Service-oriented - Die Schweizerische Post

Annual Report | Financial Report | Financial statements of Swiss Post Group
Employee benefits
Most of the employees are insured with the Swiss Post pension fund, a defined benefit plan. In line with statutory
provisions, the plan covers risks resulting from the economic consequences of old age, disability and
death. The expenses and obligations arising from the pension plan are calculated annually using the projected
unit credit method. The service years worked by employees as at the balance sheet date are taken into
account, and assumptions are made as to future wage trends.
The effects of plan amendments are taken directly to the income statement, provided they resulted in justifiably
acquired rights. Other effects are recognized equitably in the income statement over the assumed average
remaining working lives of the insureds. Actuarial and asset­related cumulative gains and losses are recognized
on a straight­line basis over the average remaining working lives, provided they exceed 10 percent of the
higher of the pension assets and obligations (projected benefit obligation).
For the other pension plans, transferred employer contributions are charged to the income statement in
accordance with the rules for defined contribution plans.
Provisions for other long­term benefits due to employees (loyalty bonuses for long years of service) and staff
vouchers for retired employees are also determined in line with the projected unit credit method.
Income taxes
In accordance with Article 13 of the Postal Organization Act, the parent (Swiss Post) only pays tax on profit
arising from competitive services under Article 9 of the Postal Act. Profit earned by Swiss and foreign subsidiaries
is subject to tax at the regular rates applicable in the country in question.
Deferred income taxes are determined for the taxable services provided by Swiss Post and its subsidiaries on
the basis of current or expected national tax rates. Deferred income taxes take into account the income taxrelated
implications of temporary differences between the carrying amounts of assets and liabilities in the
consolidated financial statements and their tax base (balance sheet liability method). Tax loss carryforwards are
taken into account in calculating deferred taxes only to the extent that it is probable that sufficient taxable
profits will be generated in future, against which these can be offset.
Non-current assets held for sale and discontinued operations
Non­current assets (property, plant and equipment and intangible assets) or groups of assets (e.g. an entire
operation) are classified as “held for sale” if they are no longer in use and Swiss Post intends to dispose of
them. Non­current assets held for sale are measured at the lower of carrying amount and fair value less costs
to sell and no longer depreciated/amortized.
A discontinued operation comprises clearly identifiable activities that have already been sold or that are classified
as “non­current assets held for sale”.
4 Estimation uncertainty and management’s judgment used in applying accounting policies
Preparation of the consolidated financial statements requires the use of estimates and assumptions. Although
these estimates and assumptions were based on Executive Management’s best knowledge of current events
and possible future actions on the part of Swiss Post Group, actual results may ultimately differ from these
estimates. The assumptions and estimates with the greatest risk of causing a material adjustment to the carrying
amount of an asset or liability within the next financial year are explained below.
Those accounting policies that may have a material impact on the consolidated financial statements as a result
of Executive Management’s judgments are also explained.
Estimation uncertainty
(a) Useful lives of items of property, plant and equipment
The useful lives of items of property, plant and equipment are defined on the basis of current technical
conditions and past experience. However, as a result of technological change and market conditions, actual
useful lives may differ from those originally defined. In the event of differences compared with the useful
lives originally defined, these are adjusted. In the event of technical obsolescence, the assets are also depreciated
or sold.
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