DHL 2009 Annual Report Download - page 69

Retail outlet revenue falls slightly
Revenue generated by our around , retail outlets and sales points fell slightly
from   million to   million, mainly due to lower internal revenues.
International mail business also sees rise in price sensitivity
In the Global Mail Business Unit, revenue decreased from  , million
to  , million. Revenue was particularly impacted by the discontinuation of
 @ home. We no longer o er this product a er having reduced our  express net-
work. We are seeing the same trend in our international mail business as in the German
market: customers have become more price sensitive, which has caused our traditional
import and export business to su er.
. Mail International: volumes
mail items (millions) 2008
adjusted
2009 + / –  Q 4 2008
adjusted
Q 4 2009 + / – 
Global Mail 7,301 6,654 –8.9 1,934 1,705 –11.8
Solid earnings despite the crisis
 e prior-year  gures for pro t from operating activities  were adjusted be-
cause we no longer report the return on plan assets in connection with pension ob-
ligations as part of . It is now reported under the Group’s net  nance costs / net
 nancial income.
Division  was  , million, well below the prior-year level of  , mil-
lion. Fourth-quarter  amounted to   million (previous year:   million).
 e repayment awarded in the  state aid proceedings had increased earnings by
  million in the previous year. A er adjustment for non-recurring expenses such
as   million from the sale of  Global Mail Services  in France (previous year:
non-recurring income of   million),  declined by .  to , in the year
under review (previous year:  , million). In the fourth quarter, however,  rose
by .  to   million, thanks to stringent cost management.  e Arcandor insolven-
cy resulted in expenses of   million in the reporting year.  before non-recurring
items has not been adjusted for this charge.  rough strict cost management, we were
able to compensate to a large extent for revenue declines arising from the recession and
the structural changes resulting from removing Postbank from the  group. Wage
and cost increases impacted earnings, however. Return on sales amounted to . .
Operating cash  ow amounted to  , million (previous year:  , million),
mainly due to the repayment awarded in the  state aid proceedings in the previous
year. Working capital amounted to − million, nearly reaching the low level of the
previous year (− million).
Deutsche Post DHL Annual Report 
52