DHL 2011 Annual Report Download - page 72

Retail outlets generate increased revenue
Revenue generated by our approximately , retail outlets and sales points
amounted to  million in the reporting year, a .  increase over the previous year
( million). Growth in the fourth quarter amounted to . .
International mail portfolio adjusted
In the Global Mail business, revenue and volumes declined year-on-year primar-
ily because we discontinued the bulk mail business in the Netherlands. Full-year 
revenue was , million, .  below the prior year (, million). In the fourth
quarter, revenue declined by .  to  million (previous year:  million). Rev-
enue in the reporting year was impacted by negative currency e ects of  million. We
saw encouraging growth in our traditional export business and in international mail
from the United States and the Asia Paci c region.
. Mail International: volumes
mail items (millions)
2010 2011 + / – % Q4 2010 Q4 2011 + / – %
Global Mail 6,005 2,987 – 50.3 1,497 638 – 57.4
 below prior year’s high fi gure due to 
 in the  division was , million in  nancial year , .  below the
prior year’s high  gure of , million.  e -related discounts in the mail business
and expenses from investments in digital growth areas put pressure on earnings. In the
fourth quarter of , earnings improved from  million to  million. Return
on sales was .  in the reporting year.
Operating cash  ow was  million (previous year, adjusted: , million).  is
was impacted by the  requirement introduced on  July  and the changes in
working capital associated with it. Working capital was – million and below the
prior-year  gure of – million.
Deutsche Post DHL Annual Report 
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