Letter prices in Europe
Up-to-date international
letter price survey
17
March 20
ion
16th edit
Letter prices in Europe 3
In Germany, the price for a domestic standard
letter remains at € 0.70. The consolidated
comparison of prices adjusted for differences
in labor costs and purchasing power shows
again that Deutsche Post charges very
affordable postage rates that are in the
bottom quarter of all the countries under
review. The postage rate for letters is only
more affordable in seven generally much
smaller states, while it is more expensive in
23 countries. Sending a standard letter is most
expensive in Denmark, Italy, and Croatia.
Taking into account the average rates of
inflation, it becomes clear that the German
letter price has risen by approximately 11 %
since 2007 when adjusted for inflation.
However, this is far lower than the average of
the countries surveyed, which exceeds 41 %.
When comparing the average number of
minutes employees need to work to earn an
amount equivalent to the postage price of a
domestic letter, German letter prices are
particularly low. Only in Malta and Switzerland
do workers have to work less to earn the
postage rate of a standard letter.
1Summary
This is the sixteenth time Deutsche Post has
presented a study, drawing a comparison
between letter prices charged in Europe.
This study covers all 28 member states of the
European Union, and the European Free
Trade Area (EFTA) member states of Iceland,
Norway, and Switzerland. The study is not
carried out from a purely nominal
perspective which, on its own, would
not allow for an objective evaluation
of letter prices in the countries
under consideration. The investigation also
includes economic factors, which are required
to obtain an informative and realistic
comparison. They include macro-economic
factors and the development of inflation
rates in the countries under review.
As in previous studies, it is initially the nominal
prices in the different countries that are
compared for the year 2017. The price of a
domestic standard letter has increased in 14
of the countries under review compared to
the previous year. On average in Europe,
postage rates for domestic letters have
therefore risen by € 0.08 year-on-year.
Postage charges for letter mail within Europe
were increased in 12 states. A letter to a
European country outside of Germany now
costs on average € 0.11 more than in last
year’s survey. At € 0.90, the postage charge
for a letter within Europe sent from Germany
was significantly below the average charge of
€ 1.38 and is thus one of the most affordable
letter prices in Europe.
Contents
1Summary
2
2
Comments on methodology 5
3
Nominal price comparison
3.1 Domestic letter mail 6
3.2 Letter mail within Europe 8
4
Price developments since 2007 10
5
Work in minutes per letter price 12
6
Adjustment for labor costs 14
7
Adjustment for purchasing power differences
16
8
The consolidated result 18
Published by Deutsche Post AG
Headquarters
Corporate Public Policy and
Regulation Management
53250 Bonn
www.dpdhl.com
Editor Design Photography
March 2017
Regine Stöldt,
Alexander Rometsch
+C Kommunikationsdesign
Caroline Gärtner
Deutsche Post DHL Group,
Stefan Abtmeyer (letters),
PostNL, An Post, Poste Italiane
S.p.A., Posti Oy, Royal Mail
Group, Poşta Română, La Poste
S.A., Poczta Polska, PostNord AB,
Posten Norge AS
Letter prices in Europe 5
2 Comments on methodology
This study begins by comparing and contrast­
ing prices for standard domestic letters and
letter mail within Europe in the 28 member
states of the European Union and in the
EFTA countries of Iceland, Norway, and
Switzerland. For domestic letters, the study
considers the fastest letter mail product in all
countries under review, which according to
current product specifications generally
carries a next-day delivery target (D+1).
The only letter products included were those
with quality criteria enabling them to be
compared to one another, in particular with
regard to transit time.
This method is also applied to countries such
as Denmark and Italy, which have raised
their letter prices with a transit time of D+1
to a particularly high level compared to
those with lower transit times as a response
to substitution-related decline in demand.
The aim of the methodological approach
chosen for the comparison in combination
with the inclusion of key macro-economic
factors is designed to provide an objective
and sound picture of European letter prices.
In countries where value-added tax (VAT) is
levied on the letter services considered for
this comparison – Norway and Denmark –
the study uses the gross price, i.e., the letter
price including VAT. This is because the most
relevant factor in such a comparison is the
actual price that the consumer has to pay for
a letter. This study considers standard letters
only, as this product represents the lion’s
share of all letters sent by private customers
and therefore best reflects actual consumer
behavior in the letter market.
Nominal letter prices in Europe will be pres­
ented first, followed by the development of
letter prices from 2007 to 2016, adjusted for
inflation. In addition, the study also calculates
the average number of minutes industrial
workers have to work in the individual
countries to earn the price of a standard
letter. Finally, the study compares the letter
prices of each country under review,
adjusted for factors such as labor costs and
purchasing power differences. The relevant
values for Germany and the other countries
are com­pared against each other as required
by the respective factors to be adjusted for.
The calculated ratios are multiplied by the
nominal letter prices of the relevant countries
which results in the adjusted letter prices.
This study takes into account all applicable
postage rates or bindingly announced price
changes in the countries under review as of
March 20, 2017. The data on the individual
countries surveyed was taken from Eurostat
and the postal companies in the states
surveyed. To adjust the letter prices so that
they reflect labor costs, statistical data was
used that corresponds to the sector under
consid­eration here (postal, courier and
express services). In order to calculate the
"working minutes per letter", the study
used data identified by the Cologne
Institute for Economic Research, namely
the hourly wages of a worker in the
manufacturing industry.
Exchange rates also had an impact on letter
prices this year. The result was, for instance,
that in Switzerland domestic nominal postage
rates remained the same in local currency
even though in euros they fell by € 0.02.
6 Letter prices in Europe
Letter prices in Europe 7
3 Nominal price comparison
Nominal price for a domestic standard letter
in Euro
The price of a domestic standard letter has
increased in 14 of the countries under review
since the last study was carried out.
Small increases by one cent or one penny were
made in Slovenia and the UK respectively.
In France, the letter price was increased by
€ 0.05 to € 0.85, the eighth increase in a row
identified in this study. In Finland, the charge
for a standard letter went up by € 0.10 to
€ 1.30 for the fourth time in a row. Significant
increases since the last study have been seen
in Ireland (from € 0.70 to € 1.00), Denmark
(from DKK 19 to DKK 27), and Poland
(from PLN 2.35 to PLN 3.20).
3.1 Domestic letter mail
The European average price for a domestic
standard letter is now € 0.88, which is
€ 0.08 more than one year ago. The price
ranges from € 0.26 in Malta to € 3.63
(converted from local currency) in Denmark.
With Deutsche Post’s domestic standard letter
price of € 0.70, Germany is clearly below
average and finishes 16th place in the
mid-range of countries.
In Germany as well as in 15 other countries,
the letter prices remained unchanged over
the past twelve months. A price reduction
can be reported from Romania, where the
postage charge fell from RON 1.60 to
RON 1.40.Exchange rate fluctuations have
meant, for instance, that domestic postage
rates in Croatia converted into euro went up
even though the actual postage rate in the
national currency remained unchanged.
By contrast, in Switzerland, prices are € 0.02
lower when they are converted into euro
even though the postage rate for a standard
letter remained the same in Swiss Francs.
Following the latest price increase, Denmark
now heads the list of domestic nominal prices
with a charge that converts to € 3.63. It should
be noted that value-added tax is included in
this price. At € 2.80, the Italian letter price
remained at a high level, so that Italy takes up
second place. The Italian standard letter
includes the option of simplified shipment
tracking. With a letter price that
3.63
Denmark
2.80
Italy
1.46
Iceland
1.40
Norway
1.30
Finland
1.00
Ireland
0.92
Switzerland
0.86
Croatia
0.85
France
0.79
UK
Belgien
0.79
Netherlands
0.78
Sweden
0.74
Poland
0.73
Greece
0.72
Germany
0.70
Luxembourg
0.70
Slovakia
0.70
Austria
0.68
0.65
Estonia
0.59
Czech Republic
Portugal
0.58
Latvia
0.57
0.50
Spain
0.50
Hungary
0.45
Lithuania
Bulgaria
0.43
Cyprus
0.41
Slovenia
Romania
Malta
0.37
0.31
0.26
Average 0.88
converts to € 1.46, Iceland is now in third place.
It is followed by two more Scandinavian
countries: Norway with a letter price that
converts to € 1.40, and Finland at € 1.30.
Due to the aforementioned price increase, Ireland climbed up seven positions in the ranking
and now takes up sixth place. Poland jumped
up by eight places and now ranks fourteenth.
The UK and Latvia improved their ranking
by three places (in 10th position) and two
places (in 23th position), respectively.
Lithuania, Bulgaria, Cyprus, Slovenia, and
Romania remain at the bottom of the ranking
with letter prices below € 0.50. The country
charging the lowest letter price in nominal
terms is the island state of Malta which has
thus consistently placed last in this ranking
every year since 2008.
8 Letter prices in Europe
3.2 Letter mail within Europe
Prices for standard letters within Europe
have risen in twelve of the countries under
review. In all these states, the domestic
postage charge was increased at the same
time. Conversely, only the charge for the
domestic letter went up in Slovakia and
Denmark. For letter mail within Europe,
there has been no price reduction in any
of the countries since the last study.
The price did not change in 19 states,
including Germany.
The average price for letter mail within
Europe has continued to go up considerably
and is now € 1.38, which is € 0.10 more than
last year. Significant price rises were found
in Sweden (from SKR 13 to SKR 21), Slovenia
(from € 1.29 to € 1.77), Ireland (from
€ 1.05 to € 1.35), and Iceland
(from ISK 180 to ISK 225).
Moderate price increases
of around ten percent
were implemented in the
UK, Hungary, and France,
for example.
Letter mail within Europe
was also impacted by
exchange rate fluctuations:
In Croatia, the price for
letter mail within Europe
remained unchanged in
Croatian Kuna (HRK) but went
up slightly when converted to
euros. In Romania, however,
the price in euros went
down slightly but
remained the same
in the local
currency.
In all countries, it is more expensive to send
a letter within Europe than it is to send a
domestic letter, with one exception:
In Denmark, the domestic letter relevant for
this study with a transit time of D+1 costs
more than a letter to another European
country. In the other states, the price for
Europe-wide shipping is 1.9 times the price
for a domestic standard letter. At a charge
of € 0.90 for a letter to another European
country, the ratio in Germany, however,
is only 1.3.
As with the domestic letter, Italy and Denmark also take up the first two places in the
ranking for the European nominal price.
Portugal is still in third place. Due to the
significant price increase, Sweden leaped
from 9th place to 4th place. Slovenia is now
in sixth place, after occupying 11th position
last year. Iceland moved ahead by seven
places to seventh position – a consequence
of the significant cost increase for letters
sent from Iceland to other European countries.
Switzerland improved significantly and
moved down five places to 12th position.
Nominal price for letter mail within Europe
in Euro
3.50
Italy
3.36
Denmark
2.45
Portugal
2.22
Sweden
1.83
Norway
1.77
Slovenia
1.68
Iceland
1.46
Croatia
1.43
UK
Germany continues to rank in the bottom
quarter of this list in 24th place.
Deutsche Post’s postage rate for letter mail
within Europe remains unchanged at € 0.90
and is thus significantly below the European
average. The bottom group with the most
economical nominal postage rates within
Europe includes Latvia, Bulgaria, and Cyprus
with values below € 0.80 and finally Malta
at just € 0.59.
1.40
Estonia
Finland
1.40
Switzerland
1.38
1.38
Poland
1.35
Ireland
1.33
Netherlands
1.25
Spain
1.23
Belgien
1.20
Hungary
1.18
Czech Republic
1.10
France
1.00
Slovakia
0.95
Luxembourg
0.90
Greece
Germany
0.90
Romania
0.89
Lithuania
0.81
Austria
0.80
Latvia
0.78
Bulgaria
0.77
Cyprus
Malta
0.64
0.59
Average 1.38
10 Letter prices in Europe
4
Letter prices in Europe 11
Price developments since 2007
The average rate of inflation in all the countries surveyed was 2 % in the period between
2007 and 2016. This ranged from 0.1 % in
Switzerland up to 5.7 % in Iceland. In Germany,
the rate of inflation in the past ten years was
1.3 % on average, and in Poland and Estonia
it amounted to 2.1 % and 3.4 % respectively.
Inflation-adjusted change in letter prices 2007-2016
in Prozent
Denmark
324.5
Italy
299.7
Iceland
91.0
Ireland
70.4
Norway
58.2
Finland
Taking inflation into account, the price of a
standard domestic letter in the European
countries surveyed has risen on average by
41.73 % since 2007. In real terms, it fell in
five countries but went up in 26 countries.
54.7
Netherlands
54.2
Slovenia
53.8
UK
44.2
Spain
39.3
France
36.2
Estonia
33.9
Czech Republic
In a comparison of letter prices in Europe,
it makes sense to also look at the respective
inflation. In real terms, the letter prices
change every year by the rate of inflation,
even if the nominal sales price has remained
the same. A comparison of the letter prices
over the past ten years adjusted for inflation
highlights the impact of the various price
increase rates.
Even when adjusted for inflation, the first
two places are still taken up by Denmark
and Italy. In Denmark, the letter price has
almost quadrupled since 2007 when adjusted
for inflation, while it went up by almost
300 % in Italy. With a price increase of 91.0 %,
Iceland lags far behind in third place.
An unusually high price decrease of over
43 % occurred in Croatia. This can be attributed to the fact that VAT, which was charged
on postage rates up to 2009, was abolished
in 2010. In addition, the price of domestic
standard letters was reduced significantly
in 2010. Both factors have a significant
impact in this retro-active consideration.
The letter price in Lithuania, too, has gone
down significantly by more than a quarter
since 2007 when adjusted for inflation.
This is due to the fact that the letter price in
Lithuania was not changed for many years
while the country experienced a relatively
high rate of inflation at the same time.
33.0
Belgien
23.8
Poland
23.6
Bulgaria
17.4
Luxembourg
16.4
Greece
16.4
Malta
14.7
Portugal
13.7
Sweden
12.6
Slovakia
12.3
Hungary
11.3
Germany
11.2
Cyprus
4.5
Austria
Switzerland
Romania
Latvia
3.4
-1.6
-3.2
-7.3
Lithuania
-25.2
Croatia
-43.6
Average 41.73 %
Postage rates when adjusted for inflation
have increased by 11.2 % in Germany
since 2007. Germany thus ranks far below
the average and occupies a position in the
bottom part of the table (24th place).
Letter prices in Europe 13
Working minutes per letter price
in Minutes
Bulgaria
9.18
Italy
8.38
Croatia
7.46
Poland
7.02
Latvia
6.48
Denmark
5.84
Lithuania
5.64
Slovakia
5.61
Romania
5.38
Estonia
5.31
Czech Republic
5.00
Hungary
4.88
Greece
4.03
Portugal
3.94
Iceland
3.60
Finland
5
Work in minutes per letter price
2.70
Ireland
2.34
Cyprus
2.25
Norway
2.04
France
2.01
UK
Among other things, the European Union’s
Postal Services Directive requires member
states to ensure "affordable" prices for
universal postal services. One factor in the
assessment of real affordability of goods
and services is the different wage levels
within Europe. To establish how affordable
the respective letter prices actually are, the
period of time a worker needs to work for
in order to be able to pay the postage
charge for a standard letter needs to be
taken into account.
postage rate of BGN 0.85 (€ 0.43). Just like
last year, Italy follows in second place at
over eight minutes. In Croatia and Poland,
you have to work over seven minutes and in
Latvia still over six minutes to earn the
equiva­lent of a letter postage rate. Even
though many Eastern European countries
still take up top places in this ranking, the
trend toward a year-on-year decrease in
working minutes per postage rate continues
in these countries, with the exception of
Poland.
This calculation is based on the hourly wage
of an industrial worker. Once again, the
hourly rates communicated by the Cologne
Institute for Economic Research and the
postal companies for workers in the manufacturing industry have been used as a consistent and reliable data base for the calculation of the working minutes per letter price.
Workers in Europe have to work an average
of 3.76 minutes to earn enough to cover the
postage rate of a standard letter, slightly
longer than in the previous year (3.71 minutes).
People in Switzerland need to work the
shortest amount of time to pay for letter
postage – just 1.19 minutes.
Germany continues to be the third from the
bottom in this ranking with a value of
1.37 minutes per letter. Deutsche Post thus
offers a particularly affordable letter price
in line with this criterion, too.
The country in Europe in which people have
to work the longest to earn the cash equivalent of a single domestic postage rate con­
tinues to be Bulgaria where over 9 minutes
of work must be invested to cover the letter
1.89
Spain
1.78
Netherlands
1.74
Slovenia
1.73
Belgien
1.68
Sweden
1.59
Luxembourg
1.57
Austria
1.53
Germany
Malta
Switzerland
1.37
1.26
1.19
Average 3.76 Minutes
14 Letter prices in Europe
6
Letter prices in Europe 15
Adjustment for labor costs
As such, it is taken into consideration that
staff costs only comprise a certain proportion
of the overall costs of mail transport.
As a result, only this proportion is factored
into the cost adjustment, while the rest
remains unaffected.
Letter prices adjusted for labor costs
in Euro
3.14
Denmark
2.85
Italy
2.49
Croatia
2.14
Bulgaria
For the adjustment, ratios are calculated using
the labor costs in Germany and the respective
countries which are then multiplied by the
share of the letter price accounted for by
staff costs. To this end, statistics on the cost
of labor in the postal, courier and express
services sector in the countries surveyed were
used.
1.89
Latvia
1.84
Poland
1.77
Slovakia
1.71
Iceland
Estonia
1.66
Lithuania
1.65
1.30
Finland
1.25
Hungary
1.24
Romania
1.14
Czech Republic
1.09
Greece
The high significance of the human labor factor
continues to be a key operational feature of
letter mail transport despite automation. Staff
costs, which are incurred in transport in par­
ticular, make up a serious proportion of postal
companies’ overall costs. However, the cost of
labor varies widely from country to country.
The relevant service providers therefore have
to deal with very different amounts of expendi­
ture for staff costs. An analysis of letter
prices where these differences are reconciled
therefore provides useful information as well.
The average European price adjusted for labor
costs in this way is currently € 1.27, and thus
€ 0.57 higher than Deutsche Post’s letter
postage price. The average value is exceeded
in eleven countries, while in 20 states the
letter price rate is below the average.
1.00
Norway
0.99
Ireland
0.92
UK
0.90
Portugal
0.81
Cyprus
Luxembourg
0.80
France
0.78
0.76
Netherlands
Due to a significant increase in the letter price
rate adjusted for labor costs (€ 0.86), Denmark
now leads the 31 countries surveyed at a
value that converts to € 3.14. It is closely
followed by Italy at € 2.85. Poland, which
advanced from eleventh place to sixth place,
has clearly suffered in this ranking. The letter
price adjusted for labor costs became more
expensive there, rising by € 0.56 (converted
from local currency). In Ireland, which jumped
eight places and is now in 17th place, the
domestic postage rate increased by € 0.31
according to this study.
0.73
Spain
0.73
Switzerland
0.70
Germany
Belgien
0.67
Sweden
0.65
0.61
Austria
Slovenia
Malta
0.52
0.47
In Romania, however, the trend is reversed:
here the letter price adjusted for labor costs
went down by € 0.27 (converted from local
currency) – also due to the price reduction –
so that the country fell by four places and
now ranks 13th.
Average 1.27
At € 0.70, Germany occupies 26th place and is
thus positioned in the lower range of this
table. A lower letter price is only offered in
Belgium, Sweden, Austria, Slovenia, and
Malta (with labor costs included
in the calculation).
16 Letter prices in Europe
7 Adjustment for purchasing power differences
Levels of income and social prosperity vary
greatly in European countries, which explains
why it is important to take the aspect of
national purchasing power into account.
If you want to make a sustainable statement
on the affordability of the letter price in the
individual countries, this approach is also
of importance.
By taking the purchasing power into account,
the macro-economic conditions in the countries
under review are taken into consideration.
It also compensates for the differences in price
levels in individual countries which emerge
when currencies are converted.
Letter prices are divided by the countries’
purchasing power relative to Germany in
order to analyze purchasing power parity.
This means that letter prices in countries with
a relatively high purchasing power, compared
to Germany, are cheaper and vice versa.
The adjustment is based on purchasing
power parities published by the EU statistical
office, Eurostat. The comparative price levels
are used as a basis and represent the actual
price of the same representative basket of
consumer goods and services in each country.
The average price of a standard domestic letter adjusted for purchasing power differences
in the 31 European countries under review in
this way is € 0.96 which is € 0.07 more than
in the previous year. Letter prices adjusted for
purchasing power are below the average in
20 countries. In ten countries, however, this
value exceeds the mean, and the Irish letter
price matches the mean exactly.
In this calculation, too, Italy and Denmark are
at the top: the letter price in Italy amounts to
almost € 3 and in Denmark to € 2.87 (converted
from the local currency), which is € 0.90 more
than in last year’s survey. Some distance
behind, Croatia continues to be in third place
while Poland is now in fourth place.
In Norway, the letter price adjusted for pur­
chasing power has also increased significantly
by € 0.15. As a result, the country climbed five
positions to eighth place. The Czech Republic
jumped from 15th place to 9th place with a
letter price adjusted for purchasing power
that increased by € 0.21 while Ireland’s position moved all the way from 24th place to
11th place with an increase of € 0.36.
Letter prices adjusted for purchasing power differences
in Euro
Taking purchasing power into consideration,
letter prices fell in Bulgaria, Greece, Portugal,
Romania, the UK, and Switzerland. In the
table, this became particularly clear in relation
to the United Kingdom: with Royal Mail’s
letter price adjusted for purchasing power,
the country now ranks 24th, ten places below
last year’s ranking.
At € 0.70, Germany is still clearly positioned in
the bottom half of the table in 21st place.
At € 0.70, Deutsche Post’s standard letter is
€ 0.26 below the European average when
adjusted for purchasing power. Sending
letters is particularly economical for
postal customers in Slovenia, Cyprus,
and Malta where postage (when
adjusted for purchasing power)
is below € 0.50 in each case.
2.98
Italy
2.87
Denmark
1.44
Croatia
1.34
Poland
1.18
Iceland
1.12
Slovakia
1.11
Finland
1.00
Norway
0.97
Czech Republic
Bulgaria
0.97
Ireland
0.96
0.95
Estonia
0.91
Hungary
Greece
0.90
Latvia
0.89
0.82
France
Lithuania
0.78
Portugal
0.77
Belgien
0.77
Netherlands
0.75
0.70
Germany
0.66
Austria
Romania
0.66
UK
0.65
0.61
Luxembourg
Switzerland
0.61
Sweden
0.60
0.58
Spain
0.49
Slovenia
0.48
Cyprus
Malta
0.34
Average 0.96
Letter prices in Europe 19
8 Consolidated results
Consolidated overall result
in Euro
In this final analysis, the adjustments for the
macro-economic factors of both labor costs
and purchasing power are consolidated into
an overall result that is particularly informative. The average European letter price calculated in this way is now € 1.11, which is
€ 0.08 higher than last year. Eleven states
rank above this average, and 20 below it.
Denmark, Italy, and Croatia take up the top
three positions. In the case of Denmark, in
particular, the consolidated letter price has
significantly increased from € 2.08 to € 2.78
(converted from the local currency). Doubledigit eurocent increases have also been identified in Ireland (€ +0.31), Poland (€ +0.28),
the Czech Republic (€ +0.21), Iceland
(€ +0.19), Croatia (€ +0.14), Norway (€ +0.13),
Finland (€ +0.11), and Slovakia (€ +0.10).
The consolidated letter price fell, in particular,
in Romania (€ –0.18), the UK (€ –0.12), and
Switzerland (€ –0.04) so that these three
states dropped down in the ranking by several
places each. Malta (€ –0.03) and Portugal
(€ –0.01) also experienced a slight decline in
the consolidated letter price.
Germany ranks 24th in this overview and is
thus in the bottom quarter of the table.
Cheaper consolidated letter prices are only
payable in seven, mainly smaller states such
as Switzerland, Cyprus, Austria, Slovenia, and
Malta. In 23 countries, however, postage is
less affordable than in Germany.
3.00
Denmark
2.91
Italy
1.96
Croatia
1.59
Poland
1.55
Bulgaria
1.44
Iceland
1.44
Slovakia
1.39
Latvia
1.30
Estonia
1.22
Lithuania
Adjusting letter prices for the cost of labor
and purchasing power illustrates particularly
clearly that Deutsche Post offers an excellent
price-performance ratio for mail delivery
compared with the rest of Europe.
1.21
Finland
1.08
Hungary
1.06
Czech Republic
1.00
Norway
1.00
Greece
0.98
Ireland
0.95
Romania
0.83
Portugal
0.80
France
0.78
UK
Netherlands
0.76
Belgien
0.72
Luxembourg
0.71
0.70
Germany
0.67
Switzerland
Spain
0.66
Cyprus
0.65
0.64
Austria
0.62
Sweden
Slovenia
Malta
0.51
0.40
Average 1.11
Deutsche Post AG
Headquarters
Corporate Public Policy and
Regulation Management
53250 Bonn
Germany
www.dpdhl.com
March 2017