Excerpts from Deutsche Post AG's 2012 Group Annual Report.
Postbank sale completed
Upon maturity of the mandatory exchangeable bond and exercise of our put option in the first quarter, we transferred the remaining shares in Postbank to Deutsche Bank. Deutsche Post AG no longer holds any shares in Postbank.
Earnings unaffected by demand for repayment of state aid
Deutsche Post DHL paid the €298 million demanded by the German federal government under the European Commission’s state aid ruling on 1 June 2012. In agreement with the government, the amount has been paid into a trust account and has therefore only been recorded in the balance sheet; the Group’s earnings position remained unaffected.
EBIT impacted by additional VAT payment
The additional VAT payment demanded by the German tax authorities amounted to €482 million after deducting outstanding tax refund claims and was made by the end of the third quarter. Consolidated EBIT was impacted by €–181 million and net finance costs by interest expenses of €115 million during the reporting year given that we had already recognised provisions for a large part of the payment.
Provisions for restructuring of US express business reversed
A portion of the provisions recognised in connection with the restructuring of the US express business in 2009 has now been reassessed and reversed. This had a positive impact on EBIT in the amount of €99 million in the second quarter.
Pension funding improved
We took advantage of favourable conditions on the capital market to issue new bonds as well as a convertible bond for total proceeds of more than €3 billion. Most of the cash generated was used to continue funding our pension obligations.