Press releases, Press releases Post Real Estate Management and Services Ltd, Press releases Mobility Solutions Ltd
Interim results
Swiss Post continues steady course
In the first half of 2014, Swiss Post generated Group profit of 370 million francs. This is around the same level as the previous year (377 million francs). At 472 million francs, the operating result (EBIT) is somewhat lower than the previous year (556 million francs). This decline is mainly due to higher general writedowns on financial assets. All four markets contributed to the solid result.
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In the first six months of 2014, Swiss Post made a Group profit of 370 million francs, which is virtually on a par with the previous year’s figure (377 million francs). At 472 million francs, the operating result (EBIT) is around 84 million francs down on the previous year’s figure (556 million francs). This decline in earnings is primarily due to higher general writedowns on financial assets. Operating income also fell slightly to 4,185 million francs, which equates to a decrease of 1.8 percent in comparison to the previous year’s figure.
Markets make varying contributions to profit
All four markets contributed to the Group result. Whereas the contribution to profits made by the communication and passenger transport markets proved higher than in the first half of the previous year, the contributions from the other markets declined. In the communication market, Swiss Post recorded an operating result (EBIT) of 154 million francs (previous year: 152 million francs). The decline in income at PostMail and Post Offices & Sales caused by lower volumes was more than offset, partly by savings in all sectors of this market and also by an increase in income at Swiss Post Solutions. The number of addressed letters was 3.1 percent lower and therefore below the level of the first six months of the previous year. The number of unaddressed items increased by 1.3 percent. Swiss Post Solutions benefited from the acquisition of new customers and a higher volume of services. In the logistics market, Swiss Post recorded an operating result (EBIT) of 66 million francs (previous year: 68 million francs). The decrease was primarily caused by higher transport and delivery costs in the parcels segment which could not be completely offset by business optimization measures. Parcel volumes carried by Swiss Post increased by 0.9 percent. In the steadily growing passenger transport market, Swiss Post recorded an operating result (EBIT) of 25 million francs (previous year: 17 million francs). This increase was a result of additional services, the recalculation of employee benefit expenses and one-off effects from transport revenue. The number of kilometres covered by PostBus increased by 5.4 percent.
PostFinance with higher impairment charges
In the retail financial market, PostFinance is still facing a difficult market environment due to persistently low interest rates, recording an operating result (EBIT) of 230 million francs (previous year: 299 million francs). Net interest income before impairment remained virtually on a par with the prior-year period despite increased customer assets. Higher general portfolio impairment charges and higher operating and staff costs led to a drop in results. In the first half of the year the inflow of new money totalled 923 million francs and average customer assets comprised 115 billion francs.
Continual changes in technology
Swiss Post expects steady performance for the rest of the year. By strengthening its core business with digital products and by creating opportunities for growth, including in new business areas, through innovative services, Swiss Post is focusing its strategy on the new dynamics driven by technological change.
Group key figures
| Key figures | Unit | First half 2014 | First half 2013[1] | Full year 2013[1] |
|---|---|---|---|---|
| Operating income | CHF m | 4,185 | 4,261 | 8,575 |
| Operating result (EBIT)[1],[2] | CHF m | 472 | 556 | 911 |
| As a % of operating income (EBIT return) | % | 11.3 | 13.0 | 10.6 |
| Group profit[1] | CHF m | 370 | 377 | 626 |
| Total assets | CHF m | 125,347 | 118,463 | 120,383 |
| Equity | CHF m | 5,316 | 4,783 | 5,637 |
| Cash flow from investing activities | CHF m | -542 | -98 | -309 |
| Employees at Swiss Post Group | FTEs[3] | 44,715 | 43,758 | 44,105 |
1 ↑ Previous year’s figures normalized to take account of one-off items
2 ↑ The operating result 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] | First half 2014 | First half 2013 | Full year 2013 |
|---|---|---|---|---|
| Number of customers | Thousands | 2'908 | 2'934 | 2'888 |
| Number of customer accounts[2] | Thousands | 4'682 | 4'560 | 4'628 |
| Inflow of new money[3] | Mio. CHF | 923 | 2'470 | 4'256 |
| Customer assets[3] | Mio. CHF | 114'999 | 110'056 | 113'580 |
| Customer assets in partner solutions[3] | Mio. CHF | 6'708 | 5'570 | 6'042 |
| Mortgages[4] | Mio. CHF | 4'555 | 4'304 | 4'424 |
| Loans to business customers (taken up) | Mio. CHF | 7'342 | 6'731 | 7'271 |
| E-finance users Thousands | Thousands | 1'582 | 1'503 | 1'546 |
| Headcount | FTEs[5] | 3'410 | 3'444 | 3'432 |
| Transactions processed | Millions, cumulative | 486 | 471 | 965 |
1 ↑ At end of period (unless otherwise stated)
2 ↑ New calculation from 1.1.2014
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)
| 30 June 2014 | Segment | Operating income (CHF m)[1] | Operating result (CHF m)[1],[2] |
|---|---|---|---|
| Communication market | 2,567 | 154 | |
| PostMail | 1,441 | 197 | |
| Swiss Post Solutions | 324 | 6 | |
| Post Offices & Sales | 802 | -49 | |
| Logistics market | PostLogistics | 765 | 66 |
| Retail financial market | PostFinance[3] | 1,134 | 230 |
| Passenger transport market | PostBus[4] | 418 | 25 |
| Other[5] | 435 | -3 |
| 30 June 2013 | Segment | Operating income (CHF m)[1] | Operating result (CHF m)[1],[2],[6] |
|---|---|---|---|
| Communication market | 2,591 | 152 | |
| PostMail | 1,487 | 194 | |
| Swiss Post Solutions | 282 | -1 | |
| Post Offices & Sales | 822 | -41 | |
| Logistics market | PostLogistics | 777 | 68 |
| Retail financial market | PostFinance[3] | 1,199 | 299 |
| Passenger transport market | PostBus[4] | 399 | 17 |
| Other[5] | 449 | 20 |
1 ↑ Operating income and operating result by segment are reported before management, licence fee and net cost compensation.
2 ↑ The operating result corresponds to the result before net non-operating financial income and taxes (EBIT).
3 ↑ PostFinance Ltd also applies the Swiss Financial Market Supervisory Authority’s Bank Accounting Guidelines (BAG). There are differences between the BAG and the IFRS results.
4 ↑ In the field of regional public transport, PostBus Switzerland Ltd is subject to the DETEC ordinance on the accounting of licensed businesses (RKV). There are differences between the RKV and the IFRS results.
5 ↑ Includes service units (Real Estate and Information Technology) and management units (e.g. Human Resources, Finance and Communication).
6 ↑ Normalized figures