In addition to Deutsche Post AG as the Group parent, the consolidated group generally includes all German and foreign entities in which Deutsche Post AG directly or indirectly holds a majority of voting rights, or whose activities it is otherwise able to control.

In the second quarter of 2008, Deutsche Post Beteiligungen Holding GmbH, Germany, increased its stake in Williams Lea Holdings plc, UK, from 66% to 96% for a purchase price of €220 million. The financial liability for the remaining outstanding shares fell to €30 million.

In April 2008, DHL Exel Supply Chain Hong Kong acquired from Sinotrans Air Transportation Development, China, the remaining 50% of the shares in their joint venture, Exel-Sinotrans Freight Forwarding Co. Ltd., China, for €61 million and has since been the sole owner. The company was previously accounted for in the consolidated financial statements as a proportionately consolidated joint venture. Goodwill of €31 million arose on its full consolidation. The purchased remaining 50% of the shares of the company contributed €59 million to consolidated revenue. The company has significant service relationships with the Group. The purchase price allocation is as follows:

On 31 December 2007, FC (Flying Cargo) International Transportation Ltd., Israel, was acquired for €85 million. Flying Cargo is the Israeli market leader in air and ocean freight. In the first quarter of 2008, the former shareholders were paid the equivalent of €65 million, of which €45 million related to the first tranche of the purchase price and €20 million to the repayment of loans from former shareholders. The remainder of the purchase price is expected to be paid in 2010. Goodwill of €74 million arose on the company’s initial consolidation. The purchase price allocation is as follows:

In February 2008, Deutsche Post Beteiligungen Holding GmbH, Germany, formed Express Couriers Australia Pty Ltd., Australia, with a view to entering into a 50/50 joint venture with New Zealand Post, New Zealand. By 30 June, the joint venture had taken over business units from DHL Global Forwarding, Australia. At the same time, New Zealand Post acquired a 50% interest in the company. At the beginning of July, the joint venture acquired New Zealand Post Australia Pty Ltd. and its subsidiaries for €55 million. A further €23 million was spent to acquire the assets and operations of Hills Transport Pty Ltd., Hills Express Pty Ltd., Aufast Couriers Pty Ltd. and VFCC Services Pty Ltd.

In the second quarter of 2008, UK company Exel Holdings Ltd. increased its stake in procurement solutions company 4C Associates Ltd., UK, from 24.4% to 52% for €7 million. The purchase price allocation will be presented in a later set of financial statements, as not all the necessary information is available at the present time. Goodwill for the purchased shares is provisionally estimated to be €4 million.

In the period ended 30 September 2008, the Group also made further acquisitions which neither individually nor in the aggregate had a significant effect on the Group’s net assets, financial position and results of operations.

The insignificant acquisitions contributed a total of €27 million to consolidated revenue and €–1 million to consolidated EBIT.

In the period ended 30 September 2008, €395 million was spent on acquiring subsidiaries, less the cash and cash equivalents acquired (previous year: €241 million). The purchase prices of the acquired companies were paid by transferring cash and cash equivalents.