Overall Board of Management assessment of the future economic position
We expect the global economy to continue to experience regional variations in 2015 and to demonstrate only moderate growth on the whole. A similar development is anticipated for world trade. Our strong position as market leader in the German mail and parcel business and in nearly all of our international logistics activities is the best possible basis for further growth. Our strategic focus on business driven by e-commerce and emerging economies that exhibit strong structural growth are the main factors we see as supporting the long-term performance of our business. The Board of Management expects consolidated EBIT to reach €3.05 billion to €3.20 billion in financial year 2015. The Post - eCommerce - Parcel division is likely to contribute at least €1.3 billion to this figure. Compared with the previous year, we expect an additional improvement in overall earnings to €2.1 billion to €2.25 billion in the DHL divisions. Within the DHL divisions we expect a further increase in earnings for Express, whilst the transformation in the Global Forwarding, Freight division and investments in the Supply Chain division will dampen those division` earnings. The Corporate Center/Other result is projected to remain at around €-0.35 billion. Due in particular to the forecast increase in EBIT, we also expect EAC to grow in financial year 2015. Free cash flow is expected to at least cover the dividend payment for financial year 2014 projected to be paid in May 2015.