Press Release

Q1 2016: Subdued result due to difficult market environment

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In the first quarter of 2016, Swiss Post achieved Group profit of 192 million francs, which is 33 million francs down on the previous year's figure. Operating profit (EBIT) fell to 207 million francs (previous year: 292 million francs). This reduction is due to the lower contribution to results from three of Swiss Post's four markets. Volume declines resulting from technological change, as well as the low interest rate environment and value adjustments in the financial sector, pose major challenges for Swiss Post.

In the first three months of 2016, Swiss Post generated Group profit of 192 million francs (previous year: 225 million francs). At 207 million francs, operating profit was 85 million francs down year-on-year. This decline is due to lower contributions to the results from the communication, logistics and particularly the financial services market. Operating income decreased by 2.8 percent to 2,069 million francs (previous year: 2,128 million francs).

In the communication market, Swiss Post recorded an operating profit of 72 million francs (previous year: 83 million francs). The 11 million franc decline year-on-year is principally due to one-off effects at Post Offices & Sales. PostMail and Swiss Post Solutions increased their contribution to operating profit. The decline in the volume of addressed letters was more pronounced year-on-year. The number of addressed letters fell by 3.3 percent. In the logistics market, PostLogistics recorded an operating profit of 24 million francs (previous year: 31 million francs). Despite additional income from the 3.9 percent rise in parcel volumes, increased demand for value logistics solutions and company takeovers, operating profit dropped due to one-off effects. In the passenger transport market, PostBus increased its operating profit by one million francs to 14 million francs. This positive trend was mainly attributable to the low price of fuel. As the budgets of the public entities which act as contracting bodies for transport services are squeezed, the pressure on prices is rising even more.

Decline in profit at PostFinance

PostFinance, which operates in the financial services market, achieved an operating profit of 102 million francs in the first three months of 2016 (previous year: 172 million francs). The 70 million franc decline is mainly due to higher portfolio value adjustments on financial assets (–27 million francs), whereas portfolio reversals of impairment had been recognized in the prior-year period (+47 million francs). Net income from the interest differential business was down 5 million francs due to a lack of profitable investment opportunities. This trend will continue in the current year and heighten the disadvantage of PostFinance not being able to issue its own loans and mortgage. Net trading income dropped by 15 million francs. The trading volumes seen in the first quarter of 2015, when record sales were achieved in foreign exchange transactions following the lifting of the minimum euro exchange rate, could not be matched in the first quarter of 2016. An encouraging rise was registered in services income, which was up 24 million francs year-on-year. The inflow of new money totalled 1.6 billion francs, with PostFinance's sight deposit balance at the Swiss National Bank still exceeding the exemption limit.

Auskünfte für PostFinance: Medienstelle PostFinance: 058 338 30 32.

Group key figures
Q1 2016
Q1 2015 Year 20151
Group key figures
Operating income (Mio CHF)
Q1 2016
2'069
Q1 2015
2'128
Year 20151
8'224
Group key figures
Operating profit (EBIT 2 in Mio CHF)
Q1 2016
207
Q1 2015
292
Year 20151
823
Group key figures
As a % of operating income (EBIT return)
Q1 2016
10,0
Q1 2015
13,7
Year 20151
10,0
Group key figures
Group profit (Mio CHF)
Q1 2016
192
Q1 2015
225
Year 20151
645
Group key figures
Total assets (Mio CHF)
Q1 2016
125'920
Q1 2015
120'644
Year 20151
120'327
Group key figures
Equity (Mio CHF)
Q1 2016
4'723
Q1 2015
5'209
Year 20151
4'385
Group key figures
Cash flow from investing activities (Mio CHF)
Q1 2016
-58
Q1 2015
-338
Year 20151
-325
Group key figures
Headcount at Swiss Post Group (FTE) 3
Q1 2016
43'796
Q1 2015
44'071
Year 20151
44'131


1 Normalized figures
2 The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT)
3 FTEs = Full-time equivalents. Average expressed in terms of full-time equivalents, excluding trainees

PostFinance Ltd key figures
Q1 2016
Q1 2015 Year 2015
PostFinance Ltd key figures
Number of customers (thousands) 1
Q1 2016
2'941
Q1 2015
2'953
Year 2015
2'951
PostFinance Ltd key figures
Number of customer accounts (thousands) 1
Q1 2016
4'781
Q1 2015
4'795
Year 2015
4'835
PostFinance Ltd key figures
Customer assets (Mio CHF)
Q1 2016
116'503
Q1 2015
111'485
Year 2015
114'866
PostFinance Ltd key figures
Funds, securities, life insurance (Mio CHF)
Q1 2016
7'888
Q1 2015
7'432
Year 2015
7'772
PostFinance Ltd key figures
Mortgages (Mio CHF) 2
Q1 2016
5'130
Q1 2015
4'817
Year 2015
5'089
PostFinance Ltd key figures
Loans to business customers taken up (Mio CHF)
Q1 2016
9'041
Q1 2015
8'650
Year 2015
9'063
PostFinance Ltd key figures
E-finance users (thousands)
Q1 2016
1'702
Q1 2015
1'645
Year 2015
1'683
PostFinance Ltd key figures
Headcount (FTEs) 3
Q1 2016
3'635
Q1 2015
3'510
Year 2015
3'571
PostFinance Ltd key figures
Transactions processed (Mio, kumuliert)
Q1 2016
254
Q1 2015
248
Year 2015
1'020


1 At end of period (unless otherwise stated).
2 In cooperation with partner banks.
3 FTEs = Full-time equivalents. Average expressed in terms of full-time equivalents. Headcount at PostFinance parent company.

Selected key figures per segment (Group units)1

31 March 2016
Group unit
Operating income (Mio. CHF) 2 Operating profit (Mio. CHF)2,3
31 March 2016
Communication market
Group unit
PostMail
Operating income (Mio. CHF) 2
761
Operating profit (Mio. CHF)2,3
112
31 March 2016
Communication market
Group unit
Swiss Post Solutions
Operating income (Mio. CHF) 2
146
Operating profit (Mio. CHF)2,3
6
31 March 2016
Communication market
Group unit
Post Offices & Sales
Operating income (Mio. CHF) 2
308
Operating profit (Mio. CHF)2,3
-46
31 March 2016
Logistics market
Group unit
PostLogistics
Operating income (Mio. CHF) 2
381
Operating profit (Mio. CHF)2,3
24
31 March 2016
Financial services market
Group unit
PostFinance 4
Operating income (Mio. CHF) 2
514
Operating profit (Mio. CHF)2,3
102
31 March 2016
Passenger transport market
Group unit
PostBus 5
Operating income (Mio. CHF) 2
231
Operating profit (Mio. CHF)2,3
14
31 March 2016
Other 6
Group unit
 
Operating income (Mio. CHF) 2
230
Operating profit (Mio. CHF)2,3
-5
31 March 2015
Group unit
Operating income (Mio. CHF) 2 Operating profit (Mio. CHF)2,3
31 March 2015
Communication market
Group unit
PostMail
Operating income (Mio. CHF) 2
706
Operating profit (Mio. CHF)2,3
104
31 March 2015
Communication market
Group unit
Swiss Post Solutions
Operating income (Mio. CHF) 2
153
Operating profit (Mio. CHF)2,3
4
31 March 2015
Communication market
Group unit
Post Offices & Sales
Operating income (Mio. CHF) 2
413
Operating profit (Mio. CHF)2,3
-25
31 March 2015
Logistics market
Group unit
PostLogistics
Operating income (Mio. CHF) 2
379
Operating profit (Mio. CHF)2,3
31
31 March 2015
Financial services market
Group unit
PostFinance 4
Operating income (Mio. CHF) 2
595
Operating profit (Mio. CHF)2,3
172
31 March 2015
Passenger transport market
Group unit
PostBus 5
Operating income (Mio. CHF) 2
211
Operating profit (Mio. CHF)2,3
13
31 March 2015
Other 6
Group unit
 
Operating income (Mio. CHF) 2
223
Operating profit (Mio. CHF)2,3
-7


The segment results for Post Offices & Sales, PostLogistics and PostFinance can only be compared with results from previous years to a limited extent due to one-off effects.
Operating income and operating profit (EBIT) by segment are reported before management, licence fees and net cost compensation.
The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT).
PostFinance Ltd also applies the accounting rules for banks, securities dealers, financial groups and conglomerates (ARB). There are differences between the ARB and the IFRS results.
Within regional public transport, PostBus Switzerland Ltd is subject to the DETEC ordinance on the accounting of licensed businesses (RKV). There are differences between the RKV and the IFRS results.
Includes service units (Real Estate and Information Technology) and management units (e.g. Human Resources, Finance and Communication).