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 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.