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Swiss Post achieves good quarterly results
In the first quarter of 2014, Swiss Post achieved a Group profit of 199 million francs (previous year: 222 million francs). The decline of 23 million francs is primarily due to reduced interest income resulting from persistently low interest rates on the financial markets and higher impairment charges. Operating profit (EBIT) stood at 253 million francs (previous year: 272 million francs). All four of Swiss Post’s markets – communication, logistics, passenger transport and retail finance – contributed to the positive quarterly results.
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In the first three months of 2014, Swiss Post generated operating income of 2,138 million francs. This represents a drop of almost one percent year-on-year (previous year: 2,156 million francs) which could not be fully offset by reductions in expenses. Operating profit (EBIT) totalled 253 million francs, which was 19 million francs below the previous year’s level (272 million francs), and Group profit stood at 199 million francs (previous year: 222 million francs). All four markets contributed to the positive overall result. Prior-year figures have been normalized to take one-off items into account.
In the communication market, Swiss Post recorded an operating profit of 88 million francs (previous year: 87 million francs). The decline in income at PostMail and Post Offices & Sales caused by lower volumes was offset by cost savings in these areas and by growth in income from Swiss Post Solutions. The volume of addressed letters fell by 2.4 percent, and the number of unaddressed items was down 3.5 percent. In the logistics market, Swiss Post recorded an operating profit of 31 million francs (previous year: 33 million francs). This decrease is due to high competitive pressure. Parcel volumes were up 1.1 percent in Switzerland. In the passenger transport market, PostBus recorded an operating profit of 13 million francs (previous year: 9 million francs). The improved results were mainly due to the expansion of services as well as to one-off transport revenue. The number of kilometres covered increased by 7.7 percent.
PostFinance result affected by low interest situation
PostFinance, which operates in the retail financial market, recorded an operating profit (EBIT) of 127 million francs in the segment results (previous year: 138 million francs). This decrease is due to lower net interest income resulting from persistently low interest rates on the financial markets and higher impairment charges. The inflow of new money stood at 1.3 billion francs, and customer assets rose to an average of 115 billion francs in March. 11,000 new customers put their trust in PostFinance in the first three months of the year.
Group key figures
Key figures | Unit | Q1 2014 | Q1 2013 | Full year 2013[1] |
---|---|---|---|---|
Operating income | CHF million | 2'138 | 2'156 | 8'575 |
Operating profit (EBIT)[1],[2] | CHF million | 253 | 272 | 911 |
As a % of operating income (EBIT return) | % | 11,8 | 12,6 | 10,6 |
Group profit[1] | CHF million | 199 | 222 | 626 |
Total assets | CHF million | 123'618 | 122'899 | 120'383 |
Equity | CHF million | 5‘815 | 5‘079 | 5‘637 |
Cash flow from investing activities | CHF million | -350 | -61 | -309 |
Headcount at Swiss Post Group | FTEs[3] | 44'768 | 43'678 | 44'105 |
1 ↑ Previous year’s figures normalized to take account of one-off items.
2 ↑ Operating profit corresponds to the result before non-operating financial income and taxes (EBIT).
3 ↑ FTEs = Full-time equivalents. Average expressed in terms of full-time equivalents, excluding trainees.
PostFinance Ltd key figures
Key figures | Unit[1] | Q1 2014 | Q1 2013 | Full year 2013 |
---|---|---|---|---|
Number of customers | Thousands | 2‘899 | 2‘930 | 2‘888 |
Number of customer accounts[2] | Thousands | 4‘657 | 4‘533 | 4‘628 |
Customer assets[3] | CHF million | 115‘184 | 114‘217 | 113‘580 |
Funds, securities, life insurance[3] | CHF million | 6‘432 | 5‘539 | 6‘042 |
Mortgages[4] | CHF million | 4‘482 | 4‘237 | 4‘424 |
Loans to business customers (taken up) | CHF million | 7‘349 | 6‘236 | 7‘271 |
E-finance users | Thousands | 1‘565 | 1‘482 | 1‘546 |
Headcount | FTEs[5] | 3‘405 | 3‘454 | 3‘432 |
Transactions processed | Millions, cumulative | 242 | 232 | 965 |
1 ↑ At end of period (unless otherwise stated).
2 ↑ New calculation from 1.1.2014, previous years restated.
3 ↑ Monthly average from 2014, previous years restated.
4 ↑ In cooperation with partner banks.
5 ↑ FTEs = Full-time equivalents. Average expressed in terms of full-time equivalents. Headcount at PostFinance parent company.
Selected key figures per segment (Group units)
31 March 2014 | Group units | Operating income(CHF m)[1] | Operating profit(CHF m)[1],[2] |
---|---|---|---|
Communication market | 1‘238 | 88 | |
PostMail | 741 | 110 | |
Swiss Post Solutions | 164 | 5 | |
Post Offices & Sales | 426 | -27 | |
Logistics market | PostLogistics | 385 | 31 |
Retail financial market | PostFinance[3] | 568 | 127 |
Passenger transport market | PostBus[4] | 209 | 13 |
Other[5] | 210 | -6 |
31 March 2013 | Group units | Operating income(CHF m)[1] | Operating profit(CHF m)[1],[2],[6] |
---|---|---|---|
Communication market | 1‘243 | 87 | |
PostMail | 765 | 109 | |
Swiss Post Solutions | 139 | -1 | |
Post Offices & Sales | 435 | -2 | |
Logistics market | PostLogistics | 391 | 33 |
Retail financial market | PostFinance[3] | 581 | 138 |
Passenger transport market | PostBus[4] | 199 | 9 |
Other[5] | 218 | 5 |
1 ↑ Operating income and operating profit by segment are now reported before management, licence fee and net cost compensation. Prior-year figures have been adjusted.
2 ↑ Operating profit corresponds to the result before non-operating financial income and taxes (EBIT).
3 ↑ PostFinance is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and therefore subject to its Bank Accounting Guidelines (BAG). There are differences between BAG and IFRS.
4 ↑ In the field of regional public transport, PostBus is subject to the DETEC ordinance on the accounting of licensed businesses (RKV). There are differences between RKV and IFRS.
5 ↑ Includes service units (Real Estate and Information Technology) and management units (e.g. Human Resources, Finance and Communication).
6 ↑ Normalized to take account of one-off items.