11.08.2016,
19464 Zeichen
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
6-month report
REVENUE - Revenue development negatively impacted by the sale of trans-o-flex\nRevenue excl. trans-o-flex rose by 0.6%\nEARNINGS - EBIT increase of 2.2% to EUR 98.6m - Q2 operating earnings (EBIT) up 11.7%\nCASH FLOW AND BALANCE SHEET - 1.6% rise in the cash flow from operating activities to EUR 109.3m - Strong cash position and low level of financial liabilities\nOUTLOOK - Revenue forecast 2016 of EUR 2.0bn (current business portfolio) -Targeted stable development of operating earnings (EBIT) for 2016 and 2017\nOVERVIEW OF AUSTRIAN POST
In the first half of 2016, Group revenue of Austrian Post fell from the prior-
year level of EUR 1,175.0m to EUR 1,071.1m. The revenue decrease can be fully
attributed to the sale of its subsidiary trans-o-flex. Adjusted for the
disposal of trans-o-flex at the beginning of April 2016, Group revenue in the
first half of 2016 rose by 0.6% year-on-year and by 2.3% in the second quarter
of 2016.
The mail business continues to be impacted by the structural trend towards
declining letter mail volumes caused by electronic substitution. In particular,
public sector customers as well as banks are reducing their mail volumes.
During the reporting period, business with direct mail showed a diverging
development of individual advertising customer segments. The volume of
addressed direct mail items declined in contrast to the rise in unaddressed
mail volumes. In spite of these difficult conditions, Austrian Post recorded a
stable revenue development in the Mail & Branch Network Division in the first
six months of 2016. Second- quarter revenue rose by 1.6%, driven by positive
election effects including a record number of votes that were cast in the
Austrian presidential elections by absentee ballot.
The trend towards increasing e-commerce is continuing in the parcel segment,
leading to further growth of parcel volumes in Austria in spite of intensified
competition. Adjusted for the revenue of trans-o-flex, the Parcel & Logistics
Division showed solid revenue growth of 3.7% in the first half of 2016 and 4.9%
in the second quarter of the year.
Thanks to the good revenue development and stringent cost discipline, operating
earnings (EBIT) of Austrian Post were up 2.2% to EUR 98.6m. EBIT in the second
quarter even climbed by 11.7% to EUR 47.6m. Austrian Post is continuously
optimising structures and processes in its mail and parcel logistics businesses
in order to further reduce costs and enhance efficiency. Moreover, Austrian
Post is increasing the attractiveness of its service offering. For this reason,
the company will expand its service portfolio at the beginning of 2017 in order
to provide even improved and simpler shipping options for national and
international online retailers. For example, it will be possible to send a so-
called "Packet", an optimal solution ranging somewhere between a traditional
letter and a secure parcel. The "Packet" is as easy to handle as a letter, but
still offers the popular "track & trace" feature of a parcel.
"Innovative solutions as well as structural changes are necessary as a means of
further developing the business model of our company", says Austrian Post CEO
Georg Pölzl. "This is the only way we can generate sustainable value for the
benefit of all stakeholders, especially customers, employees and shareholders
and thus maintain our attractive dividend policy."
REVENUE DEVELOPMENT IN DETAIL
In the first half of 2016, Group revenue of Austrian Post fell by EUR 103.9m
from the prior-year level to EUR 1,071.1m, entirely driven by the sale of
trans- o-flex. Adjusted for this disposal, revenue in the first half of 2016
rose by 0.6% in a year-on-year comparison, and 2.3% in the second quarter of
2016.
Mail & Branch Network Division revenue fell slightly by 0.2% to EUR 736.8m
during the period under review. However, division revenue was up 1.6% in the
second quarter of 2016. The basic trend towards e-substitution, which implies
the replacement of traditional letter mail by electronic forms of
communication, is continuing. However, elections generated higher revenue
contributions than in the previous year. In the first half of 2016, Letter Mail
& Mail Solutions revenue at EUR 403.5m represents an increase of 0.7% from the
prior-year level, with revenue in this business area even rising by 2.2% in the
second quarter. In the first half of 2016, revenue generated by the Direct Mail
business fell by 1.9% to EUR 206.2m. First-quarter revenue declined but
increased by 2.2% in the second quarter of the year due to positive revenue
effects from elections. Media Post revenue rose by 1.1% year-on-year to EUR
70.4m (Q2 2016: +0.2%). In contrast, Branch Services revenue was down 1.5% to
EUR 56.7m during the period under review. In the second quarter of 2016, the
positive development of mobile products was offset by a change in the
corresponding invoicing model. In aggregate, this led to a second-quarter
revenue decline of 2.9% in this business area.
Total revenue of the Parcel & Logistics Division fell from EUR 436.9m to EUR
334.3m in the first half of 2016 as a consequence of the previously-mentioned
sale of the trans-o-flex subsidiary. Adjusted to take account of trans-o-flex
revenue, the division actually generated a revenue increase of 3.7% in the
first half of 2016 and 4.9% in the second quarter of the year. Business
developed positively in Austria (+1.9%) despite tough competition and also
expanded in the CEE markets (+3.1%), whereas Austrian Post disposed of its
German subsidiary trans-o-flex on April 8, 2016.
With respect to its strategic investment in the Turkish parcel services
provider Aras Kargo, Austrian Post initiated a call option process in order to
acquire an additional 50% of the shares. However, there are differences of
opinion with the current majority shareholder regarding implementation of the
call option agreement as well as the valuation of the shares. Accordingly, as
in the past, Austrian Post will continue to consolidate its 25% stake in Aras
Kargo at equity until further notice.
EXPENSE AND EARNINGS DEVELOPMENT
Raw materials, consumables and services used decreased from EUR 360.0m to EUR
286.3m during the period under review, which is due to the sale of
trans-o-flex. However, the costs for services used increased, particularly as a
consequence of higher international business volumes.
Austrian Post's staff costs amounted to EUR 545.3m in the first half-year 2016,
comprising a drop of 1.2%. The disposal of trans-o-flex reduced staff costs,
whereas the adjustment of the interest rate for various staff-related
provisions led to a negative earnings effect of EUR 14.6m in the first half of
2016. In the previous year, this effect amounted to EUR 3.0m. The operational
staff costs for salaries and wages, which are part of total staff costs, fell
by 2.4% from the prior-year level due to the sale of trans-o-flex. In addition
to the ongoing operational staff costs, staff costs also encompass various
non-operational costs such as termination benefits and changes in provisions,
which are primarily related to the specific employment situation of civil
servants in Austria. In addition to the previously-mentioned adjustment to the
parameters for interest-bearing provisions, costs for termination benefits
totalled EUR 10.3m during the period under review compared to EUR 11.0m in the
previous year.
In the first half of 2016, other operating income at EUR 36.2m was 10.4% higher
than the prior-year figure, whereas other operating expenses were down 10.8% to
EUR 139.1m. In both cases, the differences can be attributed to the disposal of
the trans-o-flex subsidiary.
On balance, earnings before interest, tax, depreciation and amortisation
(EBITDA) of Austrian Post fell by 1.8% or EUR 2.6m to EUR 137.2m in the first
half-year 2016. The corresponding EBITDA margin was 12.8%, comprising an
improvement of 0.9 percentage points from the comparable prior-year level.
EBITDA in the second quarter of 2016 was up 4.9% to EUR 67.8m.
Total depreciation, amortisation and impairment losses in the reporting period
amounted to EUR 38.5m, a decrease of EUR 4.7m from the first six months of
2015. This difference is mainly due to the disposal of trans-o-flex. An
impairment loss on goodwill for the subsidiary PostMaster s.r.l., Romania, to
the amount of EUR 2.0m had the opposite effect. On balance, earnings before
interest and tax (EBIT) in the first six months of the 2016 financial year
reached a level of EUR 98.6m, representing an increase of 2.2% year-on-year.
The EBIT margin climbed from 8.2% to 9.2%. EBIT improved by 11.7% to EUR 47.6m
in the second quarter of 2016.
The other financial result fell to minus EUR 0.5m from EUR 3.4m in the prior-
year period. This development is mainly attributable to the special effect
totalling EUR 3.3m arising in March 2015 as a consequence of the early
termination of a cross-border leasing transaction of various postal sorting
facilities. Accordingly, earnings before tax (EBT) in the first half of 2016
were EUR 98.1m, compared to EUR 99.9m in the previous year. The income tax
expense rose 8.3% to EUR 24.4m as a result of changes in tax laws. After
deducting income tax, the Group's profit for the period (profit after tax)
amounted to EUR 73.8m in the first half of 2016, down from the prior-year
figure of EUR 77.4m. Accordingly, undiluted earnings per share equalled EUR
1.09 for the first six months of 2016.
From a divisional perspective, the Mail & Branch Network Division showed a
stable development compared to the previous year, generating an EBITDA of EUR
161.5m in the first half-year 2016. This reflected the solid revenue
development as well as strict cost discipline. EBIT of the division was down
1.5% or EUR 2.2m from the prior-year level to EUR 143.2m. This decrease is
mainly due to the impairment loss on goodwill for the Romanian subsidiary
PostMaster s.r.l.
EBITDA of the Parcel & Logistics Division in the first six months of 2016
amounted to EUR 22.5m, compared to the prior-year level of EUR 23.1m. EBIT of
the division in the reporting period improved from EUR 12.5m to EUR 16.9m due
to the disposal of trans-o-flex.
The Corporate Division (including Consolidation) accounts for all non-allocable
expenses for central departments in the Group as well as staff-related
provisions assigned to it. Moreover, the division includes innovation
management and the development of new business models. EBIT of the Corporate
Division remained stable at minus EUR 61.5m, although the previously-mentioned
parameter adjustment for interest-bearing staff-related provisions resulting in
expenses totalling EUR 14.6m reduced divisional earnings by EUR 9.9m.
CASH FLOW AND BALANCE SHEET
Gross cash flow totalled EUR 138.3m in the first half-year 2016, compared to
EUR 151.8m in the previous year. This difference is attributable to higher tax
payments. In contrast, the cash flow from operating activities of EUR 109.3m
was slightly above the prior-year level of EUR 107.7m.
The cash flow from investing activities reached a level of minus EUR 39.3m in
the first six months of 2016, compared to EUR 16.8m in the prior-year period.
This deviation was mainly related to the sale of Austrian Post's former
corporate headquarters in Vienna's first district, for which the outstanding
balance of the purchase price of EUR 60.0m was paid in the first quarter of
2015. Cash outflows for the acquisition of property, plant and equipment
(CAPEX) amounted to EUR 38.5m in the first half of 2016, above the level
of EUR 32.0m in the previous year. CAPEX included payments of EUR 19.1m
relating to the construction of Austrian Post's new corporate
headquarters. In aggregate, free cash flow during the reporting period
was EUR 70.0m, down from EUR 124.4m in the previous year. The difference
to the prior-year is due to the above-mentioned payment of the
outstanding balance of the purchase price of Austrian Post's former
corporate headquarters in 2015. Adjusted to take account of this special
effect as well as payments for the new corporate headquarters, operating
free cash flow before acquisitions, securities and other cash flow from
investing activities amounted to EUR 89.9m in the first half of 2016,
compared to the prior-year figure of EUR 86.8m.
Austrian Post pursues a conservative balance sheet and financing structure.
This is demonstrated by the high equity ratio, low financial liabilities and
the solid level of cash and cash equivalents invested with the least possible
risk. Equity of the Austrian Post Group totalled EUR 573.7m as at June 30,
2016, corresponding to an equity ratio of 39.3%. An analysis of the financial
position of the company shows a high level of current and non-current financial
resources of EUR 289.8m, including cash and cash equivalents of EUR 229.1m as
well as financial investments in securities of EUR 60.7m. These financial
resources contrast with financial liabilities of only EUR 4.8m.
EMPLOYEES
The average number of employees (full-time equivalents) at the Austrian Post
Group totalled 22,092 people during the first six months of 2016, comprising a
reduction of 1,252 employees from the prior-year period. The decrease is
primarily due to the disposal of the German subsidiary trans-o-flex. Most of
Austrian Post's staff or a total of 17,325 full-time equivalents are employed
by the parent company Österreichische Post AG.
OUTLOOK 2016
Austrian Post confirms its outlook for the entire year 2016 in light of current
trends and the company's solid performance in the second quarter of 2016.
Accordingly, on the basis of its current business portfolio, Austrian Post
continues to target revenue of EUR 2.0bn in the 2016 financial year following
the sale and deconsolidation of its German subsidiary trans-o-flex as at April
8, 2016.
The volume of addressed letter mail continues to decline. In contrast, the
parcel business driven by e-commerce is showing a consistently positive
development. In the mail business, Austrian Post still anticipates volume
declines of about 5% p.a. in the light of the increasing substitution of
addressed mail items by electronic forms of communication. The volume of direct
mail will show a diverging development in the individual customer segments and
product groups. Overall strong market growth in the Parcel & Logistics Division
will be accompanied by intensified competition and new, innovative customer
solutions.
The earnings forecast of Austrian Post also remains unchanged. The company
expects to generate stable operating earnings in 2016 with EBIT at the prior-
year level on the basis of current trends and developments. Structures and
processes are being continuously optimised in both mail and parcel logistics in
order to further reduce costs and enhance efficiency. Furthermore, it is
crucial to increase the attractiveness of Austrian Post's service offering. For
this reason, the service portfolio will be expanded at the beginning of 2017 in
order to provide even better and simpler shipping options for national and
international online retailers. For example, it will be possible to send a so-
called "Packet", an optimal solution ranging somewhere between a traditional
letter and a secure parcel. The "Packet" is as easy to handle as a letter, but
still offers the popular "track & trace" feature of a parcel. Innovative
solutions as well as structural changes are necessary as a means of continually
further developing the business model of the company. Austrian Post not only
aims to achieve stable operating earnings in 2016 but in 2017 as well.
The operating cash flow generated by Austrian Post will continue to be used
prudently and in a targeted manner to finance sustainable efficiency increases,
structural measures and future-oriented investments. With this in mind,
operational capital expenditure (CAPEX) of EUR 70-80m is planned in 2016,
focusing on sorting technologies, logistics and customer solutions. In
addition, Austrian Post is making good progress with construction of its new
corporate headquarters in Vienna's third district, scheduled for completion in
2017. The expected cash flow development for the entire year 2016 should also
enable Austrian Post to adhere to its attractive dividend policy.
KEY FIGURES
Change
EUR m H1 2015* H1 2016 % EUR m Q2 2015* Q2 2016
Revenue 1,175.0 1,071.1 -8.8% -103.9 575.1 478.3
Revenue without
trans-o-flex 930.4 936.3 0.6% 5.8 456.2 466.6
thereof Mail & Branch
Network Division 738.0 736.8 -0.2% -1.3 360.5 366.3
thereof Parcel &
Logistics Division 436.9 334.3 -23.5% -102.6 214.5 112.1
thereof Corporate 0.1 0.0 - 0.0 0.0 0.0
Other operating income 32.8 36.2 10.4% 3.4 16.4 12.7
Raw materials,
consumables and
Services used -360.0 -286.3 20.5% 73.7 -177.5 -103.1
Staff costs -551.8 -545.3 1.2% 6.5 -270.1 -258.8
Other operating
expenses -156.0 -139.1 10.8% 16.9 -79.7 -61.9
Results from financial
assets accounted for
using the equity method -0.2 0.6 >100.0% 0.8 0.4 0.5
Earnings before interest,
tax, depreciation
and amortisation
(EBITDA) 139.7 137.2 -1.8% -2.6 64.6 67.8
Depreciation,
amortisation
and impairments -43.2 -38.5 10.8% 4.7 -22.0 -20.2
Earnings before
interest and tax
EBIT) 96.5 98.6 2.2% 2.1 42.6 47.6
thereof Mail & Branch
Network Division 145.4 143.2 -1.5% -2.2 68.8 71.7
thereof Parcel &
Logistics Division 12.5 16.9 35.4% 4.4 5.3 9.2
thereof Corporate/
Consolidation -61.4 -61.5 -0.2% -0.1 -31.5 -33.2
Other financial
result 3.4 -0.5 <-100.0% -3.9 -0.1 -0.3
Earnings before tax
(EBT) 99.9 98.1 -1.7% -1.7 42.5 47.3
Income tax -22.5 -24.4 -8.3% -1.9 -8.9 -12.2
Profit for the
period 77.4 73.8 -4.7% -3.6 33.6 35.1
Earnings per
share (EUR)** 1.14 1.09 -4.6% -0.05 0.50 0.52
Cash flow from
operating activities 107.7 109.3 1.6% 1.7 48.1 49.3
Investments in property,
plant and equipment
(CAPEX) -32.0 -38.5 -20.4% -6.5 -16.2 -21.4
Free cash flow before
acquisitions/securities 137.7 72.1 -47.7% -65.7 33.2 29.7
* The presentation of revenue in the Parcel & Logistics Division was adjusted.
Exported services are recognised according to the net method (previously
reported as revenue and expenses for services used). ** Undiluted earnings
per share in relation to 67,552,638 shares
The interim financial report H1 2016 is available on the Internet at
www.post.at/ir --> Publications --> Financial Reports.
end of announcement euro adhoc
company: 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
Digital press kit: http://www.ots.at/pressemappe/2209/aom
BSN Podcasts
Christian Drastil: Wiener Börse Plausch
Wiener Börse Party #747: ATX stärker, CA Immo und Immofinanz erholen sich unterschiedlich, HS-Gerücht bei AT&S, tolle Jubilare
Österreichische Post
Akt. Indikation: 30.00 / 30.20
Uhrzeit: 13:24:27
Veränderung zu letztem SK: 0.33%
Letzter SK: 30.00 ( 0.00%)
Bildnachweis
1.
Georg Pölzl (Generaldirektor der Österreichischen Post AG) : publiziert Handbuch zur Unternehmensführung :
111 praxiserprobte Konzepte zu Strategie, Organisation und Leadership : Fotocredit: Österrei
>> Öffnen auf photaq.com
Aktien auf dem Radar:Immofinanz, Porr, S Immo, Addiko Bank, Austriacard Holdings AG, Flughafen Wien, voestalpine, ams-Osram, Rosgix, Lenzing, Mayr-Melnhof, ATX, ATX TR, Frequentis, Verbund, Erste Group, EVN, DO&CO, Polytec Group, CA Immo, Cleen Energy, Pierer Mobility, SBO, UBM, EuroTeleSites AG, Oberbank AG Stamm, Agrana, Amag, OMV, Österreichische Post, Telekom Austria.
Aluflexpack AG
Das Kerngeschäft der Aluflexpack AG (Aluflexpack) umfasst die Entwicklung und Herstellung hochwertiger flexibler Primärverpackungen im industriellen Ausmaß mit einem Schwerpunkt auf Aluminium basierten Verpackungen wie zum Beispiel Aluminium-Kaffeekapseln, Standbodenbeutel, Alu-Schalen, Deckel, Verpackungen für die Süßwarenindustrie und Durchdrückpackungen für den Pharmabereich.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Mehr aktuelle OTS-Meldungen HIER