Increased EBIT and net financial income

At €765 million, profit from operating activities (EBIT) from continuing operations was €629 million up on the previous year’s figure of €136 million. EBIT also improved after adjustment for non-recurring restructuring items – amounting to €304 million in the reporting period and €433 million in the prior-year period – by 87.9% to €1,069 million.

Net financial income almost doubled, from €610 million to €1,186 million. In 2010, this figure includes for the first time the measurement of the forward from the second tranche of the Postbank sale in the amount of €1,451 million. 

We were able to increase profit before income taxes by €1,205 million to €1,951 million, whereas income tax expense fell by €62 million to €88 million. The measurement of the derivatives from the Postbank sale has no effect on tax. Overall, profit from continuing operations improved by €1,267 million to €1,863 million in the first half of 2010 (previous year: €596 million).