DHL 2012 Annual Report Download - page 70

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 increases due to high gross profit margins
 in the division improved by .  to  million (previous year, adjusted:
 million) due to high gross prot margins and constantly increasing eciency.
Return on sales amounted to .  (previous year: . ).
Fourth-quarter earnings growth was even greater, increasing .  to  million
(previous year, adjusted:  million). Return on sales in the fourth quarter improved
year-on-year from .  to . .
Net working capital declined compared with the prior year as a result of improved
receivables management. Operating cash ow was  million and therefore slightly
below the adjusted prior-year gure of  million.
Deutsche Post DHL Annual Report 
66