On 28 May 2008, the Supervisory Board and Board of Management of Deutsche Post World Net approved an extensive restructuring programme for the DHL express business in the USA. Key elements include a reduction in ground infrastructure costs and a planned collaboration with United Parcel Service (UPS) on air transportation. The companies plan to enter into an agreement under which responsibility for transporting the domestic and international products of DHL Express by air within North America will be transferred to UPS. In addition, DHL’s infrastructure will be adapted to match actual shipment volumes. Restructuring costs associated with the planned termination of the collaboration arrangement with air transportation partners ABX Air and ASTAR Air Cargo and other one-time expenses are expected to amount to US$2 billion. By the end of the reporting period, expenses of €47 million had been recognised, of which €32 million relate to additions to provisions.

In addition, impairment losses of €22 million were recognised on the non-current assets of the EXPRESS Americas cash-generating unit in the first half of 2008.

Impairment losses were recognised on real estate (€28 million) and IT equipment (€14 million) reported as non-current assets held for sale. The write-downs are reported under other operating expenses, as the real estate and IT equipment are carried as current assets.