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FINANCIAL REPORT 2018 About This Financial Report

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FINANCIAL REPORT 2018 About This Financial Report SWISS POST IS RIGHT HERE. FOR EVERYONE. FINANCIAL REPORT 2018 About this Financial Report Structure of annual reporting documents The Swiss Post annual reporting documents for 2018 consist of: – Swiss Post Annual Report – Swiss Post Financial Report (this document, consisting of the management report and corporate governance section as well as the annual financial statements for the Group, Swiss Post Ltd and PostFinance Ltd) – PostFinance Ltd Annual Report – Sustainability Report (report in accordance with the Global Reporting Initiative guidelines) – Annual Report key figures True-to-scale representation of figures in charts Charts are shown to scale to present a true and fair view. 20 mm is equivalent to one billion francs. Percentages in charts are standardized as follows: Horizontal: 75 mm is equivalent to 100 percent. Vertical: 40 mm is equivalent to 100 percent. Key for charts and tables Current year Previous year Positive effect on result Negative effect on result Languages This Financial Report is available in English, German, French and Italian. The German version is authoritative. Ordering Electronic versions of the annual reporting documents are available at www.swisspost.ch/annualreport. The Annual Report and Financial Report are also available in printed form. Forward-looking statements This report contains forward-looking statements. They are based on current management estimates and projections, and on the information currently available to management. Forward-looking statements are not intended as guarantees of future performance and results, which remain dependent on many different factors; they are subject to a variety of risks and uncertainties, and are based on assumptions that may not prove accurate. SIMPLE YET SYSTEMATIC – SWISS POST. Reliable, value-enhancing and sustainable. 7,691 million 405 million francs in operating income, down francs in Group profit, down 373 million francs year-on-year. 122 million francs year-on-year. 1,898 million 1 38 million With a fall of 5.2 percent, the volume of Thanks to booming online retail, addressed letters posted in Switzerland PostLogistics delivered 6.7 percent declined again in 2018. more parcels in Switzerland. 119 billion 156 million francs, down by 0.8 percent, represents PostBus again transported one million more the level of average customer assets held passengers in 2018 due to the continuing by PostFinance. trend towards public transport use. 83 points 20% Customer satisfaction remained stable, is the CO2 efficiency improvement over 2010 equalling the high level of the previous year. achieved by Swiss Post by the end of 2018. 58,180 80 points employees, 1,189 below the The high index value for employee commitment, headcount for the previous year. which declined by one point year-on-year, is a testament to motivated and committed employees. Financial Report 2018 Management report 5 Business activities 6 Range of services 6 Customers 7 Geographical segmentation 7 Brands 10 Organization 12 Background 13 Technological factors 13 Sociocultural factors 13 Economic factors 14 Legal and political factors 15 2020 Swiss Post strategy 16 Statutory mandate and strategic goals set by the Federal Council 16 Vision and core values 18 Swiss Post’s strategic goals 18 Strategic thrusts 19 Market strategies 21 Corporate responsibility strategy 23 Responsible procurement 23 Climate and energy 24 Employees 24 Circular economy 24 Corporate citizenship 25 Financial controlling 26 Business performance 28 Key figures 28 Drivers 29 Profit situation 33 Assets and financial situation 45 Appropriation of profit 46 Non-financial results of a material nature 47 Risk report 54 Risk management principles 54 Risk management system 54 Risk situation 56 Internal control system 57 Outlook 59 Corporate governance 61 Group structure and shareholders 62 Legal form and ownership 62 Control by the Confederation 62 Regulatory accounting and companies under individual supervision 62 Net costs arising from the universal service obligation 62 Reduction in the delivery prices of newspapers and magazines eligible for subsidies 63 PostFinance Ltd 63 PostBus Switzerland Ltd 63 Capital structure 63 Board of Directors 64 Composition as at 31 December 2018 64 Changes in the year under review and events after the reporting period 66 Uniform management 66 Role and working method 66 Information and supervisory tools 68 Executive Management 69 Composition as at 31 December 2018 69 Changes in the year under review and events after the reporting period 71 Remuneration 72 Policy 72 Determination 72 Level of remuneration 73 Auditor 75 Information policy 75 Group annual financial statements 77 Consolidated income statement 78 Consolidated statement of comprehensive income 79 Consolidated balance sheet 80 Consolidated statement of changes in equity 81 Consolidated cash flow statement 82 Notes 84 Auditor’s report 183 Swiss Post Ltd annual financial statements 187 Income statement 188 Balance sheet 189 Notes 190 Auditor’s report 195 PostFinance annual financial statements 197 Reconciliation 198 PostFinance Ltd statutory annual financial statements 199 Balance sheet 200 Income statement 202 Appropriation of profit 203 Cash flow statement 204 Statement of changes in equity 205 Notes 206 Information on the balance sheet 221 Information on off-balance sheet transactions 236 Information on the income statement 237 Auditor’s report 239 Five-year overview of key figures 241 4 5 MANAGEMENT REPORT Swiss Post operates in markets that are undergoing rapid change due to intense competition, internationalization, technology deployment and regulations. Driven by digital / e-commerce, the logistics market is facing global competi- tion. The level of digitization in the communication market is rising. Following regulatory changes in the financial mar- ket, digital providers have the possibility to gain a foothold in payment transactions. Growing numbers of new com- petitors are entering the passenger transport market. Swiss Post is meeting the challenges in its market environ- ment and at regulatory level by launching a transforma- tion strategy for the years 2017 to 2020. Halfway through the strategy implementation period, it has not only de- fended its leading market positions, but also successfully developed them. Business activities 6 Organization 12 Background 13 2020 Swiss Post strategy 16 Corporate responsibility strategy 23 Financial controlling 26 Business performance 28 Risk report 54 Outlook 59 Swiss Post 6 Financial Report 2018 Business activities Swiss Post offers financial and mobility services in addition to postal products and services. It is also developing cross-market solutions, for instance in digital/e-commerce. Swiss Post is proud to be able to serve all its private and business customers in Switzerland and to operate in a targeted manner abroad. Range of services Swiss Post’s range of services includes the processing of logistics and communication consignments, secure electronic solutions as well as financial and mobility services. Within the core business in its four markets Swiss Post positions itself as a quality provider offering the best value for money. Cross-market solutions create tailor-made customer benefits (e.g. in digital / e-commerce). Range of services – National/international parcels – Freight and warehousing – Customs clearance Physical – Innight / Express / Courier / SameDay and digital cross-channel communication Sales Digital/ Digital trust and solutions e-commerce e.g. e-voting, for corporate e.g. link to E-Health business international customers logistics Communication Logistics market – Letters (individual and bulk mailing, market national, international, various Business delivery times) – Franking solutions process – Print media: distribution, outsourcing Swiss Post subscription management, Document publishers’ logistics, lettershop, solutions newsstand distribution – Small goods consignments Financial Passenger – Mailroom services services transport – Incoming/outgoing mail processing market market Digital Mobility banking Partnering and e.g. mobile cooperation payment – Payments – Savings – Investments – Retirement planning – Public bus transport in Switzerland, – Financing Liechtenstein and France Swiss Post is constantly developing its products and services in line with the needs of business and private customers. This involves consistently linking the physical and digital worlds, e.g. with cross-channel marketing campaigns or the digitization of incoming mail processing. Together with its customers, Swiss Post is increasingly developing solutions which connect elements right across the Group (e.g. working capital management as a combination of logistics and financial products). Swiss Post generates 85.6 percent of its revenue in competition. The remaining 14.4 percent is accounted for by the monopoly on letters weighing less than 50 grams, where Swiss Post is in com- petition with electronic services. Swiss Post Management report Corporate governance Annual financial statements Financial Report 2018 6 Business activities 62 Group structure and shareholders 77 Group 7 12 Organization 62 Regulatory accounting 187 Swiss Post Ltd 13 Background 63 Capital structure 197 PostFinance 16 Strategy 64 Board of Directors 23 Corporate responsibility strategy 69 Executive Management 26 Financial controlling 72 Remuneration 28 Business performance 75 Auditor 54 Risk report 75 Information policy 59 Outlook Customers Swiss Post is committed to meeting the needs of its customers. It aims to make
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