Service-oriented - Die Schweizerische Post

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102 Annual Report | Financial Report | Financial statements of Swiss Post Group Financial receivables Receivables due from banks and interestbearing amounts due from customers (technically overdrawn Yellow Accounts) are measured at amortized cost under the effective interest method and usually correspond to the face value. If there are specific doubts as to a borrower’s creditworthiness, an appropriate impairment charge may be recognized. Trade accounts receivable and other receivables Trade accounts receivable and other receivables are carried in the balance sheet at amortized cost, which usually corresponds to the face value, minus an impairment charge for doubtful receivables. Inventories Inventories comprise resale merchandise, fuel and operating materials. They are measured at the lower of historical or manufacturing cost and fair value less costs to sell. The historical or manufacturing cost is determined according to the weighted average cost method. Appropriate impairments are recognized for inventories that are not easily marketable. Financial assets Financial assets acquired with the aim of generating shortterm gains by making targeted use of fluctuations in market prices are measured as financial assets at fair value, i.e. they are classified as at “Fair value through profit or loss, held for trading”. Fair value changes in this category are taken to the income statement. Swiss Post has not so far designated any financial assets as at fair value through profit or loss at initial recognition. Financial assets with a fixed term to maturity, where Swiss Post has the positive intent and ability to hold them until maturity, are classed as “Held to maturity“ and carried in the balance sheet at amortized cost under the effective interest method. The effective interest method distributes the difference between the historical and repayment value (premium/discount) over the term to maturity of the asset in question using the annuity method. This results in a constant rate of interest until maturity. Other financial assets, which are held for an indefinite period and can be sold at any time for liquidity reasons or in reaction to changing market conditions, are classed as “available for sale“ and are recognized at their fair value. Unrealized gains and losses are recognized under “Fair value reserves“ on financial assets in equity and are taken to the income statement only when the financial asset is sold or if an impairment is recognized. Currency translation differences on monetary financial assets classed as “available for sale“ are taken to the income statement. Loans granted by Swiss Post are carried in the balance sheet at amortized cost. Financial assets are entered in the balance sheet as at their due date. Swiss Post checks its financial assets on a regular basis for any indication that an asset may be impaired. If there are indications that an asset is impaired, the recoverable amount is estimated. The recoverable amount on interestbearing assets and loans is the present value of expected future cash flows from interest payments and repayments. The present value of “held to maturity” assets and loans is calculated on the basis of the original effective rate of interest on the financial assets in question. If the recoverable amount is less than the carrying amount of a financial asset, the difference is entered as an impairment in the income statement. The present value of “availableforsale” financial assets is calculated at the current market interest rate. If an impairment is recognized on an “availableforsale” financial asset, the cumulative net loss on this asset recognized in equity is eliminated from equity and taken to the income statement. If the fair value of an interestbearing asset such as a bond is less than the carrying amount solely due to a change in market interest rates, no impairment is recognized provided the issuer’s credit standing is considered to be good. In this case, the change in the fair value of financial assets classed as “available for sale” is taken directly to equity. Writedowns of equity instruments in the “availableforsale” category are recognized if a significant (i.e. loss of 20 percent on the original purchase price) or prolonged (i.e. lasting nine months or more) reduction in fair value is identified. No reversals of impairment losses are recognized in the income statement until the assets’ disposal; positive changes in value are taken directly to equity. Derivative financial instruments are used mainly to hedge currency and interest rate risks and to a small extent for trading. Hedge accounting is applied if derivative financial instruments are effective in offsetting changes in fair value or cash flows attributable to the hedged risks. The effectiveness of these hedges is reviewed every six months. Fair value hedges are used to hedge exposure to changes in fair value of an asset or liability. Changes in the fair value of both the hedging instrument and the hedged item are recognized in the income statement.
Annual Report | Financial Report | Financial statements of Swiss Post Group Cash flow hedges are used to hedge future transactions. Changes in value to the extent a hedge is effective are recognized in equity, while changes in value to the extent a hedge is ineffective are recognized in the income statement. Derivatives that are not accounted for using hedge accounting are treated as instruments held for trading. Derivative financial instruments acquired for trading purposes are recognized at fair value when the transaction is concluded and are subsequently measured at fair value. Changes in the fair value of instruments held for trading are recognized in the income statement. The fair values of financial instruments are determined on the basis of stock market prices and valuation models (annuity method, etc.). For listed financial instruments, the fair values correspond to the market prices. For unlisted monetary financial instruments, the fair values are determined by discounting the cash flows, using the current interest rate applicable to similar instruments with the same maturity. Repurchase and reverse repurchase (repo) transactions and securities lending transactions Cash outflows arising from reverse repurchase transactions are stated as receivables due from banks. Financial assets obtained from transactions as collateral are not recognized in the balance sheet. Transactions are accounted for in the balance sheet on their due date. Interest income from reverse repurchase transactions is accounted for under the accrualbased accounting principle. Financial assets transferred as collateral in repurchase transactions continue to be recognized in the balance sheet under “Financial assets“. The cash inflow is reported under “Other financial liabilities“. Interest expenses from repurchase transactions are accounted for under the accrualbased accounting principle. In respect of securities lending and borrowing, Swiss Post engages in securities lending only. The loaned financial instruments continue to be recognized in the balance sheet as financial assets. Securities cover for repurchase, reverse repurchase and securities lending transactions is recognized on a daily basis at current fair values. Property, plant and equipment Property, plant and equipment is recognized in the balance sheet at historical cost less cumulative depreciation. Depreciation is accounted for on a straightline basis in line with the estimated useful life, as follows: Plots of land none Operating property 20 – 60 years Equipment 3 – 20 years Machinery 3 – 15 years IT equipment 3 – 10 years Furniture 3 – 20 years Track vehicles 10 – 30 years Other vehicles 3 – 10 years Tenant fitouts and installations in rented premises that are recognized as part of the cost of the assets are depreciated over the estimated useful life or the duration of the rental agreement, if shorter. Property, plant and equipment comprising components with different useful lives is recognized and depreciated separately. The useful lives of items of property, plant and equipment are reviewed on an annual basis. There are no significant properties to be classified as investment properties in accordance with IAS 40. 103
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“ I’d like Swiss Post to stay t
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Swiss Post - the backbone of the ba
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Mail PostMail delivers 15 million l
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Considerate 2006 2005 Individual co
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tions expected of us as an employer
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AG and our goods logistics was not
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with multi-modal transport. The ide
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Developments in the economic enviro
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tract for subsidiaries of Swiss Pos
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management of internal postal servi
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quality. 98 percent of all A Mail a
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PostFinance is the first financial
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the parcel centre. PostLogistics is
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ganserland region. However, after n
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In 2006, SPI generated most of its
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over a period of two years. Swiss P
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dropped from 9.2 million in 2005 to
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esses being taken over by the Group
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2010. The focus here will be on cos
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els that benefit both parties. Comb
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“ Addressed bulk mailings are par
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PostLogistics: a clever buyer for t
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in headcount at the parent company
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The survey results confirm that emp
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post office building in Lausanne, w
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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 103: 3 Consolidation and accounting prin
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
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Annual Report | Financial Report |
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PostFinance - balance sheet CHF m A
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GRI index Annual Report | Financial
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Annual Report | Financial Report |
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162 Annual Report | Financial Repor
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Service-oriented - Die Schweizerische Post

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