The news was well received by the financial market. After the commencement of trading, Post shares increased 2.2 percent. However, the paper also lost about 30 percent of its value since the beginning of the year. A retailer pointed out that the reported decline in earnings after the group's warning in the summer had no longer been a surprise and even worse was scared. Analyst Christian Obst from Baader Bank also says because the current price level continues to buy the item.
During the third quarter, the high costs of the Group Conversion were dominated by Swiss Posts figures. The starting point, the group earned only 146 million euros, or 77 percent less than the year before. Operating profit (EBIT) decreased by 55 percent to EUR 376 million. The PeP division, which owns postal and parcel operations, even wrote in red – mainly because the company sends out post office workers from their time as a state-owned company at the beginning of the year for a lot of money. Conversion costs went unilaterally during the summer quarter by € 392 million to be booked.
However, the group is on schedule. At the end of the year, the Board intends to have booked all costs for the conversion. Due to the heavy burdens, Apple had lowered its annual operating profit in June by almost one billion to 3.2 billion euros.
The reason for the renovation is a decline in profits in the area that has been apparent since the beginning of the year. The post office was under control during the parcel brake in recent years and the latest salary increase for employees. The division's long boss, Jürgen Gerdes, must then remove the hat.
In the end, Swiss Post could not complain of lack of demand. The Group's sales increased by 1.4 percent year on year to 14.85 billion euros. Adjusted for currency fluctuations and the purchase and sale of parts of companies, however, it increased by almost 5 percent. The core PPP operations also increased their revenues somewhat. However, the division would have suffered a loss of profit even without any special fees due to restructuring and future investments.
Overall, it was not as bad as expected for the post office in the summer. Analysts had expected a slightly stronger profit decline. The tail wind was provided by all three DHL departments. DHL Express, the largest profit driver, increased operating profit by 10 percent thanks to the growing deal of time-critical international transport. The DHL Freight division continued its recovery and earns almost 60 percent more than the year before. The DHL supply chain's logistics showed a certain increase in operating income despite a decrease in revenues.
Post CEO Appel was convinced that the measures to renovate mail and parcel operations will have significant positive effects already next year. " The early retirement program for civil servants was "one of the most important measures for efficient and sustainable cost reduction".
However, in the hope of additional revenue through a higher letter postage, Apple must still be patient. Because the Swiss Post is rebuilding the division, the Federal Network Agency can not currently assess which increase would be appropriate. Standard letter vouchers increased by 2016 from 62 to 70 cents. Now, according to media reports, an increase to 80 cents in space. Price increases in the licensed mail business must be approved by the Federal Network Agency.
Apple said in the morning news channel "World", he was convinced that the increase in 2019 will come. The group is expected to be compensated for the time shift.
The increase in Porto may also help Swiss Post to increase its operating profit above the threshold of 5 billion euros by 2020. On average, analysts are not expected to succeed. On average, they have so far generated more than 4.8 billion euros – although Appel has repeatedly confirmed its medium-term goals for 2014 for many years. / Stw / men / jha /