Revenue in the EXPRESS Division rose by 2.2% to €17,195 million (previous year: €16,831 million (restated)). Organic growth produced a 3.5% increase, which was offset to the tune of €150 million by negative currency effects and €78 million due to divestments and transfers of business activities.

The prior-year figures have been restated to reflect various changes. Since the beginning of 2006, we have reported on cross-segment service functions as part of the SERVICES Division. Internal revenue is additionally reduced by changes to the method of transfer pricing between the regions. Our European overland transport business was transferred from the EXPRESS Division to the LOGISTICS Division with effect from July 1, 2006. Finally, in a reorganization of our global express network, hubs and global network aviation were transferred from the SERVICES segment to the EXPRESS Division.

In Europe, our revenue in the major national markets such as Italy and Spain showed gratifying increases. In Germany, we recorded revenue growth with international express products, although competitive pressure in domestic parcel business did not ease. We countered this pressure with price cuts in the summer, which served to reduce the volume shortfall in the fourth quarter. Total revenue in the region rose only slightly, standing at €10,106 million (previous year: €10,034 million).

As expected, revenue in the Americas was down year on year by 1.9% to €4,379 million (previous year: €4,466 million). In the USA, the Domestic Air product in particular was impacted by the drop in revenue and volume in the first six months of 2006. However, revenue leveled out in the second half of the year. The other markets in the region reported an increase in revenue of around 13%. Negative currency effects reduced revenue by €74 million.

Supported by sustained economic growth, revenue in the Asia Pacific region rose by 12.9% to €2,443 million (previous year: €2,163 million). Growth rates even exceeded 17% in some countries, including China, India and Malaysia.

In the Emerging Markets (EMA), revenue increased year on year by 14.7% to €969 million (previous year: €845 million). Here, the high levels of awareness of the DHL brand had a positive impact.

Profit from operating activities (EBIT) improved from a negative €23 million to €325 million. The previous year’s figure contained a write-down of goodwill for the Americas of €434 million. Further improvements in earnings in the Asia Pacific and EMA regions contributed to the development. In the Americas, the earnings situation improved markedly during the course of the year. The monthly results in the second half of 2006 show that a turnaround is under way in the USA. In Europe, we succeeded in further improving our earnings. The operating results from countries other than Germany compensated for the dip in earnings in the German parcel business. Return on sales in the express business was 1.9%.