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Financial Figures/Balance Sheet/6-month report 
07.08.2013 
 
 
- Market environment 
  - Ongoing satisfactory mail business in Austria, 
    positive revenue effects due to elections 
  - Robust growth in the Austrian parcel market 
  - Strong competition in the international parcel business 
- Higher revenue 
  - Revenue growth of 1.5% (excl. Benelux) 
  - Slight growth in both the mail and parcel businesses 
- Further earnings growth 
  - EBIT up 3.9% to EUR 98.4m 
  - Efficiency enhancement and improvement of the cost structure 
- Outlook for 2013 confirmed 
  - Stable or slightly rising revenue development expected 
  - Goal of further earnings improvement 
 
OVERVIEW OF AUSTRIAN POST 
The first half of 2013 proceeded very satisfactorily for Austrian Post. In 
particular, the mail segment developed gratifyingly during the reporting period. 
Although the structural trend caused by declining letter mail volumes as a 
consequence of electronic substitution is continuing, growth was achieved thanks 
to positive revenue effects. The Austrian parcel market also showed growth 
momentum in 2013, which was mainly driven by the ongoing trend towards online 
shopping. A more differentiated picture emerges when considering the 
international business of Austrian Post. In South East and Eastern Europe, the 
company succeeded in generating revenue growth, whereas revenue decreased in 
Germany due to the highly competitive market environment there. Here the 
efficiency enhancement programme is being continued. The cost basis of the 
subsidiary trans-o-flex is being improved by insourcing distribution services in 
selected regions and by streamlining structures. 
Group revenue, adjusted to take account of the Benelux subsidiaries disposed in 
the middle of 2012, rose by 1.5% in the first half of 2013. The mail business 
achieved a 1.8% revenue increase as a consequence of acquisitions and positive 
revenue effects (elections and referendums), while parcel operations generated a 
1.3% rise in revenue (excl. Benelux). Earnings also improved on this basis. EBIT 
climbed by 3.9% to EUR 98.4m, and earnings per share were up by 4.5% to EUR 
1.12. 
An important milestone in the first half of 2013 was Austrian Post's entry into 
the Turkish parcel market. In June, an agreement was reached with the owners of 
the parcel services provider Aras Kargo to acquire a 25% stake in the company. 
The closing of the transaction took place on July 30, 2013. "On the basis of 
this acquisition we entered the promising future market of Turkey, whose parcel 
business offers enormous growth potential. Aras Kargo, a leading logistics 
provider, boasts an outstanding track record in the Turkish parcel market 
combined with a high level of services", says Georg Pölzl, Chief Executive 
Officer of Austrian Post. 
In addition to this strategic expansion, Austrian Post's priorities remain the 
ongoing increase in efficiency and flexibilisation of its cost structure. The 
outlook for the 2013 financial year can be confirmed based on current market 
developments. Revenue is expected to remain stable or increase slightly, and the 
company is striving to further improve its EBIT. 
 
REVENUE DEVELOPMENT IN DETAIL 
In the first half of 2013, Austrian Post's reported revenue of EUR 1,173.1m was 
at the same level as in the previous year. Adjusted to take account of the 
revenue of EUR 17.3m generated by the disposed and deconsolidated subsidiaries 
in the Benelux region in the first half of 2012, the revenue increase in the 
first half-year of 2013 amounted to 1.5%. 
 
REVENUE BY DIVISION* 
 
                                                 Change 
EUR m                      H1 2012      H1 2013  %       EUR m   Q2 2012 Q2 2013 
Total revenue              1,173.1      1,173.1  0.0%    0.0     567.4   570.2 
Revenue excl. 
Benelux subsidiaries**     1,155.9      1,173.1  1.5%    17.3    560.9   570.2 
Mail & Branch Network      741.6        754.6    1.8%    13.0    356.6   363.7 
Parcel & Logistics         430.8        419.0    -2.8%   -11.9   210.1   206.9 
Parcel & Logistics 
excl. Benelux**            413.6        419.0    1.3%    5.4     203.6   206.9 
Corporate                  5.4          3.7      -30.6%  -1.6    4.1     0.3 
Consolidation              -4.7         -4.2     10.2%   0.5     -3.3    -0.6 
Calendar working 
days in Austria            124          123      -       -       60      60 
 
* External sales of the divisions 
** The closing of the disposal of trans-o-flex Nederland B.V. took place as of 
March 15, 2012, for trans-o-flex Belgium B.V.B.A as of May 31, 2012 
 
Revenue of the Mail & Branch Network Division rose by 1.8%, or EUR 13.0m, to EUR 
754.6m. On the one hand, this gratifying development can be attributed to the 
consolidation of new subsidiaries in Poland, Romania and Bulgaria (plus EUR 
12.5m). On the other hand, the revenue increase is also due to the positive 
impetus provided by elections and referendums held in Austria during the first 
half of 2013. In addition, services offered in the field of Mail Solutions 
posted growth during the reporting period. 
In the Parcel & Logistics Division, revenue adjusted to take account of the 
disposed subsidiaries in the Benelux region, rose by 1.3% to EUR 419.0m. From a 
regional perspective, the Austrian parcel market generated the strongest growth, 
whereas revenue declined in Germany. 
 
INCOME STATEMENT 
Against the backdrop of a stable revenue development of the Group, revenue 
declined in the German parcel and logistics business, which is characterised by 
a high share of external transport services. This is the underlying reason for 
the decrease in operating expenses for raw materials, consumables and services 
used, which fell by 1.9% to EUR 372.4m. 
Staff costs increased slightly year-on-year by 0.6% to EUR 550.6m. This figure 
encompasses all operational staff costs as well as non-operational staff costs 
in the Group, which are primarily designed to enable a sustainable improvement 
in the cost structure. Operational staff costs at EUR 519.3m remained at a 
stable level compared to the previous year. Non-operational staff costs, which 
include severance payments, restructuring measures and provisions, amounted to 
EUR 31.2m in the first half of 2013 compared to the prior-year level of EUR 
27.7m. In addition to the usual severance payments, a total of EUR 17.7m was 
allocated to the provisions for employee under-utilisation and various 
restructuring measures. 
In the first half of 2013, earnings before interest, tax, depreciation and 
amortisation (EBITDA) of Austrian Post Group improved by 3.3% to EUR 139.9m. 
Accordingly, the EBITDA margin was 11.9%. Earnings before interest and tax 
(EBIT) rose by 3.9% to EUR 98.4m, corresponding to an EBIT margin of 8.4%. 
 
EBIT BY DIVISION 
 
                                        Change 
EUR m                  H1 2012* H1 2013 %       EUR m   Q2 2012*  Q2 2013 
Total EBIT             94.7     98.4    3.9%    3.7     36.4      38.6 
Mail & Branch Network  137.0    141.9   3.6%    4.9     60.6      62.9 
Parcel & Logistics     11.6     12.4    6.6%    0.8     3.8       5.0 
Corporate              -53.9    -56.0   -3.9%   -2.1    -28.0     -29.3 
 
* Apply of the revised standard IAS 19 ahead of schedule: adjustment for staff 
costs, results of investments consolidated at equity, income tax and the 
respective earnings items 
 
The company also shows a stable development from a divisional perspective. The 
Mail & Branch Network Division generated an EBIT of EUR 141.9m, a rise of 3.6%. 
This increase is related to positive revenue effects as well as the ongoing 
efficiency improvements in the entire mail logistics operations. EBIT of the 
Parcel & Logistics Division in the first half of 2013 amounted to EUR 12.4m, 
slightly above the level achieved in the prior-year period. This positive 
earnings development is mainly attributable to the good performance in Austria. 
Overall, the division's EBIT margin was 2.9%. 
After deducting income taxes totalling EUR 20.0m, the Group net profit (profit 
after tax) in the first half of 2013 amounted to EUR 76.5m, a rise of 5.2% from 
the results of the prior-year period. After deducting the profit for the period 
attributable to non-controlling interests, this corresponds to earnings of EUR 
1.12 per share, an increase of 4.5%. Q2 2013 earnings per share totalled EUR 
0.44 compared to EUR 0.43 in the second quarter of the previous year. 
 
CASH FLOW 
In the first six months of 2013, operating cash flow before changes in working 
capital totalled EUR 154.5m, slightly above the prior-year level. On balance, 
the changes in net working capital totalled minus EUR 47.2m during the period 
under review, of which minus EUR 34.6m can be attributed to the reduction in 
current provisions and the related payments of obligations from previous 
periods. 
The cash flow from investing activities of minus EUR 84.4m includes cash 
outflows for the purchase of property, plant and equipment (CAPEX) totalling EUR 
49.9m, including investments of EUR 10.8m relating to the new logistics centre 
in Allhaming, Upper Austria, which is expected to be completed and put into 
operation by September 2014. In addition, cash outflows of EUR 17.2m were for 
acquisitions, mainly for the acquisition of the Romanian company PostMaster 
s.r.l. as well as the increased stake in M&BM Express OOD, Bulgaria. The free 
cash flow before acquisitions and securities totalled EUR 58.8m in the first 
half of 2013. 
 
EMPLOYEES 
The average number of full-time employees at the Austrian Post Group totalled 
23,906 people in the first half of 2013. This comprises an increase of 925 
employees from the prior-year period, about 1,600 of whom can be attributed to 

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