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Deutsche Post  Group —  Annual Report
As I said back in , we accepted some short-term effects on our consolidated
 as a result of these strategic measures across the divisions. As a result
ofre-orientating the transformation process at Global Forwarding, we recorded
negative one-off effects in the amount of  million in financial year .
Moreover, the earnings exposure of  million for full-year  announced in
the third quarter was almost fully recognised. Nonetheless, we met the forecast
which had been adjusted over the course of the year.
In , we increased consolidated revenue to . billion, due to positive
currency effects. The German parcel business in the Post - eCommerce - Parcel
division and the international business in the Express division continued to
generate dynamic growth. Lower fuel surcharges and changes to the way in
which revenue is reported as a result of revised contract termswith a customer
inthe Supply Chain division had a negative impact on revenue.
At the same time, we have seen that our business model is fundamentally intact
and our profi tability remains high, not least given the sound operating perform-
ance in the fourth quarter. Furthermore, every year we get better at generating
cash from our operating business; for instance, we signifi cantly exceeded our
goal of using cash fl ow to cover the prior-year dividend.
I AM VERY CONFIDENT THAT 
WILL BE A GOOD YEAR FOR US
With regard to , I am very confi dent that it will be a good year for us. This
isfor three reasons in particular: First, the one-off effects that set back earnings
in will be behind us. Second − and even more important for the future−
we shall increasingly see the positive effects of the structural improvementsthat
we have initiated or already implemented in the individual divisions. Third,
ourinvestments in growth will increasingly pay off.
4