Revenue and earnings performance

Satisfying development in freight forwarding business

The GLOBAL FORWARDING, FREIGHT division generated revenue of €10,870 million in 2009, a year-on-year decline of 23.3% (previous year: €14,179 million). The total was impaired by exchange rate losses of €97 million. Revenue shrank organically by 22.7% in the reporting period. We are satisfied with our business performance in 2009 in view of the difficult sector environment.

The Global Forwarding Business Unit generated revenue of €7,891 million, down 25.5% year-on-year (previous year: €10,585 million). The decrease was 25.0% after adjustment for exchange rate losses of €45 million. As a result of the global recession, air and ocean freight rates fell to historic lows in the first half of 2009. We were therefore able to purchase lower-cost transport and in turn limit the decrease in our gross profit, which fell a total of 12.6% year-on-year to €1,943 million (previous year: €2,222 million).