DHL 2011 Annual Report Download - page 86
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Earnings increase signifi cantly
for the division improved signi cantly in with a rise of
. to million (previous year: million). e increase included a gain on
the disposal of amounting to million, including transaction costs. e prior-
year gure contained restructuring costs of million. e margin continued to
improve, rising from . to . primarily due to an increase in business activity and
continued focus on operating improvement and cost reduction initiatives.
Fourth-quarter improved from million in the prior year to million.
e margin for the quarter was . (previous year: . ).
Operating cash ow was million for , an increase of million over the
million achieved in the previous year. Higher earnings and lower cash out ows for
restructuring were partly o set by an increase in working capital.
Deutsche Post DHL Annual Report
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