The structure of the consolidated balance sheet changed fundamentally as at 31 December 2008 due to the announced sale of Postbank. All assets and liabilities associated with this segment have been reclassified as assets held for sale and liabilities associated with assets held for sale. In contrast, this did not affect the balance sheet as at 31 December 2007.
Total assets increased by €27,544 million to €262,964 million, particularly as a result of Postbank’s successful sales activities, which are reflected in the aforementioned items.
Non-current assets declined from €25,764 million to €20,517 million, primarily because Postbank’s non-current assets were reclassified and intangible assets were reduced by impairment losses in the SUPPLY CHAIN/CIS Division. Furthermore, the sale of real estate to Lone Star, which was completed as at 1 July 2008, reduced property, plant and equipment by €842 million. This is also the main reason for the decrease in investment property from €187 million to €32 million. At €1,033 million, deferred tax assets were at the prior-year level (€1,040 million).
The 15.6% rise in current assets to €242,447 million is likewise due primarily to the reclassification of Postbank’s assets. Receivables and other assets decreased by €1,091 million to €8,715 million, mainly because we improved receivables management. Cash and cash equivalents declined by €3,333 million, principally due to a fall in Postbank’s cash reserve.
Equity attributable to Deutsche Post AG shareholders decreased from €11,035 million to €7,826 million. The capital base declined due to the dividend payment for financial year 2007 (€1,087 million), the adjusted revaluation reserve (€41 million), currency translation losses (€500 million) and the consolidated net loss (€1,688 million).