DHL 2014 Annual Report Download - page 69
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Our other domestic parcel business in Europe performed just as well. Since we
consolidated this business into the Post - eCommerce - Parcel division, revenue and sales
have increased considerably compared with the prior year.
Our worldwide e-commerce activities also continue to perform well. Revenue in-
creased in the reporting year due to solid growth in the Americas and India. In contrast,
volumes remained below the prior-year gure because we began to reassess our cus-
tomer portfolio, particularly in the .
. Parcel Germany: volumes
Parcels (millions) 2013
adjusted
2014 + / – % Q 4 2013
adjusted
Q 4 2014 + / – %
Parcel Germany 965 1,033 7.0 285 309 8.4
Increased costs slow earnings growth
Although revenue rose signicantly compared with the previous year, improved
only slightly to , million (previous year: , million). Increased material and
labour costs, in particular, as well as the continued expansion of our parcel network,
noticeably slowed the improvement in earnings. e return on sales was . (previ-
ous year: . ). In the fourth quarter of , was million (previous year:
million), which improved return on sales from . to . quarter-on-quarter.
Operating cash ow in the reporting year was , million, exceeding the prior-
year gure of , million by . , which is mainly a result of lower net cash outow
from working capital. At – million, working capital was signicantly less favorable
than the prior-year level (– million).
Deutsche Post Group — Annual Report
63
Group Management Report — REPORT ON ECONOMIC POSITION — Business performance in the divisions