Quarterly Report • Aug 10, 2023
Quarterly Report
Open in ViewerOpens in native device viewer
Half-year Financial Report 2023
Q02
Knowing what matters.
_ Operating free cash flow of EUR 115.5m and equity of EUR 652.7m
| EUR m | H1 2022 | H1 2023 | Change |
|---|---|---|---|
| EARNINGS FIGURES | |||
| Revenue | 1,211.8 | 1,284.8 | 6.0 % |
| EBITDA | 179.4 | 189.0 | 5.3 % |
| EBITDA margin | 14.8% | 14.7% | – |
| EBIT | 91.0 | 95.2 | 4.6 % |
| EBIT margin | 7.5% | 7.4% | – |
| Profit for the period | 54.8 | 78.6 | 43.5% |
| Earnings per share (EUR)1 | 0.83 | 1.13 | 36.0 % |
| Employees (average for the period, full-time equivalents) | 27,144 | 26,950 | –0.7% |
| CASH FLOW AND CAPEX | |||
| Gross cash flow | 161.9 | 156.7 | –3.2% |
| Cash flow from operating activities | 45.0 | 11.4 | –74.7% |
| Cash flow from financing activities | –66.2 | –99.0 | –49.4% |
| Operating free cash flow2 | 105.8 | 115.5 | 9.2 % |
| CAPEX | 58.7 | 47.6 | –18.9% |
| EUR m | 31 December 2022 | 30 June 2023 | Change |
| BALANCE SHEET FIGURES | |||
| Total assets | 5,383.9 | 5,326.7 | –1.1% |
| Equity | 710.4 | 652.7 | –8.1% |
| Equity ratio | 13.2% | 12.3% | – |
| Financial debt excl. IFRS 16 | 60.0 | 142.2 | >100% |
1,310.9 1,323.7 1.0%
1 Undiluted earnings per share in relation to 67,552,638 shares
Capital employed3
2 Free cash flow before acquisitions/securities/money market investments, Growth CAPEX and core banking assets
3bank99 was not included in the calculation, as this key figure is only relevant for the logistics business in terms of content.
The first half of 2023 was characterised by challenging conditions. Economic developments and the ongoing high inflation rate continue to impact Austrian Post's business model. This applies particularly to higher costs for energy and purchased services as well as increased staff costs alongside a weaker economic environment as reflected in the subdued consumer confidence. The performance in the first half year is in line with the expectations of the company. However, Austrian Post succeeded in growing revenue as well as earnings due to the necessary cost and price discipline.
Group revenue totalled EUR 1,284.8m in the first half of 2023, implying a rise of 6.0%. The Parcel & Logistics Division showed a 9.9% revenue increase to EUR 628.4m. Business in Türkiye continued to be negatively impacted by inflation and currency effects. Nevertheless, the company managed to generate higher revenue in all regions. The Mail Division reported a slight revenue decline of 0.2% to EUR 598.1m in the first half year 2023, with the rise in conventional letter mail in contrast to a decrease in the direct mail business. The Retail & Bank Division generated strong revenue growth of 41.3% to EUR 76.5m due to the improved interest rate environment for banks.
Despite the ongoing challenges, Austrian Post reported an improvement in its earnings metrics for the first half of 2023. EBITDA increased by 5.3% to EUR 189.0m and earnings before interest and taxes (EBIT) rose 4.6% from EUR 91.0m to EUR 95.2m. The profit for the period climbed from EUR 54.8m to EUR 78.6m in the first half-year 2023, corresponding to improved earnings per share of EUR 1.13 in contrast to EUR 0.83 per share in the previous year.
In the second half of 2023, the economic environment in Europe will continue to be characterised by high inflation, restrained consumer behaviour and a limited investment activity. Austrian Post will adapt its product and pricing portfolio for conventional letter mail items effective 1 September 2023. Both business and private customers will be able to choose between the cheaper ECO letter with two to three working days delivery and the faster PRIO letter with next working day delivery. In turn, this will enhance freedom of choice and ensure reliable delivery quality. The Group maintains its performance targets for the 2023 financial year and expects to achieve revenue growth in the mid-single-digit range and earnings (EBIT) at about the same level as last year.
The investment programme of Austrian Post to ensure sustainability and growth is also a top priority in 2023. The focus is on expanding parcel logistics capacities in Austria as well as the sustainable vehicle fleet to enhance e-mobility. Austrian Post is very well positioned to maintain delivery quality and speed for parcels in Austria at a high level even in the case of increasing volumes due to the scheduled completion of the Logistics Centre Vienna in the autumn of this year. In the interest of customer orientation, the performance of the services of Austrian Post and the leading role in sustainable logistics are at the centre of our actions,.
Vienna, 2 August 2023
The Management Board
GEORG PÖLZL CEO Chairman of the Management Board
WALTER OBLIN Deputy CEO Mail & Finance (CFO)
PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)
No major changes in the scope of consolidation took place in the first half of 2023. A complete presentation of all changes to the scope of consolidation will be shown in Note 4 of the consolidated interim financial statements.
In the first half of 2023, Austrian Post's Group revenue increased by 6.0% year-on-year to EUR 1,284.8m. All operating divisions developed in a very satisfactory way in the first six months. Revenue of the Parcel & Logistics Division climbed by 9.9% and Retail & Bank Division revenue was up by 41.3%. Only the Mail Division reported a slight revenue decline of 0.2% from the previous year.
The share of the Mail Division as a proportion of the total revenue generated by Austrian Post in the first half of 2023 amounted to 45.9%. The division's revenue of EUR 598.1m is negatively impacted by the structural decline of addressed letter mail volumes as a result of electronic substitution, but also benefits from postal rate adjustments implemented last year. Moreover, a subdued advertising environment is evident in certain sectors.
The Parcel & Logistics Division accounted for 48.2% of Group revenue or EUR 628.4m in the reporting period. The parcel business developed very positively in all regions. The Logistics Solutions business had a decrease in revenue due to the lack of special pandemic-related logistics services of preceding years.
The Retail & Bank Division accounted for 5.9% of Group revenue or EUR 76.5m in the first half of 2023. Interest rate developments over the past months made a positive contribution to the division's revenue.
1 Adjusted presentation
| Change | ||||||
|---|---|---|---|---|---|---|
| EUR m | H1 2022 | H1 2023 | % | EUR m | Q2 2022 | Q2 2023 |
| REVENUE | 1,211.8 | 1,284.8 | 6.0 % | 73.0 | 610.4 | 620.2 |
| 599.5 | 598.1 | –0.2% | –1.5 | 300.7 | 289.5 | |
| Parcel & Logistics | 572.0 | 628.4 | 9.9% | 56.4 | 288.9 | 301.3 |
| Retail & Bank | 54.2 | 76.5 | 41.3% | 22.4 | 27.7 | 39.1 |
| Corporate/Consolidation | –14.0 | –18.2 | –30.5% | –4.3 | –6.9 | –9.7 |
| Working days in Austria | 124 | 124 | – | – | 61 | 60 |
From a regional perspective, Austrian Post generated 81.2% of its Group revenue in Austria in the first half-year 2023. Its international business accounted for 18.8% of the total Group revenue in the first six months
of 2023. Thereof, Türkiye accounted for 10.4%, whereas the region of Southeast and Eastern Europe contributed 7.0% of the Group revenue. 1.5% of the revenue was generated in Germany.
| Change | ||||||
|---|---|---|---|---|---|---|
| EUR m | H1 2022 | H1 2023 | % | EUR m | Q2 2022 | Q2 2023 |
| REVENUE | 599.5 | 598.1 | –0.2 % | –1.5 | 300.7 | 289.5 |
| Letter Mail & Business Solutions | 375.3 | 378.7 | 0.9% | 3.4 | 187.7 | 180.6 |
| Direct Mail | 161.7 | 155.3 | –4.0% | –6.4 | 80.2 | 76.1 |
| Media Post | 62.6 | 64.1 | 2.4% | 1.5 | 32.8 | 32.8 |
| Revenue intra-Group | 1.9 | 2.3 | 23.7% | 0.4 | 0.9 | 1.2 |
| TOTAL REVENUE | 601.4 | 600.4 | –0.2 % | –1.0 | 301.6 | 290.7 |
| thereof revenue with third parties | 594.0 | 589.9 | –0.7% | –4.1 | 298.2 | 284.9 |
Revenue of the Mail Division totalled EUR 598.1m in the first half of 2023, of which 63.3% can be attributed to the Letter Mail & Business Solutions area. Direct Mail accounted for 26.0% of the total divisional revenue, and Media Post had a 10.7% share.
In the first half of 2023, Letter Mail & Business Solutions revenue amounted to EUR 378.7m, implying a year-on-year increase of 0.9%. Letter mail volumes continue to show a downward trend resulting from the substitution of letters by electronic forms of communication. Conventional letter mail volumes in Austria fell by 6% in the first half-year 2023, which is also related to positive special effects in the prior-year period (energy bonus mailing). In contrast, postal rate adjustments implemented in the previous year had a positive effect on revenue in the current reporting period. Inflationary pressures on all
types of costs led to adjustments in the product and pricing structure as well as to necessary efficiency increases in internal processes. International letter mail was impacted by a reduction or volume shift to parcel products, whereas the Business Solutions area developed positively.
Direct Mail revenue fell by 4.0% in the first half of 2023 to EUR 155.3m. The current restrained advertising behaviour as well as the structural decline in certain customer segments (e.g. mail order business) could be partially offset by adjustments to the price structure. Furthermore, consolidation in stationary retail is ongoing (furniture sector).
Revenue from Media Post, i.e., the delivery of newspapers and magazines, rose by 2.4% year-on-year to EUR 64.1m. This increase is related mainly to adjustments in the product and pricing structure.
| EUR m Q2 2022 |
Q2 2023 |
|---|---|
| 301.3 | |
| 188.8 | |
| 49.5 | |
| 6.1 | 48.3 |
| 14.7 | |
| 0.2 | |
| 301.5 | |
| 295.9 | |
| 56.4 288.9 30.2 172.8 24.8 57.9 43.2 –4.8 15.1 0.0 0.2 56.4 289.1 54.9 284.0 |
Revenue of the Parcel & Logistics Division increased by 9.9% in the first half of 2023 to EUR 628.4m. The parcel business developed very positively in all regions.
Parcel Austria generated 8.8% revenue growth to EUR 373.9m in the reporting period. Parcel volumes showed an upward trend of 9%, influenced by high customer confidence in the quality leadership of Austrian Post and rising volumes from Asia.
Revenue in Türkiye (Parcel Türkiye) increased by 22.9% to EUR 133.0m compared to the first six months of 2022. This high level of growth is due to increasing volumes (+11%). Growth in the first and second quarter of 2023 varied as a result of currency exchange developments. A revenue contribution of EUR 83.6m was generated in the first quarter of 2023, whereas second-quarter Parcel Türkiye revenue was EUR 49.5m. Second quarter included a currency effect from first-quarter revenue of minus EUR 22m (IAS 29 Financial Reporting in Hyperinflationary Economies).
The parcel business in Southeast and Eastern Europe (Parcel CEE/SEE) continues to generate positive growth rates, with revenue up by 7.1% to EUR 91.7m in the first half of 2023. This region also saw a strong increase in parcel volumes from Asia.
Revenue of the Logistics Solutions area (including Consolidation) fell by 13.8% in the reporting period to EUR 29.8m. This decline is related to the lack of special pandemic-related logistics services provided in previous years.
| Change | ||||||
|---|---|---|---|---|---|---|
| EUR m | H1 2022 | H1 2023 | % | EUR m | Q2 2022 | Q2 2023 |
| REVENUE | 54.2 | 76.5 | 41.3 % | 22.4 | 27.7 | 39.1 |
| Income from Financial Services | 35.4 | 56.6 | 59.9% | 21.2 | 18.0 | 29.1 |
| Branch Services | 18.7 | 19.9 | 6.2% | 1.2 | 9.7 | 10.0 |
| Revenue intra-Group | 93.7 | 94.5 | 0.9% | 0.8 | 47.1 | 47.1 |
| TOTAL REVENUE | 147.8 | 171.1 | 15.7 % | 23.2 | 74.8 | 86.2 |
| thereof revenue with third parties | 54.0 | 76.3 | 41.5% | 22.4 | 27.6 | 39.0 |
Revenue of the Retail & Bank Division improved by 41.3% in the first half-year 2023, increasing to EUR 76.5m from EUR 54.2m in the prior-year period. Income from Financial Services climbed from EUR 35.4m to EUR 56.6m in the current reporting period (+59,9%). This
is mainly attributable to the improved interest rate environment in Europe. Branch Services revenue increased by 6.2% to EUR 19.9m as a result of higher revenue generated in the field of retail products/merchandise.
| Change | ||||||
|---|---|---|---|---|---|---|
| EUR m | H1 2022 | H1 2023 | % | EUR m | Q2 2022 | Q2 2023 |
| REVENUE | 1,211.8 | 1,284.8 | 6.0 % | 73.0 | 610.4 | 620.2 |
| Other operating income | 59.2 | 38.0 | –35.9% | –21.2 | 30.8 | 19.4 |
| Raw materials, consumables and services used |
–349.4 | –374.7 | –7.2% | –25.2 | –173.8 | –177.1 |
| Expenses for financial services | –6.4 | –5.8 | 8.4% | 0.5 | –3.2 | –3.9 |
| Staff costs | –571.8 | –579.2 | –1.3% | –7.4 | –283.9 | –279.4 |
| Other operating expenses | –165.1 | –177.9 | –7.8% | –12.8 | –83.2 | –86.6 |
| Results from financial assets accounted for using the equity method |
0.1 | 0.8 | >100% | 0.8 | –0.1 | 0.8 |
| Net monetary gain | 1.1 | 3.1 | >100% | 1.9 | 1.1 | 0.7 |
| EBITDA | 179.4 | 189.0 | 5.3 % | 9.6 | 98.2 | 93.9 |
| Depreciation, amortisation and impairment losses |
–88.4 | –93.8 | –6.1% | –5.4 | –46.8 | –45.7 |
| EBIT | 91.0 | 95.2 | 4.6 % | 4.2 | 51.4 | 48.2 |
| Financial result | –13.5 | 5.7 | >100% | 19.2 | –14.6 | 9.1 |
| PROFIT BEFORE TAX | 77.5 | 100.9 | 30.2 % | 23.4 | 36.8 | 57.3 |
| Income tax | –22.7 | –22.3 | 1.8% | 0.4 | –12.5 | –10.6 |
| PROFIT FOR THE PERIOD | 54.8 | 78.6 | 43.5 % | 23.8 | 24.3 | 46.6 |
| ATTRIBUTABLE TO: | ||||||
| Shareholders of the parent company | 56.3 | 76.5 | 36.0% | 20.2 | 25.4 | 45.5 |
| Non-controlling interests | –1.5 | 2.1 | >100% | 3.6 | –1.1 | 1.1 |
| EARNINGS PER SHARE (EUR) 1 | 0.83 | 1.13 | 36.0 % | 0.30 | 0.38 | 0.67 |
1 Undiluted earnings per share in relation to 67,552,638 shares
The largest expense items in relation to Austrian Post's Group revenue are staff costs (45.1%), raw materials, consumables and services used (29.2%) and other operating expenses (13.8%). 7.3% can be attributed to depreciation, amortisation and impairment losses and 0.5% to expenses for financial services.
Staff costs in the first half of 2023 totalled EUR 579.2m, implying a year-on-year increase of 1.3% or EUR 7.4m. The change includes collective wage salary adjustments in operational staff costs, which are countered by a high level of cost discipline. Austrian Post Group employed an average of 26,950 people (full-time equivalents) in the first six months of 2023 compared to the average of 27,144 employees in the prior-year period (–0.7%).
Non-operating staff costs refer to severance payments and changes in provisions, which are primarily related to the specific employment situation of civil servant employees at Austrian Post. In contrast to the previous year's period, no significant extra charges were incurred in the first half of 2023.
Raw materials, consumables and services used rose by 7.2% to EUR 374.7m. Fuel and energy costs as well as transport costs for external freight companies increased the costs.
Other operating income decreased by 35.9% to EUR 38.0m in the first half of 2023. This development can be attributed to the lack of COVID-19 related reimbursements paid in the previous year as well as to the positive valuation effect for the remaining 20% stake in Aras Kargo in the previous year. Other operating expenses increased by 7.8% to EUR 177.9m, particularly for IT services and maintenance costs.
EBITDA equalled EUR 189.0m in the first half of 2023, an increase of 5.3% from the comparable figure of EUR 179.4m in the previous year. This implies an EBITDA margin of 14.7%.
Depreciation, amortisation and impairment losses amounted to EUR 93.8m in the first six months of 2023, constituting a year-on-year increase of 6.1% or EUR 5.4m. The increase is mainly due to investments in new parcel logistics infrastructure locations.
For the Turkish subsidiary, the accounting standard IAS 29 (Financial Reporting in Hyperinflationary Economies) has to be applied. Accordingly, all items in the income statement as well as the non-monetary items were adjusted using a general price index (refer to the Annual Report 2022, Consolidated Financial Statements, Note 3.3). The profit or loss from net monetary items is presented as a separate item in the income statement. In the first half of 2023, the net monetary gain amounted to EUR 3.1m.
Group EBIT totalled EUR 95.2m in the first halfyear 2023, up from EUR 91.0m in the previous year. The prior-year figure included a positive special effect of EUR 10.9m in connection with Aras Kargo (mainly option valuation of share increase). The EBIT margin in the first half of 2023 equalled 7.4%.
The Group's financial result amounted to EUR 5.7m compared to minus EUR 13.5m in the previous year. Whereas the second quarter of 2022 still included a valuation effect of minus EUR 12.3m from financial parameters relating to the option liability for the remaining 20% stake in Aras Kargo, the current second quarter showed a positive effect of EUR 7.1m. As a consequence, after deducting the income tax of EUR 22.3m, the profit for the period for the first six months of 2023 equalled EUR 78.6m, up from EUR 54.8m in the first half of 2022. Undiluted earnings per share were EUR 1.13, up by 36.0% from the comparable prior-year figure of EUR 0.83.
| Change | |||||||
|---|---|---|---|---|---|---|---|
| EUR m | H1 2022 | H1 2023 | % | EUR m | Margin H1 20231 |
Q2 2022 | Q2 2023 |
| EBIT | 91.0 | 95.2 | 4.6 % | 4.2 | 7.4 % | 51.4 | 48.2 |
| 82.9 | 77.6 | –6.3% | –5.2 | 12.9% | 41.8 | 36.7 | |
| Parcel & Logistics | 45.5 | 36.3 | –20.0% | –9.1 | 5.8% | 28.0 | 19.7 |
| Retail & Bank | –20.4 | 1.1 | >100% | 21.5 | 0.7% | –9.7 | 0.3 |
| Corporate/Consolidation2 | –16.9 | –19.9 | –17.6% | –3.0 | – | –8.7 | –8.4 |
1Margins of the division in relation to total revenue
2 Also includes the intra-Group apportionment procedure
From a divisional perspective, the Mail Division achieved an EBIT of EUR 77.6m in the first six months of 2023 compared to EUR 82.9m in the prior-year period (–6.3%). This decline resulted from the ongoing volume decline and cost increases in all areas which could only be partially offset by postal rate effects.
The Parcel & Logistics Division generated an EBIT of EUR 36.3m in the first half-year 2023, down by 20.0% from EUR 45.5m in the prior-year period which included a positive special effect of EUR 10.9m in the income statement relating to Aras Kargo (mainly option valuation of share increase). The parcel business in Austria and Türkiye improved whereas earnings declined at several Southeast and Eastern European subsidiaries. The lack of special pandemic-related logistics services also negatively impacted the division's earnings.
The Retail & Bank Division recorded an EBIT of EUR 1.1m in the first half of 2023, compared to minus
EUR 20.4m in the previous year. Accordingly, the earnings improvement equalled EUR 21.5m. The positive development in the financial services business based on higher net interest income made a significant contribution to earnings.
The EBIT of the Corporate Division (including Consolidation and the intra-Group cost apportionment procedure) changed from minus EUR 16.9m to minus EUR 19.9m, particularly as the result of higher energy
costs. The Corporate Division provides non-operating services which are typically essential for the purpose of the administration and financial control of the company. In addition to conventional corporate governance tasks, these services include the management and development of commercial properties not required for operations, the management of significant financial investments, the provision of IT services, the development of new business models and the administration of the Internal Labour Market of Austrian Post.
| EUR m | 31 December 2022 | 30 June 2023 | Structure 30 June 2023 |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment, intangible assets and goodwill | 1,495.1 | 1,472.7 | 27.6% |
| Investment property | 84.2 | 83.2 | 1.6% |
| Financial assets accounted for using the equity method | 7.2 | 28.9 | 0.5% |
| Inventories, trade and other receivables | 545.9 | 538.8 | 10.1% |
| Other financial assets | 71.6 | 46.8 | 0.9% |
| thereof securities/money market investments | 65.3 | 40.4 | – |
| Financial assets from financial services | 3,125.1 | 3,101.2 | 58.2% |
| Cash and cash equivalents | 54.8 | 55.2 | 1.0% |
| 5,383.9 | 5,326.7 | 100 % |
| 5,383.9 | 5,326.7 | 100 % | |
|---|---|---|---|
| Financial liabilities from financial services | 2,965.6 | 2,943.2 | 55.3% |
| Trade and other payables | 500.3 | 498.7 | 9.4% |
| Other financial liabilities | 580.1 | 640.8 | 12.0% |
| Provisions | 627.5 | 591.4 | 11.1% |
| Equity | 710.4 | 652.7 | 12.3% |
Austrian Post's total assets of EUR 5.3bn as at 30 June 2023 have expanded significantly since the inclusion of bank99 in 2020. On the assets side, the consolidated balance sheet as at 30 June 2023 showed cash and cash equivalents of bank99 amounting to EUR 0.7bn and loans of bank99 amounting to EUR 1.7bn, while on the liabilities side, the consolidated balance sheet includes customer deposits of bank99 amounting to EUR 2.8bn.
Including bank99, the balance sheet is as follows: property, plant and equipment of EUR 1,324.3m is one of the largest balance sheet items and includes right-of-use assets under leases of EUR 404.4m. In addition, there are intangible assets and goodwill from business combinations, which are reported at the amount of EUR 148.4m as at 30 June 2023. The balance sheet shows receivables of EUR 387.2m, which include current trade receivables of EUR 299.8m. Other financial assets amounted to EUR 46.8m as at 30 June 2023. Financial assets from financial services amounted to EUR 3,101.2m at the end of the first half of 2023 and result mainly from the business activities of bank99.
Austrian Post held securities and money market investments that are included in other financial assets in the amount of EUR 40.4m as at 30 June 2023 (excluding bank99). Securities and money market investments held by Austrian Post carry an investment grade rating or comparable credit rating, therefore it can be assumed that these assets can be liquidated in the short term. The balance sheet shows that Austrian Post had cash and cash equivalents equalling EUR 55.2m as at 30 June 2023. Cash and cash equivalents including money market and securities investments and excluding cash and cash equivalents of bank99 amounted to EUR 95.6m as at 30 June 2023. bank99's cash and cash equivalents amounted to EUR 748.3m as at 30 June 2023. Including bank99, cash and cash equivalents totalled EUR 844.0m as at 30 June 2023.
On the equity and liabilities side of the balance sheet, the equity of the Austrian Post Group amounted to EUR 652.7m as at 30 June 2023 (equity ratio of 12.3%). The pro forma equity ratio, taking into account bank99 using the equity method, came to 28% at the end of
June 2023. Furthermore, provisions of EUR 591.4m are shown on the equity and liabilities side as at 30 June 2023. About 70% of the provisions are staff-related, with EUR 159.2m attributable to provisions for underutilisation. A further EUR 174.4m relates to legally and contractually required provisions for social capital (severance payments and anniversary bonuses) and EUR 84.7m to other staff-related provisions. Other provisions amounted to EUR 173.1m and include obligations for possible compensation payments in connection with credited recovery claims from non-wage labour costs paid in previous periods. Other financial liabilities amounted to EUR 640.8m and include mainly lease liabilities of EUR 403.0m. Trade and other payables of EUR 498.7m include current trade payables of EUR 220.0m. Financial liabilities from financial services amounting to EUR 2,943.2m result primarily from the business activities of bank99 (deposit and investment business of bank99's customers).
| EUR m | H1 2022 | H1 2023 |
|---|---|---|
| Gross cash flow | 161.9 | 156.7 |
| CASH FLOW FROM OPERATING ACTIVITIES | 45.0 | 11.4 |
| thereof core banking assets from financial services (CBA) | –89.2 | –128.5 |
| CASH FLOW FROM OPERATING ACTIVITIES EXCL. CBA | 134.3 | 139.9 |
| Cash flow from investing activities | –99.2 | –34.4 |
| thereof maintenance CAPEX | –26.1 | –26.9 |
| thereof growth CAPEX | –32.5 | –20.7 |
| thereof cash flow from acquisitions/divestments | 2.3 | –14.3 |
| thereof acquisition/disposal of securities/money market investments | –40.5 | 25.0 |
| thereof other cash flow from investing activities | –2.3 | 2.5 |
| Free cash flow | –54.2 | –23.0 |
| OPERATING FREE CASH FLOW1 | 105.8 | 115.5 |
| Cash flow from financing activities | –66.2 | –99.0 |
| Change in cash and cash equivalents | –130.0 | –127.0 |
1 Free cash flow before acquisitions/securities/money market investments, Growth CAPEX and core banking assets
The gross cash flow in the first half of 2023 equalled EUR 156.7m, compared to EUR 161.9m in the first half-year 2022 (–3.2%). The cash flow from operating activities amounted to EUR 11.4m in the reporting period, compared to the prior-year figure of EUR 45.0m. In this regard, the largest effect is attributable to changes in the core banking assets of bank99 totalling minus EUR 128.5m in the first half of 2023, which consist mainly of an increase in receivables from customers (lending) and a higher portfolio of investments (purchase of government bonds). Core banking assets include the change in the balance sheet items Financial assets from financial services and Financial liabilities from financial services, excluding cash, cash equivalents and balances with central banks, and thus encompass the deposit and investment business of bank99. The cash flow from operating activities excluding core banking assets totalled EUR 139.9m in the first half of 2023, up by 4.2% from EUR 134.3m in the first half of 2022.
The cash flow from investing activities was minus EUR 34.4m in the first six months of 2023, compared to minus EUR 99.2m in the prior-year period.
Austrian Post relies on operating free cash flow as a key metric to assess the financial strength of its operating business and to cover the dividend for the financial year. Excluding the change in core banking assets, the operating free cash flow totalled EUR 115.5m in the current reporting period compared to EUR 105.8m in the first half of 2022.
The cash flow from financing activities came to minus EUR 99.0m in the first six months of 2023, compared to minus EUR 66.2m in the previous year. This included the dividend payment of EUR 118.2m as well as a loan of EUR 75m with a term of three years.
The Austrian Post Group's capital expenditure was EUR 90.7m in total in the first half of 2023, of which EUR 42.0m was attributable to rights of use (IFRS 16 Leases) and EUR 48.7m to traditional core investments.
Viewed by category, the investment total is distributed as follows: EUR 86.5m of the investments related to property, plant and equipment and investment property, whereas EUR 4.3m was for investments in intangible assets.
The lion's share of capital expenditure was made in connection with the capacity programme designed to expand the logistics infrastructure in the parcel business.
| Average for the period, full-time equivalents | H1 2022 | H1 2023 | Share H1 2023 |
|---|---|---|---|
| 885 | 858 | 3.2% | |
| Parcel & Logistics | 9,030 | 9,231 | 34.3% |
| Retail & Bank | 2,077 | 2,038 | 7.6% |
| Corporate | 2,119 | 2,253 | 8.4% |
| OPERATING DIVISIONS | 14,112 | 14,381 | 53.4 % |
| Logistics Network | 13,033 | 12,570 | 46.6% |
| GROUP | 27,144 | 26,950 | 100 % |
The average number of employees in the Austrian Post Group totalled 26,950 full-time equivalents in the first half of 2023. The decline in the total headcount amounts to 194 full-time equivalents. The majority of the Group's employees work for the parent company Österreichische Post AG (16,897 full-time equivalents in total).
Events after the reporting period that are material for accounting and assessment on the balance sheet date as at 30 June 2023 are included in the current consolidated interim financial statements.
Austrian Post's risk policy focuses on safeguarding and sustainably increasing enterprise value and is incorporated into the corporate and sustainability strategy.
As a result, Austrian Post is prepared to take risks provided that the resulting portfolio of opportunities and risks is well-balanced and that they remain in line with the company's legal circumstances and fundamental ethical values. The goals of safeguarding and achieving a sustainable increase in enterprise value must not be jeopardised.
With respect to unavoidable risks, control measures are taken to safeguard the company's assets and achieve a sustainable increase in shareholder value.
Austrian Post's opportunities and risks result from the overall risk environment and from the trends and changes that the company is exposed to or confronted
with. We have identified significant opportunities and risks in the following business areas:
Austrian Post has been pursuing sustainability objectives for more than 10 years now. This is reflected in the integrated Group and sustainability strategy. ESG issues are a top priority, which is why Austrian Post welcomes and supports climate and environmental protection measures. In order to take account of the increased focus on sustainability, Austrian Post has paid particular attention to ESG opportunities and risks in its risk management system by further developing it to create an integrated risk management system.
For a detailed list of ESG opportunities and risks, as well as measures to leverage these opportunities or reduce risks, please refer to the 2022 Sustainability Report.
Austrian Post is continually expanding its range of services in the mail segment to include various additional physical and electronic services and is adapting its product portfolio in the Mail Division to meet the needs of its customers. These adjustments to the product and service portfolio are complemented by pricing measures.
Nevertheless, the trend towards the electronic substitution of letters and especially towards electronic delivery will continue in the future. This development supported by lawmakers could lead to a significant decline in mail volumes and may thus negatively impact earnings.
Further, there is a possibility that a change in legal regulations with regard to the delivery of governmental mail would mean that some of these mail items will no longer be delivered by Austrian Post. Further acceleration in the substitution of letter mail by electronic media is expected as a result of the entry into force of the e-Government Act and further measures implemented by the federal government.
The direct mail business is influenced by the overall economic development and purchasing power of consumers and strongly depends on the intensity of advertising activities by companies. However, bricks-and-mortar retailers, the most important customer group for direct mail items, will continue to be confronted with structural trends. An increasing market consolidation is ongoing, whereas bricks-and-mortar retailers continue to suffer due to the strong growth of the e-commerce market. In turn, this could result in a reduction in advertising materials and direct mail volumes which would have a negative impact on earnings. Rising paper prices could also be a
negative driver. In addition, digital advertising and uncertainties regarding GDPR may reduce the volume of physical mailings.
E-commerce continues to show growth potential, albeit at a more moderate rate than during the pandemic. This provides opportunities in terms of volume and price development. In the e-commerce segment, Austrian Post stands out due to its new, quick, and lean solutions for online orders. Austrian Post has clear competitive advantages with respect to its delivery quality and cost structure. Nevertheless, competition remains intense. This can lead to shifts in market share or to price and volume risks. Furthermore, parcel growth is being driven by large online mail order companies that are still growing at a disproportionately fast rate compared to the market itself. Notable losses in volume and the accompanying effects on revenue and earnings may arise due to the internal delivery service established by a major customer along with the associated potential further increases in activities carried out by this customer. Fluctuating fuel costs also have an impact on price developments.
The business model of Austrian Post is characterised by a high staff cost structure. The current economic situation, the associated inflation and the tense labour market situation continue to carry the risk of steadily increasing staff costs. Furthermore, a large number of the Austrian Post Group employees have the status of civil servants, which means that they are subject to public sector employment laws, amendments to which can have an additional negative impact. On the other hand, there is an opportunity in the form of positive earnings effects resulting from the increased reduction in provisions due to the age structure as well as staff optimisation measures.
The shift in mail volumes from letter mail to parcels leads to adjustments in the logistics process. There is an opportunity to achieve productivity gains in this area. This opportunity faces the risk that the potential efficiency/productivity increases will be delayed. Furthermore, in addition to delivery by Austrian Post itself, parcel delivery also involves cooperation with freight companies. Due to increase in parcel volumes and the associated rise in demand for freight services alongside the rise in fuel costs, the company is exposed to the risk of cost increases. Austrian Post takes this new environment into
account in its projections, and incorporates a scenario of
lower cost increases.
Aras Kargo (Türkiye) Austrian Post holds an 80% stake in the Turkish parcel services provider Aras Kargo a.s. In the current environment, there is a risk that economic parameters in particular could develop to Austrian Post's detriment. The exchange rate and the inflation trend, which was exacerbated further only recently, are the most important economic parameters. While the exchange rate is reflected in Austrian Post's result due to currency translation, inflationary developments can have an impact on purchasing power and thus also on the local business. Another risk relates to the development in staff costs. Like the core business in Austria, Aras Kargo's business is staff intensive. This means that adverse developments in staff costs could have a negative impact on earnings. There is also a risk that the trend towards more intense competition and increased self-delivery by large mail order companies will continue.
bank99 (Austria) In the future, the development of bank99's revenue and earnings will depend primarily on the direction of interest rates. The recent increase in key interest rates presents an opportunity for bank99's business. This means, conversely, that adverse developments in interest rates or intense competition could have a negative impact on earnings. These opportunity and risk aspects could result in the earnings reported by bank99 deviating from Austrian Post's expectations. The ongoing global uncertainty could have an impact on the financial industry and lead to the risk that, in the event of the resolution of a member of the Austrian deposit guarantee scheme (ESA), bank99 would have to make a contribution. Austrian Post has issued a letter of comfort to secure bank99's capital resources. There is a risk that, in the event of a crisis, Austrian Post will have to provide extra capital resources.
Detailed information on financial instruments and the associated risks and risk management can be found in Note 29.2 of the Notes to the Consolidated Financial Statements of the Annual Report 2022.
Given the large number of products and services that it offers, Austrian Post operates in a highly complex legal and regulatory environment, which is impacted, for example, by the Austrian Postal Market Act, data protection regulations, tax regulations and capital market and competition law.
As a result, it is impossible to rule out a scenario in which, despite the greatest possible care taken by Austrian Post, other authorities, e.g., tax authorities, supervisory authorities, or courts, could take a different legal view, which could lead to additional payments, penalties, or compensation payments.
To a significant degree, the Austrian Post Group is dependent upon the use of complex technical systems. Its postal services heavily rely on the support provided by data processing systems, modern communications media and other technical equipment. Against this backdrop, the Austrian Post Group has made extensive investments in recent years designed to modernise its distribution and delivery network. In this regard, the performance of the company is closely linked with the functioning of key sites. A temporary or permanent technical system failure, unauthorised data access or data manipulation – as a result of cybercrime, for instance – could potentially lead to disruptions in Austrian Post's business operations with associated revenue losses, as well as a loss of reputation, customer defections and additional expenses.
There is a risk that the geopolitical and macroeconomic environment will exacerbate existing trends. This means that an established inflation trend could have a negative impact on the risk situation both directly and indirectly through a change in consumer behaviour.
Despite the recent easing of the situation on the energy market, shortages on the energy market are impossible to rule out, especially with a view to next year or next winter, which would represent an additional risk. In such cases, the Austrian Post Group would be indirectly affected, as bottlenecks among customers could lead to production and economic difficulties.
The company continuously monitors the abovementioned risks and opportunities. In response, appropriate measures are carried out and initiatives launched. Overall, the instability triggered by the macroeconomic and geopolitical environment is increasing in both positive and negative sense. A look at the company's main opportunities and risks shows that, while the issues that Austrian Post is facing are changing and shifting, the company's opportunities and risks are stable overall. As a result, there is no current risk to the existence of the company from today's perspective.
No major changes to related party transactions took place in the first half of 2023. Information on business relationships with related companies and persons can be found in the Annual Report 2022 of Austrian Post (refer to the Annual Report 2022, Consolidated Financial Statements, Note 30.2).
The European macroeconomic environment will continue to be impacted by high inflation and the resulting effects on the purchasing power of consumers and the willingness of companies to invest. The upward adjustment of wages and salaries at Austrian Post as stipulated by collective labour agreements takes place annually at the Austrian core business on the 1 st of July. For this reason, Austrian Post has to continually adapt its product portfolio to incorporate the changes in energy and staff costs.
Based on the Group revenue 2022 of EUR 2.5bn, the company expects growth in the mid-single-digit range in 2023.
The Mail Division is confronted with a structural volume decline in conventional letter mail as well as reduced direct mail and media post volumes. This development relates to the weaker economic situation of many customers as well as cost pressures arising from higher prices of energy and paper. Austrian Post will introduce an adapted product portfolio and pricing structure effective 1 September 2023. In this case, both business and private customers will be able to choose between the more favourably priced Economy letter with delivery times of two to three working days and the faster Priority letter with next working day delivery. This offering ensures the freedom of choice and reliable delivery quality. On balance, the Mail Division expects a slight decrease in revenue in 2023.
The Parcel & Logistics Division continues to expect growth in the 2023 financial year. Although the economic environment and consumer behaviour are challenging in Austrian Post's operating markets, the Parcel & Logistics Division aims to generate growth in the upper single-digit
range. However, developments are fraught with uncertainty. In particular, the contribution of the Turkish subsidiary in the second quarter was heavily impacted by the exchange rate development of the Turkish Lira, and this is expected to continue.
The Retail & Bank Division is forecasted to develop positively. Revenue is expected to increase significantly in 2023 against the backdrop of an improved interest rate environment. The company maintains its objective of further expanding its financial services business, pressing ahead with IT integration and reaching the break-even point at bank99 in 2024.
The high level of inflation and the resulting constant upward pressure on costs have proven to be challenging conditions in the core markets. Increases in energy, transport and staff costs must be counteracted by efficiency enhancement measures, while also taking into account in designing products and setting prices as much as possible. In the Austrian market, staff cost increases will take effect in the second half of 2023. Nevertheless, Austrian Post still aims to generate earnings (EBIT) in 2023 at the same level as last year.
The massive investment programme implying a close to threefold increase in sorting capacities in Austrian parcel logistics is entering its final phase, as reflected in the expansion of the Logistics Centre Vienna. Furthermore, Austrian Post will move ahead with expanding e-mobility with the aim of ensuring 100% CO2-free delivery in Austria by 2030. In 2023, maintenance CAPEX in Austria and the international subsidiaries will be at the range of EUR 100m. Furthermore, growth CAPEX of EUR 60m-80m is planned in Austria. Positive effects from divestments of non-operating real estate assets are possible.
Vienna, 2 August 2023
The Management Board
GEORG PÖLZL CEO Chairman of the Management Board
WALTER OBLIN Deputy CEO Mail & Finance (CFO)
PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)
| EUR m | H1 2022 | H1 2023 | Q2 2022 | Q2 2023 |
|---|---|---|---|---|
| Revenue | 1,211.8 | 1,284.8 | 610.4 | 620.2 |
| thereof income from financial services | 35.2 | 56.4 | 17.9 | 29.0 |
| thereof income from effective interest | 13.9 | 32.1 | 7.0 | 17.0 |
| Other operating income | 59.2 | 38.0 | 30.8 | 19.4 |
| TOTAL OPERATING INCOME | 1,271.0 | 1,322.8 | 641.2 | 639.5 |
| Raw materials, consumables and services used | –349.4 | –374.7 | –173.8 | –177.1 |
| Expenses from financial services | –6.4 | –5.8 | –3.2 | –3.9 |
| Staff costs | –571.8 | –579.2 | –283.9 | –279.4 |
| Depreciation, amortisation and impairment losses | –88.4 | –93.8 | –46.8 | –45.7 |
| Other operating expenses | –165.1 | –177.9 | –83.2 | –86.6 |
| thereof impairment losses in accordance with IFRS 9 | –2.9 | –3.6 | –0.9 | –2.0 |
| TOTAL OPERATING EXPENSES | –1,181.2 | –1,231.5 | –590.9 | –592.7 |
| Results from financial assets accounted for using the equity method | 0.1 | 0.8 | –0.1 | 0.8 |
| Net monetary gain | 1.1 | 3.1 | 1.1 | 0.7 |
| EARNINGS BEFORE FINANCIAL RESULT AND INCOME TAX (EBIT) | 91.0 | 95.2 | 51.4 | 48.2 |
| Financial income | 8.5 | 17.8 | 3.0 | 14.5 |
| Financial expenses | –22.0 | –12.2 | –17.6 | –5.5 |
| FINANCIAL RESULT | –13.5 | 5.7 | –14.6 | 9.1 |
| PROFIT BEFORE TAX | 77.5 | 100.9 | 36.8 | 57.3 |
| Income tax | –22.7 | –22.3 | –12.5 | –10.6 |
| PROFIT FOR THE PERIOD | 54.8 | 78.6 | 24.3 | 46.6 |
| ATTRIBUTABLE TO: | ||||
| Shareholders of the parent company | 56.3 | 76.5 | 25.4 | 45.5 |
| Non-controlling interests | –1.5 | 2.1 | –1.1 | 1.1 |
| EARNINGS PER SHARE (EUR) | ||||
| BASIC EARNINGS PER SHARE | 0.83 | 1.13 | 0.38 | 0.67 |
| DILUTED EARNINGS PER SHARE | 0.83 | 1.13 | 0.38 | 0.67 |
| EUR m | H1 2022 | H1 2023 | Q2 2022 | Q2 2023 |
|---|---|---|---|---|
| PROFIT FOR THE PERIOD | 54.8 | 78.6 | 24.3 | 46.6 |
| ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO THE INCOME STATEMENT: |
||||
| Currency translation differences and hyperinflation adjustment – investments in foreign businesses |
17.8 | –8.3 | 21.9 | –14.0 |
| TOTAL ITEMS THAT MAY BE RECLASSIFIED | 17.8 | –8.2 | 21.9 | –14.0 |
| ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO THE INCOME STATEMENT: |
||||
| Revaluation of defined benefit obligations | 16.7 | –9.3 | 18.7 | 1.3 |
| Tax effect of revaluation | –4.8 | 1.9 | –4.4 | –0.3 |
| TOTAL ITEMS THAT WILL NOT BE RECLASSIFIED | 11.9 | –7.4 | 14.3 | 1.1 |
| OTHER COMPREHENSIVE INCOME | 29.7 | –15.7 | 36.2 | –12.9 |
| TOTAL COMPREHENSIVE INCOME | 84.5 | 63.0 | 60.5 | 33.7 |
| ATTRIBUTABLE TO: | ||||
| Shareholders of the parent company | 83.0 | 63.9 | 57.8 | 35.0 |
| Non-controlling interests | 1.5 | –0.9 | 2.8 | –1.3 |
| EUR m | 31 December 2022 | 30 June 2023 |
|---|---|---|
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Goodwill | 59.8 | 59.6 |
| Intangible assets | 101.7 | 88.8 |
| Property, plant and equipment | 1,333.6 | 1,324.3 |
| Investment property | 84.2 | 83.2 |
| Financial assets accounted for using the equity method | 7.2 | 28.9 |
| Other financial assets | 6.2 | 6.4 |
| Other receivables | 11.1 | 10.7 |
| Deferred tax assets | 26.5 | 23.8 |
| 1,630.2 | 1,625.7 | |
| FINANCIAL ASSETS FROM FINANCIAL SERVICES | ||
| Cash, cash equivalents and central bank balances | 875.8 | 748.3 |
| Receivables from banks | 30.3 | 30.5 |
| Receivables from customers | 1,596.1 | 1,669.3 |
| Investments | 553.4 | 599.0 |
| Other | 69.6 | 54.0 |
| 3,125.1 | 3,101.2 | |
| CURRENT ASSETS | ||
| Other financial assets | 65.3 | 40.4 |
| Inventories | 21.2 | 22.3 |
| Contract assets | 3.6 | 0.9 |
| Trade and other receivables | 378.9 | 376.5 |
| Tax assets | 104.7 | 104.6 |
| Cash and cash equivalents | 54.8 | 55.2 |
| 628.5 | 599.9 | |
| 5,383.9 | 5,326.7 |
| EUR m | 31 December 2022 | 30 June 2023 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Share capital | 337.8 | 337.8 |
| Capital reserves | 91.0 | 91.0 |
| Revenue reserves | 275.7 | 234.0 |
| Other reserves | –24.8 | –37.4 |
| EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY | 679.7 | 625.4 |
| NON-CONTROLLING INTERESTS | 30.7 | 27.3 |
| 710.4 | 652.7 | |
| NON-CURRENT LIABILITIES | ||
| Provisions | 329.9 | 308.3 |
| Other financial liabilities | 488.2 | 562.2 |
| Other payables | 60.4 | 58.9 |
| Contract liabilities | 2.2 | 1.4 |
| Deferred tax liabilities | 0.3 | 0.3 |
| 881.1 | 931.0 | |
| FINANCIAL LIABILITIES FROM FINANCIAL SERVICES | ||
| Borrowings from banks | 99.6 | 90.8 |
| Liabilities to customers | 2,847.6 | 2,841.7 |
| Other | 18.4 | 10.7 |
| 2,965.6 | 2,943.2 | |
| CURRENT LIABILITIES | ||
| Provisions | 297.6 | 283.1 |
| Tax liabilities | 2.8 | 1.8 |
| Other financial liabilities | 91.9 | 78.7 |
| Trade and other payables | 404.5 | 406.8 |
| Contract liabilities | 30.1 | 29.6 |
| 826.8 | 799.9 | |
| 5,383.9 | 5,326.7 |
| H1 2023 | ||
|---|---|---|
| EUR m | H1 2022 | |
| OPERATING ACTIVITIES | ||
| Profit before tax | 77.5 | 100.9 |
| Depreciation, amortisation and impairment losses | 88.4 | 93.8 |
| Results from financial assets accounted for using the equity method | –0.1 | –0.8 |
| Provisions non-cash | –15.4 | 9.9 |
| Net monetary position – non cash | 7.9 | 1.7 |
| Other non-cash transactions | 3.6 | –48.8 |
| GROSS CASH FLOW | 161.9 | 156.7 |
| Trade and other receivables | 17.7 | –11.5 |
| Inventories | –2.6 | –1.2 |
| Contract assets | 1.7 | 2.7 |
| Provisions | –30.4 | –36.2 |
| Trade and other payables | 10.5 | 17.7 |
| Contract liabilities | 0.8 | –1.3 |
| Financial assets/liabilities from financial services | –89.2 | –128.5 |
| Interest received from financial services | 13.6 | 33.4 |
| Interest paid from financial services | –3.3 | –1.4 |
| Taxes paid | –35.6 | –18.9 |
| CASH FLOW FROM OPERATING ACTIVITIES | 45.0 | 11.4 |
| INVESTING ACTIVITIES | ||
| Acquisition of intangible assets | –8.0 | –4.5 |
| Acquisition of property, plant and equipment/investment property | –58.7 | –47.6 |
| Sale of property, plant and equipment/investment property | 3.6 | 4.5 |
| FREE CASH FLOW | –54.2 | –23.0 |
|---|---|---|
| CASH FLOW FROM INVESTING ACTIVITIES | –99.2 | –34.4 |
| Interest received and income from securities | 1.7 | 2.5 |
| Loans granted | 0.4 | 0.0 |
| Sale of financial investments in securities/money market investments | 29.6 | 75.0 |
| Acquisition of financial investments in securities/money market investments | –70.2 | –50.0 |
| Payments for hedging foreign currency transactions | 0.8 | 0.0 |
| Sale of financial assets accounted for using the equity method | 1.8 | 0.0 |
| Acquisition of financial assets accounted for using the equity method | 0.0 | –12.9 |
| Disposal of subsidiaries | 0.0 | –0.8 |
| Acquisition of subsidiaries/non-controlling interests/business units | –0.3 | –0.7 |
| for the first half of 2023 | ||
|---|---|---|
| EUR m | H1 2022 | H1 2023 |
| FINANCING ACTIVITIES | ||
| Acceptance of long-term financing | 150.0 | 75.0 |
| Settlement of lease liabilities | –28.7 | –31.7 |
| Changes of short-term financial liabilities | –53.9 | –17.6 |
| Dividends paid | –132.1 | –120.6 |
| Interest paid | –2.9 | –4.2 |
| Payments from non-controlling interests | 1.4 | 0.0 |
| CASH FLOW FROM FINANCING ACTIVITIES | –66.2 | –99.0 |
| Currency translation differences in cash and cash equivalents | –1.9 | –2.6 |
| Monetary loss on cash and cash equivalents | –7.6 | –2.4 |
| CHANGE IN CASH AND CASH EQUIVALENTS | –130.0 | –127.0 |
| Cash and cash equivalents at 1 January | 1,304.1 | 930.6 |
| CASH AND CASH EQUIVALENTS AT 30 JUNE | 1,174.1 | 803.6 |
| Capital reserves |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| EUR m | Share capital |
Revenue reserves |
IAS 19 reserve |
FVOCI reserve |
Currency translation reserve |
Equity attribut able to share holders of the parent company |
Non-con trolling interests |
Equity | |
| BALANCE AS AT 1 JANUARY 2022 | 337.8 | 91.0 | 278.2 | –32.6 | 0.9 | –31.0 | 644.3 | 27.9 | 672.2 |
| Adjustment first time application hyperinflation |
0.0 | 0.0 | –0.2 | 0.2 | 0.0 | 13.8 | 13.8 | 3.4 | 17.2 |
| BALANCE AS AT 1 JANUARY 2022 ADJUSTED |
337.8 | 91.0 | 278.0 | –32.4 | 0.9 | –17.2 | 658.1 | 31.4 | 689.5 |
| Profit for the period | 0.0 | 0.0 | 56.3 | 0.0 | 0.0 | 0.0 | 56.3 | –1.5 | 54.8 |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | 12.6 | 0.0 | 14.1 | 26.8 | 2.9 | 29.7 |
| TOTAL COMPREHENSIVE INCOME | 0.0 | 0.0 | 56.3 | 12.6 | 0.0 | 14.1 | 83.0 | 1.5 | 84.5 |
| Dividends paid | 0.0 | 0.0 | –128.4 | 0.0 | 0.0 | 0.0 | –128.4 | –6.2 | –134.5 |
| Acquisition of non-controlling interests |
0.0 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.4 | –0.5 | –0.1 |
| Payments to subsidiaries with non controlling interests |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.4 | 1.4 |
| TRANSACTIONS WITH OWNERS | 0.0 | 0.0 | –128.0 | 0.0 | 0.0 | 0.0 | –128.0 | –5.3 | –133.3 |
| BALANCE AS AT 30 JUNE 2022 | 337.8 | 91.0 | 206.3 | –19.8 | 0.9 | –3.1 | 613.1 | 27.5 | 640.7 |
| EUR m | Share capital |
Capital reserves |
Revenue reserves |
IAS 19 reserve |
FVOCI reserve |
Currency translation reserve |
Equity attribut able to share holders of the parent company |
Non-con trolling interests |
Equity |
|---|---|---|---|---|---|---|---|---|---|
| BALANCE AS AT 1 JANUARY 2023 | 337.8 | 91.0 | 275.7 | –23.0 | 1.5 | –3.3 | 679.7 | 30.7 | 710.4 |
| Profit for the period | 0.0 | 0.0 | 76.5 | 0.0 | 0.0 | 0.0 | 76.5 | 2.1 | 78.6 |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | –6.0 | 0.0 | –6.6 | –12.6 | –3.1 | –15.7 |
| TOTAL COMPREHENSIVE INCOME | 0.0 | 0.0 | 76.5 | –6.0 | 0.0 | –6.6 | 63.9 | –0.9 | 63.0 |
| Dividends paid | 0.0 | 0.0 | –118.2 | 0.0 | 0.0 | 0.0 | –118.2 | –2.3 | –120.6 |
| TRANSACTIONS WITH OWNERS | 0.0 | 0.0 | –118.2 | 0.0 | 0.0 | 0.0 | –118.2 | –2.3 | –120.6 |
| Acquisition of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | –0.1 | –0.1 |
| OTHER CHANGES | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | –0.1 | –0.1 |
| BALANCE AS AT 30 JUNE 2023 | 337.8 | 91.0 | 234.0 | –29.0 | 1.5 | –9.9 | 625.4 | 27.3 | 652.7 |
The consolidated interim financial statements of Austrian Post as at 30 June 2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) valid as at 30 June 2023, as issued by the International Accounting Standards Board (IASB) and adopted by the European Union, and the additional requirements of Section 245a of the Austrian Commercial Code (UGB).
These consolidated interim financial statements have been prepared on the basis of IAS 34 Interim Financial Reporting. The consolidated interim financial statements do not include all the notes usually contained in the financial statements for the entire financial year. Accordingly, these consolidated interim financial statements should be read in connection with the consolidated financial statements for the 2022 financial year. The accounting and valuation methods as well as the explanations and notes to the financial statements are fundamentally based on the same accounting and valuation methods underlying the consolidated financial statements for the 2022 financial year with the exception of the initial application of new and revised standards or accounting policies as explained below.
The consolidated interim financial statements are presented in Euros. All amounts are listed in millions of euros (EUR m) unless stated otherwise. When aggregating rounded amounts and percentages, rounding differences may occur due to the use of automated calculation aids.
These consolidated interim financial statements were neither subject to a complete audit nor to an audit review by an auditor.
The following new and revised standards had to be applied on a mandatory basis for the first time during the first half of 2023:
| Mandatory application of new standards | |||
|---|---|---|---|
| IFRS 17 | Insurance Contracts (including Amendments to IFRS 17) | 1 Jan. 2023 | |
| IFRS 17 | Initial application of IFRS 17 and IFRS 9 – Comparative Information | 1 Jan. 2023 |
| IAS 1/IFRS Practice Statement 2 |
Disclosure of Accounting policies | 1 Jan. 2023 |
|---|---|---|
| IAS 8 | Definition of Accounting Estimates | 1 Jan. 2023 |
| IAS 12 | Income Taxes – Deferred Tax related to Assets and Liabilities arising from a Single Transaction | 1 Jan. 2023 |
| IAS 12 | Income Taxes – Global minimum tax – Pillar II Model Rules | 1 Jan. 2023 |
To be applied in the financial year beginning on or after the effective date.
IFRS 17 does not apply to the Austrian Post Group in light of the fact that no insurance contracts are held. As a result, the new standards that have not yet been applied are not relevant for the consolidated interim financial statements.
In connection with the amendments to IAS 1 and IFRS Practice Statement 2, disclosures of accounting policies at the end of the year are reviewed. However, no significant impact is expected. For this reason, these amendments have no effects on the consolidated interim financial statements.
The limited exemption from the initial application of deferred taxes as contained in the amendment to IAS 12 has already been correspondingly taken into account and applied since the adoption of IFRS 16 Leases on 1 January 2019. As a result, the revised standard do not have any impact on the consolidated interim financial statements.
The other revised standards do not have any material impact on the consolidated interim financial statements of Austrian Post.
The preparation of consolidated financial statements in accordance with IFRS requires management to make certain assumptions and estimates about future developments. A detailed description of the main forward-looking assumptions and estimates of the Austrian Post Group is contained in the consolidated financial statements for the 2022 financial year.
In light of the fact that the Group was also impacted by external effects and macroeconomic developments in the first half of 2023, updates to individual assessments or estimates are provided below.
Climate-related aspects There were no major changes in the first half of 2023 with respect to aspects relating to climate change. For this reason, no material effects on the consolidated interim financial statements as at 30 June 2023 were identified.
Macroeconomic/Geopolitical environment Current macroeconomic and geopolitical developments are being continuously monitored and potential impacts on the consolidated interim financial statements are reviewed. The ongoing war in Ukraine does not have any direct effects on the Austrian Post Group. However, potential implications are assessed, particularly involving increased interest rates and inflation.
Accordingly, in the first half-year 2023, a test was carried out to determine the existence of any indications of a possible impairment pursuant to IAS 36. Within this context, the higher inflation and interest rates were taken into consideration in the average weighted cost of capital (WACC). As at 30 June 2023, the review did not reveal any indication of impairment and consequently no need for impairment. Similarly, no material impact on the fair value of investment property was identified.
In the area of receivables from customers from financial services, no negative impacts on the main risk parameters of probability of default (PD) and the loss given default (LGD) were identified despite the unstable environment. Disruptions to macroeconomic indicators are continuing, and potential impacts cannot be modelled or are subject to considerable uncertainty. For this reason, the adjustment of the model results carried out in the 2022 financial year was maintained unchanged. In this way, the expected uncertainties, especially with respect to the
development of the unemployment rate and inflation, continue to be taken into account. The resulting effects were of minor significance.
With regard to the ongoing high level of inflation in Türkiye, the consolidated financial statements of the Turkish subsidiary continue to be included in the financial statements of the Austrian Post Group using IAS 29 Financial Reporting in Hyperinflationary Economies. Furthermore, the higher interest rates in Türkiye led to an increase in the weighted discount rate for provisions for severance pay (refer to Note 8 Provisions). The resulting implications were of minor importance.
There were no major changes in other areas in the first half of 2023. Accordingly, no material impacts from the macroeconomic and geopolitical environment on the consolidated interim financial statements as at 30 June 2023 could be identified. Significant effects or restrictions in connection with COVID-19 are no longer expected.
The following changes in the scope of consolidation and transactions with non-controlling interests took place in the first half-year 2023:
| Interest | ||||
|---|---|---|---|---|
| Company name | from | to | Date of transaction | Comment |
| PARCEL & LOGISTICS | ||||
| Starex Global Yurtici ve Yurtdisi Tasimacilik a.s., Istanbul1 | 0.00% | 60.00% | 07 Apr. 2023 | Acquisition |
| Star Express Azerbaijan L.L.C., Baku1 | 0.00% | 60.00% | 07 Apr. 2023 | Acquisition |
| Weber Escal d.o.o., Hrvatski Leskovac | 100.00% | 0.00% | 26 May 2023 | Sale |
| CORPORATE | ||||
| Agile Actors GmbH, Vienna | 0.00% | 100.00% | 10 Feb. 2023 | Foundation |
| Agile Actors Hellas Single Member S.A., Chalandri | 0.00% | 80.00% | 22 Feb. 2023 | Acquisition |
Aras Kargo, Istanbul, which is 80 % owned by Austrian Post Group, holds a 75 % share in Starex Global, Istanbul. Starex Global, Istanbul owns 100 % of Star Express Azerbaijan, Baku.
With the closing of the transaction on 7 April 2023, Aras Kargo a.s. acquired a 75% shareholding in Starex Global a.s. within the context of a capital increase and obtained control over the company. Starex Global a.s. became 100% owner of Star Express Azerbaijan L.L.C. Both companies have been included in the consolidated financial statements of Austrian Post as fully consolidated companies since this date.
With this acquisition, Aras Kargo a.s. is following its e-commerce customers from its core business in Türkiye who sell their goods now also in Azerbaijan. Starex Global a.s. and Star Express Azerbaijan L.L.C. cover the entire value chain, from customs clearance in Türkiye to delivery in Azerbaijan.
The total identifiable assets acquired from both companies at the time control was obtained equalled EUR 1.1m, and the acquired liabilities amounted to EUR 0.9m. The recognized assets and liabilities are provisional amounts. The consideration transferred for the capital increase of Starex Global a.s. amounted to EUR 1.1m. The cash outflow for the acquisition of Star Express Azerbaijan L.L.C. equalled EUR 0.9m at the closing. Goodwill for both companies arising from the acquisitions totalled EUR 0.8m, resulting from the earnings expectations for the companies in connection with the parcel business in Azerbaijan.
Aras Kargo a.s. also holds call options for the remaining 25% in the company which can be exercised after eight or ten years after the closing. The exercise price depends on the earnings of the company generated in the year before the possible exercise of the options (EBIT multiple).
The impacts of this transaction on Group revenue and the Group's profit for the period are of minor significance.
With the sale of 100% of the shares in Weber Escal d.o.o. effective 26 May 2023, Austrian Post's control over the subsidiary was terminated. The loss of control resulted in a loss of EUR 0.5m which is recognised under other operating expenses. Furthermore, due to the loss of two key customers, an impairment loss of EUR 1.7m was recognised in the first quarter of 2023 for the cash generating unit (CGU) Weber Escal which is recognised under depreciation, amortisation and impairment losses.
The disposal of the company does not have any material impacts on the assets, financial and earnings position of the Austrian Post Group.
Austrian Post acquired 80% of the shares in the Greek IT service provider Agile Actors Single Member S.A. on 22 February 2023 via the newly founded holding Agile Actors GmbH. The remaining 20% of the shares remain in the hands of the former owner, Agile Actors Endeavours S.A.
Agile Actors Single Member S.A. and its staff of 260 IT experts provides high quality software development services for the benefit of its customers. The company will continue its growth independently in the coming years in order to be able to fulfil the growing requirements of the Austrian Post Group and the third market. The Austrian Post Group expects with the acquisition to cushion its increasingly difficult access to experts on the local labour market and to enable it to leverage lower cost resources than with local service providers. The strategy of Austrian Post to expand its local expertise with employees on the Austrian market will not be affected by this transaction. The good economic situation and the high level of profitability are additional aspects for the acquisition of the shares and are also reflected in the goodwill.
Due to the agreed upon corporate governance, the Austrian Post will not assume control over the company at the beginning. On the basis of the shareholders' agreement, the Austrian Post Group does not have the possibility to control over the core activities of Agile Actors Single Member S.A. in the earn-out phase. During this phase, the former owners will remain in the top management of Agile Actors Single Member S.A. Accordingly, the 80% shares in Agile Actors Single Member S.A. will be accounted for using the equity method in the consolidated financial statements of Austrian Post in accordance with IAS 28.
The total fair values, net identifiable assets acquired and liabilities assumed as well as the reconciliation to the carrying amount of the share acquired in the associate as at the date on which control was obtained on 22 February 2023 are presented below:
| EUR m | Fair values |
|---|---|
| NON-CURRENT ASSETS | 4.1 |
| thereof intangible assets | 3.4 |
| CURRENT ASSETS | 4.9 |
| thereof cash and cash equivalents | 1.2 |
| NON-CURRENT LIABILITIES | 1.0 |
| thereof financial liabilities | 0.4 |
| CURRENT LIABILITIES | 2.4 |
| thereof financial liabilities | 0.1 |
| TOTAL NET IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED (100 %) | 5.6 |
| RECONCILIATION OF THE CARRYING AMOUNT OF THE 80 % SHARE IN THE ASSOCIATE | |
| Pro-rata balance of total net identifiable assets acquired and liablities assumed | 4.4 |
| Goodwill | 16.5 |
CARRYING AMOUNT OF THE SHARE ACQUIRED IN THE ASSOCIATE 20.9
The purchase price including transaction costs was recognised in an amount of EUR 20.9m under financial assets accounted for using the equity method. Thereof EUR 12.6m were paid to date. Another EUR 0.3m is for transaction costs. In addition, contingent considerations capped at a maximum amount with respect to achieving planned EBIT for the years 2023, 2024 and 2025 were agreed. On the basis of the best possible estimate of the variable purchase price, a liability totalling EUR 8.0m was recognized.
Furthermore an agreement with the previous owners in their capacity as the managing directors of Agile Actors Single Member S.A. was concluded. They are entitled to remuneration of up to EUR 3.0m if defined non-financial indicators (number of employees) are achieved by the year 2025. This amount is to be successively accrued until payment against other operating expenses.
Following the acquisition of the 80% shareholding, reciprocal options on the acquisition of the remaining 20% shares were stipulated. Accordingly, Austrian Post is required (put option) to acquire 10% or 20% of the shares in the years 2028 and 2029 and is also entitled (call option) to acquire the remaining 20% of the shares. The exercise price depends on the average earnings of the company generated in the two years before the possible exercise of the options (EBIT multiple).
Since the acquisition, pro rata earnings led to an increase in the carrying amount of the associate by EUR 0.8m.
The following tables present segment disclosures for the reportable segments for the first half of 2022 and the first half of 2023:
H1 2022
| EUR m | Parcel & Logistics |
Retail & Bank | Corporate | Group Reconciliation |
Group | |
|---|---|---|---|---|---|---|
| Revenue (segments) | 599.5 | 572.0 | 54.2 | 1.1 | –15.1 | 1,211.8 |
| Revenue intra-Group | 1.9 | 0.3 | 93.7 | 0.0 | –95.8 | 0.0 |
| TOTAL REVENUE | 601.4 | 572.4 | 147.8 | 1.1 | –110.9 | 1,211.8 |
| thereof revenue with third parties | 594.0 | 562.7 | 54.0 | 1.1 | 0.0 | 1,211.8 |
| thereof income from financial services | 0.0 | 0.0 | 35.4 | 0.0 | –0.2 | 35.2 |
| EBIT | 82.9 | 45.5 | –20.4 | –16.7 | –0.2 | 91.0 |
| Financial result | –13.5 | |||||
| PROFIT BEFORE TAX | 77.5 |
| EUR m | Parcel & Logistics |
Retail & Bank | Corporate | Group Reconciliation |
Group | |
|---|---|---|---|---|---|---|
| Revenue (segments) | 598.1 | 628.4 | 76.5 | 1.0 | –19.2 | 1,284.8 |
| Revenue intra-Group | 2.3 | 0.3 | 94.5 | 0.0 | –97.1 | 0.0 |
| TOTAL REVENUE | 600.4 | 628.8 | 171.1 | 1.0 | –116.3 | 1,284.8 |
| thereof revenue with third parties | 589.9 | 617.7 | 76.3 | 0.9 | 0.0 | 1,284.8 |
| thereof income from financial services | 0.0 | 0.0 | 56.6 | 0.0 | –0.2 | 56.4 |
| EBIT | 77.6 | 36.3 | 1.1 | –19.6 | –0.3 | 95.2 |
| Financial result | 5.7 | |||||
| PROFIT BEFORE TAX | 100.9 |
The following table shows the revenue from contracts with customers by type of product/service or region for each reportable segment:
| EUR m | H1 2022 | H1 2023 |
|---|---|---|
| Letter Mail | 350.0 | 351.2 |
| Business Solutions | 21.0 | 22.3 |
| Direct Mail | 160.5 | 152.2 |
| Media Post | 62.6 | 64.1 |
| 594.0 | 589.9 | |
| Parcel Austria | 343.7 | 373.9 |
| Parcel Türkiye | 108.2 | 133.0 |
| Parcel CEE/SEE | 85.6 | 91.7 |
| Logistics Solutions/Consolidation | 25.2 | 19.1 |
| PARCEL & LOGISTICS | 562.7 | 617.7 |
| Commission income from financial services | 21.3 | 21.9 |
| Branch Services | 18.7 | 19.9 |
| RETAIL & BANK | 40.0 | 41.8 |
| Other revenue | 1.1 | 0.9 |
| CORPORATE | 1.1 | 0.9 |
| REVENUE FROM CONTRACTS WITH CUSTOMERS | 1,197.8 | 1,250.3 |
| thereof recognized in revenue | 1,197.8 | 1,250.3 |
The income from financial services and the expenses for financial services reported in the consolidated income statement are comprised of the items shown in the following two tables:
| EUR m | H1 2022 | H1 2023 |
|---|---|---|
| Interest income | 13.9 | 34.5 |
| Commission income | 21.3 | 21.9 |
| INCOME FROM FINANCIAL SERVICES | 35.2 | 56.4 |
Interest income results primarily from receivables from customers in the amount of EUR 21.2m (H1 2022: EUR 13.6m) and from interest income from deposits with central banks totalling EUR 7.7m (H1 2022: EUR 0.0m). Commission income of EUR 10.3m (H1 2022: EUR 8.8m) relates to the current account business and payment transactions, while EUR 9.4m (H1 2022: EUR 8.5m) relates to the other service business and the amount of EUR 2.1m (H1 2022: EUR 3.8m) is attributable to the securities business.
| EUR m | H1 2022 | H1 2023 |
|---|---|---|
| Interest expense | –3.4 | –3.3 |
| Commission expense | –2.9 | –2.6 |
| EXPENSES FROM FINANCIAL SERVICES | –6.4 | –5.8 |
The interest expense mainly results from liabilities to customers. Compared to previous year no negative interest is recognised (H1 2022: EUR 2.1m) is recognised. Commission expense mainly relates to the current account business and payment transactions. The total result from financial services is as follows:
| EUR m | H1 2022 | H1 2023 |
|---|---|---|
| Interest income | 13.9 | 34.5 |
| thereof income of the effective interest method | 13.9 | 32.1 |
| Interest expense | –3.4 | –3.3 |
| NET INTEREST INCOME/EXPENSE | 10.5 | 31.2 |
| Commission income | 21.3 | 21.9 |
| Commission expense | –2.9 | –2.6 |
| NET COMMISSION INCOME/EXPENSES | 18.3 | 19.3 |
| NET INTEREST AND COMMISSION INCOME/EXPENSES | 28.8 | 50.6 |
| Revaluation and derecognition income | 0.6 | 0.2 |
| Impairment losses according to IFRS 9 | –2.5 | –2.8 |
| RESULT FROM FINANCIAL SERVICES | 26.9 | 48.0 |
Provisions for severance pay Due to higher interest rates in Türkiye, the weighted discount rate for provisions for severance pay was increased to 5.28% as at 30 June 2023 (31 December 2022: 4.91%). The resulting effects were not material.
Furthermore, a change in the law relating to the pension system in Türkiye become effective in the first half of 2023. In turn, this led to severance payments in the Turkish subsidiary. On this basis, an actuarial loss of EUR 7.5m was reported in the first half-year 2023, which
was recognised in other comprehensive income without affecting profit or loss.
Provisions for anniversary bonuses The weighted discount rate for provisions for anniversary bonuses decreased and equalled 3.99% as at 30 June 2023 (31 December 2022: 4.24%). This parameter adjustment, including the effect from adjustments made from experience, led to an actuarial gain of EUR 1.0m in the first half-year 2023, which was recognised in the consolidated income statement.
This note contains an update of the assessments and estimates used by the Austrian Post Group in determining the fair value of financial instruments since the last consolidated annual financial statements.
The following tables show the carrying amounts of financial assets and liabilities as at 31 December 2022 and 30 June 2023 in accordance with the classification categories stipulated in IFRS 9:
| EUR m | Recognised at amortised cost |
At fair value through OCI (FVOCI) - recycling |
At fair value through OCI (FVOCI) - no recycling |
At fair value through profit or loss (FVTPL) mandatory |
Total at fair value |
Total |
|---|---|---|---|---|---|---|
| FINANCIAL ASSETS | ||||||
| Financial assets from financial services | 3,067.4 | 0.0 | 0.0 | 57.7 | 57.7 | 3,125.1 |
| Cash, cash equivalents and central bank | ||||||
| balances | 875.8 | 0.0 | 0.0 | 0.0 | 0.0 | 875.8 |
| Receivables from banks | 30.3 | 0.0 | 0.0 | 0.0 | 0.0 | 30.3 |
| Receivables from customers | 1,596.1 | 0.0 | 0.0 | 0.0 | 0.0 | 1,596.1 |
| Mortgage loans | 1,260.9 | 0.0 | 0.0 | 0.0 | 0.0 | 1,260.9 |
| Consumer loans | 326.7 | 0.0 | 0.0 | 0.0 | 0.0 | 326.7 |
| Current accounts | 8.5 | 0.0 | 0.0 | 0.0 | 0.0 | 8.5 |
| Investments | 553.4 | 0.0 | 0.0 | 0.0 | 0.0 | 553.4 |
| Other receivables | 11.9 | 0.0 | 0.0 | 57.7 | 57.7 | 69.6 |
| Positive market values from hedge accounting |
0.0 | 0.0 | 0.0 | 57.7 | 57.7 | 57.7 |
| Clearing receivables | 11.9 | 0.0 | 0.0 | 0.0 | 0.0 | 11.9 |
| Other financial assets | 64.9 | 0.5 | 6.2 | 0.0 | 6.7 | 71.6 |
| Trade receivables and other receivables | 337.3 | 0.0 | 0.0 | 0.0 | 0.0 | 337.3 |
| Trade receivables | 298.7 | 0.0 | 0.0 | 0.0 | 0.0 | 298.7 |
| Receivables from financial assets accounted for using the equity method |
0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.9 |
| Other receivables1 | 37.7 | 0.0 | 0.0 | 0.0 | 0.0 | 37.7 |
| Cash and cash equivalents | 54.8 | 0.0 | 0.0 | 0.0 | 0.0 | 54.8 |
| TOTAL | 3,524.4 | 0.5 | 6.2 | 57.7 | 64.4 | 3,588.8 |
| FINANCIAL LIABILITIES | ||||||
| Financial liabilites from financial services | 2,965.6 | 0.0 | 0.0 | 0.0 | 0.0 | 2,965.6 |
| Borrowings from banks | 99.6 | 0.0 | 0.0 | 0.0 | 0.0 | 99.6 |
| Banking clients deposits | 2,847.6 | 0.0 | 0.0 | 0.0 | 0.0 | 2,847.6 |
| Other clearing liabilities | 18.4 | 0.0 | 0.0 | 0.0 | 0.0 | 18.4 |
| Other financial liabilities | 580.1 | 0.0 | 0.0 | 0.0 | 0.0 | 580.1 |
| Borrowings from banks | 180.2 | 0.0 | 0.0 | 0.0 | 0.0 | 180.2 |
| Lease liabilities | 399.9 | 0.0 | 0.0 | 0.0 | 0.0 | 399.9 |
| Trade and other payables | 389.7 | 0.0 | 0.0 | 0.0 | 0.0 | 389.7 |
| Trade payables | 249.7 | 0.0 | 0.0 | 0.0 | 0.0 | 249.7 |
| Liabilities from obligation to acquire non controlling interests |
47.6 | 0.0 | 0.0 | 0.0 | 0.0 | 47.6 |
| Other liabilities2 | 92.4 | 0.0 | 0.0 | 0.0 | 0.0 | 92.4 |
| TOTAL | 3,935.5 | 0.0 | 0.0 | 0.0 | 0.0 | 3,935.5 |
1 Excluding prepayments and receivables from tax authorities and social security carriers.
Excluding payments received in advance and liabilities to tax authorities and social security carriers as well as unused vacation.
| EUR m | Recognised at amortised cost |
At fair value through OCI (FVOCI) - recycling |
At fair value through OCI (FVOCI) - no recycling |
At fair value through profit or loss (FVTPL) mandatory |
Total at fair value |
Total |
|---|---|---|---|---|---|---|
| FINANCIAL ASSETS | ||||||
| Financial assets from financial services | 3,056.8 | 0.0 | 0.0 | 44.3 | 44.3 | 3,101.2 |
| Cash, cash equivalents and central bank balances |
748.3 | 0.0 | 0.0 | 0.0 | 0.0 | 748.3 |
| Receivables from banks | 30.5 | 0.0 | 0.0 | 0.0 | 0.0 | 30.5 |
| Receivables from customers | 1,669.3 | 0.0 | 0.0 | 0.0 | 0.0 | 1,669.3 |
| Mortgage loans | 1,342.2 | 0.0 | 0.0 | 0.0 | 0.0 | 1,342.2 |
| Consumer loans | 318.5 | 0.0 | 0.0 | 0.0 | 0.0 | 318.5 |
| Current accounts | 8.6 | 0.0 | 0.0 | 0.0 | 0.0 | 8.6 |
| Investments | 599.0 | 0.0 | 0.0 | 0.0 | 0.0 | 599.0 |
| Other receivables | 9.7 | 0.0 | 0.0 | 44.3 | 44.3 | 54.0 |
| Positive market values from hedge accounting |
0.0 | 0.0 | 0.0 | 44.3 | 44.3 | 44.3 |
| Other clearing receivables | 9.7 | 0.0 | 0.0 | 0.0 | 0.0 | 9.7 |
| Other financial assets | 40.0 | 0.5 | 6.2 | 0.1 | 6.8 | 46.8 |
| Trade receivables and other receivables | 340.6 | 0.0 | 0.0 | 0.0 | 0.0 | 340.6 |
| Trade receivables | 299.8 | 0.0 | 0.0 | 0.0 | 0.0 | 299.8 |
| Receivables from financial assets accounted for using the equity method |
0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.9 |
| Other receivables1 | 39.9 | 0.0 | 0.0 | 0.0 | 0.0 | 39.9 |
| Cash and cash equivalents | 55.2 | 0.0 | 0.0 | 0.0 | 0.0 | 55.2 |
| TOTAL | 3,492.6 | 0.5 | 6.2 | 44.5 | 51.1 | 3,543.7 |
| FINANCIAL LIABILITIES | ||||||
| Financial liabilites from financial services | 2,943.1 | 0.0 | 0.0 | 0.1 | 0.1 | 2,943.2 |
| Borrowings from banks | 90.8 | 0.0 | 0.0 | 0.0 | 0.0 | 90.8 |
| Banking clients deposits | 2,841.7 | 0.0 | 0.0 | 0.0 | 0.0 | 2,841.7 |
| Other liabilities | 10.6 | 0.0 | 0.0 | 0.1 | 0.1 | 10.7 |
| Negative market values from hedge accounting |
0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 |
| Other clearing liabilities | 10.6 | 0.0 | 0.0 | 0.0 | 0.0 | 10.6 |
| Other financial liabilities | 640.8 | 0.0 | 0.0 | 0.0 | 0.0 | 640.8 |
| Borrowings from banks | 237.8 | 0.0 | 0.0 | 0.0 | 0.0 | 237.8 |
| Lease liabilities | 403.0 | 0.0 | 0.0 | 0.0 | 0.0 | 403.0 |
| Trade and other payables | 349.2 | 0.0 | 0.0 | 8.4 | 8.4 | 357.5 |
| Trade payables | 220.0 | 0.0 | 0.0 | 0.0 | 0.0 | 220.0 |
| Payables from financial assets accounted for using the equity method |
0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Liabilities from acquisition of financial assets accounted from using the equity method |
0.0 | 0.0 | 0.0 | 8.4 | 8.4 | 8.4 |
| Liabilities from obligation to acquire non controlling interests |
40.5 | 0.0 | 0.0 | 0.0 | 0.0 | 40.5 |
| Other liabilities2 | 88.5 | 0.0 | 0.0 | 0.0 | 0.0 | 88.5 |
| TOTAL | 3,933.1 | 0.0 | 0.0 | 8.4 | 8.4 | 3,941.6 |
Excluding prepayments and receivables from tax authorities and social security carriers.
2 Excluding payments received in advance and liabilities to tax authorities and social security carriers as well as unused vacation.
The following tables show financial assets and liabilities measured at fair value as at 31 December 2022 and 30 June 2023 in accordance with the levels of the fair value hierarchy of IFRS 13:
| EUR m | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| FINANCIAL ASSETS | ||||
| Financial assets from financial services | 0.0 | 57.7 | 0.0 | 57.7 |
| Other receivables | 0.0 | 57.7 | 0.0 | 57.7 |
| Positive market values from hedge accounting | 0.0 | 57.7 | 0.0 | 57.7 |
| Other financial assets | 0.5 | 6.0 | 0.2 | 6.7 |
| TOTAL | 0.5 | 63.7 | 0.2 | 64.4 |
| EUR m | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| FINANCIAL ASSETS | ||||
| Financial assets from financial services | 0.0 | 44.3 | 0.0 | 44.3 |
| Other receivables | 0.0 | 44.3 | 0.0 | 44.3 |
| Positive market values from hedge accounting | 0.0 | 44.3 | 0.0 | 44.3 |
| Other financial assets | 0.5 | 6.1 | 0.2 | 6.8 |
| TOTAL | 0.5 | 50.5 | 0.2 | 51.1 |
| FINANCIAL LIABILITIES | ||||
| Financial liabilites from financial services | 0.0 | 0.1 | 0.0 | 0.1 |
| Other liabilities | 0.0 | 0.1 | 0.0 | 0.1 |
| Negative market values from hedge accounting | 0.0 | 0.1 | 0.0 | 0.1 |
| Trade and other payables | 0.0 | 0.0 | 8.4 | 8.4 |
| Liabilities from acquisition of financial assets accounted from using the equity method |
0.0 | 0.0 | 8.4 | 8.4 |
| TOTAL | 0.0 | 0.1 | 8.4 | 8.4 |
The liabilities from the acquisition of financial assets accounted for using the equity method comprise the contingent consideration from the acquisition of Agile Actors Single Member S.A., whereby the future purchase price depends on the EBIT generated in the years 2023, 2024 and 2025. The calculation of the fair value was assigned to Level 3 and is conducted on the basis of current earnings planning, taking account of the WACC as the discount interest rate on the valuation date. At the time of acquisition of Agile Actors Single Member S.A., a liability of EUR 8.0m was recognised. Including the subsequent measurement of EUR 0.4m, the fair value equals EUR 8.4m as at 30 June 2023. The reduction of the expected EBIT in the years 2023, 2024 and 2025 by 10% each would correspondingly decrease the amount of the recognized liability by EUR 1.2m as at 30 June 2023. An increase in the expected EBIT would not affect the amount of the liability. A change in the WACC by +/- 1 percentage point would be reflected as -/+ EUR 0.1m in the liability.
Determining fair values of the other financial assets and liabilities takes place on the basis of valuation procedures and input factors described in the Annual Report 2022.
No transfers between Levels 1, 2 and 3 took place during the reporting period from 1 January 2023 to 30 June 2023.
The fair value of the following financial assets and liabilities measured at amortised cost, taking into account the levels of the fair value hierarchy of IFRS 13, is as follows as at 31 December 2022 and 30 June 2023:
| EUR m | Carrying amount | Fair value | Level 1 | Level 3 |
|---|---|---|---|---|
| FINANCIAL ASSETS | ||||
| Receivables against banks | 30.3 | 29.7 | 0.0 | 29.7 |
| Credits to clients | ||||
| Mortgage loans | 1,260.9 | 1,242.9 | 0.0 | 1,242.9 |
| Consumer loans | 326.7 | 369.8 | 0.0 | 369.8 |
| Investments | 553.4 | 501.4 | 501.4 | 0.0 |
| FINANCIAL LIABILITIES | ||||
| Liabilities from obligation to acquire non-controlling interests |
47.6 | 31.1 | 0.0 | 31.1 |
| EUR m | Carrying amount | Fair value | Level 1 | Level 3 |
|---|---|---|---|---|
| FINANCIAL ASSETS | ||||
| Receivables against banks | 30.5 | 30.1 | 0.0 | 30.1 |
| Credits to clients | ||||
| Mortgage loans | 1,342.2 | 1,310.9 | 0.0 | 1,310.9 |
| Consumer loans | 318.5 | 342.5 | 0.0 | 342.5 |
| Investments | 599.0 | 553.3 | 553.3 | 0.0 |
| FINANCIAL LIABILITIES | ||||
| Liabilities from obligation to acquire non-controlling interests |
40.5 | 26.3 | 0.0 | 26.3 |
Financial assets The fair value of the financial assets listed in this table is determined using the present value method, taking into consideration credit risks and currently observable market data on interest rates.
Financial liabilities Financial liabilities measured at amortised cost comprise liabilities from obligations to acquire non-controlling interests with a carrying amount of EUR 40.5m (31 December 2022: EUR 47.6m). This results from options for the acquisition of the remaining 20% of the shares in Aras Kargo a.s., whereby the future purchase price depends on the company's performance. The calculation of the fair value of EUR 26.3m (31 December 2022: EUR 31.1m) is carried out on the basis of current earnings planning, taking account of the current exchange rate and an updated WACC as the discount rate.
In the case of all other financial assets and liabilities, which are not measured at fair value, it is assumed that the fair values correspond to the carrying amounts due to the primarily short-term nature of these items.
Austrian Post's banking business is mainly conducted by bank99 AG and comprise a part of the financial services. Within the context of its banking operations, additional requirements and reporting obligations (in particular from the banking supervisory authority) are taken into account. Updates are described below.
Reference is made to the information contained in the Annual Report 2022 in connection with risk management, risk policy and risk strategy.
Credit risk-relevant portfolio The credit risk-relevant portfolio encompasses all items which involve a credit risk in the narrower sense of the term. This includes both on-balance sheet and off-balance sheet items. Adjustments to the carrying amount within hedge accounting relationships (basis adjustments) are taken into consideration in the gross carrying amount, if necessary.
| EUR m | Net carrying amount |
Impairment losses | Gross carrying amount |
|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||
| Central bank balances and other sight deposits | 766.4 | 0.0 | 766.4 |
| Receivables from banks | 30.3 | 0.0 | 30.3 |
| Receivables from customers | |||
| Mortgage loans | 1,260.9 | 1.3 | 1,262.2 |
| Consumer loans | 326.7 | 10.2 | 336.9 |
| Current accounts | 8.5 | 1.1 | 9.6 |
| Investments | |||
| Recognised at amortised cost | 553.4 | 0.0 | 553.4 |
| Other clearing receivables | 3.5 | 0.0 | 3.5 |
| SUBTOTAL | 2,949.7 | 12.7 | 2,962.3 |
| OFF-BALANCE ITEMS | |||
| Liabilities from financial guarantee contracts | 2.0 | 0.0 | 2.0 |
| Loan commitments not yet drawn | 83.1 | 0.0 | 83.1 |
| SUBTOTAL | 85.1 | 0.0 | 85.1 |
| CREDIT RISK-RELEVANT PORTFOLIO | 3,034.8 | 12.7 | 3,047.4 |
| EUR m | Net carrying amount |
Impairment losses | Gross carrying amount |
|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||
| Central bank balances and other sight deposits | 642.7 | 0.0 | 642.7 |
| Receivables from banks | 30.5 | 0.0 | 30.5 |
| Receivables from customers | |||
| Mortgage loans | 1,342.2 | 1.5 | 1,343.7 |
| Consumer loans | 318.5 | 12.6 | 331.1 |
| Current accounts | 8.6 | 1.4 | 10.0 |
| Investments | |||
| Recognised at amortised cost | 599.0 | 0.0 | 599.0 |
| Other clearing receivables | 1.2 | 0.0 | 1.2 |
| SUBTOTAL | 2,942.7 | 15.6 | 2,958.3 |
| OFF-BALANCE ITEMS | |||
| Liabilities from financial guarantee contracts | 2.2 | 0.0 | 2.2 |
| Loan commitments not yet drawn | 54.4 | 0.0 | 54.4 |
| SUBTOTAL | 56.5 | 0.0 | 56.5 |
| CREDIT RISK-RELEVANT PORTFOLIO | 2,999.2 | 15.6 | 3,014.8 |
The financial investments are primarily for the purpose of controlling liquidity and consist of Austrian and European public sector bonds. Off-balance sheet risk items mainly consist of credit commitments for mortgage loans.
The credit risk-relevant portfolio by client segments is as follows:
| EUR m | Retail customers | Financial institutions |
Public sector | Total gross carrying amount |
|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | ||||
| Central bank balances and other sight deposits | 0.0 | 766.4 | 0.0 | 766.4 |
| Receivables from banks | 0.0 | 30.3 | 0.0 | 30.3 |
| Receivables from customers | ||||
| Mortgage loans | 1,262.2 | 0.0 | 0.0 | 1,262.2 |
| Consumer loans | 336.9 | 0.0 | 0.0 | 336.9 |
| Current accounts | 9.6 | 0.0 | 0.0 | 9.6 |
| Investments | ||||
| Recognised at amortised cost | 0.0 | 0.0 | 553.4 | 553.4 |
| Other clearing receivables | 0.8 | 2.6 | 0.0 | 3.5 |
| SUBTOTAL | 1,609.6 | 799.3 | 553.4 | 2,962.3 |
| OFF-BALANCE ITEMS | ||||
| Liabilities from financial guarantee contracts | 2.0 | 0.0 | 0.0 | 2.0 |
| Loan commitments not yet drawn | 83.1 | 0.0 | 0.0 | 83.1 |
| SUBTOTAL | 85.1 | 0.0 | 0.0 | 85.1 |
| TOTAL | 1,694.7 | 799.3 | 553.4 | 3,047.4 |
| EUR m | Retail customers | Financial institutions |
Public sector | Total gross carrying amount |
|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | ||||
| Central bank balances and other sight deposits | 0.0 | 642.7 | 0.0 | 642.7 |
| Receivables from banks | 0.0 | 30.5 | 0.0 | 30.5 |
| Receivables from customers | ||||
| Mortgage loans | 1,343.7 | 0.0 | 0.0 | 1,343.7 |
| Consumer loans | 331.1 | 0.0 | 0.0 | 331.1 |
| Current accounts | 10.0 | 0.0 | 0.0 | 10.0 |
| Investments | ||||
| Recognised at amortised cost | 0.0 | 0.0 | 599.0 | 599.0 |
| Other clearing receivables | 0.4 | 0.8 | 0.0 | 1.2 |
| SUBTOTAL | 1,685.3 | 674.0 | 599.0 | 2,958.3 |
| OFF-BALANCE ITEMS | ||||
| Liabilities from financial guarantee contracts | 2.2 | 0.0 | 0.0 | 2.2 |
| Loan commitments not yet drawn | 54.4 | 0.0 | 0.0 | 54.4 |
| SUBTOTAL | 56.5 | 0.0 | 0.0 | 56.5 |
| TOTAL | 1,741.8 | 674.0 | 599.0 | 3,014.8 |
| Total gross carrying |
|||||
|---|---|---|---|---|---|
| EUR m | Not overdue | 1–30 days | 31–90 days | > 90 days | amount |
| CREDIT RISK-RELEVANT PORTFOLIO | |||||
| Central bank balances and other sight deposits |
766.4 | 0.0 | 0.0 | 0.0 | 766.4 |
| Receivables from banks | 30.3 | 0.0 | 0.0 | 0.0 | 30.3 |
| Receivables from customers | |||||
| Mortgage loans | 1,261.4 | 0.1 | 0.5 | 0.2 | 1,262.2 |
| Consumer loans | 325.4 | 2.8 | 2.5 | 6.3 | 336.9 |
| Current accounts | 8.0 | 0.1 | 0.3 | 1.1 | 9.6 |
| Investments | |||||
| Recognised at amortised cost | 553.4 | 0.0 | 0.0 | 0.0 | 553.4 |
| Other clearing receivables | 3.5 | 0.0 | 0.0 | 0.0 | 3.5 |
| SUBTOTAL | 2,948.5 | 3.1 | 3.3 | 7.5 | 2,962.3 |
| OFF-BALANCE ITEMS | |||||
| Liabilities from financial guarantee contracts |
2.0 | 0.0 | 0.0 | 0.0 | 2.0 |
| Loan commitments not yet drawn | 83.1 | 0.0 | 0.0 | 0.0 | 83.1 |
| SUBTOTAL | 85.1 | 0.0 | 0.0 | 0.0 | 85.1 |
| TOTAL | 3,033.6 | 3.1 | 3.3 | 7.5 | 3,047.4 |
| Total gross carrying amount |
|||||
|---|---|---|---|---|---|
| EUR m | Not overdue | 1–30 days | 31–90 days | > 90 days | |
| CREDIT RISK-RELEVANT PORTFOLIO | |||||
| Central bank balances and other sight deposits |
642.7 | 0.0 | 0.0 | 0.0 | 642.7 |
| Receivables from banks | 30.5 | 0.0 | 0.0 | 0.0 | 30.5 |
| Receivables from customers | |||||
| Mortgage loans | 1,343.1 | 0.0 | 0.1 | 0.4 | 1,343.7 |
| Consumer loans | 316.7 | 3.5 | 2.5 | 8.4 | 331.1 |
| Current accounts | 8.1 | 0.1 | 0.4 | 1.5 | 10.0 |
| Investments | |||||
| Recognised at amortised cost | 599.0 | 0.0 | 0.0 | 0.0 | 599.0 |
| Other clearing receivables | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
| SUBTOTAL | 2,941.3 | 3.6 | 3.1 | 10.3 | 2,958.3 |
| OFF-BALANCE ITEMS | |||||
| Liabilities from financial guarantee contracts |
2.2 | 0.0 | 0.0 | 0.0 | 2.2 |
| Loan commitments not yet drawn | 54.4 | 0.0 | 0.0 | 0.0 | 54.4 |
| SUBTOTAL | 56.5 | 0.0 | 0.0 | 0.0 | 56.5 |
| TOTAL | 2,997.8 | 3.6 | 3.1 | 10.3 | 3,014.8 |
| EUR m | Rating 1 | Rating 2 | Rating 3 | Rating 4 | Rating 5 | No Rating | Total gross carrying amount |
|---|---|---|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||||||
| Central bank balances and other sight deposits | 749.7 | 16.7 | 0.0 | 0.0 | 0.0 | 0.0 | 766.4 |
| Receivables from banks | 0.0 | 30.3 | 0.0 | 0.0 | 0.0 | 0.0 | 30.3 |
| Receivables from customers | |||||||
| Mortgage loans | 0.0 | 0.0 | 1,251.7 | 9.8 | 0.7 | 0.0 | 1,262.2 |
| Consumer loans | 0.0 | 0.0 | 305.0 | 22.9 | 9.1 | 0.0 | 336.9 |
| Current accounts | 0.0 | 0.0 | 6.9 | 1.4 | 1.2 | 0.1 | 9.6 |
| Investments | |||||||
| Recognised at amortised cost | 532.9 | 20.5 | 0.0 | 0.0 | 0.0 | 0.0 | 553.4 |
| Other clearing receivables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.4 | 3.5 |
| SUBTOTAL | 1,282.6 | 67.5 | 1,563.6 | 34.1 | 11.0 | 3.5 | 2,962.3 |
| OFF-BALANCE ITEMS | |||||||
| Liabilities from financial guarantee contracts | 0.0 | 0.0 | 1.7 | 0.3 | 0.0 | 0.0 | 2.0 |
| Loan commitments not yet drawn | 0.0 | 0.0 | 83.1 | 0.0 | 0.0 | 0.0 | 83.1 |
| SUBTOTAL | 0.0 | 0.0 | 84.8 | 0.3 | 0.0 | 0.0 | 85.1 |
| TOTAL | 1,282.6 | 67.5 | 1,648.4 | 34.4 | 11.0 | 3.5 | 3,047.4 |
| EUR m | Rating 1 | Rating 2 | Rating 3 | Rating 4 | Rating 5 | No Rating | Total gross carrying amount |
|---|---|---|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||||||
| Central bank balances and other sight deposits | 631.1 | 11.6 | 0.0 | 0.0 | 0.0 | 0.0 | 642.7 |
| Receivables from banks | 0.0 | 30.5 | 0.0 | 0.0 | 0.0 | 0.0 | 30.5 |
| Receivables from customers | |||||||
| Mortgage loans | 0.0 | 0.0 | 1,329.5 | 13.2 | 1.0 | 0.0 | 1,343.7 |
| Consumer loans | 0.0 | 0.0 | 294.1 | 26.3 | 10.7 | 0.0 | 331.1 |
| Current accounts | 0.0 | 0.0 | 7.0 | 1.4 | 1.7 | 0.0 | 10.0 |
| Investments | |||||||
| Recognised at amortised cost | 569.2 | 29.9 | 0.0 | 0.0 | 0.0 | 0.0 | 599.0 |
| Other clearing receivables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.2 | 1.2 |
| SUBTOTAL | 1,200.3 | 72.0 | 1,630.5 | 40.9 | 13.4 | 1.2 | 2,958.3 |
| OFF-BALANCE ITEMS | |||||||
| Liabilities from financial guarantee contracts | 0.0 | 0.0 | 1.9 | 0.3 | 0.0 | 0.0 | 2.2 |
| Loan commitments not yet drawn | 0.0 | 0.0 | 54.4 | 0.0 | 0.0 | 0.0 | 54.4 |
| SUBTOTAL | 0.0 | 0.0 | 56.3 | 0.3 | 0.0 | 0.0 | 56.5 |
| TOTAL | 1,200.3 | 72.0 | 1,686.8 | 41.1 | 13.4 | 1.2 | 3,014.8 |
| Total gross carrying amount |
|||||
|---|---|---|---|---|---|
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | |
| CREDIT RISK-RELEVANT PORTFOLIO | |||||
| Central bank balances and other sight deposits |
766.4 | 0.0 | 0.0 | 0.0 | 766.4 |
| Receivables from banks | 30.3 | 0.0 | 0.0 | 0.0 | 30.3 |
| Receivables from customers | |||||
| Mortgage loans | 1,254.4 | 7.1 | 0.4 | 0.3 | 1,262.2 |
| Consumer loans | 311.4 | 16.5 | 7.6 | 1.5 | 336.9 |
| Current accounts | 6.3 | 2.0 | 1.0 | 0.2 | 9.6 |
| Investments | |||||
| Recognised at amortised cost | 553.4 | 0.0 | 0.0 | 0.0 | 553.4 |
| Other clearing receivables | 3.5 | 0.0 | 0.0 | 0.0 | 3.5 |
| SUBTOTAL | 2,925.8 | 25.6 | 9.0 | 2.0 | 2,962.3 |
| OFF-BALANCE ITEMS | |||||
| Liabilities from financial guarantee contracts |
2.0 | 0.0 | 0.0 | 0.0 | 2.0 |
| Loan commitments not yet drawn | 82.8 | 0.3 | 0.0 | 0.0 | 83.1 |
| SUBTOTAL | 84.7 | 0.4 | 0.0 | 0.0 | 85.1 |
| TOTAL | 3,010.5 | 26.0 | 9.0 | 2.0 | 3,047.4 |
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total gross carrying amount |
|---|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||||
| Central bank balances and other sight deposits |
642.7 | 0.0 | 0.0 | 0.0 | 642.7 |
| Receivables from banks | 30.5 | 0.0 | 0.0 | 0.0 | 30.5 |
| Receivables from customers | |||||
| Mortgage loans | 1,331.7 | 10.5 | 1.0 | 0.5 | 1,343.7 |
| Consumer loans | 300.3 | 19.0 | 9.5 | 2.3 | 331.1 |
| Current accounts | 6.3 | 2.1 | 1.5 | 0.2 | 10.0 |
| Investments | |||||
| Recognised at amortised cost | 599.0 | 0.0 | 0.0 | 0.0 | 599.0 |
| Other clearing receivables | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
| SUBTOTAL | 2,911.7 | 31.6 | 12.0 | 3.0 | 2,958.3 |
| OFF-BALANCE ITEMS | |||||
| Liabilities from financial guarantee | |||||
| contracts | 2.1 | 0.0 | 0.0 | 0.0 | 2.2 |
| Loan commitments not yet drawn | 54.4 | 0.0 | 0.0 | 0.0 | 54.4 |
| SUBTOTAL | 56.5 | 0.0 | 0.0 | 0.0 | 56.5 |
| TOTAL | 2,968.2 | 31.7 | 12.0 | 3.0 | 3,014.8 |
The credit risk-relevant portfolio by rating category and default risk categories can be summarised as follows:
| Total gross carrying |
|||||
|---|---|---|---|---|---|
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | amount |
| CREDIT RISK-RELEVANT PORTFOLIO | |||||
| Rating 1 | 1,282.6 | 0.0 | 0.0 | 0.0 | 1,282.6 |
| Rating 2 | 67.5 | 0.0 | 0.0 | 0.0 | 67.5 |
| Rating 3 | 1,642.8 | 5.6 | 0.0 | 0.0 | 1,648.4 |
| Rating 4 | 14.1 | 20.3 | 0.0 | 0.0 | 34.4 |
| Rating 5 | 0.0 | 0.0 | 9.0 | 2.0 | 11.0 |
| No Rating | 3.4 | 0.0 | 0.0 | 0.0 | 3.5 |
| TOTAL | 3,010.5 | 26.0 | 9.0 | 2.0 | 3,047.4 |
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total gross carrying amount |
|---|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||||
| Rating 1 | 1,200.3 | 0.0 | 0.0 | 0.0 | 1,200.3 |
| Rating 2 | 72.0 | 0.0 | 0.0 | 0.0 | 72.0 |
| Rating 3 | 1,678.3 | 7.4 | 0.0 | 1.1 | 1,686.8 |
| Rating 4 | 16.5 | 24.2 | 0.0 | 0.4 | 41.1 |
| Rating 5 | 0.0 | 0.0 | 12.0 | 1.4 | 13.4 |
| No Rating | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
| TOTAL | 2,968.2 | 31.7 | 12.0 | 3.0 | 3,014.8 |
Collateral The following collateral in form of mortgages exist for mortgage loans as well as for loan commitments which have not yet been drawn on:
| Mortgage Loans | ||
|---|---|---|
| EUR m | 31 Dec. 2022 | 30 June 2023 |
| CREDIT RISK-RELEVANT PORTFOLIO | ||
| Receivables from customers | ||
| Mortgage loans | 1,308.8 | 1,376.0 |
| SUBTOTAL | 1,308.8 | 1,376.0 |
| OFF-BALANCE ITEMS | ||
| Loan commitments not yet drawn | 83.1 | 53.9 |
| SUBTOTAL | 83.1 | 53.9 |
| TOTAL | 1,391.9 | 1,429.9 |
Non-Performing Portfolio All receivables categorised as defaulted are grouped in the non-performing portfolio. The non-performing portfolio as at 31 December 2022 and 30 June 2023 is as follows:
| EUR m | Gross carrying amount total |
NPL | Impairment loss NPL |
Collateral NPL |
NPE ratio | NPE coverage ratio |
NPE collateral ratio |
|---|---|---|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||||||
| Central bank balances and other sight deposits |
766.4 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Receivables from banks | 30.3 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Receivables from customers | |||||||
| Mortgage loans | 1,262.2 | 0.7 | 0.0 | 0.7 | 0.1% | 4.3% | 97.3% |
| Consumer loans | 336.9 | 9.1 | 4.5 | 0.0 | 2.7% | 49.3% | 0.0% |
| Current accounts | 9.6 | 1.2 | 0.9 | 0.0 | 12.8% | 75.6% | 0.0% |
| Investments | |||||||
| Recognised at amortised cost | 553.4 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Other clearing receivables | 3.5 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| SUBTOTAL | 2,962.3 | 11.0 | 5.4 | 0.7 | 0.4 % | 49.5 % | 6.1 % |
| OFF-BALANCE ITEMS | |||||||
| Liabilities from financial guarantee contracts |
2.0 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Loan commitments not yet drawn | 83.1 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| SUBTOTAL | 85.1 | 0.0 | 0.0 | 0.0 | 0.0 % | 0.0 % | 0.0 % |
| TOTAL | 3,047.4 | 11.0 | 5.4 | 0.7 | 0.4 % | 49.5 % | 6.1 % |
| EUR m | Gross carrying amount total |
NPL | Impairment loss NPL |
Collateral NPL |
NPE ratio | NPE coverage ratio |
NPE collateral ratio |
|---|---|---|---|---|---|---|---|
| CREDIT RISK-RELEVANT PORTFOLIO | |||||||
| Central bank balances and other sight deposits |
642.7 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Receivables from banks | 30.5 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Receivables from customers | |||||||
| Mortgage loans | 1,343.7 | 1.5 | 0.1 | 1.5 | 0.1% | 3.6% | 100.0% |
| Consumer loans | 331.1 | 11.8 | 6.1 | 0.0 | 3.6% | 51.8% | 0.0% |
| Current accounts | 10.0 | 1.7 | 1.2 | 0.0 | 16.5% | 75.2% | 0.0% |
| Investments | |||||||
| Recognised at amortised cost | 599.0 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Other clearing receivables | 1.2 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| SUBTOTAL | 2,958.3 | 15.0 | 7.4 | 1.5 | 0.5 % | 49.4 % | 10.3 % |
| OFF-BALANCE ITEMS | |||||||
| Liabilities from financial guarantee contracts |
2.2 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| Loan commitments not yet drawn | 54.4 | 0.0 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0% |
| SUBTOTAL | 56.5 | 0.0 | 0.0 | 0.0 | 0.0 % | 0.0 % | 0.0 % |
| TOTAL | 3,014.8 | 15.0 | 7.4 | 1.5 | 0.5 % | 49.4 % | 10.3 % |
The non-performing exposure ratio (NPE ratio) represents the share of the nonperforming portfolio in relation to the total gross carrying amount of the credit risk-relevant portfolio. The NPE coverage ratio reflects the share of impairment losses for the non-performing portfolio in relation to the gross carrying amount of the non-performing portfolio. The NPE collateralisation ratio shows the collateral for non-performing loans as a percentage of the total non-performing portfolio.
Impairment The following table shows the development in impairment losses of the credit risk-relevant portfolio:
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total |
|---|---|---|---|---|---|
| BALANCE AS AT 1 JAN. 2022 | 3.7 | 1.5 | 0.7 | –0.2 | 5.7 |
| Reclassification | 0.1 | –1.0 | 0.9 | 0.0 | 0.0 |
| Additions new acquisitions | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| Revaluation | –1.2 | 3.5 | 2.0 | –1.2 | 3.1 |
| BALANCE AS AT 30 JUNE 2022 | 2.7 | 4.0 | 3.6 | –1.5 | 8.9 |
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total |
|---|---|---|---|---|---|
| BALANCE AS AT 1 JAN. 2023 | 2.9 | 4.4 | 6.9 | –1.5 | 12.7 |
| Reclassification | 0.0 | –1.0 | 1.0 | 0.0 | 0.0 |
| Additions new acquisitions | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| Revaluation | –0.2 | 2.0 | 1.2 | 0.0 | 3.0 |
| Utilization | 0.0 | 0.0 | 0.0 | –0.1 | –0.1 |
| BALANCE AS AT 30 JUNE 2023 | 2.9 | 5.3 | 9.0 | –1.6 | 15.6 |
The following reconciliation of revaluations for material credit positions is as follows:
| EUR m | Stage 1 | Stage 2 | Total |
|---|---|---|---|
| BALANCE AS AT 1 JAN. 2022 | 0.6 | 0.1 | 0.7 |
| Additions new acquisitions | 0.1 | 0.0 | 0.1 |
| Revaluation | 0.0 | 0.2 | 0.2 |
| BALANCE AS AT 30 JUNE 2022 | 0.7 | 0.3 | 1.0 |
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total |
|---|---|---|---|---|---|
| BALANCE AS AT 1 JAN. 2023 | 0.9 | 0.4 | 0.0 | 0.0 | 1.3 |
| Reclassification | 0.0 | –0.1 | 0.0 | 0.0 | 0.0 |
| Additions new acquisitions | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| Revaluation | –0.1 | 0.2 | 0.0 | 0.0 | 0.1 |
| BALANCE AS AT 30 JUNE 2023 | 0.9 | 0.5 | 0.1 | –0.1 | 1.5 |
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total |
|---|---|---|---|---|---|
| BALANCE AS AT 1 JAN. 2022 | 2.9 | 1.4 | 0.5 | –0.2 | 4.6 |
| Reclassification | 0.1 | –0.9 | 0.9 | 0.0 | 0.0 |
| Revaluation | –1.2 | 3.2 | 1.7 | –1.2 | 2.6 |
| BALANCE AS AT 30 JUNE 2022 | 1.8 | 3.7 | 3.1 | –1.4 | 7.2 |
| EUR m | Stage 1 | Stage 2 | Stage 3 | POCI | Total |
|---|---|---|---|---|---|
| BALANCE AS AT 1 JAN. 2023 | 1.9 | 3.9 | 6.1 | –1.6 | 10.2 |
| Reclassification | 0.0 | –0.9 | 0.9 | 0.0 | 0.0 |
| Revaluation | –0.1 | 1.7 | 0.8 | 0.0 | 2.4 |
| 1.8 BALANCE AS AT 30 JUNE 2023 |
4.7 | 7.8 | –1.7 | 12.6 |
The following table shows the liquidity coverage ratio (LCR) as well as the net stable funding ratio (NSFR):
| EUR m | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| Liquidity buffer | 1,346.9 | 1,311.1 |
| Net outflow of liquidity | 193.3 | 193.5 |
| LIQUIDITY COVERAGE RATIO | 697.0 % | 677.6 % |
| EUR m | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| Central bank balances less minimum reserve | 717.2 | 600.7 |
| Cash | 124.8 | 157.0 |
| Eligible investments | 504.9 | 553.3 |
| LIQUIDITY BUFFER | 1,346.9 | 1,311.1 |
| % | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| Net Stable Funding Ratio | 233.58 % | 230.47 % |
In the context of the banking business, market risks arise, for example from interest rate risks. In order to limit the risks relating to rising interest rates, a large proportion of the fixed-interest items are hedged by concluding interest rate swaps (hedge accounting). There is no major risk derived from rising interest rates thanks to the ongoing hedging. This results in the following VaR as at 30 June 2023:
| EUR m | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| VaR EVE | –21.4 | –23.0 |
The results of the interest rate risk statistics compiled by the Austrian National Bank (OeNB) as at 30 June 2023 is as follows:
Dividends and other disclosures The Annual General Meeting of Austrian Post held on 20 April 2023 resolved to distribute a dividend equalling EUR 118.2m, corresponding to EUR 1.75 per share. The dividend payment to shareholders in the amount of EUR 102.9m took place on 4 May 2023. The retained capital gains tax of EUR 15.3m was remitted to the tax authorities on 16 May 2023.
Regulatory minimum capital requirements for bank99 AG bank99 AG is subject to regulatory capital requirements on the part of the banking supervisory authority as stipulated in the Capital Requirements Regulation (CRR), EU 575/2013, taking account of several amendments. The equity calculated according to the Capital Requirements Regulation is comprised of the following:
| EUR m | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| Paid-in capital | 100.9 | 100.9 |
| Disclosed reserves | 164.8 | 164.8 |
| Retained earnings | –73.5 | –97.5 |
| Annual loss | –24.0 | –1.3 |
| Less deduction items | –22.6 | –21.9 |
| CORE CAPITAL | 145.6 | 145.0 |
| Eligible supplementary capital | 0.0 | 0.0 |
| TOTAL OWN FUNDS | 145.6 | 145.0 |
| EUR m | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| Credit risk | 783.9 | 798.4 |
| Adjustment of Credit value | 14.3 | 11.9 |
| Operational risk | 52.5 | 52.5 |
| TOTAL CAPITAL REQUIREMENT | 850.7 | 862.8 |
| Core capital ratio based on total risk | 17.1% | 16.8% |
| Total own funds ratio based on total risk | 17.1% | 16.8% |
The capital ratios were significantly higher than the legally required amounts throughout the entire first half of 2023. The additional required equity for credit value adjustments (CVA) resulted from the concluded derivatives (interest rate swaps) within the context of hedge accounting.
Furthermore, as of 30 June 2023, the letter of comfort issued by Austrian Post for bank99 was still in effect. It stipulates that, under certain conditions, bank99 will be provided with additional equity of up to EUR 61.0m by the end of 2026 (31 December 2022: EUR 61.0m).
The reconciliation of the cash and cash equivalents reported in the consolidated cash flow statement to the cash and cash equivalents as shown in the consolidated balance sheet can be carried out as follows:
| EUR m | 31 Dec. 2022 | 30 June 2023 |
|---|---|---|
| CASH AND CASH EQUIVALENTS | 930.6 | 803.6 |
| Financial assets from financial services | 875.8 | 748.3 |
| Cash, cash equivalents and central bank balances | 875.8 | 748.3 |
| CASH AND CASH EQUIVALENTS | 54.8 | 55.2 |
Events after the reporting period that are material for accounting and assessment on the balance sheet date as at 30 June 2023 are included in the consolidated interim financial statements. No reportable events occurred after the reporting period.
Vienna, 2 August 2023
The Management Board
GEORG PÖLZL CEO Chairman of the Management Board
WALTER OBLIN Deputy CEO Mail & Finance (CFO)
PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)
As the legal representatives of Österreichische Post AG, we declare, to the best of our knowledge, that the condensed consolidated interim financial statements as at 30 June 2023, which were prepared in accordance with the applicable financial reporting standards, present a fair and accurate picture of the assets, financial and earnings position of the Group, and that the Group management report for the first half year 2023 presents the business performance, results and situation of the Group such that a fair and accurate picture of the assets, financial and earnings position of the Group with respect to the most important events occurring during the first six months of the financial year and its impacts on the condensed consolidated interim financial statements as at 30 June 2023 and also describes the fundamental risks and uncertainties to which the Group is exposed for the remaining six months of the financial year and of the major related party transactions to be disclosed.
Vienna, 2 August 2023
The Management Board
GEORG PÖLZL CEO Chairman of the Management Board
WALTER OBLIN Deputy CEO Mail & Finance (CFO)
PETER UMUNDUM Member of the Management Board Parcel & Logistics (COO)
| 14 November 2023 | Interim report for the first three quarters 2023 |
|---|---|
| 13 March 2024 | Annual Report 2023 |
| 8 April 2024 | Record Date Annual General Meeting 2024 |
| 18 April 2024 | Annual General Meeting 2024, Location: Vienna |
| 26 April 2024 | Ex-date (dividend) |
| 29 April 2024 | Record Date (determination of entitled stocks in connection with dividend payments) |
| 2 May 2024 | Dividend payment day |
| 8 May 2024 | Interim report for the first quarter of 2024 |
| 7 August 2024 | Half-year financial report 2024 |
| 6 November 2024 | Interim report first three quarters 2024 |
Österreichische Post AG Rochusplatz 1, 1030 Wien T: +43 (0) 577 67 0 FN: 180219d, Commercial Court of Vienna
Concept Berichtsmanufaktur GmbH, Hamburg
We have prepared this report and checked the figures with the greatest possible care. Nevertheless, rounding, typographical and printing errors cannot be excluded. The aggregation of rounded amounts and percentages may result in rounding differences due to the use of automated computational aids.
This Financial Report also contains forward-looking statements based on the information currently available to us. These are usually indicated by expressions such as "expect", "anticipate", "estimate", "plan" or "calculate". We wish to note that a wide variety of factors could cause actual circumstances – and thus actual results – to deviate from the forecasts contained in this report.
This Financial Report is also available in German. In case of doubt, the German version takes precedence.
Editorial deadline: 9 August 2023
Manuela Bruck T: +43 (0) 577 67 21897 E: [email protected] I: post.at/presse
Austrian Post on the internet post.at
post.at/investor
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.