The structure of the consolidated balance sheet as at 30 September 2008 has been changed radically by the planned sale of Postbank. All assets and the liabilities associated with this segment have been reclassified as assets held for sale and liabilities associated with assets held for sale. In contrast, this did not affect the balance sheet as at 31 December 2007.

Total assets amounted to €251,526 million as at 30 September 2008, or 6.8% more than at 31 December 2007 (€235,466 million). The main reason for this is Postbank’s successful sales activities, which are reflected in the above-mentioned line items.

Non-current assets declined from €25,744 million to €21,542 million, primarily because Postbank’s non-current assets were reclassified. In addition, the sale of real estate to US investor Lone Star, which was completed as at 1 July, reduced property, plant and equipment by €962 million. This is also the main reason for the decrease in investment property from €187 million to €30 million. Deferred tax assets declined from €1,020 million to €371 million, mainly due to the reclassification of Postbank.

The 9.7% rise in current assets to €229,984 million (previous year: €209,722 million) is also due primarily to the reclassification of Postbank’s assets. Receivables and other assets increased by €591 million to €10,397 million, in particular because part of the purchase price from the sale of the real estate portfolio is still outstanding. By contrast, this line item decreased due to the reclassification of Postbank’s assets. Cash and cash equivalents declined from €4,683 million as at 31 December 2007 to €1,245 million as at the balance sheet date, mainly because Postbank’s cash reserve was reclassified.

At €10,769 million, equity attributable to Deutsche Post AG shareholders was slightly below the figure as at 31 December 2007 (€11,058 million). The capital base declined due to the higher dividend for financial year 2007 (€1,087 million) and the adjusted revaluation reserve (€668 million), but was boosted by the consolidated net profit for the period (€1,466 million).

The €20,839 million rise in current and non-current liabilities to €229,836 million as at 30 September 2008 is primarily due to Postbank. It further expanded its business, leading to an increase in liabilities associated with assets held for sale. Additionally, this position contains the reclassified provisions from discontinued operations. Accordingly, current and non-current provisions declined from €12,610 million to €8,979 million. Financial liabilities were significantly reduced, falling from €10,181 million at the end of 2007 to €4,467 million. €5,406 million of this reduction relates to Postbank’s reclassified financial liabilities. In addition, loan obligations were repaid and the financial liabilities to Williams Lea minority shareholders were reduced. Other current and non-current liabilities fell from €5,462 million to €5,099 million, primarily because we reclassified the discontinued operations.