Total assets amounted to €260,553 million as at 30 June 2008, €25,087 million more than at 31 December 2007. This was due mainly to Postbank’s successful operating business, which is reflected in receivables and other securities and liabilities from financial services.
Non-current assets declined by €1,333 million to €24,411 million. This decline primarily reflects the planned sale of real estate and IT equipment and the reclassification of those items to non-current assets held for sale. In particular, this reduced property, plant and equipment from €8,754 million to €7,645 million. Intangible assets declined by €261 million to €13,965 million, mainly because of currency effects recognised directly in equity relating to goodwill. Investment property fell from €187 million to €101 million. We intend to sell some of these assets and have therefore reclassified them to non-current assets held for sale. Deferred tax assets amounted to €1,304 million (previous year: €1,020 million).
The 12.6% rise in current assets to €236,142 million was due primarily to receivables and other securities from financial services. These rose, amongst other things, because Postbank acquired private residential mortgages. Receivables and other assets increased from €9,806 million to €10,170 million, partly because of the deferred annual contribution to Bundes-Pensions-Service that had been prepaid. Non-current assets held for sale rose by €515 million to €1,130 million. Two opposing effects came into play here: the reclassification of real estate and IT assets increased the item by €1,110 million, whilst the sale of the credit card and sales financing business of BHW Bank AG had an offsetting effect. Cash and cash equivalents declined by €2,552 million to €2,131 million as at the balance sheet date, mainly because of a fall in Postbank’s cash reserve.
Equity attributable to Deutsche Post AG shareholders declined from €11,058 million as at 31 December 2007 to €9,846 million. Amongst other things, the increased dividend payment for financial year 2007 (€1,087 million), currency translation differences recognised directly in equity and adjustments to the revaluation reserve (totalling €808 million) led to a decline in equity, whilst the consolidated net profit for the period of €661 million served to strengthen it.
Current and non-current liabilities increased by €27,163 million to €236,160 million as at the balance sheet date, mainly because liabilities from financial services rose by €26,909 million. At €10,644 million, financial liabilities were €463 million up on the figure as at 31 December 2007. Financial liabilities to Williams Lea minority shareholders declined, whilst the subordinated debt of Postbank and short-term loans increased. Trade payables were €412 million lower. Other current and non-current liabilities rose from €5,462 million to €5,725 million, mainly because we received a payment on account for the real estate portfolio we are holding for sale. Current and non-current provisions declined from €12,610 million to €12,310 million, partly because a provision for the funding of future shortfalls in the Postal Civil Service Health Insurance Fund was reversed.