Earnings, Financial Position and Assets and Liabilities

The Group’s economic position

Overall assessment by the Board of Management

After cutting indirect costs by more than €1.1 billion in the previous year, Deutsche Post DHL significantly increased its earnings in the first quarter of 2010 on the back of the continued recovery of the global economy. Last year’s restructuring measures are now starting to pay off: margins improved year-on-year in nearly all of our divisions. Combined with rising sales volumes, this enabled us to record an impressive result in the first three months of 2010. We maintained our financial stability at a high level and also achieved a solid operating cash flow.