Assets and liabilities

Sharp drop in total assets

The deconsolidation of Postbank led to a sharp reduction in the Group’s total assets as at 30 June 2009. At €35,173 million, these were down €227,791 million on the figure as at 31 December 2008.

Non-current assets increased by €1,799 million to €22,316 million, primarily due to the rise in investments in associates from €61 million to €1,669 million. This item contains the remaining shares in Postbank following the latter’s deconsolidation. In addition, the put options received in the course of the sale of Postbank increased the other non-current assets. These rose from €514 million at the start of the financial year to €1,378 million on the reporting date. Property, plant and equipment declined by €219 million to €6,457 million, mainly as a result of depreciation, amortisation and impairment losses. Deferred tax assets also decreased, falling from €1,033 million to €677 million as at 30 June.

Current assets fell by €229,590 million, above all due to the deconsolidation of Postbank and the resulting decrease in assets held for sale. Receivables and other assets decreased from €8,715 million to €7,918 million, primarily as a result of the general economic situation. In particular, the closing of the Postbank sale resulted in an increase in current financial instruments of €1,186 million, since part of the cash received was invested on the short-term capital markets. In addition, cash and cash equivalents increased from €1,350 million to €3,222 million, due in particular to the cash received.

Compared with 31 December 2008, equity attributable to Deutsche Post AG shareholders rose by €682 million to €8,508 million as at the balance sheet date. The increase was primarily due to the consolidated net profit for the period, whereas the dividend payment for financial year 2008 served to decrease this item.

The sale of Postbank was a key factor in the sharp reduction in non-current and current liabilities. As at 31 December 2008, all of Postbank’s liabilities and provisions were reported under liabilities associated with assets held for sale. They were fully disposed of upon deconsolidation, resulting in a net decline of €227,736 million. Financial liabilities increased from €4,097 million to €7,238 million. Current financial liabilities were reduced by €439 million. In contrast, non-current financial liabilities increased by €3,580 million, primarily because a mandatory exchangeable bond was subscribed as part of the Postbank sale and the put options were collateralised. The utilisation of provisions for the restructuring of the US express business and lower deferred tax liabilities led to a decline in non-current and current provisions from €10,836 million to €9,810 million. The weak economic situation in the first half of the year resulted in a €537 million decrease in trade payables, whereas the more strongly seasonal business at the end of 2008 had served to increase this figure. Other current and non-current liabilities fell by €383 million to €4,729 million, primarily due to a decline in liabilities from foreign currency derivatives.