Service-oriented - Die Schweizerische Post

82 Annual Report | Financial Report | Financial commentary
Financial commentary
Financially, Swiss Post can look back on a gratifying year overall. The still-inadequate equity base
aside, the financial figures look impressive. However, the operating result is due not only to a
strong operating performance and acquisitions, but also to special factors. In 2006, Swiss Post once
again fulfilled its owner’s expectations.
In the reporting period, Swiss Post achieved a Group profit of 837 million francs and operating
income of 7,895 million francs. With the capital employed, it was able to generate value added of
532 million francs. At the end of the year, equity amounted to 1,605 million francs. All segments
continued to make a positive contribution to Group profit.
Owner’s expectations
Swiss Post is an autonomous institution under public law with its own legal identity. The Confederation is the
sole owner. Increasing liberalization in the postal sector means that, as well as being the owner, the Confederation
also has the role of regulator. For corporate governance reasons, this role is performed independently.
Swiss Post’s mandate is governed by the Postal Act. In Switzerland, it involves providing an adequate universal
service consisting of postal and payment services; in Switzerland and internationally, it involves competing
with other providers within the existing infrastructure and associated (postal­type) segments.
Universal service
Reserved services
Letters up to 100 g
(“Swiss Post only“)
Non-reserved services
e.g. parcels up to 20 kg, payments
(“Swiss Post must, private operators may“)
Competition
Competitive services
e.g. express mail, unaddressed items
(“Everyone may“)
The Federal Council sets out strategic objectives for Swiss Post for four years at a time. Currently, these cover
the years 2006 to 2009. From a financial perspective, the Federal Council expects Swiss Post to
– generate an adequate profit in the universal service and the competitive segment and increase the value of
the company. Comparable Swiss and international companies serve as a benchmark.
– finance its investments from its own cash flow;
– use the profits it generates, firstly, to gradually build the necessary equity base and restructure the pension
fund and, secondly, to pay an adequate dividend on the endowment capital provided by the Confederation.