DHL 2013 Annual Report Download - page 105

EXPECTED DEVELOPMENTS
Overall Board of Management assessment
of the future economic position
Our strong position as market leader in the German mail and parcel business and
in nearly all of our logistics activities is the best possible basis for further growth. e
Board of Management expects consolidated  to reach between . billion and
. billion in nancial year  and world economic growth to be slightly above the
previous year at best. A similar development is expected for world trade. e 
division is likely to contribute around . billion to consolidated . Compared with
the previous year, we expect an additional improvement in overall earnings to between
. billion and . billion in the  divisions. e Corporate Center / Other result
should be better than –. billion. We expect to see a further positive development in
 aer asset charge and operating cash ow, in line with the  trend.
Forecast period
Outlook generally refers to 
e information contained in the report on expected developments generally refers
to nancial year . However, in some instances we have chosen to extend the scope.
Future organisation
Parts of parcel business outside Germany consolidated in mail business
Our domestic parcel business in Poland, the Czech Republic, Belgium and the
Nether lands was consolidated in the  division, eective  January . is busi-
ness was previously part of the  and  ,  divisions.
Future economic parameters
Growth of global economy accelerates
Supported by the continuation of expansive monetary policies, the global economy
began growing at an accelerated pace at the start of , with the weak economic
trend appearing to have bottomed out in many industrial countries. In addition, scal
consolidation pressure has abated. e emerging economies with strong export sectors
are expected to benet from the upturn in the industrial countries. ese countries are
likely to continue to achieve signicantly higher growth rates. Risks to global growth
could emanate from the nancial markets if the markets go ahead and price in interest
rate hikes by central banks before the fact. A renewed sovereign debt crisis in the euro
zone would also slow down growth substantially. On the other hand, global growth
could develop stronger momentum than is currently anticipated.
101Deutsche Post DHL 2013 Annual Report
Group Management Report Expected Developments
Overall Board of Management assessment of the future economic position
Forecast period
Future organisation
Future economic parameters