Service-oriented - Die Schweizerische Post

106 Annual Report | Financial Report | Financial statements of Swiss Post Group
(b) Employee benefit obligations
Expenses and obligations arising from pension plans are calculated annually using the projected unit credit
method. The calculations are based on various actuarial assumptions such as the expected long­term return on
plan assets, expected wage trends and the discount rate for pension obligations.
(c) Fair values of financial instruments
Fair values of financial assets that are not traded publicly on a stock exchange are measured using recognized
estimation methods. This requires making assumptions based on observed market information. The discounted
cash flow (DCF) method was used to determine the fair value of some unquoted available­for­sale financial
assets. The DCF is calculated on the basis of Bloomberg yield curves, taking the relevant parameters (rating,
maturity, etc.) into account.
Management’s judgment used in applying accounting policies
(a) Held­to­maturity investments
Investments with a fixed maturity which Swiss Post intends and is able to hold to maturity are classified
as “held to maturity”. If Swiss Post does not manage to hold these investments to maturity, all investments
assigned to this category must be reclassified as “available for sale”. As a result, they would no longer be
measured at amortized cost but at fair value.
(b) Impairment of available­for­sale financial assets and held­to­maturity investments
Swiss Post follows the guidance set out in IAS 39 “Financial Instruments: Recognition and Measurement” to
determine whether there is evidence of impairment. In measuring impairment, the management takes into
account various factors such as maturity, sector, outlook, technological conditions, etc.
5 Segment information
Basics
Segment reporting is based on Swiss Post’s internal organizational and management structures. Transactions
between the segments are based on a catalogue of services and a manual covering transfer prices. Transfer
prices are calculated on the basis of commercial criteria. Reporting has been extended to include the
“New businesses” segment. This segment includes MailSource Group and the GHP Group, which was acquired
during the reporting period. Prior­year amounts were adjusted accordingly.
Note 32 (Scope of consolidation) illustrates how Swiss Post accounting units and subsidiaries are assigned to
the segments.
Primary segmentation
Mail Services relating to addressed letters, newspapers, unaddressed items, electronic
services.
Logistics Parcels, express and courier deliveries, transport, logistics services.
Financial Services Services relating to payments, investments, retirement planning and financing.
Passenger Transport Road­based passenger transport and supplementary services.
International Mailing and receipt of letters and parcels to and from countries abroad and related
services in countries abroad. Mailing of newspapers/magazines.
Post Office Network Sales channel for postal products/services and additionally for third­party products for
private customers and small and medium­sized enterprises.
New Businesses Services in promising markets such as direct marketing and customer management.
Includes subsidiaries of MailSource Group and the newly acquired GHP Group.
Other Swiss Post units which cannot be assigned to the segments (service and management
units, such as Real Estate, Information Technology and Philately).
Consolidation Effects of intra­Group elimination.
Secondary segmentation
Assignment to the “Switzerland” segment and the “International and cross­border” segment is based on
geographical criteria. The “International and cross­border” segment includes the total turnover of Swiss Post
International and the other foreign subsidiaries.