Derivatives from Postbank sale increase profit

At €512 million, continuing operations recorded a €485 million increase in profit from operating activities (EBIT) in the first quarter of 2010. EBIT also improved after adjustment for the non-recurring items mentioned – amounting to €54 million in the reporting period and €285 million in the prior-year period – by 81.4% to €566 million.

Net financial income more than doubled, from €618 million to €1,328 million. In 2010 this figure includes the initial measurement of the forward from the second tranche of the Postbank sale.

Profit before income taxes rose from €645 million to €1,840 million, whilst income taxes fell from €129 million to €70 million. The measurement of the derivatives from the Postbank sale has no effect on tax. Overall, profit from continuing operations improved by €1,254 million to €1,770 million in the first quarter of 2010 (previous year: €516 million).  

Postbank included in net income from associates

Because Postbank was deconsolidated at the end of February 2009, the previous year’s profit from discontinued operations contains the net loss generated in the first two months and the deconsolidation gain of €444 million. In the reporting period, the Group’s share of Postbank’s profit or loss is contained in net income from associates.