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Last year, Hapag-Lloyd Cruises continued to focus on the premium segment with relatively stable prices. It thus achieved almost stable sales at €151.4m, although passengers numbers fell slightly. However, it still achieved a good operating profit of €5.4m. Hapag-Lloyd Cruises expects to achieve lower sales and profit in the current year. Although bookings have picked up since the end of the Iraq war, it is still not clear whether this already indicates a recovery. The segment "Logistics", comprising VTG-Lehnkering, Pracht Freight Forwarding and our French holding Algeco, increased its sales by 3%, although operating profit fell slightly to €82.3m (€94.6m) owing to pressure on margins. Last year, VTG-Lehnkering boosted its sales from €932m to €971m, although its operating profit fell to €20.8m (€29.9m). The main area was once again rail and tank container logistics, which generated sales of €413m, although this was also affected by the slowdown. Other negative factors were higher maintenance costs as planned and acquisition and integration costs in connection with the takeover of the Brambles European Rail Division (ERD). With its acquisition of the ERD activities, VTG-Lehnkering became the leading supplier of integrated rail logistics services in Europe. In view of this focusing, Hapag-Lloyd has decided on a reorientation and is currently investigating the possibilities of selling the activities pooled in the area bulk and special logistics. With Hapag-Lloyd Group's concentration in future on shipping, container modules for use as temporary premises, forwarding and rail logistics services, it can be assumed that capital available in the medium to long term will flow into the core areas, so that peripheral activities will not able to develop adequately. Pracht Freight Forwarding, based in Haiger near Frankfurt, increased its sales by 13% to €190m in 2002, despite the negative developments in its sector and the generally sluggish economy. Pracht also increased its operating profit to €3.1m (€2.7m) and expects to increase its sales slightly and achieve a stable operating profit in 2003.