Service-oriented - Die Schweizerische Post

16 Annual Report | Service-oriented | Group
main contributors to the growth in operating
income with third parties were the
Financial Services, International, Other
(primarily Real Estate) and New Businesses
segments. The further increase in customer
deposits had a positive impact on
income from financial services. Operating
income in the Mail and Post Office Network
segments, by contrast, has fallen.
The effect of acquisitions on operating
income amounted to 197 million francs.
Operating expenses of 7,072 million francs
were up 378 million francs or 5.7% on
the previous year. Half (190 million francs)
is attributable to acquisitions. As a result
of lower employee benefit expense, staff
costs increased by just 7 million francs
despite the acquisitions. The lower
employee benefit obligations are a result
of deposits (350 million francs) made to
the pension fund from 2005 profit. Resale
merchandise and service expenses and
expenses for financial services were
up 269 million francs compared with 2005.
Writedowns changed only slightly, up
5 million francs on the previous year to
257 million francs. The investments
for the new letter centres as part of the
REMA project will lead to higher writedowns
in future.
The carrying amount of property, plant
and equipment was up 317 million francs
compared with the prior year, owing,
among other things, to investments in
REMA. The increase in provisions (excluding
employee benefits) of 24 million
francs is due mainly to the acquisition of
the GHP Group. Thanks mainly to a
renewed deposit of 350 million francs
into the employer’s contribution reserve in
connection with the appropriation of
profit in 2005, the liability for employee
benefit obligations was reduced to 2,627
million francs as at 31 ecember 2006.
Consolidated equity came to 1,605 million
francs as at 31 ecember 2006, an
increase of 683 million francs compared
with the previous year. We expect the
necessary equity of around three billion
francs to have been accumulated by
2009.
Investments in property, plant and equipment,
intangible assets and participations
amounted to 540 million francs and were
higher than in 2005 (347 million francs).
Investments in participations came to 35
million francs. As in 2005, the investment
volume was financed entirely out of funds
generated by Swiss Post itself. Investment
activity was focused on the construction
and equipment of the REMA centres as
well as on streamlining and optimization
projects.
Outlook
Technological developments and changing
customer behaviour will continue to
result in increased substitution and declining
letter volumes in future. New technologies
will contribute to efficiency
increases and process optimization, e.g.
in sorting. Customer behaviour and technological
developments are opening
up new potential for developing innovative
and service-oriented services, e.g.
in the field of direct mail. The emergence
of value chains in many sectors is increasingly
leading to business activities such as
scanning, archiving, printing and the
Key figures – Swiss Post Group
Result
2006 2005
Operating income CHF million 7895 7499
Of which: generated abroad1 CHF million 1391 1089
% of operating income 17.6 14.5
Of which: reserved services CHF million 2028 2395
% of operating income 25.7 31.9
Operating result CHF million 823 805
As a share of operating income % 10.4 10.7
Of which: generated abroad1 CHF million 66.5 38.0
% of operating result 8.0 4.7
Group profit for the year CHF million 837 811
Added value2 Employees
Employees at Swiss Post Group
CHF million 4735 4716
(excluding trainees) Full-time equivalents 42178 41073
Of which: abroad Full-time equivalents 3379 1347