2004-05 Annual Report - Australia Post

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we are committed to providing an accessible, reliable and nationwide letters service, including the delivery of a letter from anywhere, to anywhere, in Australia for just 50 cents. I’m proud to say that this year we met all of the regulated performance standards relating to our community service obligations and we exceeded our main service performance target by delivering 94.9 per cent of domestic letters on time or early. I can confidently report that Australians still enjoy one of the most efficient, reliable and lowest cost letters services in the world. While many of the world’s leading postal businesses have reported declining letter volumes over recent years, we recorded domestic letter volume growth of 1.2 per cent in 2004–05. Significantly, nearly all of this growth is coming from the promotional letters category (or direct mail). This is a pleasing result, given all the work we are doing to develop new services and resources for the advertising and direct marketing industries (see p. 22). This year, we made direct mail more flexible by launching Impact Mail and we also developed an innovative letters offering that will be launched in early 2006 that is specifically designed to help companies acquire customers. Beyond our mail marketing initiatives, we are adding value to letters in a number of other ways. In August, we launched the Bulk Mail Partner program to improve the efficiency of bulk mail processing for major customers (see p. 21). Our subsidiary company Decipha is providing outsourced mailroom management and document data capture services for some of Australia’s largest corporations (see p. 22). And on the day after the end of the financial year, we acquired PrintSoft, a developer of specialist software products, including a comprehensive hybrid mail capability that can be directed from a desktop PC. These products enable everything from large-scale document preparation through to mail production. PrintSoft’s products are used by companies worldwide to reduce the cost and time involved in bulk letter production. Delivering for business An important focus this year was developing new and better ways of serving Australian businesses. In letters, the benefits of our new mail-sorting technology are clearly evident in the fact that we delivered a record high 98.2 per cent of bulk-lodged, barcoded letters on time or early. In the retail network, we expanded our range of agencybased services and continued to connect Australian businesses and government bodies with customers by processing over 200 million agency-based banking and bill-payment transactions. Many of our initiatives in parcels and logistics are also aimed at developing a more complete distribution service for our business customers. In February we announced the formation of our joint-venture international logistics business, Sai Cheng Logistics, in partnership with China Post. In March we acquired two companies – SnapX Couriers and State Warehouse and Distribution Services (SWADS) – which add significant capacity to our national courier and logistics operations. Also in March, we launched Express Courier International (ECI) – a global delivery service that is similar to our Express Post service but for the international express market. ECI is proving to be very popular with small and mediumsized businesses because it offers reliable delivery (usually within four business days) to 190 countries and territories – at a very competitive price (see p. 32). Engaging our employees Staff support for our major change programs has been the critical factor in the transformation of our business over the past decade. That’s why I regard the October vote in favour of our sixth enterprise bargaining agreement (EBA6) as a landmark achievement of this year. The agreement provides a framework for further business change, as well as clear guidelines for staff consultation through the change management process. More than 19,000 staff participated in the ballot, and 78 per cent of them voted “Yes” to EBA6. For staff, the agreement delivers pay rises that are higher than projected inflation, as well as performance-related bonus payments that are linked to meeting our on-time delivery performance target. Thank you Every business day, we are delivering mail to almost 10 million addresses and we are serving over a million customers in our retail outlets. Managing this enormous load requires hard work, persistence and teamwork on the part of all of our staff. I’d again like to thank our employees for their loyalty and commitment to Australia Post. I also want to thank our licensees, contractors, customers, suppliers and business partners for their ongoing support of our great business. Graeme T John AO Managing Director Australia Post Annual Report 2004/05 Report of Operations Managing director’s report | 9 |
| 10 | FINANCIAL RESULTS Five-year trends 2001 2002 2003 2004 2005 Revenue ($m) 3,766.4 3,806.6 3,971.9 4,161.1 4,323.5 Profit before tax ($m) 402.1 407.2 462.0 521.1 524.5 Profit after income tax ($m) 274.5 297.0 330.8 371.1 374.9 Return on revenue (%) 10.7 10.7 11.6 12.5 12.1 Return on average operating assets (%) 15.7 15.7 17.7 18.7 17.1 Debt to debt plus equity 32.2 31.7 28.7 25.4 22.6 Dividends payable ($m) 163.9 175.1 200.2 220.9 286.2 Interest cover 13.1 15.3 16.7 17.2 17.2 Cumulative labour productivity improvement (%) 4.0 6.3 10.3 14.1 17.0 Mail volumes (million) 5,258.4 5,281.2 5,261.7 5,307.5 5,363.1
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Page 5 and 6: | 2 | PERFORMANCE AGAINST TARGETS
Page 7 and 8: | 4 | ABOUT OUR BUSINESS With our l
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Australia Post Annual Report 2004/0
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REVENUE STATEMENT OF FINANCIAL PERF
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2004-05 Annual Report - Australia Post

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