Outlook

Business development expectations

In the first quarter of 2010, the moderate recovery trend seen in the second half of 2009 continued. For 2010 as a whole, we have figured in a modest recovery in overall trade volumes. However, uncertainty remains with regard to the extent and durability of such a recovery.

Against this backdrop, we continue to expect full-year consolidated EBIT before non-recurring items to reach €1.6 billion to €1.9 billion in 2010. We now assume that we will be able to close the year as a whole at the upper end of this range. The MAIL division is likely to contribute between €1.0 billion and €1.2 billion and the DHL divisions between €1.0 billion and €1.1 billion to this figure. The Corporate Center/Other segment should come in just below the prior year with a loss of around €0.4 billion.

Planned restructuring measures taken in the previous year on the order of €1 billion will reduce operating cash flow in 2010. Consolidated net profit is expected to continue to improve in 2010 in line with our operating business. 

Starting in 2010, mark-to-market measurement is now required for all financial instruments associated with the Postbank transaction.