Not only have pension provisions reached a new all-time high of almost €11bn and shareholders’ funds a new all-time low of €3.5bn, management’s new detailed guidance for the full-year is also showing falling ‘adjusted’ EBIT numbers for both the Passenger and Technics divisions and a loss for Logistics. In fact, H1 numbers were not that poor. However, this is exclusively the result of lower losses in Q1 whereas the Q2 profit numbers are lower than they were a
