In the first six months of 2013, Swiss Post generated operating income of 4,261 million francs. This represents a decrease of 0.7 percent (previous year: 4,292 million francs). Group profit fell by 53 million francs to 359 million francs. This is due to the increase in current income taxes to 57 million francs (previous year: 4 million francs). At 556 million francs, the operating result (EBIT) is up 125 million francs year-on-year thanks to solid income on the financial and investment markets and good cost management.

Conversion to public limited company successfully completed

Swiss Post successfully completed the transition to its new legal form on 26 June, with retroactive effect from 1 January 2013. The three subsidiaries, Post CH Ltd, PostFinance Ltd and PostBus Switzerland Ltd are now run under the umbrella of the parent, Swiss Post Ltd. PostFinance Ltd fulfilled all conditions for obtaining its banking licence and is regulated by FINMA. All subsidiaries have a healthy capital base. Since the transition to the new organizational structure, both Swiss Post Ltd and PostFinance Ltd have received very good ratings of AA+ from the rating agency Standard & Poor’s. One effect of the new legal form is that Swiss Post is now fully subject to taxation for the first time.

Trends in the four markets – PostFinance records another strong result

All four markets contributed to the positive overall result, but the trends varied from market to market. In the communication market, the operating result (EBIT) increased to 152 million francs (previous year: 49 million francs). Declining revenues due to the outsourcing of international consignments to the joint venture Asendia were offset by lower operating expenses and higher internal payments for services. The volume of addressed letters fell by 2.3 percent, whereas the volume of unaddressed items increased by around 4 percent year-on-year. In the logistics market, Swiss Post posted an operating result (EBIT) of 68 million francs (previous year: 73 million francs). The slightly lower result is primarily due to higher internal payments for services. Parcel volumes rose 3.4 percent, chiefly as a result of the continuing growth in online business. In the national public passenger transport market, PostBus generated an operating result (EBIT) of 17 million francs (previous year: 18 million francs). PostBus Switzerland Ltd increased the number of kilometres covered by 2.5 percent, recording a total of 65 million kilometres.

Despite a challenging interest rate environment, PostFinance’s operations in the retail financial market contributed to the Group’s operating result with 299 million francs (previous year: 292 million francs). The increase in the first half of the year is due to higher reversals of impairment, realized gains on investments and lower staff costs. PostFinance Ltd again recorded an inflow of customer deposits. In the first six months of 2013, average customer deposits totalled 111.2 billion francs (first half of 2012: 102.3 billion francs). In the first half of the year, PostFinance attracted 12,000 new customers. However, this gain was weaker than the prior-year period, which saw the arrival of 63,000 new customers.

Result affected by exceptional one-off items

Swiss Post’s financial result includes three one-off items in 2013:

• The result of an initial, one-off recognition of deferred taxes of 943 million francs, resulting from full liability for taxation with effect from 1 January 2013.
• The result of the plan amendment in staff costs of 444 million Swiss francs, resulting from adjustments to the principles underlying the Swiss Post pension fund.
• The negative impact on earnings of a provision of 105 million francs due to an adjustment in the value of Swiss Post’s performance obligation from stamp sales.

The financial impact of these one-off items has been adjusted (normalized) to allow comparison with the previous year’s figures and to give an accurate representation of operating business.

Good annual result expected

In light of the current position, Swiss Post expects to record a good result in terms of Group profit for 2013 as a whole. It may however be slightly below the previous year's level. The challenges posed by the markets and technological change will become tougher. Swiss Post will meet these challenges by continuing to develop its core business with a combination of physical and electronic components, and by exploiting identified growth options. It will also further optimize costs and pursue a market-driven pricing policy.

Group key figures

¹ ↑ Prior-year figures adjusted (IAS 19 revised)
² ↑ The operating result corresponds to the result before non-operating financial income and taxes (EBIT).
³ ↑ Normalized for one-off items
⁴ ↑ Investments in property, plant and equipment, shareholdings and intangible assets
⁵ ↑ FTE = Full-time equivalent. Average expressed in terms of full-time equivalents, excluding trainees.

PostFinance key figures

¹ ↑ At end of period (unless otherwise stated).
² ↑ Month average
³ ↑ PostFinance does not provide mortgages independently. It works with partner banks to do so.
⁴ ↑ New calculation from 1.1.2013
⁵ ↑ FTEs = Full-time equivalents. Average expressed in terms of full-time equivalents.

Selected key figures per segment (Group units)

¹ ↑ Prior-year figures adjusted (IAS 19 revised)
² ↑ The operating result corresponds to the result before non-operating financial income and taxes (EBIT).
³ ↑ Normalized for one-off items
⁴ ↑ 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.
⁵ ↑ 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.
⁶ ↑ Includes service units (Real Estate, Information Technology, Corporate Purchasing and Language Services) and management units (e.g. Human Resources, Finance and Communication).