EXPRESS

Global recession leads to soft volumes

In the first three months of 2009, revenue in the EXPRESS Division declined by 25.9% to €2,495 million (previous year: €3,367 million). Negative currency effects of €20 million affected this result. Measured in local currencies and adjusted for acquisitions, revenue declined by 26.5%. This was due in large part to lower volumes, lower fuel surcharge revenues and the exit from the domestic express business in the US. Outside the United States, revenue in local currencies also fell – in this case by 11.6%.

Given the global recession, our daily shipment volumes in the Time Definite International product line decreased year-on-year by 13.3%. Outside the US, daily shipment volumes in the Time Definite Domestic product line declined by 7.0%.

Weaker revenue in Europe

Revenue dropped by 16.9% in Europe to €1,387 million (previous year: €1,669 million). This included negative currency effects of €72 million, primarily attributable to our UK/Ireland, Scandinavia and Central Europe business. Adjusted for these currency effects and acquisitions in Spain and Romania, organic revenue in the region declined by 13.0%. This was driven by a drop in shipment volumes originating mainly in Scandinavia, the Baltic countries, Iberia, France, the Benelux countries, the UK and Ireland.

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