Earnings

Changes in reporting and portfolio

Postbank’s activities were reported as “discontinued operations” until the sale of Postbank at the end of February. The Pension Service had already been reallocated from the former FINANCIAL SERVICES Division to the MAIL Division in financial year 2008. We report our other activities as “continuing operations”.

Consistent with international practice and to improve the clarity of presentation, we no longer report the return on plan assets in connection with pension obligations as part of EBIT, but under net finance costs/net financial income. The prior-year amounts have been restated accordingly.

Due to the deconsolidation of Postbank, which is now accounted for under the equity method, we no longer prepare additional consolidated financial statements including the Deutsche Postbank Group on an equity-accounted basis.

As of 6 February 2009, we increased our stake in Selekt Mail Nederland C.V., a Dutch company, from 51% to 100%.

Consolidated revenue for continuing operations drops

Consolidated revenue from continuing operations fell by 12.9% year-on-year to €11,505 million (previous year: €13,209 million), partly due to negative currency effects in the amount of €114 million. Our exit from the domestic US express business contributed in particular to the decrease in the share of revenue generated abroad, which fell from 68.2% to 64.7%.

Lower income and expense

Profit from continuing operations was reduced due to non-recurring expenses of €245 million for restructuring the US express business in the reporting period. Additional restructuring costs of €40 million were incurred in the other divisions. There was no non-recurring income or expense in the prior-year period.

Other operating income decreased from €481 million to €393 million year-on-year, in part because last year’s figure included higher income from the sale of land and buildings and from currency translation differences.

The lower sales volumes were reflected in materials expense, which declined from €7,436 million to €6,388 million. In addition, the lower price of oil contributed to the reduction in transport costs.

Staff costs also decreased slightly; this item declined 3.3% to €4,246 million.

By contrast, depreciation, amortisation and impairment losses increased slightly from €359 million to €368 million. Further impairment losses were recognised on additions to non-current assets in the US express business in the first quarter of 2009.

Other operating expenses declined by €95 million to €869 million, amongst other things due to lower expenses from currency translation differences and lower external consulting costs.

 1 | 2

 1 | 2