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Road freight market growth slows
Driven by the challenging macroeconomic environment, growth in the European
road freight market slowed over the course of . e annual average was   to 
(previous year:   to  ). Whilst the market in Germany and other parts of Central
Europe saw satisfactory growth developments, several Southern European countries
recorded a decline. ’s Freight business unit continued to be one of the leading
providers in the European market, with a share of .  in . Our revenue growth
matched that of the overall market.
REVENUE AND EARNINGS PERFORMANCE
Freight forwarding business grows profitably in weak market
e  ,  division increased revenue in the reporting
year by .  to , million (previous year, adjusted: , million). is g-
ure includes positive currency eects of  million. Revenue growth in the freight
forwarding business was moderate throughout . e market weakened noticeably
and the economic environment remained uncertain. Our business grew protably
despite this.
In the Global Forwarding business unit, revenue increased by .  in the reporting
year to , million (previous year: , million). When adjusted for the positive
currency eects of  million, we saw growth of . . Gross prot increased by .
to , million (previous year: , million).
Our project New Forwarding Environment made encouraging progress.
Gross profits in air and ocean freight at good level
In the reporting year, revenue declined year-on-year in the air freight business and
grew in the ocean freight business. Consequently, shipping volumes trended as follows:
air freight was down and ocean freight was up. Overall, the margins and therefore gross
prot were stabilised at a good level.
Air freight volumes decreased by .  year-on-year, primarily on account of the
decline in demand in the technology sector. e decline was slowed in the fourth quarter
with the slight rise of freight rates, especially on freight lines from Asia. On the short-
term spot market, options became available at times due to the continued availability
of surplus capacities, which resulted from the relatively strong rise in passenger ight
capacities compared with a relatively weak decline in air freight capacities. Revenue
was down in the reporting year by .  and in the fourth quarter by . . Gross prot
improved by .  in the reporting year.
. European road transport
market, : top 
Market volume: . billion
1
1 Country base: total for  European countries,
excluding bulk and specialities transport.
Source:  study,   (based on Eurostat,
financial publications,  Global Insight).
1.8 % 
3.5 %  Schenker
1.6 % Dachser
1.3 % Geodis
2.4 % 
Strategic focus, page f.
Deutsche Post DHL Annual Report 
64