DHL Corporation and Subsidiaries - Page 62

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          budgets, was able to find the number of outbound shipments for              
          the years 1983 through 1990 and the inbound shipments for 1987              
          forward.  For 1983 through 1986, he assumed that inbound                    
          shipments grew at the same rate as outbound shipments.  For 1979            
          through 1982, no data were available, and he assumed that                   
          outbound and inbound shipments grew at the same rate as courier             
          revenues, which were available.  The imbalances were calculated             
          as the difference between inbound and outbound shipments.                   
          Finally, average cost per shipment was available from 1987                  
          through 1990 and reflects a downward trend from $11.64 in 1987 to           
          $9.99 in 1990.  Information also showed that the cost per                   
          transfer shipment also fell from $5.05 in 1987 to $3.75 in 1989             
          and went up to $3.97 in 1990.  He therefore assumed that airline            
          transportation costs were trending down and had been higher                 
          during the period 1979 through 1986.  To be conservative, he                
          averaged the known imbalance and transfer costs to arrive at                
          $10.96 and $4.38 as the amounts to be used for imbalance and                
          transfer costs, respectively, for the 1979 through 1986 period.             
               Respondent’s expert next used a comparable company approach            
          to determine a markup of 4 percent on cost for imbalance and                
          transfer shipments.  The five companies selected were clearly in            
          the same business, and their net sales less operating expenses              
          were used to determine an operating profit, which was divided by            
          operating expenses to reach a markup percentage on costs.  The              
          comparable period used was 1990 through 1992, and it produced               




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