Service-oriented - Die Schweizerische Post

More documents

Recommendations

Info

100 Annual Report | Financial Report | Financial statements of Swiss Post Group Revised International Accounting Standards (IAS) and new International Financial Reporting Standards (IFRS) In the reporting period, the new disclosure requirements of IAS 19 were applied for the first time. The following IAS and IFRS amendments and modifications took effect on 1 January 2006: Standard/Interpretation Implications for Swiss Post 2006 Annual Report: IAS 19 Employee Benefits Expanded disclosure requirements were applied. IAS 21 The Effects of Changes in Foreign Exchange Rates No significant impact IAS 39 Financial Instruments: Recognition and Measurement No significant impact IFRS 1 Firsttime Adoption of IFRS No significant impact IFRS 4 Insurance Contracts No significant impact IFRS 6 Exploration for and Evaluation of Mineral reRources No significant impact IFRIC 4 Determining whether an Arrangement Contains a Lease No significant impact IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Funds No significant impact The following amendments and modifications came into force as of 31.12.2006: Standard/Interpretation Possible implications on Swiss Post financial statements after 31.12.2006: IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies No significant impact IFRIC 8 Scope of IFRS 2 Sharebased Payment No significant impact IFRIC 9 Reassessment of Embedded Derivatives No significant impact IFRIC 10 Interim Financial Reporting and Impairment No significant impact IAS 1 Presentation of Financial Statements No significant impact IFRS 7 Financial Instruments: Disclosures Expanded disclosure regulations will be applied as of 1.1.2007. No impact on valuation and classification of financial instruments. IFRIC 11 IFRS 2: Group and Treasury Share Transactions No significant impact IFRS 8 Operating Segments New presentation of segment report. IFRIC 12 Service Concession Arrangements No significant impact Information about the current situation of Swiss Post in the public sphere The consolidated balance sheet in both of 2002 and 2003 showed equity to be negative after the provision of 3.7 billion francs for employee benefit obligations was recognized in accordance with IAS 19 as at 1 January 2002 (opening balance sheet as per IFRS). Thanks in particular to retained earnings, the consolidated balance sheet as at 31 December 2004 showed positive equity again for the first time. Funding of the shortfall by the Swiss Confederation was not prejudiced in any way as a result of these provisions for pension obligations being recognized in the balance sheet. On 29 October 2003, the Federal Council set out the principles according to which the problems associated with the pension funds of the Swiss Confederation and former governmentowned enterprises would be solved. In preparing the financial statements, the Board of Directors and Executive Management considered the following: As steps are taken towards liberalization, pressure on the earnings base of Swiss Post will increase. If the existing production and distribution structures are maintained, Swiss Post might soon no longer be able to cover the expenses thus incurred with the relevant revenues generated in the market. With this in mind, Executive Management and the Board of Directors have planned and implemented measures to ensure that the cost reductions required in future are achieved through the necessary structural adjustments. If – as a result of decisions beyond the sphere of influence of Executive Management and the Board of Directors – the measures planned and initiated cannot be fully implemented, and if the additional financial burdens are not covered by publicsector funds, it is conceivable that Swiss Post might report a loss. This would mean that Swiss Post would no longer be able to independently generate the financial resources required to continue operations. In light of the aforementioned dependencies and due to the existing state guarantee, Swiss Post’s consolidated financial statements are prepared on a goingconcern basis despite the fact that its equity base is still inadequate.
3 Consolidation and accounting principles Annual Report | Financial Report | Financial statements of Swiss Post Group The consolidated financial statements of Swiss Post comprise the parent – Swiss Post – and all companies in which Swiss Post holds over 50 percent of the voting rights, whether directly or indirectly, or where Swiss Post is responsible for operational and financial management. These companies are fully consolidated. The consolidated financial statements are based on the individual accounts of the parent and the subsidiaries, which in turn are prepared in accordance with uniform principles as at a uniform closing date. All intraGroup receivables, liabilities, expenses and income from intraGroup transactions and unrealized intercompany profits are eliminated in the consolidation. Minority interests in the equity of consolidated companies are presented as a separate item within equity. Minority interests in Group profit or loss are presented outside the consolidated income statement. Investments in associates where Swiss Post has 20 to 50 percent of the voting power and/or significant influence but which it does not control are not consolidated, but accounted for by the equity method and reported under Investments in associates. Joint ventures with 50 percent of the voting power in which Swiss Post has significant influence but which it does not control are recognized and disclosed by the same method. Under the equity method, the investment’s value is calculated based on the historical cost, plus or minus the proportionate profit or loss since the acquisition date. Material holdings and transactions with these companies are posted separately as items with associates. Investments under 20 percent are presented as financial assets classified as “available for sale“. Companies acquired during the reporting period are included in the consolidated financial statements from the date on which Swiss Post assumes effective control. Companies that are sold are included until the date of sale. Please see Note 32 (Scope of consolidation) for an overview of Swiss Post subsidiaries and associates. Currency translation The consolidated financial statements of Swiss Post are drawn up in Swiss francs (CHF). Transactions in foreign currencies are translated at the daily rate ruling at the transaction date. At the balance sheet date, monetary assets and liabilities in foreign currencies are translated at the closing rate. Assets and liabilities in balance sheets of fully consolidated companies that have been prepared in a foreign currency are translated into Swiss francs at the closing rate. The income statement, cash flow statement and other transactions are translated at the average rate for the reporting period. Translation differences arising from the translation of balance sheets and income statements of foreign subsidiaries are taken directly to consolidated equity. Recognition of income Income is recognized if it is clear that the economic benefits associated with the transaction will flow to Swiss Post and if the economic benefits can be measured reliably. Income from logistics services is recognized after sales deductions at the time the service is provided. Income from the sale of products is recognized in the income statement if the risks and rewards incidental to ownership of the products have been transferred to the purchaser. Swiss Post receives compensation from the Swiss Confederation for public passenger transport services and the uncovered costs of newspaper transport, which is recognized in the income statement on an accrual basis. Commission and service income from financial services is recognized on an accrual basis. Interest income on financial assets and interest expenses for customer deposits are accounted for under the accrualbased accounting principle. The effective interest method is used for interest earned on heldtomaturity and availableforsale fixedinterest financial assets. Cash Cash includes cash holdings in Swiss francs and foreign currencies as well as assetside cash in transit (cash payments made at post offices which have not yet been credited to the PostFinance account (SIC) held at the Swiss National Bank). Cash holdings are measured at face value. 101
Page 1 and 2:
“ I’d like Swiss Post to stay t
Page 3 and 4:
Swiss Post - the backbone of the ba
Page 5 and 6:
Mail PostMail delivers 15 million l
Page 7 and 8:
Considerate 2006 2005 Individual co
Page 9 and 10:
tions expected of us as an employer
Page 11 and 12:
AG and our goods logistics was not
Page 13 and 14:
with multi-modal transport. The ide
Page 15 and 16:
Developments in the economic enviro
Page 17 and 18:
tract for subsidiaries of Swiss Pos
Page 19 and 20:
management of internal postal servi
Page 21 and 22:
quality. 98 percent of all A Mail a
Page 23 and 24:
PostFinance is the first financial
Page 25 and 26:
the parcel centre. PostLogistics is
Page 27 and 28:
ganserland region. However, after n
Page 29 and 30:
In 2006, SPI generated most of its
Page 31 and 32:
over a period of two years. Swiss P
Page 33 and 34:
dropped from 9.2 million in 2005 to
Page 35 and 36:
esses being taken over by the Group
Page 37 and 38:
2010. The focus here will be on cos
Page 39 and 40:
els that benefit both parties. Comb
Page 41 and 42:
“ Addressed bulk mailings are par
Page 43 and 44:
PostLogistics: a clever buyer for t
Page 45 and 46:
in headcount at the parent company
Page 47 and 48:
The survey results confirm that emp
Page 49 and 50:
post office building in Lausanne, w
Page 51 and 52: Quality management Swiss Post aims
Page 53 and 54: a new job within the company, suppo
Page 55 and 56: 15 percent compared with the refere
Page 57 and 58: tive than a salary increase and als
Page 59 and 60: Overall, Swiss Post employs more pe
Page 61 and 62: workplace and in case of addiction
Page 63 and 64: With its commitment to the Swiss Yo
Page 65 and 66: sic component and a variable perfor
Page 67 and 68: “ I’m often the only woman at m
Page 69 and 70: value (350 million francs) from 200
Page 71 and 72: Jean-Marc Eggenberger Nicola Thibau
Page 73 and 74: Hans-Peter Strodel - Head of Financ
Page 75 and 76: Corporate Governance Annual Report
Page 77 and 78: made on implementation of its strat
Page 79 and 80: Financial risks The financial risks
Page 81 and 82: Human Resources Yves-André Jeandup
Page 83 and 84: Financial Report Our values in figu
Page 85 and 86: Volumes/capital trend Swiss Post’
Page 87 and 88: Annual Report | Financial Report |
Page 89 and 90: Group profit Operating result (befo
Page 91 and 92: Trend among European postal organiz
Page 95 and 96: Appropriation of profits Annual Rep
Page 97 and 98: Consolidated balance sheet Annual R
Page 101: Annual Report | Financial Report |
Page 111 and 112: Results by business segment Annual
Page 113 and 114: CHF m 7 Other operating income Annu
Page 119 and 120: 12 Financial income Annual Report |
Page 121 and 122: CHF m 16 Inventories Annual Report
Page 123 and 124: 20 Financial assets available for s
Page 127 and 128: 23 Investments in associates Annual
Page 131 and 132: Cash-generating units Reviewing the
Page 133 and 134: 26 Financial liabilities Annual Rep
Page 135 and 136: 31 December 2006 27 Provisions Annu
Page 137 and 138: Other Notes 28 Operating leases Swi
Page 139 and 140: 29 Contingent liabilities Annual Re
Page 141 and 142: Financial instruments by currency A
Page 143 and 144: 32 Scope of consolidation Annual Re
Page 149 and 150: 34 Non-current assets held for sale
Page 153 and 154:
Annual Report | Financial Report |
Page 155 and 156:
Page 157 and 158:
PostFinance - balance sheet CHF m A
Page 159 and 160:
GRI index Annual Report | Financial
Page 161 and 162:
Page 164 and 165:
162 Annual Report | Financial Repor
show all

Service-oriented - Die Schweizerische Post

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?