Service-oriented - Die Schweizerische Post

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86 Annual Report | Financial Report | Financial commentary Group result The value of the company In accordance with the Federal Council’s strategic targets, Swiss Post must increase the company’s value. This is measured in terms of value added (VA). The VA is an absolute figure (millions of francs) and indicates how much added value the company as a whole or a specific unit generates. Value added is created when, after being adjusted for tax, the operating result exceeds the required interest on invested capital (operating assets multiplied by the weighted cost of capital). In addition to net operating profit after tax, this approach also takes into account the risks (cost of capital) and the capital employed (net operating assets). For the Financial Services segment, the value is determined on the basis of equity, calculated in accordance with the regulations of Basel II, instead of the operating assets. In 2006, Swiss Post once again fulfilled the Federal Council’s expectations and generated value added of 532 million francs. The calculation was based on a cost of equity of 10 percent for Financial Services and for the other business areas on an average equity and debtweighted cost of capital for the Group of 7.2 percent. The increase in the value of the company stagnated year on year due to the fact that the higher operating capital (growthdriven increase in equity at PostFinance, acquisitions) offset the positive effect of the rise in profits. Value Added CHF m 0 100 200 300 400 500 600 2006 2005 Net Operating Profit CHF m 0 100 200 300 400 500 600 700 800 900 2006 2005 Capital costs CHF m 0 100 200 300 400 500 600 2006 2005 Net Operating Assets CHF m 0 1000 2000 3000 4000 5000 6000 2006 2005 The value added for the entire company is included as a key figure in the calculation of the variable performance component of management remuneration. In this way, management is motivated to think and act systematically in terms of generating genuine value, while taking into account capital retention and the risks (cost of capital). 532 532 847 818 315 286 3 896 3 538
Group profit Operating result (before interest, taxes) Operating income of the segments Consolidated income statement Annual Report | Financial Report | Financial commentary At 837 million francs, Group profit for 2006 was 3.2 percent or 26 million francs up on the prioryear figure of 811 million francs. CHF m 0 200 400 600 800 31 December 2006 837 CHF m 0 200 400 600 800 31 December 2005 811 Operating income came to 7,895 million francs (2005: 7,499 million francs). The increase was based on higher net sales from financial and logistics services totalling 7,483 million francs (2005: 7,194 million francs). The 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. The Mail segment, on the other hand, suffered a fall in sales. Other operating income came to 412 million francs (2005: 305 million francs), an increase of 107 million francs. 20 million francs of this came from the sale of items of property, plant and equipment which were no longer required for operating purposes. The remainder is attributable to services provided by the International segment – such as customs clearance and logistics (e.g. for Procter&Gamble). The effect of acquisitions on operating income amounted to 197 million francs. Mail 2006 34.2 % Logistics Services 13.6 % Financial Services 20.0 % Passenger Transport 7.3 % International 13.7 % Post Office Network 5.1 % New Business 4.1 % Other 2.0 % 2005 36.9 % 13.8 % 20.2 % 7.4 % 13.2 % 5.2 % 1.4 % 1.9 % At 7,072 million francs, operating expenses were up 378 million francs or 5.6 percent on the prioryear period. 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 reason for the lower employee benefit expense was the amount (350 million francs) transferred to the pension from the profit for 2005. Resale merchandise and service expenses and expenses for financial services rose by 269 million francs year on year. The reasons for this are higher resale merchandise expenses and the commission business with Procter& Gamble. The generally higher interest rate level impacted on expenses for financial services. Other operating expenses rose by 97 million francs as a result of acquisitions and customs business. Depreciation and amortization expense 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 also lead to higher depreciation and amortization expense in future. 1000 1000 87 823 805
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“ I’d like Swiss Post to stay t
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Swiss Post - the backbone of the ba
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Mail PostMail delivers 15 million l
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Considerate 2006 2005 Individual co
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tions expected of us as an employer
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AG and our goods logistics was not
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with multi-modal transport. The ide
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Developments in the economic enviro
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tract for subsidiaries of Swiss Pos
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management of internal postal servi
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quality. 98 percent of all A Mail a
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PostFinance is the first financial
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the parcel centre. PostLogistics is
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ganserland region. However, after n
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In 2006, SPI generated most of its
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over a period of two years. Swiss P
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dropped from 9.2 million in 2005 to
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esses being taken over by the Group
Page 37 and 38: 2010. The focus here will be on cos
Page 39 and 40: els that benefit both parties. Comb
Page 41 and 42: “ Addressed bulk mailings are par
Page 43 and 44: PostLogistics: a clever buyer for t
Page 45 and 46: in headcount at the parent company
Page 47 and 48: The survey results confirm that emp
Page 49 and 50: post office building in Lausanne, w
Page 51 and 52: Quality management Swiss Post aims
Page 53 and 54: a new job within the company, suppo
Page 55 and 56: 15 percent compared with the refere
Page 57 and 58: tive than a salary increase and als
Page 59 and 60: Overall, Swiss Post employs more pe
Page 61 and 62: workplace and in case of addiction
Page 63 and 64: With its commitment to the Swiss Yo
Page 65 and 66: sic component and a variable perfor
Page 67 and 68: “ I’m often the only woman at m
Page 69 and 70: value (350 million francs) from 200
Page 71 and 72: Jean-Marc Eggenberger Nicola Thibau
Page 73 and 74: Hans-Peter Strodel - Head of Financ
Page 75 and 76: Corporate Governance Annual Report
Page 77 and 78: made on implementation of its strat
Page 79 and 80: Financial risks The financial risks
Page 81 and 82: Human Resources Yves-André Jeandup
Page 83 and 84: Financial Report Our values in figu
Page 85 and 86: Volumes/capital trend Swiss Post’
Page 87: Annual Report | Financial Report |
Page 91 and 92: Trend among European postal organiz
Page 93 and 94: Annual Report | Financial Report |
Page 95 and 96: Appropriation of profits Annual Rep
Page 97 and 98: Consolidated balance sheet Annual R
Page 103 and 104: 3 Consolidation and accounting prin
Page 111 and 112: Results by business segment Annual
Page 113 and 114: CHF m 7 Other operating income Annu
Page 119 and 120: 12 Financial income Annual Report |
Page 121 and 122: CHF m 16 Inventories Annual Report
Page 123 and 124: 20 Financial assets available for s
Page 127 and 128: 23 Investments in associates Annual
Page 131 and 132: Cash-generating units Reviewing the
Page 133 and 134: 26 Financial liabilities Annual Rep
Page 135 and 136: 31 December 2006 27 Provisions Annu
Page 137 and 138: Other Notes 28 Operating leases Swi
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29 Contingent liabilities Annual Re
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Financial instruments by currency A
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32 Scope of consolidation Annual Re
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Annual Report | Financial Report |
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34 Non-current assets held for sale
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PostFinance - balance sheet CHF m A
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GRI index Annual Report | Financial
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162 Annual Report | Financial Repor
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