DHL 2009 Annual Report Download - page 58

Consolidation in contract logistics
At   million, investments in the   division were down signi -
cantly on the previous year’s level (  million). Of this  gure,   million was at-
tributable to the Supply Chain Business Unit. We invested primarily in projects with
new and existing customers in order to establish and expand long-term customer rela-
tionships. Approximately   of capital expenditure was invested in new business.
In the United Kingdom, we directed capital expenditure towards cross-sector ware-
house solutions and related equipment for new and existing customers, as well as in
transport equipment. In the Americas region, we invested in technical equipment and
machinery, which will bene t our new customers in the consumer, retail, energy and
automotive sectors. We also modernised warehouses for existing customers in all sec-
tors. Capital expenditure was reduced most heavily in Continental Europe.  e funds
were primarily used to equip warehouses for new customers and to purchase associated
 equipment.
In the Williams Lea Business Unit (total expenditure:   million) state-of-the-art
printing technology, amongst other things, was purchased, mainly for Germany.
Further decline in cross-divisional investments
Cross-divisional investments also continued to decline, from   million in the
previous year to   million. Most of the expenses were incurred for the purchase of
vehicles and for .  e decline in investment volume was mainly due to fewer vehi-
cles being purchased. Deutsche Post Fleet GmbH invested   million in new and
replacement vehicles (previous year:   million). Funds amounting to   million
(previous year:   million) were invested in .  is increase was mainly the result of
restructuring.
Cash fl ow statement for continuing operations
Net cash from operating activities fell by  , million year-on-year to  , mil-
lion.  is is mainly the result of the utilisation of provisions, primarily due to the re-
structuring of the  express business. For this reason, net cash from operating activi-
ties before changes in working capital was down signi cantly on the prior-year  gure
( , million), at   million.  e reduction in working capital also led to an in-
crease in net cash from operating activities. In particular, the decline in receivables
and other current assets contributed to the improvement. All in all, the net cash from
working capital is down   million year-on-year.
. Selected cash fl ow indicators (continuing operations)
 m
2008 2009
Cash and cash equivalents as at  December 1,350 3,064
Change in cash and cash equivalents 62 1,456
Net cash from operating activities 3,362 1,244
Net cash used in investing activities −914 −1,469
Net cash used in/from fi nancing activities −2,386 1,681
. Operating cash fl ow by division,

 m

1,148

– 459
 , 
528
 
432
Deutsche Post DHL Annual Report 
Group Management Report
Earnings, Financial Position
and Assets and Liabilities
Financial position
41