Good quarterly results for Swiss Post

Press release dated 10.05.2012

In the first quarter of 2012, Swiss Post achieved a group profit of CHF 299 million, and thereby almost equalled the good result achieved in the same period last year.  Operating income saw moderate growth. The CHF 20 million drop in profit is attributable to an additional number of one-off expenditures.

In the first three months of 2012 Swiss Post generated a group profit of CHF 299 million (Q1/2011: CHF 319 million). Factors influencing the 6 per cent drop include increased personnel costs resulting from higher employee benefit obligations and one-off expenditures associated with the planned legal restructuring of Swiss Post. The logistics, retail finance and public passenger transport markets recorded slightly lower results than in the previous year, while the communications market posted an improvement thanks to a lower deficit in the post office network.

Operating income increased slightly on the previous-year quarter by 0.4 per cent to CHF 2.223 billion (Q1/2011 CHF 2.214 billion). Investments entirely financed from the Group’s own funds totalled CHF 77 million, some CHF 15 million more than in the same period last year. Based on these initial results, Swiss Post forecasts good annual results for 2012, albeit slightly down on the very good results achieved in 2011.

Key figures for the Group

Key figures for the Group Unit Q1 2012 Q1 2011 Full year 2011
Operating income CHF million 2,223 2,214 8,599

Operating result1

CHF million 291 318 908
% of operating income % 13.1 14.4 10.6
Group profit CHF million 299 319 904
Total assets CHF million 118,584 100,962 108,254
Equity CHF million 5,204 4,560 4,879
Investments2 CHF million 77 62 429
Headcount at Swiss Post Group (excluding trainees) FTEs3 44,840 43,945 44,348
Trainees at Swiss Post Group FTEs3 2,038 1,920 1,942

1 Operating result corresponds to earnings before non-operating financial result and taxes (EBIT).
2 Investments in tangible fixed assets, participations and intangible assets.
3 Average workforce expressed in terms of full-time equivalents.

Selected key figures by segment (Group units)

31 March 2012   Operating income
(CHF million)
Operating result
(CHF million)1
Communications market   1,264 60
Communications market PostMail 828 85
Communications market Swiss Post Solutions 142 2
Communications market Post Offices & Sales 442 -27
Logistics market PostLogistics 386 40
Retail finance market PostFinance 611 178
Public passenger transport market PostBus2 184 10
Other3   227

3

Selected key figures by segment (Group units)

31 March 2011   Operating income
(CHF million)
Operating result
(CHF million)1
Communications market   1,274 55
Communications market PostMail4 834 89
Communications market Swiss Post Solutions 139 2
Communications market Post Offices & Sales 445 -36
Logistics market PostLogistics4 374 46
Retail finance market PostFinance 607 184
Public passenger transport market PostBus2 177 11
Other3   228

22

1 Operating result corresponds to earnings before non-operating financial result and taxes (EBIT).
2 In the field of regional public transport, PostBus is subject to the DETEC directive on the accounting of licensed companies (RKV). There are variations between RKV and IFRS.
3 Includes management and service units such as Real Estate, Information Technology, etc.
4 The prior-year value has been adjusted to take into account the falling away of Swiss Post International with effect from 1 January 2012.