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EANS-Adhoc: AUSTRIAN POST IN 2011: Increase in revenue (+4.2%) and earnings (EBIT +7.3%); Dividend proposal to the Annual General Meeting of EUR 1.70 per share (+6.3%)

Geschrieben am 15-03-2012

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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annual report

15.03.2012

- Higher revenue - Revenue rise of 4.2% from the previous year on a
comparable basis - Mail Division +4.4%, Parcel & Logistics +5.6% -
Further increase in earnings - EBITDA of EUR 282.7m represents a
margin of 12.0% - EBIT up 7.3% to EUR 168.3m - Strong cash flow and
solid balance sheet - Free cash flow up 5.8% to EUR 162.5m -
Equity ratio of 42.1% - Attractive dividend - Dividend proposal to
the Annual General Meeting of EUR 1.70 per share (+6.3%) - Dividend
yield of 7.3% based on closing share price at end of 2011 - Outlook
2012 with growth target - Stable or slight rise in revenue expected
on a comparable basis - EBITDA margin once again at the upper end
of the targeted range of 10-12%

OVERVIEW OF DEVELOPMENTS AT AUSTRIAN POST The 2011 financial year
proceeded very satisfactorily for Austrian Post. The revenue and
earnings indicators once again demonstrated the fact that the
strategic orientation of the Group is on the right track. Austrian
Post succeeded in maintaining its leading market position even after
complete liberalisation of Austria´s letter mail market at the
beginning of 2011. Not only parcels but also the letter mail and
direct mail segments showed a good development. "Our goal is to offer
innovative services to our customers", says Austrian Post CEO Georg
Pölzl. "The new option to choose between `Premium´ and `Economy´
letters as well as the positive development of business parcels and
advertising mail show that we can also offer the solutions that
businesses demand even in a challenging market environment", he adds.
In 2011, Austrian Post increased its Group revenue by 4.2% on a
comparable basis to EUR 2,348.7m. Thus, the revenue increase was
significantly higher than the medium-term growth target of 1-2% per
year. Revenue growth was achieved by the Parcel & Logistics Division
(+5.6%) as well as by the Mail Division (+4.4%). In the letter mail
segment, innovative new customer solutions, volume growth from
e-commerce as well as the new range of products and stamps were the
primary reasons for growth. The market environment in the Parcel &
Logistics Division in 2011 was characterised by positive volume
developments and growth in market share. With regard to
profitability, the business development in Austria and in South East
and Eastern Europe was very satisfactory, but the performance in the
German/Benelux market was below expectations. As a result, a
comprehensive performance improvement programme was initiated at the
end of 2011, which in particular led to one-off effects involving
structural measures and impairment losses. Above all, the
extraordinary expenses related to the restructuring and disposal of
the subsidiaries in Belgium and the Netherlands. In spite of these
one-off effects, Group earnings were further improved on the basis of
the revenue increase and strict cost discipline. EBITDA amounted to
EUR 282.7m, corresponding to a margin of 12% and thus at the upper
end of the targeted EBITDA range. EBIT climbed by 7.3% to EUR 168.3m.
This positive development, combined with a solid balance sheet and a
high equity ratio, is the basis for a sustainable dividend policy. A
dividend increase of 6.3% to EUR 1.70 per share will be proposed to
the Annual General Meeting. For the year 2012, a stable or slightly
positive development of Group revenue on a comparable basis is
expected following the 4.2% revenue growth in 2011. With respect to
the earnings development of Austrian Post, the objective of
generating a sustainable EBITDA margin of 10-12% remains valid.
Austrian Post also aims to further improve earnings before interest
and tax (EBIT). Moreover, Austrian Post will also focus on the
development of innovative solutions tailored to customer requirements
in 2012. "After successful pilot operations in autumn 2011, we have
been delivering national direct mail items bundled in the collective
advertising folder KUVERT throughout the country since February 2012.
We are also investing in innovative self-service systems such as the
drop-off and pick-up boxes. These have been successively rolled out
in urban areas following test operations carried out in 2011. All
these solutions have one goal in mind: greater flexibility and
simplified services for customers", Georg Pölzl concludes.

REVENUE DEVELOPMENT IN DETAIL For the following analysis of Austrian
Post´s revenue development, revenue in 2010 was adjusted for the
meiller companies deconsolidated as of December 20, 2010. The
deconsolidation of these companies reduced the comparable revenue of
the Mail Division by EUR 98.0m in 2010. The joint venture MEILLERGHP
established at the end of 2010, in which Austrian Post has a 65%
stake, is consolidated at equity. Revenue on a comparable basis
increased to EUR 2,348.7m in 2011, a rise of 4.2%. Revenue growth was
generated in the Parcel & Logistics Division (+5.6%) and the Mail
Division (+4.4%). In contrast, revenue of the Branch Network Division
fell by 3.0% in the same period. There were 250 calendar working days
in 2011, two working days less than in the previous year (252
calendar working days). Revenue in the Mail Division rose to EUR
1,347.6m, an increase of 4.4% on a comparable basis. The ongoing
substitution of letters by electronic media was in contrast to the
positive effects related to the shifting of volumes from parcel to
letter mail services in e-commerce, additional revenue generated in
the field of Mail Solutions as well as the new product portfolio and
range of stamps introduced in May 2011. Moreover, the growth in
revenue derived from addressed and unaddressed direct mail items
clearly shows the sound nature of the advertising industry, in which
direct mailings provided by Austrian Post constitute an important
component of its marketing mix. Revenue in the Parcel & Logistics
Division climbed by 5.6% in 2011 to EUR 846.5m, due to rising volumes
and against the backdrop of ongoing price pressure. Growth was
generated in Austria as well as in the regions Germany/Benelux and
South East and Eastern Europe. The organisational structure of the
Branch Network Division is currently undergoing change. Over the last
12 months, the number of third-party operated postal partner offices
has risen from 1,117 to 1,258 as at the end of 2011. This change has
affected the division´s revenue and cost structure as well as the
redefined partnership with BAWAG P.S.K. Since January 1, 2011,
revenue from the financial services business has been subject to a
new cost-based compensation plan. Thus, the division´s external sales
were down 3.0% to EUR 153.1m.

INCOME STATEMENT The revenue growth of 4.2%, or EUR 95.6m on a
comparable basis, also affected the cost structure of the Group.
Higher revenue and parcel volumes increased the purchase of external
transport services carried out by parcel logistics subcontractors.
Moreover, the growing reliance on postal partner offices led to an
increase in the services used by the Group, although staff costs
declined. As a consequence, operating expenses for raw materials,
consumables and services used rose by 6.6% on a comparable basis, to
EUR 759.8m. Staff costs on a comparable basis at EUR 1,050.1m were
3.4% below the prior-year level. Operational staff costs fell by EUR
28.0m, to a total of EUR 1,017.0m. Savings in operational staff costs
were achieved by taking advantage of voluntary employee departures.
On a comparable basis, the average number of employees fell by 673
year-on-year to 23,369 employees (full-time equivalents).
Non-operational staff costs, which amounted to EUR 33.0m in 2011,
include all investments designed to achieve a sustainable improvement
in the cost structure, such as structural measures, termination
payments or staff-related provisions. Other operating income fell by
14.5% on a comparable basis to EUR 74.6m. This was primarily due to
lower proceeds from the disposal of property, plant and equipment,
which only amounted to EUR 8.8m in 2011. Income from rents and leases
of EUR 23.7m were at the same level as in the previous year. Other
operating expenses were up 14.8% on a comparable basis to EUR 320.0m.
This increase is partly due to measures relating to the commercial
realisation of the operating companies in Belgium and the
Netherlands. Moreover, costs arose for the conversion to the new
cluster box units, which must be carried out by the end of 2012 in
accordance with the stipulations of the Postal Market Act. Earnings
before interest, tax, depreciation and amortisation (EBITDA) of
Austrian Post improved to EUR 282.7m in 2011, a rise of 7.9%.
Accordingly, the EBITDA margin was 12.0% and was at the upper end of
the targeted range of 10-12%, as predicted. Depreciation,
amortisation and impairment losses of Austrian Post totalled EUR
114.4m in the reporting period. This figure consisted of depreciation
and amortisation of EUR 86.8m as well as impairment losses of EUR
27.6m. Earnings before interest and tax (EBIT) of Austrian Post rose
by 7.3% to EUR 168.3m, corresponding to an EBIT margin of 7.2%. All
operating divisions improved their earnings during the period under
review. EBIT of the Mail Division climbed to EUR 295.7m, and the
Branch Network Division continued its restructuring efforts,
concluding 2011 with an EBIT of minus EUR 17.8m, a significant
improvement compared to minus EUR 30.8m in the previous year. EBIT of
the Parcel & Logistics Division amounted to minus EUR 28.3m in 2011.
This includes impairment losses on goodwill and property, plant and
equipment of EUR 16.8m as well costs for structural measures at the
amount of EUR 22.0m, and deconsolidation effects of EUR 3.3m. These
expenses were mainly related to the restructuring and commercial
realisation of the subsidiaries in Belgium and the Netherlands. The
disposal process initiated in the fourth quarter resulted in the
assets and liabilities of these subsidiaries being classified as a
disposal group held for sale. The valuation stipulated by IFRS 5 led
to impairment losses and provisions, which are included in the
recognised structural measures. On a comparable basis, excluding
structural measures and impairment losses, EBIT of the Parcel &
Logistics Division actually rose by 9.3% to EUR 13.8m. EBIT of the
Corporate segment was down from minus EUR 57.7m in 2010 to minus EUR
81.3m in 2011. This difference can be attributed to higher income
from real estate sales in the 2010 financial year as well as higher
depreciation and amortisation in the reporting period. Moreover, the
Corporate segment also encompasses costs for central departments, as
well as changes in staff-related provisions and restructuring.
Earnings before tax rose 9.7% to EUR 163.1m. After deducting income
taxes totalling EUR 39.3m, the Group net profit (profit after tax for
the period) amounted to EUR 123.8m. This corresponds to earnings of
EUR 1.83 per share for the 2011 financial year (+4.6%) from the EUR
1.75 per share in 2010.

CASH FLOW The operating cash flow before changes in working capital
amounted to EUR 248.6m, significantly higher than in the previous
year. Improved earnings, lower tax payments compared to the prior
year and higher other non-cash transactions contributed to this
development. The cash flow from operating activities increased by
27.6% to EUR 228.2m. The cash flow from investing activities was
minus EUR 65.8m in 2011, including the purchase of property, plant
and equipment (CAPEX) amounting to EUR 73.8m and proceeds from the
disposal of property, plant and equipment of EUR 23.9m. Total free
cash flow was EUR 162.5m, a rise of 5.8% from the prior-year level.

EMPLOYEES During the period under review, the average number of
full-time employees at Austrian Post fell by 2.8% from the prior-year
figure, or 673 people, to 23,369. Most of Austrian Post´s labour
force, namely 19,907 full-time equivalent employees, works for the
parent company, Österreichische Post AG (Austrian Post).
Approximately 3,500 people are employed by subsidiaries.

OUTLOOK FOR 2012 In 2012, Austrian Post assumes that its business
development will continue to be impacted by two main factors: the
structural change in the letter mail business and the overall
economic situation. Against this backdrop, the company expects a
stable or slightly positive development of Group revenue for the 2012
financial year following the strong revenue growth of 4.2% in 2011.
Austrian Post´s medium-term growth target of 1-2% per year remains
unchanged. The structural change is manifested by the steady decline
in addressed letter mail volumes. Austrian Post expects the decrease
to amount to 3-5% p.a., reflecting international trends. In contrast,
increasing e-commerce will ensure ongoing growth in the transported
parcel volumes, especially in the private customer segment. The
dampened economic forecasts for 2012 could lead to restrained
consumer activity but also impact the advertising industry. However,
Austrian Post expects that direct mail items, the most efficient
advertising tool, will continue to maintain its importance as part of
the marketing mix of companies. Against this backdrop, Austrian Post
assumes it will succeed in maintaining its strategic path and also
achieving its operating targets, even in the face of a difficult
market environment. One focal point of the Group is to enhance the
profitability of the services offered, especially in business areas
which have been performing below expectations. With respect to
sustainable earnings development, Austrian Post confirms the targeted
EBITDA margin in the range of 10% to 12%. The company is also
striving to achieve a further improvement in earnings before interest
and tax (EBIT). The operating cash flow generated by Austrian Post
will continue to be prudently used mainly to finance sustainable
efficiency improvements and future-oriented investments. In terms of
its financing requirements, Austrian Post anticipates total capital
expenditure to reach a level of about EUR 80-90 million in 2012. This
will primarily focus on replacement investments in existing
facilities as well as on continuous modernisation and efficiency
enhancement, for example on the basis of a new sorting technology for
direct mail items. Acquisitions to round off and safeguard Austrian
Post´s core business are a probability. However, no major
acquisitions are expected at the present time. The Management Board
of Austrian Post will propose to the upcoming Annual General Meeting,
scheduled for April 17, 2012, the distribution of a dividend of EUR
1.70 per share for the 2011 financial year. The current attractive
dividend policy will continue based on a solid balance sheet
structure and suitable cash flow generation. Austrian Post aims to
achieve a dividend payout ratio to shareholders of at least 75% of
Group net profits. The dividend should develop further in line with
Group net profits assuming a continuation of the company´s good
business development.

PERFORMANCE OF DIVISIONS MAIL DIVISION External sales of the Mail
Division rose by 4.4% or EUR 56.3m from the prior-year period.
Revenue generated by the Letter Mail Business Area improved by 4.5%
on a year-on-year comparison, to EUR 755.6m. The ongoing substitution
of letters by electronic media was offset by positive effects such as
the shifting of volume from parcel to letter mail services in
e-commerce, revenue growth in the field of Mail Solutions as well as
the newly-designed product and regular stamp portfolio launched in
May 2011. The new option for business customers to choose either
"Premium" or "Economy" products offers greater flexibility in
selecting the desired delivery speed. Most customers decided in
favour of the "Premium" products in 2011. In the 2011 financial year,
revenue achieved by the Infomail Business Area (addressed and
unaddressed direct mail) rose by 4.9% or EUR 21.3m on a comparable
basis. This increase reflects the robust activity on the part of the
advertising industry in 2011. Innovative solutions, for example
individualised advertising mail, were well received by the market.
Revenue of the Media Post Business Area amounted to EUR 137.7m in
2011, a slight rise of 1.7%. On balance, EBITDA of the Mail Division
during the period under review improved to EUR 322.8m. Automation and
efficiency enhancement measures resulted in a clearly pronounced cost
discipline in 2011. As a result, EBIT of the Mail Division rose to
EUR 295.7m. PARCEL & LOGISTICS DIVISION External sales of the Parcel
& Logistics Division climbed by 5.6% to EUR 846.5m in 2011. The basis
for this increase was higher parcel volumes for private customers and
an increase in e-commerce despite price pressure in almost all
markets. The standard parcels product segment used mainly for
shipments to private customers also posted steady growth in 2011.
Revenue rose by 3.8%, to EUR 166.8m. The premium parcel segment
(parcel delivery within 24 hours), which is mainly used in the
business-to-business area, generated a revenue increase of 4.7% in
2011, to EUR 659.9m. The German subsidiary trans-o-flex accounted for
about 60% of this revenue. Parcel volumes from business customers in
Austria and in South East and Eastern Europe continued to develop
very positively. Revenue growth was also achieved in Belgium and the
Netherlands, but the negative earnings situation of the affected
subsidiaries could not be improved despite the higher revenue. For
this reason, Austrian Post initiated extensive structural measures in
2011 in order to develop a new logistics solution for this region.
Reported EBIT of the Parcel & Logistics Division amounted to minus
EUR 28.3m in 2011. However, this includes impairment losses on
goodwill and property, plant and equipment totalling EUR 16.8m as
well as structural measures totalling EUR 22.0m and deconsolidation
effects of EUR 3.3m. These expenses primarily related to the
restructuring as well as the commercial realisation of the
subsidiaries in Belgium and the Netherlands. On a comparable
operating basis, excluding the structural measures and impairment
losses, EBIT of the Parcel & Logistics Division actually rose by 9.3%
to EUR 13.8m.

BRANCH NETWORK DIVISION The enormous changes taking place in the
branch network are reflected in the changed structure of postal
service points. On a year-on-year comparison, the number of
third-party operated postal partner offices increased during the last
twelve months by 141 to a total of 1,258 at the end of 2011. On
balance, Austrian Post has more than 1,880 postal service points.
This change also affects the revenue and cost structure of the Branch
Network Division, as does the contractually redefined partnership
with Austrian Post´s banking partner BAWAG P.S.K. Since the beginning
of 2011, financial services are no longer based on commissions but
compensated primarily on the basis of the actual costs incurred. In
2011, external sales of the Branch Network Division fell by 3.0% to
EUR 153.1m, which is related to declining sales of retail and
telecommunication products. Internal sales, i.e. postal services
provided by the branch network, also decreased slightly once again.
However, the restructuring of operations in the branch offices has
had a positive impact. Loss-making and inefficient structures are
being eliminated or streamlined and fixed costs are being reduced. As
a result, EBIT increased by EUR 13.0m from the prior-year level, to
minus EUR 17.8m.

The Annual Report 2011 is available in the internet:
www.post.at/ir/en --> Publications --> Financial Reports

Further inquiry note:
Austrian Post
Mr. Harald Hagenauer
Head of Investor Relations
Tel.: +43 (0) 57767 30400
harald.hagenauer@post.at

Austrian Post
Mr. Michael Homola
Group Communications
Press Spokesman
Tel.: +43 (0) 57767 32010
michael.homola@post.at

end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer: Österreichische Post AG
Haidingergasse 1
A-1030 Wien
phone: +43 (0)57767-0
mail: investor@post.at
WWW: www.post.at
sector: Transport
ISIN: AT0000APOST4
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
language: English


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