The EAC is calculated in the “Postbank at equity” scenario, in which Postbank is treated as an investment accounted for using the equity method. In 2008, EAC stood at € –2,115 million, primarily because EBIT was depressed by non-recurring items of € –2,977 million.
| EBIT after asset charge (EAC – Postbank at equity) |
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| €m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2007 restated |
2008 | +/– % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBIT | 2,133 | –567 | –126.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| – Asset charge | 1,735 | 1,548 | –10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| = EBIT after asset charge (EAC) |
398 | –2,115 | – | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compared with the previous year, the asset charge fell by €187 million because we were able to significantly improve the net asset base. This was mainly due to two factors: real estate disposals and a sharp reduction in working capital, both of which are elements of our Roadmap to Value programme. The weighted average cost of capital was set at 8.5% at the beginning of 2008 and has remained unchanged since then.
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