10.03.2016,
17491 Zeichen
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
annual result
Market environment - Mail: Basic trend of e-substitution continued in 2015;
differentiated development of direct mail items - Parcel: Growth of e-commerce;
increasing competition and price pressure
Revenue
Revenue increase of 1.6% to EUR 2,401.9m\nGrowth in the mail (+0.9%) and parcel (+2.9%) segments
Earnings\nOperating EBIT of EUR 198.0m (+2.6%)\nImpairment losses relating to sale of the German trans-o-flex Group\nReported EBIT of EUR 89.0m due to one-off effects\n Cash flow and dividends
Increase in free cash flow before acquisitions/securities to EUR 178.3m\nProposal to the Annual General Meeting: Stable dividend of EUR 1.95 per share\n Outlook for 2016 - Stable operating earnings development targeted
OVERVIEW OF AUSTRIAN POST
Austrian Post recorded a solid operating performance in the 2015 financial
year. In spite of challenging market conditions, Group revenue rose by 1.6% to
EUR 2,401.9m.
The Mail & Branch Network Division achieved revenue growth of 0.9% to
1,501,7m in 2015 in a structurally shrinking market. Once again the basic
trends shaping the letter mail and logistics markets in recent years continued
in 2015: The volume of addressed mail items is under increasing pressure both
on a national and international level due to the substitution of conventional
letter mail by electronic communication. Revenue growth was driven by raised
postal rates as of March 1, 2015 as well as the impetus provided by the
increased handling of international cross border mail volumes.
During the reporting period, the Parcel & Logistics Division generated
revenue growth of 2.9% through differing regional developments. The outstanding
logistics and service quality of Austrian Post served as the basis for the
volume increase of 8% to 80 million parcels. On Austrian Post's international
markets, the parcel business in South East and Eastern Europe developed
positively. In contrast, the business development of the German trans-o-flex
Group remained below expectations.
For this reason, Austrian Post assessed various strategic options for the
logistics company trans-o-flex within the context of an evaluation process
carried out in 2015. Austrian Post reached an agreement with strategic
investors LOXXESS Group and Schoeller Holding to sell trans-o-flex. "We have
made a clear decision offering good development perspectives for all parties
involved", says
Georg Pölzl, Chief Executive Office of Austrian Post. The
acquisition is expected to take place in the coming weeks subject to approval
of the German Competition Authority. The disposal of trans-o-flex led to a
one-off non-cash effect in the consolidated financial statements for 2015, on
an adjusted basis the Group reported a good operating result.
Operating EBIT before special effects improved by 2.6% to EUR 198.0m, an
upward trend which reflects developments over the first three quarters of the
year. EBIT of Austrian Post for the 2015 financial year was negatively impacted
by special effects, which consisted principally of two items. Firstly, an
impairment of EUR 131.9m was reported, mostly in connection with the sale of
the trans-o-flex subsidiary. Secondly, the consolidated financial statements of
Austrian Post for 2015 contain a positive net effect of EUR 23.0m resulting
from claims related to non-wage costs paid in previous periods. On the basis of
the operating EBIT of EUR 198.0m, the above-mentioned one-off effects in 2015
resulted in a reported EBIT of EUR 89.0m.
Free cash flow before acquisitions and securities totalled EUR 178.3m in
2015, ahead of the comparable figure of EUR 151.7m in 2014. This solid cash
flow comprises a good basis for Austrian Post to finance its future investments
and dividends. On this basis, the Management Board will propose to the Annual
General Meeting that a dividend of EUR 1.95 per share is to be distributed for
the 2015 financial year, thus continuing the Group's attractive dividend
policy.
Generally speaking, the basic trends affecting the letter mail and parcel
markets, which have intensified internationally, are expected to continue in
2016. Revenue forecasts of Austrian Post for 2016 depend on a potential change
in its portfolio. Earnings in 2016 will be impacted by revenue trends relating
to letter mail and parcel volumes, but also by new, innovative business
opportunities and the ongoing implementation of the targeted efficiency
enhancement programme. On balance, Austrian Post is striving to maintain a
stable development with an operating result (EBIT) at the same level as in
2015.
REVENUE DEVELOPMENT IN DETAIL
Group revenue of Austrian Post rose by 1.6% in the 2015 financial year to
EUR 2,401.9m compared to the previous year. Both the Parcel & Logistics
Division as well as the Mail & Branch Network Division contributed to this
revenue growth, expanding by 2.9% and 0.9% respectively.
Revenue of the Mail & Branch Network Division totalled EUR 1,501.7m in 2015.
Letter Mail & Mail Solutions revenue at EUR 808.4m climbed 2.3% from the
previous year. The basic trend towards declining mail volumes related to the
substitution of letters by electronic communication continued. This was more
than offset by postal rates as of March 1, 2015 and growing international cross
border mail volumes. Revenue in the Direct Mail business fell by 0.5% to EUR
428.7m during the reporting period. This decline is mainly due to the sale of
two mail subsidiaries in Hungary and Slovakia. Media Post revenue was down 1.7%
in 2015 to EUR 140.8m, which was mainly due to the general decline in the
business with daily, weekly and monthly newspapers and magazines. Branch
Services revenue at EUR 123.8m in the year under review represented a rise of
EUR 0.7m from the previous year. This increase is primarily the result of a
change in the invoicing model of certain retail goods. Revenue from mobile
telephony products and financial services in cooperation with the company's
banking partner BAWAG P.S.K. continued to decline, though a positive trend for
mobile telephony products was evident in the fourth quarter in comparison to
the prior-year period.
Revenue of the Parcel & Logistics Division rose by 2.9% in a year-on-year
comparison to EUR 900.2m. From a regional perspective, 54.0% of total revenue
in the Parcel & Logistics Division was generated in Germany, compared to 37.5%
in Austria and 8.5% by the subsidiaries in South East and Eastern Europe.
Whereas the business in Austria and the CEE markets developed very positively,
revenue generated by the German trans-o-flex Group fell by 0.5% due to the
challenging competitive situation. In contrast, revenue in Austria rose by 7.4%
in 2015, driven by the trend towards online shopping and a market share
increase in the business parcel segment. On balance, the subsidiaries in South
East and Eastern Europe posted a substantial revenue increase of 6.6%.
EXPENSE AND EARNINGS DEVELOPMENT
Austrian Post's staff costs amounted to EUR 1,106.0m in the 2015 financial
year, comprising a slight decline of 0.3%. The operational staff costs for
salaries and wages included in this amount declined from the previous year. In
addition to ongoing operational staff costs, staff costs also include various
non-operational costs such as termination benefits and changes in provisions,
which are primarily related to the specific employment situation of civil
servants at Austrian Post.
Earnings before interest, tax, depreciation and amortisation (EBITDA) of the
Austrian Post Group amounted to EUR 302.7m (margin 12.6%), compared to the
prior-year level of EUR 333.8m. This difference is mainly due to the positive
contribution to EBITDA arising from the sale of Austrian Post's former
corporate headquarters in 2014 for EUR 62.4m. The year 2015 included the
repayment claims related to non-wage costs paid in previous periods less any
compensation payments, with a net effect of EUR 23.0m.
Operating EBIT of Austrian Post improved by 2.6% to EUR 198.0m. The
comparable figure of EUR 192.9m in 2014 resulted from the adjustment for the
positive revenue effect of EUR 62.4m relating to the sale of Austrian Post's
former corporate headquarters offset against impairment losses of EUR 58.4m.
Two special effects impacted the company's business results in 2015. On
balance, Austrian Post reported impairment losses of EUR 131.9m for 2015, of
which EUR 125.8m relate to the German trans-o-flex Group which classified as
held for sale. In addition, a positive net effect of EUR 23.0m was recognised
from the already-mentioned claims related to non-wage costs paid in previous
periods less any compensation payments. Accordingly, the reported EBIT totalled
EUR 89.0m.
The reported net earnings were negatively impacted by the above-mentioned
special effects. After deducting the income tax expense, the profit for the
period (Group net profit) amounted to EUR 71.6m, compared to the prior-year
level of EUR 146.8m. This corresponds to undiluted earnings per share of EUR
1.06 for the 2015 financial year. Adjusted for the effects after tax as
described above, Group net profit for the period totalled EUR 142.2m, or EUR
2.10 per share.
CASH FLOW AND BALANCE SHEET
The cash flow from operating activities in 2015 amounted to EUR 216.2m
compared to EUR 232.2m in 2014. This difference can be attributed to higher tax
payments as well as an increase in trade receivables. This effect was partly
offset by a rise in liabilities.
Cash flow from investing activities reached a level of minus EUR 49.0m in
2015, which was significantly lower than in 2014. This development 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 104.7m
during the reporting period, above the level of EUR 82.6m in the previous year.
CAPEX included payments of about EUR 33m for the construction of Austrian
Post's new corporate headquarters.
In aggregate, free cash flow during the reporting period was EUR 167.2m, up
from EUR 162.8m in the previous year. Free cash flow before
acquisitions/securities reached EUR 178.3m, thus higher than the prior-year
figure. This provides a good basis for Austrian Post's ability to finance
investments and dividends in the future.
Austrian Post pursues a conservative balance sheet and financing structure.
This is primarily 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 amounted to EUR 641.7m
as at December 31, 2015, corresponding to an equity ratio of 39.8%. The
analysis of the company's financial position shows a high level of financial
resources totaling EUR 356.7m. This includes cash and cash equivalents of EUR
299.6m and securities of EUR 57.2m. These financial resources are in contrast
to financial liabilities of only EUR 12.6m.
EMPLOYEES
The average number of full-time employees at the Austrian Post Group
totalled 23,476 people during the period under review, comprising a decrease of
436 employees from the prior-year period. Most of Austrian Post's staff
(full-time equivalents) is employed by the parent company Österreichische Post
AG (a total of 17,983 full-time equivalents). A total of 5,493 people
(full-time equivalents) are employed by the subsidiaries.
OUTLOOK 2016
Generally speaking, the basic trends impacting the letter mail and logistics
markets in recent years are expected to continue in 2016. Volumes of addressed
mail are under pressure on both a national and international level, whereas
parcel volumes to private customers are rising, driven by increasing online
orders. In addition to the current basic trends in the mail and parcel
business, the revenue forecasts for Austrian Post in 2016 also considerably
depend on a potential change in its portfolio. This could be a deconsolidation
of the trans- o-flex Group or a potential increase in the stake held by
Austrian Post in the Turkish parcel services provider Aras Kargo, which will be
decided in the course of the year. With the exception of these two measures,
Austrian Post is striving to maintain a largely stable revenue development in
2016.
In the mail business, the basic trend of e-substitution i.e. the
substitution of traditional letter mail by electronic communication is likely
to continue, resulting in further volume declines. This downward trend is also
anticipated for 2016, accompanied by a drop in mail volumes within the
predicted range of minus 3-5%. The direct mail business will continue to show a
differentiated development in the individual customer segments, with a decrease
perceptible for addressed direct mail items in particular.
The development of the Parcel & Logistics Division is impacted by differing
trends in the private and business parcel segments. Considerable growth
continues to be anticipated in the private customer parcel segment due to the
steadily growing online business. At the same time, intensified competition is
expected as a result of the positive development in this market segment. In
turn, this could impact parcel prices and volumes and thus the company's
business development. In contrast, subdued economic growth prospects are
unlikely to provide much impetus to the business parcel segment.
On balance, Austrian Post aims to achieve a stable development in 2016, with
an operating EBIT at the prior-year level.
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 about EUR 80m is planned in 2016,
focusing on sorting technologies, logistics and customer solutions. In
addition, Austrian Post is in the process of building its new corporate
headquarters in Vienna's third district. The project is expected to be
completed in 2017. The Management Board will propose to the Annual General
Meeting scheduled for April 14, 2016 to approve the distribution of a dividend
amounting to EUR 1.95 per share for the 2015 financial year. Thus, the company
is once again continuing its attractive and predictable dividend policy on the
basis of a solid balance sheet structure and the generated cash flow. Austrian
Post adheres to its objective of distributing at least 75% of the Group's net
profit to its shareholders.
The interim financial report FY 2015 is available on the Internet at
www.post.at/ir --> Publications --> Financial Reports. contact
Vienna, March 10, 2016
KEY FIGURES
Change
2014/2015
EUR m 2014* 2015 % EUR m Q4 2014* Q4 2015
Revenue 2,363.5 2,401.9 1.6% 38.5 636.0 655.4
thereof Mail & 1,487.7 1,501.7 0.9% 14.0 402.0 412.2
Network
Division
thereof
Parcel & 875.0 900.2 2.9% 25.2 233.8 243.2
Logistics
Division
thereof
Corporate/ 0.8 0.1 -87.5% -0.7 0.2 0.0
Consolidation
Other
operating 134.4 99.2 -26.2% -35.3 84.3 48.8
income
Raw materials,
consumables -737.5 -749.6 -1.6% -12.1 -197.2 -203.6
and services
used
Staff costs -1,109.5 -1,106.0 0.3% 3.5 -294.1 -292.3 Other operating -317.0
-344.0 -8.5% -27.0 -96.8 -106.1
expenses
Results from
financial
assets -0.1 1.1 >100% 1.3 1.4 1.3
accounted for
using the
equity method
Earnings
before
interest, tax,
depreciation 333.8 302.7 -9.3% -31.1 133.6 103.4
and
amortisation
(EBITDA)
Depreciation
and -84.9 -85.0 -0.1% -0.1 -22.2 -21.0 amortisation Impairment -52.0 -128.7
>100% -76.7 -47.1 -128.6
losses
Operating EBIT
adjusted for 192.9 198.0 2.6% 5.1 60.2 62.7 one offs Special 4.0 -108.9
<-100% -112.9 4.0 -108.9
effects
Earnings
before 196.9 89.0 -54.8% -107.8 64.2 -46.2
interest and
tax (EBIT)
thereof
Mail & Branch 270.0 284.7 5.4% 14.7 74.5 76.1
Network
Division
hereof
Parcel & -19.5 -105.4 <-100% -85.9 -38.1 -121.9
Logistics
Division
thereof
Corporate/ -53.6 -90.3 -68.5% -36.7 27.9 -0.4
Consolidation
Other
financial -2.8 2.0 >100% 4.8 -0.4 -0.6
result
Earnings
before tax 194.0 91.0 -53.1% -103.0 63.8 -46.8 (EBT)
Income tax -47.2 -19.5 58.7% 27.7 -16.8 14.3
Profit for the 146.8 71.6/142.2** - - 47.1 -32.5
period Earnings per 2.17 1.06/2.10** - - - -
share (EUR)***
Cash flow from
operating 232.2 216.2 -6.9% -16.0 67.6 62.6
activities
Investments in
property,
plant and -82.6 -104.7 -26.8% -22.1 -29.6 -43.4
equipment
(CAPEX)
Free cash flow
before 151.7 178.3 17.5% 26.6 43.2 20.0
acquisitions/
securities
* The presentation of Revenue and Raw materials, consumables and services
used in the Parcel & Logistics Division was adjusted. Exported services were
recognised according to the net method (previously reported as revenue and
expenses for services used) ** Adjusted for special effects *** Undiluted
earnings per share in relation to 67,552,638 shares
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
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Georg Mündl (Geschäftsfeldleitung Mail Solutions, Österreichische Post), Walter Hitziger (Vorstand Brief, Werbepost & Filialen Österreichische Post), Helmut Fallmann (Vorstand Fabasoft AG), Andreas
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