Interim Report January 1 to June 30, 2003

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1 Interim Report January 1 to June 30, 2003

2 H1/2003 Despite a good operating performance, cuts in mail prices and low interest rates reduced consolidated revenue slightly by 0.8% to 19,195 million. EXPRESS and LOGISTICS Corporate Divisions recorded strong earnings growth Profit from operating activities (EBITA) for the Group fell by 6.6% to 1,469 million due to the lower mail prices and one-time other operating income recorded in the prior year Consolidated net profit rose substantially from 155 million to 650 million Measures implemented under the STAR value creation and integration program made an accumulated contribution to earnings of 260 million Financial highlights H1 H1 Change in % Total revenue in m 19,351 19, thereof international revenue in m 7,724 7, Profit from operating activities (EBITA) in m 1,573 1) 1, Return on sales 2) in % Net profit for the period in m 1, Consolidated net profit for the period in m Cash flow 3) (Postbank at equity) in m 1, ) Prior-period amounts restated: reclassification of interest cost on provisions for pensions and other interest-bearing provisions from EBITA to net finance costs 2) EBITA/revenue 3) Cash flow from operating activities 2

3 Report by the Board of Management Report by the Board of Management Business developments Although the war in Iraq came to an end in April 2003, the global economy continues to stagnate. In Germany, too, no trend reversal materialized in the second quarter of the calendar year. In H1/2003, Deutsche Post World Net generated revenue of 19,195 million, down slightly on the comparative prior-period amount ( 19,351 million). Profit from operating activities (EBITA) fell in the first half of 2003 by 6.6% to total 1,469 million (previous year: 1,573 million). The fundamentally strong operating performance was impacted by three factors: firstly, the price reductions ordered by the regulatory authorities at the beginning of the year, which we had anticipated in our margin target for the MAIL Corporate Division for 2003 as a whole. The second factor, namely the fact that income from the reversal of Postbank s negative goodwill was no longer included, was also factored into our margin forecast. In addition, we recorded one-time other operating income in the previous year, distorting the basis of comparison. Revenue increased in the LOGISTICS Corporate Division and, in particular, in the EXPRESS Corporate Division; it fell in the MAIL Corporate Division. Income in the FINANCIAL SERVICES Corporate Division fell as a result of the low level of interest rates. However, this did not impact earnings. The proportion of consolidated revenue generated abroad rose from 39.9% in the prior-year period to 40.5%. Profit from operating activities (EBITA) developed in much the same way as revenue: the substantial increase in earnings in the EXPRESS and LOGISTICS Corporate Divisions was offset by a drop in earnings in the MAIL and FINANCIAL SERVICES Corporate Divisions. This was due to the development of other operating income, as well as the lowered mail prices. Other operating income fell year-on-year from 922 million to 474 million, mainly for two reasons: firstly, the largest single item, the reversal to income of Postbank s negative goodwill, is no longer included in In previous years, the reversal of this negative goodwill increased earnings for the Group as a whole and the FINANCIAL SERVICES Corporate Division by approximately 212 million each year. Secondly, we were able to record one-time other operating income in H1/2002. Since the beginning of 2003, we have been reporting the interest cost on provisions for pensions and on other interest-bearing provisions under net finance costs instead of in profit from operating activities (EBITA); the prior-year amounts have been adjusted to enhance comparison. Net finance costs totaled 382 million (previous year: 301 million) in the period under review. This includes the interest cost on provisions for pensions and on other interest-bearing provisions of 293 million (previous year: 244 million). With a tax rate of 30%, we recorded consolidated net profit of 650 million in H1/2003 (previous year: 155 million). The consolidated net profit for the previous year was impacted by the provision which we had to set up to take account of the European Commission s ruling on state aid and which was reflected in the extraordinary expense. Earnings per share also improved accordingly from 0.14 to Cash flow (Postbank at equity) totaled 769 million in the period under review (previous year: 1,427 million). This includes the repayment of allegedly unjustified state aid totaling 907 million (including interest) to the Federal Republic of Germany at the beginning of the year. Compared with December 31, 2002 ( 1,497 million), net debt (Postbank at equity) as of June 30, 2003 increased to 2,228 million. The dividend payments totaling 445 million for fiscal year 2002 on June 6, 2003 reduced cash and cash equivalents, which are also factored into this measure. We included long-term deposits in net debt for the first time as of June 30, The amount reported on December 31, 2002 was adjusted accordingly. The investment expenditures reported under cash flows from investing activities (Postbank at equity) increased year-on-year from 578 million to 931 million. This growth is primarily the result of an increase in DHL s noncurrent financial assets. 3

4 Report by the Board of Management The opportunities and risks presented in the 2002 Annual Report remained more or less unchanged in the second quarter of In the spring, we assumed that the lung disease SARS would spread further, thus impacting the business activities of Deutsche Post World Net in those regions affected. Looking back, however, this was not the case. In Asia Pacific, some trends even started reversing: to avoid the risk of infection, personal contact in the region declined rapidly, resulting in an increase in the shipment volume. As a service provider, Deutsche Post World Net does not undertake any research and development activities in the narrower sense, and thus has not made any corresponding disclosures. Significant events Dividend increases after a difficult year At the Annual General Meeting (AGM) of Deutsche Post AG on June 5, 2003, the shareholders approved the proposal made by the Board of Management and the Supervisory Board and resolved the distribution of 445 million. For our shareholders, this corresponds to a dividend of 0.40 per share and, as such, to an increase of 8.1% encouraging news after a difficult year. The AGM also authorized the Company to acquire own shares. In addition to the authorization resolved last year, the Board of Management is now also authorized to cancel the own shares purchased, with the consent of the Supervisory Board, and without requiring a further resolution by the AGM. Progress despite headwind in strategic acquisitions In the first few months of the current fiscal year, we completed a series of strategically valuable acquisitions for which we were still awaiting approval. As reported in the interim report for Q1/2003, Deutsche Post World Net will acquire a 100% interest in Securicor Omega Holdings Ltd., a joint venture that was established in the UK in We have now overcome the hurdle of the approval process: the European Commission approved the acquisition of the remaining stake on June 20, We fully consolidated the company for the first time on July 1, Our planned acquisition of US express delivery company Airborne, Inc. is facing the expected legal and political headwind from competitors UPS and FedEX. Airborne, Inc. s shareholders will vote on the transaction at the company s General Meeting, which is scheduled for August 14, We aim to complete the acquisition as soon as it has been approved by the shareholders and all necessary regulatory approvals have been obtained. Deutsche Post and ver.di sign employment pact On July 5, 2003, Deutsche Post AG and the ver.di services union agreed on a package of pioneering measures. These measures mean that the Company will rule out all compulsory redundancies until March 31, 2008 and will guarantee that deliveries are made by Deutsche Post employees until the end of 2006, with the exception of 600 parcel districts. In return, we can expand the combined delivery system, which means that mail carriers can now also deliver parcels. Weekly working hours in deliveries can be extended to 48 hours on a voluntary basis, and two days which were previously holidays have been abolished. This employment pact, which is the first of its kind in Germany, gives our employees job security for the next few years. At the same time, it also allows Deutsche Post to improve cost structures in the long term and thus substantially boost its competitiveness, particularly in the EXPRESS Corporate Division. This means that we have met one of the key criteria for achieving the improvements in earnings which we expect to realize by the end of 2005 as part of the STAR program. 4

5 Report by the Board of Management Overview of significant events In Q2/2003 May 1, 2003 May 2, 2003 May 12, 2003 May 15, 2003 May 27, 2003 June 5, 2003 June 20, 2003 June 21, 2003 Start of the global advertising campaign for the new DHL umbrella brand Commissioning of the Group-wide intranet procurement portal Standard & Poor s issues new credit rating on the Group Construction work starts on DHL s new Asian hub at Hong Kong International Airport Deutsche Post publishes its first environmental report AGM resolves 8.1% increase in dividend European Commission approves full takeover of UK company Securicor Omega Moody s changes Deutsche Post World Net s long-term credit rating After June 30, 2003 July 5, 2003 July 21, 2003 Deutsche Post and ver.di agree forward-looking employment pact valid until 2008 US antitrust authorities raise no objections to the acquisition of Airborne, Inc. STAR value creation and integration program Global advertising campaign for new DHL umbrella brand Since the beginning of the year, Deutsche Post World Net has been consolidating its national and international parcel and express business, as well as its global logistics business, under the DHL brand. To make our customers aware of the benefits of the new DHL brand, we launched an international advertising campaign on May 1, The campaign shows how DHL will offer its customers more, in every sense of the word, in the future: more expertise namely that of what were previously three separate companies. More efficiency by means of integrated networks. More end-to-end solutions that is, one-stop logistics. As part of our philosophy of one face to the customer we have been rebranding vehicles, packaging materials and buildings with the new design since April of this year. The brand relaunch, i.e. new design and international advertising, will cost around 125 million. Further STAR projects have started successfully at DHL: the Global Mail and Danzas Air & Ocean Business Divisions are increasingly using the DHL aircraft instead of outsourcing, thus improving capacity utilization. Additional freight capacities are now being consolidated and procured jointly. We are also further harmonizing our networks: the entire Asian region will be served by the new hub at Hong Kong International Airport in the future. This project, which is worth US$100 million, was ceremonially launched on May 15, 2003; the first of three construction phases is scheduled for completion as early as next year. Group-wide intranet portal bundles procurement volume In addition to the measures at DHL, another main package of measures relating to STAR consists of various projects within the Group, including both division-specific and cross-divisional initiatives. One key example of a crossdivisional project relates to procurement. As announced in the report for Q1/2003, we are working on pooling our substantial purchasing power, which has a volume of around 16 billion per year. In May 2003, we commissioned our new procurement portal as part of this initiative. The intranetbased portal connects the existing Group platforms and will be the central information and transaction platform for Group procurement in the future. It will allow procurement employees to access all of the information relevant to procurement and use the related applications from any location worldwide, and at any time. We aim to improve earnings in this area by at least 200 million by 2005 (inclusive) by restructuring Group procurement, pooling our purchasing power, setting procurement standards and improving Group-wide procurement management. Price adjustments for mail services One division-specific initiative launched as part of the STAR program involves extending the price adjustments for mail services made at the beginning of the year to cover special services, too: for example, we increased the prices for Einschreiben Einwurf (registered items delivered to the addressee s letter box), Eigenhändig (delivery to addressee 5

6 Report by the Board of Management only) and Rückschein (advice of delivery). As is customary in other EU countries, we stopped offering our customers products such as redirection and storage free of charge at the beginning of the year. These price measures had a direct effect on profit from operating activities (EBITA) in H1/2003. Structural improvements in the retail outlet network One key aspect of STAR is to increase the use of, and make structural improvements to our existing networks. In doing so, we are focusing on the needs and usage patterns of our customers. Customer behavior in relation to the demand for financial services, for example, has changed substantially: more and more transactions are being made online or by telephone, and smaller retail outlets are scarcely being used for banking at all. At the same time, there is rising customer demand for qualified advice on financial transactions at the larger retail outlets. Postbank and Deutsche Post have now responded to this development by revising the offering in the retail outlet network: the 720 center outlets will be concentrating even more on bank advisory services in the future. We will be providing our 2,200 financial services advisory employees with the appropriate further training. At the same time, Postbank has been focusing the activities of its around 1,200 smallest retail outlets on larger outlets since July 1, As with the review of the location of our mailboxes, this demand-driven structural adjustment continues to comply fully with the quality standards set out by the Post-Universaldienstleistungsverordnung (Postal Universal Service Ordinance): the number of Deutsche Post retail outlets will not change. In most locations, customers will continue to have access to a retail outlet at which they can conduct banking business within a three-kilometer radius. At present, Postbank is represented at a total of around 11,500 retail outlets nationwide. Contribution to earnings from the STAR program In H1/2003, the measures implemented as part of the STAR value creation and integration program contributed 174 million to earnings, 81 million of which was attributable to the second quarter. As planned for the initial phase of the program, this was mainly achieved through cross-divisional projects within the Group. This means that the accumulated contributions to earnings from the STAR program from its launch in November 2002 to the present already amount to 260 million, as illustrated in the graphic below. We are reiterating the projected earnings growth from STAR, and expect profit from operating activities (EBITA) in the Group to reach at least 3.6 billion by STAR s contribution to earnings in m 1,600 1, target: at least 1,400 million 1,200 1, target: at least 700 million target: at least 350 million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q million 6

7 Report by the Board of Management Outlook We do not currently expect the global economy to recover noticeably in the current fiscal year. Although the end of the war in Iraq has removed one of the main sources of uncertainty on the markets, structural problems in the major industrialized countries are standing in the way of any immediate upturn. We had initially feared that the lung disease SARS would impair our business activities. Fortunately, this is not the case. The spread of the disease appears to have been successfully stemmed: the World Health Organization (WHO) lifted all of the travel restrictions relating to the disease on July 5, We do not believe that the somewhat weaker first half of 2003 is an indicator of earnings development in H2. For the period between July and December 2003, we expect the Group to record a profit from operating activities (EBITA) which will be at least on the same level as the comparable prior-year period. This is why we believe that we can achieve a higher EBITA (at least 2.9 billion) for fiscal year 2003 as a whole than we expected in the spring. We had previously forecasted an EBITA of at least 2.8 billion. We are forecasting earnings development at the Corporate Divisions as follows: In the EXPRESS Corporate Division, we still expect to achieve a minimum EBITA margin of 2.5% for 2003 as a whole; in fiscal year 2002, the adjusted EBITA margin amounted to 2.2%. In the LOGISTICS Corporate Division, we still expect to achieve a minimum EBITA margin of 3.2%. The adjusted value for fiscal year 2002 was 3.0%. In the FINANCIAL SERVICES Corporate Division, the income from the reversal of Postbank s negative goodwill disclosed in the previous year is no longer included in In fiscal year 2002 as a whole, the income from the reversal of negative goodwill amounted to 212 million. For 2003 as a whole, we are still aiming to achieve a return on equity (RoE) from Postbank s business operations of 11.5% (previous year: 10.7%) and to reduce the cost/income ratio to below 75%, as against the figure of around 77.7% for fiscal year We are still anticipating a contribution to earnings from the STAR program of at least 350 million for the year as a whole, and estimate that consolidated net profit in 2003 will increase significantly in the absence of the extraordinary expense disclosed in the previous year. We still expect the MAIL Corporate Division to achieve a minimum EBITA margin of 16% for 2003 as a whole. The fact that this target is down on last year s adjusted figure of 17.7% is a result of the price cuts ordered for the most important mail products, which took effect on January 1, 2003 and which we are countering by stepping up our marketing activities and with the addition of the new Foreign Domestic International Business Division. 7

8 Deutsche Post Stock and Bonds Deutsche Post Stock and Bonds Deutsche Post stock The economic environment remained difficult even after the end of the war in Iraq in Q2/2003. The European Central Bank issued a positive signal in June when it lowered key interest rates by 50 basis points to 2.00%. The DAX grew by around 4% in H1/2003. By contrast, Deutsche Post stock significantly outperformed the market again, growing by around 21%. As of June 30, 2003, the last trading day of the period under review, it closed at Deutsche Post s shareholder structure has not changed from the structure presented in the 2002 Annual Report. Bonds In the second quarter of 2003, rating agencies Standard & Poor s (S&P) and Moody s Investor Service (Moody s) downgraded our credit rating for the Group s long-term debt, as is shown in the overview on page 9. S&P had previously changed its method of measuring pension provisions; these are now viewed as full financial liabilities. Along with other companies, we expressly disagree with this opinion, as we pointed out in our first interim report for Moody s reasons for the downgrade include the planned acquisition of Airborne, Inc., which is considered to represent an additional risk for Deutsche Post World Net. S&P, on the other hand, sees the acquisition, as we do, as a positive step in strengthening the Group s market position. Even after the purchase of Airborne, Inc., the Group will still have a relatively low level of debt and a solid capital structure. Because most of our financial liabilities are hedged by fixed rates of interest, the down-grades in the ratings will not have any direct effect on Group financing costs. Deutsche Post World Net will continue to pursue its traditionally sound and conservative financial policy in the future, in order to maintain its above-average credit rating. Deutsche Post share price development in % Deutsche Post stock DAX Euro STOXX % % 95.93% /2/03 1/17/03 2/1/03 2/16/03 3/3/03 3/18/03 4/2/03 4/17/03 5/2/03 5/17/03 6/1/03 6/16/03 6/30/03 Source: Bloomberg 8

9 Deutsche Post Stock and Bonds Deutsche Post World Net ratings Rating Moody s Standard & Poor s Fitch Ratings Investors Service Long-term A1 A AA- On Review for Negative On Rating Watch possible Downgrade Negative Short-term P-1 A-1 F1+ Stable Negative On Rating Watch Negative Investor relations On August 22, 2003 we are inviting analysts and institutional investors to our Capital Markets Day held at our headquarters in Bonn for the second time this year. The event will focus on the MAIL and FINANCIAL SERVICES Corporate Divisions. Capital Markets Day will, like all other investor relations events, be broadcast live on the Internet at 9

10 Corporate Governance Corporate Governance The Board of Management and the Supervisory Board of Deutsche Post AG have resolved to comply with all of the recommendations of the German Corporate Governance Code in the version dated November 7, The resolutions adopted by the AGM of Deutsche Post AG on June 5, 2003 fulfill the final requirement for the implementation of this compliance. In accordance with the recommendation set forth in section of the German Corporate Governance Code, the AGM has resolved the amendment of the Company s Articles of Association to include a provision on the performance-related remuneration of the Supervisory Board, and to take into account the chairmanship and membership of Supervisory Board committees. In addition, the AGM has agreed to permit the transmission of the AGM via the Internet or another communication medium, in order to give the public unrestricted access to the meeting. The shareholders have also resolved a new stock option plan, which provides for competitive overall remuneration of management staff who have grown with the Company and are now internationally focused. The new plan s first stock options will be issued on August 1, The Government Commission on the German Corporate Governance Code resolved amendments to the German Corporate Governance Code at its plenary meeting held on May 21, 2003, and, in particular, made new recommendations relating to the provisions governing the composition and amount of the remuneration of Boards of Management. The Board of Management and the Supervisory Board of Deutsche Post AG will examine these amendments in detail and respond to them in its annual Declaration of Conformity. As an anticipatory measure, the Chairman of the Supervisory Board presented the objectives and structure of the Board of Management s remuneration to the AGM in detail. Personnel changes in the Group s management and supervisory bodies Supervisory Board: shareholders representatives Left (June 30, 2003) Alfred N. Schindler Appointed (July 15, 2003) Dipl.-Ing. Dr. Ing. E. h. Jürgen Weber, Chairman of the Supervisory Board, Deutsche Lufthansa AG Supervisory Board: employees representatives Left (June 5, 2003) Henry Hillmann Petra Pfisterer Appointed (June 5, 2003) Annette Harms, Deputy Chair of Works Council, Deutsche Postbank AG, Hamburg, Member of the Supervisory Board, Deutsche Postbank AG Silke Oualla-Weiß, Chair of Works Council, DHL wwe GmbH, Dortmund Branch 10

11 The Corporate Divisions The Corporate Divisions The segments at a glance Lowered mail prices and one-time other operating income recorded in H1/2002 led to an expected drop in revenue and profit in the MAIL Corporate Division. Despite substantial negative currency effects, revenue in the EXPRESS Corporate Division increased profit from operating activities (EBITA) is showing strong growth. At 77 million, profit from operating activities (EBITA) in the LOGISTICS Corporate Division is up 14.9% year-onyear. Additional income from Postbank operations has, to a large extent, already offset the discontinuation of the amortization of Postbank s negative goodwill in the FINANCIAL SERVICES Corporate Division in Segments by Corporate Division for H1 in m MAIL EXPRESS 1) LOGISTICS 1) FINANCIAL Other/ Group SERVICES 2) Consolidation 2) H1 H1 H1 H1 H1 H External revenue 5,094 5,022 7,518 7,663 2,733 2,737 3,948 3, ,351 19,195 Internal revenue ,347 1, Total revenue 5,817 5,700 7,648 7,852 2,733 2,771 4,442 4,161 1,289 1,289 19,351 19,195 Profit or loss from operating activities before goodwill amortization (EBITA) 1,246 3) 1, ) ) ) 114 1,573 3) 1,469 Goodwill amortization Profit or loss from operating activities after goodwill amortization (EBIT) 1,245 3) 1, ) ) ) 114 1,454 3) 1,333 Net income from associates Segment assets 4) 4,311 4,003 10,210 10,191 3,159 3, , , , ,202 Investments in associates 4) Segment liabilities including non-interest-bearing provisions 4), 5) 1,523 1,372 3,291 3,318 1,080 1, , ,968 1, , ,551 Segment investments , , Depreciation, amortization and write-downs Other non-cash expenses Employees 6) 137, , , ,469 30,728 31,684 35,583 33,975 10,668 10, , ,384 1)Prior-period amounts restated: restructuring of EXPRESS and LOGISTICS Corporate Divisions 2)Prior-period amounts restated: reallocation of retail outlet operations from Other/Consolidation to the FINANCIAL SERVICES Corporate Division 3)Prior-period amounts restated: reclassification of interest cost on provisions for pensions and other interest-bearing provisions from EBITA to net finance costs 4)Segment assets, investments in associates and segment liabilities are reported as of the balance sheet dates December 31, 2002 and June 30, 2003; the remaining items are reported for the periods ended June 30, 2002 and June 30, )Prior-period amounts restated: segment liabilities include non-interest-bearing provisions as from fiscal year )Number of employees calculated as averages for fiscal years 2002 and 2003 (FTEs) Segments by region for H1 in m Germany Europe excluding Americas Asia/Pacific Other Group Germany regions H1 H1 H1 H1 H1 H External revenue 11,627 11,420 4,941 4,973 1,609 1, ,351 19,195 Segment assets 1) 136, ,273 14,311 13,085 5,518 5, , ,202 Segment investments , , )Segment assets are reported as of the balance sheet dates December 31, 2002 and June 30, 2003; the remaining items are reported for the periods ended June 30, 2002 and June 30,

12 The Corporate Divisions Segments by Corporate Division for Q2 in m MAIL EXPRESS 1) LOGISTICS 1) FINANCIAL Other/ Group SERVICES 2) Consolidation 2) Q2 Q2 Q2 Q2 Q2 Q External revenue 2,462 2,353 3,777 3,840 1,377 1,344 1,992 1, ,648 9,422 Internal revenue Total revenue 2,812 2,683 3,844 3,917 1,377 1,377 2,222 2, ,648 9,422 Profit or loss from operating activities before goodwill amortization (EBITA) 468 3) ) ) ) ) 518 Goodwill amortization Profit or loss from operating activities after goodwill amortization (EBIT) 468 3) ) ) ) ) 450 Net income from associates Segment investments Depreciation, amortization and write-downs Other non-cash expenses )Prior-period amounts restated: restructuring of EXPRESS and LOGISTICS Corporate Divisions 2)Prior-period amounts restated: reallocation of retail outlet operations from Other/Consolidation to the FINANCIAL SERVICES Corporate Division 3)Prior-period amounts restated: reclassification of interest cost on provisions for pensions and other interest-bearing provisions from EBITA to net finance costs Segments by region for Q2 in m Germany Europe excluding Americas Asia/Pacific Other Group Germany regions Q2 Q2 Q2 Q2 Q2 Q External revenue 5,742 5,657 2,524 2, ,648 9,422 Segment investments

13 The Corporate Divisions MAIL Corporate Division MAIL H1 H1 Change Q2 Q2 Change in % in % Total revenue in m 5,817 5, ,812 2, Profit from operating activities before goodwill amortization (EBITA) in m 1,246 1) 1, ) Return on sales 2) in % ) Prior-period amounts restated: reclassification of interest cost on provisions for pensions and other interest-bearing provisions from EBITA to net finance costs 2) EBITA/revenue As already reported, Deutsche Post was forced to lower the prices for its most important mail products at the beginning of the year. Our customers therefore shifted their demand from December to January where possible. As such, we were able to keep revenue in the MAIL Corporate Division on a similar level to the prior year in the first few months of fiscal year However, this positive development was put into perspective in H1/2003: revenue fell by 2.0% to 5,700 million (previous year: 5,817 million). In the Mail Communication Business Division, the price cuts ordered by the regulatory authority caused a drop in revenue of 108 million to 3,463 million (previous year: 3,571 million) in the period under review. One encouraging development was the fact that we were able to stabilize sales of business customer letters at the prior-year level, despite the continued economic slump. The direct advertising trend continues among our customers. Although the advertising market continued to be characterized by weakness on the whole, revenue in the Direct Marketing Business Division not only remained at the prioryear level, but increased slightly to 1,019 million (previous year: 1,009 million). Revenue growth in the area of higherpriced addressed mailings largely offset the planned reduction in Postwurfsendungen (unaddressed advertising mail) volumes. The economic downturn in the German press industry continued unrelentingly in the first half of 2003: once again, the circulation and scope of titles fell, and in some cases titles were discontinued completely. Revenue in our Press Distribution Business Division fell accordingly by 4.3% to 399 million (previous year: 417 million) in the period under review. Revenue by Business Division in m H1 H1 Change Q2 Q2 Change in % in % Mail Communication 3,571 3, ,723 1, Direct Marketing 1,009 1, Press Distribution Solutions International Foreign Domestic International Internal revenue Total 5,817 5, ,812 2, Mail Communication (Deutsche Post AG share) mail items (millions) H1 H1 Change Q2 Q2 Change in % in % Business customer letters 3,905 3, ,887 1, Private customer letters Total 4,605 4, ,222 2,

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