DHL 2008 Annual Report Download - page 40

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Deutsche Post World Net Annual Report 2008
e  is calculated in the “Postbank at equity” scenario, in which Postbank is
treated as an investment accounted for using the equity method. In ,  stood
at  – , million, primarily because  was depressed by non-recurring items of
 – , m il l ion.
EBIT after asset charge (EAC – Postbank at equity)
€ m 2007 2008 + / – %
restated
EBIT 2,133 – 567 – 126.6
Asset charge 1,735 1,548 – 10.8
EBIT after asset charge (EAC) 398 – 2,115 –
Compared with the previous year, the asset charge fell by  million because
we were able to signi cantly improve the net asset base.  is was mainly due to two
factors: real estate disposals and a sharp reduction in working capital, both of which
are elements of our Roadmap to Value programme.  e weighted average cost of capital
was set at .  at the beginning of  and has remained unchanged since then.
36