Excerpts from Deutsche Post AG's 2012 Group Annual Report.
Overall assessment by the Board of Management
Good results achieved
We are very satisfied with the results achieved in financial year 2012. Deutsche Post DHL increased both revenue and margin. EBIT improved by nearly 10% despite the negative impact of the additional VAT payment. Thanks to our presence in the world’s growth markets, the DHL divisions performed particularly dynamically. In the MAIL division, revenues were up significantly in the parcel business, which helped to compensate for moderate volume declines in the mail business. In the fourth quarter, the Group’s earnings grew even more decidedly at a rate of nearly 40%. Although operating cash flow was negatively impacted by extraordinary effects from the continued funding of pension liabilities, the Group’s financial position remains very solid in the opinion of the Board of Management.