Interim Report January - June 2005
- Net sales totaled SEK 12,352m (12,516)
- Operating earnings totaled SEK 394m (348)
- After-tax earnings totaled SEK 381m (483). Last year's figure included a positive tax effect of SEK 163m resulting from an accounting change
- Equity-assets ratio was 27 percent (20)
- Cash flows from operating activities totaled SEK 1,121m (663)
President and CEO Erik Olsson comments:
Posten continued to report strong results in the first six months of 2005. The planned and implemented efficiency improvements are offsetting somewhat lower sales while increasing group productivity.
Year on year, quarter two saw a dramatic improvement in both operating earnings and after-tax earnings. Posten has a satisfactory equity-to-assets ratio and cash flows from operating activities remain strong.
Meanwhile revenue from Posten's biggest stream, messaging, continues to fall as substitution grows. Businesses and public agencies increasingly are replacing hardcopy mail with electronic forms of communication. Posten will respond to this trend by intensifying efficiency improvement andcost-cutting actions as well as by fostering product development aimed at meeting changing customer needs.
Demand is growing for Posten's logistics and direct mail services. Today Posten is a leading player in the highly competitive Nordic logistics market, where its infrastructure and expertise are key competitive advantages.
The number of financial transaction services provided by Posten subsidiary Svensk Kassaservice remains in steep decline. Comprehensive downsizing and cutbacks have, however, improved results. Posten is still waiting for the Swedish Government to announce its official position on the future of nationwide essential financial-transaction services.
Posten's challenge is to fulfill its universal service obligation in a market with declining volume, while leveraging our position in a globalized and expanding logistics market.
Please direct any questions
Posten's Press Office, tel +46 (0)8-23 10 10
The complete financial report can also be downloaded from the following link
Posten connects people and organizations around the world by delivering mail promptly, reliably and cost-effectively. We drive value creation by combining conventional postal services and convenient electronic solutions, and integrating these services into customer businesses. With over 3,000 retail service outlets, we provide daily service to 4.5 million homes and 800,000 businesses in Sweden. Every day we handle close to 20 million pieces of mail. With sales of over SEK 25 billion and roughly 30,000 employees, the group is one of the largest in Sweden. The group's parent, Posten AB (publ), is wholly owned by the Swedish Government. For more information, please visit our website at www.posten.se