Author: Archive

On course toward a historic merger

Posted by | Apr 29, 2008 | |

Posten’s sales in the first quarter advanced slightly as a result of acquisitions completed mainly in the logistics business. Sales as well as profits were negatively affected by the shorter first quarter, with two fewer work days than in the first quarter the preceding year. Yet consolidated operating earnings of SEK 694m reflected one of the strongest quarters ever.

With sales of SEK 4.3 billion, the messaging business is essential for Posten. Posten Messaging’s sales declined as a result of fewer work days in the quarter. At the same time, operations are encountering challenges in the form of intensifying competition, more substitution, and a higher general level of costs, and operating earnings declined. Thanks to focused efforts to continually streamline operations, the business reported an operating margin close to 11 pct.

Posten Logistics continues to grow profitably. Acquisitions completed in Norway and Finland accounted for about half of the sales growth. The operations are focused on creating a Nordic structure for heightened customer benefits, increased efficiency, and specialization on the Nordic market with the goal of bolstering Posten Logistics’ position and future competitive strength.

Of the core businesses, Stralfors delivered the strongest relative improvement in earnings. Stralfors continues to grow briskly in information logistics. Several key orders were secured from major corporations with a broad customer base in the Nordic countries. Keeping focused on productivity improvements and streamlining operations will further boost profitability in the business. Stralfors’ European platform will give rise to new, interesting business opportunities in the group formed by the merger with Post Danmark
as the European postal market is deregulated.

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SingPost collaborates with ABN AMRO to distribute consumer banking

Posted by | Apr 29, 2008 | |

Singapore Post Limited (“SingPost”) and ABN AMRO announced today a collaboration to distribute PostLine, a new personal line of credit. This is a first of its kind alliance between SingPost and a bank to distribute a personal line of credit. Under this collaboration, SingPost will distribute ABN AMRO’s new personal line of credit, PostLine, at post offices where customers will be able to receive professional financial advice.

The collaboration is part of SingPost’s strategy to leverage its wide retail network to offer high value products and financial services to its customers. The newly launched PostLine will provide another option for SingPost’s customers, expanding the suite of financial services and investment products offered at its post offices.

For ABN AMRO, the collaboration will enable the bank to immediately expand its sales and distribution channel in a cost-efficient manner. SingPost owns one of the largest retail distribution networks in Singapore through its tri-channel platform of 62 post offices, over 250 Self-service

Automated Machines (SAM) and vPost, an internet portal facilitating bill payments and offering online shopping and shipping services.

PostLine is designed with a wide array of benefits, aimed at helping clients save costs and giving them more flexibility in their liquidity and cashflow management. This includes an attractive interest rate of 1.44 pct per month, one of the lowest in the market, and flexibility to use the line of credit to transfer their balances. The unique two-in-one concept of PostLine allows customers to enjoy the lower financing cost with the flexibility of an overdraft. PostLine customers will be able to access
their credit via a cheque book and an ATM card.

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An Post reports 7 pct rise in revenues

Posted by | Apr 29, 2008 | |

An Post has today reported a 7 per cent or EUR 57.2 million rise in revenues to EUR 876 million last year, helped by an increase in mail during the general election.

The postal service’s operating profit before exceptional items increased to EUR 29.1 million compared with EUR 14.7 million during the pervious year.

The company said delivery of items purchased online, and exceptional volumes generated during the election contributed to a growth in the volume of mail delivered.

Increases in the cost of postage introduced in March 2007 had contributed to an growth in revenue from mail delivery.

The company said wages and other staff costs increased EUR 32 million to EUR 600.9 million, with labour costs for its 9,905 staff rising as a result of the implementation of national wage agreements.

To meet the cost of the additional production hours associated with the general election the company incurred once off costs of EUR 10.7 million. This total included an agreement reached with postmasters this year.

Over the year the average number of staff employed declined by about 90.

Other operating costs rose by 6.3 per cent to EUR 245.9 million reflecting an increased marketing spend and upgrading of the An Post fleet.

The accounting deficit in An Post’s pension scheme showed a deficit of EUR 114 million last year, down from EUR 193 million the previous year.

Last year also marked the start of the 50-50 Postbank joint venture with Fortis which will is offering banking services out of more than 250 post offices.

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Spree of acquisitions on courier service market in Romania

Posted by | Apr 29, 2008 | |

The Romanian courier services market has seen several acquisitions since the beginning of the year that have introduced major players such as UPS and the French Post Office on the domestic market, while the German Post Office has strengthened its position, and the Austrians remain interested in the market. So what is in store for the courier services industry?

Domestic couriers had announced as early as two years ago that they planned to attract strategic investors or investment funds to further develop some businesses on one of the most dynamic markets in Romania

Still, the first deals were only clinched as late as at the beginning of the year. The spree of acquisitions started with the direct entrance of UPS in Romania, through the acquisition of Trans Courier Service, and continued with the biggest deal sealed so far on this market, the sale of Cargus to DHL.

While the German Post Office provider acquired Cargus to strengthen its presence on the market, the French Post Office in turn took over a company to enter the Romanian market. Thus, the courier service unit GeoPost and Turkey’s Yurtici Kargo took over 80% in Pegasus, in a deal ZF estimates at 6-9m euros.

Domestically, sale announcements also came from TCE Logistica and Curiero. While TCE representatives are preparing to start talks, Curiero has already reached an agreement with Asesoft for a 25 pct stake.

Smaller companies on the market, such as Sprint Courier, Concorde Courier, Alo Courier, Nemo Expres and Roexpres, are also likely to be the target of some acquisitions in the following period considering the large investments required to support growth and remain competitive.

In addition, a rising number of foreign shipping, courier and logistics companies are interested in the domestic market, which includes the Austrian Post Office.

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A profit of DKK 371 million in the first quarter for Post Danmark

Posted by | Apr 29, 2008 | |

In the first quarter of 2008, Post Danmark achieved a profit after tax of DKK 371 million as a result of growing revenue and decreasing expenses. This is an improvement of DKK 86 million compared with the DKK 285 million profit after tax achieved in the same period last year.
Profit before tax was DKK 462 million compared with DKK 368 million in the same quarter the year before.
Despite declining letters volume, revenue rose for letters, the main reason being customers’ slower than expected change to using the new low-priced C letter product. Revenue fell for daily newspapers, magazine mail and local weeklies compared with the same period last year, while revenue and volume rose for unaddressed mail and parcels.
A positive trend was also seen in income from associates and joint ventures with a profit of DKK 106 million compared with DKK 76 million in the same quarter the year before. The increase was driven mainly by growth in revenue and a fall in expenses for the Belgian De Post – La Poste.
Post Danmark’s total income amounted to DKK 3,165 million in the first quarter, up DKK 41 million on the same period in 2007 where total income amounted to DKK 3,124 million.
The expectations for 2008 are maintained. In practice, this means total income on a par with 2007, an improved operating profit because of decreasing expenses and a somewhat higher profit before tax.

1 DKK = 0.207611 USD

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Gala awards celebrate strength of PalletForce network

Posted by | Apr 29, 2008 | |

PalletFORCE’s sixth annual Gala Awards Dinner on Saturday 12th April highlighted the strength of the Network, with a record number of Member Depots being recognised for their contribution.

Held at the Royal Lancaster Hotel in London and attended by 430 Shareholder Members and staff, the event rewarded the Network’s outstanding performers over the past year.

The event’s top prize, PalletFORCE Depot of the Year, was this year renamed as the PalletFORCE Depot of the Year – The Robert Bedford Award in honour of the Bedfords Transport Depot Principal and PalletFORCE Non-Executive Director, who died in 2007. The award was won by Edwin C Farrall & Sons for the fourth time.

Ge-Be Transport was voted Members’ Depot of the Year, whilst the Sales & Marketing Award was won by Owens Road Services. The Members Service Committee Award went to White Logistics.

A new category, Networkers of the Year, singled out twelve Member Depots who, in the opinion of the Network, had ‘shown a true Network spirit and had gone that extra mile’ over the past twelve months. Those chosen were Horley Road Services, UK Freight Masters, Alan Firmin Ltd, Freightforce, Online Roadways, JBT Ltd, White Logistics, Price Express Transport, Beattie Bros Transport, R G Bassett & Sons, John Jempson & Sons Ltd and Abacus Transport

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HayPost introduces insurance services Partnership to be signed with INGO Armenia

Posted by | Apr 29, 2008 | |

April 23, 2008. HayPost and INGO Armenia have signed an agreement today that will intend for HayPost to provide insurance products to all customers in Armenia.

As of June 1st, HayPost offices will extensively begin selling insurance packages to everyone, ensuring a high accessibility of insurance to all customers, regardless of their location and socio-economic status. HayPost staff is being trained and will obtain the utmost professional qualifications to address and grant INGO Insurance products.

“This is a highly important partnership for HayPost,” states Hans Boon, Director General of HayPost. “As part of our expansion plans in the postal and financial services, and in combination with the Postbank, HayPost will increasingly establish itself as a ‘one-stop’ service center to make accessible all services to even the most disadvantaged customer.”

“All the required documentation is being sent to the Central Bank of Armenia to provide HayPost with the insurance license,” states Levon Altunyan, Executive Director of INGO Armenia. “Our partnership with HayPost is highly relevant for us and will be the basis of a sustainable and increasingly substantial strategic collaboration.”

The key result of this partnership will be that all underserved customers – far and wide – will have direct and easy access to HayPost and its postal, financial and now insurance services.

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trans-o-flex puts European network on new footing

Posted by | Apr 29, 2008 | |

trans-o-flex have laid a new foundation for their European distribution network Eurodis. “We have re-launched Eurodis GmbH, the management company of our specialist 21-country network,” explains Klaus J. Heinz, Executive Board Chairman. “Now we are in a position to welcome our key international partners as shareholders with similar rights and obligations and to involve them in the development of the network.” Redur Lozano, the Spanish Eurodis partner, has already taken this up and acquired a 20 pct stake in Eurodis GmbH. At present, trans-o-flex and the Austrian Post each hold 40 pct of the stock, but they are prepared to halve their holdings to take other partners on board.

While other international networks are usually managed and controlled from a single national perspective, Eurodis can become the first truly international alliance thanks to the equitable shareholding structure, according to Heinz. “Our target is to offer Spanish solutions in Spain, English ones in England and French solutions in France.” Equally, the cross-border ownership of shares serves to reinforce the partners’ mutual ties.

In parallel to the changes on the capital side, the role and functions of Eurodis GmbH are growing. Apart from its coordination aspect, it will in future also manage and control the international alliance. It will manage the partners and the financial adjustments between them, known as clearing, and be responsible for international shipment track and trace and the further development of it.

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