DHL 2002 Annual Report Download - page 89

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4
Solid financial position forms
basis for increased earnings
power and further growth
Consolidated Financial Statements in accordance with IASs
With the takeover of DHL, we generated yet another increase in our consolidated
revenue and further expanded our position on the international markets. Despite
an economically difficult operating environment, our earnings were higher
than our intra-year projections had anticipated. Thanks to active management
of our cash and cash equivalents, we have maintained our solid financial position
and generated a clear improvement in the Groups liquidity. As a result, we
have plenty of financial leeway and are thus optimally positioned to increase our
earnings power and further expand our global growth strategy.