
3,978
4,196
Other liabilities
4,279
4,205
4,451
1	
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
189
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures

47.2	 Breakdown of other liabilities
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Tax liabilities
885
967
1,073
Incentive bonuses
576
560
580
Deferred income, of which 
­non-current: 89 (previous year: 61) 
353
296
385
Wages, salaries, severance 
­payments
286
334
354
Compensated absences
374
298
312
Payables to employees and 
­members of executive bodies
177
172
175
Social security liabilities
143
162
168
Debtors with credit balances
149
147
163
Liabilities from the sale  
of residential building loans, 
of which non-current: 160 
(previous year: 140) 
153
144
162
Overtime claims
110
105
88
COD liabilities
70
51
53
Liabilities from cheques issued
35
37
49
Insurance liabilities 
36
26
41
Accrued rentals 
34
32
39
Other compensated absences
49
39
33
Accrued insurance premiums 
for damages and similar liabilities 
13
16
13
Liabilities from loss compensation
14
11
10
Miscellaneous other liabilities, 
of which non-current: 6  
(previous year: 26) 
822
808
753
Other liabilities
4,279
4,205
4,451
1	
 Note 4.
Of the tax liabilities, €573 million (previous year: €544 million) 
­relates to VAT, €340 million (previous year: €269 million) to cus-
toms and duties, and €160 million (previous year: €154 million) to 
other tax liabilities.
The liabilities from the sale of residential building loans ­relate 
to obligations of Deutsche Post AG to pay interest subsidies to bor-
rowers to offset the deterioration in borrowing terms in conjunc-
tion with the assignment of receivables in previous years, as well as 
pass-through obligations from repayments of principal and inter-
est for residential building loans sold.
Miscellaneous other liabilities include a large number of in-
dividual items.
47.3	 Maturity structure
 
€ m
2013  
adjusted 1
2014 
 
Less than 1 year
3,978
4,196
More than 1 year to 2 years
41
28
More than 2 years to 3 years
7
7
More than 3 years to 4 years
7
34
More than 4 years to 5 years
28
6
More than 5 years
144
180
Other liabilities
4,205
4,451
1	
 Note 4.
There is no significant difference between the carrying amounts 
and the fair values of the other liabilities due to their short matur­
ities or market interest rates. There is no significant interest rate 
risk because most of these instruments bear floating rates of inter-
est at market rates.
48	 Trade payables
Most of the trade payables have a maturity of less than one year. 
The reported carrying amount of trade payables corresponds to 
their fair value.
 
€ m
1 Jan. 2013  
adjusted 1
2013  
adjusted 1
2014 
 
Trade payables
5,960
6,358
6,922
1	
 Note 4.
CASH FLOW DISCLOSURES
49	 Cash flow disclosures
The cash flow statement is prepared in accordance with IAS 7 
(Statement of Cash Flows) and discloses the cash flows in order 
to present the source and application of cash and cash equivalents. 
It distinguishes between cash flows from operating, investing and 
financing activities. Cash and cash equivalents are composed of 
cash, cheques and bank balances with a maturity of not more than 
three months, and correspond to the cash and cash equivalents 
­reported on the balance sheet. The effects of currency translation 
and changes in the consolidated group are adjusted when calculat-
ing cash and cash equivalents.
49.1	 Net cash from operating activities
Cash flows from operating activities are calculated by adjusting 
consolidated net profit / loss for tax expenses, net financial income /  
net finance costs and non-cash factors, as well as taxes paid, changes 
in provisions and in other non-current assets and liabilities (net 
cash from operating activities before changes in working capital). 
Adjustments for changes in working capital (excluding financial 
liabilities) result in net cash from or used in operating activities.
Net cash from operating activities amounted to €3,040 mil-
lion in financial year 2014 compared with €2,989 million in 
the previous year. The improved EBIT made a contribution of 
€100 million to this increase.
The depreciation, amortisation and impairment losses con-
tained in EBIT are non-cash effects and are therefore eliminated. 
They increased from €1,337 million to €1,381 million in the report-
ing period due to the impairment losses of €106 million recognised 
on aircraft and spare parts for aircraft, amongst other things. Also 
adjusted were non-cash ­income and expenses, which increased 
EBIT by €4 million, but did not lead to a cash outflow. They mainly 
relate to income from the remeasurement of liabilities.
Deutsche Post DHL Group — 2014 Annual Report
190

The gains on the disposal of non-current assets of €11 mil-
lion are not included in net cash from operating activities in the 
cash flow statement. They have therefore been adjusted in the net 
income from the disposal of non-current assets and are presented 
instead in the cash flows from investing activities. At €–698 mil-
lion, the change in provisions rose by €–198 million year-on-year, 
particularly due to the reversal of restructuring provisions in the 
Express division.
The change in current assets and liabilities led to a net cash 
outflow of €21 million. In the previous year, the change in this item 
resulted in an outflow of €89 million. The reduction in inventor­
ies in 2014 in particular made a significant contribution to this 
development. 
Non-cash income and expense
€ m
2013  
adjusted 1
2014 
 
Expense from remeasurement of assets
122
127
Income from remeasurement of liabilities
–113
–161
Income from disposal of assets
–11
0
Staff costs relating to equity-settled share-based 
payments
20
30
Miscellaneous
–6
0
Non-cash income and expense
12
–4
1	
 Note 4.
49.2	 Net cash used in investing activities
Cash flows from investing activities mainly result from cash 
­received from disposals of non-current assets (divestitures) and 
cash paid for investments in non-current assets.
Interest received from investing activities as well as cash in-
flows from changes in current financial assets are also included.
At €1,087 million, net cash used in investing activities was 
€678 million lower than in the previous year. The most significant 
item was the cash paid to acquire property, plant and equipment, 
and intangible assets, which was up €369 million on the previous 
year, at €1,750 million. The increase was attributable to the DHL 
divisions, with the Express division in particular significantly 
­expanding its investments in regional and global hubs.
The change in current financial assets, in particular, led to a 
significant net cash inflow of €405 million. The sale of money mar-
ket funds resulted in a cash inflow of €600 million at the beginning 
of the year, whilst towards the end of the year excess liquidity of 
€200 million was reinvested in short-term capital market instru-
ments. In the previous year, the investment of short-term liquidity 
led to a cash outflow of €575 million.
The following assets were acquired and liabilities assumed as 
a result of company acquisitions; 
 Note 2:
 
€ m
2013
2014
 
Non-current assets
2
3
Current assets (excluding cash and cash equivalents)
8
11
Non-current provisions and liabilities
0
0
Current provisions and liabilities
7
9
 
The following table shows the calculation of free cash flow:
Calculation of free cash flow
€ m
2013  
adjusted 1
2014 
 
Net cash from operating activities
2,989
3,040
Sale of property, plant and equipment  
and ­intangible assets
177
200
Acquisition of property, plant and equipment 
and ­intangible assets
–1,381
–1,750
Cash outflow arising from change in property, 
plant and equipment and intangible assets
–1,204
–1,550
Disposals of subsidiaries and other business units
32
4
Disposals of investments accounted for using 
the equity method and other equity investments
0
0
Acquisition of subsidiaries and other business units
–37
–5
Acquisition of investments accounted for using 
the equity method and other equity investments
0
–1
Cash outflow arising from acquisitions /  
divestitures
–5
–2
Interest received
55
45
Interest paid
–166
–188
Net interest paid
–111
–143
Free cash flow
1,669
1,345
1	
 Note 4.
Free cash flow is considered to be an indicator of how much cash is 
available to the company for dividend payments or the repayment 
of debt.
Free cash flow declined from €1,669 million in the previous 
year to €1,345 million in the reporting period. This is primarily at-
tributable to the increase in cash paid to acquire property, plant 
and equipment and intangible assets.
49.3	 Net cash used in financing activities
Net cash used in financing activities rose by €2,238 million to 
€2,348 million.
The repayment of a bond in January made a significant con-
tribution of €926 million towards repayments of non-current 
finan­cial liabilities in the amount of €1,030 million. In the previous 
year, in contrast, the issue of two bonds with a five-year and ten-
year term ­resulted in a cash inflow of €495 million for each bond. 
In addition, the change in current financial liabilities led to a cash 
inflow of €35 million in the previous year compared with a cash 
outflow of €53 million in 2014.
Deutsche Post DHL Group — 2014 Annual Report
191
Consolidated ­Financial Statements — NOTES — Balance sheet disclosures — Cash flow disclosures

Another large payment item, the dividend payment to the 
shareholders of Deutsche Post AG, was up €122 million on the pre-
vious year at €968 million. The cash paid to acquire treasury shares 
also rose, up from €23 million to €85 million, mainly due to the 
repurchase of shares from the two capital increases to settle our 
Share Matching Scheme. At €188 million, interest payments were 
€22 million higher than in the previous year, primarily because in-
terest on the bonds issued in the previous year fell due for the first 
time in October.
49.4	 Cash and cash equivalents
The cash inflows and outflows described above produced cash 
and cash equivalents of €2,978 million; 
 Note 36. This represents 
a year-on-year decline of €436 million. 
OTHER DISCLOSURES
50	 Risks and financial instruments of the Group
50.1	 Risk management
As a result of its operating activities, the Group is exposed to finan­
cial risks that may arise from changes in exchange rates, commod-
ity prices and interest rates. Deutsche Post DHL Group manages 
these risks centrally through the use of non-derivative and de-
rivative finan­cial instruments. Derivatives are used exclusively to 
mitigate non-derivative financial risks, and fluctuations in their 
fair value should not be assessed separately from the underlying 
transaction.
The Group’s internal risk guidelines govern the universe of 
actions, responsibilities and necessary controls regarding the use 
of derivatives. Financial transactions are recorded, assessed and 
processed using proven risk management software, which also 
regularly documents the effectiveness of hedging relationships. 
Portfolios of derivatives are regularly reconciled with the banks 
concerned.
To limit counterparty risk from financial transactions, the 
Group may only enter into this type of contract with prime-rated 
banks. The conditions for the counterparty limits individually 
assigned to the banks are reviewed on a daily basis. The Group’s 
Board of Management is informed internally at regular intervals 
about existing financial risks and the hedging instruments de-
ployed to mitigate them. Financial instruments are accounted for 
and measured in accordance with IAS 39.
Information on risks and risk mitigation in relation to the 
Group’s defined benefit retirement plans can be found in 
 Note 44.7.
Liquidity management
The ultimate objective of liquidity management is to secure the sol-
vency of Deutsche Post DHL Group and all Group companies. Con-
sequently, liquidity in the Group is centralised as much as possible 
in cash pools and managed in the Corporate Center. 
The centrally available liquidity reserves (funding availabil-
ity), consisting of central short-term financial investments and 
committed credit lines, are the key control parameter. The target is 
to have at least €2 billion available in a central credit line.
The Group had central liquidity reserves of €3.8 billion (pre-
vious year: €4.6 billion) as at 31 December 2014, consisting of cen-
tral financial investments amounting to €1.8 billion plus a syndi-
cated credit line of €2 billion.
The maturity structure of non-derivative financial liabilities 
within the scope of IFRS 7 based on cash flows is as follows:
Maturity structure of financial liabilities
€ m
Less  
than 1 year
More  
than 1 year  
to 2 years
More  
than 2 years 
to 3 years
More  
than 3 years 
to 4 years
More  
than 4 years 
to 5 years
More  
than 5 years
 
At 31 December 2014
Non-current financial liabilities
82
99
854
580
1,070
2,206
Other non-current liabilities
0
2
2
2
1
154
Non-current liabilities
82
101
856
582
1,071
2,360
Current financial liabilities 
353
0
0
0
0
0
Trade payables
6,922
0
0
0
0
0
Other current liabilities
342
0
0
0
0
0
Current liabilities
7,617
0
0
0
0
0
At 31 December 2013 1
Non-current financial liabilities
82
156
233
849
662
3,379
Other non-current liabilities
0
11
3
3
2
130
Non-current liabilities
82
167
236
852
664
3,509
Current financial liabilities 
1,306
0
0
0
0
0
Trade payables
6,358
0
0
0
0
0
Other current liabilities
346
0
0
0
0
0
Current liabilities
8,010
0
0
0
0
0
1	 Prior-period amounts adjusted, 
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
192

The Group repaid the Deutsche Post Finance B. V. bond amounting 
to €926 million falling due in January 2014 at the agreed date. Cur-
rent financial liabilities were reduced accordingly.
The maturity structure of the derivative financial instruments 
based on cash flows is as follows:
Maturity structure of derivative financial instruments
€ m
Less  
than 1 year
More  
than 1 year  
to 2 years
More  
than 2 years 
to 3 years
More  
than 3 years 
to 4 years
More  
than 4 years 
to 5 years
More  
than 5 years
 
At 31 December 2014
Derivative receivables – gross settlement
Cash outflows 
–1,900
–149
–15
–17
–14
–37
Cash inflows
1,982
169
28
28
20
50
Net settlement
Cash inflows
5
1
0
0
0
0
Derivative liabilities – gross settlement
Cash outflows 
–2,429
–259
0
0
0
0
Cash inflows
2,321
248
0
0
0
0
Net settlement
Cash outflows
–30
–6
0
0
0
0
At 31 December 2013
Derivative receivables – gross settlement
Cash outflows 
–5,345
–389
0
0
0
0
Cash inflows
5,591
403
0
0
0
0
Net settlement
Cash inflows
23
5
0
0
0
0
Derivative liabilities – gross settlement
Cash outflows 
–1,821
–411
–46
–33
–41
–37
Cash inflows
1,776
409
48
26
26
23
Net settlement
Cash outflows
–4
–1
0
0
0
0
 
Derivative financial instruments entail both rights and obligations. 
The contractual arrangement defines whether these rights and ob-
ligations can be offset against each other and therefore result in a 
net settlement, or whether both parties to the contract will have to 
perform their obligations in full (gross settlement).
Currency risk and currency management
The international business activities of Deutsche Post DHL Group 
expose it to currency risks from recognised or planned future 
transactions: 
Balance sheet currency risks arise from the measurement and 
settlement of items in foreign currencies that are recognised if the 
exchange rate on the measurement or settlement date differs from 
the rate on recognition. The resulting foreign exchange differences 
directly impact profit or loss. In order to mitigate this impact as far 
as possible, all significant balance sheet currency risks within the 
Group are centralised at Deutsche Post AG through the in-house 
bank function. The centralised risks are aggregated by Corporate 
Treasury to calculate a net position per currency and hedged ex-
ternally based on value-at-risk limits. The currency-­related value 
at risk (95 % / one-month holding period) for the portfolio totalled 
€6 million (previous year: €4 million) at the reporting date; the 
current limit was a maximum of €7 million. 
The notional amount of the currency forwards and currency 
swaps used to manage balance sheet currency risks amounted to 
€3,257 million at the reporting date (previous year: €2,409 mil-
lion); the fair value was €–35 million (previous year: €34 million). 
For simplification purposes, fair value hedge accounting was not 
applied to the derivatives used, which are reported as trading 
­derivatives instead.
Currency risks arise from planned foreign currency trans-
actions if the future foreign currency transactions are settled at 
exchange rates that differ from the rates originally planned or 
calculated. These currency risks are also captured centrally in 
­Corporate Treasury and managed on a rolling 24-month basis as 
part of a hedging programme. The goal is to hedge an average of 
up to 50 % of all significant currency risks over a 24-month period. 
This makes it possible to plan reliably and reduce fluctuations in 
earnings caused by currency movements. At the reporting date, 
an average of approximately 39 % of the foreign currency risk of 
Deutsche Post DHL Group — 2014 Annual Report
193
Consolidated ­Financial Statements — NOTES — Cash flow disclosures — Other disclosures

the currencies concerned was hedged for the next 24 months. The 
­relevant hedging transactions are recognised using cash flow hedge 
accounting; 
 Note 50.3, cash flow hedges.
In total, currency forwards and currency swaps with a 
­notional amount of €5,119 million (previous year: €4,280 million) 
were outstanding at the balance sheet date. The corresponding 
fair value was €–53 million (previous year: €98 million). As at the 
reporting date, there were no currency options or cross-currency 
swaps. The cross-currency swaps still existing in the previous year 
(notional amount of €163 million and fair value of €14 million) 
­expired as scheduled in financial year 2014. 
Currency risks resulting from translating assets and liabilities 
of foreign operations into the Group’s currency (translation risk) 
were not hedged as at 31 December 2014.
Of the unrealised gains or losses from currency derivatives 
recognised in equity as at 31 December 2014 in accordance with 
IAS 39, €20 million (previous year: €69 million) is expected to be 
recognised in income in the course of 2015.
IFRS 7 requires the disclosure of quantitative risk data show-
ing how profit or loss and equity are affected by changes in exchange 
rates at the reporting date. The impact of these changes in exchange 
rates on the portfolio of foreign currency financial instruments is 
assessed by means of a value-at-risk calculation (95 % confidence /  
one-month holding period). It is assumed that the portfolio as at 
the reporting date is representative for the full year. Effects of hypo­
thetical changes in exchange rates on translation risk do not fall 
within the scope of IFRS 7. The following assumptions are used as a 
basis for the sensitivity analysis:
Primary financial instruments in foreign currencies used by 
Group companies were hedged by Deutsche Post AG’s in-house 
bank, with Deutsche Post AG setting and guaranteeing monthly 
exchange rates. Exchange rate-related changes therefore have no 
effect on the profit or loss and equity of the Group companies. 
Where, in individual cases, Group companies are not permitted to 
participate in in-house banking for legal reasons, their currency 
risks from primary financial instruments are fully hedged locally 
through the use of derivatives. They therefore have no impact on 
the Group’s risk position. 
Hypothetical changes in exchange rates have an effect on 
the fair values of Deutsche Post AG’s external derivatives that is 
reported in profit or loss; they also affect the foreign currency gains 
and losses from remeasurement at the closing date of the in-house 
bank balances, balances from external bank accounts as well as 
­internal and external loans extended by Deutsche Post AG. The 
­foreign currency value at risk of the foreign currency items con-
cerned was €6 million at the reporting date (previous year: €4 mil-
lion). In addition, hypothetical changes in exchange rates affect 
equity and the fair values of those derivatives used to hedge unrec-
ognised firm commitments and highly probable forecast currency 
transactions, which are designated as cash flow hedges. The foreign 
currency value at risk of this risk position was €57 million as at 
31 December 2014 (previous year: €30 million). The total foreign 
currency value at risk was €56 million at the reporting date (previ-
ous year: €29 million). The total amount is lower than the sum of 
the individual amounts given above, owing to interdependencies.
Interest rate risk and interest rate management
The fair value of interest rate hedging instruments was calcu-
lated on the basis of discounted expected future cash flows using 
­Corporate Treasury’s risk management system.
As at 31 December 2014, the Group had entered into interest 
rate swaps with a notional volume of €1,300 million (previous year: 
€1,126 million). The fair value of this interest rate swap position 
was €68 million (previous year: €6 million). As in the previous 
year, there were no interest rate options at the reporting date.
In January, the Group repaid the bond amounting to 
€926 million, which fell due for payment. Some of the original 
fixed-coupon bonds were swapped for variable short-term interest 
rates. As a ­result, there was an insignificant change in the share of 
instruments with short-term interest lock-ins compared with the 
previous year. Taking into account existing interest rate hedging 
instruments, the proportion of financial liabilities with short-term 
interest lock-ins, 
 Note 46, amounts to around 35 % (previous year: 
36 %) as at the reporting date. The effect of potential interest rate 
changes on the Group’s financial position remains insignificant. 
The quantitative risk data relating to interest rate risk ­required 
by IFRS 7 is presented in the form of a sensitivity analysis. This 
method determines the effects of hypothetical changes in market 
interest rates on interest income, interest expense and equity as at 
the reporting date. The following assumptions are used as a basis 
for the sensitivity analysis: 
Primary variable-rate financial instruments are subject to 
interest rate risk and must therefore be included in the sensitiv-
ity analysis. Primary variable-rate financial instruments that were 
transformed into fixed-income financial instruments using cash 
flow hedges are not included. Changes in market interest rates for 
derivative financial instruments used as a cash flow hedge affect 
­equity by changing fair values and must therefore be included in 
the sensitivity analysis. Fixed-income financial instruments meas-
ured at amortised cost are not subject to interest rate risk.
Designated fair value hedges of interest rate risk are not in-
cluded in the analysis because the interest-related changes in fair 
value of the hedged item and the hedging transaction almost fully 
offset each other in profit or loss for the period. Only the variable 
portion of the hedging instrument affects net financial income / net 
finance costs and must be included in the sensitivity analysis.
If the market interest rate level as at 31 December 2014 had 
been 100 basis points higher, net finance costs would have in-
creased by €9 million (previous year: increased by €6 million). A 
market interest rate level 100 basis points lower would have had 
the opposite effect. A change in the market interest rate level by 
100  basis points would affect the fair values of the interest rate 
derivatives recognised in equity. As in the previous year, a rise in 
interest rates in this financial year would not have increased equity, 
nor would a reduction have reduced equity. 
Deutsche Post DHL Group — 2014 Annual Report
194

Market risk
As in the previous year, most of the risks arising from commod-
ity price fluctuations, in particular fluctuating prices for kerosene 
and marine diesel fuels, were passed on to customers via operat-
ing measures. However, the impact of the related fuel surcharges 
is delayed by one to two months, so that earnings may be affected 
temporarily if there are significant short-term fuel price variations.
In addition, a small number of commodity swaps for diesel 
and marine diesel fuel were used to control residual risks. The 
­notional amount of these commodity swaps was €53 million (pre-
vious year: €56 million) with a fair value of €–7 million (previous 
year: €0 million).
IFRS 7 requires the disclosure of a sensitivity analysis, pre-
senting the effects of hypothetical commodity price changes on 
profit or loss and equity. 
Changes in commodity prices would affect the fair value of 
the derivatives used to hedge highly probable forecast commodity 
purchases (cash flow hedges) and the hedging reserve in equity. A 
10 % increase in the commodity prices underlying the derivatives 
as at the balance sheet date would have increased fair values and 
equity by €3 million (previous year: €5 million). A corresponding 
decline in commodity prices would have had the opposite effect.
In the interests of simplicity, some of the commodity price 
hedges were not recognised using cash flow hedge accounting. For 
the derivatives in question, commodity price changes would affect 
both the fair values of the derivatives and the income statement. As 
in the previous year, if the underlying commodity prices had been 
10 % higher at the reporting date, this would have increased the 
fair values in question and, consequently, operating profit by less 
than €1 million. A corresponding decline in the commodity prices 
would have also reduced the fair values and operating profit by less 
than €1 million.
Credit risk
The credit risk incurred by the Group is the risk that counterparties 
fail to meet their obligations arising from operating activities and 
from financial transactions. To minimise credit risk from finan­
cial transactions, the Group only enters into transactions with 
prime-rated counterparties. The Group’s heterogeneous customer 
structure means that there is no risk concentration. Each coun-
terparty is assigned an individual limit, the utilisation of which is 
regularly monitored. A test is performed at the balance sheet dates 
to establish whether an impairment loss needs to be charged on 
the positive fair values due to the individual counterparties’ credit 
quality. This was not the case for any of the counterparties as at 
31 December 2014.
Default risks are continuously monitored in the operating 
business. The aggregate carrying amounts of financial assets rep-
resent the maximum default risk. Trade receivables amounting to 
€7,825 million (previous year: €7,022 million) are due within one 
year. The following table gives an overview of receivables that are 
past due:
Receivables that are past due
€ m
2013  
adjusted 1
2014 
 
Carrying amount before impairment loss
7,232
8,045
Neither impaired nor due at the reporting date
5,145
5,923
Past due and not impaired at the reporting date
Up to 30 days
750
750
31 to 60 days
641
591
61 to 90 days
270
270
91 to 120 days
93
109
121 to 150 days
42
43
151 to 180 days
36
24
More than 180 days
17
57
1	
 Note 4.
Trade receivables changed as follows:
Receivables
€ m
2013  
adjusted 1
2014 
 
Gross receivables
At 1 January
7,157
7,232
Changes
75
813
At 31 December
7,232
8,045
Valuation allowances
At 1 January
–216
–210
Changes
6
–10
At 31 December
–210
–220
Carrying amount at 31 December
7,022
7,825
1	
 Note 4.
All other financial instruments are neither past due nor impaired. 
The heterogeneous structure of the counterparties prevents risk 
concentration. 
Impairment losses of €22 million (previous year: €23 mil-
lion) were recognised for other assets.
Deutsche Post DHL Group — 2014 Annual Report
195
Consolidated ­Financial Statements — NOTES — Other disclosures

50.2	 Collateral
€600 million (previous year: €545 million) of collateral is recog-
nised in non-current financial assets as at the balance sheet date. 
Of this amount, €335 million relates to the restricted cash trans-
ferred to a blocked account with Commerzbank AG for any pay-
ments that may be required due to the EU state aid proceedings; 
 Note 53. €60 million is attributable to collateral in the context of 
an M & A transaction and €125 million relates primarily to liabilities 
in conjunction with the settlement of Deutsche Post AG’s residen-
tial building loans. €75 million relates to sureties paid.
Collateral of €39 million is recognised in current financial 
assets (previous year: €41 million). The majority of this concerns 
collateral deposited for US cross-border leases (QTE leases).
50.3	 Derivative financial instruments
The following table gives an overview of the recognised derivative 
financial instruments used in the Group and their fair values. De-
rivatives with amortising notional volumes are reported in the full 
amount at maturity.
Derivative financial instruments
€ m
2013
2014
Fair values in 2014, by maturity
 
Assets
Liabilities
No-
tional 
amount
Fair 
value
No-
tional 
amount
Fair 
value 
of 
assets
Fair 
value 
of 
liabil­
ities
Total 
fair 
value
Less 
than 
1 
year
Up 
to 2 
years
Up 
to 3 
years
Up 
to 4 
years
Up 
to 5 
years
> 5 
years
Less 
than 
1 
year
Up 
to 2 
years
Up 
to 3 
years
Up 
to 4 
years
Up 
to 5 
years
> 5 
years
Interest rate products
Interest rate swaps
1,126
6
1,300
68
0
68
0
0
0
15
0
53
0
0
0
0
0
0
of which cash flow 
hedges
163
7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
of which fair value 
hedges
963
–1
1,300
68
0
68
0
0
0
15
0
53
0
0
0
0
0
0
Currency transactions
Currency forwards
2,206
68
2,413
66
–74
–8
56
10
0
0
0
0
–62
–12
0
0
0
0
of which cash flow 
hedges
1,825
64
1,840
48
– 66
–18
38
10
0
0
0
0
–54
–12
0
0
0
0
of which held for trading
381
4
573
18
–8
10
18
0
0
0
0
0
–8
0
0
0
0
0
Currency swaps
2,074
30
2,706
19
– 64
–45
19
0
0
0
0
0
–64
0
0
0
0
0
of which cash flow 
hedges
46
0
22
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
of which held for trading
2,028
30
2,684
19
– 64
–45
19
0
0
0
0
0
–64
0
0
0
0
0
Cross-currency swaps
163
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
of which cash flow 
hedges
163
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
 
4,443
112
5,119
85
–138
–53
75
10
0
0
0
0
–126
–12
0
0
0
0
Commodity price 
­transactions
Commodity price swaps
56
0
53
0
–7
–7
0
0
0
0
0
0
–7
0
0
0
0
0
of which cash flow 
hedges
52
0
40
0
–4
–4
0
0
0
0
0
0
–4
0
0
0
0
0
of which held for trading
4
0
13
0
–3
–3
0
0
0
0
0
0
–3
0
0
0
0
0
 
Apart from those shown in the table, there were no significant 
derivatives resulting from M & A transactions (previous year: 
€–2 million).
Deutsche Post DHL Group — 2014 Annual Report
196

Fair value hedges
New interest rate swaps with a volume of €500 million were ­entered 
into and designated as fair value hedges in 2014 to hedge the fair 
value risk of the fixed-interest euro-denominated bond falling due 
in 2022. As at 31 December 2014, the interest rate swaps desig-
nated as fair value hedges amounted to a total volume of €1.3 bil-
lion. The fair value of these hedging instruments was €68 million 
as at the reporting date (previous year: €–1 million). The following 
table gives an overview of the gains and losses arising from the 
hedged items and the respective hedging transactions:
Ineffective portion of fair value hedges
€ m
2013
2014
 
Gains (+) on hedged items
11
0
Losses (–) on hedging transactions
–11
–1
Balance (ineffective portion)
0
–1
 
Cash flow hedges
The Group uses currency forwards and currency swaps to hedge 
the cash flow risk from future foreign currency operating revenue 
and expenses. The fair values of currency forwards and currency 
swaps amounted to €–18 million at the reporting date (previous 
year: €64 million). The hedged items will have an impact on cash 
flow by 2016.
The synthetic cross-currency swaps existing at the 2013 re-
porting date (previous year: €21 million) expired as planned in 2014. 
The risks from the purchase of diesel and marine diesel ­fuels, 
which cannot be passed on to customers, were hedged using com-
modity swaps that will affect cash flow in 2014. The fair value of 
these cash flow hedges amounted to €–4 million (previous year: 
€0 million). 
Deutsche Post DHL Group — 2014 Annual Report
197
Consolidated ­Financial Statements — NOTES — Other disclosures

50.4	 Additional disclosures on the financial instruments  
used in the Group
The Group classifies financial instruments in line with the respec-
tive balance sheet items. Since the Group did not classify any finan-
cial instruments as held to maturity in the reporting period or in 
the previous financial year, this measurement category is omitted 
in the overview. The following table reconciles the classes to the 
categories given in IAS 39 and their respective fair values as at the 
reporting date:
Reconciliation of carrying amounts in the balance sheet at 31 December 2014
€ m
Carrying amount
Carrying amount by IAS 39 measurement category
 
 
Financial assets and liabilities at fair value  
through profit or loss
Available-for-sale financial assets
Trading
Fair value option
 
ASSETS
Non-current financial assets
1,363
 
 
 
at cost
907
0
0
24
at fair value
456
53
114
264
Trade receivables 
7,825
 
 
 
at cost
7,825
0
0
0
Other current assets
2,415
 
 
 
at cost
1,048
0
0
0
outside IFRS 7
1,367
0
0
0
Current financial assets 
351
 
 
 
at cost
68
0
0
0
at fair value
283
37
0
208
Cash and cash equivalents
2,978
0
0
0
Total ASSETS
14,932
90
114
496
EQUITY AND LIABILITIES
Non-current financial liabilities 1
4,683
 
 
 
at cost
4,671
0
0
0
at fair value
12
0
0
0
Other non-current liabilities
255
 
 
 
at cost
160
0
0
0
outside IFRS 7
95
0
0
0
Current financial liabilities 
486
 
 
 
at cost
353
0
0
0
at fair value
133
75
0
0
Trade payables 
6,922
 
 
 
at cost
6,922
0
0
0
Other current liabilities
4,196
 
 
 
at cost
390
0
0
0
outside IFRS 7
3,806
0
0
0
Total EQUITY AND LIABILITIES
16,542
75
0
0
1	 The Deutsche Post AG and Deutsche Post Finance B. V. bonds included in current and non-current financial liabilities were partly designated as hedged items in a fair value hedge and are thus 
­subject to a basis adjustment. The bonds are therefore recognised neither at full fair value nor at amortised cost. Non-current financial liabilities also include the convertible bond issued 
by Deutsche Post AG in December 2012. The listed bond had a fair value of €1,384 million at the balance sheet date. A fair value of €1,006 million was reported for the debt component at the 
balance sheet date.
Deutsche Post DHL Group — 2014 Annual Report
198

Other financial instruments  
outside the scope of IAS 39
Fair value of financial instruments  
under IFRS 7
Loans and receivables /  
other financial liabilities
Derivatives designated  
as hedging instruments
Lease receivables /  
finance lease liabilities
 
 
 
 
 
 
 
 
 
834
0
49
906
0
25
0
456
 
 
 
 
7,825
0
0
7,825
 
 
 
 
1,048
0
0
1,048
0
0
0
0
 
 
 
 
61
0
7
68
0
38
0
283
 
2,978
0
0
0
 
12,746
63
56
–
 
 
 
 
4,480
0
191
5,461
0
12
0
12
 
 
 
 
160
0
0
160
0
0
0
0
 
 
 
 
334
0
19
353
0
58
0
133
 
 
 
 
6,922
0
0
6,922
 
 
 
 
390
0
0
390
 
0
0
0
0
 
12,286
70
210
–
Deutsche Post DHL Group — 2014 Annual Report
199
Consolidated ­Financial Statements — NOTES — Other disclosures

Reconciliation of carrying amounts in the balance sheet at 31 December 2013 1
€ m
Carrying amount
Carrying amount by IAS 39 measurement category
 
 
Financial assets and liabilities at fair value  
through profit or loss
Available-for-sale financial assets
Trading
Fair value option
 
ASSETS
Non-current financial assets
1,123
 
 
 
at cost
857
0
0
97
at fair value
266
0
90
160
Trade receivables 
7,022
 
 
 
at cost
7,022
0
0
0
Other current assets
2,223
 
 
 
at cost
956
0
0
0
outside IFRS 7
1,267
0
0
0
Current financial assets 
821
 
 
 
at cost
70
0
0
0
at fair value
751
40
0
611
Cash and cash equivalents
3,414
0
0
0
Total ASSETS
14,603
40
90
868
EQUITY AND LIABILITIES
Non-current financial liabilities 2
4,619
 
 
 
at cost
4,608
0
0
0
at fair value
11
0
0
0
Other non-current liabilities
227
 
 
 
at cost
147
0
0
0
outside IFRS 7
80
0
0
0
Current financial liabilities 
1,335
 
 
 
at cost
1,306
0
0
0
at fair value
29
8
0
0
Trade payables 
6,358
 
 
 
at cost
6,358
0
0
0
Other current liabilities
3,978
 
 
 
at cost
346
0
0
0
outside IFRS 7
3,632
0
0
0
Total EQUITY AND LIABILITIES
16,517
8
0
0
1	 Prior-period amounts adjusted, 
 Note 4.
2	 The Deutsche Post AG and Deutsche Post Finance B. V. bonds included in current and non-current financial liabilities were partly designated as hedged items in a fair value hedge and are thus 
subject to a basis adjustment. The bonds are therefore recognised neither at full fair value nor at amortised cost. Non-current financial liabilities also include the convertible bond issued 
by Deutsche Post AG in December 2012. The listed bond had a fair value of €1,353 million at the balance sheet date. A fair value of €928 million was reported for the debt component at the 
balance sheet date.
Deutsche Post DHL Group — 2014 Annual Report
200

Other financial instruments  
outside the scope of IAS 39
Fair value of financial instruments  
under IFRS 7
Loans and receivables /  
other financial liabilities
Derivatives designated  
as hedging instruments
Lease receivables /  
finance lease liabilities
 
 
 
 
 
 
 
 
 
728
0
32
846
0
16
0
266
 
 
 
 
7,022
0
0
7,022
 
 
 
 
956
0
0
956
0
0
0
0
 
 
 
 
63
0
7
70
0
100
0
751
3,414
0
0
3,414
 
12,183
116
39
–
 
 
 
 
4,414
0
194
4,664
0
11
0
11
 
 
 
 
147
0
0
147
0
0
0
0
 
 
 
 
1,287
0
19
1,306
0
21
0
29
 
 
 
 
6,358
0
0
6,358
 
 
 
 
346
0
0
346
0
0
0
0
 
12,552
32
213
–
Deutsche Post DHL Group — 2014 Annual Report
201
Consolidated ­Financial Statements — NOTES — Other disclosures

If there is an active market for a financial instrument (e. g., stock 
exchange), the fair value is determined by reference to the market 
or quoted exchange price at the balance sheet date. If no fair value 
is available in an active market, the quoted prices in an active mar-
ket for similar instruments or recognised valuation techniques are 
used to determine fair value. The valuation techniques used incor-
porate the key factors determining the fair value of the financial 
instruments using valuation parameters that are derived from the 
market conditions as at the balance sheet date. Counterparty risk 
is analysed on the basis of the current credit default swaps signed 
by the counterparties. The fair values of other non-current receiv-
ables and held-to-maturity financial investments with remaining 
maturities of more than one year correspond to the present values 
of the payments related to the assets, taking into account current 
interest rate parameters.
Cash and cash equivalents, trade receivables and other receiv-
ables have predominantly short remaining maturities. As a result, 
their carrying amounts as at the reporting date are approximately 
equivalent to their fair values. Trade payables and other liabilities 
generally have short remaining maturities; the recognised amounts 
approximately represent their fair values.
The available-for-sale financial assets measured at fair value 
relate to equity and debt instruments. They include shares in 
partner­ships and corporations in the amount of €24 million (pre-
vious year: €97 million) for which there is no active market. 
As no future cash flows can be reliably determined, the fair 
values cannot be determined using valuation techniques. The 
­equity of partnerships and corporations that are measured at 
cost was reduced by €75 million in the financial year. There are 
no plans to sell or derecognise significant shares of the available-­
for-sale ­financial assets recognised as at 31 December 2014 in the 
near future. 
Available-for-sale financial assets measured at fair value relate 
to equity and debt instruments. 
Financial assets at fair value through profit or loss include se-
curities to which the fair value option was applied, in order to avoid 
accounting inconsistencies. There is an active market for these as-
sets, which are recognised at fair value.
The following table presents the financial instruments recog-
nised at fair value and those financial instruments whose fair value 
is required to be disclosed; the financial instruments are presented 
by the level in the fair value hierarchy to which they are assigned.
The simplification option under IFRS 7.29 a was exercised for 
cash and cash equivalents, trade receivables, other assets, trade 
payables and other liabilities with predominantly short maturities. 
Their carrying amounts as at the reporting date are approximately 
equivalent to their fair values. Not included are financial invest-
ments in equity instruments for which there is no quoted price in 
an active market and which therefore have to be measured at cost.
Financial assets and liabilities
€ m
Level 1 1
Level 2 2
Level 3 3
Total
Class
31 December 2014
Financial assets
Non-current financial assets
246
961
132
1,339
Current financial assets
208
75
0
283
Total
454
1,036
132
1,622
Financial liabilities
Non-current liabilities
5,004
409
0
5,413
Current liabilities
0
132
1
133
Total
5,004
541
1
5,546
31 December 2013 4
Financial assets
Non-current financial assets
157
765
93
1,015
Current financial assets
611
140
0
751
Total
768
905
93
1,766
Financial liabilities
Non-current liabilities
4,221
454
0
4,675
Current liabilities
927
34
2
963
Total
5,148
488
2
5,638
1	 Quoted prices for identical instruments in active markets.
2	 Inputs other than quoted prices that are directly or indirectly observable for instruments.
3	 Inputs not based on observable market data. 
4	 Prior-period amounts adjusted, 
 Note 4.
Deutsche Post DHL Group — 2014 Annual Report
202

Level 1 mainly comprises equity instruments measured at fair value 
and debt instruments measured at amortised cost.
In addition to financial assets and financial liabilities meas-
ured at amortised cost, commodity, interest rate and currency 
deriva­tives are reported under Level 2. The fair values of the deriv-
atives 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 on the market (exchange rates, interest rates 
and commodity prices) are imported from information platforms 
customary in the market into the treasury management system. 
The price quotations reflect actual transactions involving similar 
instruments on an active market. Any currency options used are 
measured using the Black-Scholes option pricing model. All sig-
nificant inputs used to measure the derivatives are observable on 
the market.
Level 3 mainly comprises the fair values of equity investments 
and options associated with M & A transactions. These options are 
measured using recognised valuation models, taking plausible 
­assumptions into account. The fair values of the derivatives depend 
largely on financial ratios. Financial ratios strongly influence the 
fair values of assets and liabilities. Increasing financial ratios lead to 
higher fair values, whilst decreasing financial ratios result in lower 
fair values.
No financial instruments were transferred between levels 
in financial year 2014. The following table shows the effect on net 
gains and losses of the financial instruments categorised within 
level 3 as at the reporting date:
Unobservable inputs (Level 3)
€ m
1 Jan. 2014
Gains and 
losses 
(­recognised 
in profit and 
loss) 1
Gains  
and losses 
(recognised 
in OCI) 2
Additions
Disposals
31 Dec. 2014
 
Assets
Equity instruments
93
0
53
0
–14
132
Liabilities
Debt instruments
0
0
0
0
0
0
Derivatives
 
 
 
 
 
 
Equity derivatives
2
–1
0
0
0
1
1 Jan. 2013
Gains and 
losses 
(­recognised 
in profit and 
loss) 1
Gains  
and losses 
(recognised 
in OCI) 2
Additions
Disposals
31 Dec. 2013
 
Assets
Equity instruments
28
0
41
24
0
93
Liabilities
Debt instruments
1
–1
0
0
0
0
Derivatives
 
 
 
 
 
 
Equity derivatives
48
–43
0
0
–3
2
1	 Fair value losses were recognised in other finance costs. 
2	 Unrealised gains were recognised in the IAS 39 revaluation reserve.
Deutsche Post DHL Group — 2014 Annual Report
203
Consolidated ­Financial Statements — NOTES — Other disclosures

The net gains and losses on financial instruments classified in 
­accordance with the individual IAS 39 measurement categories are 
as follows:
Net gains and losses by measurement category
€ m
2013
2014
 
Loans and receivables
–107
–114
Financial assets and liabilities at fair value  
through profit or loss
Trading
41
0
Fair value option
0
0
Other financial liabilities
3
1
 
The net gains and losses mainly include the effects of the fair value 
measurement, impairment and disposals (disposal gains / losses) 
of financial instruments. Dividends and interest are not taken 
into account for the financial instruments measured at fair value 
through profit or loss. Disclosures on net gains or losses on avail-
able-for-sale financial assets can be found in 
 Note 40.2. Income 
and expenses from interest and commission agreements of the 
finan­cial instruments not measured at fair value through profit or 
loss are explained in the income statement disclosures.
The following tables show the impact of netting agreements 
based on master netting arrangements or similar agreements on 
financial assets and financial liabilities as at the reporting date:
Offsetting – assets
€ m
Financial assets and liabilities not set off  
in the balance sheet
 
Gross amount 
of financial 
assets 
­recognised  
at the 
­reporting date
Gross amount 
of financial 
­liabilities 
set off
Net amount 
of financial 
assets set off 
in the balance 
sheet
Financial liabilities subject to 
a legally enforceable netting 
agreement that do not meet 
offsetting criteria
Collateral 
received
Total
Assets at 31 December 2014
Derivative financial assets 1
153
0
153
145
0
8
Trade receivables
7,954
129
7,825
0
0
7,825
Assets at 31 December 2013 2
Derivative financial assets 1
156
0
156
38
0
118
Trade receivables
7,189
167
7,022
0
0
7,022
1	 Excluding derivatives from M & A transactions.
2	 Prior-period amounts adjusted, 
 Note 4.
Offsetting – liabilities
€ m
Financial assets and liabilities not set off  
in the balance sheet
 
Gross amount 
of financial 
liabilities 
recognised  
at the 
­reporting date
Gross amount 
of financial 
assets set off
Net amount 
of financial 
­liabilities set 
off in the 
­balance sheet
Financial assets subject to a 
legally enforceable netting 
agreement that do not meet 
offsetting criteria
Collateral 
provided
Total
Liabilities at 31 December 2014
Derivative financial liabilities 1
145
0
145
145
0
0
Trade payables
7,051
129
6,922
0
0
6,922
Liabilities at 31 December 2013 2
Derivative financial liabilities 1
38
0
38
38
0
0
Trade payables
6,525
167
6,358
0
0
6,358
1	 Excluding derivatives from M & A transactions.
2	 Prior-period amounts adjusted, 
 Note 4.
Financial assets and liabilities are set off on the basis of netting 
agreements (master netting arrangements) only if an enforceable 
right of set-off exists and settlement on a net basis is intended as at 
the reporting date. 
If the right of set-off is not enforceable in the normal course 
of business, the financial assets and liabilities are recognised in the 
balance sheet at their gross amounts as at the reporting date. The 
master netting arrangement creates a conditional right of set-off 
that can only be enforced by taking legal action.
Deutsche Post DHL Group — 2014 Annual Report
204

To hedge cash flow and fair value risks, Deutsche Post AG 
enters into financial derivative transactions with a large number 
of financial services institutions. These contracts are subject to a 
standardised master agreement for financial derivative transac-
tions. This agreement provides for a conditional right of set-off, 
resulting in the recognition of the gross amount of the financial 
derivative transactions at the reporting date. The conditional right 
of set-off is presented in the table.
Settlement processes arising from services related to postal 
deliveries are subject to the Universal Postal Convention and the 
REIMS Agreement. These agreements, particularly the settlement 
conditions, are binding on all public postal operators for the spe­
cified contractual arrangements. Imports and exports between the 
parties to the agreement during a calendar year are summarised 
in an annual statement of account and presented on a net basis 
in the final annual statement. Receivables and payables covered 
by the Universal Postal Convention and the REIMS Agreement are 
presented on a net basis at the reporting date. The tables show the 
receivables and payables before and after offsetting. 
51	 Contingent liabilities
The Group’s contingent liabilities break down as follows:
Contingent liabilities
€ m
2013
2014
 
Guarantee obligations
21
89
Warranties
84
80
Liabilities from litigation risks
124
183
Other contingent liabilities
848
1,428
Total
1,077
1,780
 
The other contingent liabilities comprise an obligation from a for-
mal state aid investigation (  Note 53) and tax-related obligations. 
They also include a potential obligation to make settlement pay-
ments in the USA; 
 Note 12.
52	 Other financial obligations
In addition to provisions, liabilities and contingent liabilities, there 
are other financial obligations amounting to €7,155 million (previ-
ous year: €6,129 million) from non-cancellable operating leases as 
defined by IAS 17.
The Group’s future non-cancellable payment obligations 
­under leases are attributable to the following asset classes:
Lease obligations
€ m
2013
2014
 
Land and buildings
4,966
5,375
Aircraft
524
1,083
Transport equipment
512
576
Technical equipment and machinery
67
67
Other equipment, operating and office equipment
47
43
IT equipment
13
11
Total
6,129
7,155
 
The increase in lease obligations by €1,026 million to €7,155 mil-
lion is partly due to the expanded and extended contract with US 
airline Southern Air at the start of 2014, which led to an increase in 
aircraft lease obligations. Furthermore, new leases were concluded 
for mechanised delivery bases.
Maturity structure of minimum lease payments
€ m
2013
2014
 
Less than 1 year
1,465
1,626
More than 1 year to 2 years
1,109
1,223
More than 2 years to 3 years
853
975
More than 3 years to 4 years
651
751
More than 4 years to 5 years
475
501
More than 5 years
1,576
2,079
Total
6,129
7,155
 
The present value of discounted minimum lease payments is 
€5,827 million (previous year: €5,019 million), based on a dis-
count factor of 4.75 % which was unchanged from the previous year. 
Overall, rental and lease payments amounted to €2,588 million 
(previous year, adjusted: €2,518 million), of which €1,845 million 
(previous year, adjusted: €1,708 million) relates to non-cancellable 
leases. €2,426 million (previous year: €2,092 million) of future 
lease obligations from non-cancellable leases is primarily attribut-
able to Deutsche Post Immobilien GmbH.
The purchase obligation for investments in non-current 
­assets amounts to €137 million (previous year: €134 million).
53	 Litigation
A large number of the postal services rendered by Deutsche Post 
AG and its subsidiaries are subject to sector-specific regulation by 
the Bundesnetzagentur (German federal network agency) pursuant 
to the Postgesetz (German Postal Act). As the regulatory authority, 
the Bundesnetzagentur approves or reviews such prices, formu-
lates the terms of downstream access and has special supervisory 
powers to combat market abuse. This general regulatory risk could 
lead to a decline in revenue and earnings in the event of negative 
decisions.
Legal risks arise, amongst other things, from pending admin-
istrative court appeals by an association against the price approvals 
under the price cap procedure for 2003, 2004 and 2005 and, in ad-
dition, against the relevant decisions for 2008 and 2013. Although 
the appeals against price approvals for the years 2003 to 2005 were 
dismissed by the Münster Higher Administrative Court, as the 
court of appeal, an appeal has been filed with the Federal Admin-
istrative Court. The Cologne Administrative Court has not yet de-
cided on the appeals against the price approvals for 2008 and 2013.
In its decision dated 14 June 2011, the Bundesnetzagentur con-
cluded that First Mail Düsseldorf GmbH, a subsidiary of Deutsche 
Post AG, and Deutsche Post AG had contravened the discounting 
and discrimination prohibitions under the Post­gesetz. The com­
panies were instructed to remedy the breaches that had been iden-
tified. Both companies appealed against the ruling. Furthermore, 
First Mail Düsseldorf GmbH filed an application to suspend the 
execution of the ruling until a decision was reached in the principal 
Deutsche Post DHL Group — 2014 Annual Report
205
Consolidated ­Financial Statements — NOTES — Other disclosures

proceedings. The Cologne Administrative Court and the Münster 
Higher Administrative Court both dismissed this ­application. First 
Mail Düsseldorf GmbH discontinued its mail delivery operations 
at the end of 2011 and retracted its appeal on 19 December 2011. 
Deutsche Post AG continues to pursue its appeal against the 
Bundes­netzagentur ruling.
In its ruling of 30 April 2012, the Bundesnetzagentur deter-
mined that Deutsche Post AG had contravened the discrimination 
provisions under the Postgesetz by charging different fees for the 
transport of identical invoices and invoices containing different 
amounts. Deutsche Post AG was requested to discontinue the dis-
crimination determined immediately, but no later than 31 Decem-
ber 2012. The ruling was implemented on 1 January 2013. Deutsche 
Post does not share the legal opinion of the Bundesnetzagentur and 
appealed the ruling.
On 25 January 2012, the European Commission issued a 
ruling on the formal investigation regarding state aid that it had 
initiated on 12 September 2007. The Commission determined that 
Deutsche Post AG was not overcompensated, using state resources, 
for the cost of providing universal services between 1989 and 2007. 
It also did not find fault with the guarantees issued by the Ger-
man state for legacy liabilities. By contrast, it did find that some of 
the funding arrangements for civil servants’ pensions represented 
­illegal state aid. It said that the pension relief granted to Deutsche 
Post AG by the Bundesnetzagentur during the price approval pro-
cess led to Deutsche Post AG receiving a benefit in relation to its 
services that are not rate-regulated. According to the Commission, 
this must be claimed back by the German government, which 
must also ensure that the granting of state aid does not in future 
confer benefits with respect to non-rate-regulated services (illegal 
state aid). The European Commission has left the calculation of 
the precise amount to be repaid to the Federal Republic. However, 
in a press release, the European Commission had referred to an 
amount of between €500 million and €1 billion. 
Deutsche Post AG and the federal government are of the opin-
ion that the European Commission’s state aid decision of 25 Janu-
ary 2012 cannot withstand legal review and have each submitted an 
appeal to the European Court of Justice in Luxembourg.
To implement the state aid ruling, the federal government 
called upon Deutsche Post AG on 29 May 2012 to make a payment 
of €298 million including interest. Deutsche Post AG paid this 
amount to a trustee on 1 June 2012 and appealed the recovery order 
to the Administrative Court. However, this appeal has been sus-
pended pending a ruling from the European Court of ­Justice. The 
company made additional payments of €19.4 million and €15.6 mil-
lion to the trustee on 2 January 2013 and 2 January 2014, respec-
tively, and €20.2 million on 2 January 2015. All payments made 
until the ­reporting date were reported in the balance sheet under 
non-­current assets; the earnings position remained unaffected.
The European Commission has not expressed its final accept­
ance of the calculation of the state aid to be repaid. On 17 Decem-
ber 2013, it initiated proceedings against the Federal Republic of 
Germany with the European Court of Justice to effect a higher 
repayment amount. Although Deutsche Post AG and the federal 
government are of the opinion that the European Commission’s 
state aid decision of 25 January 2012 cannot withstand legal review, 
it cannot be ruled out that Deutsche Post AG will ultimately be re-
quired to make a (potentially higher) payment, which could have 
an adverse effect on earnings; 
 Note 51.
On 5 November 2012, the Bundeskartellamt (German fed-
eral cartel office) initiated proceedings against Deutsche Post AG 
on suspicion of abusive behaviour with respect to agreements on 
mail transport with major customers. Based on information from 
Deutsche Post AG’s competitors and customer surveys, the author-
ities suspect that the company had violated the provisions of Ger-
man and European antitrust law. Deutsche Post AG does not share 
this opinion. However, should the authorities find their suspicions 
confirmed, they may require Deutsche Post AG to refrain from cer-
tain acts or impose fines.
Since 1 July 2010, as a result of the revision of the relevant 
tax exemption provisions, the VAT exemption has only applied to 
those specific universal services in Germany that are not subject to 
individually negotiated agreements or provided on special terms 
(discounts etc.). Deutsche Post AG does not believe that the legis-
lative amendment fully complies with the applicable provisions of 
European Community law. Due to the legal uncertainty resulting 
from the new legislation, Deutsche Post AG is endeavouring to clar-
ify certain key ­issues with the tax authorities. Although Deutsche 
Post AG is implementing the required measures to a large extent, 
the differing legal opinions on the part of Deutsche Post AG and the 
tax authorities will be judicially clarified; 
 Note 51.
On 30 June 2014, DHL Express France received a statement of 
objections from the French Competition Authority alleging anti­
competitive conduct in the domestic express business, which had 
been divested in June 2010. The company is currently co-operating 
with the French authorities regarding the issues raised in the state-
ment of objections.
In view of the ongoing or announced legal proceedings 
mentioned above, no details are given on their presentation in the 
finan­cial statements.
54	 Share-based payment
Assumptions regarding the price of Deutsche Post AG’s shares and 
assumptions regarding employee fluctuation are taken into account 
when measuring the value of share-based payments for executives. 
All assumptions are reviewed on a quarterly basis. The staff costs 
are recognised pro rata in profit or loss to reflect the services ren-
dered as consideration during the vesting period (lock-up period). 
Deutsche Post DHL Group — 2014 Annual Report
206

54.1	 Share-based payment for executives (Share Matching Scheme)
Under the share-based payment system for executives (Share 
Matching Scheme), certain executives receive part of their variable 
remuneration for the financial year in the form of shares of Deutsche 
Post AG in the following year (deferred incentive shares). All Group 
executives can specify an increased equity component ­individually 
by converting a further portion of their variable ­remuneration for 
the financial year (investment shares). After a four-year lock-up 
period during which the executive must be employed by the Group, 
they again receive the same number of Deutsche Post AG shares 
(matching shares). Assumptions are made regarding the conver-
sion behaviour of executives with respect to their relevant bonus 
portion. Share-based payment arrangements are entered into each 
year, with 1 January of the respective year and 1 April of the follow-
ing year being the grant dates for each year’s tranche. Whereas in-
centive shares and matching shares are ­classified as equity-settled 
share-based payments, investment shares are compound financial 
instruments and the debt and ­equity components must be meas-
ured separately. However, in accordance with IFRS 2.37, only the 
debt component is measured due to the provisions of the Share 
Matching Scheme. The investment shares are therefore treated as 
cash-settled share-based payments.
Share Matching Scheme
 
2009 tranche
2010 tranche
2011 tranche
2012 tranche
2013 tranche
2014 tranche
 
Grant date of incentive shares and associated matching shares
 
1 Nov. 2009
1 Jan. 2010
1 Jan. 2011
1 Jan. 2012
1 Jan. 2013
1 Jan. 2014
Grant date of matching shares awarded for investment shares
 
1 Apr. 2010
1 Apr. 2011
1 Apr. 2012
1 Apr. 2013
1 Apr. 2014
1 Apr. 2015
Term
months
53
63
63
63
63
63
End of term
 
March 2014
March 2015
March 2016
March 2017
March 2018
March 2019
Share price at grant date (fair value)
Incentive shares and associated matching shares
€
11.48
13.98
12.90
12.13
17.02
25.91
Matching shares awarded for investment shares
€
13.03
12.91
14.83
18.22
27.18
27.00 1
Number of deferred incentive shares
thousands
430
638
660
479
337
268 2
Number of matching shares expected
Deferred incentive shares
thousands
336
574
594
431
303
241
Investment shares
thousands
259
932
940
709
567
439
Matching shares issued
thousands
654
–
–
–
–
–
1	 Estimated provisional amount, will be determined on 1 April 2015.
2	 Expected number.
The rights to the matching shares under the 2009 tranche and 
to the investment and deferred incentive shares under the 2013 
tranche were settled in April 2014. To settle the tranches shares 
were repurchased on the market; 
 Note 38.
In the consolidated financial statements as at 31 Decem-
ber 2014, €65 million (previous year: €52 million) was recognised 
in capital reserves for the granting of variable remuneration com-
ponents under this system; 
 Note 39.
54.2	 Long-Term Incentive Plan (2006 LTIP) for members  
of the Board of Management
Since 1 July 2006, the members of the Board of Management 
­receive stock appreciation rights (SAR s) under the 2006 LTIP. Each 
SAR under the 2006 LTIP entitles the holder to receive a cash settle­
ment equal to the difference between the average closing price of 
Deutsche Post shares during the last five trading days before the 
exercise date and the issue price of the SAR.
The members of the Board of Management each invest 10 % 
of their fixed annual remuneration (annual base salary) as a per-
sonal financial investment every year. The number of SAR s issued 
to the members of the Board of Management is determined by 
the Super­visory Board. Following a four-year waiting period that 
begins on the issue date, the SAR s granted can be fully or partly 
­exercised within a period of two years provided an absolute or 
relative performance target is achieved at the end of the waiting 
­period. Any SAR s not exercised during this two-year period will 
expire. To ­determine how many – if any – of the granted SAR s can 
be ­exercised, the average share price or the average index is com-
pared for the reference period and the performance period. The 
reference period comprises the last 20 consecutive trading days 
before the issue date. The performance period is the last 60 trading 
days ­before the end of the waiting period. The average (closing) 
price is calculated as the average closing price of Deutsche Post 
shares in Deutsche Börse AG’s Xetra trading system.
The absolute performance target is met if the closing price of 
Deutsche Post shares is at least 10, 15, 20, or 25 % above the issue 
price. The relative performance target is tied to the performance 
of the shares in relation to the STOXX Europe 600 Index (SXXP, 
ISIN EU0009658202). It is met if the share price equals the index 
performance or if it outperforms the index by at least 10 %.
A maximum of four out of every six SAR s can be “earned” via 
the absolute performance target, and a maximum of two via the 
relative performance target. If neither an absolute nor a relative 
performance target is met by the end of the waiting period, the 
SAR s attributable to the related tranche will expire without replace-
ment or compensation.
Deutsche Post DHL Group — 2014 Annual Report
207
Consolidated ­Financial Statements — NOTES — Other disclosures

2006 LTIP
2009 tranche
2010 tranche
2011 tranche
2012 tranche
2013 tranche
2014 tranche
SAR s
Issue date
1 July 2009
1 July 2010
1 July 2011
1 July 2012
1 Aug. 2013
1 Sept. 2014
Issue price (€)
9.52
12.27
12.67
13.26
20.49
24.14
Waiting period expires
30 June 2013
30 June 2014
30 June 2015
30 June 2016
31 July 2017
31 Aug. 2018
 
See 
 Note 55.2 for further disclosures on share-based payment for 
members of the Board of Management.
54.3	 SAR Plan for executives
From July 2006 to August 2013, selected executives received 
­annual tranches of SARS under the SAR Plan. This allowed them to 
receive a cash payment within a defined period in the amount of 
the difference between the respective price of Deutsche Post shares 
and the fixed issue price if demanding performance targets are 
met (see disclosures on the 2006 LTIP for members of the Board 
of Management). All SAR s granted under the 2006 and 2007 
tranches expired at the end of the respective waiting ­periods, since 
the related performance targets were not met. On expiry of the 
waiting period for the 2008 tranche on 30 June 2011, two-sixths 
of the SAR s granted became exercisable. These SAR s were eligible 
to be exercised shortly before the end of the exercise period, as the 
share price performed well and exceeded the issue price of €18.40. 
The exercise period for these SAR s terminated on 30 June 2013. The 
waiting period for the 2009 tranche also ended on 30 June 2013. 
Due to the strong share price performance since the SAR s were 
issued in 2009, most of these SAR s were exercised in 2013. The 
related performance targets were also met on expiry of the waiting 
period for the 2010 tranche on 30 June 2014. All SAR s granted in 
2010 were able to be exercised. Most executives exercised the SAR s 
under this tranche as early as 2014.
Starting in 2014, SAR s were no longer issued to executives 
under the SAR Plan. The Performance Share Plan (PSP) for execu-
tives ­replaces the SAR Plan. All earlier SAR tranches issued under 
the old SAR Plan remain valid.
More details on the SAR Plan tranches are shown in the fol-
lowing table:
SAR Plan
2009 tranche
2010 tranche
2011 tranche
2012 tranche
2013 tranche
SAR s
Issue date
1 July 2009
1 July 2010
1 July 2011
1 July 2012
1 Aug. 2013
Issue price (€)
9.52
12.27
12.67
13.26
20.49
Waiting period expires
30 June 2013
30 June 2014
30 June 2015
30 June 2016
31 July 2017
 
The fair value of the SAR Plan and the 2006 LTIP was determined 
using a stochastic simulation model. As a result, an expense of 
€105 million was recognised for financial year 2014 (previous year: 
€202 million). 
A provision for the 2006 LTIP and the SAR Plan was recog-
nised as at the balance sheet date in the amount of €271 million 
(previous year: €278 million), of which €67 million (previous year: 
€64 million) was attributable to the Board of Management. €6 mil-
lion of the total provision (previous year: €4 million) related to 
rights exercisable at the reporting date.
54.4	 Performance Share Plan for executives
The Annual General Meeting on 27 May 2014 resolved to intro-
duce the Performance Share Plan (PSP) for executives. This plan 
replaces the former share-based payment system (SAR Plan) for 
­executives. Whereas the SAR Plan involved cash-settled share-
based payments, under the PSP shares are issued to participants at 
the end of the waiting period. Under the PSP, the granting of the 
shares at the end of the waiting period is linked to the achievement 
of demanding performance targets. The performance targets under 
the PSP are identical to the performance targets under the LTIP for 
members of the Board of Management.
Performance Share Units (PSU s) were issued to selected 
­executives under the PSP for the first time on 1 September 2014. 
It is not planned that members of the Board of Management will 
partici­pate in the PSP. The Long-Term Incentive Plan (2006 LTIP) 
for members of the Board of Management remains unchanged.
In the consolidated financial statements as at 31 Decem-
ber 2014, a total of €3 million (previous year: €0 million) has been 
added to capital reserves for the purposes of the plan; 
 Note 39.
The value of the PSP is measured using actuarial ­methods 
based on option pricing models (fair value measurement). The 
expense for financial year 2014 amounted to €3 million and was 
recognised in staff costs.
Deutsche Post DHL Group — 2014 Annual Report
208

Performance Share Plan
2014 tranche
 
Grant date
1 Sept. 2014
Exercise price
€24.14
Waiting period expires
31 Aug. 2018
Risk-free interest rate
0.11 %
Initial dividend yield of Deutsche Post shares
 3.50 %
Yield volatility of Deutsche Post shares
23.46 %
Yield volatility of Dow Jones EURO STOXX 600 Index
10.81 %
Covariance of Deutsche Post shares to Dow Jones EURO STOXX 600 Index
1.74 %
Quantity
Rights outstanding as at 1 January 2014
0
Rights granted
4,479,948
Rights lapsed
3,000
Rights outstanding as at 31 December 2014
4,476,948
Future dividends were taken into account, based on a moderate 
­increase in dividend distributions over the respective measure-
ment period.
The average remaining maturity of the outstanding options as 
at 31 December 2014 was 44 months.
55	 Related party disclosures
55.1	 Related party disclosures (companies and Federal Republic 
of Germany)
All companies classified as related parties that are controlled by the 
Group or on which the Group can exercise significant influence 
are recorded in the list of shareholdings, which can be accessed on 
the website, 
 www.dpdhl.com/en/investors.html, together with infor-
mation on the equity interest held, their equity and their net profit 
or loss for the period, broken down by geographical areas.
Deutsche Post AG maintains a variety of relationships with 
the Federal Republic of Germany and other companies controlled 
by the Federal Republic of Germany. 
The Federal Republic is a customer of Deutsche Post AG and 
as such uses the company’s services. Deutsche Post AG has ­direct 
business relationships with the individual public authorities and 
other government agencies as independent individual custom-
ers. The services provided for these customers are insignificant in 
­respect of Deutsche Post AG’s overall revenue.
Relationships with KfW
KfW supports the Federal Republic in continuing to privatise 
companies such as Deutsche Post AG or Deutsche Telekom AG. 
In 1997, KfW, together with the federal government, developed a 
“placeholder model” as a tool to privatise government-owned com-
panies. Under this model, the federal government sells all or part 
of its investments to KfW with the aim of fully privatising these 
state-owned companies. On this basis, KfW has purchased shares 
of Deutsche Post AG from the federal government in several stages 
since 1997 and executed various capital market transactions using 
these shares. KfW’s current interest in Deutsche Post AG’s share 
capital is 21 %. Deutsche Post AG is thus considered to be an associ-
ate of the federal government.
Relationships with Bundesanstalt für Post 
und Telekommunikation
Bundesanstalt für Post und Telekommunikation (BAnstPT) is a 
govern­ment agency and falls under the technical and legal super­
vision of the German Federal Ministry of Finance. Under the 
Bundes­anstalt-Reorganisationsgesetz (German Federal Agency Re-
organisation Act), which entered into force on 1 December 2005, 
the federal government directly undertakes the tasks relating to 
holdings in Deutsche Bundespost successor companies through 
the Federal Ministry of Finance. It is therefore no longer neces-
sary for BAnstPT to perform the “tasks associated with own-
ership”. ­BAnstPT manages the social facilities such as the Postal 
Civil ­Service Health Insurance Fund, the recreation programme, 
Versorgungsanstalt der Deutschen Bundespost (VAP) and the wel-
fare service for Deutsche Post AG, Deutsche Postbank  AG and 
Deutsche Telekom AG, as well as setting the ­objectives for social 
housing. Since 1 January 2013, BAnstPT has undertaken the tasks 
of the special pension fund for postal civil servants. The fund 
makes pension and assistance payments to the beneficiaries and 
their surviving ­dependents allocated to the Deutsche Bundespost 
successor companies. Further disclosures on the special pension 
fund for postal civil ­servants and on VAP can be found in 
 Notes 7 
and 44. The tasks are performed on the basis of agency agreements. 
In 2014, Deutsche Post AG was invoiced for €71 million (previous 
year: €65 million) in instalment payments relating to services pro-
vided by BAnstPT.
Relationships with the German Federal Ministry of Finance
In financial year 2001, the German Federal Ministry of Finance 
and Deutsche Post AG entered into an agreement that governs 
the terms and conditions of the transfer of income received by 
Deutsche Post  AG from the levying of the settlement payment 
under the ­Gesetze über den Abbau der Fehlsubventionierung im 
Wohnungswesen (German Acts on the Reduction of Mis­directed 
Housing Subsidies) relating to housing benefits granted by 
Deutsche Post AG. Deutsche Post AG transfers the amounts to the 
federal government on a monthly basis.
Deutsche Post AG also entered into an agreement with the 
Federal Ministry of Finance dated 30 January 2004 relating to the 
transfer of civil servants to German federal authorities. Under this 
agreement, civil servants are seconded with the aim of transferring 
them initially for six months, and are then transferred permanently 
if they successfully complete their probation. Once a permanent 
transfer is completed, Deutsche Post AG contributes to the cost in-
curred by the federal government by paying a flat fee. In 2014, this 
initiative resulted in 65 permanent transfers (previous year: 26) and 
87 secondments with the aim of a permanent transfer in 2015 (pre-
vious year: 33).
Relationships with the German Federal Employment Agency
Deutsche Post AG and the German Federal Employment Agency 
entered into an agreement dated 12 October 2009 relating to the 
transfer of Deutsche Post AG civil servants to the Federal Employ­
ment Agency. In 2014, as in the previous year, this initiative 
­resulted in no transfers.
Deutsche Post DHL Group — 2014 Annual Report
209
Consolidated ­Financial Statements — NOTES — Other disclosures

Relationships with Deutsche Telekom AG and its subsidiaries
The Federal Republic holds around 32 % of the shares of Deutsche 
Telekom AG directly and indirectly (via KfW). A control rela-
tionship exists between Deutsche Telekom AG and the Federal 
­Republic because the Federal Republic, despite its non-controlling 
interest, has a secure majority at the Annual ­General Meeting 
due to its average presence there. Deutsche Telekom AG is there-
fore a related party of Deutsche Post AG. In financial year 2014, 
Deutsche Post DHL Group provided goods and services (mainly 
transport services for letters and parcels) for Deutsche Telekom 
AG and purchased goods and services (such as IT products) from 
Deutsche Telekom AG.
Relationships with Deutsche Bahn AG and its subsidiaries
Deutsche Bahn AG is wholly owned by the Federal Republic. ­Owing 
to this control relationship, Deutsche Bahn AG is a related party to 
Deutsche Post AG. Deutsche Post DHL Group has various business 
relationships with the Deutsche Bahn Group. These mainly consist 
of transport service agreements.
Bundes-Pensions-Service für Post und Telekommunikation e. V.
Disclosures on the Bundes-Pensions-Service für Post- und Tele-
kommunikation e. V. (BPS-PT) can be found in 
 Note 7.
Relationships with pension funds
The real estate with a fair value of €1,106 million (previous year: 
€1,016 million), of which Deutsche Post Betriebsrenten Service e. V. 
(DPRS) and /or Deutsche Post Pensions-Treuhand GmbH & Co. KG, 
Deutsche Post Betriebsrenten-Service e. V. & Co. Objekt Gronau 
KG and Deutsche Post Grundstücks-Vermietungsgesellschaft beta 
mbH Objekt Leipzig KG are the legal or beneficial owners, is ex-
clusively let to Deutsche Post Immobilien GmbH. Rental expense 
for Deutsche Post Immobilien GmbH amounted to €69 million 
in 2014 (previous year: €66 million). The rent was always paid on 
time. Deutsche Post Pensions-Treuhand GmbH & Co. KG owns 
100 % of Deutsche Post Pensionsfonds AG. Further disclosures on 
pension funds can be found in 
 Notes 7 and 44. 
Relationships with unconsolidated companies, INVESTMENTS  
accounted for using the equity method and joint operations
In addition to the consolidated subsidiaries, the Group has direct 
and indirect relationships with unconsolidated companies, invest-
ments accounted for using the equity method and joint operations 
deemed to be related parties of the Group in the course of its ordin­
ary business activities. As part of these activities, all transactions 
for the provision of goods and services entered into with uncon-
solidated companies were conducted on an arm’s length basis at 
standard market terms and conditions. 
Transactions were conducted in financial year 2014 with 
­major related parties, resulting in the following items in the con-
solidated financial statements:
 
€ m
2013  
adjusted 1
2014 
 
Receivables
4
2
from investments accounted for using the equity 
method
1
1
from unconsolidated companies
3
1
Loans
15
25
to investments accounted for using the equity 
method
0
0
to unconsolidated companies
15
25
Receivables from in-house banking
4
2
from investments accounted for using the equity 
method
4
2
from unconsolidated companies
0
0
Financial liabilities
90
23
to investments accounted for using the equity 
method
9
12
to unconsolidated companies
81
11
Liabilities
7
10
to investments accounted for using the equity 
method
4
4
to unconsolidated companies
3
6
Revenue
12
4
from investments accounted for using the equity 
method
11
3
from unconsolidated companies
1
1
Expenses 2
41
35
due to investments accounted for using the equity 
method
19
14
due to unconsolidated companies
22
21
1	
 Note 4.
2	 Relate to materials expense and staff costs.
Deutsche Post AG issued letters of commitment in the amount of 
€79 million (previous year: €81 million) for these companies. Of 
this amount, €73 million (previous year: €76 million) was attribut-
able to investments accounted for using the equity method, €2 mil-
lion (previous year: €1 million) to joint operations and €4 million 
(previous year: €4 million) to unconsolidated companies.
55.2	 Related party disclosures (individuals)
In accordance with IAS 24, the Group also reports on transactions 
between the Group and related parties or members of their fam­
ilies. Related parties are defined as the Board of Management, the 
Supervisory Board and the members of their families.
There were no reportable transactions or legal transactions 
involving related parties in financial year 2014.
The remuneration of key management personnel of the 
Group requiring disclosure under IAS 24 comprises the remuner-
ation of the active members of the Board of Management and the 
Supervisory Board. 
Deutsche Post DHL Group — 2014 Annual Report
210

The active members of the Board of Management and the 
Super­visory Board were remunerated as follows:
 
€ m
2013
2014
 
Short-term employee benefits  
(excluding share-based payment)
14
17
Post-employment benefits
3
3
Termination benefits 
0
1
Share-based payment
47
30
Total
64
51
As well as the aforementioned benefits for their work on the Super-
visory Board, the employee representatives who are on the Super-
visory Board and employed by the Group also receive their normal 
salaries for their work in the company. These salaries are deter-
mined at levels that are commensurate with the salary appropriate 
for the function or work performed in the company.
Post-employment benefits are recognised as the service cost 
resulting from the pension provisions for active members of the 
Board of Management. The corresponding liability amounted to 
€34 million as at the reporting date (previous year: €23 million).
The share-based payment amount relates to the relevant ex-
pense recognised for financial years 2013 and 2014. It is itemised 
in the following table:
Share-based payment
Thousands of €
2013  
SAR s
2014  
SAR s
 
Dr Frank Appel, Chairman
12,894
6,331
Ken Allen
7,322
3,280
Roger Crook
3,460
2,577
Bruce Edwards 1
7,610
6,722
Jürgen Gerdes
7,428
3,523
John Gilbert 2
–
60
Melanie Kreis 3
–
–
Lawrence Rosen
7,311
3,304
Angela Titzrath 4
1,183
4,071
Share-based payment
47,208
29,868
1	 Until 10 March 2014.
2	 Since 11 March 2014.
3	 Since 31 October 2014.
4	 Until 1 July 2014.
55.3	 Remuneration disclosures in accordance with the HGB
Board of Management remuneration
The total remuneration paid to the active members of the Board 
of Management in financial year 2014 including the components 
with a long-term incentive effect totalled €20.9 million (previous 
year: €20.5 million). Of this amount, €7.6 million (previous year: 
€7.8 million) is attributable to non-performance-related compo-
nents (annual base salary and fringe benefits), €6.0 million (previ-
ous year: €5.4 million) to performance-related components (vari­
able components) and €7.3 million (previous year: €7.3 million) to 
components with a long-term incentive effect (SAR s). The number 
of SAR s was 1,591,332 (previous year: 1,984,818).
Former members of the Board of Management
The remuneration of former members of the Board of Management 
or their surviving dependants amounted to €6.0 million in the year 
under review (previous year: €4.4 million). The defined benefit ob-
ligation (DBO) for current pensions calculated under IFRS s was 
€104 million (previous year: €72 million). The increase was mainly 
due to a significant reduction in the IAS discount rate compared 
with the previous year as well as an increase in the number of 
­retirees whose pension benefits fell due; no additional obligations 
were incurred as a result. Without these extraordinary items in the 
amount of €33.1 million, the defined benefit obligation would have 
decreased by around €1 million to around €71 million compared 
with the previous year. 
Remuneration of the Supervisory Board
The total remuneration of the Supervisory Board in financial year 
2014 amounted to around €3.3 million (previous year: €1.4 million, 
plus a variable amount for 2013 to be paid in 2016); €2.4 million of 
this amount was attributable to a fixed component (previous year: 
€1.2 million), €0.3 million to attendance allowances (previous year: 
€0.2 million), and €0.6 million to the variable remuneration for 
2012 (previous year: €0 million as the conditions for payment had 
not been met). Of the variable remuneration for 2012, €21 thou-
sand was attributable to one Supervisory Board member who has 
meanwhile left the company, and the ­remaining €595 thousand to 
active Supervisory Board members.
Further information on the itemised remuneration of the Board of 
Management and the Supervisory Board can be found in the Cor-
porate Governance Report. The remuneration report contained in 
the Corporate Governance Report also forms part of the Group 
Management Report.
Shareholdings of the Board of Management  
and Supervisory Board
As at 31 December 2014, shares held by the Board of Management 
and the Supervisory Board of Deutsche Post AG amounted to less 
than 1 % of the company’s share capital.
Reportable transactions
The transactions of Board of Management and Supervisory Board 
members involving securities of the company and notified to 
Deutsche Post AG in accordance with section 15 a of the Wert­
papierhandelsgesetz (WpHG – German Securities Trading Act) 
can be viewed on the company’s website at 
 www.dpdhl.com/en/ 
investors.html.
Deutsche Post DHL Group — 2014 Annual Report
211
Consolidated ­Financial Statements — NOTES — Other disclosures

56	 Auditor’s fees
The fee for the auditor of the consolidated financial statements, 
PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungs-
gesellschaft, amounted to €10 million in financial year 2014 and 
was recognised as an expense. Of this amount, €6 million was 
attribut­able to the category covering audits of the financial state-
ments which includes in particular the fees for auditing the con-
solidated financial statements, as well as for auditing the annual 
financial statements prepared by Deutsche Post AG and its German 
­subsidiaries. A further €3 million relates to the other advisory and 
valuation services category. It primarily includes the fees for review-
ing the interim reports. In addition, it includes fees for voluntary 
audits extending beyond the statutory audit engagement, such as 
audits of the internal control system. The fee for other services 
amounts to €1 million and relates to fees which cannot be allocated 
to the aforementioned categories.
57	 Exemptions under the HGB and local foreign legislation
For financial year 2014, the following subsidiaries have exercised 
the simplification options under section 264 (3) of the HGB or sec-
tion 264 b of the HGB:
•	 Adcloud GmbH
•	 Agheera GmbH
•	 Albert Scheid GmbH
•	 CSG GmbH
•	 CSG.TS GmbH
•	 Danzas Deutschland Holding GmbH
•	 Danzas Grundstücksverwaltung Groß-Gerau GmbH
•	 Deutsche Post Adress Beteiligungsgesellschaft mbH
•	 Deutsche Post Assekuranz Vermittlungs GmbH
•	 Deutsche Post Beteiligungen Holding GmbH
•	 Deutsche Post Com GmbH
•	 Deutsche Post Consult GmbH
•	 Deutsche Post Customer Service Center GmbH
•	 Deutsche Post DHL Beteiligungen GmbH
•	 Deutsche Post DHL Corporate Real Estate Management GmbH
•	 Deutsche Post DHL Corporate Real Estate Management 
GmbH & Co. Logistikzentren KG
•	 Deutsche Post DHL Inhouse Consulting GmbH
•	 Deutsche Post DHL Research and Innovation GmbH
•	 Deutsche Post Direkt GmbH
•	 Deutsche Post E-Post Development GmbH 
•	 Deutsche Post E-POST Solutions GmbH 
•	 Deutsche Post Fleet GmbH
•	 Deutsche Post Immobilien GmbH
•	 Deutsche Post InHaus Services GmbH
•	 Deutsche Post Investments GmbH
•	 Deutsche Post IT BRIEF GmbH
•	 Deutsche Post IT Services GmbH
•	 Deutsche Post Mobility GmbH
•	 Deutsche Post Shop Essen GmbH
•	 Deutsche Post Shop Hannover GmbH
•	 Deutsche Post Shop München GmbH
•	 Deutsche Post Signtrust und DMDA GmbH 
•	 DHL Airways GmbH
•	 DHL Automotive GmbH
•	 DHL Automotive Offenau GmbH
•	 DHL Delivery GmbH
•	 DHL Express Customer Service GmbH
•	 DHL Express Germany GmbH
•	 DHL Express Network Management GmbH
•	 DHL Fashion Retail Operation GmbH
•	 DHL Foodservices GmbH
•	 DHL Freight Germany Holding GmbH
•	 DHL Freight GmbH
•	 DHL Global Forwarding GmbH
•	 DHL Global Forwarding Management GmbH
•	 DHL Global Management GmbH
•	 DHL Home Delivery GmbH
•	 DHL Hub Leipzig GmbH
•	 DHL International GmbH
•	 DHL Logistics GmbH
•	 DHL Solutions Fashion GmbH
•	 DHL Solutions GmbH
•	 DHL Solutions Großgut GmbH
•	 DHL Solutions Retail GmbH
•	 DHL Sorting Center GmbH
•	 DHL Supply Chain (Leipzig) GmbH 
•	 DHL Supply Chain Management GmbH
•	 DHL Supply Chain VAS GmbH 
•	 DHL Trade Fairs & Events GmbH
•	 DHL Vertriebs GmbH 
•	 DHL Verwaltungs GmbH
•	 Erste End of Runway Development Leipzig GmbH
•	 Erste Logistik Entwicklungsgesellschaft MG GmbH
•	 European Air Transport Leipzig GmbH
•	 FIRST MAIL Düsseldorf GmbH
•	 Gerlach Zolldienste GmbH
•	 interServ Gesellschaft für Personal- und Beraterdienst­
leistungen mbH
•	 nugg.ad AG predictive behavioral targeting
•	 Werbeagentur Janssen GmbH
•	 Williams Lea & TAG GmbH
•	 Zweite Logistik Entwicklungsgesellschaft MG GmbH
Deutsche Post DHL Group — 2014 Annual Report
212

The following companies make use of the audit exemption under 
section 479 A of the UK Companies Act:
•	 DHL Exel Supply Chain Limited
•	 DHL Freight & Contract Logistics (UK) Limited
•	 Exel Investments Limited
•	 Exel Overseas Limited
•	 Freight Indemnity & Guarantee Company Limited
•	 Joint Retail Logistics Limited
•	 Ocean Group Investments Limited
•	 Ocean Overseas Holdings Limited
•	 Power Europe Development Limited
•	 Power Europe Development No 3 Limited
•	 Power Europe Operating Limited
•	 Tibbett & Britten Applied Limited
•	 Trucks and Child Safety Limited
58	 Declaration of Conformity with the German Corporate 
­Governance Code
The Board of Management and the Supervisory Board of Deutsche 
Post AG jointly submitted the Declaration of Conformity with the 
German Corporate Governance Code for financial year 2014 re­
quired by section 161 of the AktG. This Declaration of Conformity 
can be accessed online at 
 www.corporate-governance-code.de and at 
 www.dpdhl.com/en/investors.html.
59	 Significant events after the reporting date
In order to secure the increased demand for labour as a re­
sult of continued sustainable growth in the parcel business, 
Deutsche Post DHL Group has founded numerous regional com­
panies under the ­umbrella of DHL Delivery GmbH. The goal is 
to create up to 10,000 new positions by 2020. Staff working in 
the new companies shall be employed in line with the regionally 
applicable collective terms and conditions for the forwarding and 
logistics sector.
The requirements for classifying an asset as held for sale in ac­
cordance with IFRS 5 were met in the period between the balance 
sheet date and the preparation of the consolidated financial state­
ments by the Board of Management, so that the shares held by the 
Supply Chain division in King’s Cross Central Property Trust, UK, 
and King’s Cross ­Central General Partner Ltd., UK, can be ­reduced 
as planned.
There were no other significant events after the reporting date.
RESPONSIBILITY STATEMENT
To the best of our knowledge, and in accordance with the applic­
able reporting principles, the consolidated financial statements 
give a true and fair view of the assets, liabilities, financial position 
and profit or loss of the Group, and the management report of the 
Group includes a fair review of the development and performance 
of the business and the position of the Group, together with a de­
scription of the principal opportunities and risks associated with 
the expected development of the Group.
Bonn, 20 February 2015
Deutsche Post AG
The Board of Management
Dr Frank Appel
Ken Allen	
	
Roger Crook
Jürgen Gerdes	
	
John Gilbert
Melanie Kreis	
	
Lawrence Rosen
 
Deutsche Post DHL Group — 2014 Annual Report
213
Consolidated ­Financial Statements — NOTES — Other disclosures — RESPONSIBILITY STATEMENT

INDEPENDENT AUDITOR’S 
REPORT 
To Deutsche Post AG 
Report on the Consolidated Financial Statements
We have audited the consolidated financial statements of Deutsche 
Post AG, Bonn, and its subsidiaries, which comprise the income 
statement and the statement of comprehensive income, the balance 
sheet, the cash flow statement, the statement of changes in equity, 
and the notes to the consolidated financial statements, for the busi-
ness year from 1 January to 31 December 2014. 
Board of Management’s responsibility for consolidated 
financial statements 
The Board of Management of Deutsche Post AG, Bonn, is respon-
sible for the preparation of these consolidated financial statements. 
This responsibility includes that these consolidated financial state-
ments are prepared in accordance with the International Financial 
Reporting Standards, as adopted by the EU, and the additional 
­requirements of German commercial law pursuant to § (Article) 
315 a Abs. (paragraph) 1 HGB (“Handelsgesetzbuch”: German Com-
mercial Code) and that these consolidated financial statements 
give a true and fair view of the net assets, financial position and 
results of operations of the group in accordance with these require-
ments. The Board of Management is also responsible for the inter-
nal controls as the Board of Management determines are necessary 
to enable the preparation of consolidated financial statements that 
are free from material misstatement, whether due to fraud or error. 
Auditor’s responsibility 
Our responsibility is to express an opinion on these consolidated 
financial statements based on our audit. We conducted our ­audit 
in accordance with § 317 HGB and German generally accepted 
standards for the audit of financial statements promulgated by the 
­Institut der Wirtschaftsprüfer (Institute of Public Auditors in Ger-
many) (IDW) and additionally observed the International Stand-
ards on Auditing (ISA). Accordingly, we are required to comply 
with ethical requirements and plan and perform the audit to ob-
tain reasonable assurance about whether the consolidated financial 
statements are free from material misstatement. 
An audit involves performing audit procedures to obtain ­audit 
evidence about the amounts and disclosures in the consolidated 
finan­cial statements. The selection of audit procedures depends on 
the auditor’s professional judgment. This includes the assess­ment 
of the risks of material misstatement of the consolidated financial 
statements, whether due to fraud or error. In assessing those risks, 
the auditor considers the internal control system relevant to the 
entity’s preparation of consolidated financial statements that give 
a true and fair view. The aim of this is to plan and perform audit 
procedures that are appropriate in the given circumstances, but not 
for the purpose of expressing an opinion on the effectiveness of the 
group’s internal control system. An audit also includes evaluating 
the appropriateness of accounting policies used and the reason­
ableness of accounting estimates made by the Board of Management, 
as well as evaluating the overall presentation of the consolidated 
­financial statements. 
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our audit opinion. 
Audit opinion 
According to § 322 Abs. 3 Satz (sentence) 1 HGB, we state that our 
audit of the consolidated financial statements has not led to any 
reservations. 
In our opinion based on the findings of our audit, the con-
solidated financial statements comply, in all material respects, with 
IFRS s, as adopted by the EU, and the additional requirements of 
German commercial law pursuant to § 315 a Abs. 1 HGB and give 
a true and fair view of the net assets and financial position of 
the Group as at 31 December 2014 as well as the results of oper-
ations for the business year then ended, in accordance with these 
requirements.  
Report on the Group Management Report 
We have audited the group management report of Deutsche 
Post AG, Bonn, for the business year from 1 January to 31 Decem-
ber 2014. The Board of Management of Deutsche Post AG, Bonn, is 
responsible for the preparation of the group management ­report 
in accordance with the requirements of German commercial law 
­applicable pursuant to § 315 a Abs. 1 HGB. We conducted our ­audit in 
accordance with § 317 Abs. 2 HGB and German generally ­accepted 
standards for the audit of the group management report prom-
ulgated by the Institut der Wirtschaftsprüfer (Institute of ­Public 
­Auditors in Germany) (IDW). Accordingly, we are required to plan 
and perform the audit of the group management report to obtain 
reasonable assurance about whether the group management report 
is consistent with the consolidated financial statements and the 
audit findings, as a whole provides a suitable view of the Group’s 
position and suitably presents the opportunities and risks of future 
development. 
According to § 322 Abs. 3 Satz 1 HGB we state, that our audit 
of the group management report has not led to any reservations. 
In our opinion based on the findings of our audit of the consol-
idated financial statements and group management report, the 
group management report is consistent with the consolidated 
financial statements, as a whole provides a suitable view of the 
Group’s position and suitably presents the opportunities and risks 
of future development.
Düsseldorf, 20 February 2015
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Gerd Eggemann	
Dietmar Prümm
Wirtschaftsprüfer	
Wirtschaftsprüfer
(German Public Auditor)	
(German Public Auditor)
Deutsche Post DHL Group — 2014 Annual Report
214

D  FURTHER INFORMATION
215 — 224
FURTHER INFORMATION
D

217	 INDEX
	218	 GLOSSARY
	219	 GRAPHS AND TABLES
	220	 LOCATIONS
	222	 MULTI-YEAR REVIEW
	224	 CONTACTS
	224	 PUBLICATION SERVICE
	224	 FINANCIAL CALENDAR
D
FURTHER INFORMATION

INDEX
A
Air freight  23, 26, 28, 66 f., 100
Annual General Meeting  37 ff., 49, 101, 106 ff., 111, 
115 f., 127, 129 f., 173 f., 208, 210, 
Articles of Association  37 ff., 127, 173
Auditor’s report  108, 214
Authorised capital  38, 172 f.
B
Balance sheet  47, 55, 59 f., 90, 108, 135, 138, 140, 
142 ff., 144 ff., 147 ff., 154 f., 158, 162, 164 ff., 190, 192, 
195, 198 ff.
Board of Management  12 ff., 16 f., 22, 37 ff., 41 f., 49, 
85 ff., 88 f., 97, 105 ff., 110, 111 ff., 117 ff., 140, 173 f., 192, 
207 f., 210 f., 213 f.
Board of Management remuneration  41, 106, 115, 
117 f., 120 ff., 211
Bonds  41, 44 f., 51 ff., 55, 58, 149, 153, 182, 188, 191 f., 
194, 198, 200
Brands  21, 84 f., 100, 138, 147, 156, 164
C
Capital expenditure  27, 31 f., 36, 42, 49, 55 ff., 59, 
78, 80, 97, 101 f., 114, 136, 147, 149 f., 156 f., 165, 184, 191, 
205, 222
Capital increase  142, 172 ff., 192, 212
Cash flow statement  36, 57 f., 136, 138, 177, 190 ff., 222
Change of control  41, 119
Consolidated net profit  47, 49, 59, 133, 134, 136, 137, 
158, 163, 176, 190, 222
Consolidated revenue  31, 48, 133, 140, 143, 147, 156 ff., 
159, 177, 222
Contingent capital  39 f., 172 f.
Contract logistics  23, 29 f., 34 f., 68 f., 100, 157, 165
Corporate governance  41, 103 ff., 106, 108, 111 ff., 
211, 213
Cost of capital  36, 51, 165
Credit lines  53, 192
Credit rating  50 f., 53 f., 71, 86, 93, 101
D
Declaration of conformity  106, 108, 111, 213
Dialogue marketing  21, 23, 24 f., 62, 157
Dividend  36, 42, 47, 49, 51 f., 58 f., 70 f., 97, 101 f., 108, 
136 f., 149, 163, 176 f., 188, 191 f., 204, 209, 223
E
Earnings per share  47, 49, 70, 133, 163, 223
EBIT after asset charge  36, 42, 47, 49, 97, 102, 117 f., 120
eCommerce - Parcel  22, 24, 33, 61, 62 f., 101, 157
Employee Opinion Survey  30, 37, 42, 73, 102, 106, 
111, 117
E-POST  24, 33, 82, 96, 99
Equity ratio  59 f., 174, 223
Express  21 ff., 26 ff., 33 f., 42, 47 ff., 54, 56 f., 61, 64 f., 
72, 74, 76, 78 ff., 82 f., 84, 92, 94 f., 97, 100 f., 113 f., 117, 
138, 142, 156 f., 160, 165, 191, 222
F
Finance strategy  49, 51, 94, 101, 178
First Choice  22, 35, 83, 95
Free cash flow  36, 42, 58, 97, 102, 117, 148, 165, 191
Free float  72, 172
Freight  22, 28, 56, 61, 67, 157, 165
Freight forwarding business  15, 66, 83, 100
G
Global Business Services  21 f., 114, 157
Global economy  43 f., 89, 92, 97, 98 f., 100 f.
Global Forwarding  22, 26, 28, 33 f., 56, 61, 66 f., 
157, 165
Global Forwarding, Freight  21 f., 28, 32, 34 f., 42, 
47 ff., 56 f., 61, 66 f., 72, 74, 84, 95, 97, 101 f., 113 f., 
117, 139, 156 f., 165, 222
Global trade  43, 45 f., 98 f., 165
GoGreen  73, 78 f., 82, 102
GoHelp  79
GoTeach  79
Guarantees  50, 53, 90, 206
I
Illness rate  77
Income statement  47, 133, 138, 140, 142 f., 147, 150, 
152 f., 155, 159 ff., 169, 177, 185, 194 f., 204
Income taxes  36, 49, 133 ff., 143, 154, 158, 161 ff., 168, 
170, 177, 223
Investments  27, 31 f., 36, 37, 39, 42, 47, 49, 55 ff., 58, 
59, 78, 80, 97, 101 f., 114, 135 f., 136, 139, 142 ff., 146, 
147, 149 f., 155, 156 f., 161, 165, 168, 184, 191, 203, 205, 
209, 222
L
Letters of comfort  50, 53
Liquidity management  52 f., 93, 192 ff.
M
Mail communication  23, 24, 62, 99
Mandate  110
Market shares  23, 24 f., 27 ff., 33, 54
N
Net debt  59, 60, 94, 174, 223
Net gearing  59, 60, 174, 223
Net interest cover  59 f.
Net working capital  36, 50, 67, 165
O
Ocean freight  23, 28, 34, 66 f., 94, 100
Oil price  44, 66, 70, 98 f.
Operating cash flow  36, 42, 50, 52, 57, 61
Opportunities and risk management  86 ff., 94
Outlook  42, 86, 97 ff.
P
Parcel Germany  62
Post - eCommerce - Parcel  21 f., 24 f., 32 f., 42, 47 ff., 
56, 61 ff., 72, 74, 80, 84, 90, 93 f., 97, 101, 113 f., 117 ff., 
141, 156 f., 165, 222
Press products  21, 25, 157
Price-to-earnings ratio  70, 223
Profit from operating activities  32, 35 f., 42, 47, 49, 
57, 60 f., 63, 65, 67, 69, 87, 97, 100 ff., 133, 136, 140, 143 f., 
156 ff., 165, 190 f., 222
Q
Quality  21, 31 ff., 73, 81 ff., 93 ff., 100, 111
R
Rating  50 f., 53 f., 71, 80, 86, 93, 101, 182
Regulation  22, 46, 90 ff., 205 f.
Responsibility statement  213
Retail outlets  25, 33, 82, 159
Return on sales  33, 35, 47, 61, 63, 65, 67, 69, 223
Revenue  31, 33, 35, 42, 47, 48, 53, 61 ff., 89, 92, 100, 
133, 140 f., 143, 147, 155 ff., 159, 177, 222
Road transport  23, 28, 78 f., 100
S
Segment reporting  156 ff., 159
Share capital  37 ff., 106, 172 ff., 209, 211
Shareholder structure  72
Share price  71, 188, 206 ff.
Staff costs  35, 48, 63, 75, 133, 143, 151 f., 158, 160, 
185, 191, 206, 208, 223
Strategy  22, 30 ff., 71 ff., 76, 78, 84, 94 f., 101, 105 ff., 
109, 111, 113, 115
Supervisory Board  22, 38 f., 41, 49, 105 ff., 109 ff., 
127 ff., 173, 207, 210 f.
Supervisory Board committees  105 ff., 109, 111, 
113 ff., 127
Supervisory Board remuneration  41, 127 ff., 211
Supply Chain  21 f., 29 f., 32, 34 f., 42, 48, 54, 56 f., 
61, 68 f., 72, 74 f., 84 f., 92, 95, 97, 100 ff., 113 f., 117, 
141 f., 157, 165, 171, 213, 222
T
Tax rate  49, 223
Trade volumes  45 f., 98 f., 100
Training  34, 74, 76, 116, 160, 223
W
WACC  36, 51, 165
Williams Lea  21 f., 29, 57, 61, 68, 110, 157, 165, 223
Working capital  36, 50, 57, 63, 67, 80, 165
Deutsche Post DHL Group — 2014 Annual Report
217
Further Information — Index

GLOSSARY
Cross-border mail (outbound)
All outbound international mail.
Dialogue marketing
Market-orientated activities that apply direct 
­communications to selectively reach target groups 
using a personal, individualised approach.
E-POST
Secure, confidential and reliable electronic 
­communication platform.
German federal network agency 
­(Bundesnetzagentur)
German national regulator for electricity, gas, 
telecommunications, post and railway.
German Postal Act (Postgesetz)
The purpose of the German Postal Act, which 
took ­effect on 1 January 1998, is to promote postal 
competition through regulation and ensure the 
nationwide provision of appropriate and sufficient 
postal services. It includes regulations on licensing, 
price control and the universal service.
Packstation
Parcel machine where parcels and small packages 
can be deposited and collected around the clock.
Paketbox
Parcel box for franked parcels and small packages 
(maximum dimensions: 50 × 40 × 30 cm).
Price-cap procedure
Procedure whereby the German federal network 
agency approves prices for certain mail ­products. 
The agency approves prices on the basis of par­
ameters it stipulates in advance, which set the 
­average changes in these prices within baskets 
of services defined by the agency.
Standard letter
Letter measuring a maximum of 235 × 125 × 5 mm 
and weighing up to 20g.
B2C
The exchange of goods, services and information 
between businesses and consumers.
Block space agreement
Freight forwarders or shippers enter into block 
space agreements with airline companies which 
­provide them with defined freight capacities on 
a regular flight against payment of a fee.
Collect and return
Goods are picked up from end users at different 
addresses, transported to the predetermined repair 
company, collected after repair and returned to the 
end user.
Contract logistics
Complex logistics and logistics-related services 
along the value chain that are performed by a 
contract logistics service provider. Services are 
tailored to a particular industry or customer and 
are generally based on long-term contracts.
Day Definite
Delivery of shipments on a specified day. 
DHL Customer Solutions & Innovation (DSI) 
A unit in which we merged our key account manage­­
ment, Global Customer Solutions (GCS), our innovation 
unit, DHL Solutions & Innovation (DSI), and our 
­strategic sector management in order to deliver on 
our customer promise and to bundle all cross-­
divisional DHL activities. 
Full truckload
Complete capacity of truck is utilised, from sender 
to receiver.
Gateway
Collection point for goods intended for export 
and for further distribution of goods upon import.
Hub
Collection point for transferring and connecting 
international shipments from and to multiple 
countries.
Inbound logistics
Supply of manufacturing and assembly locations.
Intermodal transport
Transport chain combining different modes of trans­
port, often road and rail.
Lead logistics provider
A logistics service provider who assumes the organisa­
tion of all or key logistics processes for the customer.
Less than truckload
Shipment weighing approximately three tonnes that 
is smaller than a full truckload and consolidated 
with other senders’ and / or receivers’ shipments into 
one load for transport.
Medical Express
The transport of time-critical or temperature-critical 
medical shipments such as blood and tissue samples 
to medical facilities, hospitals, laboratories or 
research institutes, usually related to clinical trials 
of new medications. 
Multimodal transport
Combines a minimum of two different means of trans-
port for a shipment, such as air, sea, rail and ground.
Part truckload
Shipment that does not constitute a full truckload 
but is transported from point of departure to 
destination without trans-shipment.
Same Day
Delivery within 24 hours of order placement.
Supply chain
A series of connected resources and processes from 
sourcing materials to delivering goods to consumers.
Time Definite
Delivery of time-critical shipments by a pre-selected 
time.
Transported Asset Protection Association (TAPA)
A forum that unites manufacturers, logistics providers, 
freight carriers, law enforcement authorities and 
other stakeholders with the common aim of reducing 
losses from international supply chains.
Twenty-foot equivalent unit (TEU)
Standardised container unit, 20 feet long and 8 feet 
wide (6 × 2.4 metres).
Deutsche Post DHL Group — 2014 Annual Report
218

GRAPHS AND TABLES
01	
Selected Key Figures
18
A  
GROUP ­MANAGEMENT REPORT
General Information
A.01	 Organisational structure  
of Deutsche Post DHL Group
22
A.02	 Market volumes
23
A.03	 Domestic mail communication market, 
­business customers, 2014
24
A.04	 Domestic dialogue ­marketing ­market, 2014 24
A.05	 International mail market (outbound), 2014 25
A.06	 Domestic parcel market, 2014
25
A.07	 European international ­express market,  
2013: top 4
27
A.08	 Americas international ­express market,  
2013: top 4
27
A.09	 Asia Pacific international ­express market, 
2013: top 4
27
A.10	 Air freight market, 2013: top 4
28
A.11	 Ocean freight market, 2013: top 4
28
A.12	 European road transport ­market,  
2013: top 5
28
A.13	 Logistics and value-added services  
along the entire supply chain
29
A.14	 Contract logistics market, 2013: top 10
29
A.15	 Strategic priorities by division
32
A.16	 EBIT calculation
35
A.17	 EAC calculation
36
A.18	 Net asset base calculation
36
A.19	 Calculation of free cash flow
36
Report on Economic Position
A.20	 Forecast /actual comparison
42
A.21	 Global economy: growth indicators in 2014 43
A.22	 Brent Crude spot price and euro / US dollar 
exchange rate in 2014
44
A.23	 Trade volumes: compound annual  
growth rate 2013 to 2014
45
A.24	 Major trade flows: 2014 volumes
46
A.25	 Selected indicators for results  
of operations
47
A.26	 Consolidated revenue
48
A.27	 Development of revenue, other operating 
income and operating expenses
48
A.28	 Consolidated EBIT
49
A.29	 Total dividend and dividend  
per no-par value share
49
A.30	 EBIT after asset charge (EAC)
49
A.31	 Net asset base (non-consolidated)
50
A.32	 Selected cash flow indicators
50
A.33	 Finance strategy
51
A.34	 FFO to debt
52
A.35	 Agency ratings
54
A.36	 Financial liabilities
55
A.37	 Operating lease liabilities by asset class
55
A.38	 Capex by region
55
A.39	 Capex and depreciation, amortisation  
and impairment losses, full year
56
A.40	 Capex and depreciation, amortisation  
and impairment losses, Q 4
56
A.41	 Capex by segment
56
A.42	 Operating cash flow by division, 2014
57
A.43	 Calculation of free cash flow
58
A.44	 Selected indicators for net assets
59
A.45	 Net debt
60
A.46	 Key figures by operating division
61
A.47	 Post: volumes
62
A.48	 Parcel Germany: volumes
63
A.49	 EXPRESS: revenue by product
64
A.50	 EXPRESS: volumes by product
64
A.51	 Global Forwarding: revenue
67
A.52	 Global Forwarding: volumes
67
A.53	 SUPPLY CHAIN: revenue by sector, 2014
68
A.54 	 SUPPLY CHAIN: revenue by region, 2014
68
Deutsche Post Shares
A.55	 Deutsche Post shares: multi-year review
70
A.56	 Peer group comparison: closing prices
71
A.57	 Share price performance
71
A.58	 Shareholder structure
72
A.59	 Shareholder structure by region
72
Non-financial Figures
A.60	 Selected results from the Employee  
Opinion Survey
73
A.61	 Number of employees
74
A.62 	 Employees by region
74
A.63	 Staff costs and social security benefits
75
A.64	 Group apprenticeship schemes 
Deutsche Post DHL Group, worldwide
76
A.65	 Gender distribution in ­management, 2014
76
A.66	 Work-family balance
76
A.67	 Employees with disabilities 
77
A.68	 Illness rate
77
A.69	 Occupational safety 
77
A.70	 CO2e emissions, 2014
78
A.71	 Fuel and energy consumption
79
A.72	 Procurement expenses, 2014
80
A.73	 Brand architecture
84
A.74	 Marketing expenditures, 2014
84
Opportunities and Risks
A.75	 Monte Carlo simulation
87
A.76	 Opportunity and risk management process 87
Expected Developments
A.77	 Global economy: growth forecast
98
B  
CORPORATE ­GOVERNANCE
B.01	 Members of the Supervisory Board
109
B.02	 Committees of the Supervisory Board
109
B.03	 Mandates held by the Board  
of Management
110
B.04	 Mandates held by the Supervisory Board
110
B.05	 Target remuneration for the Board  
of Management members active  
as at 31 December 2014
121
B.06	 Target remuneration for the Board  
of Management members who left  
the company in financial year 2014
123
B.07	 Payments made to the Board  
of Management members active  
as at 31 December 2014
124
B.08	 Payments made to the Board  
of Management members who left  
the company in financial year 2014
125
B.09	 Share-based component with long-term 
incentive effect
125
B.10	 Individual breakdown of pension 
­commitments under the previous system
126
B.11	 Individual breakdown of Board  
of Management pension commitments  
under the new system
127
B.12	 Remuneration paid to Supervisory Board 
members for 2014
128
B.13	 Remuneration paid to Supervisory Board 
members for 2013
129
B.14	 Variable remuneration paid to Supervisory 
Board members for 2012
130
C  
­CONSOLIDATED FINANCIAL 
­STATEMENTS
C.01	 Income Statement
133
C.02	 Statement of Comprehensive Income
134
C.03	 Balance Sheet
135
C.04	 Cash Flow Statement 
136
C.05	 Statement of Changes in Equity
137
D  
FURTHER ­INFORMATION
D.01	 Deutsche Post DHL Group  
around the world
220
D.02	 Key figures 2007 to 2014
222
Deutsche Post DHL Group — 2014 Annual Report
219
Further Information — GLOSSARY — Graphs and Tables

LOCATIONS
D.01	 Deutsche Post DHL Group around the world 1
1	 Countries according to the list of shareholdings which can be accessed on the website 
 dpdhl.com/en/investors.
2	 Full-time equivalents, excluding trainees.
	 Main global hubs.
AMERICAS
EUROPE
Antigua and Barbuda
Argentina
Aruba
Bahamas
Barbados
Belize
Bermuda
Bolivia
Brazil
British Virgin Islands
Canada
Cayman Islands
Chile
Colombia
Costa Rica
Curaçao 
Dominican Republic
Ecuador
El Salvador
Guadeloupe 
Guatemala
Haiti
Honduras
Jamaica
Martinique
Mexico 
Nicaragua
Panama
Paraguay
Peru
Puerto Rico
Sint Maarten 
St Lucia
Trinidad and Tobago
Uruguay
USA
Venezuela
Albania
Austria
Belgium
Bosnia and Herzegovina
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Italy
Latvia
Lithuania
Luxembourg
Macedonia
Malta
Netherlands
Norway
Poland
Portugal
Romania
Russia
Serbia
Slovakia
Slovenia
Spain
Sweden
Switzerland
Ukraine
United Kingdom
N
E
W
S
443,784
 employees around the world 2
Cincinnati hub
Americas 
74,573
 employees 2
 More than
220
 countries and territories  
 around the world
Deutsche Post DHL Group — 2014 Annual Report
220

MIDDLE EAST AND AFRICA
ASIA PACIFIC
Algeria
Angola
Bahrain
Benin
Botswana
Burkina Faso
Cameroon
Central African Republic
Chad
Democratic Republic  
of Congo
Egypt
Ethiopia
Gabon
Gambia
Ghana
Guinea
Iran
Iraq
Israel
Ivory Coast
Jordan
Kenya
Kuwait
Lebanon
Lesotho
Liberia
Libya
Madagascar
Malawi
Mali 
Mauretania
Mauritius
Morocco
Mozambique
Namibia
Niger
Nigeria
Oman
Qatar
Republic of Congo
Republic of Equatorial 
Guinea
Réunion
Saudi Arabia
Senegal 
Sierra Leone
South Africa
Swaziland
Tanzania
Togo
Turkey
Uganda
United Arab Emirates
Yemen
Zambia
Zimbabwe
Australia
Bangladesh
Brunei Darussalam
Cambodia
China
East Timor
Fiji
French Polynesia
India
Indonesia
Japan
Kazakhstan
Laos
Macau
Malaysia
Myanmar / Burma
Nepal
New Caledonia
New Zealand
Pakistan
Papua New Guinea
Philippines
Singapore
South Korea
Sri Lanka
Taiwan
Thailand
Vietnam
Leipzig hub
Europe 
108,890
 employees 2  
 (excluding Germany)
Germany 
170,596
 employees 2
Other  
regions 
18,509
 employees 2
Hong Kong hub
Asia Pacific 
71,216
 employees 2
Deutsche Post DHL Group — 2014 Annual Report
221
Further Information — Locations

MULTI-YEAR REVIEW
D.02	 Key figures 2007 to 2014
€ m
2007 
adjusted
2008 
adjusted
2009 
adjusted
2010 
adjusted
2011 
adjusted
2012 
adjusted
2013 
adjusted
2014 
 
Revenue
Post - eCommerce - Parcel (until 2013 Mail)
14,569
14,393
13,912
13,913
13,973
13,972
15,291
15,686
Express
13,874
13,637
9,917
11,111
11,691
12,778
11,821
12,491
Global Forwarding, Freight
12,959
14,179
11,243
14,341
15,118
15,666
14,787
14,924
Supply Chain
14,317
13,718
12,183
13,061
13,223
14,340
14,227
14,737
Divisions total
55,719
55,927
47,255
52,426
54,005
56,756
56,126
57,838
Corporate Center / Other  
(2007: Corporate Center / Other and Consolidation)
–1,676
1,782
1,527
1,302
1,260
1,203
1,251
1,343
Consolidation
–
–3,235
–2,581
–2,340
–2,436
–2,447
–2,465
–2,551
Total (continuing operations)
54,043
54,474
46,201
51,388
52,829
55,512
54,912
56,630
Discontinued operations
10,335
11,226
1,634
–
–
–
–
–
Profit / loss from operating activities (EBIT)
Post - eCommerce - Parcel (until 2013 Mail)
1,976
2,179
1,391
1,120
1,107
1,048
1,286
1,298
Express
–272
–2,194
–790
497
916
1,110
1,083
1,260
Global Forwarding, Freight
409
362
174
383
440
514
478
293
Supply Chain
577
–920
–216
231
362
419
441
465
Divisions total
2,690
–573
559
2,231
2,825
3,091
3,288
3,316
Corporate Center / Other  
(2007: Corporate Center / Other and Consolidation)
–557
–393
–328
–395
–389
– 423
– 421
–352
Consolidation
–
0
0
–1
0
–3
–2
1
Total (continuing operations)
2,133
–966
231
1,835
2,436
2,665
2,865
2,965
Discontinued operations
1,060
–871
–24
–
–
–
–
–
Consolidated net profit / loss for the period
1,873
–1,979
693
2,630
1,266
1,762
2,211
2,177
Cash flow / capex / depreciation, amortisation  
and impairment losses
Net cash from / used in operating activities
5,151
1,939
–584
1,927
2,371
–203
2,989
3,040
Net cash used in / from investing activities
–1,053
– 441
–2,710
8
–1,129
–1,697
–1,765
–1,087
Net cash used in / from financing activities
–1,787
–1,468
1,676
–1,651
–1,547
1,199
–110
–2,348
Capex (2007: including purchased goodwill)
2,742
1,727
1,171
1,262
1,716
1,697
1,747
1,876
Depreciation, amortisation and impairment losses
2,196
2,662
1,620
1,296
1,274
1,339
1,337
1,381
Assets and capital structure
Non-current assets
25,764
20,517
22,022
24,493
21,225
21,568
21,370
22,902
Current assets 
209,656
242,447
12,716
13,270
17,183
12,289
14,091
14,077
Equity (excluding non-controlling interests)
11,035
7,826
8,176
10,511
11,009
9,019
9,844
9,376
Non-controlling interests
2,778
2,026
97
185
190
209
190
204
Current and non-current provisions
12,276
10,836
9,677
9,427
9,008
8,978
8,481
10,411
Current and non-current liabilities 1
21,544
242,276
16,788
17,640
18,201
15,651
16,946
16,988
Total assets
235,420
262,964
34,738
37,763
38,408
33,857
35,461
36,979
 
Deutsche Post DHL Group — 2014 Annual Report
222

2007 
adjusted
2008 
adjusted
2009 
2010 
2011 
2012 
adjusted
2013 
adjusted
2014 
 
Employees/staff costs (continuing operations)
Number of employees 2
As at  
31 Dec.
512,147
512,536
477,280
467,088
471,654
473,626
479,690
488,824
Full time equivalents 3
As at  
31 Dec.
453,626
451,515
424,686
418,946
423,502
428,129
434,974
443,784
Average number of employees 2
  
500,252
511,292
488,518
464,471
467,188
472,321
478,903
484,025
Staff costs
€ m
17,169
18,389
17,021
16,609
16,730
17,770
17,776
18,189
Staff cost ratio 4
% 
31.8
33.8
36.8
32.3
31.7
32.0
32.4
32.1
Key figures revenue/income/assets  
and capital structure
Return on sales 5
% 
3.9
–1.8
0.5
3.6
4.6
4.8
5.2
5.2
Return on equity (ROE) before taxes 6
% 
8.6
–9.0
3.0
29.8
15.2
23.6
26.7
26.3
Return on assets 7
% 
0.9
– 0.4
0.2
5.1
6.4
7.4
8.3
8.2
Tax rate 8
% 
14.0
–
5.4
6.9
23.7
20.2
14.0
15.5
Equity ratio 9
% 
5.9
3.7
23.8
28.3
29.2
27.3
28.3
25.9
Net debt (+) / net liquidity (–) 10
€ m
2,858
2,466
–1,690
–1,382
–938
1,952
1,499
1,499
Net gearing 11
%
20.4
23.7
–25.7
–14.8
–9.1
17.5
13.0
13.5
Dynamic gearing 12
years
1.0
0.7
–1.4
– 0.7
– 0.4
–9.6
0.5
0.5
Key stock data
Basic earnings per share 13
€
1.15
–1.40
0.53
2.10
0.96
1.36
1.73
1.71
Diluted earnings per share 14
€
1.15
–1.40
0.53
2.10
0.96
1.30
1.66
1.64
Cash flow per share 13, 15
€
4.27
1.60
– 0.48
1.59
1.96
– 0.17
2.47
2.51
Dividend distribution
€ m
1,087
725
725
786
846
846
968
1,030 16
Payout ratio 
%
78.6
–
112.6
30.9
72.7
51.6
46.3
49.7
Dividend per share
€ 
0.90
0.60
0.60
0.65
0.70
0.70
0.80
0.85 16
Dividend yield 
%
3.8
5.0
4.4
5.1
5.9
4.2
3.0
3.1
Price-to-earnings ratio 17
  
20.4
–8.5
25.5
6.0
12.4
12.2
15.3
15.8
Number of shares carrying dividend rights
millions
1,208.2
1,209.0
1,209.0
1,209.0
1,209.0
1,209.0
1,209.0
1,211.2
Year-end closing price
€
23.51
11.91
13.49
12.70
11.88
16.60
26.50
27.05
1	 Excluding liabilities from financial services. 
2  Headcount including trainees. 
3  Excluding trainees. 
4  Staff costs / revenue. 
5  EBIT / revenue. 
6	 Profit before income taxes / average equity (including non-controlling interests). 
7  EBIT / average total assets. 
8  Income taxes / profit  
before income taxes. 
9  Equity (including non-controlling interests)/total assets. 
10  In 2007 excluding financial liabilities to minority shareholders  
of Williams Lea. From 2008: 
 Group Management Report, page 60. 
11  Net debt / net debt and equity (including non-controlling interests). 
12	Net debt / cash flow from operating activities. 
13  The average number of shares outstanding is used for the calculation. 
14  The average number  
of shares outstanding is adjusted for the number of all potentially dilutive shares. 
15  Cash flow from operating activities. 
16  Proposal. 
17	Year-end closing price / basic earnings per share.
Deutsche Post DHL Group — 2014 Annual Report
223
Further Information — Multi-Year Review

CONTACTS
PUBLICATION SERVICE
CONTACTS
Investor Relations
Tel.: + 49 (0) 228 182-6 36 36
Fax: + 49 (0) 228 182-6 31 99
E-mail: ir @ dpdhl.com
Press Office
Tel.: + 49 (0) 228 182-99 44
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Published on 11 March 2015.
The English version of the 2014 Annual Report of ­Deutsche Post DHL Group ­constitutes 
a translation of the original German version. Only the German ­version is legally 
­binding, insofar as this does not conflict with legal provisions in other countries.
Deutsche Post Corporate Language Services et al.
ORDERING
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  annualreport2014.dpdhl.com
 
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FINANCIAL CALENDAR
2015
12 MAY 2015 
Interim Report January to March 2015
27 MAY 2015 
2015 Annual ­General ­Meeting
(Frankfurt am Main)
28 MAY 2015
Dividend payment
5 AUGUST 2015
Interim Report January to June 2015
11 NOVEMBER 2015
Interim Report January to September 2015
 
2016
9 MARCH 2016 
2015 Annual Report
11 MAY 2016
Interim Report January to March 2016 
18 MAY 2016
2016 Annual ­General ­Meeting
(Frankfurt am Main)
19 MAY 2016
Dividend payment
 
3 AUGUST 2016
Interim Report January to June 2016
 
8 NOVEMBER 2016
Interim Report January to September 2016
 
 
Deutsche Post DHL Group — 2014 Annual Report
224

Deutsche Post AG
Headquarters
Investor relations
53250 Bonn
Germany
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