Indicators for continuing operations

In order to ensure the comparability of the indicators, figures as at 31 December 2008 refer to an analysis with Postbank presented on an equity-accounted basis (“Postbank at equity”).

The revision of our chart of accounts affected the composition of net debt/net liquidity: this indicator now also contains the effects of the measurement of derivatives. The prior-year amounts have been adjusted accordingly. Details are presented in the Notes.

The sale of Postbank significantly reduced our net debt and increased our net liquidity. Although financial liabilities increased following subscription of the mandatory exchangeable bond and payment of the collateral for the put option on the remaining Postbank shares, the cash and financial assets received in exchange for the Postbank shares increased.

However, we have not included the mandatory exchangeable bond when calculating net debt, as it will be paid for in full by Postbank shares. Equally, the collateral for the put option on the remaining Postbank shares and the net effect of the measurement of the derivatives from the sale of Postbank are not included in the calculation. As a result, net debt decreased, or net liquidity increased, from €2,466 million to €–1,690 million.