euro adhoc: Österreichische Post AG / Financial Figures/Balance Sheet / Austrian Post:Good development in the first half-year 2008: revenue up 7.3%, profit for the period improved by 3.4%; outlook for

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6-month report

14.08.2008

- Group revenue up 7.3% in the first half-year, to EUR 1,198.8m -
Revenue growth in all divisions - Market share change in the Austrian
parcels business as forecasted; restructuring of parcel logistics
proceeding as planned - Good development in the second quarter of
2008: - Revenue increase of 8.8% - EBITDA up 22.0%, EBIT rose by 7.4%
- Earnings development in the first half-year 2008 confirms that
Austrian Post is on the right track: - EBIT of EUR 81.9m, EBIT margin
of 6.8% - Group profit for the period improved by 3.4%, to EUR 70.1m
- Operating cash flow before changes in working capital of EUR
123.6m, free cash flow of EUR 89.7m - Outlook for 2008 confirmed once
again: slight increase in revenue, EBIT just slightly below 2007, and
then continually rising

Good business development in the first half of 2008 The first half of
the 2008 financial year developed very satisfactorily for Austrian
Post. The 7.3% increase in revenue is not only related to the initial
consolidation of the newly-acquired subsidiaries, but also includes
organic growth. This development is even more gratifying in the light
of the loss of two important mail order customers in the Austrian
parcels segment since the beginning of 2008.

The resulting decline in parcels revenue could be more than
compensated for. Total Group revenue climbed by 8.8% in the second
quarter of 2008.

All three divisions made a positive contribution to revenue growth.
The Mail Division improved by 8.6% in the first half of 2008, whereas
revenue of the Parcel & Logistics Division was up 7.1% and the Branch
Network Division also registered a gain of 0.2%. Growth in the Mail
Division was related to the initial consolidation of the new
subsidiaries as well as to an operational increase. Revenue and
earnings of the Parcel & Logistics Division were negatively impacted
by the loss of two parcels customers, but the newly-acquired
subsidiaries could offset the resulting loss of revenue. In
particular, financial services developed favourably in the Branch
Network Division.

Revenue by division

EUR m H1 H1 Change Q2 Q2
2007 2008 2007 2008
Total revenue 1,116.8 1,198,8 +7.3% 541.3 588.9
Mail 663.3 720.5 +8.6% 321.6 350.5
Parcel&Logistics 357.2 382.5 +7.1% 174.3 191.3
Branch Network 93.8 94.0 +0.2% 44.1 46.0
Other/
Consolidation 2.5 1.8 -30.3% 1.4 1.1

Income statement
EUR m H1 H1 Change Q2 Q2
2007 2008 2007 2008
Revenue 1,116.8 1,198.8 +7.3% 541.3 588.9
EBITDA 130.2 139.8 +7.4% 52.8 64.4
EBIT 85.0 81.9 -3.6% 29.9 32.1
Profit for the
period 67.9 70.1 +3.4% 25.1 28,3
EPS (EUR) 0.97 1.00 +3.8% 0.36 0.40

Besides the 7.3% increase in revenue, the consolidated income statement of
Austrian Post shows a 14.3% rise in expenses for raw materials, consumables and
services used. This development is related to the acquisitions which were
carried out, as well as to higher fuel and transport costs.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was EUR
139.8m in the first half of 2008, a rise of 7.4% compared to H1 2007. The EBITDA
margin remained unchanged, at 11.7%. In particular, EBITDA in the second quarter
of 2008 improved by 22.0%, to EUR 64.4m.

The earnings before interest and tax (EBIT) of Austrian Post rose 7.4%, to EUR
32.1m. As a consequence, EBIT for the first half of 2008 amounted to EUR 81.9m,
which was only 3.6% below the comparable period of the preceding year. This can
be attributed to a higher level of depreciation, amortisation and impairment
losses in the first half-year (2008: EUR 57.9m; 2007: EUR 45.2m) which includes
an impairment loss of EUR 6.2m related to the redimensioning measures in
respect to Austrian Post´s logistics operations in Austria.

The EBIT margin amounted to 6.8%. All operating divisions made a positive
contribution to earnings. EBIT at the Mail Division was EUR 135.7m, at the
Parcel & Logistics Division EUR 7.1m, and at the Branch Network Division 6.7m.
Earnings of the Mail Division and the Branch Network Division in the first half
of 2008 surpassed the previous year´s level, whereas earnings of the Parcel &
Logistics Division declined due to the loss of two large parcels customers in
Austria.

The Other/Consolidation segment posted a negative EBIT of EUR 67.6m in the first
half of 2008 (H1 2007: minus EUR 69.1m). This item encompasses non-allocable
costs for central departments, expenses in connection with unused properties and
the increase in the provisions for employee under-utilisation.
Profit for the period of Austrian Post increased by 3.4% in the first half-year
2008, to EUR 70.1m (including a rise of 12.4% in Q2 2008).

Solid balance sheet structure
After deducting the payment of the dividends in the current financial year,
Austrian Post continues to have a sound balance street structure, with an equity
ratio of about 40%. The net debt position amounted to EUR 222.1m. This financial
figure represents the difference between interest-bearing assets (securities,
other financial assets and cash and cash equivalents) amounting to EUR 466.9m,
and interest-bearing debt (financial liabilities, social capital and other
interest-bearing liabilities and provisions) totalling EUR 689.0m.

In the next two to three years, Austrian Post has defined its goal of raising
the ratio of net debt to EBITDA of up to 2.0. The Management Board of Austrian
Post resolved on August 12, 2008 to exercise its option to implement a share
buy-back programme in accordance with the authorisation granted by the Annual
General Meeting. The share buy-back programme will last from August 19, 2008
until December 31, 2008 at the latest, involving a volume of up to 5% of the
company´s share capital.

Free cash flow of EUR 89.7m In the period under review, total
operating cash flow before changes in working capital amounted to EUR
123.6m, below the level of the first half of 2007, amongst other
reasons as a result of changes in non-current provisions.

The cash flow from changes in working capital amounted to minus EUR
28.7m in the first half of 2008. This is primarily the result of
changes in receivables, which totalled minus EUR 15.9m, in payables,
amounting to minus EUR 1.4m, and in current provisions of minus EUR
10.3m.

The cash flow from investing activities totalled EUR 5.2m, comprising
the purchase of property, plant and equipment amounting to EUR 40.1m,
the acquisition of the remaining shareholding of Scanpoint for EUR
2.6m (reported under the item "Acquisition of further interests in
subsidiaries"), the proceeds from the disposal of property, plant and
equipment totalling EUR 9.4m, and proceeds from the sale of financial
investments in securities of EUR 18.3m. On balance, total free cash
flow reported in the first half of 2008 was EUR 89.7m.

The cash flow from financing activities in the first half of 2008
included the payment of a basic dividend of EUR 98m, as well as the
reduction of financial liabilities of EUR 46.7m. The acquisition of
the remaining 23.85% stake in the logistics company trans-o-flex
resulted in a reduction in financial liabilities of EUR 20.4m, based
on a lower level of liabilities owed to minority interests.

Employees During the period under review, the average number of
full-time employees at Austrian Post increased by 7.5%, or 1,879
employees, compared to H1 2007, to the current level of 26,789
people. This increase is related to the acquisition of subsidiaries.
Austrian Post reduced the number of its employees on its domestic
market of Austria by about 300 people year-on-year to 22,900
employees.

Outlook for 2008 All in all, Austrian Post expects a slight rise in
total revenue for the 2008 financial year. This improvement includes
the integration of the newly-acquired subsidiaries. This forecast is
based on the assumption of a largely stable development in letter
mail and direct mail volumes, an increase in Austrian Post´s
international parcels business, as well as a lower volume in the
company´s Austrian parcels business due to the loss of two major mail
order customers.

Despite these adverse effects on the parcels segment in Austria,
Austrian Post expects earnings before interest and tax (EBIT) in 2008
to be just slightly below the level achieved in 2007, and then
continually rise in subsequent years.

Accordingly, the EBIT margin will be slightly below 7% in 2008, and
then improve once again to 7%-8% in the following years. Based on a
solid cash flow development and balance sheet structure, Austrian
Post expects to continue pursuing its attractive dividend policy. It
is planned to continually increase the basic dividend on the basis of
earnings development, whereas the special dividend depends on future
capital requirements.

Performance of divisions Mail Division In the first half of 2008,
external sales of the Mail Division climbed by 8.6% compared to the
same period of the previous year, increasing to EUR 720.5m. This
improvement is chiefly related to the initial consolidation of the
Austrian Post subsidiary meiller direct, which was acquired in July
2007, as well as operational revenue growth. In the second quarter,
growth in external sales amounted to 9.0%, largely compensating for
the negative volume effect in the first quarter of 2008 (one working
day less than in Q1 2007).

External sales of the Letter Mail Business Area declined by 0.9% in a
year-on-year comparison. External sales of the Infomail Business Area
(addressed and unaddressed advertising) rose by 27.6% in the first
six months of 2008, to EUR 263.4m. This increase includes the
first-time consolidation of the direct marketing services provider
meiller direct. The Media Post Business Area raised its half-year
revenue by 6.1%, which is mainly related to the positive development
of regional media, but also to the one-off effects of a regional
election in Austria.

On balance, EBIT of the Mail Division in the first half of 2008 was
up 1.7%, to EUR 135.7m. EBIT generated by the Mail Division in the
second quarter climbed 4.4%, to EUR 61.6m.

Parcel & Logistics Division External sales of the Parcel & Logistics
Division climbed to EUR 382.5m in the first half of 2008, a rise of
7.1%. The main contribution to total revenue (84% of total division
sales) was made by the new premium parcel service (parcel delivery
within 24 hours to private and business customers, B2C/B2B). In
addition to the B2B business in Germany (trans-o-flex), comprising
the largest share of Austrian Post´s overall B2B volume, growth in
this segment was primarily driven by the expansion of newly-acquired
Group companies (Road Parcel, Merland, City Express, DDS, VOP), which
did not belong to the scope of consolidation in the comparable period
of 2007. Moreover, premium parcels enjoyed popularity on the Austrian
B2B and B2C market. In particular, Internet-based companies are
increasingly relying on Austrian Post´s quick delivery service.

As expected, revenue decreased in the standard parcels segment in
Austria, which comprises 16% of total division sales, due to the
market entry of a German parcel services provider. The redimensioning
of parcel logistics initiated at the end of 2007 to increase the
profitability of parcels services is proceeding as planned. In the
first half of 2008, earnings before interest and tax (EBIT) of the
Parcel & Logistics Division amounted to EUR 7.1m, which is related to
the loss of two large parcels customers in Austria.

Branch Network Division External sales of the Branch Network Division
increased by 0.2% in the first half-year 2008 compared to the same
period of the previous year, to EUR 94.0m. The decline in mobile
telephony sales could be compensated by the growth in financial
services, in particular during the second quarter of 2008. The growth
measures which were initiated, such as the sales drive focusing on
private customers as well as higher interest rates, had a positive
effect. These measures were accompanied by the launch of a program
featuring targeted sales training to customer consultants, and an
improvement in the assortment of products and services offered in the
branch network, which in turn led to a rise in customer deposits.

Internal sales of the Branch Network Division decreased due to lower
mail volumes handled by the branch network. Austrian Post succeeded
in raising earnings before interest and tax (EBIT) of the Branch
Network Division to EUR 6.7m in the first six months of 2008, which
is primarily attributable to cost discipline and organisational
optimisation measures.

end of announcement euro adhoc
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ots Originaltext: Österreichische Post AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Austrian Post

Head of Investor Relations

Mr. Harald Hagenauer

Tel.: +43 (0) 57767 - 30400

Head of Group Communications

Mr. Marc Zimmermann

Tel.: +43 (0) 57767 - 22626

marc.zimmermann@post.at

Press Spokesman

Mr. Michael Homola

Tel.: +43 (0) 57767 - 32010

michael.homola@post.at

Branche: Transport
ISIN: AT0000APOST4
WKN: A0JML5
Index: ATX Prime, ATX
Börsen: Wiener Börse AG / stock market