Total assets increased compared with the previous year-end by €17,768 million to €235,466 million. The main factors in the increase were the expansion of Postbank’s operating business – as reflected in receivables and other securities from financial services and in liabilities from financial services – along with a larger cash reserve at Postbank. As Postbank plans to sell BHW Bank AG’s credit card and sales financing business, the assets and liabilities concerned have been reclassified to non-current assets held for sale and liabilities associated with non-current assets held for sale. Further information on this point is provided in the Notes.

Non-current assets totalled €25,744 million as at the balance sheet date, a slight drop (1.3% or €330 million) on the previous year’s figure (€26,074 million). The reduction in intangible assets (by €426 million) is mostly accounted for by amortisation. Property, plant and equipment decreased by €634 million. This was mainly due to the write-down of assets in the EXPRESS Americas business, which was partly offset by expansion of our operating business including the Leipzig hub. Non-current financial assets grew by €66 million, largely as a result of the Polar Air Cargo acquisition. Other non-current assets increased from €376 million to €497 million as at the balance sheet date, in part due to growth in pension assets. Deferred tax assets amounted to €1,020 million (previous year: €542 million).

Current assets increased by 9.4% to €209,722 million, chiefly due to receivables and other securities from financial services (up €14,706 million), reflecting the strong operating business at Postbank. The non-current assets held for sale item has grown by €559 million to €615 million. As mentioned previously, Postbank intends to sell BHW Bank AG’s credit card and sales financing business. Cash and cash equivalents rose from €2,391 million compared with 31 December 2006, to €4,683 million, primarily because of Postbank’s larger cash reserve.

Equity attributable to Deutsche Post AG shareholders decreased from €11,220 million to €11,058 million. The equity base was strengthened by €1,389 million from consolidated net profit for the period. This was countered by payment of the increased dividend for the 2006 financial year (€903 million) and by currency translation differences recognised directly in equity.

Current and non-current liabilities increased from €189,513 million to €208,997 million, primarily due to a €19,124 million rise in liabilities from financial services. The Group’s financial liabilities were reduced from €10,488 million to €10,181 million. This was partly accounted for by repayment of a €636 million fixed-interest bond in October. In the opposite direction, subordinated debt at Postbank increased financial liabilities by €555 million. Other financial liabilities were €226 million down. In contrast, trade payables rose by €315 million to €5,384 million. At €5,462 million, other current and non-current liabilities were also up on the previous year (€5,175 million).

A major portion of the 11.4% drop in current and non-current provisions to €12,610 million is accounted for by Postbank’s sale of its insurance companies.