Global Forwarding: revenue by segment
€m
	2007	2008	+/– %	Q4 2007	Q4 2008	+/– %
Air freight	4,809	5,388	12.0	1,268	1,341	5.8
Ocean freight	3,014	3,418	13.4	810	924	14.1
Other	1,587	1,779	12.1	444	479	7.9
Total	9,410	10,585	12.5	2,522	2,744	8.8

Global Forwarding: volumes
thousands
		2007	2008	+/– %	Q4 2007	Q4 2008	+/– %
Air freight	Tonnage	4,409	4,291	−2.7	1,203	1,007	–16.3
Ocean freight	TEU1)	2,764	2,882	4.3	873	754	–13.6

Market growth in the ocean freight business also suffered from a very weak fourth quarter. We estimate the market to have grown by only 3% to 4% in the year under review. However, we outperformed the market on the whole with growth of 4.3% despite a fourth-quarter volume decline of 13.6%. Thanks to a favourable trend in freight rates, revenue rose by 13.4% in 2008. We increased revenues in Latin America, North Asia and Europe in particular.

Our industrial projects business, which we have been focussing on for two years, made another above-average contribution to growth, especially in Asia, North America, the Middle East and Africa.

European overland transport business performs stably

The Freight Business Unit reported revenue of €3,710 million for the year as a whole (previous year: €3,646 million) and organic growth of 2.6% compared with the previous year. The business performed well in the Benelux countries, in Eastern Europe and in Germany. Gross profit amounted to €955 million, around the same as in the prior year.

EBIT before non-recurring items rises 6%

Division EBIT declined to €389 million from €409 million in the previous year. The figure for 2008 includes restructuring provisions amounting to more than €40 million. Additionally, adjusted for negative currency effects of nearly €20 million as well as acquisitions, the business performed well with earnings growth of 6%. Thanks to our effective cost management, we held our ground well in a difficult and volatile market environment. Return on sales (excluding restructuring provisions) remained stable compared with the previous year at 3%.

Operating cash flow amounted to €630 million (previous year: €217 million). The figure greatly increased because we are consistently implementing our Roadmap to Value initiatives. Working capital and the cash conversion rate both improved. The cash conversion rate measures the proportion of operating earnings that are converted to cash flow.

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