In a time of economic uncertainty, Deutsche Post DHL, as a global logistics company, achieved an impressive result in financial year 2011. Thanks to our presence in the world’s growth markets, we were able to increase revenues in all DHL divisions, in some areas quite considerably. The extensive restructuring measures we have implemented in recent years have substantially improved our profitability, as reflected in the noticeable increase in our margins. The MAIL division stabilised revenue, due above all to strong growth in our parcel business. Given that operating cash flows have likewise trended in a very positive direction and that we continue to benefit from our good net liquidity position, the Group’s financial position remains very solid in the opinion of the Board of Management.