Service-oriented - Die Schweizerische Post
Service-oriented - Die Schweizerische Post
Service-oriented - Die Schweizerische Post
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Annual Report | Financial Report | Financial statements of Swiss <strong>Post</strong><br />
Notes to the annual financial statements of<br />
Swiss <strong>Post</strong><br />
1 Accounting principles<br />
The financial statements of Swiss <strong>Post</strong> were prepared in accordance with generally accepted commercial<br />
principles. Furthermore, the accounting records and financial statements and the proposed appropriation of<br />
net profit for the year comply with the <strong>Post</strong>al Organization Act.<br />
2 Accounting principles<br />
2a) General information<br />
The financial statements of Swiss <strong>Post</strong> are based on the financial statements of the legally dependent Accounting<br />
Units, which are prepared using consistent, generally accepted principles. Internal transactions among<br />
the Accounting Units are eliminated. Swiss <strong>Post</strong> comprises the following Accounting Units: <strong>Post</strong>Mail, Logistics,<br />
Mobility Solutions, <strong>Post</strong> Offices & Sales, <strong>Post</strong>Finance, <strong>Post</strong>Bus, Swiss <strong>Post</strong> International, Real Estate and Central<br />
<strong>Service</strong>s (Stamps & Philately, Corporate Purchasing, Information Technology <strong>Service</strong>s, <strong>Service</strong> House and the<br />
management units of Swiss <strong>Post</strong>).<br />
The subsidiaries controlled by the parent are not consolidated but carried in the balance sheet under “Investments”<br />
at cost minus any necessary writedowns.<br />
2b) Differences in accounting policies compared with the IFRS consolidated financial statements<br />
The financial statements of Swiss <strong>Post</strong> were prepared in accordance with the accounting policies used in drawing<br />
up the consolidated financial statements, with the following exceptions:<br />
Financial assets<br />
Financial assets with a fixed maturity classified as “Available for sale” are measured at amortized cost. Interest<br />
raterelated fluctuations in fair value (volatility) do not therefore affect the carrying amount of the financial<br />
assets and the reported equity (no fair value reserve). Loans granted by the parent to subsidiaries are carried in<br />
the balance sheet at amortized cost less any necessary writedowns. Writedowns are recognized under Financial<br />
expenses.<br />
Provisions for insurance risks<br />
In accordance with the principle of selfinsurance, provisions for insurance risks cover future claims that have<br />
not yet been incurred. Large claims can therefore be settled via the insurance provisions.<br />
Employee benefits<br />
Pension expenses reported for Swiss <strong>Post</strong> correspond to the employer contributions transferred to the Swiss<br />
<strong>Post</strong> pension fund.<br />
Long-term benefits due to employees and retirees<br />
The costs of longterm benefits due to employees and retirees such as loyalty bonuses and staff vouchers<br />
are recognized when they are incurred; provisions are not made systematically over the years of service of<br />
employees.<br />
3 Contingent liabilities<br />
As at 31 December 2006, there are guarantees amounting to 11 million francs (2005: 1 million francs).<br />
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