DHL 2012 Annual Report Download - page 70
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increases due to high gross profit margins
in the division improved by . to million (previous year, adjusted:
million) due to high gross prot margins and constantly increasing eciency.
Return on sales amounted to . (previous year: . ).
Fourth-quarter earnings growth was even greater, increasing . to million
(previous year, adjusted: million). Return on sales in the fourth quarter improved
year-on-year from . to . .
Net working capital declined compared with the prior year as a result of improved
receivables management. Operating cash ow was million and therefore slightly
below the adjusted prior-year gure of million.
Deutsche Post DHL Annual Report
66