Swiss Post release 3Q results
In the first three quarters of 2009, Swiss Post generated Group profit of 553m Swiss francs – an increase of around 11.5% compared with the same period last year. The rise is due primarily to successes chalked up by PostFinance. The mid-year result had shown a 16% drop from 12months previously.
Between January and September 2009, Swiss Post generated Group profit of CHF 553m (2008: CHF 496m). This represents an increase of CHF 57m or 11.5% compared with the same period in 2008. The improvement is attributable mainly to the success of PostFinance, which lifted its unit result by 76% to CHF 351m (2008: CHF 199m). In addition to the above-average growth in new customers and customer deposits, the much smaller scale of write downs required was responsible for this increase. Two other units, Swiss Post International and PostBus, also improved their results.
Compared with 2008, operating income fell by CHF 160m (2.5%) to CHF 6,310m. Almost all Group units posted a decline in earnings. At PostMail, this decrease was accentuated by the implementation of price cuts for letters on 1 July 2009. Three quarters of the operating income (around 75%) was generated by Group units PostMail, PostLogistics and PostFinance. Investments came to CHF 257m, some CHF 43m below last year’s figure. In the past nine months they were again financed completely by resources generated by Swiss Post itself.
Economy compounding declining letter volumes
The decline in letter volumes is continuing unabated: from January until September, Swiss Post carried 4.9% fewer addressed letters than in the same period of 2008. The economic crisis has reinforced the decline resulting from substitution (replacement of physical mail with electronic means of communication) and dispatch optimisation (bundling of items). Parcel volumes remained largely stable. Swiss Post reacted to the shrinking volumes by adapting its organisational structure and human resources.
Owing to the persistently difficult economic situation and the effects of price cuts in the letter segment, Swiss Post is expecting the result for the year as a whole to be lower than that of last year.
Key figures for the Group
|
Key figures |
Unit |
1.1. – 30.9.2009 |
1.1. – 30.9.2008 |
2008 |
| Operating income | CHF million | 6,310 | 6,470 | 8,980 |
| Operating result1 | CHF million | 559 | 499 | 812 |
| As % of operating income | % | 8.90 | 7.70 | 9.00 |
| Group profit | CHF million | 553 | 496 | 825 |
| Total assets | CHF million | 80,573 | 61,859 | 71,603 |
| Equity | CHF million | 3,337 | 2,622 | 2,857 |
| Investments2 | CHF million | 257 | 299 | 516 |
| Headcount at Swiss Post Group (excluding trainees) | PE3 | 44,479 | 43,812 | 44,178 |
| Headcount at Swiss Post (excluding trainees) | PE3 | 30,948 | 33,953 | 32,919 |
| Trainees at Swiss Post Group | PE3 | 1,720 | 1,605 | 1,631 |
1 Operating result corresponds to operating profit before consideration of non-operating financial result and taxes (EBIT).
2 Investment in tangible fixed assets, participations & intangible assets
3 Headcount in terms of full-time equivalents (FTE) = average workforce in full-time equivalents.
Segment information (1.1. – 30.9.2009)
|
Segment |
Operating Income (CHF million) |
Operating result (CHF million) |
Headcount3 |
| PostMail | 2’047 | 141 | 16’816 |
| PostLogistics | 1’087 | 26 | 5’477 |
| Swiss Post International | 751 | 39 | 1’275 |
| Swiss Post Solutions | 484 | -13 | 6’859 |
| Post Offices & Sales | 962 | -94 | 6’957 |
| PostFinance | 1’591 | 351 | 3’008 |
| PostBus1 | 475 | 34 | 1’677 |
| Other2 | 718 | 75 | 2’410 |
| Consolidation | -1’805 | ||
| Group | 6’310 | 559 | 44’479 |
Segment information (1.1. – 30.9.2008)
|
Segment |
Operating Income (CHF million)4 |
Operating result (CHF million)4 |
Headcount3 |
| PostMail | 2’130 | 155 | 17’573 |
| PostLogistics | 1’116 | 25 | 5’261 |
| Swiss Post International | 776 | 21 | 1’281 |
| Swiss Post Solutions | 515 | 12 | 5’900 |
| Post Offices & Sales | 950 | -75 | 7’015 |
| PostFinance | 1’607 | 199 | 2’872 |
| PostBus1 | 449 | 22 | 1’561 |
| Other2 | 771 | 140 | 2’349 |
| Consolidation | -1’844 | ||
| Group | 6’470 | 499 | 43’812 |
1 The PostBus segment is subject to the Railways Act (EBG), which provides for separate accounting regulations for franchised transport businesses (REVO). There are differences between REVO and IFRS.
2 Includes service and management units such as Real Estate, Information Technology and Philately.
3 Average expressed in terms of full-time equivalents (excl. trainees).
4 Prior-year amounts adjusted due to intra-Group reallocations
