DHL 2008 Annual Report Download - page 45

Deutsche Post World Net Annual Report 2008
Group Management Report
Earnings, Financial Position
and Assets and Liabilities
Earnings
Changes in reporting
 e current reporting format is the one that will apply to the Group in the future
following the agreed sale of Postbank.  e Pension Service has been reallocated from
the   Division to the  Division, as they share a regulatory
environ ment that is almost the same.  e remaining segment consists only of Postbank
and is thus reported under “discontinued operations”. We report our other activities
as “continuing operations”.
With e ect from  January , we unbundled the  Division, allocated
the costs of Global Business Services to the operating units and gave the  Divi-
sion responsibility for the retail outlets. We now report a more narrowly de ned unit,
Corporate Center / Other. In addition, we split up the  Division into the new
     Div ision a nd the new       Div ision.  e
prior-year amounts have been restated accordingly. Details can be found in the Segment
reporting disclosures.
Portfolio expanded
In the reporting year, the main changes to our portfolio were as follows:
•  (Flying Cargo) International Transportation Ltd., an Israeli company domiciled
in Tel Aviv, was included for the  rst time in pro t and loss. We purchased all shares
in the company on  December .
• In April , we increased our   stake in Williams Lea to  .  e Group had
made an unconditional cash o er to acquire the outstanding shares held by Williams
Lea’s minority shareholders.
• In April , we acquired the remaining   of the shares in the Exel-Sinotrans
Freight Forwarding Co., Ltd. joint venture.  e company was renamed  Logistics
(China) Co., Ltd. and has been fully consolidated.
• Express Couriers Australia Pty Ltd., a joint venture with New Zealand Post that was
established at the beginning of the year, commenced operations in the third quarter,
primarily by acquiring business units from New Zealand Post.  e company has been
proportionately consolidated.
• At the end of October, we entered into a charter agreement for block space with Polar
Air Cargo Worldwide, Inc., a  company.  e agreement guarantees us access to
six cargo aircra . Due to this contractual regulation, Polar Air Cargo has been fully
consolidated.
Consolidated revenue from continuing operations increased
Consolidated revenue from continuing operations increased by .  to
 , million in  nancial year  (previous year:  , million). However,
this  gure was reduced by negative currency e ects of  , million. As a globally
operating logistics group, we generated, with . , the majority of our revenue out-
side of Germany, an increase of . over the previous year.
Note 10
Note 3
Consolidated revenue for continuing
operations
€ m
37,709 16,765
2008
37,365 16,678
2007
Abroad
Germany
54,474
54,043
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