Deutsche Post AG

Annual Financial
Statements (HGB)
as at 31 December 2023
 Contents

Balance sheet 5

Income statement 7

Notes 9

Annexes 48
Annex 1 Statement of changes in non-current assets 48
Annex 2 Maturity structure of liabilities 51
Annex 3 List of shareholdings 52
Annex 4 Notifications of changes in voting rights
in accordance with the German Stock Corporation Act 72
Annex 5 Treasury shares 74

Responsibility statement 77

Auditor’s report 78

The management report of Deutsche Post AG and the group management report were prepared in accordance with Section 315(5) in conjunction with Section 298(2) of
the Handelsgesetzbuch (HGB – German Commercial Code) and published in the 2023 Annual Report of DHL Group. The annual financial statements and the management
report, which has been combined with the Group management report, of Deutsche Post AG for the 2023 fiscal year are transmitted electronically to the office maintaining
the company register for entry in the company register and are also available on the company register website.

The annual financial statements of Deutsche Post AG and the Annual Report of DHL Group can also be accessed on the internet at www.group.dhl.com/de/investoren.html
 Balance sheet 5

Balance sheet as of December 31, 2023

Assets

€m Notes Dec. 31, 2022 Dec. 31, 2023

A. Fixed assets

I. Intangible assets 18 281 337

II. Property, plant and equipment 19 4,409 4,642
III. Non-current financial assets 20 13,192 13,124

17,882 18,103

B. Current assets

I. Inventories 21 88 94
II. Receivables and other assets 22 26,436 25,556
III. Cash and cash equivalents 23 2,026 1,281

28,550 26,931

C. Prepaid expenses 24 303 391

46,735 45,425

Equity and liabilities

€m Notes Dec. 31, 2022 Dec. 31, 2023

A. Equity 25-28

I. Subscribed capital 26 1,239 1,239

Calculated value of treasury shares -40 -58
Issued capital 1,199 1,181
(Contingent capital: € 159 million)
II. Capital reserves 27 4,679 4,682
III. Earnings reserves 27 2,711 3,954
IV. Net retained profit 28 10,635 9,216

19,224 19,033

B. Provisions 30-32 5,867 6,005

C. Liabilities 33 21,510 20,195

D. Deferred income 34 134 192

46,735 45,425
 Income statement 7

Income statement for 2023

January 1 to December 31, 2023

€m Notes 2022 2023

1. Revenue 35 16,132 16,548

2. Other own work capitalised 36 96 101

3. Other operating income 37 1,265 1,034

17,493 17,683

4. Materials expense 38

a) Cost of consumables and supplies

-354 -328
and goods purchased and held for resale

b) Cost of purchased services -5,533 -5,887 -5,660 -5,988

5. Staff costs 39

a) Wages, salaries and emoluments -6,881 -7,294

b) Social security contributions, retirement benefit

-1,859 -8,740 -1,796 -9,090
expenses and assistance benefits

6. Amortization of intangible assets and

40 -338 -352
depreciation of property, plant and equipment

7. Other operating expenses 41 -2,636 -2,528

-17,601 -17,958

8. Financial result 42 3,078 3,403

9. Taxes on income 43 -369 -342

10. Result after tax 2,601 2,786

11. Net profit for the period 2,601 2,786

12. Retained profits brought forward from the previous year 44 8,034 6,430

13. Net retained profit 28 10,635 9,216

 Notes 9

Notes to the Annual Financial Statements

of Deutsche Post AG

Basis of presentation
1. Disclosures identifying Deutsche Post AG, whose registered office is in Bonn, is entered in commercial
the corporation register B of the Bonn Local Court under number 6792.

2. Basis of accounting Deutsche Post AG (DPAG) is a large corporation within the meaning of Section 267
of the Handelsgesetzbuch (HGB – German Commercial Code). The annual financial
statements for the year ended December 31, 2023, were prepared in accordance
with the accounting and reporting provisions of the HGB (Sections 238ff and 264ff
of the HGB) and of the Aktiengesetz (AktG – German Stock Corporation Act) (Sec-
tions 150–160 of the AktG).

As the parent company of DHL Group (formerly Deutsche Post DHL Group),
Deutsche Post AG prepares consolidated financial statements on the basis of the
International Financial Reporting Standards (IFRS), in accordance with Section
315e(1) of the HGB as applicable in the European Union. For this reason, no con-
solidated financial statements are prepared in accordance with the HGB.

The company prepares the consolidated financial statements for the largest
number of companies that are included in the consolidated financial statements.

The annual and consolidated financial statements are transmitted electronically to

the office maintaining the company register for entry in the company register and
are published in the company register.

The fiscal year is the calendar year.

3. Classification of the The total cost (type of expenditure) method was applied to the income statement.
balance sheet and the Amounts are presented in millions of euros (€m).
income statement
To enhance the clarity of presentation, balance sheet and income statement
headings are shown in aggregated form; they are broken down and explained
separately in the notes.
10 Notes

Accounting policies
Application of the accounting policies detailed below was basically unchanged as against the previous year. Changes not
described in the accounting policies or the basis of presentation are explained in relation to the items in question.

4. Intangible assets The option under Section 248(2) of the HGB is exercised for internally generated
intangible assets. These have been recognized at cost (development cost) since
January 1, 2010, and are normally amortized using the straight-line method over
five years or their useful life, if longer.

Purchased intangible assets are carried at cost, including incidental costs of

acquisition, and reduced by straight-line amortization and write-downs. Write-
downs are recognized if the impairment is expected to be permanent. The useful
life is five years; this is reduced appropriately in the event of shorter contract
terms. For the purchase of software developed specifically for the company (not
standard software), amortization takes place over a period of five years or the
longer useful life.

Cost includes attributable direct costs from the consumption of goods and the
utilization of services, as well as an appropriate portion of indirect materials
and labor costs, and depreciation and amortization expenses attributable to the
development process. Borrowing costs are not capitalized.

5. Property, plant and Property, plant and equipment that is used for business operations for more than
equipment one year is carried at cost, including incidental costs of acquisition, and reduced
by straight-line depreciation.

In addition to direct costs, cost includes an appropriate share of indirect materials

and labor costs and depreciation and amortization expenses attributable to the
development process for the assets. Borrowing costs are not capitalized.

The following useful lives are applied:

Useful lives

Buildings 20 to 50 years

Technical equipment and machinery 10 to 25 years

IT systems 4 to 5 years

Other operating and office equipment 8 to 10 years

Low-value assets with original

5 years
cost of between € 250 and € 1,000
 Notes 11

Additions to property, plant and equipment are depreciated ratably. Write-downs

are recognized if the net realizable values of individual assets are lower than their
carrying amounts and impairment is expected to be permanent.

Subsidies received are reported under deferred income and reversed over the
useful life of the property, plant and equipment.

An annual pooled item within the meaning of Section 6(2a) of the Einkommen-
steuergesetz (EStG – German Income Tax Act) is recognized for low-value assets
whose cost, net of any input tax contained in that amount, is more than €250
and up to €1,000. The annual pooled item is depreciated over five years through
the income statement. The item is not reduced if an item of operating assets is
disposed of before the end of the five-year period. Assets whose cost (net of any
input tax) is less than €250 are recognized in full as operating expenses in the
year of their acquisition.

6. Non-current Shares in affiliated companies, other equity investments and long-term securities
financial assets are carried at cost or, if their value is expected to be permanently impaired, at the
lower net realizable value. If the reasons for permanent impairment no longer
exist, the write-downs are reversed up to net realizable value, but not exceeding
original cost.

Shares and other equity investments in foreign affiliated companies that were
purchased in foreign currencies are translated at the acquisition date exchange
rate. If the currency risk of newly acquired companies was hedged, their carrying
amounts are translated at the hedging rate.

The cost of long-term loans at below-market interest rates or non-interest loans

corresponds to their present value on the grant date. Other loans are carried at
their principal amounts. Interest cost added back on discounted loans is reported
under additions.

7. Inventories Spare parts for conveyor and sorting systems at freight mail centers are report-
ed at fixed values as inventories; other consumables and supplies are carried at
moving or weighted average prices on the balance sheet date. Goods purchased
and held for resale are measured at cost or at moving average prices. Appropriate
valuation allowances are applied where necessary, with the strict principle of the
lower of cost or market being applied.

8. Receivables and Receivables and other assets are carried at their principal amounts less any specific
other assets valuation allowances.

The general risk of counterparty default is taken into account on the basis of past
experience using a general bad debt allowance.
12 Notes

9. Securities Securities classified as current assets are carried at cost or the lower net realizable
value as of the balance sheet date.

10. Cash and cash equivalents Bank balances, cash-in-hand and checks are carried at their nominal amounts.
Cash denominated in foreign currency is measured at the middle spot rate on the
reporting date.

11. Prepaid expenses Expenses incurred prior to the balance sheet date that represent expenses for a
specific period after that date are recognized as prepaid expenses.

The company exercises the option set out in Section 250(3) of the HGB and
recognizes discounts as assets.

Any difference between the settlement amount and the value on issuance of a
liability is included in prepaid expenses and amortized over the term of the liability.

12. Equity Subscribed capital is carried at its nominal amount.

The conversion right as an equity component of the convertible bond is recog-

nized in capital reserves.

13. Provisions Provisions are recognized at the settlement amount dictated by prudent business
judgment. Other provisions with a remaining maturity of more than one year
are discounted at the average market interest rate for the preceding seven fiscal
years corresponding to their remaining maturity.

Provisions for pensions and similar obligations are recognized on the basis of
actuarial reports. They are measured using the projected unit credit method.
These provisions are calculated using the 2018 G tables created by Prof. Dr. Klaus
Heubeck. Increases in wages and pensions and staff turnover are taken into
account. The provisions are recognized at their settlement amount, which reflects
discounting at the average market interest rate for the preceding ten years as
published by the Bundesbank. A remaining maturity of 15 years is assumed in
accordance with Section 253(2), sentence 2, of the HGB.

The company has exercised the option to recognize indirect pension obligations
as provisions as set out in Section 28(1) of the Einführungsgesetz zum Handels-
gesetzbuch (EGHGB – Introductory Act to the German Commercial Code).
 Notes 13

For the addition to provisions for pensions arising from the measurement
requirements of the Bilanzrechtsmodernisierungsgesetz (BilMoG – German
Accounting Law Modernization Act) as of January 1, 2010, the option to allocate
this amount rateably over 15 years has been exercised. This annual addition is
reported in other operating expenses.

In accordance with Section 246(2), sentence 2, of the HGB, assets that are not
accessible to any other creditors and that may only be used to meet liabilities
from pension obligations or similar long-term obligations are recognized at fair
value as plan assets and offset against corresponding provisions.

If the fair value of the plan assets exceeds their cost, the excess amount is subject
to a restriction on distribution in accordance with Section 268(8) of the HGB.

Offsetting in accordance with Section 246(2), sentence 2, of the HGB also applies
to working time accounts financed by employees deferring a portion of their salary
as well as to salary sacrifice for the purpose of a company pension plan. The
accounts are classified as externally funded obligations. The value of the pro­
visions depends on the changes in value of the plan assets that are to be funded
by Deutsche Post AG and that are measured at fair value.

Provisions for pensions also include pension obligations assumed under joint
liability arrangements with assumptions of obligations.

Provisions for taxes and other provisions are recognized in the amount required
to settle the obligation according to prudent business judgment. All discernible
risks are taken into account in an appropriate manner when measuring the pro­
visions. Provisions with a remaining maturity of more than one year are discounted
as of the reporting date using the discount rate published by Deutsche Bundes-
bank. The discount rate used is the average market rate for the past seven fiscal
years for the maturity concerned.

Deutsche Post AG has entered into partial retirement agreements with varying
terms and conditions; these are based both on the “block model” and on the “con-
tinuous reduced working hours model.” In addition, partial retirement allowances
are paid. Two types of obligations arise in this context; both are measured at their
present value in accordance with actuarial principles and are recognized separately
from each other.

14. Liabilities Liabilities are carried at their settlement amount. Where the redemption amount
of a liability is higher than the value on issuance, the difference is capitalized and
allocated over the term of the liability.

15. Deferred income Receipts prior to the balance sheet date that represent income for a specific
period after that date are recognized as deferred income.
14 Notes

16. Currency translation Foreign currency transactions are translated at the historical exchange rate as of
the date of initial recognition.

Balance sheet items are measured as follows:

Non-current foreign currency receivables are recognized at the offer rate when
the receivable is recognized or at the lower of cost or market using the middle
spot rate at the reporting date (principle of imparity). Current foreign currency
receivables (maturity of one year or less) and cash funds or other current foreign
currency assets are translated at the middle spot rate as of the balance sheet date.

Non-current foreign currency liabilities are recognized at the bid rate when the
liability is recognized or at the higher closing rate, using the middle spot rate at
the reporting date (principle of imparity). Current foreign currency liabilities (ma-
turity of one year or less) are translated at the middle spot rate as of the balance
sheet date.

The application of hedge accounting is explained in note 48.

17. Deferred taxes Deferred taxes are attributable to differences between the amounts recognized
for assets, liabilities, prepaid expenses and deferred income in the HGB financial
statements and in the tax accounts that will reverse in future periods. At
Deutsche Post AG, this covers both differences relating to the company’s own
balance sheet items and those relating to companies in its consolidated tax group in
which Deutsche Post AG holds an equity interest. Differences from the application of
the minimum tax law or any foreign minimum tax laws are not taken into account.

Deferred taxes are calculated on the basis of an effective tax rate of 30.5 %, which
is expected to apply at the time the differences reverse. Deferred tax liabilities
are offset against deferred tax assets. The company exercises the option set out
in Section 274(1), sentence 2, of the HGB and consequently does not present net
deferred tax assets on the balance sheet.
 Notes 15

Balance sheet disclosures

Disclosures on assets

18. Intangible assets The changes in and composition of intangible assets are presented in the state-
ment of changes in non-current assets (Annex 1). Development costs incurred for
internally generated software are capitalized.

Development costs of €101 million were capitalized for internally generated

intangible assets in the reporting period. In addition to a number of individual
measures, €37 million was recognized for the implementation of a new ERP system.

19. Property, plant The changes in and composition of property, plant and equipment are presented
and equipment in the statement of changes in non-current assets (Annex 1).

The additions of €178 million to land and buildings primarily relate to land, real
estate, leasehold improvements, buildings at mail and parcel centers, and ex­
tensions to external installations made at a number of operating facilities.

Investments in technical equipment and machinery in the amount of €164 million

mainly comprise conveyor and sorting systems, Pack and Poststations and
charging stations for electric-powered vehicles.

The investments of €65 million in other equipment, operating and office equipment
are primarily attributable to general operating and office equipment and IT equipment.

The additions of €119 million to advance payments and assets under construction
relate mainly to investments in real estate, mail and parcel centers, as well as to
conveyor and sorting systems.

20. Non-current Changes in non-current financial assets are presented in the statement of changes
financial assets in non-current assets (Annex 1). The list of shareholdings is contained in Annex 3
to these notes.

Non-current financial assets are composed of the following items:

Non-current financial assets

€m Dec. 31, 2022 Dec. 31, 2023

Shares in affiliated companies 12,844 12,847

Loans to affiliated companies 284 214

Long-term securities 63 62

Other loans 1 1

13,192 13,124
16 Notes

The major portion of shares in affiliated companies still comprises €12,090 million
for Deutsche Post Beteiligungen Holding GmbH and €705 million for DHL Distri-
bution Holdings (UK) Ltd.

Loans to affiliated companies as of December 31, 2023, mainly relate to Deutsche

Post Fleet GmbH (€190 million).

Long-term securities comprise fund units that serve to secure provisions for pen-
sions at subsidiaries. This item relates to an international multiasset fund consist-
ing mainly of stocks and fixed-income securities. The securities are carried at cost.

21. Inventories Inventories

€m Dec. 31, 2022 Dec. 31, 2023

Consumables and supplies 60 66

Goods 28 28

88 94

The consumables and supplies item contains CO₂ emissions certificates, office ma-
terials, supplies, spare parts and other maintenance materials, among other things.

The goods purchased and held for resale item comprises philatelic materials and
other merchandise.

22. Receivables and Receivables and other assets

other assets
€m Dec. 31, 2022 Dec. 31, 2023
Trade receivables 526 503

Receivables from affiliated companies 25,318 24,286

thereof trade receivables: 15
(previous year: 16)

Receivables from other equity investments 52 9

thereof trade receivables: 0
(previous year: 0)

Other assets 540 758

26,436 25,556

€21,441 million (previous year: €21,399 million) of receivables from affiliated

companies relates to receivables from intra-Group in-house banking and
€2,830 million (previous year: €3,704 million) relates to receivables from profit
transfer agreements. There are no short-term loan receivables from affiliated
companies (previous year: €199 million).

The increase in other assets is due primarily to higher income tax assets.
 Notes 17

23. Cash and cash equivalents The cash and cash equivalents reported as of the balance sheet date are attribut-
able to cash in hand, cash in transit and bank balances. The decrease is primarily
attributable to money market investments being €1,104 million lower.

24. Prepaid expenses The prepaid expenses as of the reporting date primarily relate to advance payments
to BAnst PT (Bundesanstalt für Post- und Telekommunikation) (€249 million), as
well as advance payments of civil servants’ emoluments (€58 million).

This item also includes discounts in the amount of €20 million (previous year:
€28 million) on bonds issued.

Disclosures on equity and liabilities

25. Equity Equity

€m Dec. 31, 2022 31 Dec. 2023

Subscribed capital 1,239 1,239

Treasury shares -40 -58

Issued capital 1,199 1,181

Capital reserves 4,679 4,682

Earnings reserves

Other revenue reserves 2,711 3,954

Net retained profit 10,635 9,216

19,224 19,033

Equity as of December 31, 2023, decreased by a total of €191 million year over
year. Further details on equity are given in the following sections.

26. Subscribed capital Share capital

The share capital as of December 31, 2023 was composed of €1,239,059,409

(previous year: €1,239,059,409) and is divided into 1,239,059,409 registered
no-par-value shares.

As of December 31, 2023, the shareholder structure was as follows: 927 million
shares (74.8 %) are in free float. KfW Bankengruppe’s interest in Deutsche Post
AG amounted to 254 million shares (20.5 %). 58 million treasury shares (4.7 %)
were owned by Deutsche Post AG as of December 31, 2023.
18 Notes

The calculated notional amount of any treasury shares still held by the company
was deducted from the company’s share capital on the face of the balance sheet.

Notifications of changes in voting rights in accordance with Sections 33 and 34 of

the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) are given
in Annex 4 (disclosures in accordance with Section 160(1), No. 8, of the AktG).

Authorized/contingent capital as of December 31, 2023

€m Purpose
Authorized Capital 2021 130 Increase in share capital against
(Annual General Meeting on May 6, 2021) cash/noncash contributions
(authorization until May 5, 2026)

Contingent Capital 2017 75 Issue of options/conversion rights

(Annual General Meeting on April 28, 2017) (authorization until May 7, 2018)

Contingent Capital 2018/1 12 Issue of Performance Share Units

(Annual General Meeting on April 24, 2018) to executives (authorization until
October 8, 2020)

Contingent Capital 2020/1 12 Issue of Performance Share Units

(Annual General Meeting on August 27, 2020) to executives (authorization until
August 26, 2023)

Contingent Capital 2022/1 20 Issue of Performance Share Units

(Annual General Meeting on May 6, 2022) to executives (authorization until
May 5, 2027)

Contingent Capital 2022/2 40 Issue of options/conversion rights

(Annual General Meeting on May 6, 2022) (authorization until May 5, 2027)

Authorised Capital 2021

The Board of Management is authorized, subject to the consent of the Supervisory

Board, to issue up to 130 million new, no-par-value registered shares until May
5, 2026, in exchange for cash and/or noncash contributions and thereby increase
the company’s share capital by up to €130 million. The authorization may be used
in full or for partial amounts. Shareholders generally have subscription rights.
However, subject to the approval of the Supervisory Board, the Board of Manage-
ment may disapply the shareholders’ subscription rights to the shares covered by
the authorization. No use was made of the authorization in the 2023 fiscal year.

Contingent Capital 2017

The contingent capital increase serves 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 €1.5 billion, and to
grant options or conversion rights for up to 75 million shares with a proportionate
interest in the share capital not to exceed €75 million. The new shares participate
in profit from the beginning of the fiscal year in which they are issued. The authori­
zation was exercised in part in December 2017 by issuing the convertible bond
2017/2025 in an aggregate principal amount of €1 billion. The share capital was
increased on a contingent basis by up to €75 million. Contingent capital was not
utilized in the 2023 fiscal year.
 Notes 19

Contingent Capital 2018/1

The contingent capital increase serves to grant Performance Share Units (PSUs)
to selected Group executives. The new shares participate in profit from the begin-
ning of the fiscal year in which they are issued. The share capital was contingently
increased by up to €12 million through the issue of up to 12 million no-par-value
registered shares. Contingent capital was not utilized in the 2023 fiscal year.

Contingent Capital 2020/1

The contingent capital increase serves to grant Performance Share Units (PSUs)
to selected Group executives. The share capital was contingently increased by up to
€12 million through the issue of up to 12 million no-par-value registered shares.
The new shares participate in profit from the beginning of the fiscal year in which
they are issued. Contingent capital was not utilized in the 2023 fiscal year.

Contingent Capital 2022/1

The contingent capital increase serves to grant Performance Share Units (PSUs) to
selected Group executives. The share capital was contingently increased by up to
€20 million through the issue of up to 20 million no-par-value registered shares.
The new shares participate in profit from the beginning of the fiscal year in which
they are issued. Contingent capital was not utilized in the 2023 fiscal year.

Contingent Capital 2022/2

The contingent capital increase serves 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 €2 billion, and to
grant options or conversion rights for up to 40 million shares with a proportionate
interest in the share capital not to exceed €40 million. The new shares participate
in profit from the beginning of the fiscal year in which they are issued. The share
capital was increased on a contingent basis by up to €40 million. Contingent
capital was not utilized in the 2023 fiscal year.

Authorisation to acquire treasury shares

By way of a resolution adopted by the Annual General Meeting on May 4, 2023,

the company is authorized to acquire treasury shares in the period to May 3, 2028,
of up to 10 % of the share capital existing when the resolution was adopted. The
authorization 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. In addition, the Board of Management is authorized
to acquire treasury shares totaling up to 5 % of the share capital existing when
the resolution was adopted by means including using derivatives. The prior
20 Notes

authorization to purchase treasury shares granted by resolution on May 6, 2021,

valid until May 5, 2026, was revoked as of the date on which the new authoriza-
tion entered into force.

In February 2022, the Board of Management resolved a share buy-back program

for up to 50 million shares at a total purchase price of up to €2 billion. On Febru-
ary 14, 2023, the Board of Management resolved to increase the current share
program to a total volume of up to €3 billion without changing the duration. The
repurchased shares will either be retired or used to service long-term executive
remuneration plans and possible future employee participation programs or used
to meet po-tential obligations if rights accruing under the 2017/2025 convertible
bond are exercised. The repurchase via the stock exchange started on April 8,
2022, and will end in December 2024 at the latest.

On February 12, 2024, the Board of Management resolved to expand the current
share buyback program so that a total of up to 130 million treasury shares are
to be purchased at a price of now up to €4 billion through the end of 2025. The
intended uses remain unaffected.

Detailed information on the individual tranches is presented in the following

tables:

Tranches of the share buy-back program 2022/2024 to date

Buy-back volume
(excluding
incidental
Total transaction
volumen Maximum Buy-back costs)
€m duration Quantity €m

April 8, 2022, to
Tranche I 800 21,931,589 790
November 7, 2022

November 9, 2022, to
Tranche II 500 12,870,144 500
March 31, 2023

June 26, 2023, to

Tranche III 500 11,664,906 500
September 29, 2023

November 13, 2023, to

Tranche IV 600 3,531,8371 150
April 19, 2024
1
Until December 31, 2023

Annex 5 contains further details on the acquisition processes in the 2023 fiscal year.

Share Matching Scheme

To settle the claims from the bonus year 2019 of the Share Matching Scheme,
1,571,122 shares were purchased in March and April 2023 for €65 million.
The average price per share amounted to €41.13 in March and €42.75 in April.
 Notes 21

A total of 1,492,965 shares were issued to employees eligible for incentive and
investment shares (bonus year 2019) in April 2023 at a price of €42.50.

In July 2023, these shares were also used to settle claims under the Share Match-
ing Scheme for bonus year 2019 (matching shares). A total of 829,856 shares at a
share price of €44.73 each were issued to eligible employees.

A total of 78,157 shares were sold in April 2023 at a price of €42.70.

Annex 5 contains further details on the changes in treasury shares.

Performance Share Plan

In September, 3,077,598 treasury shares were issued to settle claims under the
Performance Share Plan (bonus year 2019).

Annex 5 contains further details on the changes in treasury shares.

Employee Share Plan

The Employee Share Plan (ESP) was introduced in 2021 as another remuneration
model. Each quarter, eligible employees can decide to invest a portion of their
salary at a 25 % discount compared to the market price. The program took effect
as of September 1, 2021. In the 2023 fiscal year, 368,940 treasury shares were
issued to settle claims under the Employee Share Plan.

Annex 5 contains further details on the changes in treasury shares.

27. Reserves Capital reserves

Share Matching Scheme

Under the terms of the Share Matching Scheme introduced in 2009, a portion
of the short-term variable remuneration component (annual bonus) for eligible
employees is paid in the form of Deutsche Post AG shares (deferred incentive
shares). All eligible employees can also individually increase the equity component
they acquire by converting a further portion of their variable remuneration into
shares (investment shares). After the four-year lock-up period expires, the eligible
employees are then awarded the same number of Deutsche Post AG shares in
addition (matching shares).

An amount of €3 million was transferred to the capital reserves due to the differ-
ence in the purchase price and the issuing price of the treasury shares under the
share programs for executives (Section 272(2), No. 1, of the HGB).
22 Notes

Earnings reserves

Share buy-back program 2022/2024

Retained earnings decreased by €903 million in the 2023 fiscal year due to the
share buy-back program 2022/2024.

Share Matching Scheme

The shares acquired in the reporting period to settle claims under the Share
Matching Scheme (bonus year 2018) led to a €63 million decrease in the
earnings reserves.

The earnings reserves increased by €95 million due to the issue of shares to
beneficiaries (bonus year 2019).

In April 2023, 78,157 shares were sold and retained earnings rose by €3 million.

Performance Share Plan

The earnings reserves increased by €97 million due to the issue of shares to
beneficiaries of the Performance Share Plan (bonus year 2019).

Employee Share Plan

The earnings reserves increased by €14 million due to the issue of shares to
beneficiaries of the Employee Share Plan.

Annex 5 contains further details of the changes in earnings reserves.

Transfer to earnings reserves in accordance with AGM resolution

The transfer to earnings reserves in accordance with the resolution of the Annual
General Meeting on May 4, 2023, increased earnings reserves by €2,000 million.

28. Net retained profit Of the €10,635 million net retained profit for the 2022 fiscal year, the Annual
General Meeting resolved on May 4, 2023, to distribute €2,205 million for the
2022 fiscal year. Additionally, €2,000 million will be transferred to other earnings
reserves and profit of €6,430 million will be carried forward to new account. The
dividend was paid out in the 2023 fiscal year.

Including the net profit for the 2023 fiscal year of €2,786 million, the net retained
profit for 2023 amounts to €9,216 million.
 Notes 23

29. Amounts subject to Amounts subject to restrictions on distribution as of December 31, 2023, resulted
restrictions on distribution from the capitalization of internally generated software, the fair value measurement
of plan assets and different calculations of the present value of provisions for pensions
(the difference between the 7-year and the 10-year average discount rate).

Amounts subject to restrictions on distribution

€m Dec. 31, 2022 Dec. 31, 2023

Internally generated software 149 188

Difference between the fair values of plan

238 218
assets and their cost

Difference between present value calculations

of provisions for pensions using a 7-year and a 424 94
10-year discount rate

Deferred tax assets 170 178

981 678

The amounts subject to restrictions on distribution are covered by distributable

reserves.

30. Provisions The provisions are composed of provisions for pensions, provisions for taxes and
other provisions.

Provisions

€m Dec. 31, 2022 Dec. 31, 2023

Provisions for pensions and similar obligations 4,280 4,101

Provisions for taxes 77 343

Other provisions 1,510 1,561

5,867 6,005

31. Provisions for pensions and Provisions for pensions and similar obligations relate on the one hand to obligations
similar obligations on the part of Deutsche Post AG towards its own current employees and pensioners
in the amount of €4,087 million (previous year: €4,267 million). In addition,
corresponding obligations of €14 million (previous year: €13 million), which were
incurred by subsidiaries and which Deutsche Post AG assumed under joint liability
arrangements, are reported under this item.
24 Notes

Provisions for pensions for Deutsche Post AG’s current employees and pensioners
are composed of the following items:

Provisions for pensions and similar obligations

€m Dec. 31, 2022 Dec. 31, 2023

Provision for indirect benefit obligations

Benefit obligations *) 147 92

Unrecognised difference (BilMoG) -2 -1

145 91

Provision for direct benefit obligations

Benefit obligations *) 4,188 4,029

Unrecognised difference (BilMoG) -66 -33

4,122 3,996

Total pension provisions

Benefit obligations *) 4,335 4,121

Unrecognised difference (BilMoG) -68 -34

4,267 4,087
* Offset against plan assets.
)

Provisions for pensions relate firstly to benefit commitments to employees that

establish a direct benefit claim against Deutsche Post AG, and secondly to indirect
pension obligations to employees covered by collective wage agreements.

An aggregate addition of €507 million was calculated during the remeasurement

of the provisions for pensions as of January 1, 2010, due to the introduction of
the BilMoG; the calculation was based on actuarial reports (projected unit credit
method; Heubeck 2005 G mortality tables). €280 million of this amount was
attributable to direct benefit obligations and €227 million to indirect benefit ob-
ligations. Deutsche Post AG is spreading the addition over 15 years in accordance
with Section 67(1) of the EGHGB. The total annual additions amount to €34 million
and are reported in other operating expenses.

The total interest income of €141 million incurred in relation to provisions for
pensions include interest expenses from unwinding of discount of €112 million
as well as income from plan assets/assets in the amount of €253 million.

Indirect benefit obligations

Indirect benefit obligations are granted and funded via the Versorgungsanstalt
der Deutschen Bundespost (VAP) and DP Pensionsfonds AG. After the benefit ob-
ligations were offset against assets, a net provision of €91 million was recognized
for indirect benefit obligations.

Adequate provisions were recognized as of the balance sheet date for indirect
benefit obligations to employees.
 Notes 25

Direct benefit obligations (not security linked)

Provisions for direct benefit obligations amounted to €3,996 million as of
December 31, 2023.

As of the reporting date, Deutsche Post AG’s plan assets as defined by Section
246(2), sentence 2, of the HGB amounted to €3,950 million (fair value, equivalent
to the market value); these were offset against the obligations of €7,979 million less
the unrecognized difference of €33 million. The acquisition cost of the plan assets
amounted to €3,635 million. Primarily quoted prices were used to determine
the fair value of plan assets. Loans and bank balances were recognized at their
nominal amounts. For other assets, fair value was determined using generally
recognized valuation methods.

Assumption of obligations under joint liability arrangements

In previous years, Deutsche Post AG entered into agreements with subsidiaries in
which it assumed joint liability for individual pension obligations on the part of these
subsidiaries. These obligations amounted to €14 million as of the reporting date.

Externally funded pension obligations

In 2020, Deutsche Post AG revised the additional pension scheme to include de-
ferred compensation. Accordingly, the deferred amounts will be kept in individual
pension accounts and invested on the capital market (externally funded commit-
ment) beginning in 2021. The minimum benefit is guaranteed to equal the total
deferred amount. Provisions are recognized for the resulting pension obligation
and offset against the fund assets secured by a fiduciary (plan assets as defined
by Section 246(2) of HGB).

The pension model also applies for Deutsche Post AG subsidiaries and is reflected
in the same way at Deutsche Post AG through stipulated assumption of obligations.

Basis for offsetting

€m Dec. 31, 2022 Dec. 31, 2023

Settlement amount for externally
-16 -25
funded obligations

Fair value of the fund assets 16 25

Excess of plan assets over retirement

0 0
benefit obligations

Income from assets amounted to €2 million in the reporting period (previous

year: expenses of €2 million).

The indirect and direct benefit obligations and the obligations for which Deutsche
Post AG has assumed joint liability were calculated using the ten-year average
discount rate in accordance with Section 253(2) of the HGB. The difference in the
amounts calculated for the benefit obligations using the seven-year average rate
and the ten-year average rate is €94 million.
26 Notes

The income/expense resulting from the change in the discount rate is reported
in the financial result. The provisions for pensions were calculated on the basis
of the following assumptions:

Calculation of pension provisions

Dec. 31, 2022 Dec. 31, 2023

Annual wage and salary increases 1.0 to 3.0 % 1.0 to 3.0 %

Annual pension increases 1.0 to 2.25 % 1.0 to 2.25 %

Average staff turnover 1.7 % 1.7 %

Discount rate 1.78 % 1.82 %

32. Provisions for taxes The provisions for taxes and other provisions item is composed of the following:
and other provisions
Provisions for taxes and other provisions

€m Dec. 31, 2022 Dec. 31, 2023

1. Provisions for taxes 77 343

2. Other provisions

a) Provisions for staff costs

Restructuring 214 276

Bonus 137 137

Overtime and other claims for time off 148 117

Vacation claims 139 110


Variable salaries and wages 87 92

Other 126 141

b) Miscellaneous other provisions

Assumption of obligations 244 232

Postage stamps 144 152

Outstanding supplier invoices 94 95

Other 177 209

Subtotal 2.a) und 2.b) 1,510 1,561

Total of 1. and 2. 1,587 1,904

Provisions for taxes

Provisions for taxes relate to tax expenses for the current year and potential
tax arrears payable due to ongoing external tax audits, including the interest
attributable to these arrears.

The increase in provisions for taxes is due primarily to higher provisions for
income taxes.
 Notes 27

Restructuring
This item primarily includes expenses for partial retirement and early-retirement
programs for civil servants and expenses for severance payments.

At the end of 2011, Deutsche Post AG used a collective agreement to introduce

a special retirement model in the form of a combined partial retirement and
working time account model. The top-up payments arising under the partial
retirement arrangements in this model are recognized as provisions. Provisions
are recognized for the payments made by employees into their working time
accounts. Additional working time accounts were introduced for various groups
in 2021.

Pension liability insurance (plan assets within the meaning of Section 246(2) of
the HGB) has been taken out to meet the obligations resulting from the working
time accounts. The provisions required for the working time accounts and the re-
ceivables under the pension liability insurance have been offset against each other.

The following overview shows the basis for offsetting:

Basis for offsetting

€m Dec. 31, 2022 Dec. 31, 2023

Settlement amount for obligations under
-855 -938
demographic funds/working time accounts

Fair value of the insurance 855 938

Excess of plan assets over retirement

0 0
benefit obligations

No cost was recognized for the insurance policies, since the payments made by
the participating employees are transferred directly to the insurance company.

Income from plan assets amounted to €16 million in the reporting period
(previous year: €14 million).

Assumption of obligations
In previous years, Deutsche Post AG entered into contracts in which it undertook
vis-à-vis a number of subsidiaries to assume responsibility internally for certain
pension obligations on the part of these subsidiaries. The obligations assumed by
Deutsche Post AG amounted to €232 million as of the reporting date (previous
year: €244 million).

Non-current provisions were discounted using the discount rate published by the
Deutsche Bundesbank for the average maturity of the obligations.

Postage stamps
The provision for postage stamps relates to stamps that have been sold by the
reporting date but for which the corresponding service has yet to be performed.
Utilization of prior-year stocks in the amount of €144 million was assumed in the
2023 fiscal year. Measurement was based on external expert reports prepared in
2015 and periodic updates made on the basis of internal data.
28 Notes

33. Liabilities Liabilities

€m Dec. 31, 2022 Dec. 31, 2023

Bonds 6,200 6,200
thereof convertible bond: 1,000
(previous year: 1,000)

Amounts due to banks 223 127

Trade liabilities 999 884

Liabilities to affiliated companies 13,175 12,240

thereof trade payables: 200
(previous year: 156)

Liabilities to other equity investments 108 46

thereof trade payables: 0
(previous year: 0)

Other liabilities 805 698

thereof taxes: 291 (previous year: 284)
thereof social security: 0
(previous year: 0)

21,510 20,195

The maturity structure of the liabilities is presented in the “Maturity structure of

liabilities” table (Annex 2).

The details of the bonds issued are shown in the following table:

Bonds

Interest rate in % Amount issued

Bond 2012/2024 2.875 €700 million

Bond 2016/2026 1.250 €500 million

Bond 2017/2027 1.000 €500 million

Bond 2018/2028 1.625 €750 million

Bond 2020/2026 0.375 €750 million

Bond 2020/2029 0.750 €750 million

Bond 2020/2032 1.000 €750 million

Bond 2023/2033 3.375 €500 million

Convertible bond 2017/2025 1)

0.050 €1,000 million
1)
Conversion premium: 40 %
Conversion price: € 55.69
 Notes 29

Changes in the convertible bond 2017/2025 are shown in the following table:

Changes in the convertible bond

Changes in the convertible Price 1) Conversion ratio Cash dividend

bond 2017/2025 € per bond 2) €
Issuance 55.69 1,795.6771

After adjustment in 2018 55.61 1,798.1264 1.15

After adjustment in 2019 55.63 1,797.4721 1.15

After adjustment in 2020 55.74 1,794.1916 1.15

After adjustment in 2021 55.66 1,796.7641 1.35

After adjustment in 2022 55.00 1,818.3021 1.80

After adjustment in 2023 54.42 1,837.4978 1.85

1)
The conversion price (not rounded) is the result of dividing the principal amount of €100,000 by the adjusted conversion ratio.
2)
Calculation agent: Conv-Ex Advisors Limited.

The amounts due to banks mainly comprise overdraft liabilities (€106 million)
and the sale of residential building loans (€21 million).

Deutsche Post AG manages the residential building loans as a trustee. The pay-
ments received are forwarded to the purchasers of the loans (banks) in accord-
ance with a defined interest and principal payment schedule.

As borrowers make unscheduled repayments on existing loans, some of the funds

initially remain with Deutsche Post AG due to the defined interest and principal
payment schedule and are forwarded to the purchasers of the loans at a later date.
Liabilities due to banks therefore include an amount of €21 million (previous year:
€29 million) from unscheduled repayments.

Liabilities to affiliated companies mainly comprise liabilities from Group cash

management (in-house banking) in the amount of €11,343 million (previous
year: €12,359 million).

Other liabilities primarily relate to tax liabilities (€291 million), liabilities from
negative fair values of derivatives (€113 million) and liabilities from an early-
retirement program in the amount of €95 million.

34. Deferred income Deferred income largely comprises subsidies received for electric-powered
vehicles as well as payments received from unwound interest rate hedges.
30 Notes

Income statement disclosures

35. Revenue Revenue by business unit

€m 2022 2023
Domestic 13,357 13,645

Post Germany 7,537 7,193

Mail Communication & E-Post 4,861 4,569

Dialogue Marketing 1,711 1,653

Other Post Germany 965 971

Parcel Germany 5,820 6,452

International 2,049 2,153

Other Post & Parcel 151 161

Total Post & Parcel Germany revenue 15,557 15,959

Total other services 575 589

Overall total revenue 16,132 16,548

The increase in revenue is primarily attributable to the German parcel service and
the International business unit. The decline in revenue for Mail Communication &
E-Post had the opposite effect.

Other services totaling €589 million (previous year: €575 million) mainly include
income from service level agreements, rental agreements and leases and income
from employee leasing.

Revenue by geographical region

€m 2022 2023
Germany 15,242 15,583

Europe (excluding Germany) 616 698

Other regions 274 267

16,132 16,548

36. Other own work capitalized Other own work capitalized is reported in the amount of €101 million (previous
year: €96 million). This item relates primarily to own work in connection with the
recognition of internally generated intangible assets, which has been permitted
since January 1, 2010.
 Notes 31

37. Other operating income Other operating income

€m 2022 2023
Income from currency translation 854 678

Fees and reimbursements 81 103

Income from the reversal of provisions 108 41

Derivatives *) 9 30

Miscellaneous 213 182

1,265 1,034
* Reported under Miscellaneous in the 2022 fiscal year
)

In the fiscal year, reduced fluctuations on the foreign exchange market led to
lower income from currency translation.

The income from the reversal of provisions in the amount of €41 million (pre­
vious year: €108 million) is prior-period income.

38. Materials expense The materials expense is composed of the cost of consumables, supplies and
goods purchased and held for resale, and the cost of purchased services.

Cost of consumables and supplies

and goods purchased and held for resale

€m 2022 2023
Fuel and heating materials 138 126

Operating supplies 134 120

Spare parts and repair materials 47 49

Goods purchased and held for resale 35 33

354 328

Cost of purchased services

€m 2022 2023
Transportation costs 2,883 2,934

Rental and lease expenses

798 847
(incl. additional property expenses)

Commissions 543 559

Purchased IT services 233 251

Maintenance expenses 197 197

Proprietary software development 194 178

Miscellaneous 685 694

5,533 5,660
32 Notes

The miscellaneous subitem mostly comprises the costs of agency agreements

with affiliated companies.

Costs in accordance with Section 285, No. 22, of the HGB relating to IT develop-
ment amounted to €178 million in the 2023 fiscal year. Of this amount,
€101 million was capitalized.

39. Staff costs/employees Staff costs/employees

€m 2022 2023
Wages, salaries and emoluments 6,881 7,294

Social security contributions, retirement 1,859 1,796

benefit expenses and assistance benefits
thereof for retirement benefit expenses: 462
(previous year: 534)

8,740 9,090

Expenses for wages, salaries and emoluments increased by €413 million year over
year. In the 2023 fiscal year, employees were granted an inflationary adjustment
payment in the amount of €387 million. In the 2023 fiscal year, severance payments
amounted to €42 million (previous year: €15 million), while expenses for early-
retirement programs came in at €36 million (previous year: €10 million).

The decrease in social security contributions, retirement benefit expenses and

other benefit expenses by €63 million was mainly due to the lower addition to the
pension provisions.

Since the 2000 fiscal year, Deutsche Post AG has been legally required to contribute
33 % of the pensionable gross emoluments of its active civil servants and the
notional pensionable gross emoluments of its civil servants on leave of absence
to the Postbeamtenversorgungskasse (PVK – Postal Civil Servant Pension Fund).
The Bundesanstalt für Post und Telekommunikation Deutsche Bundespost (BAnst
PT) performs the PVK’s tasks.

It falls to the German federal government to guarantee that the PVK is always in a
position to meet its obligations.

Contributions made to the BAnst PT in the reporting period amounted to

€303 million. The prior-year amount was €309 million.

The average number of employees classified by employee groups in the period

under review was as follows:

Employee groups

2022 2023
Salaried employees and hourly workers 164,449 165,854

Civil servants 19,202 17,341

183,651 183,195
 Notes 33

New employees have not been granted civil servant status since January 1, 1995.
Employees with civil servant status as of that date are permanent civil servants
who continue to be governed by the provisions of civil servant law.

40. Amortization of intangible Amortization and depreciation

assets and depreciation
of fixed assets and property, €m 2022 2023
plant and equipment Amortization of intangible assets 79 78

Depreciation of property, plant and equipment

Land and buildings 64 74

Technical equipment and machinery 99 104

Other office equipment 96 96

338 352

Impairment losses of €2 million were recognized in the reporting period (previous

year: €0 million).

41. Other operating expenses Other operating expenses

€m 2022 2023
Exchange rate losses 907 742

Service level agreements 531 616

Public relations expenses 235 223

Compensation payments 123 144

Expenses for the BAnst PT and

100 101
Museum Foundation

Travel, entertainment and training expenses 83 90

Cost of purchased cleaning, transport

85 85
and security services

Other business taxes 65 82

Miscellaneous 507 445

2,636 2,528

In the reporting period, reduced fluctuations on the foreign exchange market led
to lower expenses from currency translation.

Service level agreements are mainly in place with DP Fleet GmbH in the amount
of €560 million (previous year: €478 million).

The miscellaneous subitem includes write-downs of receivables, insurance

premiums and fees, expenses for cost transfers from Group companies, legal,
consulting and audit costs, as well as expenses under Section 67(1) and (2) of
the EGHGB (addition to provisions for pensions under the BilMoG).
34 Notes

42. Financial result Financial result

€m 2022 2023
Income from profit transfer agreements
thereof from affiliated 3,704 2,830
companies: 2,830 (previous year: 3,704)

Income from equity investments

thereof from affiliated 35 34
companies: 34 (previous year: 35)

Net investment income 3,739 2,864

Other interest and similar income

thereof from affiliated
companies: 962 (previous year: 226) 300 1,279
thereof from unwinding discounts: 153
(previous year: 0)

Income from long-term loans

thereof from affiliated 4 3
companies: 3 (previous year: 4)

Interest and similar expenses

thereof to affiliated
companies: -585 (previous year: -197) -961 -741
thereof from unwinding of discounts: -1
(previous year: -646)

Net interest income -657 541

Write-downs of securities classified

-4 -2
as current assets

Financial result 3,078 3,403

The financial result comprises net investment income, interest income and write-
downs of securities classified as current assets.

The change in net investment income is due to the decreased income from the
profit transfer agreement attributable to Deutsche Post Beteiligungen Holding
GmbH in the amount of €874 million. The earnings of Deutsche Post Beteiligungen
Holding GmbH were the result of higher intra-Group interest expenses and lower
income from investments.

Net interest income improved by €1,198 million, which is attributable to the

development of interest rates for pensions as well as to income from plan assets/
assets (€783 million). The improvement in net interest income from pension
provisions was mainly attributable to income from plan assets/assets, which
was up €623 million due to a higher return as well as a changes in fair value. In
addition, interest expense from interest on provisions for pensions was down
€160 million. The income from plan assets/assets is offset by the interest on
provisions for pensions and recognized in the amount of €141 million as interest
income from pension provisions in the 2023 fiscal year (previous year: interest
expenses in the amount of €-642 million).
 Notes 35

Net interest income excluding the interest rate effects from the pension provision
rose by €415 million. This is primarily attributable to a higher positive net interest
income from Group cash management (in-house banking).

43. Taxes on income An expense of €342 million was recognized under taxes on income in the reporting
period. Expenses attributable to the reporting period amounted to €310 million.
For previous years, expenses of €32 million were reported.

Offsetting deferred tax assets and deferred tax liabilities (net presentation method)
resulted in net deferred tax assets as of the balance sheet date. Since the company
does not exercise the recognition option set out in Section 274(1), sentence 2, of
the HGB, no deferred tax assets are recognized on the balance sheet. Deferred tax
assets result primarily from the different recognition of as sets to fulfill pension
obligations. Deferred tax liabilities relate to differences in the valuation of fixed
assets and pension provisions.

Global minimum tax

Deutsche Post AG falls under the scope of application of the minimum tax law
and, as the parent company of DHL Group, is generally liable for the minimum
tax, unless national supplementary taxes are to be paid in the countries. Because
this legislation only applies to fiscal years beginning after December 30, 2023,
Deutsche Post AG is not subject to any tax burden from the minimum tax in the
year under review. Beginning with the 2024 fiscal year, Deutsche Post AG expects
an increase in current taxes by an amount in the low double-digit millions of euros.

44. Retained profits brought Retained profits brought forward from the previous year amount to €6,430 million.
forward from the previous year
36 Notes

45. Appropriation of net profit The following overview shows the appropriation of the net retained profit for the
previous year, as resolved by the Annual General Meeting:

Appropriation of net profit

€m Dec. 31, 2022 Dec. 31, 2023

Net retained profit 10,239 10,635

Dividend distribution 2,205 2,205

Transfer to other revenue reserves 0 2,000

Retained profits brought forward 8,034 6,430

Based on the net retained profit for the 2023 fiscal year in the amount of
€9,216 million, the Board of Management will propose a dividend of €1.85 per
no-par-value share carrying dividend rights. This corresponds to a total dividend
of €2,170 million. In addition, the Board of Management will propose transferring
€1,000 million from net retained profit to other earnings reserves. The amount
of €6,046 million remaining after deduction of the planned total dividend and the
transfer to earnings reserves will be carried forward to new account.

The final total dividend will be based on the number of shares carrying dividend
rights at the time the Annual General Meeting resolves upon the appropriation of
the net retained profit on the day the AGM convenes.

Other disclosures

46. Off-balance-sheet transactions Trust activities

Trust activities as of December 31, 2023, relate to loan administration for housing
construction promotion and to the responsibilities agreed upon in accordance
with Section 119 of Book 6 of the Sozialgesetzbuch (SGB – German Social Security
Code) relating to cash benefit payments by pension insurance funds (Postal
Pension Service).

The trust assets for the Postal Pension Service as of December 31, 2023, amounted
to €135 million (previous year: €80 million).

The trust assets for housing construction promotion amounted to €25 million
(previous year: €34 million).

As of December 31, 2023, Deutsche Post AG administered trust assets of

€1 million (previous year: €12 million) resulting from the sale of receivables
from business clients.

These transactions do not result in significant future benefits or risks for

Deutsche Post AG.
 Notes 37

Other financial obligations

Other financial obligations amounted to €3,298 million as of the balance sheet
date. Of this figure, €2,680 million is attributable to affiliated companies. There
were no other financial obligations to associates or from pension obligations.

In the previous year, other financial obligations amounted to €3,433 million,

including obligations of €2,797 million to affiliated companies.

In addition, obligations to a financial services provider for tranche 4 of the share

buy-back program 2022/2024 from the buy-back of treasury shares amounted
to €450 million (previous year: €275 million). Note 26 provides an overview of
share buy-back program 2022/2024.

The following overview shows the remaining maturities of other

financial obligations:

Other financial obligations

thereof with a remaining maturity

of more than of more
up to 1 year up to than
€m Total 1 year 5 years 5 years

Total 3,298 1,544 1,055 699

thereof pension obligations 0

thereof to affiliated
2,680 1,149 985 546
companies

thereof to associates 0

Other financial obligations are primarily the result of long-term rental agreements
and leases. In keeping with the Group leasing model, all Deutsche Post AG
properties are leased from Deutsche Post Immobilien GmbH, which acts as the
Group’s centralized property leasing company.

An agreement for the buy-back of treasury shares as part of the share buy-back
program 2022/2024 (fourth tranche) was concluded with a financial services
provider in November 2023 with a volume of €600 million. As of December 31,
2023, a total volume of €150 million in treasury shares had been bought back.
The remaining volume as of December 31, 2023, in the amount of €450 million
also represents a financial obligation.
38 Notes

47. Contingencies Deutsche Post AG has furnished a large number of comfort letters, sureties and
guarantees to secure loan, lease, supplier, delivery and service agreements to be
entered into by Group companies, associates and joint ventures. This enabled the
Group to obtain better contract terms locally.

Contingencies relating to guarantees in accordance with Section 765 of the Bürger­

liches Gesetzbuch (BGB – German Civil Code), which were primarily on behalf of
affiliated companies, amounted to €2,873 million (previous year: €2,685 million).

Guarantees were issued in the amount of €8,890 million (previous year:

€8,519 million), primarily on behalf of affiliated companies.

Comfort letters issued mainly to affiliated companies amounted to €717 million

(previous year: €584 million).

Moreover, the figures above also contain contingencies in the amount of

€679 million (previous year: €162 million), which were specifically furnished
in respect of retirement obligations.

In addition to the contingent liabilities referred to above, Deutsche Post AG issued

declarations of joint and several liability (Section 403 Verklaringen under Dutch
law) for 21 subsidiaries in the Netherlands in order to dispense with disclosing
their financial statements. The liability declarations cover all of the companies’
legal transactions.

Due to past experience and continuous monitoring of the liquidity situation in its
companies, Deutsche Post AG is of the opinion that the risk of the comfort letters,
sureties and guarantees being called must be considered extremely low. There-
fore there was no need to recognize a liability for these contingencies on the
balance sheet.

48. Hedging policy As an international company, Deutsche Post AG is inevitably exposed to financial
and derivatives risks such as those from movements in exchange rates, interest rates or commodity
prices. As part of its centralized risk management system, Deutsche Post AG
assumes the role of an in-house bank within DHL Group. In this capacity, Group-
wide financial risks are centralized as far as possible and external hedging trans-
actions are entered into with banks in order to hedge the Group’s position; some
of these transactions are in turn transferred internally to Group companies. Pri-
mary and derivative financial instruments are used to offset risks from exchange
rate, interest rate and commodity price movements.

The following table provides an overview of the derivative financial instruments

employed and their notional amounts and fair values as of December 31, 2023:
 Notes 39

Derivative financial instruments

in € million Notional amount Fair value

Affiliated Third Affiliated Third
companies parties Total companies parties Total

Interest rate products

Interest rate swaps 0 0 0 0 0 0

thereof positive fair values 0 0 0

thereof negative fair values 0 0 0

Currency transactions

Currency forwards 0 7,073 7,073 0 -40 -40

thereof positive fair values 0 57 57

thereof negative fair values 0 -97 -97

Commodity price
transactions

Commodity price swaps 0 104 104 0 -17 -17

thereof positive fair values 0 1 1

thereof negative fair values 0 -18 -18

Total 7,177 -57

The notional volume is calculated as the sum of the absolute amounts of the
individual transactions. A distinction is made between intra-Group transactions
(in-house bank function) and external transactions with banks. The fair values are
calculated as the net unrealized gains and losses in each class of derivative from
the measurement of the positions.

The fair values of currency forwards were determined on the basis of current mar­
ket prices, taking into account forward premiums and discounts. The fair values
of these instruments were determined using the Group’s treasury management
system. The fair values of commodity price swaps were provided by the banks
with which the hedges were originally concluded.

Under the HGB, derivatives represent executory contracts that are generally not
recognized in the balance sheet. Executory contracts are measured in accordance
with the principle of imparity under the HGB. A provision for expected losses is
created to reflect unrealized losses from executory contracts, while unrealized
gains are not recognized. A provision for expected losses must therefore generally
be reported for derivatives with a negative fair value as of the balance sheet date.

As an exception to this basic rule, hedge accounting in accordance with Section

254 of the HGB may be applied to derivatives under certain conditions. If macro
hedge accounting is applied, similar risks from assets, liabilities, executory con-
tracts or highly probable forecast transactions are combined to net out offsetting
40 Notes

changes in value or cash flows from financial instruments. The remaining net risk
is hedged as part of this process. If portfolio hedge accounting is applied, each type
of similar risk for assets and equity and liabilities is combined and hedged (gross).

For hedge accounting, either the “gross hedge presentation method” or the “net
hedge presentation method” may be used for eligible hedged items recognized
on the balance sheet. The net hedge presentation method is to be used for all other
eligible hedged items. If the gross hedge presentation method is used, the fair
values of the derivatives are recognized in the income statement; if the net hedge
presentation method is used, the carrying amounts are not adjusted to reflect fair
value changes resulting from effective hedging relationships.

Deutsche Post AG exercised the option to apply hedge accounting in the following
cases as of the reporting date:

Foreign currency receivables and liabilities from external bank balances, in-house
bank balances and loans (recognized hedged items) with a volume of €6,858 million
were combined – using the gross hedge presentation method – with currency
forwards (hedging instruments) with a net volume of €6,858 million with a
maximum term through December 2024 to form homogeneous portfolio hedges
for each currency to hedge the currency risk. The hedged risk was €69 million.
Where the gross hedge presentation method is used, the positive or negative fair
values of the derivatives in question are recognized in other assets/other liabilities
in the balance sheet.

The relevant portfolios are adjusted on a continuous basis. Where necessary, the
maturities of hedging instruments falling due are extended using new hedging
instruments. Due to the differing maturity dates for hedged items and hedging
instruments, net unrealized losses from lending relationships of €17 million
are offset by hedging instruments with a net partial fair value of €17 million.
Correspon­ding other operating income and expense items were recorded in
the income statement. Hedge effectiveness is prospectively assessed using the
critical terms match method and retrospectively measured using the cumulative
dollar-offset method, whereby only value changes attributable to spot prices are
included. Hedge effectiveness is expected to be 100 % since the primary meas-
urement characteristics of the hedged items and hedging transactions match.

A provision for expected losses amounting to €6 million was recognized for the
portion of the fair values of the hedging instruments not attributable to changes
in spot prices and thus not included in the hedging relationship.

External commodity price swaps totaling €104 million (net fair value €-17 million,
of which €1 million positive and €-18 million negative fair values) were each com-
bined with highly probable forecast transactions into a macro hedge for diesel
fuel, electricity and natural gas purchases using the net hedge presentation
 Notes 41

method to hedge commodity risk. The hedged risk was €18 million. The highly
probable forecast transactions constitute planned purchases of diesel fuel with
a notional amount of €80 million during the period up to December 2025, as well
as electricity purchases with a notional amount of €1 million during the period up
to December 2025 and natural gas purchases with a notional amount of €23 million
during the period up to December 2025. Hedge effectiveness is prospectively
assessed using the critical terms match method and retrospectively measured
using the cumulative dollar-offset method. Hedge effectiveness is expected to be
100 % since the primary characteristics of the hedged items and hedging transac-
tions match. A provision for expected losses of €18 million was recognized for the
synthetic fixed-price procurement transaction resulting from the hedge. Unlike
in the previous year, no interest rate hedging instruments were recognized for
Deutsche Post AG as of December 31, 2023.

Hedge accounting was not used for the following:

External currency transactions with a volume of €215 million (net fair value:
€13 million; this includes positive fair values (€13 million) and negative fair values
(€0 million)) maturing in November 2028 were not hedged because the underlying
risks are not attributable to Deutsche Post AG, but to other Group companies.

Total provisions for expected losses on derivatives as of December 31, 2023,

amounted to €24 million (previous year: €16 million).

49. List of shareholdings The list of shareholdings in accordance with Section 285, No. 11, 11a and 11b, of
the HGB is contained in Annex 3.

50. Declaration of Conformity The Board of Management and the Supervisory Board of Deutsche Post AG jointly
with the German Corporate published the Declaration of Conformity with the German Corporate Governance
Governance Code Code for the 2023 fiscal year required by Section 161 of the AktG. The full text of
the Declaration of Conformity is continuously available to the public on the inter-
net at www.corporate-governance-code.de and on the website at www.group.dhl
(Section 161(2) of the AktG).

51. Auditor’s fee Information on the auditor’s fee is given in the consolidated financial statements
of Deutsche Post AG and is therefore not disclosed here on the basis of the ex-
emption provided for under Section 285, No. 17, of the HGB.
42 Notes

52. Report on post-balance- On February 6, 2024, KfW Bankengruppe (KfW) announced that it had sold
sheet-date events 50 million shares from its holding in Deutsche Post AG by means of an accelerated
bookbuild offering. Placement of the shares was geared toward institutional
investors.

After the successful execution of the share placement, the total share-holding
of KfW fell from 20.49 % to 16.45 %; the number of shares in free float increased
accordingly. Following conclusion of the transaction, KfW remains the largest
shareholder in Deutsche Post AG.

On February 12, 2024, the Board of Management resolved to expand the current
share buy-back program so that a total of up to 130 million treasury shares are
to be purchased by the end of 2025 at a purchase price of up to €4 billion. The
intended uses remain unaffected.

There were no other events that could have a material effect on Deutsche Post
AG’s results of operations, financial position and net assets.

53. Board of Management and Board of Management remuneration

Supervisory Board
The total remuneration paid to members of the Management Board amounted
to €23,4 million in the 2023 financial year (previous year: €26,9 million). This
included 819,474 SARs (previous year: 1,176,006 SARs), which had a value of
€8,0 million (previous year: €9,3 million) at the time of issue.

Benefits paid to former members of the Board of Management and beneficiaries in

the 2023 fiscal year amounted to €38,90 million (previous year: €10,20 million).
Provisions for current pensions were recognized in the amount of €102,3 million
(previous year: €95,0 million).

Supervisory Board remuneration

The total remuneration of the Supervisory Board in the 2023 fiscal year amounted
to €3,7 million as in the previous year; once again, €3,5 million of this amount was
also attributable to a fixed component and €0,2 million to attendance allowances.
 Notes 43

Governing bodies of the company

Members of the Supervisory Board

2023 fiscal year
Shareholder representatives – as of December 31, 2023

First name, last name Profession

Dr. Nikolaus von Bomhard Chair of the Supervisory Board and former Chair of the Board of Management,
(Chair) Münchener Rückversicherungs-Gesellschaft AG

Member of the Managing Board of Volkswagen Financial Services AG

(until March 16, 2023)
Dr. Mario Daberkow
Head of Group IT Infrastructure & Services of Volkswagen AG
(beginning April 1, 2023)

Member of various boards of directors and

Ingrid Deltenre
former Director General at European Broadcasting Union

Dr. Heinrich Hiesinger Member of various supervisory boards

Prof. Dr. Luise Hölscher State Secretary, Federal Ministry of Finance

Member of various supervisory boards and

Simone Menne
former member of the Board of Managing Directors of Boehringer Ingelheim GmbH

Member of various supervisory boards,

Lawrence Rosen
former member of the Board of Management of Deutsche Post AG

Dr. Stefan Schulte Chair of the Executive Board of Fraport AG

Dr. Katrin Suder

Freelance corporate consultant, TAE Advisory & Sparring GmbH
(beginning May 4, 2023)

Prof. Dr.-Ing. Katja Windt

Member of the Board of Management of SMS group GmbH
(until May 4, 2023)

Stefan B. Wintels Chief Executive Officer of KfW Bankengruppe

44 Notes

Employee representatives

First name, last name Profession

Andrea Kocsis Deputy Chair of ver.di National Executive Board and Head of Postal Services,
(Deputy Chair) Forwarding Companies and Logistics on the ver.di National Executive Board

Silke Busch
Member of the Works Council, Deutsche Post AG, Münster Operations Branch
(beginning May 4, 2023)

Jörg von Dosky Chair of the Group and Company Executive Representation Committee, Deutsche Post AG

Gabriele Gülzau
Chair of the Works Council, Deutsche Post AG, Hamburg Operations Branch
(until May 4, 2023)

Thomas Held Chair of the Central Works Council, Deutsche Post AG

Mario Jacubasch Chair of the Group Works Council, Deutsche Post AG

Head of Postal Services, Co-determination and Youth, and

Thorsten Kühn
Head of National Postal Services Group at ver.di National Administration

Ulrike Lennartz-Pipenbacher Deputy Chair of the Central Works Council, Deutsche Post AG

Deputy Chair of the Group Works Council and Deputy

Yusuf Özdemir
Chair of the Central Works Council, Deutsche Post AG

Head of Wage, Civil Servants and Social Policies in the Postal Services,
Stephan Teuscher
Forwarding Companies and Logistics Department, ver.di National Administration

Stefanie Weckesser Deputy Chair of the Central Works Council, Deutsche Post AG, Augsburg Operations Branch

Members of the Board of Management

2023 fiscal year

Members of the Board of Management 2023 fiscal year

First name, last name Department

Dr. Frank Appel Chief Executive Officer (until May 4, 2023)

Chief Executive Officer (from May 4, 2023)

Dr. Tobias Meyer
Global Business Services

Oscar de Bok Supply Chain

Pablo Ciano eCommerce

Nikola Hagleitner Post & Parcel Germany

Melanie Kreis Finance

Dr. Thomas Ogilvie Human Resources

John Pearson Express

Tim Scharwath Global Forwarding, Freight

 Notes 45

Additional memberships held by members of the Supervisory Board

in supervisory and controlling bodies of other companies

Shareholder representatives

First name, last name Additional mandates

Dr. Nikolaus von Bomhard a) Münchener Rückversicherungs-Gesellschaft AG (Chair)

b) Athora Holding Ltd., Bermuda 1) (Board of Directors, Chair) (until December 31, 2023)

a) yabeo
 Venture Tech AG (since August 10, 2023)
b) J.P. Morgan Mobility Payments Solutions S.A., Luxembourg (Supervisory Board, Chair)
Dr. Mario Daberkow (until March 16, 2023) 2)
Softbridge-Projectos Tecnológicos S.A., Portugal (Board of Directors)
(until March 16, 2023) 2)
VW Credit Inc., USA (Board of Directors) (until March 16, 2023) 2)

a) No memberships

Ingrid Deltenre b) Givaudan SA 1), Switzerland (Board of Directors)

Banque Cantonale Vaudoise SA 1), Switzerland (Board of Directors)
SPS Holding AG, Switzerland (Board of Directors)

a) B
 MW AG 1)
Fresenius Management SE
Dr. Heinrich Hiesinger ZF Friedrichshafen AG (Chair)
b) No memberships

a) Deutsche Investitions- und Entwicklungsgesellschaft mbH

Prof. Dr. Luise Hölscher
b) No memberships

a) H
 enkel AG & Co. KGaA 1)
Simone Menne b) Johnson Controls International plc 1), Ireland (Board of Directors)
Russell Reynolds Associates Inc., USA (Board of Directors)

a) Lanxess AG 1)
Lawrence Rosen Lanxess AG Deutschland GmbH 3)
b) Qiagen N. V. 1), Netherlands (Supervisory Board, Chair)

a) LEG Immobilien SE 1)
Dr. Katrin Suder
(since May 4, 2023) b) Cloudflare, Inc. 1) USA (Board of Directors)
Schülke & Mayr GmbH (Advisory Board) (until October 31, 2023)

a) No memberships
b) Fraport Ausbau Süd GmbH (Supervisory Board, Chair) 4)
Fraport Regional Airports of Greece A S.A., Greece (Board of Directors, Chair) 4)
Dr. Stefan Schulte Fraport Regional Airports of Greece B S.A., Greece (Board of Directors, Chair) 4)
Fraport Regional Airports of Greece Management Company S.A., Greece (Board of Directors, Chair) 4)
Fraport Brasil S.A. Aeroporto de Porto Alegre, Brazil (Supervisory Board, Chair) 4)
Fraport Brasil S.A. Aeroporto de Fortaleza, Brazil (Supervisory Board, Chair) 4)

Prof. Dr.-Ing. Katja Windt a) Fraport AG 1)

(until May 4, 2023) b) Ford Otomotiv Sanayi A.S.,1) Turkey (Board of Directors)

a) Deutsche Telekom AG 1)
Stefan B. Wintels
b) KfW Capital GmbH & Co. KG (Supervisory Board, Chair) 5)
a) Membership of other supervisory boards required by law 1)
Listed company 4)
Group mandate, Fraport
b) Membership of comparable supervisory bodies of German and foreign companies 2)
Group mandate, Volkswagen 5)
Group mandate, KfW Bankengruppe
3)
Group mandate, Lanxess
46 Notes

Employee representatives

First name, last name Additional mandates

a) PSD Bank München eG (Chair since January 26, 2024)
Jörg von Dosky
b) No memberships

a) No memberships
Andrea Kocsis
b) KfW Bankengruppe (Administrative Board)
a) Membership of other supervisory boards required by law
b) Membership of comparable supervisory bodies of German and foreign companies

Additional mandates held by members of the Board of Management

in supervisory and controlling bodies of other companies

Additional mandates held by members of the Board of Management

in supervisory and controlling bodies of other companies

First name, last name Additional mandates

a) Fresenius Management SE
Dr. Frank Appel Deutsche Telekom AG (Supervisory Board, Chair)
(until May 4, 2023)
b) No memberships

a) No memberships
Pablo Ciano
b) FarEye Technologies Private Ltd., India (Board of Directors)
a) Membership of other supervisory boards required by law
b) Membership of comparable supervisory bodies of German and foreign companies
Notes 47
Annexes 48 Annexes 49

Statement of changes in non-current assets

Annex 1 to the notes

Statement of changes in non-current assets for the period 1 January 2023 to 31 December 2023 Annex 1 to the Notes

€m Acquisition and production cost Amortization/Depreciation Book values

Jan. 1, 2023 Additions Reclas. Disposals Dec. 31, 2023 Jan. 1, 2023 Amort./Deprec. Appreciation Reclas. Disposals Dec. 31, 2023 Jan. 1, 2023 Dec. 31, 2023
1. Intangible assets

Intern. gen. intangible assets 449 101 0 1 549 235 43 0 0 0 278 214 271

Purchased concessions, industrial

property rights and similar rights and
357 25 2 2 382 299 35 0 0 1 333 58 49
assets as well as licenses to such rights
and assets

Progress payment 9 10 -2 0 17 0 0 0 0 0 0 9 17

Total intangible assets 815 136 0 3 948 534 78 0 0 1 611 281 337

2. Property, plant and equipment

Land, land rights and buildings,

4,033 178 236 2 4,445 1,647 74 0 0 0 1,721 2,386 2,724
including buildings on third-party land

Techn. equipment and machine 3,023 164 50 22 3,215 1,868 104 0 0 21 1,951 1,155 1,264

Other equipment 1,208 65 11 71 1,213 825 96 0 0 69 852 383 361

Assets under construction 485 119 -297 14 293 0 0 0 0 0 0 485 293

Total property, plant and equipment 8,749 526 0 109 9,166 4,340 274 0 0 90 4,524 4,409 4,642

Subtotal 1. / 2. 9,564 662 0 112 10,114 4,874 352 0 0 91 5,135 4,690 4,979

3. Non-current financial assets

Investments in affiliated companies 12,844 3 0 0 12,847 0 0 0 0 0 0 12,844 12,847

Loans to affiliated companies 284 10 0 80 214 0 0 0 0 0 0 284 214

Securities kept as fixed assets 63 1 0 2 62 0 0 0 0 0 0 63 62

Other loans 1 0 0 0 1 0 0 0 0 0 0 1 1

Total non-current financial assets 13,192 14 0 82 13,124 0 0 0 0 0 0 13,192 13,124

Total 22,756 676 0 194 23,238 4,874 352 0 0 91 5,135 17,882 18,103
50 Notes
 Annexes 51

Maturity structure of liabilities

Annex 2 to the notes

Maturity structure of liabilities as at 31 December 2023

Balance at 31 December 2022 Balance at 31 December 2023

due thereof thereof due thereof thereof

within after after within after after
€m 1 year 1 year 5 years Total 1 year 1 year 5 years Total
Bonds 500 5,700 2,250 6,200 700 5,500 2,000 6,200
thereof convertible: 1,000
31 Dec. 2022: 1,000

Due to banks 202 21 2 223 113 14 1 127

Trade payables 999 0 0 999 884 0 0 884

Liabilities to affiliated 13,175 0 0 13,175 12,240 0 0 12,240

companies
thereof trade payables: 200
31 Dec. 2022: 156

Liabilities to other equity 108 0 0 108 46 0 0 46

investments
thereof trade payables: 0
31 Dec. 2022: 0

Other liabilities 698 107 1 805 645 53 0 698

thereof taxes: 291
31 Dec. 2022: 284
thereof social security: 0
31 Dec. 2022: 0

Total 15,682 5,828 2,253 21,510 14,628 5,567 2,001 20,195

52 Annexes

List of shareholdings
Annex 3 to the notes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Europe
ABIS GmbH 6), 9) Germany, Frankfurt/Main 100.00 EUR 128 0
Agheera GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
Airmail Center Frankfurt GmbH 9) Germany, Frankfurt/Main 100.00 EUR 7,143 1,780
ALTBERG GmbH 6), 9) Germany, Bonn 94.50 EUR 50 0
Albert Scheid GmbH 6), 9) Germany, Cologne 100.00 EUR 1,022 0
AO DHL International Russia, Moscow 100.00 EUR 11,978 7,340
Betreibergesellschaft Verteilzentrum Germany, Bonn 100.00 EUR 25 0
GmbH 6), 9)
Blue Eagle Consolidation Services GmbH Germany, Mainz 100.00 EUR 60 1
Braid Group (Holdings) Limited United Kingdom, Renfrew 100.00 EUR 22,390 257
Braid Logistics (UK) Limited United Kingdom, Renfrew 100.00 EUR 31,084 -2,599
Danmar Lines AG Switzerland, Basel 100.00 EUR 32,659 -1,721
Danzas Deutschland Holding GmbH 6), 9) Germany, Frankfurt/Main 100.00 EUR 265,025 0
Danzas Fashion Service Centers B.V. Netherlands, Waalwijk 100.00 EUR 831 32
Danzas Grundstücksverwaltung Germany, Frankfurt/Main 100.00 EUR 22,679 0
Frankfurt GmbH 6), 9)
Danzas Holding AG Switzerland, Basel 100.00 EUR 256,298 136,471
Danzas Verwaltungs GmbH 9) Germany, Frankfurt/Main 100.00 EUR 8,928 4,582
Danzas, S.L. Spain, San Sebastián 100.00 EUR 780,179 65,179
Deutsche Post (Komerca) Limited Ireland, Dublin 100.00 EUR 2,604 53
Deutsche Post Adress Beteiligungs­ Germany, Bonn 100.00 EUR 416 0
gesellschaft mbH 6), 9)
Deutsche Post Adress Geschäftsführungs Germany, Bonn 51.00 EUR -13 -32
GmbH
Deutsche Post Adress GmbH & Co. KG 14) Germany, Bonn 51.00 EUR 20,811 17,032
Deutsche Post Assekuranz Vermittlungs Germany, Bonn 100.00 EUR 632,760 0
GmbH 6), 9)
Deutsche Post Beteiligungen Holding Germany, Bonn 100.00 EUR 12,089,500 0
GmbH 6), 9)
Deutsche Post Customer Service Center Germany, Dusseldorf 100.00 EUR 43 0
GmbH 6), 9)
Deutsche Post DHL Corporate Real Estate Germany, Bonn 100.00 EUR 42,335 2,059
Management GmbH & Co. Logistikzentren
KG 14)
Deutsche Post DHL Corporate Real Estate Germany, Bonn 100.00 EUR 0 0
Management GmbH & Co. Objekt
Weißenhorn KG 8), 9)
Deutsche Post DHL Express Holding Germany, Bonn 100.00 EUR 8,843,025 0
GmbH 6), 9)
Deutsche Post DHL Facility Management Germany, Bonn 51.00 EUR 4,062 532
Deutschland GmbH
Deutsche Post DHL Real Estate Germany, Bonn 100.00 EUR 51 0
Deutschland GmbH 6), 9)

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 53

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Deutsche Post DHL Research and Germany, Bonn 100.00 EUR 7,500 0
Innovation GmbH 6), 9)
Deutsche Post Dialog Solutions GmbH 6), 9) Germany, Bonn 100.00 EUR 1,126 0
Deutsche Post Direkt GmbH 6), 9) Germany, Bonn 100.00 EUR 60 0
Deutsche Post E-POST Germany, Bonn 100.00 EUR 13,792 0
Solutions GmbH 6), 9)
Deutsche Post Fleet GmbH 6), 9) Germany, Bonn 100.00 EUR 511,115 0
Deutsche Post Global Mail (France) SAS France, Issy-les-Moulineaux 100.00 EUR 5,706 -971
Deutsche Post Global Mail Netherlands, Utrecht 100.00 EUR 6,607 1,233
(Netherlands) B. V.
Deutsche Post Global Mail (UK) Limited United Kingdom, Langley 100.00 EUR 73,189 15,194
Deutsche Post Immobilien GmbH 6), 9) Germany, Bonn 100.00 EUR 6,025 0
Deutsche Post InHaus Services GmbH 6), 9) Germany, Bonn 100.00 EUR 1,534 0
Deutsche Post International B.V. Netherlands, Amsterdam 100.00 EUR 11,014,432 701,046
Deutsche Post Investments GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
Deutsche Post IT Services GmbH 6), 9) Germany, Bonn 100.00 EUR 39,254 0
Deutsche Post Mobility GmbH 6), 9) Germany, Bonn 100.00 EUR 6,055 0
Deutsche Post Reinsurance S.A. Luxembourg, Luxembourg 100.00 EUR 29,073 -79
Deutsche Post Shop Essen GmbH 6), 9) Germany, Essen 100.00 EUR 25 0
Deutsche Post Shop Hannover GmbH 6), 9) Germany, Hanover 100.00 EUR 25 0
Deutsche Post Shop München GmbH 6), 9) Germany, Munich 100.00 EUR 25 0
Deutsche Post Transport GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
DHL (Cyprus) Ltd. Cyprus, Nikosia 100.00 EUR 5,245 724
DHL 2-Mann-Handling GmbH 6), 9) Germany, Bonn 100.00 EUR 616 591
DHL Air (Austria) GmbH Austria, Vienna 100.00 EUR 11,802 6,235
DHL Air Limited United Kingdom, Hounslow 100.00 EUR 273,371 22,644
DHL AirWays GmbH 6), 9) Germany, Cologne 100.00 EUR 25 0
DHL Automotive GmbH 6), 9) Germany, Hamburg 100.00 EUR 4,091 0
DHL Automotive Offenau GmbH 6), 9) Germany, Bonn 100.00 EUR 275 0
DHL Automotive s.r.o. Czech Republic, Neprevazka 100.00 EUR 2,976 -1,892
DHL Aviation (France) SAS France, Le Bourget 100.00 EUR 7,319 571
DHL Aviation (Netherlands) B.V. Netherlands, Haarlemmermeer 100.00 EUR -29,629 6,333
DHL Aviation (UK) Limited United Kingdom, Hounslow 100.00 EUR 56,785 11,344
DHL Aviation NV/SA Belgium, Steenokkerzeel 100.00 EUR 52,797 8,737
DHL Consulting GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
DHL Copenhagen HUB Denmark A/S Denmark, Kastrup 100.00 EUR 10 -96
DHL Data & Analytics GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
DHL Distribution Holdings (UK) Limited United Kingdom, Hounslow 100.00 EUR 200,637 63,164
DHL eCommerce (Belgium) NV Belgium, Ternat 100.00 EUR 15,687 3,398
DHL eCommerce (Services) B.V. Netherlands, Utrecht 100.00 EUR 142,498 41,394
DHL eCommerce (Netherlands) B.V. Netherlands, Utrecht 100.00 EUR 159,803 50,637
DHL eCommerce Nordic AB Sweden, Stockholm 100.00 EUR 20,762 10,239
DHL eCommerce UK Limited United Kingdom, Slough 100.00 EUR 47,505 -12,783
DHL Ekspres (Slovenija), d.o.o. Slovenia, Trzin 100.00 EUR 2,753 1,048
DHL Exel Slovakia, s.r.o. Slovakia, Senec 100.00 EUR 1,391 634
DHL Exel Supply Chain (Poland) Sp. z o.o. Poland, Warsaw 100.00 EUR -13,378 -4,417
DHL Exel Supply Chain (Spain), S.L.U. Spain, San Fernando de Henares 100.00 EUR 37,857 13,060
DHL Exel Supply Chain Limited United Kingdom, Milton Keynes 100.00 EUR 0 0
DHL Exel Supply Chain Portugal, S.A. Portugal, Alverca 100.00 EUR 160 -572
DHL Exel Supply Chain Trade (Poland) Poland, Warsaw 100.00 EUR 3,575 418
Sp. z o.o.
DHL Express (Austria) GmbH Austria, Guntramsdorf 100.00 EUR 29,040 10,734
DHL Express (Czech Republic) s.r.o. Czech Republic, Ostrava 100.00 EUR 7,369 4,849
DHL Express (Denmark) A/S Denmark, Broendby 100.00 EUR 80,482 6,916
DHL Express (Finland) Oy Finland, Helsinki 100.00 EUR 15,314 4,082
DHL Express (Hellas) S.A. Greece, Athens 100.00 EUR 13,046 2,940
DHL Express (Iceland) EHF Iceland, Reykjavik 100.00 EUR 7,462 1,826
54 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Express (Ireland) Ltd. Ireland, Dublin 100.00 EUR 31,053 7,736
DHL Express (Italy) S.r.l. Italy, Peschiera Borromeo 100.00 EUR 153,985 45,055
DHL Express (Luxembourg) S.A. Luxembourg, Contern 100.00 EUR 6,298 947
DHL Express (Netherlands) B.V. Netherlands, The Hague 100.00 EUR 104,665 25,182
DHL Express (Norway) AS Norway, Oslo 100.00 EUR 29,288 6,101
DHL Express (Poland) Sp. z o.o. Poland, Warsaw 100.00 EUR 19,406 6,439
DHL Express (Schweiz) AG Switzerland, Basel 100.00 EUR 24,219 17,516
DHL Express (Slovakia), spol. s r. o. Slovakia, Bratislava 100.00 EUR 3,358 1,561
DHL Express (Sweden) AB Sweden, Stockholm 100.00 EUR 18,892 9,807
DHL Express (UK) Limited United Kingdom, Hounslow 100.00 EUR 3,769 -1,552
DHL Express Bulgaria EOOD Bulgaria, Sofia 100.00 EUR 3,484 2,011
DHL Express Customer Service GmbH 6), 9) Germany, Monheim am Rhein 100.00 EUR 25 0
DHL Express Estonia AS Estonia, Tallinn 100.00 EUR 10,353 1,266
DHL Express Germany GmbH 6), 9) Germany, Bonn 100.00 EUR 6,618 0
DHL Express Hungary Forwarding and Hungary, Budapest 100.00 EUR 5,470 3,720
Services LLC
DHL Express Latvia SIA Latvia, Marupe 100.00 EUR 3,631 828
DHL Express Macedonia d.o.o.e.l. Macedonia, Skopje 100.00 EUR 1,588 109
DHL Express Network Management Germany, Schkeuditz 100.00 EUR 25 0
GmbH 6), 9)
DHL Express Portugal, Lda. Portugal, Moreira da Maia 100.00 EUR 15,967 2,442
DHL Express Spain S.L. Spain, Madrid 100.00 EUR 53,698 15,190
DHL Fastighet X AB Sweden, Solna 100.00 EUR 358 -7
DHL Finance Services B.V. Netherlands, Maastricht 100.00 EUR 8,340 2,353
DHL FoodLogistics GmbH 6), 9) Germany, Cologne 100.00 EUR 258 0
DHL Freight (Belgium) NV Belgium, Kontich 100.00 EUR 892 -2,025
DHL Freight (France) SAS France, Marne-la-Vallée 100.00 EUR 6,766 3,982
DHL Freight (Netherlands) B.V. Netherlands, Tiel 100.00 EUR -51,258 -3,818
DHL Freight (Sweden) AB Sweden, Solna 100.00 EUR 116,960 51,085
DHL Freight CZ s.r.o. Czech Republic, Ostrava 100.00 EUR 5,794 1,175
DHL Freight d.o.o. Croatia, Zagreb 100.00 EUR 1,683 95
DHL FREIGHT d.o.o. Belgrade Serbia, Belgrade 100.00 EUR 3,473 652
DHL Freight Denmark A/S Denmark, Brondby 100.00 EUR 5,096 -686
DHL Freight Finland Oy Finland, Helsinki 100.00 EUR 6,212 1,404
DHL Freight Germany Holding GmbH Germany, Bonn 100.00 EUR 165,292 30,062
DHL Freight GmbH 6), 9) Germany, Bonn 100.00 EUR 10,752 0
DHL Freight Grundstücksverwaltungs Germany, Bonn 100.00 EUR 25 0
GmbH 6), 9)
DHL Gertner International GmbH Germany, Altentreptow 100.00 EUR 0 0
DHL Freight Hungary Forwarding and Hungary, Budapest 100.00 EUR 9,244 3,528
Logistics LLC
DHL Freight Portugal, Unipessoal Lda. Spain, Maia 100.00 EUR 636 -241
DHL Freight Romania S.R.L. Romania, Bucharest 100.00 EUR 937 927
DHL Freight Slovakia, s.r.o. Slovakia, Bratislava 100.00 EUR 1,103 728
DHL Freight Spain, S.L. Spain, Coslada 100.00 EUR 12,200 2,042
DHL GBS (UK) Limited United Kingdom, Milton Keynes 100.00 EUR 18,576 3,295
DHL Global Event Logistics GmbH 6), 9) Germany, Cologne 100.00 EUR 607 0
DHL Global Forwarding (Austria) GmbH Austria, Fischamend 100.00 EUR 25,802 5,011
DHL Global Forwarding (Belgium) NV Belgium, Machelen 100.00 EUR 42,043 9,187
DHL Global Forwarding (CZ) s.r.o. Czech Republic, Prague 100.00 EUR 20,385 4,432
DHL Global Forwarding (Denmark) A/S Denmark, Kastrup 100.00 EUR 31,349 10,257
DHL Global Forwarding (Finland) Oy Finland, Vantaa 100.00 EUR 21,222 4,347
DHL Global Forwarding (France) SAS France, Villepinte 100.00 EUR 53,931 23,002

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 55

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Global Forwarding (Ireland) Limited Ireland, Dublin 100.00 EUR 39,631 15,696
DHL Global Forwarding (Italy) S.p.A. Italy, Pozzuolo Martesana 100.00 EUR 54,630 31,428
DHL Global Forwarding Luxembourg, Luxembourg 100.00 EUR 3,609 400
(Luxembourg) S.A.
DHL Global Forwarding Netherlands, Hoofddorp 100.00 EUR 111,690 21,119
(Netherlands) B.V.
DHL Global Forwarding (Norway) AS Norway, Skedsmokorset 100.00 EUR 10,868 967
DHL Global Forwarding (Slovakia) s. r. o. Slovakia, Senec 100.00 EUR 2,027 2,043
DHL Global Forwarding (Sweden) AB Sweden, Stockholm 100.00 EUR 48,313 14,217
DHL Global Forwarding (UK) Limited United Kingdom, Chertsey 100.00 EUR 237,259 54,377
DHL Global Forwarding Customs, LLC Russia, Moscow 100.00 EUR 134 167
DHL Global Forwarding d.o.o. Croatia, Zagreb 100.00 EUR 3,851 -368
DHL Global Forwarding d.o.o. Belgrade Serbia, Belgrade 100.00 EUR 1,648 827
DHL Global Forwarding GmbH 6), 9) Germany, Frankfurt/Main 100.00 EUR 7,242 0
DHL Global Forwarding Hellas S.A. of In- Greece, Piraeus 100.00 EUR 9,879 982
ternational Transportation and Logistics
DHL Global Forwarding Hungary Kft. Hungary, Budapest 100.00 EUR 12,879 7,273
DHL Global Forwarding LLC Russia, Khimki 100.00 EUR 7,154 10,405
DHL Global Forwarding Management Germany, Bonn 100.00 EUR 13,359 0
GmbH 6), 9)
DHL Global Forwarding Portugal, Lda. Portugal, Moreira da Maia 100.00 EUR 9,628 1,046
DHL Global Forwarding Sp. z o.o. Poland, Warsaw 100.00 EUR 11,097 12,934
DHL Global Forwarding Spain, S.L. Spain, Madrid 100.00 EUR 31,221 18,550
DHL GLOBAL FORWARDING, logistika, Slovenia, Brnik 100.00 EUR 8,255 1,312
d. o. o.
DHL Global Management GmbH 6), 9) Germany, Bonn 100.00 EUR 7,818,590 0
DHL Global Match (Belgium) N.V. Belgium, Loncin 100.00 EUR -1,965 -1,243
DHL Global Match (UK) Limited United Kingdom, Langley 100.00 EUR 1,205 2,082
DHL Grundstücksverwaltungsgesellschaft Germany, Bonn 100.00 EUR 25 0
Köln-Eifeltor mbH 6), 9)
DHL Hauptvogel International GmbH 9) Germany, Klipphausen 51.00 EUR 537 417
DHL Holding (France) SAS France, Le Bourget 100.00 EUR 414,270 80,339
DHL Holding (Italy) S.r.l. Italy, Peschiera Borromeo 100.00 EUR 651,700 133,326
DHL Holdings (Ireland) Ltd. Ireland, Dublin 100.00 EUR 1 0
DHL Home Delivery GmbH 6), 9) Germany, Bonn 100.00 EUR 5,179 0
DHL Hub Leipzig GmbH 6), 9) Germany, Leipzig 100.00 EUR 25 0
DHL Information Services (Europe) s.r.o. Czech Republic, Prague 100.00 EUR 95,681 16,309
DHL International (Albania) Ltd. Albania, Tirana 100.00 EUR 573 268
DHL International (Ireland) Ltd. Ireland, Dublin 100.00 EUR 1,137 28
DHL International (Romania) S.R.L. Romania, Bucharest 100.00 EUR 9,229 2,522
DHL International (UK) Limited United Kingdom, Hounslow 100.00 EUR 143,054 61,810
DHL International d.o.o. Croatia, Zagreb 100.00 EUR 3,125 794
DHL International d.o.o. Sarajevo Bosnia and Herzegovina, Sarajevo 100.00 EUR 1,308 208
DHL International Express (France) SAS France, Le Bourget 100.00 EUR 55,257 30,691
DHL International GmbH 6), 9) Germany, Bonn 100.00 EUR 1,353,453 0
DHL International Ltd. Malta, Luqa 100.00 EUR 2,106 406
DHL International NV/SA Belgium, Diegem 100.00 EUR 18,593 11,432
DHL International Ukraine JSC Ukraine, Kiev 100.00 EUR 4,448 1,038
DHL Kontraktlogistik GmbH Austria, Vienna 100.00 EUR 769 299
DHL Leupold International GmbH Germany, Oberkotzau 51.00 EUR 943 156
DHL Logistics (Schweiz) AG Switzerland, Basel 100.00 EUR 52,615 4,331
DHL Logistics (Slovakia), spol. s r.o. Slovakia, Senec 100.00 EUR 11,242 1,750
DHL Logistics (Ukraine) Ltd. Ukraine, Kiev 100.00 EUR 1,119 -206
DHL Logistics Bulgaria EOOD Bulgaria, Sofia 100.00 EUR 2,942 324
DHL Logistics Estonia OÜ Estonia, Tallinn 100.00 EUR 10,756 939
DHL Logistics Lietuva UAB Lithuania, Vilnius 100.00 EUR 8,497 1,104
DHL Logistics OOO Russia, Khimki 100.00 EUR -2,238 -4,620
56 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Logistics S.R.L. Romania, Bucharest 100.00 EUR 11,002 4,312
DHL Logistik Service GmbH Austria, Vienna 100.00 EUR -181 -496
DHL Luxury Forwarding (France) SAS France, Tremblay-en-France 100.00 EUR 2,666 2,567
DHL Management (Schweiz) AG Switzerland, Basel 100.00 EUR 31,816 -2,237

DHL Management Services Limited United Kingdom, Hounslow 100.00 EUR 139 111
DHL MEÐUNARODNI VAZDUŠNI EKSPRES Serbia, Belgrade 100.00 EUR 5,418 1,005
DOO BEOGRAD
DHL Nordic AB Sweden, Solna 100.00 EUR 125,137 -2,330
DHL Paket (Austria) GmbH Austria, Vienna 100.00 EUR 12,233 4,551
DHL Paket GmbH 6), 9) Germany, Bonn 100.00 EUR 45,000 0
DHL Parcel (Speedpack) NV Belgium, Brussels 100.00 EUR -5,180 -11,346
DHL Parcel (Switzerland) AG Switzerland, Pratteln 100.00 EUR 10,268 2,830
DHL Parcel Iberia S.L. Spain, San Sebastián 100.00 EUR 133,202 2,907
DHL Parcel Polska Sp. z o.o. Poland, Warsaw 100.00 EUR 71,240 -2,140
DHL Parcel Portugal, Unipessoal Lda. Portugal, Lisboa 100.00 EUR 6,561 341
DHL Parcel Slovensko spol. s r.o. Slovakia, Bratislava 100.00 EUR 770 19
DHL Parcel UK Holding Limited United Kingdom, Slough 100.00 EUR -36,338 -16,208
DHL Real Estate (UK) Limited United Kingdom, Milton Keynes 100.00 EUR 48,253 9,696
DHL Service Central SARL France, La Plaine Saint-Denis 100.00 EUR -371 -759
DHL Services Limited United Kingdom, Milton Keynes 100.00 EUR 293,239 33,106
DHL Services Logistiques SAS France, La Plaine Saint-Denis 100.00 EUR -4,871 -189
DHL Solutions (France) SAS France, La Plaine Saint-Denis 100.00 EUR 12,446 1,705
DHL Solutions GmbH 6), 9) Germany, Hamburg 100.00 EUR 9,240 0
DHL Solutions k.s. Czech Republic, Ostrava 100.00 EUR 11,267 7,149
DHL Sorting Center GmbH 6), 9) Germany, Bonn 100.00 EUR 2,825 2,800
DHL Supply Chain (Belgium) NV Belgium, Mechelen 100.00 EUR 2,522 3,878
DHL Supply Chain (Denmark) A/S Denmark, Greve 100.00 EUR -13,677 2,671
DHL Supply Chain (Finland) Oy Finland, Vantaa 100.00 EUR 16,208 1,840
DHL Supply Chain (Ireland) Limited Ireland, Dublin 100.00 EUR 35,263 1,080
DHL Supply Chain (Italy) S.p.A. Italy, Milan 100.00 EUR 87,474 -2,441
DHL Supply Chain (Leipzig) GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
DHL Supply Chain (Netherlands) B.V. Netherlands, Utrecht 100.00 EUR 93,317 90,620
DHL Supply Chain (Norway) AS Norway, Skedsmokorset 100.00 EUR 9,637 6,142
DHL Supply Chain (Poland) Sp. z o.o. Poland, Warsaw 100.00 EUR -663 -881
DHL Supply Chain (Slovakia) s.r.o. Slovakia, Senec 100.00 EUR 1,147 545
DHL Supply Chain (Sweden) AB Sweden, Stockholm 100.00 EUR 8,284 3,292
DHL Supply Chain (Sweden) Holding AB Sweden, Stockholm 100.00 EUR 5 0
DHL Supply Chain (Sweden) Plot AB Sweden, Stockholm 100.00 EUR 5 0
DHL Supply Chain eCommerce Netherlands, Eindhoven 100.00 EUR - -
(Netherlands) B.V.
DHL Supply Chain Hungary Limited Hungary, Ullo 100.00 EUR 721 1,515
DHL Supply Chain International Limited United Kingdom, Bracknell 100.00 EUR 9,864 700
DHL Supply Chain Limited United Kingdom, Milton Keynes 100.00 EUR 885,317 38,309
DHL Supply Chain Management B.V. Netherlands, Schiphol 100.00 EUR 13,009 3,302
DHL Supply Chain Management GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
DHL Supply Chain Operations GmbH 6), 9) Germany, Bonn 100.00 EUR 21,779 0
DHL Supply Chain VAS GmbH 6), 9) Germany, Bonn 100.00 EUR 25 0
DHL Supply Chain, s.r.o. Czech Republic, Pohořelice 100.00 EUR 21,718 5,343
DHL Trade Fairs and Events (UK) Limited United Kingdom, Birmingham 100.00 EUR 1,709 721
DHL Voigt International GmbH Germany, Neumuenster 51.00 EUR 1,883 1,780
DHL Wahl International GmbH Germany, Bielefeld 51.00 EUR 723 145
DHL Worldwide Express Logistics NV/SA Belgium, Diegem 100.00 EUR 27,532 2,240

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 57

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Worldwide Network NV/SA Belgium, Diegem 100.00 EUR 7,802 3,471
DigiHaul Limited United Kingdom, Hatfield 100.00 EUR -20,125 -6,750
Digihaul Spain, S.L. Spain, Madrid 100.00 EUR 3 0
DZ Specialties B.V. Netherlands, Maastricht 100.00 EUR 433,890 25,200
Erste End of Runway Development Germany, Cologne 100.00 EUR 25 0
Leipzig GmbH 6), 9)
Erste Logistik Entwicklungsgesellschaft Germany, Hanover 100.00 EUR 25 0
MG GmbH 6), 9)
Eurodifarm S.r.l. Italy, Casalmaiocco (Lodi) 100.00 EUR 27,575 2,374
European Air Transport Leipzig GmbH 6), 9) Germany, Schkeuditz 100.00 EUR 1,798 0
Exel France SA France, La Plaine Saint-Denis 100.00 EUR 93,128 1,102
Exel Group Holdings (Nederland) B.V. Netherlands, Veghel 100.00 EUR 42,073 -149
Exel Holdings Limited United Kingdom, Milton Keynes 100.00 EUR 708,930 2,757
Exel International Holdings Netherlands, Veghel 100.00 EUR 690,565 8
(Netherlands 1) B.V.
Exel International Holdings Netherlands, Veghel 100.00 EUR 878,301 59,612
(Netherlands 2) B.V.
Exel Investments Limited United Kingdom, Milton Keynes 100.00 EUR 207,475 84,306
Exel Investments Netherlands B.V. Netherlands, Veghel 100.00 EUR -3,403 1,349
Exel Limited United Kingdom, Milton Keynes 100.00 EUR 1,138,922 11,023
Exel Logistics Property Limited United Kingdom, Milton Keynes 100.00 EUR 23,427 5,175
Exel Overseas Limited United Kingdom, Milton Keynes 100.00 EUR 361,619 44,757
Exel UK Limited United Kingdom, Milton Keynes 100.00 EUR 44,953 2,718
F.X. Coughlin B.V. Netherlands, Duiven 100.00 EUR 7,538 524
FACT Danmark A/S Denmark, Kastrup 100.00 EUR 5,671 1,030
Frio Norte Logistics, S.L. Spain, Madrid 100.00 EUR 464 360
Gerlach & Co Internationale Netherlands, Venlo 100.00 EUR 10,607 4,926
Expediteurs B.V.
Gerlach & Co. NV Belgium, Antwerp 100.00 EUR 9,546 1,918
Gerlach AG Switzerland, Basel 100.00 EUR 8,598 7,891
Gerlach Customs Services UK Limited United Kingdom, Dover 100.00 EUR 9,047 2,682
Gerlach Customs Services EOOD Bulgaria, Sofia 100.00 EUR 554 30
Gerlach European Customs Services, Slovakia, Senec 100.00 EUR 1,001 331
spol. s r.o.
Gerlach European Services S.R.L. Romania, Bucharest 100.00 EUR 1,219 233
Gerlach Sp. z o.o. Poland, Dabrowa 100.00 EUR 3,010 737
GERLACH spol. s r.o. Czech Republic, Rudna u Prahy 100.00 EUR 5,891 5,290
Gerlach Sweden AB Sweden, Solna 100.00 EUR 2,320 1,097
Gerlach Zolldienste GmbH 6), 9) Germany, Düsseldorf 100.00 EUR 102 0
Global Equipment Logistics Ltd. United Kingdom, West Thurrock 100.00 EUR -2,777 -1,111
Hillebrand Bulk Logistics Limited United Kingdom, Southampton 100.00 EUR 77,484 4,268
Hillebrand Gori (Portugal) - Transitarios, Portugal, Matosinhos 100.00 EUR -10,923 188
Sociedade Unipessoal, Lda.
Hillebrand Gori Baltic SIA Latvia, Riga 100.00 EUR 384 62
Hillebrand Gori Benelux B.V. Netherlands, Rotterdam 100.00 EUR 8,394 4,988
Hillebrand Gori Benelux Holding B.V. Netherlands, Haarlem 100.00 EUR -732 -58
Hillebrand Gori Bulgaria Ltd. Bulgaria, Sofia 100.00 EUR 800 162
Hillebrand Gori Central Europe GmbH Austria, Vienna 100.00 EUR 2,519 533
Hillebrand Gori Finland Oy Finland, Helsinki 100.00 EUR 200 18
Hillebrand Gori France S.A.S. France, Beaune 100.00 EUR 110,449 8,322
Hillebrand Gori Germany GmbH Germany, Mainz 100.00 EUR 4,359 1,993
Hillebrand Gori Group GmbH Germany, Mainz 100.00 EUR 181,289 16,542
Hillebrand Gori IT B.V. Netherlands, Haarlem 100.00 EUR 2,405 456
Hillebrand GORI Italy S.r.l. Italy, Collesalvetti (Livorno) 100.00 EUR 97,642 15,064
Hillebrand Gori Poland Sp. z o.o. Poland, Gdynia 100.00 EUR 3,004 -527
58 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Hillebrand Gori Scandinavia A/S Denmark, Gentofte 100.00 EUR 3,598 1,316
Hillebrand Gori Scotland Ltd. United Kingdom, Glasgow 100.00 EUR -1,629 2,598
Hillebrand Gori Spain S.A. Spain, Barcelona 100.00 EUR 25,390 7,328
Hillebrand Gori Sverige AB Sweden, Stockholm 100.00 EUR 18 15
Hillebrand Gori Supply Chain Manage- Netherlands, Haarlem 100.00 EUR 1,289 576
ment B.V.
Hillebrand Gori UK Ltd. United Kingdom, West Thurrock 100.00 EUR 1,764 7,231
Hull, Blyth (Angola) Limited United Kingdom, Bracknell 100.00 EUR -4,662 -714
Hyperion Properties Limited 5) United Kingdom, Milton Keynes 100.00 EUR 0 0
it4logistics GmbH 6), 9) Germany, Potsdam 100.00 EUR 792 517
J.F. Hillebrand (Ireland) Ltd. Ireland, Dublin 100.00 EUR 5,632 1,562
JF Hillebrand (1983) Limited United Kingdom, Grays 100.00 EUR 15,012 0
JF Hillebrand Israel Ltd Israel, Tel Aviv 100.00 EUR 4 10
JF Hillebrand Limited Ireland, Dublin 100.00 EUR 9,773 1,425
JF Hillebrand Russia OOO Russia, Moscow 100.00 EUR 251 21
JFH Group Management Services SARL France, Beaune 100.00 EUR -63 102
Joint Retail Logistics Limited 5) United Kingdom, Milton Keynes 100.00 EUR 0 0
Karukera Transit SAS France, Baie-Mahault 100.00 EUR 1,591 19
LLC DHL Express Russia, Khimki 100.00 EUR 791 2,347
Luftfrachtsicherheit-Service GmbH 7b), 9) Germany, Frankfurt/Main 50.00 EUR 1,024 358
Manton Wood Management United Kingdom, Milton Keynes 100.00 EUR 24 8
Company Limited
McGregor Cory Limited United Kingdom, Milton Keynes 100.00 EUR 30,869 6,669
Meerendonk B.V. Netherlands, Rotterdam 100.00 EUR 424 104
Meerendonk Belgie NV Belgium, Antwerpen 100.00 EUR 427 -16
Meerendonk Holding B.V. Netherlands, Ridderkerk 100.00 EUR 271 -18
Mitradiopharma S.r.l. Italy, Milan 100.00 EUR 4,100 1,836
Mitsafetrans S.r.l. Italy, Milan 100.00 EUR 24,696 5,560
Monta Holding B.V. Netherlands, Bavel 51.00 EUR 29,274 -1,521
Monta Services B.V. Netherlands, Gorinchem 100.00 EUR 11,465 3,690
Monta Packaging B.V. Netherlands, Gorinchem 100.00 EUR 318 -50
Monta Gorinchem Papland B.V. Netherlands, Gorinchem 100.00 EUR 2,338 1,013
Monta Lelystad B.V. Netherlands, Lelystad 100.00 EUR 1,668 393
Monta Oud Gastel B.V Netherlands, Oud Gastel 100.00 EUR 2,256 961
Monta Molenaarsgraaf B.V. Netherlands, Molenaarsgraaf 100.00 EUR 931 530
Monta Oosterhout B.V. Netherlands, Oosterhout 100.00 EUR 1,416 641
Monta Veen B.V. Netherlands, Veen 100.00 EUR -30 -41
Monta Waspik B.V. Netherlands, Waspik 100.00 EUR 1,417 750
Monta Den Bosch B.V. Netherlands, Den Bosch 100.00 EUR 158 -166
Monta Breda B.V. Netherlands, Breda 100.00 EUR 1,325 670
Monta Gorinchem Weide B.V. Netherlands, Gorinchem 100.00 EUR 989 741
Monta Gorinchem Edisonweg B.V. Netherlands, Gorinchem 100.00 EUR 431 33
Montapacking Oosterhout XL B.V. Netherlands, Oosterhout 100.00 EUR -43 -312
Monta Platform B.V. Netherlands, Gorinchem 100.00 EUR 1,719 1,097
Montapacking 17 B.V. Netherlands, Gorinchem 100.00 EUR 4 -5
Monta Enschede B.V. Netherlands, Enschede 100.00 EUR 894 451
Monta TWI B.V. Netherlands, Nieuwveen 100.00 EUR 563 54
Monta Nieuwveen B.V. Netherlands, Nieuwveen 100.00 EUR 429 452
Monta Krefeld GmbH Germany, Krefeld 100.00 EUR -331 -406
NFC International Holdings (Ireland) Ireland, Dublin 100.00 EUR 37,836 0
Ocean Overseas Holdings Limited United Kingdom, Milton Keynes 100.00 EUR 391,752 103,158
Pharma Logistics B.V. Netherlands, Rotterdam 100.00 EUR 857 44
Pharma Logistics NV Belgium, Mechelen 100.00 EUR 10,517 -4,423

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 59

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Power Europe Operating Limited United Kingdom, Milton Keynes 100.00 EUR 0 0
PPL CZ s.r.o. Czech Republic, Říčany 100.00 EUR 143,943 9,938
Proflex Packaging Co Ltd United Kingdom, Stockton On Tees 100.00 EUR 2,395 174
Pro-Flex Packaging Europe Ltd United Kingdom, Stockton On Tees 100.00 EUR 63 0
RISER ID Services GmbH 9) Germany, Berlin 100.00 EUR 2,559 2,330
Saloodo! GmbH 6), 9) Germany, Bonn 100.00 EUR 3,454 429
Scherbauer Spedition GmbH 6), 7b), 9) Germany, Neutraubling 50.00 EUR 5,880 923
SIA DHL Logistics Latvia Latvia, Marupe 100.00 EUR 482 -115
StarBroker AG Switzerland, Basel 100.00 EUR 7,325 -6,322
Stodstorp AB Sweden, Stockholm 100.00 EUR 5 0
StreetScooter GmbH 6), 9) Germany, Aachen 100.00 EUR 8,131 0
Tradeteam Limited United Kingdom, Milton Keynes 100.00 EUR 24,717 1,329
Trucks and Child Safety Limited 5) United Kingdom, Milton Keynes 100.00 EUR 43 0
UAB DHL Lietuva Lithuania, Vilnius 100.00 EUR 8,441 1,280
UK Mail Group Limited United Kingdom, Slough 100.00 EUR 26,492 0
Vetsch AG, Internationale Transporte 1) Switzerland, Buchs 100.00 EUR 128 -32
Vetsch Internationale Transporte GmbH 1) Austria, Wolfurt 100.00 EUR - -
VignoblExport SAS France, Orléans 70.00 EUR 2,156 1,166

Americas
AEI Drawback Services Inc. USA, Columbus 100.00 EUR 10,955 4,097
Aero Express del Ecuador (TransAm) Ltda. Ecuador, Guayaquil 100.00 EUR 626 243
Agencia de Aduanas DHL Express Colombia, Bogotá 100.00 EUR 1,653 124
Colombia Ltda.
AGENCIA DE ADUANAS DHL GLOBAL Colombia, Bogotá 100.00 EUR 2,764 574
FORWARDING (COLOMBIA) S.A. NIVEL
1 1)
Air Express International USA, Inc. 1) USA, Miami 100.00 EUR -69,171 20,880
Radix Group International, Inc. 1) USA, Miami 100.00 EUR - -
Braid Logistics Latin America Ltda. Brazil, Santos 100.00 EUR 87 -44
Braid Logistics Latin America S.A. Uruguay, Montevideo 100.00 EUR -474 -5,044
Braid Logistics Latin America SpA Chile, Santiago 100.00 EUR 414 -47
Circuit Logistics Inc. Canada, Toronto 100.00 EUR 120 122
Connect Logistics Services Inc. Canada, Calgary 100.00 EUR 3,178 3,153
Danzas Corporation USA, Columbus 100.00 EUR 145,373 38,422
DHL Aero Expreso S.A. 7c) Panama, Panama City 49.80 EUR 59,397 10,757
DHL (Bahamas) Limited Bahamas, Nassau 100.00 EUR 2,168 215
DHL (Barbados) Ltd. Barbados, Bridgetown 100.00 EUR 2,752 96
DHL (Bolivia) SRL Bolivia, Santa Cruz de la Sierra 100.00 EUR 1,205 258
DHL (BVI) Ltd. British Virgin Islands , Tortola 100.00 EUR 596 60
DHL (Costa Rica) S.A. Costa Rica, San José 100.00 EUR -13,720 -7,141
DHL (Honduras) S.A. de C.V. Honduras, San Pedro Sula 100.00 EUR 121 -2,278
DHL (Jamaica) Limited Jamaica, Kingston 100.00 EUR 4,195 1,057
DHL (Paraguay) S.R.L. Paraguay, Asunción 100.00 EUR 4,464 1,452
DHL (Trinidad and Tobago) Limited Trinidad and Tobago, Port of Spain 100.00 EUR 2,126 169
DHL (Uruguay) S.R.L. Uruguay, Montevideo 100.00 EUR 4,505 868
DHL Aviation (Americas), Inc. USA, Plantation 100.00 EUR 1,711,361 66,905
DHL Corporate Services SC México Mexico, Tepotzotlán 100.00 EUR 3,597 -6
DHL Customer Solutions & Innovations USA, Plantation 100.00 EUR -609 698
(USA) Inc.
DHL Customer Support (Costa Rica) S.A. Costa Rica, San José 100.00 EUR 3,575 788
DHL Customs (Costa Rica) S.A. Costa Rica, San José 100.00 EUR 2,277 473
DHL de Guatemala S.A. Guatemala, Guatemala City 100.00 EUR 4,772 1,410
DHL Dominicana SA Dominican Republic, 100.00 EUR 2,351 351
Santo Domingo
DHL Express (Argentina) S.A. Argentina, Buenos Aires 100.00 EUR 4,038 3,520
DHL Express (Bermuda) Ltd. Bermuda, Hamilton 100.00 EUR 3,629 461
60 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Express (Brazil) Ltda. Brazil, São Paulo 100.00 EUR 14,796 2,416
DHL Express (Canada), Ltd. Canada, Brampton 100.00 EUR 1,853 15,076
DHL Express (Chile) Ltda. Chile, Santiago de Chile 100.00 EUR 18,255 3,865
DHL Express (Ecuador) S.A. Ecuador, Quito 100.00 EUR 6,181 1,653
DHL Express (El Salvador) S.A. de C.V. El Salvador, San Salvador 100.00 EUR 3,239 469
DHL Express (USA), Inc. USA, Plantation 100.00 EUR 575,710 314,126
DHL Express Aduanas Peru S.A.C. Peru, Callao 100.00 EUR 1,416 71
DHL Express Aduanas Venezuela C.A. Venezuela, Caracas 100.00 EUR 234 184
DHL Express Colombia Ltda. Colombia, Bogotá 100.00 EUR 13,982 595
DHL Express México, S.A. de C.V. Mexico, Mexico City 100.00 EUR 163,639 75,663
DHL Express Peru S.A.C. Peru, Callao 100.00 EUR 10,918 1,476
DHL Fletes Aereos, C.A. Venezuela, Caracas 100.00 EUR 262 236
DHL Freight USA Inc. USA, Plantation 100.00 EUR 48,263 39
DHL Global Forwarding (Argentina) S.A. Argentina, Buenos Aires 100.00 EUR 8,346 15,106
DHL Global Forwarding (Brazil) Brazil, São Paulo 100.00 EUR 30,135 14,178
Logistics Ltda.
DHL Global Forwarding (Canada) Inc. Canada, Mississauga 100.00 EUR 48,224 8,567
DHL Global Forwarding (Chile) S.A. Chile, Santiago de Chile 100.00 EUR 9,056 -7,355
DHL Global Forwarding (Colombia) S.A.S. Colombia, Bogotá 100.00 EUR 21,088 4,356
DHL Global Forwarding (Ecuador) S.A. Ecuador, Quito 100.00 EUR 2,321 99
DHL Global Forwarding (El Salvador) S.A. El Salvador, San Salvador 100.00 EUR 5,702 1,007
DHL Global Forwarding (Guatemala) S.A. 1) Guatemala, Guatemala City 100.00 EUR 8,708 -321
DHL Zona Franca (Guatemala) S.A. 1) Guatemala, Guatemala City 100.00 EUR - -
Carga Aerea Internacional S.A. (Carinter). 1) Guatemala, Guatemala City 100.00 EUR - -
Transportes Expresos Internacionales Guatemala, Guatemala City 100.00 EUR - -
(Interexpreso) S.A.1)
DHL Global Forwarding (Mexico) S.A. Mexico, Mexico City 100.00 EUR 69,017 25,690
de C.V.
DHL Global Forwarding (Nicaragua) S.A. Nicaragua, Managua 100.00 EUR -2,801 -585
DHL Global Forwarding (Panama) S.A. 1) Panama, Panama City 100.00 EUR 9,822 1,420
DHL Holding Panama Inc. 1) Panama, Panama City 100.00 EUR - -
DHL Global Forwarding Zona Franca Costa Rica, Ulloa 100.00 EUR -800 -589
(Costa Rica) S.A.
DHL Global Forwarding Aduanas Peru, Callao 100.00 EUR 2,430 549
Peru S.A.
DHL Global Forwarding Deposito Colombia, Bogotá 100.00 EUR 2,884 117
Aduanero (Colombia) S.A.
DHL Global Forwarding Management USA, Plantation 100.00 EUR 634 23
Latin America, Inc.
DHL Global Forwarding Peru S.A. Peru, Lima 100.00 EUR 15,410 3,134
DHL Global Forwarding Venezuela, C.A. Venezuela, Caracas 100.00 EUR -489 -299
DHL Global Forwarding Zona Franca Colombia, Bogotá 100.00 EUR 1,314 -720
(Colombia) S.A.
DHL Guadeloupe SAS Guadeloupe, Baie Mahault 100.00 EUR 709 279
DHL Holding Central America Inc. Panama, Panama City 100.00 EUR 64,151 794
DHL Information Services (Americas), Inc. USA, Plantation 100.00 EUR 18,544 2,272
DHL International Antilles SARL Martinique, Lamentin 100.00 EUR 2,072 366
DHL International Haiti SA Haiti, Port-au-Prince 100.00 EUR 9 -125
DHL Logistics (Brazil) Ltda. Brazil, São Paulo 100.00 EUR 135,866 7,180
DHL Management CenAm S. A. Costa Rica, Heredia 100.00 EUR 16,678 13,964
DHL Metropolitan Logistics SC Mexico Mexico, Tepotzotlán 100.00 EUR 113,622 25,639
S.A. de C.V.
DHL Network Operations (USA), Inc. USA, Plantation 100.00 EUR 745,496 7,947
DHL Nicaragua, S.A. Nicaragua, Managua 100.00 EUR -913 -113

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 61

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL of Curacao N.V. Curaçao, Curaçao 100.00 EUR 1,365 16
DHL Panama S.A. Panama, Panama City 100.00 EUR 7,932 1,746
DHL Regional Services, Inc. USA, Plantation 100.00 EUR -4,191 4,609
DHL S.A. Guatemala, Guatemala City 100.00 EUR 610 532
DHL Servicios, S.A. de C.V. Mexico, Mexico City 100.00 EUR 81 19
DHL Sint Maarten N.V. Sint Maarten, Philipsburg 100.00 EUR -89 -1
DHL Supply Chain (Argentina) S.A. Argentina, Buenos Aires 100.00 EUR 644 1,489
DHL Supply Chain (Chile) S.A. Chile, Santiago de Chile 100.00 EUR 1,438 -1,475
DHL Supply Chain Automotive Mexico Mexico, Tepotzotlán 100.00 EUR 8,279 13,291
S.A. de C.V.
DHL Supply Chain Colombia S.A.S. Colombia, Bogotá 100.00 EUR 3,624 640
DHL Supply Chain de Lima S.A.C. Peru, Lima 100.00 EUR 3,575 634
DHL Transportes (Brazil) Ltda. Brazil, São Paulo 100.00 EUR 1,860 185
DHL Zona Franca El Salvador S.A. El Salvador, Antiguo Cuscatlan 100.00 EUR 529 29
Digihaul Mexico S.A. de C.V. Mexico, Mexico City 100.00 EUR -2,946 -3,214
Dimalsa Logistics Corp. Puerto Rico, San Juan 100.00 EUR 5,055 854
DPWN Holdings (USA), Inc. USA, Plantation 100.00 EUR 10,259,515 611,540
EV Logistics Canada, Vancouver 100.00 EUR 1,492 1,481
Exel Canada Ltd. Canada, Toronto 100.00 EUR 16,739 9,445
Exel Freight Connect Inc. USA, Wilmington 100.00 EUR 7,223 709
Exel Global Logistics Inc. USA, Palm City 100.00 EUR 762 493
Exel Inc. USA, Boston 100.00 EUR 689,930 269,479
Exel Logistics Argentina S.A. Argentina, Buenos Aires 100.00 EUR 166 202
DHL SOLUCOS LOGISTICAS Brazil, Barueri 100.00 EUR -820 -1,459
(BRAZIL) LTDA.
Genesis Logistics Inc. USA, Westerville 100.00 EUR 27,102 8,359
Global Mail, Inc. USA, Weston 100.00 EUR 456,054 87,109
GORI CHILE S.A. Chile, Santiago de Chile 100.00 EUR 4,648 2,343
Harmony Logistics Canada Inc. Canada, Toronto 100.00 EUR 629 621
Hillebrand Gori Canada Inc. Canada, Calgary 100.00 EUR 3,751 2,369
Hillebrand Gori Chile Ltda. Chile, Santiago 100.00 EUR 2,103 364
Hillebrand Gori Mexico, S.A. de C.V. Mexico, Mexico City 100.00 EUR 9,236 3,599
Hillebrand Gori USA LLC USA, Edison 100.00 EUR 28,958 -7,889
Hillebrand Last Mile USA, Inc. USA, Lewes 100.00 EUR -7,632 -6,016
Hillebrand Vancouver Inc. Canada, Richmond 100.00 EUR -3,860 109
Hyperion Inmobiliaria S.A. de C.V. Mexico, Tepotzotlán 100.00 EUR 7,403 2,950
Hyperion Properties Inc. USA, Westerville 100.00 EUR - -
Intercomercial Representaciones Chile, Santiago 100.00 EUR 190 -25
Comerciales Limitada
Inversiones Latinoamericana Limitada Chile, Santiago 100.00 EUR 2,929 0
J.F. Hillebrand Argentina S.A. Argentina, Mendoza 100.00 EUR 4,812 5,932
Keg Fleet LLC USA, Houston 100.00 EUR 850 37
KLS Logistics Services Inc. USA, Westerville 100.00 EUR 26,875 8,830
Marias Falls Insurance Co., Ltd. Bermuda, Hamilton 100.00 EUR 184,646 86,002
Matrix Logistics Services Ltd. Canada, Toronto 100.00 EUR -13,504 3,171
New Transport Applications, S.A. de C.V. Mexico, Tlalnepantla 100.00 EUR 3,875 747
Olimpo Holding S.A. Brazil, Campinas 100.00 EUR 4,727 31
Polar Air Cargo Worldwide, Inc. 7c) USA, Purchase 49.00 EUR 11,800 25
Polar Transportes Rodoviários Ltda. Brazil, São Paulo 100.00 EUR -10,911 -9,575
Relay Logistics Inc. Canada, Toronto 100.00 EUR 569 565
Rio Lopes Transportes Ltda Brazil, São Paulo 100.00 EUR 36,072 8,148
Royal Service Transport Inc. USA, Baltimore 100.00 EUR 565 161
Satellite Logistics Group, Inc. USA, Houston 100.00 EUR 12,453 1,568
Saturn Integrated Logistics Inc. Canada, Toronto 100.00 EUR 526 523
Serviceuticos Ltda. Colombia, Bogotá 100.00 EUR -8,864 -6,830
Sky Courier, Inc. USA, Sterling 100.00 EUR 38,017 9,539
62 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Skyhawk Transport Ltd. Canada, Brampton 100.00 EUR 0 0
SLG Holdco Inc. USA, Houston 100.00 EUR -5,309 0
Standard Forwarding LLC USA, East Moline 100.00 EUR 8,034 -4,200
Suppla Cargo S.A.S. Colombia, Bogotá 100.00 EUR 5,453 676
Suppla S.A. Colombia, Bogotá 99.99 EUR 26,134 -82
Tafinor S.A. 5) Uruguay, Montevideo 100.00 EUR 5 0
TCL Supply Chain (Canada) Inc. Canada, Toronto 100.00 EUR 1,516 1,512
Tibbett & Britten Group Canada Inc. Canada, Toronto 100.00 EUR 18,190 5,991
Tibbett & Britten Group North America, USA, Westerville 100.00 EUR 32,908 1,310
LLC
Tracker Logistics Inc. Canada, Calgary 100.00 EUR -600 439
Trillium Supply Chain Inc. Canada, Ontario 100.00 EUR -116 506
Unidock’s Assessoria e Logistica de Brazil, Barueri 100.00 EUR 41,854 12,944
Materiais Ltda.
Vensecar Internacional, C.A. Venezuela, Maiquitia 99.09 EUR 23,816 266
Vensecar International (Barbados) Inc. Barbados, Belleville, St.Michael 100.00 EUR 29,743 1,729
Zenith Logistics Inc. Canada, Toronto 100.00 EUR 695 216

Asia Pacific
23i Private Limited Singapore, Singapore 100.00 EUR 6,487 -1,055
Blue Dart Aviation Ltd. India, Mumbai 100.00 EUR -2,890 -112
Blue Dart Express Limited India, Mumbai 75.00 EUR 171,121 30,362
Braid Bulk Liquid Packaging & Trading China, Shanghai 100.00 EUR 874 -8
(Shanghai) Co Ltd
Braid Logistics Asia Sdn Bhd Malaysia, Johor 100.00 EUR 161 28
Cameron Interstate Pty Ltd. Australia, Rhodes 100.00 EUR 18,320 715
Cameron Logistics Pty Ltd. Australia, Rhodes 100.00 EUR 39,654 2,779
Danzas AEI Logistics (Shanghai) Co. Ltd. China, Shanghai 100.00 EUR 996 308
DANZASMAL Domestic Logistics Services Malaysia, Kuala Lumpur 49.00 EUR 847 452
Sdn. Bhd. 7b)
De Xin Warehousing Management China, Tianjin 100.00 EUR 25,330 -1,164
(Tianjin) Co., Ltd.
De Zhuo Intelligence Warehousing China, Huzhou 100.00 EUR - -
Management (Huzhou) Co., Ltd.
Deutsche Post Global Mail (Australia) Australia, Matraville 100.00 EUR 1,153 1,350
Pty Ltd.
DHL (Chengdu) Service Ltd. China, Chengdu 100.00 EUR 902 28
DHL Air Freight Forwarder Sdn. Bhd. 7c) Malaysia, Petaling Jaya 49.00 EUR 894 286
DHL Asia Pacific Shared Services Sdn. Bhd. Malaysia, Kuala Lumpur 100.00 EUR 6,094 1,363
DHL Aviation (Hong Kong) Ltd. China, Hong Kong 99.85 EUR 49,270 5,737
DHL Aviation Services (Shanghai) Co., Ltd. China, Shanghai 100.00 EUR 43,153 1,177
DHL Distribution (Thailand) Limited Thailand, Nonthaburi 100.00 EUR 86,636 5,818
DHL eCommerce (Hong Kong) Limited China, Hong Kong 100.00 EUR -14,592 -1,059
DHL eCommerce (India) Private Limited India, Mumbai 100.00 EUR -21,467 -4,308
DHL eCommerce (Japan) K.K. Japan, Tokyo 100.00 EUR 1,567 -506
DHL eCommerce (Malaysia) Sdn. Bhd. Malaysia, Petaling Jaya 100.00 EUR -16,067 -11,987
DHL eCommerce (Philippines) Corporation Philippines, Pasay City 100.00 EUR 124 -1
DHL eCommerce (Singapore) Pte. Ltd. Singapore, Singapore 100.00 EUR -3,792 1,112
DHL eCOMMERCE SOLUTIONS Thailand, Bangkok 99.70 EUR -19,705 -7,097
(THAILAND) LIMITED
DHL Exel Logistics (Malaysia) Sdh. Bhd. 7c) Malaysia, Kuala Lumpur 49.00 EUR 2,933 135
DHL Express (Australia) Pty Ltd. Australia, Sydney 100.00 EUR 44,650 18,981

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 63

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Express (Brunei) Sdn. Bhd. Brunei Darussalam, 90.00 EUR 1,343 38
Bandar Seri Begawan
DHL Express (Cambodia) Ltd. Cambodia, Phnom Penh 100.00 EUR 4,837 480
DHL Express (Fiji) Pte Ltd. Fiji, Suva 100.00 EUR 2,164 392
DHL Express (Hong Kong) Limited China, Hong Kong 100.00 EUR 61,192 26,654
DHL Express (India) Pvt. Ltd. India, Mumbai 100.00 EUR 137,739 22,277
DHL Express (Macao) Limited China, Macao 100.00 EUR 733 162
DHL Express (Malaysia) Sdn. Bhd. Malaysia, Petaling Jaya 70.00 EUR 17,825 5,349
DHL Express (New Zealand) Limited New Zealand, Auckland 100.00 EUR 7,607 4,273
DHL Express (Papua New Guinea) Ltd. Papua New Guinea, Port Moresby 100.00 EUR 1,256 284
DHL Express (Philippines) Corp. Philippines, Makati City 100.00 EUR 7,441 1,887
DHL Express (Singapore) Pte. Ltd. Singapore, Singapore 100.00 EUR 204,934 30,787
DHL Express (Taiwan) Corp. Taiwan, Taipei 100.00 EUR 44,849 11,881
DHL Express (Thailand) Limited Thailand, Samutprakarn 100.00 EUR 7,381 644
DHL Express International (Thailand) Ltd. Thailand, Bangkok 100.00 EUR 32,605 8,182
DHL Express Laos Sole Company Limited Laos, Vientiane 100.00 EUR 678 1,138
DHL Express Nepal Pvt. Ltd. Nepal, Kathmandu 100.00 EUR 5,129 298
DHL Express, Unipessoal, Lda. East Timor, Dili 100.00 EUR 469 15
DHL Global Forwarding (Australia) Pty Ltd. Australia, Tullamarine 100.00 EUR 118,519 27,063
DHL Global Forwarding (Bangladesh) Bangladesh, Dhaka 100.00 EUR 15,567 2,852
Limited
DHL Global Forwarding (China) Co., Ltd. China, Shanghai 100.00 EUR 164,531 103,210
DHL Global Forwarding (Fiji) Limited Fiji, Lautoka 100.00 EUR 2,367 351
DHL Global Forwarding (Hong Kong) China, Hong Kong 100.00 EUR 486,795 315,465
Limited
DHL Global Forwarding (Korea) Ltd. South Korea, Seoul 100.00 EUR 24,964 19,740
DHL Global Forwarding (Malaysia) Malaysia, Petaling Jaya 100.00 EUR 36,373 19,198
Sdn. Bhd.
DHL Global Forwarding (New Zealand) New Zealand, Auckland 100.00 EUR 29,722 5,973
Limited
DHL Global Forwarding (Philippines) Inc. Philippines, Pasay City 100.00 EUR 10,193 4,929
DHL Global Forwarding (PNG) Limited Papua New Guinea, Port Moresby 100.00 EUR 3,507 586
DHL Global Forwarding (Singapore) Singapore, Singapore 100.00 EUR 192,395 81,150
Pte. Ltd.
DHL Global Forwarding (Thailand) Thailand, Bangkok 100.00 EUR 29,542 26,416
Limited
DHL Global Forwarding (Vietnam) Vietnam, Ho Chi Minh City 49.00 EUR 31,044 11,574
Corporation 7a)
DHL Global Forwarding Caledonie New Caledonia, Noumea 100.00 EUR 5,991 850
DHL Global Forwarding Freight Shared India, Mumbai 100.00 EUR 11,604 4,822
Services (India) LLP
DHL Global Forwarding Japan K.K. Japan, Tokyo 100.00 EUR 96,114 58,972
DHL Global Forwarding Lanka (Private) Sri Lanka, Peliyagoda 70.00 EUR 3,823 223
Limited
DHL Global Forwarding Management Singapore, Singapore 100.00 EUR 282,958 68,856
(Asia Pacific) Pte. Ltd.
DHL Global Forwarding Myanmar Limited Myanmar, Rangoon 100.00 EUR 2,450 389
DHL Global Forwarding Pakistan (Private) Pakistan, Karachi 100.00 EUR 6,741 1,188
Limited
DHL Global Forwarding Polynesie S.A.R.L. French Polynesia, Faaa 100.00 EUR 6,716 643
DHL Holdings (New Zealand) Limited New Zealand, Auckland 100.00 EUR 48,962 7,302
DHL Incheon Hub Ltd. South Korea, Incheon 100.00 EUR 22,675 3,402
DHL Information Services (Asia-Pacific) Malaysia, Puchong 100.00 EUR 24,201 4,505
Sdn. Bhd.
DHL INFORMATION SERVICES (INDIA) LLP India, Mumbai 100.00 EUR 14,840 7,473
DHL International Kazakhstan, TOO Kazakhstan, Almaty 100.00 EUR 1,966 252
64 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DSC-Exel Management Services China, Shanghai 100.00 EUR 174 -32
(Shanghai) Co., Ltd.
DHL Japan Inc. Japan, Tokyo 100.00 EUR 58,864 15,630
DHL Keells (Private) Limited 7c) Sri Lanka, Colombo 50.00 EUR 5,662 2,996
DHL Korea Limited South Korea, Seoul 100.00 EUR 97,170 25,326
DHL Logistics (Cambodia) Ltd. Cambodia, Phnom Penh 100.00 EUR 2,724 1,433
DHL Logistics (Kazakhstan) TOO Kazakhstan, Aksai 100.00 EUR 738 254
DHL Logistics Private Limited India, Mumbai 100.00 EUR 165,066 40,855
DHL Pakistan (Private) Limited Pakistan, Karachi 100.00 EUR -7,170 -3,440
DHL Project & Chartering Limited China, Hong Kong 100.00 EUR -2,177 -49
DHL Properties (Malaysia) Sdn. Bhd. Malaysia, Shah Alam 69.98 EUR 1,233 -276
DHL RES (Australia) Pty Limited Australia, Rhodes 100.00 EUR 0 0
DHL RES Investment Holding Limited China, Hong Kong 100.00 EUR -2,844 -3,520
DHL SCM K.K. Japan, Tokyo 100.00 EUR 594 108
DHL Sinotrans Bonded Warehouse China, Beijing 100.00 EUR 4,193 490
(Beijing) Co., Ltd.
DHL Sinotrans International Air Courier China, Beijing 50.00 EUR 471,684 405,809
Ltd. 7c)
DHL Summit Solutions, Inc. 7b) Phillipines, Pasig City 50.00 EUR 5,103 2,076
DHL Supply Chain (Australia) Pty Limited Australia, Rhodes 100.00 EUR 202,616 38,571
DHL Supply Chain (Korea) Ltd. South Korea, Seoul 100.00 EUR 5,492 1,323
DHL Supply Chain (Malaysia) Sdn. Bhd. Malaysia, Kuala Lumpur 100.00 EUR 20,521 4,921
DHL Supply Chain (New Zealand) Limited New Zealand, Auckland 100.00 EUR 45,585 4,584
DHL Supply Chain (Taiwan) Co. Ltd. Taiwan, Taipei 100.00 EUR 20,079 4,508
DHL Supply Chain (Thailand) Limited Thailand, Bangkok 100.00 EUR 45,771 3,504
DHL Supply Chain (Vietnam) Limited Vietnam, Ho Chi Minh City 100.00 EUR 8,846 -239
DHL Supply Chain (Vietnam) Vietnam, Ho Chi Minh City 51.00 EUR -2,768 684
Transportation JSC
DHL Supply Chain India Private Limited India, Mumbai 100.00 EUR 55,442 13,078
DHL Supply Chain K.K. Japan, Tokyo 100.00 EUR 62,699 15,709
DHL Supply Chain Management Philippines, Binan City 100.00 EUR 1,028 1,063
Phils., Inc.
DHL Supply Chain Myanmar Ltd. Myanmar, Rangoon 100.00 EUR 407 193
DHL Supply Chain Phils., Inc. Philippines, Manila 100.00 EUR 9,231 2,853
DHL Supply Chain Singapore Pte. Ltd. Singapore, Singapore 100.00 EUR 28,550 -1,329
DHL Transportation (Philippines) Philippines, Paranaque City 40.00 EUR 109 -40
Incorporated 7b)
DHL Worldwide Express (Bangladesh) Bangladesh, Dhaka 90.00 EUR 21,640 4,673
Private Limited
DHL-VNPT Express Ltd. Vietnam, Ho Chi Minh City 51.00 EUR 13,885 3,375
Exel Logistics Services Lanka Sri Lanka, Peliyagoda 100.00 EUR 3,610 301
(Private) Ltd.
Ezyhaul (Thailand) Co., Ltd. Thailand, Bangkok 100.00 EUR 513 -36
Ezyhaul Philippines Inc. Philippines, City of Makati 100.00 EUR 155 32
Ezyhaul Pte. Ltd. Singapore, Singapore 100.00 EUR -15,229 -3,745
Ezyhaul Sdn. Bhd. Malaysia, Petaling Jaya 100.00 EUR 146 2,035
Ezyhaul Transport Co., Ltd. Thailand, Bangkok 100.00 EUR -1,253 460
FC Dear Leasing Ltd. 12) Japan, Tokyo 0.00 EUR 734 640
Glen Cameron Asset Management Australia, Rhodes 100.00 EUR 26,596 2,050
Pty Ltd.
Glen Cameron Pty Ltd. Australia, Rhodes 100.00 EUR 1,382 775
Gori Australia Pty Ltd. Australia, Brighton-Le-Sands 100.00 EUR 6,813 1,179
Hillebrand Gori (Thailand) Ltd. Thailand, Bangkok 100.00 EUR 703 531
Hillebrand Gori Australia Pty Ltd Australia, Banksmeadow 100.00 EUR -6,700 3,039
Hillebrand Gori China Co., Ltd. China, Shanghai 100.00 EUR 1,929 67
Hillebrand Gori Hong Kong Limited Hong Kong, Hong Kong 100.00 EUR 980 700

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 65

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Hillebrand Gori Japan K.K. Japan, Tokyo 100.00 EUR 6,133 3,411
Hillebrand Gori Korea Ltd. South Korea, Seoul 100.00 EUR 2,065 767
Hillebrand Gori Malaysia Sdn. Bhd. Malaysia, Port Klang 100.00 EUR 2,134 -490
Hillebrand Gori New Zealand Limited New Zealand, Wellington 100.00 EUR 6,434 1,387
Hillebrand Gori Singapore Pte. Ltd. Singapore, Singapore 100.00 EUR 15,192 3,008
Hillebrand Gori Vietnam Vietnam, Ho Chi Minh City 99.60 EUR 280 -18
Company Limited
Huzhou Logistics Investment China, Hong Kong 95.00 EUR -29 -22
Holding Limited
JF Hillebrand Philippines Inc. Philippines, Pasay City 99.99 EUR -64 -523
Mulura Logistics Private Ltd. India, Bangalore 100.00 EUR -36,489 938
PT Birotika Semesta 7c) Indonesia, Jakarta 49.00 EUR 31,736 3,440
PT Danzas Sarana Perkasa Indonesia, Jakarta 100.00 EUR 1,145 -83
PT DHL Global Forwarding Indonesia Indonesia, Tangerang Selatan 100.00 EUR 65,813 12,323
PT DHL Supply Chain Indonesia Indonesia, Jakarta 90.34 EUR 30,780 5,213
PT DHL Supply Chain Transport Indonesia Indonesia, Jakarta 100.00 EUR 81 -52
PT DHL Smart Solutions Indonesia, Jakarta 100.00 EUR 124 -16
PT Dunia Handal Logistik 12) Indonesia, Jakarta 0.00 EUR -389 104
PT Ezyhaul Logistics Indonesia Indonesia, Jakarta 100.00 EUR 257 53
PT Ezyhaul Technologies Indonesia 7b) Indonesia, Jakarta 49.00 EUR -5,748 -335
PT Dunia Harmoni Lestari 7b) Indonesia, Jakarta 0.00 EUR 35 0
PT. JF Hillebrand Indonesia 7b) Indonesia, Jakarta 49.00 EUR 13 0
Quzhou PPQL Company Limited 7c) China, Quzhou 40.00 EUR 2,355 201
REI India No. 1 Singapore Pte. Ltd. Singapore, Singapore 100.00 EUR 4 -12
RES West Bhiwandi 1 India India, Mumbai 100.00 EUR -14 -16
Private Limited
Shanghai Danzas Freight Agency Co. Ltd. China, Shanghai 100.00 EUR 580 -30
Skyline Air Logistics Ltd. India, Mumbai 99.99 EUR 2,531 118
SL FUJI CO., LTD 12) Japan, Tokyo 0.00 EUR 734 640
StarBroker (Hong Kong) Limited China, Hong Kong 100.00 EUR 12 -4
Tianjin Logistics Investment China, Hong Kong 95.00 EUR 66,810 -277
Holding Limited
TLC Adenium Co., Ltd. 12) Japan, Tokyo 0.00 EUR 7,108 2,909
TLC Nutmeg Co., Ltd. 12) Japan, Tokyo 0.00 EUR 4,404 2,823
Trade Clippers Cargo Limited Bangladesh, Dhaka 100.00 EUR 32 -1
Trans Ocean Liquid Technologies Co. Ltd., China, Kunshan 100.00 EUR 2,200 560
Kun Shan
Trans Ocean Liquid Technologies Malaysia, Port Klang 100.00 EUR 794 53
Sdn Bhd
Trans Ocean Shanghai Co., Ltd. China, Shanghai 100.00 EUR -1,707 -70
Violet Ltd. 12) Japan, Tokyo 0.00 EUR 734 640
Watthanothai Company Ltd. 7a) Thailand, Bangkok 49.00 EUR 1,243 24,070
Zhong Shan Shun Long Container Bulk China, Zhongshan 45.00 EUR 13,313 1,027
Packaging Co., Ltd 7c)

Other Regions
Air & Ocean General transport, forwarding Iraq, Baghdad 100.00 EUR 14,802 -681
(shipping), Customs Clearance &
Maritime services
AI-Durra AI-Hamraa AI-Lamia Company Iraq, Baghdad 100.00 EUR 39 0
for General Transport with limited Liability
Braid Logistics Africa (Pty) Ltd South Africa, Cape Town 100.00 EUR -819 -5
Danzas Bahrain WLL Bahrain, Manama 100.00 EUR 154 -138
DGF Cameroon PLC Cameroon, Douala 65.00 EUR 161 -929
DHLA International Transport Company Kuwait, Safat 0.00 EUR 1,744 1,424
WLL 7c)
DHL (Israel) Ltd. Israel, Tel Aviv 100.00 EUR 27,235 3,400
DHL (Mauritius) Ltd. Mauritius, Port Louis 100.00 EUR -297 -142
DHL (Namibia) (Pty) Ltd. Namibia, Windhoek 100.00 EUR 1,116 -18
66 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Aviation (Nigeria) Ltd. Nigeria, Lagos 100.00 EUR 518 184
DHL Aviation (Pty) Limited South Africa, Boksburg 100.00 EUR 5,889 397
DHL Aviation EEMEA B.S.C.(c) Bahrain, Manama 100.00 EUR 42,712 7,829
DHL Aviation Kenya Ltd. Kenya, Nairobi 100.00 EUR 27 13
DHL Egypt WLL Egypt, Cairo 100.00 EUR 7,484 4,276
DHL Ethiopian Airlines Logistics Services Ethiopia, Addis Ababa 48.98 EUR 320 759
Share Company 7b)
DHL Express (Rwanda) Limited Rwanda, Kigali 100.00 EUR 381 34
DHL Express Maroc S.A. Morocco, Casablanca 100.00 EUR 29,287 3,546
DHL Food Logistics Egypt Ltd. Egypt, Alexandria 97.20 EUR 1,529 392
DHL Freight Tasimacilik ve Lojistik Hiz- Turkey, Istanbul 100.00 EUR 941 648
metleri A.S.
DHL Ghana Limited Ghana, Accra 100.00 EUR 461 101
DHL Global Forwarding & Co. LLC 7c) Oman, Muscat 40.00 EUR 7,970 1,531
DHL Global Forwarding (Angola) - Angola, Luanda 100.00 EUR 3,869 1,505
Comércio e Transitários, Limitada
DHL Global Forwarding (Congo) SA Republic of the Congo, Pointe- 100.00 EUR -4,794 -128
Noire
DHL Global Forwarding (Gabon) SA Gabon, Libreville 99.00 EUR 746 -970
DHL Global Forwarding (JSC) - Libya, Tripoli 49.00 EUR 1,431 321
Libya for delivery of goods services 7a)
DHL Global Forwarding (Kenya) Limited Kenya, Nairobi 100.00 EUR -1,986 -1,147
DHL Global Forwarding (Kuwait) Kuwait, Safat 49.00 EUR 5,078 1,057
Company WLL 7b)
DHL Global Forwarding (Mauritius) Ltd. Mauritius, Port Louis 100.00 EUR 1,638 1,297
DHL Global Forwarding (Uganda) Limited Uganda, Kampala 100.00 EUR 48 -656
DHL Global Forwarding Abu Dhabi - United Arab Emirates, Abu Dhabi 100.00 EUR 13,104 2,858
Sole Proprietorship LLC
DHL GLOBAL FORWARDING ALGERIE Algeria, Algiers 100.00 EUR 2,806 622
EURL
DHL Global Forwarding Azerbaijan LLC Azerbaijan, Baku 100.00 EUR 3 -40
DHL Global Forwarding Bahrain WLL Bahrain, Manama 60.00 EUR -169 0
DHL Global Forwarding Burkina SA Burkina Faso, Ouagadougou 100.00 EUR 23 -161
DHL Global Forwarding Israel Ltd Israel, Tel Aviv 100.00 EUR 171,726 12,137
DHL Global Forwarding Lebanon S.A.L. 7c) Lebanon, Beirut 50.00 EUR -4,359 -5,017
DHL Global Forwarding Madagascar SAU Madagascar, Antananarivo 100.00 EUR 845 469
DHL Global Forwarding Mozambique, Cidade de Maputo 100.00 EUR 1,992 462
Mozambique Limitada
DHL Global Forwarding Nigeria Limited Nigeria, Lagos 100.00 EUR -1,815 -3,080
DHL Global Forwarding Qatar WLL 7b) Qatar, Doha 49.00 EUR 7,628 1,563
DHL Global Forwarding S.A.E. Egypt, Cairo 100.00 EUR 12,700 3,418
DHL Global Forwarding SA (Pty) Limited South Africa, Boksburg 100.00 EUR 49,290 8,836
DHL Global Forwarding Saudi Arabia LLC Saudi Arabia, Khobar 100.00 EUR 5,439 2,338
DHL Global Forwarding Tasimacilik A.S. Turkey, Istanbul 100.00 EUR 5,060 -992
DHL Global Forwarding Zimbabwe Ltd Zimbabwe, Harare 100.00 EUR -728 -1,283
DHL Internacional Guinea Ecuatorial S.L. Republic of Equatorial Guinea, 100.00 EUR -199 4
Malabo
DHL International (Algerie) EURL Algeria, Algiers 100.00 EUR 7,229 1,708
DHL International (Angola) - Angola, Luanda 100.00 EUR 686 154
Transportadores Rápidos, (SU) Limitada
DHL International (Bahrain) WLL 7c) Bahrain, Manama 49.00 EUR 61 1,058
DHL International (Congo) SARL Democratic Republic of the Congo, 100.00 EUR 312 -452
Kinshasa
DHL International (Gambia) Ltd. Gambia, Kanifing 100.00 EUR 114 50
DHL International (Liberia) Ltd. Liberia, Monrovia 100.00 EUR 399 43

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 67

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL International (Pty) Ltd. South Africa, Isando 100.00 EUR 17,223 3,500
DHL International (Pvt) Ltd. Zimbabwe, Harare 100.00 EUR 1,813 144
DHL International (SL) Ltd. Sierra Leone, Freetown 100.00 EUR 461 283
DHL International (Uganda) Ltd. Uganda, Kampala 100.00 EUR 1,314 341
DHL International B.S.C.(c) Bahrain, Manama 100.00 EUR 30,626 31,104
DHL International Benin SARL Benin, Cotonou 100.00 EUR 1,200 47
DHL International (Botswana) Botswana, Gaborone 100.00 EUR 440 80
Proprietary Limited
DHL International Burkina SARL Burkina Faso, Ouagadougou 100.00 EUR 746 -36
DHL International Cameroun SARL Cameroon, Douala 100.00 EUR 143 -702
DHL International Centrafrique SARL Central African Republic, Bangui 100.00 EUR 191 6
DHL International Congo SARL Republic of the Congo, Brazzaville 100.00 EUR -486 10
DHL International Cote D'Ivoire SARL Ivory Coast, Abidjan 100.00 EUR 2,160 497
DHL International Gabon SA Gabon, Libreville 100.00 EUR 594 195
DHL International Guinee SARL Guinea, Conakry 100.00 EUR 1,041 119
DHL International Iran Air Cargo Iran, Tehran 100.00 EUR -219 -240
Services (PJSC)
DHL International Madagascar SA Madagascar, Antananarivo 100.00 EUR 2,138 487
DHL International Malawi Ltd. Malawi, Blantyre 100.00 EUR 45 115
DHL International Mali SARL Mali, Bamako 100.00 EUR 679 38
DHL International Mauritanie SARL Mauretania, Nouakchott 100.00 EUR -2,694 -815
DHL International Niger SARL Niger, Niamey 100.00 EUR 702 13
DHL International Nigeria Ltd. Nigeria, Lagos 100.00 EUR 5,341 367
DHL International Reunion SARL Réunion, Sainte Marie 100.00 EUR 1,827 315
DHL International Tchad SARL Chad, Ndjamena 100.00 EUR 241 2
DHL International Togo SARL Togo, Lomé 100.00 EUR 482 48
DHL International Zambia Limited Zambia, Lusaka 100.00 EUR 904 241
DHL Lesotho (Proprietary) Ltd. Lesotho, Maseru 100.00 EUR 305 13
DHL Logistics LLC - SO United Arab Emirates, Dubai 100.00 EUR 54,206 1,640
DHL Logistics Ghana Ltd. Ghana, Accra 100.00 EUR 2,032 -1,184
DHL Logistics Kenya Limited Kenya, Nairobi 100.00 EUR 0 0
DHL LOGISTICS MEDHUB Morocco, Tanger 100.00 EUR -1,112 -358
DHL Logistics Middle East DWC-LLC United Arab Emirates, Dubai 100.00 EUR 8,287 1,132
DHL Logistics Morocco S.A. Morocco, Casablanca 100.00 EUR 2,906 35
DHL Logistics Tanzania Limited Tanzania, Dar es Salaam 100.00 EUR -608 0
DHL Lojistik Hizmetleri A.S. Turkey, Istanbul 100.00 EUR 1,213 -2,361
DHL Mocambique Lda. Mozambique, Maputo 100.00 EUR 554 139
DHL Operations BV Jordan Services with Jordan, Amman 100.00 EUR 591 109
Limited Liability
DHL Qatar Limited W.L.L 7b) Qatar, Doha 97.00 EUR 11,360 3,779
DHL Regional Services Limited 5) Nigeria, Lagos 100.00 EUR 0 0
DHL Senegal SARL Senegal, Dakar 100.00 EUR 1,637 302
DHL Supply Chain (South Africa) South Africa, Johannesburg 100.00 EUR 4,608 -2,380
(Pty) Ltd.
DHL Supply Chain Kenya Limited Kenya, Nairobi 100.00 EUR 1,677 251
DHL Supply Chain Tanzania Limited Tanzania, Dar es Salaam 100.00 EUR 2,858 142
DHL Swaziland (Proprietary) Ltd. Eswatini, Mbabane 100.00 EUR 445 49
DHL Tanzania Limited Tanzania, Dar es Salaam 100.00 EUR -194 -262
DHL Worldwide Express & Company LLC Oman, Ruwi 70.00 EUR 5,569 1,532
DHL Worldwide Express (Abu Dhabi) United Arab Emirates, Abu Dhabi 49.00 EUR 133 0
LLC 7b)
DHL Worldwide Express (Dubai) LLC 7b) United Arab Emirates, Dubai 49.00 EUR 1,562 1,010
DHL Worldwide Express (Sharjah) LLC 5), 7b) United Arab Emirates, Sharjah 49.00 EUR 123 0
DHL Worldwide Express Cargo LLC 5), 7b) United Arab Emirates, Dubai 49.00 EUR 74 0
68 Annexes

Affiliated Companies included in the Consolidated Financial Statements

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
DHL Worldwide Express Ethiopia Private Ethiopia, Addis Ababa 100.00 EUR 8,210 1,195
Limited Company
DHL Worldwide Express Kenya Limited Kenya, Nairobi 100.00 EUR 1,434 282
DHL Worldwide Express Tasimacilik ve Turkey, Istanbul 100.00 EUR 8,099 -1,545
Ticaret A.S.
Document Handling (East Africa) Ltd. Kenya, Nairobi 51.00 EUR 47 245
DGF for import & export. SAE 7b) Egypt, Cairo 49.00 EUR 1,563 1,064
Exel Contract Logistics (Nigeria) Limited Nigeria, Lagos 100.00 EUR -8,257 0
Exel Saudia LLC Saudi Arabia, Al Khobar 100.00 EUR 14,118 1,728
Giorgio Gori International Freight Forwar- South Africa, Stellenbosch 100.00 EUR 338 -43
ders (Pty) Ltd.
Guinet Transit Service SARL Réunion, Le Port 100.00 EUR 1,914 187
Hillebrand Gori Middle East LLC United Arab Emirates (UAE), Dubai 100.00 EUR 7,145 681
Hillebrand Gori South Africa (Pty) Ltd South Africa, Stellenbosch 100.00 EUR 6,326 -148
Hillebrand Kenya Limited Kenya, Nairobi 100.00 EUR 563 377
Hillebrand West Africa SARL Ivory Coast, Abidjan 100.00 EUR -375 -63
JFH Capital (Pty) Ltd 7b) South Africa, Johannesburg 49.00 EUR 2,699 0
MNG Kargo Yurtici ve Yurtdisi Turkey, Istanbul 100.00 EUR -5,122 0
Tasimacilik A.S.
MNG Kargo Yurtici ve Yurtdisi Turkey, Nicosia 100.00 EUR -590 0
Tasimacilik Limited
Sherkate Haml-oNaghl Sarie DHL Kish Iran, Tehran 100.00 EUR 0 0
SNAS Lebanon SARL Lebanon, Beirut 90.00 EUR 523 1,951
SNAS Postal Est. 7c) Saudi Arabia, Riyadh 0.00 EUR 79 17,414
SSA Regional Services (Pty) Ltd. South Africa, Sandton 100.00 EUR 1,652 556
Trans Care Fashion SARL (Morocco) 5) Morocco, Casablanca 100.00 EUR -315 0
Trans Ocean Liquid Technologies Pty Ltd South Africa, Kenilworth 100.00 EUR 3,128 280

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 69

Affiliated Companies not included in the Consolidated Financial Statements 13)

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Europe
ASG Leasing Handelsbolag 3), 5), 9) Sweden, Stockholm 100,00 SEK -213 -60
Beteiligungsgesellschaft Privatstraße Germany, Grafschaft-Holzweiler 53,54 EUR - -
GVZ Eifeltor GBR 4), 14)
Deutsche Post Altersvorsorge Sicherung Germany, Bonn 100,00 EUR 0 3,906
e,V, & Co, Objekt Gronau KG 2), 9)
Deutsche Post Grundstücks- Vermie- Germany, Bonn 100,00 EUR 5,017 0
tungsgesellschaft beta mbH 6), 9)
Deutsche Post Grundstücks-Vermie- Germany, Bonn 100,00 EUR 0 -46
tungsgesellschaft beta mbH & Co, Objekt
Leipzig KG 3), 9)
Deutsche Post Pensionsfonds AG 3), 9) Germany, Bonn 100,00 EUR 3,514 -320
Deutsche Post Pensions-Treuhand Germany, Bonn 100,00 EUR 10 0
GmbH & Co, KG 3), 9)
DHL eCommerce Holding GmbH Germany, Bonn 100,00 EUR - -
DHL Pensions Investment United Kingdom, Bedford 100,00 GBP 0 0
Fund Limited 5), 9), 11)
DHL Trustees Limited 5), 9), 10) United Kingdom, Bedford 74,00 GBP 0 0
DSC Healthcare Trustees Limited 3), 5), 9) United Kingdom, Milton Keynes 100,00 GBP 0 -
J F Hillebrand (GC) Limited 3), 9) United Kingdom, Renfrew 100,00 GBP 1 -6
Rosier Distribution Limited 5) United Kingdom, Milton Keynes 100,00 GBP 0 -
Tankfreight Limited 3), 5), 9) United Kingdom, Milton Keynes 100,00 GBP 2 0
Transclear Limited 2), 5), 9) United Kingdom, Grays 100,00 GBP 38 35
VinExport S,r,l, 2), 9) Italy, Vallecrosia 100,00 EUR 29 19
UNITRANS Deutschland Gesellschaft für Germany, Düsseldorf 69,23 EUR 598 181
Terminverkehre mbH 2), 9)

Americas
DHL Express (Belize) Limited 4), 5) Belize, Belize City 100,00 EUR - -
DHL International (Antigua) Ltd, 4), 5) Antigua and Barbuda, St, Johns 100,00 USD - -
EWS IMPORTS LLC 2), 9) USA, Miami 100,00 USD 20 5
Inversiones 3340, C,A, 11) Venezuela, Caracas 49,00 VES 40,000 -
Safe Way Argentina S,A, 4), 5) Argentina, Buenos Aires 100,00 ARS - -
Safe Way Argentina S,A, 4), 5) Argentina, Buenos Aires 100,00 ARS - -

Asia Pacific
Braid Logistics Australia Pty Ltd 3) Australia, Geelong West 100,00 EUR 7,871 0
Concorde Air Logistics Ltd, 9), 10) India, Mumbai 99,54 INR 50,330 550
DHL Customs Brokerage Corp, 4), 8) Philippines, Pasay City 100,00 PHP - -
DHL Express LLP 4), 5) Kazakhstan, Almaty 100,00 KZT 2,000 0
DHL ISC (Hong Kong) Limited 3), 8) China, Hong Kong 100,00 EUR 27,308 497
Exel Logistics Delbros Philippines Inc, 4), 8) Philippines, Manila 60,00 PHP - -
PT Cargotama Multi Servisindo 8) Indonesia, Jakarta 100,00 IDR 0 0

Other Regions
DANZAS AEI (Private) Ltd, 4), 5) Zimbabwe, Harare 100,00 USD - -
Danzas AEI Intercontinental LTD 4), 8) Malawi, Blantyre 100,00 MWK - -
DGF Customs Consultancy Limited 7b), 9) Turkey, Istanbul 0,00 TRY 5,600 5,381
DHL Air Freight Forwarder (Egypt) WLL 4), 8) Egypt, Cairo 99,90 EGP - -
Tibbett & Britten Egypt Ltd, 8) Egypt, Cairo 50,00 EGP - -
70 Annexes

Joint Operations (Quota Consolidation)

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Europe
Aerologic GmbH Germany, Schkeuditz 50,00 EUR 38.338 16.586

Joint Ventures (at Equity Consolidation)

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Europe
APM Solutions Sp. z o.o. 9), 10) Poland, Warsaw 49,00 PLN 688 -1.152
Health Solutions Team Limited 3), 9) United Kingdom, Milton Keynes 50,00 GBP 8.059 2.335

Associated Companies (Accounting treatment in the Consolidated Financial Statements

following the Equity Method)

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Europe
Cargo Center Sweden AB 1), 3), 9) Sweden, Stockholm 50,00 SEK 28.384 8.954
Corridor Solutions Ltd. 4), 7b) United Kingdom, St. Peter Port 14,75 GBP - -
Everstream Analytics GmbH 1), 4) Germany, Bonn 100,00 EUR - -
MEDIACO Logistique Normandie SAS 4) France, Sandouville 25,00 EUR 2.147 348

Americas
Integracion Aduanera S. A. 3), 5) Costa Rica, San José 51,00 CRC 325.953 -
Supply Network Visibility Holdings, USA, Delaware
19,53 USD 17.893 -13.170
LLC 1), 11)
Resilience360 Inc.1), 11) USA, Delaware 100,00 USD - -
Stormpulse Inc. 1), 11) USA, Austin 100,00 USD - -

Asia Pacific
Danzas Intercontinental, Inc. (Philippines) 8) Philippines, Manila 39,98 PHP -3.367 -
Myanmar DHL Limited 9), 10) Myanmar, Rangoon 49,00 MMK 9.755.325 8.402.740
Fareye Technologies Private India, New Delhi 9,85 INR 3.858.630 -2.433.530
Limited 7b), 9), 10)
Tasman Cargo Airlines Pty. Limited 3), 9) Australia, Mascot 48,98 AUD 15.763 2.307
ASMO Advanced Logistics Services United Arab Emirates, Dhahran 51,00 SAR 0 0
Co. LLC 7b)

Other Regions
Bahwan Exel LLC 10) Oman, Muscat 44,10 OMR 370 1.090
Global-E Online Ltd. 1), 3), 7b), 9) Israel, Kiryat Ono 12,40 USD 928.121 -195.405
RailDirect LLC United Arab Emirates, Abu Dhabi 49,00 AED 91.959 8.041

Reported IFRS data

1)
Only Subgroup data available 2) Numbers from 2021 3) Numbers from 2022 4) Data not available 5) Dormant 6) Numbers after profit transfer 7a) Inclusion acc. IFRS 10.7: majority of votings rigths
7b)
Inclusion acc. IFRS 10.7: company’s contractual agreements 7c) Inclusion acc. IFRS 10.7: other contractual arrangements 8) In liquidation 9) Local GAAP 10) Numbers as of March 31 of the reporting year
11)
Numbers from 2020 12) Special purpose entity 13) Not included, because they do not have significant influence for group net assets, financial position and results of operations
14)
Partner with unlimited liability is Deutsche Post AG oder other consolidated subsidiary, acc. § 313 (2) Nr.6 local GAAP 15) Voting rights
 Annexes 71

Non-consolidated associated Companies 13)

Group Net
equity share Equity in income in
Name Country, Headquarters % Currency thousands thousands
Europe
Compador Dienstleistungs GmbH 2), 9) Germany, Berlin 26,00 EUR 0 298
Diorit Grundstücksverwaltungsgesell- Germany, Mainz 49,00 EUR 0 28
schaft mbH & Co. Vermietungs KG 2), 9), 15)
Expo-Dan 4), 5) Ukraine, Kiev 50,00 UAH - -
Gardermoen Perishable Center AS 3), 9) Norway, Gardermoen 33,33 NOK 21.859 257
Jurte Grundstücksverwaltungsgesell- Germany, Mainz 94,00 EUR 23 -2
schaft mbH & Co. Vermietungs KG 2), 9) 15)

Asia Pacific
Braid Logistics Asia Pte Ltd Corporation 2), 9) Philippines, Dasmarinas 38,00 PHP -4.622 -6.985

Americas
Consimex S.A. 3), 9) Colombia, Medellin 29.22 COP -11,902,558 2,572,620
DHL International (Cayman) Ltd. Cayman Islands, George Town 40.00 KYD 2,637 215

Other Regions
DHL Yemen Company Limited Yemen, Sanaa 49,00 YER 322.814 172.723
(Express Courier) 3), 9)
Drakensberg Logistics (Pty) Ltd. 3), 9) South Africa, Ladysmith 50,00 ZAR 21.700 2.008
72 Annexes Annexes 73

Changes in voting rights 2023

Annex 4 to the notes

Notifications in accordance with section 160 (1) no. 8 of the

Aktiengesetz (AktG: German Stock Corporation Act)

Date on which
threshold was Voting rights attached Instruments according Instruments according
Notification crossed or Reason for notification: to shares (sec. 33, 34 to section 38 (1) no. 1 to section 38 (1) no. 2
threshold reached Acquisition/disposal of of the WpHG) of the WpHG of the WpHG
shares with
Legal entity 1) voting rights instruments in % absolute in % absolute in % absolute

Notifications
in the period from 01.01.to 16.02.2024, 10 am:

20 %,
Federal Republic of Germany, Berlin, Germany 2), 3) fall below 07.02.24 x 5) 16.84 208,695,739 0 – 0 –
threshold

5 %,
BlackRock, Inc., New York, New York, USA 2) exeeded 29.01.24 x 5) 5.05 62,570,747 0.0004 4,988 0.01 111,718
threshold

5 %,
The Goldman Sachs Group, Inc., Wilmington, Delaware, USA 2) fall below 16.12.22 x 5) 0.35 4,379,516 0.45 5,541,114 3.43 42,483,040
threshold
1)
The information is related to the latest notifcation to Deutsche Post AG from a party obligated to report that the shareholding falls below/exceeds the threshold.
Shareholdings falling below 3 % from previous years are not listed.
2)
Notification of full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity.
The share of voting rights held by the KfW Bankengruppe, Frankfurt am Main, Germany (KfW) amounts 16,45 %.
3)

In accordance with the legal requirements, the notifications received by Deutsche Post AG are also published at www.dpdhl.com/de/investoren/aktie/aktionaersstruktur.html.
74 Annexes Annexes 75

Treasury shares
Annex 5 to the notes

Treasury shares 1 January 2023 to 31 December 2023

Amount of Proportion of Change in Change in

share capital share capital revenue reserves capital reserves Share price Date
Number € % € € €
Treasury shares at 1 January 2023 40,320,726

Treasury shares acquired under Share Matching Scheme (SMS)

Share Matching Scheme (SMS) 1,339,491 0.108 % -53,758,846.19 0.00 41.13 March 2023

Share Matching Scheme (SMS) 231,631 0.019 % -9,670,031.80 0.00 42.75 April 2023

Treasury shares acquired under Share Matching Scheme (SMS) 1,571,122 1,571,122.00 0.127 % -63,428,877.99 0.00 41.37

Purchase of treasury shares (share buy-back programme 2022/2024)

Share buy-back programme Tranche 2 6,838,304 0.552 % -268,036,040.59 0.00 40.20 January - April 2023

Share buy-back programme Tranche 3 11,664,906 0.941 % -488,335,086.33 0.00 42.86 June - October 2023

Share buy-back programme Tranche 4 3,531,837 0.285 % -146,350,358.85 0.00 42.44 Nov. 2023 - Dec. 2023

Purchase of treasury shares (share buy-back programme 2022/2024) 22,035,047 22,035,047.00 1.778 % -902,721,485.77 0.00 41.97

Total acquisition of treasury shares 23,606,169 -966,150,363.76 0.00

Treasury shares issued/sold under Share Matching Scheme (SMS)

Issuance Incentive (DIS) and Investment Shares (IS) 1) (acquisition 2023) -1,492,965 -0.120 % 60,166,489.50 1,791,558.00 42.50 2) April 2023

Sold Remaining Shares -78,157 -0.006 % 3,258,898.05 0.00 42.70 2) April 2023

Issuance Matching Share 1) 5) -829,856 -0.067 % 34,928,639.04 1,360,963.84 44.73 2) July 2023

Treasury shares issued/sold under Share Matching Scheme (SMS) -2,400,978 -2,400,978.00 -0.194 % 98,354,026.59 3,152,521.84 43.28 2)

Treasury shares issued/sold under Performance Share Plan (PSP)

Issuance Performance Shares to employees DPAG 3) 5) -894,018 -0.072 % 5,961,442.40 0.00 3)

September 2023

Issuance Performance Shares to other authorised persons 2) 5) -2,183,580 -0.176 % 90,793,259.94 0.00 42.58 2) September 2023

Treasury shares issued/sold under Performance Share Plan (PSP) -3,077,598 -3,077,598.00 -0.248 % 96,754,702.34 0.00 32.44 2)

Treasury shares issued/sold under Employee Share Plan (ESP)

Issuance Performance Shares to employees DPAG 2) 5) -37,158 -0.003 % 1,440,905.32 28,290.00 40.54 4) Jan./Apr./Jul./Oct. 2023

Issuance Employee Shares to other authorised persons 2) 5)

-331,782 -0.027 % 12,880,303.90 252,214.17 40.58 4)
Jan./Apr./Jul./Oct. 2023

Treasury shares issued/sold under Employee Share Plan (ESP) -368,940 -368,940.00 -0.030 % 14,321,209.22 280,504.17 40.58 2)

Total Treasury shares issued -5,847,516 209,429,938.15 3,433,026.01

Treasury shares as at 31 December 2023 58,079,379

1)
Bonus year 2019 – Issuance 2023
2)
Issue price according to plan conditions
3)
Value of the options at the time they were granted
4)
Average exchange rate of quarterly issuance
5)
Issue of treasury shares from share buy-back programmes
76 Notes
 Responsibility statement 77

Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the annual financial statements
give a true and fair view of the assets, liabilities, financial position and profit or loss of Deutsche Post AG, and the manage-
ment report, which has been combined with the Group management report, includes a fair review of the development and
performance of the business and the position of Deutsche Post AG, together with a description of the material opportunities
and risks associated with the expected development of Deutsche Post AG.

Bonn, February 16, 2024

Deutsche Post AG

The Board of Management

Dr. Tobias Meyer Oscar de Bok

Pablo Ciano Nikola Hagleitner

Melanie Kreis Dr. Thomas Ogilvie

John Pearson Tim Scharwath

78 Auditor's Report

Independent Auditor’s Report

To Deutsche Post AG, Bonn/Germany

Report on the audit of the annual financial statements

and of the management report
Audit Opinions
We have audited the annual financial statements of Deutsche Post AG, Bonn/Germany, which comprise the
balance sheet as at 31 December 2023, and the statement of profit and loss for the financial year from
1 January to 31 December 2023, and the notes to the financial statements, including the presentation
of the recognition and measurement policies. In addition, we have audited the combined management
report for the parent and the group of Deutsche Post AG, Bonn/Germany, for the financial year from
1 January to 31 December 2023.

In accordance with the German legal requirements, we have not audited the content of the combined
non-financial statement pursuant to Sections 289b and 315b German Commercial Code (HGB), which
is included in the section “Non-financial statement” of the combined management report, nor the com-
bined corporate governance statement pursuant to Sections 289f and 315d HGB, which is included
in the section “Governance” of the combined management report. Moreover, we have not audited the
content of those paragraphs and disclosures extraneous to the combined management report that are
marked as unaudited in the combined management report.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying annual financial statements comply, in all material respects, with the require-
ments of German commercial law applicable to business corporations and give a true and fair
view of the assets, liabilities and financial position of the Company as at 31 December 2023 and
of its financial performance for the financial year from 1 January to 31 December 2023 in comp-
liance with German Legally Required Accounting Principles, and
• the accompanying combined management report as a whole provides an appropriate view of the
Company’s position. In all material respects, this combined management report is consistent with the
annual financial statements, complies with German legal requirements and appropriately presents the
opportunities and risks of future development. Our audit opinion on the combined management
report does not cover the content of the abovelisted statements nor of the above-listed paragraphs
and disclosures extraneous to combined management reports marked as unaudited.

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating
to the legal compliance of the annual financial statements and of the combined management report.

Basis for the Audit Opinions

We conducted our audit of the annual financial statements and of the combined management report in
accordance with Section 317 HGB and the EU Audit Regulation (No. 537/2014; referred to subsequently
as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial
Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW). We performed the audit of the
annual financial statements in supplementary compliance with the International Standards on Auditing
(ISA). Our responsibilities under those requirements, principles and standards are further described in
the “Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the combined
Management Report” section of our auditor’s report. We are independent of the Company in accordance
with the requirements of European law and German commercial and professional law, and we have
 Auditor's Report 79

fulfilled our other German professional responsibilities in accordance with these requirements. In addi-
tion, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not
provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions
on the annual financial statements and on the combined management report.

Key Audit Matters in the Audit of the Annual Financial Statements

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the annual financial statements for the financial year from 1 January to 31 December 2023.
These matters were addressed in the context of our audit of the annual financial statements as a whole
and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.

In the following we present the key audit matters we have determined in the course of our audit:
Recoverability of shares in affiliated companies
Valuation of pension obligations and plan assets

Our presentation of these key audit matters has been structured as follows:
a) description (including reference to corresponding information in the annual financial statements)
b) auditor’s response

Recoverability of shares in affiliated companies

a) In the annual financial statements as at 31 December 2023 of Deutsche Post AG, shares in affi-
liated companies amounting to EUR 12,847 million are reported under the “Financial assets”
balance sheet item, which therefore account for about 28 % of total assets and are hence material
for the Company’s assets and liabilities.

Shares in affiliated companies in particular include equity investments in intermediate holdings,

which are themselves sometimes holders of shares in operatively active group companies via further
intermediate holdings. The performance of these intermediate shares and equity investments con-
siderably determines the value of the shares in affiliated companies of Deutsche Post AG.

Shares in affiliated companies are measured in accordance with German commercial law at the
lower of cost or fair value if impairment is expected to be permanent. If necessary, fair values are
calculated as the present values of the expected future cash flows according to the Company’s
internal planning projections, using a discounted cashflow method. No write-downs to the lower
fair value were recognised in the financial year 2023.

The result of this measurement depends to a large extent on the assumptions made by the execu-
tive directors for the determination of future cash flows and the determination of the parameters
for the discount rates used and is therefore subject to considerable uncertainty. Against this back-
ground and given the complexity of the underlying measurement models as well as the material
importance of shares in affiliated companies, this matter was of particular significance within the
framework of our audit.

The executive directors’ disclosures on shares in affiliated companies are included in notes 6 and
20 of the notes to the financial statements.
80 Auditor's Report

b) As part of our audit we assessed the executive directors’ approach to evaluating the recoverability of
shares in affiliated companies as to whether any need for impairment had been appropriately identified.

For this purpose, we initially obtained an understanding of the process of evaluating the recovera­
bility of shares in affiliated companies and dealt with the procedure for determining impaired shares
in affiliated companies, including at the level of material intermediate holdings. Based on evidence
gained and information obtained in the course of our audit, we also evaluated whether there are
indications for any need for impairment not identified by the executive directors.

In determining the fair values we examined whether the valuation models applied appropriately
present the conceptional requirements of the relevant measurement standards and whether the
calculations in the models are carried out correctly. In the case of estimates made by the executive
directors, we evaluated the reasonableness of the methods applied, assumptions made and data
used. Starting from the explanations by the Company on key value drivers and planning assump-
tions, we satisfied ourselves as to the appropriateness of future cash flows used in the valuation
and made a comparison with general and industry-specific market expectations. Furthermore, we
tested the previous quality of the Company’s forecasts by comparing the planning of prior financial
years with the actually realised results and analysed the deviations. We also assessed the parame-
ters applied to calculate the discount rate by checking them against market data and reconstruc-
ted the calculation formula both logically and computationally.

Our audit procedures were supported by our internal valuation experts.

Valuation of pension obligations and plan assets

a) Inthe annual financial statements as at 31 December 2023 of Deutsche Post AG, a total of EUR
4,101 million (9.0 % of total assets) is reported under the balance sheet item “Provisions for
pensions and similar obligations”. The item comprises the net amount of direct obligations to the
Company’s own employees and pensioners amounting to EUR 7,979 million (less the unrecognis-
ed difference of EUR 33 million from the BilMoG conversion) and the fair value of the plan assets
amounting to EUR 3,950 million. It also includes the indirect obligations from the external pension
institutions’ shortfall in the amount of EUR 91 million. Corresponding obligations of subsidiari-
es amounting to EUR 14 million are also reported under the balance sheet item, for which the
Company has declared assumptions of obligations under joint liability arrangements.

The valuation of obligations is performed using the projected unit credit method and is complex as
it requires that diverse actuarial assumptions of a financial and demographic nature be made. For
this reason, the Company deploys an external actuary for calculating the present value of future
pension obligations. In particular, the assumptions to be made as to the salary and pension trend
are of particular significance because of the present value of future pension obligations’ sensitivity
to these parameters, while the discount rate is largely fixed due to the binding specifications issued
by Deutsche Bundesbank.

The plan assets of the Company are measured at fair value. Since the latter involves estimation
uncertainties, the Company engages external experts in this respect.
 Auditor's Report 81

In our view, these matters were of particular significance in our audit as the measurement of these
high-value items is to a large extent based on estimates and discretionary assumptions made by
the executive directors.

The Company’s disclosures on pension provisions and similar obligations are contained in notes 13
and 31 of the notes to the consolidated financial statements.

b) First, based on the existing benefit commitments, we reconstructed the methodology used to
evaluate the pension obligations and assessed whether the actuarial calculation method applied
is acceptable and to what extent the valuation can be influenced by subjectivity, complexity and
other inherent risk factors.

In assessing the assumptions as well as the applied calculation methodology, we involved our
internal experts of the measurement of pension provisions area in the audit team. With their help,
we satisfied ourselves as to the competence, capabilities and objectivity of the actuary commis-
sioned by the Company and reviewed its work results, including by recalculating the present value
of future pension obligations of selected pension entitlements. Moreover, our audit procedures
comprised an assessment of the appropriateness of assumptions made, in particular regarding
long-term salary and pension trends as well as average life expectancy.

As part of the audit of plan assets, we first obtained an understanding of the various asset sources
and the processing of financial information in the Company’s accounting. For the audit of the fair
value of the plan assets, we were particularly provided with bank and fund confirmations as well
as property valuation reports. We evaluated on a sample basis the exchange rates shown in fund
confirmations by involving our internal experts of the Valuation area. Regarding the property
valuation reports, we satisfied ourselves of the competence, capabilities and objectivity of the
expert commissioned by the Company and reviewed its work results, also by involving our internal
experts of the Valuation area.

Other Information
The executive directors are responsible for the other information. The other information comprises

• the parts included in the combined management report:

– combined non-financial statement pursuant to Sections 289b and 315b HGB,
– combined corporate governance statement pursuant to Sections 289f and 315d HGB,
– the paragraphs and disclosures extraneous to the combined management report marked as
unaudited, and
• the executive directors’ confirmation regarding the annual financial statements and the combined
management report pursuant to Sections 264 (2) sentence 3 and 289 (1) sentence 5 HGB.

The executive directors and the supervisory board are responsible for the declaration related to the
German Corporate Governance Code pursuant to Section 161 German Stock Corporation Act (AktG),
which is part of the combined corporate governance statement included in the combined management
report. Otherwise the executive directors are responsible for the other information.
82 Auditor's Report

Our audit opinions on the annual financial statements and on the combined management report do not
cover the other information, and consequently we do not express an audit opinion or any other form of
assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information identified above and, in
doing so, to consider whether the other information

• is materially inconsistent with the annual financial statements, with the audited content of the
combined management report or our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Executive Directors and the Supervisory Board for the Annual
Financial Statements and the Combined Management Report
The executive directors are responsible for the preparation of the annual financial statements that comply,
in all material respects, with the requirements of German commercial law applicable to business corpo-
rations, and that the annual financial statements give a true and fair view of the assets, liabilities, financial
position and financial performance of the Company in compliance with German Legally Required
Accounting Principles. In addition, the executive directors are responsible for such internal control as
they, in accordance with German Legally Required Accounting Principles, have determined necessary to
enable the preparation of annual financial statements that are free from material misstatement, whether
due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the annual financial statements, the executive directors are responsible for assessing the
Company’s ability to continue as a going concern. They also have the responsibility for disclosing, as appli-
cable, matters related to going concern. In addition, they are responsible for financial reporting based
on the going concern basis of accounting, provided no actual or legal circumstances conflict therewith.

Furthermore, the executive directors are responsible for the preparation of the combined management
report that as a whole provides an appropriate view of the Company’s position and is, in all material
respects, consistent with the annual financial statements, complies with German legal requirements,
and appropriately presents the opportunities and risks of future development. In addition, the executi-
ve directors are responsible for such arrangements and measures (systems) as they have considered
necessary to enable the preparation of a combined management report that is in accordance with the
applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the
assertions in the combined management report.

The supervisory board is responsible for overseeing the Company’s financial reporting process for the
preparation of the annual financial statements and of the combined management report.

Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the
Combined Management Report
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a
whole are free from material misstatement, whether due to fraud or error, and whether the combined
 Auditor's Report 83

management report as a whole provides an appropriate view of the Company’s position and, in all
material respects, is consistent with the annual financial statements and the knowledge obtained in the
audit, complies with the German legal requirements and appropriately presents the opportunities and
risks of future development, as well as to issue an auditor’s report that includes our audit opinions on
the annual financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German
Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der
Wirtschaftsprüfer (IDW) and in supplementary compliance with the ISA will always detect a material
misstatement. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these annual financial statements and this combined management report.

We exercise professional judgement and maintain professional scepticism throughout the audit. We also

• identify and assess the risks of material misstatement of the annual financial statements and of the
combined management report, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher
than the risk of not detecting a material misstatement resulting from error, as fraud may involve collu-
sion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
• obtain an understanding of internal control relevant to the audit of the annual financial statements
and of arrangements and measures relevant to the audit of the combined management report in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an audit opinion on the effectiveness of these systems of the Company.
• evaluate the appropriateness of accounting policies used by the executive directors and the
reasonableness of estimates made by the executive directors and related disclosures.
• conclude on the appropriateness of the executive directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists rela-
ted to events or conditions that may cast significant doubt on the Company’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in the auditor’s report to the related disclosures in the annual financial statements and in
the combined management report or, if such disclosures are inadequate, to modify our respective
audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to be able
to continue as a going concern.
• evaluate the overall presentation, structure and content of the annual financial statements, inclu-
ding the disclosures, and whether the annual financial statements present the underlying transac-
tions and events in a manner that the annual financial statements give a true and fair view of the
assets, liabilities, financial position and financial performance of the Company in compliance with
German Legally Required Accounting Principles.
• evaluate the consistency of the combined management report with the annual financial statements,
its conformity with German law, and the view of the Company’s position it provides.
84 Auditor's Report

• perform audit procedures on the prospective information presented by the executive directors in
the combined management report. On the basis of sufficient appropriate audit evidence we eva-
luate, in particular, the significant assumptions used by the executive directors as a basis for the
prospective information, and evaluate the proper derivation of the prospective information from
these assumptions. We do not express a separate audit opinion on the prospective information and
on the assumptions used as a basis. There is a substantial unavoidable risk that future events will
differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We provide those charged with governance with a statement that we have complied with the relevant
independence requirements, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, the actions taken or safe-
guards applied to eliminate independence threats.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the annual financial statements for the current period and
are therefore the key audit matters. We describe these matters in the auditor’s report unless law or
regulation precludes public disclosure about the matter.

Other Legal and Regulatory Requirements

Report on the Audit of the Electronic Reproductions of the Annual Financial Statements
and of the combined Management Report Prepared for Publication Pursuant to Section
317 (3a) HGB

Audit Opinion
We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable assurance
whether the electronic reproductions of the annual financial statements and of the combined management
report (hereinafter referred to as “ESEF documents”) prepared for publication, contained in the file, which
has the SHA-256 value 22BBEEFDB7FAA5324B1BD2FDC676F6F8768B4760ABE54DA94EC6FC3EB0FFBC71,
meet, in all material respects, the requirements for the electronic reporting format pursuant to Section
328 (1) HGB (“ESEF format”). In accordance with the German legal requirements, this audit only covers
the conversion of the information contained in the annual financial statements and the combined
management report into the ESEF format, and therefore covers neither the information contained in
these electronic reproductions nor any other information contained in the file identified above.

In our opinion, the electronic reproductions of the annual financial statements and of the combined
management report prepared for publication contained in the file identified above meet, in all mate-
rial respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB.
 Auditor's Report 85

Beyond this audit opinion and our audit opinions on the accompanying annual financial statements
and on the accompanying combined management report for the financial year from 1 January to 31
December 2023 contained in the “Report on the Audit of the Annual Financial Statements and of the
combined Management Report” above, we do not express any assurance opinion on the information
contained within these electronic reproductions or on any other information contained in the file iden-
tified above.

Basis for the Audit Opinions

We conducted our audit of the electronic reproductions of the annual financial statements and of the
combined management report contained in the file identified above in accordance with Section 317
(3a) HGB and on the basis of the IDW Auditing Standard: Audit of the Electronic Reproductions of
Financial Statements and Management Reports Prepared for Publication Purposes Pursuant to Section
317 (3a) HGB (IDW AuS 410 (06.2022)). Our responsibilities in this context are further described in the
“Auditor’s Responsibilities for the Audit of the ESEF Documents” section. Our audit firm has applied the
requirements of the IDW Quality Management Standards.

Responsibilities of the Executive Directors and the Supervisory Board for

the ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF documents
based on the electronic files of the annual financial statements and of the combined management
report according to Section 328 (1) sentence 4 no. 1 HGB.

In addition, the executive directors of the Company are responsible for such internal controls that they
have considered necessary to enable the preparation of ESEF documents that are free from material
intentional or unintentional non-compliance with the requirements for the electronic reporting format
pursuant to Section 328 (1) HGB.

The supervisory board is responsible for overseeing the process for preparing the ESEF documents as
part of the financial reporting process.

Auditor’s Responsibilities for the Audit of the ESEF Documents

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from materi-
al intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exer-
cise professional judgement and maintain professional scepticism throughout the audit. We also

• identify and assess the risks of material intentional or unintentional non-compliance with the
requirements of Section 328 (1) HGB, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit
opinion.
• obtain an understanding of internal control relevant to the audit on the ESEF documents in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an assurance opinion on the effectiveness of these controls.
86 Auditor's Report

• evaluate the technical validity of the ESEF documents, i.e. whether the file containing the ESEF
documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in
force at the balance sheet date, on the technical specification for this electronic file.
• evaluate whether the ESEF documents enable a XHTML reproduction with content equivalent to
the audited annual financial statements and to the audited combined management report.

Further Information pursuant to Article 10 of the EU Audit Regulation

We were elected as auditor by the general meeting on 6 May 2022. We were engaged by the supervisory
board on 28 April/6 May 2023. We have been the auditor of Deutsche Post AG, Bonn/Germany, since
the financial year 2023.

We declare that the audit opinions expressed in this auditor’s report are consistent with the additional
report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

Other Matter – Use of the Auditor’s Report

Our auditor’s report must always be read together with the audited annual financial statements and the
audited combined management report as well as with the audited ESEF documents. The annual finan-
cial statements and the combined management report converted into the ESEF format – including the
versions to be submitted for inclusion in the Company Register – are merely electronic reproductions of
the audited annual financial statements and the audited combined management report and do not take
their place. In particular, the ESEF report and our audit opinion contained therein are to be used solely
together with the audited ESEF documents made available in electronic form.

German Public Auditor responsible for the Engagement

The German Public Auditor responsible for the engagement is Prof. Dr Frank Beine.

Düsseldorf/Germany, 16 February 2024

Deloitte GmbH
Wirtschaftsprüfungsgesellschaft

Signed: Signed:
Prof. Dr Frank Beine Martin C. Bornhofen
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)
Forward-looking statements
This report contains forward-looking statements that are not historical facts. These include, but are not limited to, current plans, estimates and projections, as well as all other information
available to Deutsche Post AG at the time this report was completed. These statements are not guarantees of future performance. Instead, they depend on a number of factors and are
subject to various risks and uncertainties and are based on assumptions that may prove to be inaccurate. It is possible that actual performance and results may differ from the forward-
looking statements made in this quarterly statement. Deutsche Post AG undertakes no obligation to update the forward-looking statements contained in this report except as required by
applicable law. If Deutsche Post AG updates one or more forward-looking statements, no assumption can be made that the statement(s) in question or other forward-looking statements
will be updated regularly.
Deutsche Post AG
Headquarters
Responsible for content:
Dept. 622
53250 Bonn
deutschepost.de