In the analysis with Postbank accounted for at equity, Postbank is treated as an investment accounted for using the equity method.

Net debt comprises financial liabilities less cash and cash equivalents, current financial instruments, long-term deposits and financial liabilities to minority shareholders of Williams Lea. The figure decreased with the scaling back of financial liabilities, whilst the reduction in cash and cash equivalents had the effect of increasing net debt. Overall, net debt was reduced by €225 million compared with 31 December 2006, to €2,858 million.

Net gearing – the ratio of net debt to the sum of equity and net debt combined – decreased from 21.4% to 20.3%.

Net interest cover is the ratio of EBIT to the balance of interest paid and interest received. The figure has increased from 8.3 to 14.6. This indicates that EBIT exceeds net interest obligations by a factor of 14.6.

The dynamic gearing ratio is an indicator of internal financing capacity and expresses the average number of years required to pay outstanding debt using the whole of the cash flow generated in the year under review. As net debt has dropped and operating cash flow has increased, the dynamic gearing ratio has further improved from an average of 1.4 to 1.0 years.