In the LOGISTICS Division, the prior-year figures were restated because we transferred our European overland transport business from the EXPRESS Division to the LOGISTICS Division under the name DHL Freight as of July 1, 2006.

The LOGISTICS Division continued to make gains in the first half of 2007. Revenue grew 6.7% to €12,506 million (previous year: €11,716 million). This figure included negative currency effects of €239 million. In addition, non-organic effects, such as the sale of Vfw AG, reduced revenue by €54 million. Purely organically, revenue grew by 9.2%.

The DHL Global Forwarding business generated revenue of €4,468 million (previous year: €4,457 million). This figure was affected adversely by currency effects totalling €132 million; after adjustment for these effects, operating activities grew by 3.2% year-on-year. This development does not reflect the significantly higher growth in volume because our air freight activities also recorded lower freight rates and a drop in fuel surcharges.

The air freight volume transported rose by 9.0% in the first half of the year and by 11.5% in Q2. In contrast, the market only grew by 2.7%. Revenue decreased slightly; however, in view of lower freight rates on key trade lanes, costs fell even more. Our business performed well, above all in Europe, the Middle East and Africa.

Ocean freight transported 16.1% more containers in the first half of the year than in the same period the previous year. In the second quarter, the increase was a healthy 17.8%. Here also, our revenue growth of 12.3% considerably outperformed the market, which grew by around 9%. The Middle East and African regions registered substantial revenue increases and our North American business also performed very well. Moreover, growth in industrial projects was particularly strong.

Revenue generated by DHL Exel Supply Chain was up, increasing by 12.8% to €6,412 million year-on-year. The single largest factor was the ten-year deal with the NHS in the UK as well as higher revenue in eastern and northern Europe as well as Asia.

In the first half of 2007, the DHL Freight business reported revenue of €1,822 million (previous year: €1,841 million). Adjusted for non-organic effects, our operations grew by 4.1%. Growth in most countries was satisfactory, above all in Germany, where we increased provision of services to the automotive sector.

Profit from operating activities (EBIT) was €414 million in the period under review (previous year: €323 million). The 28.2% increase was favourably influenced by the sale of the waste management company Vfw AG, which was completed as of March 2, 2007 and resulted in non-recurring income of €59 million. Allowing for integration costs that were higher than in the previous year and negative currency effects, our performance here is positive. Return on sales rose from 2.8% to 3.3%.

The integration of Exel and DHL is proceeding somewhat better than expected since the associated costs have been slightly lower than anticipated and more synergies are being achieved than planned. In the meantime, nearly all 930 integration projects have been initiated and over half of these have already been completed.