Posten's year-end results 2001
Posten's year-end results 2001 · Net income for the year amounted to SEK 3,432 million (-1 082). · Operating earnings excluding Postgirot, capital gains realized on the sale of Postfastigheter, as well as provisions, amounted to SEK - 150 million (192). Operating earnings for the year comprises SEK 174 million from Messaging & Logistics and SEK -324 million from Cashier Service. Posten achieved four strategic goals in 2001: · Posten successfully wound down its banking operations through the sale of Postgirot Bank AB to Nordbanken AB and the orderly dissolution of its extensive collaboration with Nordbanken on March 31. Posten has thereby streamlined its business into two operating branches: Messaging & Logistics and Cashier Service. · Posten has consolidated its position in the logistics market in Sweden and bordering countries. Posten has acquired 100 percent of DSV Parcel Holding A/S (Denmark) and DPD Finland OY, as well as 50 percent of Norwegian Tollpost Globe AS. In Sweden, Posten has taken over the parcel operations of Fraktarna AB. Posten also acquired Dutch system transport companies Starintex Road Cargo N.V. and Gendringen Expeditie B.V., which operate in the Netherlands, Belgium, and Germany. Posten signed a 15-year franchising agreement to provide DPD parcel service in Denmark, Norway, Finland, Sweden, and Iceland. In addition, a letter of intent has been signed with French La Poste concerning a broader express parcel service collaboration, as well as DPD in Poland and the Baltic region. Posten has thereby achieved its goal of becoming a leading parcel distributor in the Nordic and Baltic markets. · Posten has begun the establishment of a new service network. The new network has been tailored to meet the new needs and requirements facing Posten's business. Posten has invested a total of SEK 900 million in the network, and expects to realize cost savings of SEK 200 million to SEK 250 million per year. · Posten has also improved the capital structure. Liquidity is strong and the debt-equity ratio has emerged from negative territory to today's 19.1 percent. All pension commitments - SEK 2,348 million - were secured through a transfer from subsidiary Posten Sverige AB to Posten's Pension Fund. Finally, Posten has recorded so-called transitional provisions, or commitments relating to individuals entitled to retire before the age of 65, as liabilities. - Posten's financial situation is headed in the right direction. Focusing on core operations and selling non-core assets has positioned us well for the future. Strategic acquisitions made in 2001 have put us on track to becoming a leading messaging and logistics company in the Baltic region and reinforced our position in Sweden. We also are pleased to have met our customer and employee satisfaction objectives through our service and in our capacity as an employer, says Posten's VD President and CEO Lennart Grabe. For more information about Posten, please visit www.posten.se Please direct questions to: Agne Pettersson, Vice President and CFO, tel +46 (0)8-781 71 80 Posten's Press Service, tel +46 (0)8-23 10 10 One of Sweden's largest companies, Posten is a stock corporation owned by the Swedish state. In 2001, Posten's some 45,000 employees generated approximately SEK 22 billion in sales. Posten's business idea is to bring people together by delivering correspondence and merchandise promptly, reliably, securely and cost-effectively. Every weekday, we serve 4.1 million households and 500,00 businesses, have sales of approximately SEK 70 million, and handle close to 20 million mail items. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/03/28/20020328BIT00450/wkr0001.doc http://www.waymaker.net/bitonline/2002/03/28/20020328BIT00450/wkr0002.pdf http://www.waymaker.net/bitonline/2002/03/28/20020328BIT00450/wkr0003.pdf Appendix