EBIT grows substantially

Profit from operating activities (EBIT) was up significantly year on year in the first half of 2011, at €1,191 million (previous year: €765 million). At €562 million, profit from operating activities more than doubled in the second quarter of 2011 (previous year: €253 million). This increase was largely attributable to the above-mentioned expenses in the same period last year arising in connection with the disposal of business units in France and Austria.

Net finance costs amounted to €–319 million (previous year: net financial income of €1,186 million). In particular, the previous year’s figure had been lifted by €1,453 million by the initial measurement of the fair market value of a forward related to the second tranche of the Postbank sale.

Profit before income taxes declined by €1,079 million to €872 million (previous year: €1,951 million). Income taxes increased by €130 million to €218 million. The measurement of the derivatives from the planned Postbank sale had no effect on tax. In addition, the tax rate increased to 25% in the first half of 2011 due to the higher income generated abroad.

Consolidated net profit and earnings per share below prior year, as expected

Consolidated net profit for the period decreased from €1,863 million in the first half of 2010 to €654 million in the reporting period. €603 million of this amount is attributable to shareholders of Deutsche Post AG and €51 million to non-controlling interests. Both basic and diluted earnings per share fell from €1.51 to €0.50. The effects lifting consolidated net profit and earnings per share in the previous year are described above.