Profit from operating activities (EBIT) amounted to €1,523 million, €178 million or 10.5% less than in the first half of 2007. The prior-year figure included the non-recurring income from the sale of Vfw AG (€59 million) and Postbank’s one-time expenses (€48 million); the figure for the reporting period included the restructuring costs for the US express business (€47 million) and Postbank’s one-time expenses (€317 million) as described. Adjusted for these items, EBIT advanced by 11.7% to €1,887 million (previous year: €1,690 million) in the first half of the year and by even 18.6% in the second quarter.

At €534 million, net finance costs were 7.2% up on the prior-year figure (€498 million), mainly because of the general rise in interest rates.

Profit before income taxes declined year-on-year from €1,203 million to €989 million. Income tax expense fell by €60 million to €183 million, partly due to the positive impact of the business taxation reform in Germany. This reduced the Group tax rate from 20.2% to 18.5%.

Consolidated net profit for the period declined by 16.0% to €806 million (previous year: €960 million). Of this amount, €661 million is attributable to Deutsche Post shareholders and €145 million to minorities. Basic and diluted earnings per share fell from €0.65 to €0.55.