DHL 2003 Annual Report Download - page 70
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Airborne helps EXPRESS grow
In the EXPRESS Corporate Division, we have been presenting our courier,
express, and parcel service business under the DHL umbrella brand by region from
the beginning of 2003. This also includes the activities of the Eurocargo Business
Unit that were previously reported in the LOGISTICS Corporate Division. Our inter-
national mail services have been reported in the MAIL Corporate Division since
August 1, 2003.
The total revenue for this Corporate Division increased by 12.3% to €16,443 mil-
lion in 2003 (previous year: €14,637 million). The major part of this increase resulted
from acquisitions, which accounted for €1,657 million. Business operations developed
so well in all regions that we more than compensated for revenue shortfalls due to
exchange rate losses of €787 million.
The Europe region generated revenue growth of 6.7% year-on-year to €11,371 mil-
lion (previous year: €10,659 million). We recorded external growth in the United
Kingdom, Spain and Italy. Casa di Spedizioni Ascoli S.p.A. (Italy) was fully consolidat-
ed for the first time on February 1, 2003, and Securicor Omega Holdings Ltd. (United
Kingdom) on July 1, 2003. On October 1, 2002, we fully consolidated Guipuzcoana
in Spain.
2002 1) 2003 Change
in %
Total revenue in €m 14,637 16,443 12.3
Profit from operating activities before
goodwill amortization (EBITA) 2) in €m 270 408 51.1
Return on sales 3) in % 1.8 2.5
1) Prior-period amounts restated due to restructuring of Mail International Business Division and other product portfolio optimization measures
2) Prior-period amounts restated due to reclassification of interest cost on pension obligations and other interest-bearing provisions
from EBITA to net finance costs
3) EBITA/revenue
EXPRESS Corporate Division
in €m 2002 2003 Change
in %
Europe 10,659 11,371 6.7
Americas 1,689 2,693 59.4
Asia/Pacific 1,138 1,145 0.6
Emerging Markets (EMA) 524 624 19.1
Global Mail 768 1) 724 –5.7
Reconciliation –141 –114 –19.1
Total 14,637 16,443 12.3
1) Prior-period amounts restated due to restructuring of Mail International Business Division and other product portfolio optimization measures
Revenue by region