Profit from operating activities (EBIT) improved significantly year-on-year, rising 32.8% or €601 million to €2,436 million. In the fourth quarter of 2011, profit increased 14.1% to €599 million. The smaller increase is largely attributable to the expenses arising in connection with the sale of business units in the UK, France and Austria in the first half of the previous year.
Net finance costs amounted to €777 million in the reporting year (previous year: net financial income of €989 million). The figure for financial year 2010 had been lifted in particular by €1,453 million by the initial fair value measurement of a forward related to the second tranche of the Postbank sale.
Profit before income taxes declined from €2,824 million to €1,659 million in 2011. Income taxes increased by €199 million to €393 million, due to higher taxable income.
Consolidated net profit for the period declined during the year under review, falling from €2,630 million to €1,266 million. Of this amount, €1,163 million is attributable to shareholders of Deutsche Post AG and €103 million to non-controlling interest holders. In the previous year, above all the initial measurement of the forward from the sale of Postbank had lifted consolidated net profit for the period by €1,453 million. Both basic and diluted earnings per share fell from €2.10 to €0.96.