Whilst revenue declined slightly, Deutsche Post DHL increased profit from operating activities by 7.4 % in financial year 2013, due to improved margins. Also, strong continued growth in the parcel business in Germany resulted in MAIL division earnings at the upper end of our forecast. Performance in the DHL divisions was impeded by major currency effects. Although revenue was lower, the EXPRESS and SUPPLY CHAIN divisions were able to increase earnings through strict cost management. Operating cash flow also saw an encouraging rise, increasing to around €3 billion. Therefore, in the opinion of the Board of Management, the Group’s financial position remains good.