GLOBAL FORWARDING, FREIGHT

Freight forwarding business affected by decline in global trade

In the first quarter of 2009, the overall decline in global trade left its mark on our freight forwarding business. Revenue decreased by 18.2% to €2,660 million (previous year: €3,250 million). This figure includes exchange rate gains of €8 million. Organically, our revenue fell by 18.4%.

Volume declines continue in air and ocean freight

Revenue in the Global Forwarding Business Unit diminished year-on-year by 18.6%, from €2,356 million to €1,917 million. The decrease was 19.8% after adjustment for currency effects. By optimising transport purchases, we were able to limit the drop in gross profit, which fell 4.8% from €518 million to €493 million. Profit from operating activities (EBIT) declined compared with the previous year in line with the underlying economic situation.

Air freight volumes (exports) were 26.2% lower than in the first quarter of 2008, mainly due to the sharp decline in the technology sector. The significant volume drop was reflected in the market as a whole. Our business volumes in the Middle East and Africa continued to show good results, however.

In the ocean freight market, volumes continued to decline, falling 16% compared with the first quarter of 2008. All in all, we outperformed the market with a volume decrease of 10% in the reporting period. Revenue fell by 13.5% as a result of lower rates. In spite of this, our business trends in the Middle East, Africa, Latin America and South Asia/Pacific were encouraging.

The industrial project business continued to perform well in the first quarter of 2009, surpassing the prior-year period.

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