Derivatives from Postbank sale lift profit

Profit from operating activities (EBIT) from continuing operations fell by €769 million to €136 million, a year-on-year drop of 85.0%. After adjustment for the non-recurring items of €433 million for the reporting period and €47 million for the prior-year period mentioned earlier, EBIT declined by 40.2% to €569 million.

Measurement gains were recorded on the derivatives from the sale of Postbank to Deutsche Bank, turning prior-year net finance costs of €313 million into net financial income of €610 million.

Profit before income taxes from continuing operations improved from €592 million to €746 million.

As a result, income tax expense rose from €71 million in the prior-year period to €150 million in the first half of 2009. All in all, profit from continuing operations amounted to €596 million, up €75 million or 14.4% on the previous year.

Profit from discontinued operations includes deconsolidation gain

Profit from discontinued operations rose by €192 million year-on-year to €432 million. This figure includes the net loss generated by Postbank in the first two months of 2009 and the deconsolidation gain of €444 million. Details are presented in the  Notes.

Consolidated net profit for the period up sharply

The combined profit from continuing and discontinued operations resulted in a consolidated net profit of €1,028 million (previous year: €761 million). Of this amount, €1,010 million is attributable to Deutsche Post shareholders and €18 million to minorities. Basic and diluted earnings per share both rose significantly, from €0.51 to €0.84. Earnings per share for continuing operations amounted to €0.48, whilst earnings per share for discontinued operations were €0.36.