euro adhoc: Österreichische Post AG / quarterly or semiannual financial statement / Austrian Post: Good business development confirms the outlook for 2008: Revenue up +6.0%, EBIT margin of 8.2%

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3-month report

16.05.2008

- Group revenue up 6.0%, to EUR 609.9m based on the consolidation of
new subsidiaries - Volume and revenue were impacted in a quarterly
year-on-year comparison by one working day less and the timing of
Easter already in March 2008 - Expected revenue and earnings
reduction due to the loss of two parcels customers in Austria - Other
parcel customers were retained; restructuring of the parcels business
proceeding as planned - Earnings development in the first quarter
confirms forecast for 2008 - EBIT of EUR 49.9m, EBIT margin of 8.2% -
Group profit for the period of EUR 41.9m, earnings per share of EUR
0.6 - Operating cash flow before changes in working capital continues
to be stable, at EUR 77.0m - Outlook for 2008 confirmed: stable to
slight increase in revenue, earnings before interest and tax (EBIT)
only slightly below 2007, and then continually rising.

Good business development in the first quarter of 2008 The business
operations of Austrian Post developed favourably in the first quarter
of the 2008 financial year, thus confirming the original outlook for
2008. On balance, total revenue rose 6.0%, to EUR 609.9m. This
increase was due to the initial consolidation of the Group
subsidiaries Scherübl, Road Parcel Logistics, Merland Expressz
Services, meiller direct, Dedicated Distribution Services (DDS), Van
Osselaer-Pieters Colli Service (VOP) and City Express which did not
belong to the scope of consolidation in the first quarter of 2007. In
a quarterly year-on-year comparison, it is important to note that the
first quarter of 2008 was characterised by a lower level of volumes
due to one working day less, as well as the timing of Easter already
in the first quarter. Against this backdrop, the Mail Division in
particular generated growth on the basis of the acquired
subsidiaries, but also through organic growth.

As originally predicted at the end of 2007 and now confirmed, this
revenue development reflects the lower volume in the Austrian parcel
segment due to the loss of two major mail order customers. However,
other important parcel service customers could be retained, and
revenue from the new premium parcel service increased. The current
development in the Parcel & Logistics segment corresponds to the
expectations of the company. All in all, revenues of the Mail
Division climbed by 8.3% during the first quarter of 2008, whereas
revenues of the Parcel & Logistics Division were up 4.5%, and the
Branch Network Division posted a decline of 3.4%.

Revenue by division Structure
EUR m Q1 Q1 Q1 Change Q1
2006 2007 2008 2007 2008
Total revenue 444.3 575.5 609.9 6.0% 100.0%
Mail 335.8 341.8 370.0 8.3% 60.7%
Parcel&Logistics 56.7 182.9 191.2 4.5% 31.3%
Branch Network 50.3 49.7 48.0 -3.4% 7.9%
Other/Consolidation 1.4 1.2 0.7 -39.2% 0.1%

Income Statement Margin
EUR m Q1 Q1 Q1 Change Q1
2006 2007 2008 2007 2008
Revenue 444.3 575.5 609.9 +6.0% 100.0%
EBITDA 69.4 77.4 75.4 -2.6% 12.4%
EBIT 49.0 55.1 49.9 -9.5% 8.2%
Profit after tax 31.0 42.7 41.9 -2.0% 6.9%
Earnings per share 0.53 0.61 0.60 -2.0% -
(EUR)

In addition to the 6,0% increase in revenue, the consolidated income
statement of Austrian Post shows a decline in other operating income,
which is primarily related to lower proceeds from the disposal of
property, plant and equipment compared to the first quarter of 2007.

In the first three months of 2008, the earnings before interest and
tax (EBIT) of Austrian Post decreased by 9.5% year-on-year, to EUR
49.9m, which can be attributed to the described special effects in
the first quarter, lower proceeds from the disposal of property,
plant and equipment and a changed market environment in the Austrian
parcels segment. The EBIT margin amounted to 8.2%.

All operating divisions made a positive contribution to earnings.
EBIT at the Mail Division was EUR 74.1m, at the Parcel & Logistics
Division EUR 4.7m, and at the Branch Network Division EUR 2.6m.

Profit for the period of Austrian Post only declined by 2.0%, to EUR
41.9m year-on-year. Earnings per share in the first quarter of 2008
were EUR 0.60, compared to EUR 0.61 in the comparable period of the
preceding year.

Solid balance sheet structure - equity ratio of 44% The balance sheet
structure of Austrian Post reflects the positive development of the
company in recent years. Accordingly, the equity ratio amounted to
43.7% as at March 31, 2008.

At present, Austrian Post has a net debt position of EUR 149.7m. This
financial figure represents the difference between interest-bearing
assets (securities, other financial assets and cash and cash
equivalents) amounting to EUR 557.9m, and interest-bearing debt
(financial liabilities, social capital and other interest-bearing
liabilities and provisions) totalling EUR 707.6m.

In the next 2-3 years, Austrian Post aims to achieve a ratio of net
debt to EBITDA of 2.0. One important aspect of this targeted capital
structure is an ongoing attractive dividend policy (payout ratio of
at least 75% of the total profit for the period). Cash flow remains
stable In the period under review, total operating cash flow before
changes in working capital amounted to EUR 77.0m, practically
unchanged from the level achieved in the first quarter of 2007.

The cash flow from changes in working capital amounted to EUR minus
23.3m in Q1 2008. This is primarily comprised of increased
receivables of EUR 17.6m, reduced liabilities of EUR 7.9m, and
increased current provisions of EUR 3.2m. On balance, total cash flow
from operating activities amounted to EUR 53.7m for the first three
months of 2008.

The cash flow from investing activities totalled EUR minus 13.2m,
comprising the purchase of property, plant and equipment amounting to
EUR 16.8m and the acquisition of the remaining shareholding of
Scanpoint for EUR 2.6m. Accordingly, total free cash flow reported in
the first quarter of 2008 increased to EUR 40.5m.

Outlook for 2008 All in all, Austrian Post confirms its original
forecasts for the 2008 financial year, namely a stable development to
a slight increase in its total revenue (up to 3%). This includes the
integration of the new subsidiaries acquired during the course of
2007. Despite the adverse effects on the parcels segment, Austrian
Post expects earnings before interest and tax (EBIT) in 2008 to be
only slightly below the level achieved in the year 2007, and then
continually rise in subsequent years. Accordingly, the EBIT margin
will be slightly below 7% in 2008, and then reach the targeted range
of between 7% and 8% in the following years. Based on a stable cash
flow development and a solid balance sheet structure, Austrian Post
expects to continue pursuing an attractive dividend policy.

Events after the balance sheet date The Annual General Meeting held
on April 22, 2008 approved the distribution of a basic dividend
totalling EUR 98m (EUR 1.40 per share). Moreover, it was resolved to
distribute a special dividend amounting to EUR 70m (EUR 1.00 per
share). The dividend payment date for the basic dividend was May 6,
2008, whereas the special dividend will be paid on September 5, 2008.
Furthermore, the resolution authorising the Management Board to
buy-back and, if applicable, to withdraw treasury shares at a value
of up to 10% of the company´s share capital during a period of 18
months (buy back without purpose) was also approved.

Performance of divisions Mail Division In the first three months of
2008, year-on-year external sales by the Mail Division climbed by
8.3%, compared to the same period of the previous year, to EUR
370.0m. This improvement in revenues in chiefly related to the
first-time consolidation of the subsidiaries acquired since the first
quarter of 2007, but also includes organic revenue growth.

The Letter Mail Business Area developed very satisfactorily, despite
the adverse effects on mail volumes due to one working day less in
the first quarter of 2008, as well as the timing of Easter already in
March 2008. Revenues of the Mail Division declined by only 1.4%
year-on-year. External sales of the Infomail Business Area (addressed
and unaddressed advertising) climbed by 25.9% in the first three
months of the 2008 financial year, to EUR 134.7m. A considerable
contribution was made by the initial consolidation of the direct
marketing services provider meiller direct. The revenue increase was
also driven by international services for advertising mail. The Media
Post Business Area raised its first quarter revenue by 10.8%, which
is mainly related to the positive development of regional media, but
also the one-off effects of regional elections in Austria. On
balance, EBIT of the Mail Division, at EUR 74.1m, came close to
matching the previous year´s level.

Parcel & Logistics Division External sales by the Parcel & Logistics
Division climbed 4.5% in the first quarter of 2008, to EUR 191.2m.
Austrian Post now divides its service portfolio into premium parcels
(parcel delivery within 24 hours to private and business customers)
and standard parcels. Growth in the premium parcel segment can
primarily be attributed to the newly acquired Group companies
(Scherübl, Road Parcel, Merland, City Express, DDS, VOP), which did
not belong to the consolidation range in the comparable period of
2007. At the same time, higher external sales are also related to the
general volume increase of this premium product, in Austria as well
as in the international subsidiaries of Austrian Post.

As expected, revenue decreased in the standard parcels segment in
Austria. The volume decline forecast by Austrian Post materialised
due to the market entry of a German parcel services provider.
Comprehensive redimensioning measures designed to increase the
profitability of parcels services were already initiated in the
Parcel & Logistics Division at the end of 2007. The redimensioning of
parcel logistics is proceeding on schedule. In the first three
months, earnings before interest and tax (EBIT) of the Parcel &
Logistics Division amounted to EUR 4.7m.

Branch Network Division External sales by the Branch Network Division
declined by 3.4% in the first three months of 2008 compared to the
same period of the preceding year, to EUR 48.0m. One key reason was
the decline in mobile telephony sales. In the financial services
segment, there was a slight rise due to the growth measures which had
been initiated, based on the repositioning of PSK Bank and the sales
drive for private customers. The assortment of products and services
offered in the branch network was improved, and the sales structures
were strengthened. Due to lower mail volumes handled by the branch
network, internal sales of the Branch Network Division also fell.
Earnings before interest and tax (EBIT) totalled EUR 2.6m in the
first three months of the 2008 financial year.

Vienna, May 16, 2008

The interim report of the first quarter is available at
www.post.at/ir/en.

end of announcement euro adhoc
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ots Originaltext: Österreichische Post AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Austrian Post

Mr. Harald Hagenauer

Head of Investor Relations

DI Harald Hagenauer

Tel.: +43(0)57767-30400

harald.hagenauer@post.at

Austrian Post

Mr. Marc Zimmermann

Head of Group Communications

Tel.: +43(0)57767-22626

marc.zimmermann@post.at

Austrian Post

Mr. Michael Homola

Press Spokesman

Tel.: +43(0)57767-32010

michael.homola@post.at

Branche: Transport
ISIN: AT0000APOST4
WKN: A0JML5
Index: ATX Prime, ATX
Börsen: Wiener Börse AG / stock market


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