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Financial Report 2019 (PDF)

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Financial Report 2019 (PDF) Swiss Post is right here. For everyone. Financial Report 2019 About this Financial Report 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. Annual reporting structure The Swiss Post annual reporting documents for 2019 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 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. 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 Plan or goal If the figures shown are not comparable with the more recent figures (e.g. due to a change in method or change in the scope of consolidation), this is shown as follows: Non-comparable prior-year figure Non-comparable difference with positive effect on result Non-comparable difference with negative effect on result Languages This Financial Report is available in English, German, French and Italian. The German version is authoritative. Simple yet systematic – Swiss Post. Reliable, value-enhancing and sustainable. 7,164 million 255 million francs in operating income, down francs in Group profit, down 90 million francs year-on-year. 149 million francs year-on-year. 1,807 million 148 million With a fall of 4.8 percent, the volume of Thanks to booming online retail, addressed letters posted in Switzerland and PostLogistics delivered 7.3 percent delivered by PostMail declined again in 2019. more parcels in Switzerland. 119 billion 167 million francs, up by 0.3 percent, represents PostBus again transported around 12 million the level of average customer assets more passengers n 2019 due to the at PostFinance. continuing trend towards public transport use. 81 points 28% Customer satisfaction remained at is the CO2 efficiency improvement a high level, as in the previous year. over 2010 achieved by Swiss Post by the end of 2019. 55,915 81 points employees work for Swiss Post, 2,265 fewer The high index value for employee than in the previous year. commitment, which rose by one point year-on-year, is a testament to motivated and committed employees. Financial Report 2019 Management report 5 Business activities 6 Range of services 6 Customers 7 Geographical segmentation 8 Brands 11 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 20 Corporate responsibility strategy 23 Responsible procurement 23 Climate and energy 24 Responsible employer 24 Circular economy 25 Corporate citizenship 25 Financial controlling 27 Business performance 29 Key figures 29 Specific reporting points 30 Drivers 30 Profit situation 34 Assets and financial situation 45 Appropriation of profit 47 Non-financial results of a material nature 48 Risk report 55 Risk management principles 55 Risk management system 55 Risk situation 58 Internal control system 58 Outlook 60 Corporate governance 61 Basic principles 62 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 Ltd 63 Capital structure 64 Board of Directors 64 Composition as at 31 December 2019 64 Education, professional activities and members’ interests 64 Events after the reporting period 67 Election and term of office 67 Role and internal organization 67 Information and supervisory tools 68 Executive Management 69 Composition as at 31 December 2019 69 Education, professional activities and members’ interests 70 Management contracts 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 178 Swiss Post Ltd annual financial statements 181 Income statement 182 Balance sheet 183 Notes 184 Auditor’s report 190 PostFinance annual financial statements 193 Reconciliation 194 PostFinance Ltd statutory annual financial statements 195 Balance sheet 196 Income statement 198 Appropriation of profit/loss 199 Cash flow statement 200 Statement of changes in equity 201 Notes 202 Information on the balance sheet 216 Information on off-balance sheet transactions 232 Information on the income statement 233 Auditor’s report 236 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 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. Business activities 6 Organization 12 Background 13 2020 Swiss Post strategy 16 Corporate responsibility strategy 23 Financial controlling 27 Business performance 29 Key figures 29 Drivers 30 Profit situation 34 Assets and financial situation 45 Appropriation of profit 47 Non-financial results of a material nature 48 Risk report 55 Outlook 60 Swiss Post 6 Financial Report 2019 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 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 commerce). Range of services – Courier, express, parcels (CEP) – Goods logistics incl. customs Cross- clearance services channel – Value logistics communication – Fleet management Physical and digital Sales Digital Digital trust and solutions commerce e.g. e-voting, for corporate e.g. link to eHealth business international customers logistics Communication Logistics – Letters (individual and bulk mailing, market 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 and Liechtenstein 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 85.4 percent of its revenue in competition. The remaining 14.6 percent is accounted for by the monopoly on letters weighing less than 50 grams, where Swiss Post is in com- petition with electronic services. Due to the advance of electronic substitution, the share generated by Swiss Post’s monopoly is falling. The contribution of the monopoly to the financing of the univer- sal service therefore continues
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