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Post - eCommerce - Parcel expands parcel network
Capital expenditure in the Post - eCommerce - Parcel division decreased, falling from
 million in the prior year to  million. e largest capex portion continued to
be attributable to the Parcel  Production Concept, which is designed to adapt our
network capacities to cater to increasing shipment volumes. e international parcel
network was also expanded. Additional investments focused on other operating and
oce equipment and enhancing  performance.
Express investments driven by markets with rising customer demand
In the Express division, capital expenditure amounted to  million in the reporting
year (previous year:  million). Investments focused primarily upon our global and
regional hubs in Leipzig, Cincinnati, Singapore and Dubai in order to meet growing cus-
tomer demand. In addition, a substantial portion of capital expenditure was attributable
to selected markets such as the , the  and China. We also continued to invest in
our eet of aircra, albeit less than in the previous year.
Global Forwarding, Freight continues to expand 
In the Global Forwarding, Freight division, capital expenditure rose from  million
in the prior year to  million in . Of that gure,  million was attributable to
the Global Forwarding business unit where we continued to improve our , particularly
as part of the New Forwarding Environment project. We also modernised and tted out
warehouses and oce buildings across all regions. A total of  million was invested
in the Freight business unit, mainly for real estate, operational and technical equipment
and machinery and soware.
. Capex and depreciation, amortisation and impairment losses, full year
PeP Express
Global Forwarding,
Freight Supply Chain
Corporate Center /
Other Consolidation 1 Group
2013
adjusted
2014 2013
adjusted
2014 2013
adjusted
2014 2013 2014 2013 2014 2013 2014 2013
adjusted
2014
Capex  m452 415 484 571 127 207 277 304 407 380 0 –1 1,747 1,876
Depreciation,
amortisation and
impairment losses
 m384 340 380 462 90 88 270 268 213 224 0 –1 1,337 1,381
Ratio of capex
to depreciation,
amortisation and
impairment losses 1.18 1.22 1.27 1.24 1.41 2.35 1.03 1.13 1.91 1.70 – – 1.31 1.36
1 Including rounding.
. Capex and depreciation, amortisation and impairment losses,
PeP Express
Global Forwarding,
Freight Supply Chain
Corporate Center /
Other Consolidation 1 Group
2013
adjusted
2014 2013
adjusted
2014 2013
adjusted
2014 2013 2014 2013 2014 2013 2014 2013
adjusted
2014
Capex  m266 208 223 296 56 79 90 108 217 181 0 –1 852 871
Depreciation,
amortisation and
impairment losses
 m114 86 88 96 22 23 65 71 58 58 0 –1 347 333
Ratio of capex
to depreciation,
amortisation and
impairment losses 2.33 2.42 2.53 3.08 2.55 3.43 1.38 1.52 3.74 3.12 – – 2.46 2.62
1 Including rounding.
. Capex by segment
m
PeP
415
452
Express
571
484
Global Forwarding, Freight
207
127
Supply Chain
304
277
Corporate Center /Others
380
407
  adjusted
Deutsche Post  Group —  Annual Report
56