Service-oriented - Die Schweizerische Post

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92 Annual Report | Financial Report | Financial commentary Property, plant and equipment Equity Customer deposits Total assets Consolidated balance sheet The consolidated balance sheet of Swiss Post is very much shaped by customer deposits in the Financial Services business area. Due to a further increase in customer deposits at PostFinance and the acquisition of the GHP Group, total assets rose by 5,470 million francs over the figure as at 31 December 2005 to 55,600 million francs. As at 31 December 2006, customer deposits account for around 87 % of total assets. The carrying amount of property, plant and equipment increased by 317 million francs year on year due, among other things, to the investments made as part of the REMA project. The 24 million franc increase in provisions (excluding employee benefits) is due mainly to the increase in provisions for litigation risks. Thanks mainly to a further deposit of 350 million francs into the employer’s reserve, made in accordance with the resolution concerning the appropriation of profit for 2005, the liability for employee benefit obligations was reduced to 2,627 million francs as at 31 December 2006. Consolidated equity reached 1,605 million francs as at 31 December 2006 (2005: 922 million francs). For further information, see also the consolidated statement of changes in equity. Equity as at 31 December 2006 is therefore still below the level typical in the industry. Investments CHF m 31. 12. 2006 31. 12. 2005 CHF m 31. 12. 2006 31. 12. 2005 CHF m 31. 12. 2006 31. 12. 2005 CHF m 31. 12. 2006 31. 12. 2005 0 500 1000 1500 2000 0 500 1000 1500 2000 0 13 000 26 000 39 000 52 000 0 13 000 26 000 39 000 52 000 Investments in property, plant and equipment, equity investments and intangible assets came to 540 million francs, an overall increase on the prioryear figure (347 million francs). In the past business year, investments in participations came to 35 million francs. Investment activity focused mainly on the construction of three new letter centres as well as on rationalization and optimization projects. Swiss Post financed its investments entirely from its own resources, thus meeting the Federal Council’s expectations (see second strategic goal). Other property, plant and equipment, intangible assets Operating property CHF m Participations 2005 0 100 200 300 400 2006 195 | 310 | 35 500 600 2 060 1743 1605 922 48 364 43 630 55 600 50 130 176 | 153 | 18
Appropriation of profits Annual Report | Financial Report | Financial commentary The Federal Council expects Swiss Post to use the profits it generates, firstly, to gradually build the necessary equity base and restructure the Swiss Post pension fund and, secondly, to pay an adequate dividend on the endowment capital provided by the Confederation. Given the inadequate financing of the Swiss Post pension fund (switch to a defined contribution scheme) and the Group’s insufficient equity base, a request has been submitted to the Federal Council to use the profit from Swiss Post (parent) amounting to 604 million francs as follows: 350 million francs to be deposited into the Swiss Post pension fund as an employer’s reserve and 254 million francs to be allocated to Swiss Post’s reserves. At Swiss Post, which prepares its financial statements in accordance with generally recognized commercial principles, equity comes to 4,075 million francs. However, the consolidated financial statements are authoritative in terms from a commercial point of view. The consolidated financial statements are drawn up on the basis of the Postal Organization Act in accordance with International Financial Reporting Standards (IFRS). Swiss Post Group reports equity of 1 605 million francs. Swiss Post is aiming for an industrystandard equity base: the target for logistics and other units is 35 % of total assets, while PostFinance’s target is geared to the guidelines of Basel II. On this basis, the necessary equity for the Group came to 2.7 billion francs in 2006 (PostFinance 1.3 billion francs, logistics and other units 1.4 billion francs). In 2009, Swiss Post will be able to achieve an adequate equity base, in accordance with its strategic financial planning, if it retains earnings and makes a payment to the pension fund and will then be able to distribute some of its profit. Risk management Swiss Post operates a comprehensive risk management system, applicable to all units of the parent company and to the subsidiaries. Risk management is a line management responsibility. The risk management process is integrated into the Group’s annual strategy process. Both business and financial processes are taken into account. In 2006, Swiss Post identified and evaluated twelve highlevel risks, which it addressed and for which it developed scenarios and drew up possible measures. These risks each entail potential losses of over 50 million francs. The financial risks faced by PostFinance, namely market and credit risks, are managed by means of the standard tools and methods used in the sector, and Swiss Post is guided by the financial sector’s “best practice“ approach, which is applied in a manner specific to the business. In addition, the financial unit of Swiss Post is preparing for the upcoming amendment to the Code of Obligations and Auditing Act, which will require the external auditors to check the existence of an internal auditing system (initial audit to be performed together with the 2008 financial statements). Outlook Technological developments and changes in customer behaviour will continue to result in increased substitution and declining letter volumes in future. However, they also open up new business opportunities and possibilities for further efficiency gains. The Swiss National Bank expects to see economic momentum slow in 2007. Almost all components of demand will continue to grow, but at a more moderate rate. Private consumption will benefit from the robust trend in disposable incomes. Swiss Post will continue to benefit from the favourable economic trend. In 2007, it will probably be able to increase the value of the company, generate an adequate profit and finance its investments from its own resources. This outlook, coupled with the successful trend of the past three years, should not deter us from adhering to our strategy and implementing it rigorously, against a backdrop of increasingly fierce competition, persistent substitution effects and a stillinadequate equity base. 93
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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
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2010. The focus here will be on cos
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els that benefit both parties. Comb
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“ 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
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Page 51 and 52: Quality management Swiss Post aims
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Page 55 and 56: 15 percent compared with the refere
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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 and 88: Annual Report | Financial Report |
Page 89 and 90: Group profit Operating result (befo
Page 91 and 92: Trend among European postal organiz
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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
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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
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Page 135 and 136: 31 December 2006 27 Provisions Annu
Page 137 and 138: Other Notes 28 Operating leases Swi
Page 139 and 140: 29 Contingent liabilities Annual Re
Page 141 and 142: Financial instruments by currency A
Page 143 and 144: 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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Service-oriented - Die Schweizerische Post

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