DHL 2003 Annual Report Download - page 94
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90
Events after the Close
of the Fiscal Year
Changes in operating environment after the end of the year under review
There were no changes in the Group’s operating environment after the end of the year
under review.
Further expansion of international activities
Our subsidiary Deutsche Post Beteiligungen Holding GmbH acquired the British com-
pany Speedmail International Limited on January 23, 2004. Speedmail International
Limited, which employs 110 people and handles more than 12 million items annually,
is one of the few licensed postal companies that is active on the national mail market
and transports international business mail to and from the UK.
From the summer of 2004, DHL and Lufthansa Cargo will jointly operate five
international routes as part of a long-term strategic alliance. DHL and its customers
will benefit from more frequent connections between the American, Asian, and
European markets.
Outlook
Global economic upturn revives markets
Economic experts are very upbeat about the prospects for the global economy in 2004.
After the prolonged period of recession and stagnation, they expect an economic
upturn in 2004 and 2005.
The USA in particular has laid the foundations for transitioning its economic
recovery, which is initially being bolstered by fiscal policy measures, to a self-sustained
upturn. Its GDP growth therefore looks set to accelerate to 4.7% in the current fiscal
year. For example, research departments at banks expect that the USA will also profit
increasingly from the continuing global revival and the weak dollar, which should
lead to a sharp 7.5% rise in exports.
Japan will continue to benefit from the global upturn and its exports are likely
to rise substantially again. However, structural problems cast doubt on whether the
stimulus provided by foreign trade will have a lasting effect on domestic demand.
China, on the other hand, will again experience exceedingly strong growth, with GDP
forecast to increase by more than 8%. Export growth will be on a par with previous
years.