DHL 2010 Annual Report Download - page 83

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 improves substantially
Divisional  improved substantially due to the increase in existing business
activity and higher contributions from new business wins, underpinned by cost reduc-
tions and favourable exchange rates. In , earnings had been impacted by expenses
of   million due to the Arcandor insolvency, our withdrawal from underperforming
contracts and impairment charges relating to legacy properties in Europe.
 for the   division increased by   million to   million (pre-
vious year: – million). Restructuring costs totalled   million in the year under
review (previous year:   million). Adjusted for these costs,  before non-recurring
items amounted to   million (previous year: – million).  e  margin before
non-recurring items for full-year  rose from –.  to . .
Fourth-quarter  amounted to  million (previous year: – million).  is
gure contains restructuring costs of   million (previous year:   million) and
an expenditure of   million for a special end-of-year employee bonus.  ere were
signi cant expenses impacting  in the fourth quarter of  which amounted
to   million.
 before non-recurring items amounted to million (previous year: – mil-
lion).  e  margin before non-recurring items amounted to .  in the fourth
quarter, a drop of . percentage points due to expenses for the end-of-year bonus.
Operating cash  ow decreased to   million in the reporting year (previous year:
 million) due to the restructuring measures introduced in . We maintained
our e cient working capital position as revenue continued to rise.
Deutsche Post DHL Annual Report 
Group Management Report
Divisions
  division
69