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An Post Annual Report 2019

1

Contents

Chairperson’s Introduction 4

Board of Directors 5

Chief Executive’s Statement 6

Financial Review 8

Mails and Parcels Review 10

Retail Review 12

Report of the Directors 14

Independent Auditor’s Report to the Members of An Post 24

Consolidated Income Statement 27

Consolidated Statement of Other Comprehensive Income 28

Consolidated Statement of Financial Position 29

Consolidated Statement of Changes in Equity 30

Consolidated Statement of Cash Flows 31

Company Statement of Financial Position 32

Company Statement of Changes in Equity 33

Notes to the Financial Statements 34

Financial and Operational Statistics (not covered by Independent Auditor’s Report)

82

Universal Service (not covered by Independent Auditor’s Report)

84

Corporate Information 86

2

2016

-€14.1m

€4.7m2017 2018

€37.6m

2019

€41.9m

Strategy Delivering Results

See Consolidated Income Statement on Page 27 for 2019 and 2018 results. Prior years detailed on page 82.

3

2016

-€14.1m

€4.7m2017 2018

€37.6m

2019

€41.9m

€41.9m

€143m 99%

30% 96.7%

€892m

Revenue for year ended 31 December 2019

Profit before transformation costs, one off items, net finance costs and taxation

Funded Pension Scheme as at 31 December 2019

Unrestricted cash at 31 December 2019

Parcels Volume Up in 2019 Quality of Service in 2019

4

Chairperson’s Introduction

I am pleased to report profits of €41.9m for An Post. The results are testimony to the merit of the Strategy and the direction the Board and Management have taken the Company.

The achievements set out in this Annual Report have been enabled by the clear Strategy established and the Management drive to implement this. The profits of €41.9m will be used to ensure An Post has a sustainable financial position and allow it to provide the products and services that the economy requires and that the population can now enjoy. We have a very positive working relationship with staff in the organisation thus enabling these achievements.

In 2020 the Group will build on what has been established, new and enhanced services for Mails and Parcels and new product offerings in Financial Services will be brought to the market. These developments will further enhance the ability of the Group to ensure a secure financial future.

The cash position of the Group shows continued improvement. This allows for stability and facilitates management in building a sustainable business. The Group cash position stands at €143m at 31 December 2019. In the year the Group signed a finance contract with the European Investment Bank for €40m and at 31 December 2019 had drawn down €10m of this facility. It is an endorsement of the Strategy of the Group that it has attracted support from such a source.

I want to thank the CEO and his management team, the staff and unions and my fellow Board members who serve the Group so well. I want also to acknowledge the contributions Mr Ed Murray and Ms Jennifer Loftus who completed their terms of office in March 2019. I welcome

Mr Kieran Mulvey who joined the Board in September 2019 and look forward to his and the contributions of all Board members in 2020.

I wish to thank the Minister for Communications, Climate Action and Environment, Richard Bruton T.D., and the officials in the Department and NewERA for their assistance and support during 2019.

In the very recent past, the nation of Ireland has started to deal with the challenging consequences of the Covid-19 outbreak. The management team supported by the Board are implementing plans to deal with this unprecedented international incident. Health and safety is our priority and we will endeavour to support the nation in any aspect of daily life where we can play a part. We will do all in our practical capacity for staff, customers and the nation as a whole.

Dermot Divilly Chairperson

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2016

Board of Directors

1. Dermot Divilly Chairperson

2. Noel Adamson

3. Carol Bolger

4. Deirdre Burns

5. Peter Coyne

6. Thomas Devlin

7. Pádraig McNamara

8. David McRedmond Chief Executive Officer

9. William Mooney

10. Kieran Mulvey

11. Martina O’Connell

12. Mary O’Donovan

13. Niall Phelan

14. James Wrynn

15. Paula Butler Company Secretary

1

5

9

13

2

6

10

14 15

3

11

4

8

12

7

6

An Post has a central role in Irish life and the economy, it is transitioning from an old mails world to a new world of e-commerce and is increasingly adding new product and service offerings for the public. My team and all of our great staff have a clear Strategy and are delivering significant transformation:

• Revenue grew by 2.0%, placing An Post amongst the best performing postal services in Europe.

• Profits grew to €41.9m, a sustainable profit trend for the business;

While the financial success is greatly welcome, the work done in our organisation has been much deeper than generating short term profits. In implementing the strategy, the management team have;

• negotiated a complex and difficult solution to consolidate the Post Office Network and created a whole new suite of financial services to benefit communities across the State;

• reached agreement with its Unions to reform its service standards, including extending deliveries to 6 days a week which allowed An Post to compete in the e-commerce market;

• designed and built a major parcel automation centre which opened in October 2019 and led to a flawless “peak” season at Christmas, which its largest customer Amazon said was the best news from Europe that it was sending to Seattle [Amazon HQ];

• opened up (with great difficulty) international postal agreements which had previously been considered closed, to ensure that An Post got properly remunerated by foreign postal services for delivering mail;

• developed a digital platform which has revolutionised the customer experience for consumers across the State, ensuring the same access to goods in Ballina as in Boston or Berlin;

• become the leader in Electric Vehicles, ensuring zero emissions in the City Centre of Dublin by the early 2020, and well on track to guaranteeing zero emissions in all cities across Ireland by the end of 2020;

• strengthened its cash and balance sheet by securing a €40m loan from the European Investment Bank, and successfully executing the sale of the One4All gift voucher business, resulting in a profit to An Post of €40m;

• effectively relaunched the whole business through a complete re-purposing of the brand “acting for the common good, now and for generations to come”, reinforced through a highly successful rebranding.

These are the achievements that I reflect on with the most pride, but there is always more to do in this fast changing world, and we must continue to change at a faster pace than those around us.

The challenge now for the Company is to be sustainable in the long term. We must maintain the pressure to improve the core economics, find growth where we can, and become more efficient elsewhere. Our investment in both capital and operating expenditure is being switched to the new world.

Our purpose is clear: We express our commitment by focusing on the UN Sustainable Development Goals which are core to our industry:

Decent work: no to zero hour contracts, the excesses of the gig economy and rigid hierarchical structures; yes to great employment, and an efficient and flexible organisation, which is inclusive and diverse. A strategy to transform for the new world we operate in requires a contemporary culture reflecting our customer base and societal change.

Sustainable cities and communities: present in every community and delivering to every home. This is expressed in our commitment to have a post office in every community of over 500 people. An Post aims to be a force for good, expressed through our programmes from literacy to addresses for homeless citizens.

Chief Executive’s Statement

7

Climate change: as the operator of the largest nationwide fleet we have made a leading commitment to reducing carbon emissions and switch to renewable electric vehicles. We have only electric vehicles for delivery in the City Centre of Dublin. We aim to reduce carbon emissions by 50% by 2030, and completely by 2050.

Innovation and Partnerships: Partnership is the ingredient for An Post’s recovery: with our board, with our unions, especially the CWU, with the IPU, with our unique shareholder Government, and with the best technology and strategy partners, who innovate and bring world class skills to our Company.

Responsible Consumption and Production: As a major Irish company, minimising environmental and social impact of activities and supply chain, training staff to ensure responsible buying and tender procedures and including Sustainability in evaluation scoring for all tenders.

The consolidation of the post office network has assured the widest possible distribution across the State with an ever-improving network. While we are rolling out more financial services and e-commerce across the post office network, we need to match this progress with a full range of Government services. Citizens should be able to conduct most of their government interactions through the Post Office.

Our optimism is strong for the future, and the agenda for 2020 is every bit as ambitious as 2019:

• A focus on delivering our brand promise for customers

• A revitalised post office network, and the expansion of An Post Money

• The best e-commerce service, in and out of home, backed by automation

• A transformed HQ

• Digital transformation making our products and services more accessible and improving our efficiency

• Buy-in amongst stakeholders to a long-term strategy and culture change.

However, in the short term, the Group is dealing with the implications of the Covid-19 outbreak and the impact it is having on the entire nation. We have clearly laid out two objectives: first, to look after the health of our employees and customers, and second to keep both of our networks open. By the time of this report I am pleased to say we have had fewer cases of Covid than anticipated; and both networks have operated at almost 100% capacity, to the extraordinary credit of An Post’s staff, management, the Unions and the Board.

This period is also a time to focus on An Post’s role as a public service, more than as a business. The balance sheet is strong enough to cope with the expected major financial impact. All efforts now are on recovery and accelerating the transformation agenda. We will continue to act for the common good and play our part in what is a very difficult time.

An Post is a trusted intermediary for all citizens and businesses to navigate the potential and benefits of the new world. This while all the time remembering the importance of human connections. All e-commerce ends in a physical transaction, and the best money services and government interactions have a real human dimension.

We will achieve excellence as we move forward. This will equip us to deal with the headwinds of mail decline from e-substitution and the development of a cashless society threatening the viability of the Post Office network.

The global forces of digitalisation have shaken the postalsector business to its core. It has taken a superhumaneffort to deliver the recovery and it will take more again todevelop sustainability. But no one will fault us for effort andimagination as we deliver now and for generations to come.

David McRedmond Chief Executive Officer

An Post is a trusted intermediary for all citizens and businesses to navigate the potential and benefits of the new world.

8

Financial Review

2019

€m

2018

€m

Profit (before transformation costs, one off items, net finance costs and taxation) 41.9 37.6

Transformation costs (15.3) (14.0)

Other Income: Profit on disposal of subsidiaries 40.0 -

Profit (before taxation) 66.3 26.8

Revenue 892.1 897.0

Net assets (before pension liability) 308.4 251.9

The results set out above reflect the transformation of the financial position of the Group. The profit of €41.9m represents a real change from the equivalent result in 2016, which was a loss of €14.1m.

The year benefitted from the finalisation of the disposal of the One4All Gift voucher business and the overall profit figure of €66.3m is an excellent achievement and an endorsement of the strategy being pursued.

Revenue Group revenue in the year was €892.1m. This is an increase of 2.0% over 2018 revenue (on a comparable basis, adjusting for the impact of the Gift Voucher Shop disposal). The strong performance in the revenue line was driven by significantly increased packets and parcel volumes, price adjustments and the volumes generated from elections and referenda offset by the impact of the decline in volume of traditional mail.

Traditional mail volume continued to decline over the year. The full year decline in 2019 versus 2018 was 6.3%. Similar rates of decline are being recorded across the postal sector internationally (Royal Mail are forcasting

a decline rate of circa 8% in the current year). In the absence of remedial action, the financial cost of this decline in traditional volumes was €25m in the financial year 2019. It is very significant to grow the revenue from parcels and new services to such an extent to actually achieve an overall growth in comparable income of €17.6m.

The basic price of a stamp was retained at €1 euro for a third year in a row.

Costs Group operating costs before transformation costs were €853m. There is a reduction in the annual usage of Full Time Equivalents (FTE’s) due to the re-alignment of labour hours to adjust to the decline in traditional mails volumes. There were some additional costs in the year such as labour inflation costs and additional costs of servicing the significantly increased packets and parcels volumes.

The increases in non pay costs reflect costs of additional activity in both the Company and its subsidiaries, costs associated with the implementation of the Strategic Plan, investment in the brand, as well as some general price inflation.

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Transformation costs of €15.3m were incurred in the year, as the process of reforming the Group continued. The long term one-off costs associated with the Post Office change, i.e. payments to sign up to new contracts and severance for Postmasters are classified as Transformation Costs. These costs amounted to €9.8m in 2019.

The business continues to optimise the Mails and Parcels operating model. As a result of the continued decline in traditional mail volumes, a decision was taken in June 2019 to close the Cork Mails Centre. The closure while in process at 31 December 2019 will be completed by the end of March 2020. A provision for restructuring costs of €5.5m has been made in the 2019 financial statements in relation to the closure and these costs are included as Transformation Costs.

Profit on disposal of Subsidiaries At the end of January 2019, the One4All Gift Voucher Shop group was sold to Blackhawk Network, a global financial technology company in a deal which valued the An Post shareholding in One4All voucher business at €54m. A profit on the sale of the subsidiaries of €40m has been recognised in 2019.

This transaction was a very significant strategic decision for the Group. The price achieved reflected the added value that An Post had made to the business in the period it was in the ownership of the One4all voucher business. There are and will continue to be growth opportunities for other products in the Post Office suite and the success of this transaction will prove a test case for other innovative developments going forward. The funds raised will be applied to the Strategy for the Group and assist in building new product and service offerings going forward.

The sale of Precision Marketing Information Limited, a relatively small subsidiary, which provided marketing data, database services and business directories was completed in March 2019.

Subsidiaries and Investments An Post Insurance and Air Business, our UK subsidiary, performed strongly during the year. An Post continues to hold its 10.7% shareholding in Premier Lotteries Ireland, the operator of the National Lottery licence for a period of 20 years up to 2034. The investment is currently valued at €36.9m and it continues to generate results and cash flow in line with our expectations.

Balance Sheet The Group owned cash at 31 December 2019 is €143m. This balance was €115m at 31 December 2018.

The deficit on the Pension Fund at 31 December 2019 has reduced to €28m. This compares with €48m at the end of 2018. There are 17,300 members of the pension scheme. The Pension Fund had assets under its control of €3,538m at 31 December 2019 with associated actuarially valued liabilities of €3,566m at the same date. The assets of the Pension Fund increased by €474m

during 2019. This increase in asset values was matched by a €454m increase in actuarially valued liabilities as a consequence of the decline in the discount rate (2.1% at 2018 compared with 1.35% at 2019) used to measure scheme liabilities.

The European Investment Bank, (EIB), have entered a finance contract with An Post for the provision of a loan facility of €40m to support the implementation of a number of the projects underpinning the Strategic Plan. This relationship is very welcome for the Group and enhances the financial strength being built to support the implementation of the Strategy going forward. In December the Company drew down the first €10m of the agreed €40m loan facility from the EIB.

As part of the finance structure the Group also has a €30m Government Loan on the balance sheet at the year end.

The Group adopted IFRS 16 Leases on 1 January 2019, and the balance sheet now reflects the large number of operating leases the Group holds in respect of properties and vehicles. As a result of adopting the standard, the Group has recognised Right of Use Assets of €93m on the year end balance sheet with corresponding associated lease liabilities of €95m. It also had the impact of reducing profits in the Group by €1.3m in the year because at the beginning of the lease term, the interest charge is higher than towards the end of the lease term. Over the life of any lease, there is no impact on the profit. The new accounting standard provides enhanced financial information on the large number of leased assets that are used by the business.

Conclusion The financial results for 2019 are very positive and mark the third year of profitability for the Group. This, along, with the disposal of assets and the sourcing of significant long term funding has enabled the Group to accumulate resources to execute the strategic direction and rationalisation programme. This refocusing of the Group and the continued implementation of the rationalisation programme will ensure the continued success of the business.

Peter Quinn Chief Financial Officer

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Mails and Parcels Review

Revenue

The Mails and Parcels business had revenue of €614.4m in 2019 compared with €595.8m in 2018.

This growth in revenue is very welcome and allows the Mails and Parcels business to invest in improvements. It is also an endorsement from the customer base for our dedication to Quality of Service and the addition of added value services.

Parcels The strategy of targeting increased market share in the parcel sector has been a success with the business experiencing significant revenue growth from existing and new customers. 2019 saw better than expected growth in the parcels business. This resulted in additional contract parcel revenues of 30%. The peak parcel period from November to December exceeded expectations resulting in our busiest Christmas period to date for parcels.

Traditional Mail The decline in traditional mails volumes continued in 2019, the rate of decline this year at 6.3% was broadly similar albeit a little lower to that experienced in 2018 when the decline was 8%. Special occasion mailings like our Christmas campaign, and some special ‘mail moments’ such as Valentine’s Day were very well supported.

Pricing Pricing is an important aspect of the Mails and Parcels sector. Extensive customer and market research informs the pricing policy for the Group. We are very satisfied that we have made appropriate pricing decisions and implemented them effectively.

There have been significant plans made during 2019 that will manifest in the operation in 2020. Firstly, the implementation of the parcel automation programme

will significantly increase the processing capabilities. This commenced in quarter 4 of 2019 and there is a second automated packet machine going into operation in Quarter 2, 2020. Secondly, our final mile delivery efficiencies will allow the operation to continue to grow the parcel business while at the same time right size the operation in line with traditional mail volume decline.

The An Post Commerce brand is providing the Mails and Parcels business with a platform to grow in our key markets of parcels, mails and mail media.

Operating Model There is ongoing change in our operational model. We have expanded our services to include Saturday delivery, our customer experience is being enhanced with digital and technology improvements in our communications. We expanded our fleet last year to over 3,200 vehicles in order to provide an enhanced parcel delivery experience for our customers.

Sustainabilty Sustainability and the various improvements that will be required from business in the future is a significant influencer for our Mails and Parcels business. In this respect we are now doing all our deliveries between the canals in Dublin in Electric Vehicles and we have plans to bring this to the other cities of Ireland in the near future.

Garrett Bridgeman Managing Director An Post Mails and Parcels

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2016

-14.1

2017 2018 2019

4.7

37.6

41.9

2.312m

6.3%30%

€614.4m

€18.6mRevenue up

Parcel Volumes up

Delivery Points Serviced Daily

Traditional Mails Decline

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The strategy developed for the Retail business is to launch new products, mainly in the Financial Services area, to replace, in part, reduced revenues from other traditional streams such as social welfare transaction fees. Turnover in the Retail business was €162.9m in 2019 and grew from €159.6m in the prior year.

Financial Services Our new brand ‘An Post Money’ was launched in March bringing together all our financial services products and propositions under one umbrella. Our ‘Human about Money’ brand purpose underpins how we engage with our customers by making our products and services fair and fast and putting customers in control of their finances.

The Retail business manages €21.2bn in State Savings on behalf of the National Treasury Management Agency (NTMA). The business continues to engage with the NTMA to improve the overall customer experience for State Savings customers.

Our FX Currency Card was launched in Quarter 1 with a total of ten major currencies available on one card. The product was enhanced in November when six additional currencies were added to the card. In July we provided additional foreign exchange cash services through our branch network.

Our consumer credit proposition with a market leading credit card offering and personal loans of up to €75,000 was brought to the market. To date An Post has achieved 15% of new credit card sales and is the leading provider of credit cards after AIB and Bank of Ireland. Our current account continues to add significant customer numbers with a 60% growth in 2019 versus 2018.

Network Transformation The Post Office network consisted of 943 offices at the end of 2019, of which 45 are company operated and 898 are contractor operated. 60% of all Contract Post Offices are now co-located with other high footfall retail businesses. The Retail Transformation programme was further supported by the opening of four new Concept offices with open plan counters in 2019.

Government Services The Retail business provides many services to Irish citizens on behalf of Government. The business continues to extensively engage with Government to improve the services that we currently offer and to highlight potential services that could be provided to Irish citizens.

Other Key Services The Post Office Network also provides other services such as An Post Mobile and Gift Vouchers. Double digit growth in sales of Gift Vouchers sold through the Post Office network was achieved in 2019.

An Post Insurance An Post Insurance (An Post’s wholly owned insurance intermediary subsidiary) enjoyed a very successful year, growing its base of policy holders by 3.4%. Underpinning this success have been improved levels of price competitiveness for car and home insurance - allied with the transformation of the online customer quote and buy journeys on anpostinsurance.ie.

Debbie Byrne Managing Director An Post Retail

Retail Review

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2016

-14.1

2017 2018 2019

4.7

37.6

41.9

€21.2bn

€14bn€311m

€162.9m

€3.3mRevenue up

FX Sales

State Savings Managed

Transaction Value at Counters

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Report of the DirectorsThe Directors have pleasure in presenting the Directors’ Report

together with the audited financial statements of the Group for

the year ended 31 December 2019.

1. The Group and its Principal ActivitiesThe Group’s principal activity is to operate the national postal service and the network of Post Offices. It also manages a number of commercial enterprises and has an investment in Premier Lotteries Ireland, the National Lottery operator.

2. ResultsDetails of the results for the year are set out in the consolidated income statement on page 27 and in the related notes to the financial statements. The directors did not pay an interim dividend (2018: Nil), and do not propose the payment of a final dividend for the year (2018: Nil).

3. Business ReviewThe profit before transformation costs, one off items, net finance costs and taxation of €41.9m compares very favourably with the equivalent profit of €37.6m in 2018. The review of business for the year is dealt with in greater detail in the Chief Executive Report (page 6) and the Financial Review (page 8).

In monitoring performance, the directors and management have regard to a range of key performance indicators (KPIs), including the following:

KPIPerformance

in 2019Performance

in 2018

Operating result

Profit before transformation costs, one off items, net finance costs and taxation 4.7% 4.2%

Staff costs as a percentage of total operating costs 58.8% 58.1%

Postmasters’ costs as a percentage of total operating costs 7.7% 8.1%

Other operating costs as a percentage of total operating costs 33.5% 33.8%

Staff - Average Full Time Equivalents (FTE)

Company 9,061 8,930

Subsidiaries 690 793

Group 9,751 9,723

Mails and parcel business

Mails and parcel revenue €614.4m €595.8m

Core mail volumes decline (6.3%) (7.3%)

Retail business

Social welfare transactions 29.5m 31.2m

Billpay transactions 16.0m 17.0m

TV licence sales 1.48m 1.48m

Investment Products - net fund inflow/(outflow) €219.5m (€189.8m)

Post Office Savings Bank - net fund inflow €112.1m €186.2m

Prize Bonds - net fund inflow €239.6m €245.1m

Customer Service

Written complaints 31,357 30,214

Telephone enquiries 680,504 746,614

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4. Principal Risks and UncertaintiesIn accordance with the requirement to analyse the key risks and uncertainties facing the future development of the Group and Company, the following have been identified:

• Customs 2020, adverse e-Commerce impact

• Brexit; failure to agree a trade deal by the end of the Transitional Period

• Inflexible and Inefficient Cost Structure

• Industrial Relations not delivering sufficient pace of change

• Post Office Network - sustainability of individual post offices

• IT Business change support capability

• New entrant with high volume delivery capacity

• Sustainability – adverse impact on e-Commerce

• Funding of strategy impacted by legislative delay

• Organisational change capability

• Packets and Parcels delivery capacity

• Financial services regulatory compliance

• Coronavirus outbreak

The directors have analysed these and other risks and appropriate programmes are in place to manage and control these risks. The Corporate Governance Statement which is incorporated into the Directors’ Report, sets out the policies and approach to risks and the related internal control procedures and responsibilities. The directors have also considered going concern as set out in note 1 to the financial statements.

5. Directors, Secretary and their InterestsMr Ed Murray and Ms Jennifer Loftus completed their terms of office in March 2019. Mr Kieran Mulvey was appointed by the Minister to the Board on 16 September 2019. There were no other changes in the composition of the Board since the date of the previous report of the directors.

The directors and secretary who held office at 31 December 2019 had no interests in the shares, or the debentures of the Company or any Group company at any time during the financial year 2019.

6. EmployeesThe Group is an equal opportunities employer. All applications for employment are given full and fair consideration, due regard being given to the aptitude and ability of the individual and the requirements of the position concerned. All employees are treated on equal terms as regards training, career development and promotion. An Post is pleased to confirm that its employment of people with disabilities exceeds the target of 3% set under the Disabilities Act, 2005. The employment of people with disabilities for 2019 was 5.49%.

An Post is committed to ensuring the highest safety standards and safe practices for its employees, contractors and members of the public, through the prevention of injury, ill health and by applying the high standards which are detailed in the company’s Safety Management System. This commitment is achieved through our compliance with the requirements of the Safety, Health and Welfare at Work Act 2005, the Safety Health and Welfare at Work (General Application) Regulations, 2007 (as amended) and all other relevant statutory provisions and codes of practice. In 2019, there were 1.6 lost time accidents per 100,000 hours worked, a 40% improvement on 2018 figures.

An Post successfully maintained its accreditation to the Occupational Health and Safety Management System Standard, OHSAS 18001:2007, and will transition to the new ISO 45001 safety standard during the first part of 2020. 2,920 employees attended specific safety training courses in 2019. 211 fleet drivers, participated in the risk-based ‘Professional Driver’ programme, and a further 508 HGV drivers completed professional driver CPC modules during the year. In addition, 483 drivers undertook E-vehicle familiarisation training. An Post is striving for excellence in this area and is continuing to increase awareness among employees and contractors of the necessity for the highest safety standards.

7. Prompt Payment of AccountsThe policy of An Post is to comply with the requirements of relevant prompt payment of accounts legislation. The Group’s standard terms of credit taken, unless otherwise specified in contractual arrangements, are 30 days. Appropriate internal financial controls are in place, including clearly defined roles and responsibilities and monthly reporting and review of payment practices. These procedures provide reasonable but not absolute assurance against material non-compliance with the regulations.

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Report of the Directors continued

8. Treasury Risk ManagementThe Group’s treasury operations are managed in accordance with policies approved by the Board. The Group’s financial instruments are limited to cash, term deposits and bank loans/overdrafts and as such the Group’s operational exposure to financial risks are limited. The Group’s treasury risk management policy allows for limited foreign exchange hedge positions to be taken but does not include the use of derivatives.

9. Accounting RecordsThe directors believe that they have complied with the requirements of Section 281 to 285 of the Companies Act, 2014 with regard to adequate accounting records by employing personnel with appropriate expertise and by providing adequate resources to the financial function. The accounting records of the Company are maintained at the Company’s premises at the General Post Office, O’Connell Street, Dublin 1, D01 F5P2.

10. Directors’ Compliance StatementThe directors acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations. In addition, the directors confirm that a compliance policy document has been drawn up that sets out policies that are appropriate to the Company, respecting compliance by the Company with its relevant obligations and that appropriate arrangements or structures are in place that are, in our opinion, designed to secure material compliance with the Company’s relevant obligations, and during the financial year, the arrangements or structures referred to above have been reviewed.

11. Political DonationsDuring the financial year ended 31 December 2019, the Group made no political contributions which would require disclosure under the Electoral Act 1997.

12. Subsequent EventsThe Covid–19 situation as it impacts Ireland and the An Post business is a very significant event. There is no outcome from this that requires the adjustment of the Financial Statements. The Directors and executive are taking the situation with the utmost seriousness and will monitor the impact on the business on a continuous basis.

The business operations are continuing with measures to protect health and safety for employees and customers being implemented along with the best advices from

health experts and science. Operations are continuing with plans being implemented to cover where there may be business interruption and working remotely being facilitated to assist the national effort with respect to social distancing and so forth.

The trading performance and the operations are being monitored carefully. To date the operations and activity levels are being maintained and the business is adjusting to the ways of working as required.

13. Going ConcernThe Board of Directors have a reasonable expectation that the Group will have adequate resources to continue in business for a period of at least 12 months from the date of approval of these financial statements. For this reason, they continue to adopt the ‘going concern’ basis for the preparation of the financial statements. Details are set out in note 1 to the financial statements.

14. Corporate Governance

14.1 Code of Practice for the Governance of State Bodies (2016)The Board is responsible for ensuring that An Post has complied with the requirements of the Code of Practice for the Governance of State Bodies (“the Code”), as published by the Department of Public Expenditure and Reform in August 2016. The Board has adopted the Code of Practice for the Governance of State Bodies (2016) and has put procedures in place to ensure compliance with the Code and was in full compliance with the Code of Practice for the Governance of State Bodies for 2019.

14.2 Board ResponsibilitiesThe work and responsibilities of the Board are set out in the Terms of Reference for the Board. The Company also has a schedule of matters specifically reserved for Board decision. Standing items considered by the Board include; declaration of interests, reports from committees, financial reports/management accounts, performance reports, and reserved matters.

In addition to being responsible for the Company keeping adequate accounting records, as required by the Companies Act 2014, Section 32 of the Postal and Telecommunication Services Act 1983 (‘the Act’) requires the Board to keep, in such form as may be approved by the Minister with consent of the Minister for Public Expenditure and Reform, all proper and usual accounts of money received and expended by it. In preparing these financial statements, the Board is required to; select suitable accounting policies

17

and apply them consistently, make judgements and estimates that are reasonable and prudent, prepare the financial statements on the going concern basis unless it is inappropriate to presume that it will continue in operation, and state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The Board is responsible for keeping adequate accounting records which disclose, with reasonable accuracy at any time, its financial position and enables it to ensure that the financial statements comply with Section 32 of the Act. The maintenance and integrity of the corporate and financial information on An Post’s website is the responsibility of the Board. The Board is responsible for approving the annual plan and budget. An evaluation of the performance of An Post by reference to the annual plan and budget is carried out at each Board meeting. The Board is also responsible for safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board considers that the financial statements give a true and fair view of the financial performance and the financial position of An Post at 31 December 2019.

14.3 Board StructureThe Group is controlled through its Board of directors. The Board’s main roles are to oversee the operation of the Group, to provide leadership, to approve strategic objectives and to ensure that the necessary financial and other resources are made available to enable those objectives to be met. Certain matters are specifically reserved to the Board for its decision. The specific responsibilities reserved to the Board include; setting Group strategy and approving an annual budget and medium-term projections; reviewing operational and financial performance; approving major capital expenditure; reviewing the Group’s systems of financial control and risk management; ensuring that appropriate management development and succession plans are in place; reviewing the environmental, health and safety performance of the Group; approving the appointment of the Company Secretary; and maintaining satisfactory communication with shareholders.

The Board has delegated the following responsibilities to management; the development and recommendation of strategic plans for consideration by the Board that reflect the longer-term objectives and priorities established by the Board; implementation of the strategies and policies of the Group as determined by

the Board; monitoring of the operating and financial results against plans and budgets; prioritising the allocation of technical and human resources; and developing and implementing risk management systems.

14.4 Board MembershipThe Board consists of fourteen directors including, the Chairperson, the CEO, five employee directors, one postmaster director and six non-executive directors. The table below details the date of appointment by the Minister and the appointment period for current members:

Board member Role

Date Appointed by Minister Term

Dermot Divilly

Chairperson 01/12/2015 5 years

Noel Adamson

Employee director

01/11/2016(2nd Term)

4 years

Carol Bolger

Non-executive director

11/05/2017 5 years

Deirdre Burns


11/05/2017 5 years

Peter Coyne


31/10/2018 5 Years

Thomas Devlin

Employee director

01/11/2016(4th Term)

4 years

Padraig McNamara

Postmaster director

01/01/2019 3 Years

David McRedmond

Group CEO 03/10/2016 7 years

William Mooney

Employee director

01/11/2016(2nd Term)

4 years

Kieran Mulvey


16/9/2019 5 Years

Martina O’Connell

Employee director

01/11/2016(2nd Term)

4 years

Mary O’Donovan


31/10/2018 5 Years

Niall Phelan

Employee director

01/11/2016 4 years

James Wrynn


15/09/2016 (2nd Term)

5 years

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14. Corporate Governance continued

14.4 Board Membership continuedAll directors are appointed to the Board by the Minister for Communications, Climate Action and Environment and their conditions of appointment and fees are set out

in writing.

Employee directors are elected in accordance with the Worker Participation (State Enterprises) Acts, 1977 to 1993, for a term of four years. The postmaster director is elected in accordance with Section 81 of the Postal and Telecommunications Services Act, 1983 for a term of three years. All other directors are appointed for a fixed term, usually five years.

14.5 Key Personnel ChangesMr Ed Murray and Ms Jennifer Loftus’ terms expired in 2019. In accordance with the Act and following a process undertaken by the Public Appointments Service, the Minister appointed a non-executive member, Mr Kieran Mulvey.

Given its legal status as a State Company and the responsibility of its principal shareholder in the appointment of directors, the Board believes that it has fulfilled all of the obligations that are required in respect of the appointment of directors.

14.6 Induction and Ongoing TrainingOn appointment, all new directors take part in an induction programme when they receive information about the Group, the role of the Board and the matters reserved for its decision, the terms of reference and membership of the Board and principal Board Committees, the Group’s corporate governance practices and procedures, including the responsibilities delegated to Group senior management, and the latest financial information about the Group. This will typically be supplemented by meetings with key senior executives. Throughout their period in office, the directors are continually updated on the Group’s business, the competitive and regulatory environments in which it operates, corporate social responsibility matters and other changes affecting the Group and the postal industry as a whole, by written briefings and meetings with senior executives. Directors are also advised on appointment of their legal and other duties and obligations as a director, both in writing and in face-to-face meetings with the Company Secretary. They are also updated on changes to the legal and governance requirements of the Group and upon themselves as

directors. All directors have access to the advice and services of the Company Secretary.

14.7 The Roles of the Chairperson and Group CEOThe positions of Chairperson and Group CEO are held by different people. The Chairperson leads the Board in the determination of its strategy and in the achievement of its objectives. The Chairperson is responsible for organising the business of the Board, ensuring its effectiveness and setting its agenda.

The Chairperson facilitates the effective contribution of all directors and constructive relations between the executive director and the other directors, ensures that directors receive relevant, accurate and timely information and manages effective communication with shareholders.

The Chief Executive Officer has direct charge of the Group on a day to day basis and is accountable to the Board for the financial and operational performance of the Group.

The Board through the Chairperson and management, maintain an ongoing dialogue with the Company’s shareholders on strategic issues. The Chairperson and the Chief Executive Officer give feedback to the Board on issues raised with them by the shareholders. All directors normally attend the Annual General Meeting and shareholders are invited to ask questions during the meeting and to meet directors after the formal proceedings have ended.

The Board has formal procedures in place whereby the Chairperson meets with the non-executive directors without the executive director being present.

14.8 Directors’ IndependenceDirectors have the right to ensure that any unresolved concerns they may have about the running of the Group or about a particular course of action are recorded in the Board minutes. If they have any such concerns, they may, on resignation, provide a written statement to the Chairperson, for circulation to the Board. The directors are given access to independent professional advice at the Group’s expense where they deem it necessary to discharge their responsibilities as directors.

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14.9 Performance EvaluationThe Board has adopted and performed a formal process for the evaluation of its own performance and that of its principal Committees. This includes periodic external performance evaluation. The Board considers that the introduction of any further evaluation of individual directors would be inappropriate given the manner of appointment of directors, the shareholding structure and existing Board procedures.

14.10 Board CommitteesThe Board has established the following committees:

1. Audit and Risk Committee (‘ARC’): comprises three Board members. Under its terms of reference, the Committee is to assist the Board in fulfilling its responsibilities by the monitoring of:

• The financial reporting process;

• The effectiveness of the Company’s system of internal control, internal audit and risk management; and

• The statutory audit of the Company’s statutory financial statements.

• The effectiveness of the external audit process and making recommendations to the Board in relation to the appointment, re-appointment and remuneration of the external auditor. It is responsible for ensuring that an appropriate relationship between the Group and the external auditor is maintained, including reviewing non-audit services and fees.

• The review and monitoring of the independence of the statutory auditor and in particular the provision of additional services to An Post.

In order to maintain the independence of the external auditor, the Audit and Risk Committee has determined policies as to what audit related and non-audit services can be provided by the Group’s external auditors and the approval process related to these services. Under these policies, work of a consultancy nature will not be offered to the external auditor unless there are clear efficiencies and value-added benefits to the Group while ensuring that the objectivity and independence of the external auditor is maintained.

The members of the ARC are Deirdre Burns (Chairperson), Peter Coyne and Mary O’Donovan. There were six meetings of the ARC in 2019.

2. Remuneration Committee comprises three Board members. The Committee acts on behalf of the Board and takes all significant decisions on matters such as remuneration policy, benefits, third party recommendations and related issues. The members of this Committee are; Dermot Divilly (Chairperson), David McRedmond and Carol Bolger. The Chief Executive Officer absents himself from meetings when matters relating to his own remuneration are being considered. There were three meetings of the Committee in 2019.

3. Health and Safety and Security Committee comprised of three Board members during 2019. The Committee’s principal responsibilities are to monitor the effectiveness of the Company’s Safety Management and Security Systems, satisfy itself as to Company compliance with applicable health and safety and security legislation and regulations, and ensure incidents are reduced to as low as reasonably practicable. The Committee also monitors the development, implementation and continual improvement of strategies, management systems and processes to ensure that adequate health and safety and security regulations and procedures (including emergency response planning) are in place.

The members of this committee are Carol Bolger (Chairperson), Martina O’Connell and Noel Adamson and Thomas Devlin joined the Committee in 2020. There were four meetings of the Committee in 2019.

4. Strategy Committee comprises three Board members. The Committee’s Terms of Reference are to consider and make recommendations to the Board on strategic issues, including recommending the strategic plan to the Board for adoption. In addition, the Committee monitors the implementation by management of the agreed strategic plan, and to propose corrective actions or prioritisation of elements of the plan, if required, during the life of the plan.

The members of this committee are Dermot Divilly (Chairperson), David McRedmond and Deirdre Burns. The Committee met once in 2019.

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14.11 Schedule of Attendance, Fees and ExpensesA schedule of attendance at the Board and Committee meetings for 2019 is set out below including the fees and expenses received by each member:

Member Board

Audit & Risk

CommitteeRemuneration

Committee

Health & Safety & Security

CommitteeStrategy

Committee

Fees2019

€’000

Fees2018

€’000

No. of meetings during year 9 6 3 4 1 - -

Dermot Divilly 9/9 1/1 3/3 1/1 31 31

Noel Adamson 8/9 - - 4/4 - 16 16Carol Bolger 7/9 - 3/3 4/4 - 16 16Deirdre Burns 9/9 6/6 - - 1/1 16 16Peter Coyne 9/9 5/5 - - - 16 3Thomas Devlin 8/9 - - - - 16 16Jennifer Loftus 1/1 1/1 - - - 3 16David McRedmond 9/9 - 3/3 - 1/1 - -Padraig McNamara 7/9 - - - - 16 -William Mooney 8/9 - - - - 16 16Kieran Mulvey 1/1 - - - - 5 -Ed Murray 1/1 - - - - 3 16Thomas O’Brien - - - - - - 7Martina O’Connell 7/9 - - 3/4 - 16 16Mary O’Donovan 9/9 5/5 - - - 16 3Niall Phelan 8/9 - - - - 16 16Lorraine Tormey - - - - - - 16James Wrynn 8/9 - - - - 16 16

Total 218 220

Expenses paid to Directors in 2019 were €7k (2018: €3k).

14.12 Statement on Internal ControlScope of Responsibility

The Board of An Post is responsible for ensuring that an effective system of internal control is maintained and operated. This responsibility takes account of the requirements of the Code of Practice for the Governance of State Bodies (2016).

Purpose of the System of Internal Control

The system of internal control is designed to manage risk to a tolerable level rather than to eliminate it. The system can therefore only provide reasonable and not absolute assurance that assets are safeguarded, transactions authorised and properly recorded and that material errors or irregularities are either prevented or detected in a timely way.

The system of internal control, which accords with guidance issued by the Department of Public Expenditure and Reform has been in place in An Post for

the year ended 31 December 2019 and up to the date of approval of the financial statements.

Capacity to Handle Risk

An Post has an Audit and Risk Committee (ARC) comprising Board members with financial and audit expertise, one of whom is the Chair. The ARC met six times in 2019.

An Post has also established an internal audit function which is adequately resourced and conducts a programme of work agreed with the ARC.

The ARC has developed a risk management policy which sets out its risk appetite, the risk management processes in place and details the roles and responsibilities of staff in relation to risk. The policy has been issued to all staff who are expected to work within An Post’s risk management policies, to alert management on emerging risks and control weaknesses and assume responsibility for risks and controls within their own area of work.

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Risk and Control Framework

An Post has implemented a risk management system which identifies and reports key risks and the management actions being taken to address and, to the extent possible, to mitigate those risks.

A risk register is in place which identifies the key risks facing An Post and these have been identified, evaluated and graded according to their significance. The register is reviewed and updated by the ARC on a six monthly basis. The outcome of these assessments is used to plan and allocate resources to ensure risks are managed to an acceptable level.

The risk register details the controls and actions needed to mitigate risks and responsibility for operation of controls assigned to specific staff. We confirm that a control environment containing the following elements is in place:

• procedures for all key business processes have been documented,

• financial responsibilities have been assigned at management level with corresponding accountability,

• there is an appropriate budgeting system with an annual budget which is kept under review by senior management,

• there are systems aimed at ensuring the security of the information and communication technology systems, and

• there are systems in place to safeguard the assets.

Ongoing Monitoring and Review

Formal procedures have been established for monitoring control processes and control deficiencies are communicated to those responsible for taking corrective action and to management and the Board, where relevant, in a timely way. We confirm that the following ongoing monitoring systems are in place:

• key risks and related controls have been identified and processes have been put in place to monitor the operation of those key controls and report any identified deficiencies,

• reporting arrangements have been established at all levels where responsibility for financial management has been assigned, and

• there are regular reviews by senior management of periodic and annual performance and financial reports which indicate performance against budgets/forecasts.

Procurement

Documented policies are in place in relation to procurement. These policies are in line with European Union and Irish Government guidelines. Adherence to these guidelines is monitored throughout the year.

Review of Effectiveness

An Post has procedures to monitor the effectiveness of its risk management and control procedures. An Post’s monitoring and review of the effectiveness of the system of internal financial control is informed by the work of the internal and external auditors, the Audit and Risk Committee which oversees their work, and the senior management within An Post responsible for the development and maintenance of the internal financial control framework. In light of the development of new financial services and the extensive ongoing financial services product offerings at An Post there has been in 2019 an investment made in controls and systems to match the requirements of the supervision of the Central Bank of Ireland. This investment will continue into 2020. The Board has conducted an annual review of the effectiveness of the internal controls for 2019.

Internal Control Issues

No weaknesses in internal control were identified in relation to 2019 that require disclosure in the financial statements.

14.13 Raising Matters of ConcernThe Group operates procedures to ensure that appropriate arrangements are in place for employees to be able to raise, in confidence, matters of possible impropriety, with suitable subsequent follow-up action including a review by the Audit and Risk Committee. Reporting channels have been created whereby perceived wrongdoing may be reported via post, telephone and email.

14.14 Disclosures required under the Code of Practice for the Governance of State BodiesAn Post is compliant with the reporting guidelines of the Revised Code of Practice for the Governance of State Bodies (2016). The following statistics relate to the An Post Group for the financial year ended 31 December 2019. The Chairman has written to the Minister for Communications, Climate Action and Environment with further detailed information.

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14.14 Disclosures required under the Code of Practice for the Governance of State Bodies continuedEmployee benefits

Employees’ short-term benefits for the Group are categorised into the following bands:

2019 2018

No. of employees

No. of employees

Less than €50,000 9,992 10,387

Between €50,000 and €74,999 1,421 1,427

Between €75,000 and €100,000

308 206

Over €100,000 111 94

Travel and official entertainment

Costs in respect of travel and official expenditure incurred in the year amounted to €3.605m (2018: €3.819m). This includes travel and subsistence of €7,000 paid directly to Board members in 2019 (2018: €3,000).

15. Statement of the Directors on compliance with the Regulator’s Direction on the Accounting Systems of An Post as required by the Communications Regulation (Postal Services) Act 2011Under the Communications Regulation (Postal Services) Act 2011, the accounting procedures of An Post are required to be conducted in accordance with directions laid down by ComReg and with certain provisions in the Act.

The directors acknowledge their responsibility for compliance with the accounting provisions of the Act and the following statement describes how An Post applied the relevant provisions of the Act and the Direction for the accounting year beginning on 1 January 2019.

Financial Records and Accounting SystemsThe financial records and accounting systems maintained by An Post contain sufficient detail to enable management to ensure that they comply with the accounting provisions of the Direction. Separate accounts are maintained for each of the services within the Universal Service.

Separated AccountsSegmental profit and loss accounts and statements of net assets will be submitted to ComReg for the year ended 31 December 2019. In compliance with the Direction, a competent body is reviewing these accounts and will issue an opinion on their compliance with the Direction.

Accounting ManualA detailed accounting manual has been prepared showing the range and scope of data to be collected for the purpose of complying with the Direction and the basis on which the data is to be allocated / apportioned between services.

Statement of ComplianceBased on the above steps and actions, the directors believe that An Post has complied with the relevant provisions of the Act and with the Direction of ComReg in relation to the Accounting Systems of An Post for the year ended 31 December 2019.

16. Directors’ Responsibilities Statement in respect of the Directors’ Report and the Financial StatementsThe directors are responsible for preparing the directors’ report and the financial statements in accordance with the Companies Act 2014.

Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the Group financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (“relevant financial reporting framework”) and the Company financial statements in accordance with FRS 101 Reduced Disclosure Framework. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date and of the profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014.

In preparing the group financial statements, International Accounting Standard 1 requires that directors:

• properly select and accounting policies;

23

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements with IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and

• make an assessment of the Company’s ability to continue as a going concern.

In preparing the parent company financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether Financial Reporting Standard 101 Reduced Disclosure Framework has been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors’ report comply with the Companies Act 2014 and enable the financial statements to be audited.

They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

17. Relevant Audit InformationFor the purposes of Section 330 of the Companies Act 2014, the directors believe that they have taken all steps necessary to make themselves aware of any relevant audit information and have established that the Company’s statutory auditors are aware of that information. In so far as they are aware, there is no relevant audit information of which the Company’s statutory auditors are unaware.

18. AuditorsThe auditor, Deloitte Ireland LLP, Chartered Accountants and Statutory Audit Firm, continue in office in accordance with Section 383(2) of the Companies Act 2014.

On behalf of the Board

Dermot Divilly, Chairperson David McRedmond, Director

26 March 2020

24

Independent Auditor’s Report to the members of An Post

Report on the audit of the financial statements

Opinion on the financial statements of An Post (the ‘company’)In our opinion, the group and parent company financial statements:

• give a true and fair view of the assets, liabilities and financial position of the group and parent company as at 31 December 2019 and of the profit of the group and parent company for the financial year then ended; and

• Have been properly prepared in accordance with the relevant financial reporting framework and, in particular, with the requirements of the Companies Act 2014.

The financial statements we have audited comprise:The Group Financial Statements:

• The Consolidated Income Statement;

• The Consolidated Statement of Other Comprehensive Income;

• The Consolidated Statement of Financial Position;

• The Consolidated Statement of Changes in Equity;

• The Consolidated Statement of Cash Flows; and

• The related notes 1 to 33, including a summary of significant accounting policies as set out in note 1.

The Parent Company Financial Statements:

• The Company Statement of Financial Position;

• The Company Statement of Changes in Equity;

• The related notes 1 to 33, including a summary of significant accounting policies as set out in note 1.

The relevant financial reporting framework that has been applied in the preparation of the group financial statements is the Companies Act 2014 and International Financial Reporting Standards (IFRS) as adopted by the European Union (“the relevant financial reporting framework”). The relevant financial reporting framework that has been applied in the preparation of the parent company financial statements is the Companies Act 2014 and FRS 101 “Reduced Disclosure Framework” (“the relevant financial reporting framework”).

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “Auditor’s responsibilities for the audit of the financial statements” section of our report.

We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Accounting and Auditing Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group or parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other informationThe directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Responsibilities of directorsAs explained in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and along with being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group and parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of the group and parent company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the business activities within the group to express an opinion on the (consolidated) financial statements. The group auditor is responsible for the direction, supervision and performance of the group audit. The group auditor remains solely responsible for the audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit.

This report is made solely to the company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

26

Report on other legal and regulatory requirements

Opinion on other matters prescribed by the Companies Act 2014Based solely on the work undertaken in the course of the audit, we report that:

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the parent company were sufficient to permit the financial statements to be readily and properly audited.

• The parent company statement of financial position is in agreement with the accounting records.

• In our opinion the information given in the report of the directors is consistent with the financial statements and the directors’ report has been prepared in accordance with the Companies Act 2014.

Matters on which we are required to report by exceptionBased on the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by law are not made.

Under the Code of Practice for the Governance of State Bodies (August 2016) (the “Code of Practice”), we are required to report to you if the statement regarding the system of internal financial control required under the Code of Practice as included in the Corporate Governance Statement in the Directors Report does not reflect the group’s compliance with paragraph 1.9(iv) of the Code of Practice or if it is not consistent with the information of which we are aware from our audit work on the financial statements. We have nothing to report in this respect.

Emer O’Shaughnessy for and on behalf of Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2

Date: 26 March 2020

Independent Auditor’s Report to the members of An Post continued

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Consolidated Income Statement for the year ended 31 December 2019

2019 2018

€’000 €’000

Notes Total Total

Revenue 2 892,128 896,954

Operating costs 3 (850,233) (859,306)

Profit before transformation costs, one off items, net finance costs and taxation 41,895 37,648

Transformation costs 4 (15,281) (13,974)

Other income – Profit on disposal of subsidiaries 5 40,038 -

Profit before net finance costs and taxation 66,652 23,674

Finance incomeFinance costs

67

2,418(2,726)

4,577(1,479)

Profit before taxation 8 66,344 26,772

Taxation 9 (23) (1,508)

Profit for the year 66,321 25,264

Profit for the year attributable to

Owners of the company 64,788 20,689

Non-controlling interests 1,533 4,575

66,321 25,264



26 March 2020

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Consolidated Statement of Other Comprehensive Income for the year ended 31 December 2019

2019 2018

Notes €’000 €’000


Other comprehensive income

Items that will not be reclassified subsequently to profit or loss:

Remeasurements of defined benefit pension liability - net 24 11,313 5,901

Items that may be reclassified subsequently to profit or loss:

Translation of foreign operations - subsidiaries 979 (170)

Total comprehensive income for the financial year 78,613 30,995

Total comprehensive income attributable to

Owners of the Company 77,080 26,420

Non-controlling interests 1,533 4,575

78,613 30,995

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Consolidated Statement of Financial Position at 31 December 2019

2019 2018Notes €’000 €’000

AssetsNon-current assetsIntangible assets and goodwill 11 17,166 13,717Investment property 12 715 715Property, plant and equipment 13 319,374 223,509Investments 14 36,874 34,481Deferred tax asset 15 2,356 1,793

Total non-current assets 376,485 274,215

Current assetsTrade and other receivables 15 125,103 105,324Inventories 16 2,611 2,878Cash at bank and in hand 17 509,855 512,541Assets classified as held for sale 18 - 206,249

Total current assets 637,569 826,992

Total assets 1,014,054 1,101,207

Equity and reservesCalled up share capital 25 (68,239) (68,239)Other reserves 421 2,321Retained earnings (210,742) (134,200)

Equity attributable to the company (278,560) (200,118)Non-controlling interests (1,618) (3,889)

Total equity (280,178) (204,007)

Non-current liabilitiesCapital grants 22 (7,998) (8,447)Leases and borrowings 20 (118,033) (33,289)Provisions 23 (11,496) (10,373)Pension liability 24 (28,228) (47,880)

Total non-current liabilities (165,755) (99,989)

Current liabilitiesTrade and other payables 19 (167,735) (176,367)Leases and borrowings 20 (21,079) (11,593)Provisions 23 (12,537) (16,405)Amounts held in trust 17 (366,770) (403,045)Liabilities classified as held for sale 18 - (189,801)

Total current liabilities (568,121) (797,211)

Total liabilities (733,876) (897,200)

Total equity and liabilities (1,014,054) (1,101,207)



26 March 2020

30

Consolidated Statement of Changes in Equity for the year ended 31 December 2019

Called upshare

capital

Capital conversion

reserve fund

Foreign currency

translationreserve

Fair value reserve

Retainedearnings Total

Non- controlling

interestsTotal

equity

€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000

Balance at 1 January 2018 (68,239) (877) 3,028 (1,657) (105,953) (173,698) (1,634) (175,332)

Profit for the year - - - - (20,689) (20,689) (4,575) (25,264)

Other comprehensive income:

Transfer between fair value and retained earnings reserve - - - 1,657 (1,657) - - -

Remeasurements of defined benefit pension liability - net - - - - (5,901) (5,901) - (5,901)

Translation of foreign operations - - 170 - - 170 - 170

Dividends - - - - - - 2,320 2,320

Balance at 31 December 2018 (68,239) (877) 3,198 - (134,200) (200,118) (3,889) (204,007)

Profit for the year - - - - (64,788) (64,788) (1,533) (66,321)

Other comprehensive income:

Disposal of subsidiaries - - (921) - (441) (1,362) 3,804 2,442

Remeasurements of defined benefit pension liability – net - - - - (11,313) (11,313) - (11,313)

Translation of foreign operations - - (979) - - (979) - (979)

Balance at 31 December 2019 (68,239) (877) 1,298 - (210,742) (278,560) (1,618) (280,178)

Other reserves per the Statement of Financial Position includes the capital conversion reserve fund, the foreign currency translation reserve and the fair value reserve.

31

Consolidated Statement of Cash Flows for the year ended 31 December 2019

2019 2018

€’000 €’000

Cash flows from operating activities


Adjustments for

Depreciation 35,066 18,245

Impairment loss - 2,726

Amortisation 2,591 2,508

Net finance income (308) (3,098)

Gain on disposals (40,038) (14)

Tax expense 23 1,508

Cash paid in excess of pension income statement charge (7,224) (942)

Capital grant amortised (449) (449)

Payments made in relation to provisions, excess over cost (2,745) (8,824)

53,237 36,924

Changes in:

Trade and other receivables (9,592) 7,675

Inventories 267 253

Trade and other payables (10,263) 8,756

Cash generated from operating activities 33,649 53,608

Taxes paid (2,312) (1,070)

Net cash generated from operating activities 31,337 52,538

Cash flows from investing activities

Proceeds from disposals received during year 41,464 131

Acquisition of property, plant and equipment (20,620) (14,096)

Acquisition of intangible assets (5,715) (2,927)

Amounts held in trust (36,275) 76,787

Net inflow of restricted cash - 26,058

Increase in Creditor in respect of restricted cash - (26,058)

Proceeds from investment in Premier Lotteries Ireland - 2,500

Net cash (used) / generated from investing activities (21,146) 62,395

Cash flows from financing activities

Finance lease payments under IAS17 (11,347) (4,030)

Repayment of lease liabilities capitalised under IFRS16 (16,552) -

EIB loan drawn down 10,000 -

Government loan and other interest payments (563) (698)

Dividends paid - (2,320)

Net cash used in financing activities (18,462) (7,048)

Net (decrease) / increase in cash and cash equivalentsCash and cash equivalents at beginning of year

(8,271)518,126

107,885410,241

Cash and cash equivalents at end of year 509,855 518,126

32

Company Statement of Financial Position at 31 December 2019

2019 2018

Notes €’000 €’000

Assets

Non-current assets

Intangible assets 11 6,705 4,227

Investment property 12 715 715

Property, plant and equipment 13 288,996 215,448

Investments 14 45,843 43,700

Deferred tax asset 15 2,212 1,613

Total non-current assets 344,471 265,703

Current assets

Trade and other receivables 15 116,904 100,358

Cash at bank and in hand 17 493,503 498,584

Total current assets 610,407 598,942

Total assets 954,878 864,645

Equity and reserves

Called up share capital 25 (68,239) (68,239)

Other reserves (877) (877)

Retained earnings (190,645) (98,818)

Total equity (259,761) (167,934)

Non-current liabilities

Capital grants 22 (2,646) (2,748)

Leases and borrowings 20 (94,756) (33,265)

Provisions 23 (11,496) (10,373)

Pension liability 24 (28,228) (47,880)

Total non-current liabilities (137,126) (94,266)

Current liabilities

Trade and other payables 19 (158,972) (171,412)

Leases and borrowings 20 (19,712) (11,583)

Provisions 23 (12,537) (16,405)

Amounts held in trust 17 (366,770) (403,045)

Total current liabilities (557,991) (602,445)

Total liabilities (695,117) (696,711)

Total equity and liabilities (954,878) (864,645)

In accordance with section 304 of the Companies Acts 2014, the company is availing of the exemption from presenting its individual income statement. The result for the company is a profit of €80.514m (2018: €12.014m).



26 March 2020

33

Company Statement of Changes in Equity for the year ended 31 December 2019

Called upshare

capital

Capital conversion

reserve fund

Fair value

reserveRetainedearnings

Total equity

€’000 €’000 €’000 €’000 €’000

Balance at 1 January 2018 (68,239) (877) (1,597) (79,306) (150,019)

Profit for the year - - - (12,014) (12,014)

Transfer between fair value and retained earnings reserve - - 1,597 (1,597) -

Remeasurements of defined benefit pension liability - net - - - (5,901) (5,901)

Balance at 31 December 2018 (68,239) (877) - (98,818) (167,934)

Profit for the year - - - (80,514) (80,514)

Remeasurements of defined benefit pension liability – net - - - (11,313) (11,313)

Balance at 31 December 2019 (68,239) (877) - (190,645) (259,761)

Included in profit for the period was dividends received from group companies of €12,000k (2018: €2,680k).

34

Index to notes to the Financial Statements for the year ended 31 December 2019

1 Significant Accounting Policies 35

2 Revenue 45

3 Operating Costs 45

4 Transformation Costs 45

5 Disposal of Subsidiaries 46

6 Finance Income 46

7 Finance Costs 46

8 Profit before Taxation 47

9 Income Tax 49

10 Staff and Postmaster Numbers and Costs 51

11 Intangible Assets and Goodwill 52

12 Investment Property 54

13 Property, Plant and Equipment 55

14 Investments 57

15 Trade and Other Receivables 59

16 Inventories 59

17 Cash at Bank and In Hand 60

18 Disposal Group classified as Held for Sale 61

19 Trade and Other Payables 62

20 Leases and Borrowings 62

21 Taxation and Social Welfare 63

22 Capital Grants 63

23 Provisions 64

24 Pensions 64

25 Share Capital and Reserves 68

26 Subsidiaries and Joint Ventures 69

27 Lease Commitments 71

28 Capital Commitments 72

29 Related Parties 72

30 Contingencies 73

31 Financial Instruments – Fair Value and Risk Management 73

32 Subsequent Events 81

33 Board Approval 81

35

Notes to the Financial Statements for the year ended 31 December 2019

1. Significant Accounting PoliciesWith the exception of the policy on leases, which was applied from 1 January 2019, using the modified retrospective approach, the accounting policies set out below have been consistently applied to all years presented in these financial statements, and have for the purposes of the Group financial statements, been applied consistently throughout all Companies in the Group.

Basis of Preparation Going concern

The 2019 An Post financial statements have been prepared on a going concern basis. This assumes that the Group and Company will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements.

Assessment

The Board has given careful consideration to the going concern basis of preparation and is satisfied that it is appropriate for the 2019 financial statements to be prepared on this basis. Key factors considered in arriving at this determination include:

Trading performance:The Group’s financial performance has continued to improve. As noted in section 3 of the Report of the Directors, the profit before transformation costs, one off items, net finance costs and taxation of €41.9m compares favourably with the equivalent profit of €37.6m in 2018.

Cash:The cash resources available to the Group increased from €115.1m at December 2018 to €143.1m at 31 December 2019. This improvement was as a result of the continued improved trading performance and the cash generated from the disposal of the GVS Group in January 2019. The accumulation of this cash ensures adequate resources are available to the Group, to execute the Strategic Plan developed. The Group has access to a short term borrowing facility, should this be required for working capital purposes.

Budget: The Board approves an annual budget. Although mail volumes are still forecast to decline, this shows the Group having a sustainable earnings level for period of at least 12 months from the date of approval of these financial statements.

Covid-19: The Irish economy is expected to have a negative reaction arising from Covid-19. An Post like many businesses will be no exception. The impact on An Post arising from the changed economy, the operational fall out from health and safety concerns and impact on staff, and other factors will in all probability have a negative financial impact for the finances of the organisation in the short term. An assessment of the impact has been completed for the Mails and Parcels business and the Retail business. Based on an assumption that there will be severe restrictions for six months, the negative financial impact has been quantified and downside scenarios have been considered. The result of this modelling shows that the current strength of the balance sheet will allow the Group deal with this disruptive event.

Conclusion

Having made due enquiries and considering the matters described above, the Board members have a reasonable expectation that the Group will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Consequently, the Board Members have concluded that the circumstances described above do not represent a material uncertainty that casts doubt on the Group’s ability to continue as a going concern.

Reporting entity

An Post (the ‘Company’) is a designated activity company limited by shares domiciled in Ireland with registered number 98788. Under the Postal and Telecommunications Services Act, 1983, the Company is entitled to omit the words ‘designated activity company’ from its name. The Company’s registered office is General Post Office, O’Connell Street, Dublin 1, D01 F5P2.

These consolidated financial statements comprise the financial statements of the Company and its subsidiaries (collectively the ‘Group’ and individually ‘Group companies’). The Group is primarily involved in postal, distribution and financial services.

In presenting the parent company’s financial statements together with the group financial statements, the Company has availed of the exemption in Section 304(2) of the Companies Act, 2014 not to present its individual Income statements and related notes that form part of the approved Company financial statements.

36

Notes to the Financial Statements for the year ended 31 December 2019 continued

1. Significant Accounting Policies continuedStatement of compliance

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by European Union (EU IFRS) and the Companies Act 2014.

The financial statements of the Company have been prepared in accordance with FRS 101 Reduced Disclosure Framework and the Companies Act 2014.

New and amended IFRS Standards that are effective for the current year

The following new standards and interpretations became effective for the Group as of 1 January 2019:

• IFRS 9 (Amendment) Prepayment Features with Negative Compensation

• IFRS 16 Leases

• IAS 19 (Amendment) Plan Amendment, Curtailment or Settlement

• IAS 28 (Amendment) Long-tem Interests in Associates and Joint Arrangments

• Annual Improvements to IFRS Standards 2015-2017 Cycle

• IFRIC 23 Uncertainty over Income Tax Treatments

The new standards and interpretations did not result in a material impact on the Group’s results with the exception of the adoption of IFRS 16. The nature and impact of the changes required by IFRS 16 Leases are described below.

Impact of initial application of IFRS 16 Leases

In the current year, the Group has applied IFRS 16 Leases (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after 1 January 2019.

IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lease accounting by removing the distinction between operating and finance lease and requiring the recognition of a right of use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low value assets when such recognition exemptions are adopted. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of IFRS 16 on the Group’s consolidated financial statements is described below.

The date of initial application of IFRS 16 for the Group is 1 January 2019. The Group has applied IFRS 16 using the modified retrospective approach which:

• Requires the Group to recognise the cumulative effect of initially applying IFRS 16 as an adjustment to the opening balance of retained earnings at the date of initial application.

• Does not permit restatement of comparatives, which continue to be presented under IAS 17 and IFRIC 4.

(a) Impact of the new definition of a lease

The Group has made use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 will continue to be applied to those leases entered or changed before 1 January 2019.

The change in definition of a lease mainly relates to the concept of control. IFRS 16 determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. This is in contrast to the focus on ‘risks and rewards’ in IAS 17 and IFRIC 4.

The Group applies the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or changed on or after 1 January 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time application of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in IFRS 16 will not significantly change the scope of contracts that meet the definition of a lease for the Group.

(b) Impact on lessee accounting

Former operating leases: IFRS 16 changes how the Group accounts for leases previously classified as operating leases under IAS 17, which were off balance sheet. Applying IFRS 16, for all leases (except as noted below), the Group:

• Recognises right-of-use assets and lease liabilities in the consolidated statement of financial position, initially measured at the present value of the future lease payments, with the right-of-use asset adjusted by the amount of any prepaid or accrued lease payments in accordance with IFRS 16:C8(b)(ii)

• Recognises depreciation of right-of-use assets and interest on lease liabilities in the consolidated statement of profit or loss;

37

• Separates the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented within financing activities) in the consolidated statement of cash flows.

Lease incentives (e.g. rent free period) are recognised as part of the measurement of the right-of-use assets and lease liabilities whereas under IAS 17 they resulted in the recognition of a lease incentive, amortised as a reduction of rental expenses on a straight line basis. Under IFRS 16, right-of-use assets are tested for impairment in accordance with IAS 36.

For short-term leases (lease term of 12 months or less) and leases of low-value assets (which includes tablets and personal computers, small items of office furniture and telephones), the Group has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16. This expense is presented within ‘operating costs’ in profit or loss.

The Group has used the following practical expedients when applying the cumulative catch-up approach to leases previously classified as operating leases applying IAS 17.

• The Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics.

• The Group has adjusted the right-of-use asset at the date of initial application by the amount of provision for onerous leases recognised under IAS 37 in the statement of financial position immediately before the date of initial application as an alternative to performing an impairment review.

• The Group has in certain instances elected not to recognise right-of-use assets and lease liabilities to leases for which the lease term ends within 12 months of the date of initial application.

• The Group has excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application.

• The Group has used hindsight when determining the lease term when the contract contains options to extend or terminate the lease.

Former finance leases: For leases that were classified as finance leases applying IAS 17, the carrying amount of the leased assets and obligations under finance leases measured applying IAS 17 immediately before the date of initial application is reclassified to right-of-use assets and lease liabilities respectively without any adjustments, except in cases

where the Group has elected to apply the low-value lease recognition exemption. For transparency, the lease liabilities accounted for by applying IFRS 16 from 1 January 2019 on former operating leases are shown separately from the new right-of-use asset lease liabilities.

(c) Impact on lessor accounting

IFRS 16 does not change substantially how a lessor accounts for leases. Under IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. There has been no material impact of IFRS 16 on the Group’s lessor arrangements.

(d) Financial impact of initial application of IFRS 16

The weighted average lessee’s incremental borrowing rate applied to lease liabilities recognised in the statement of financial position on 1 January 2019 is 1.738%.

The following table shows the operating lease commitments disclosed applying IAS 17 at 31 December 2018, discounted using the incremental borrowing rate at the date of initial application and the lease liabilities recognised in the statement of financial position at the date of initial application.

€000

Operating lease commitments applying IAS 17 as at 31 December 2018

Effect of discounting the above amounts

Present value of the lease payments due in periods covered by extension options that are in the lease term not previously included in operation lease commitments

76,668

(9,112)

6,171

Lease liabilities recognised under IFRS 16 on 1 January 2019 73,727

38


1. Significant Accounting Policies continued

New IFRS Standards, amendments and interpretations issued, but not yet effective

IFRS 3 (Amendment) Definition of a Business

1 January 2020

IAS 1 (Amendment) Definition of Material 1 January 2020

IAS 8 (Amendment) Definition of Material 1 January 2020

Amendments to References to Conceptual Framework in IFRS Standards

1 January 2020

IFRS 17 Insurance Contracts 1 January 2020

The Group does not expect the amendments to IFRS 3, IAS 1, IAS 8 or those to the Conceptual Framework to have a material impact on the financial statements. The Group is currently assessing the impact of IFRS 17 on the financial statements. The standards and interpretations addressed above will be applied for the purposes of the Group’s financial statements with effect from the dates

listed.

Basis of measurementGroup

These financial statements are prepared on a historical cost basis, except for:

• The net defined benefit pension liability is measured at the fair value of plan assets less the present value of the defined benefit obligation;

• Investment property is measured at fair value; and

• Financial assets are measured at fair value.

Company

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

• a Cash Flow Statement and related notes;

• Comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment properties;

• Disclosures in respect of transactions with wholly owned subsidiaries;

• Disclosures in respect of capital management;

• The effects of new but not yet effective IFRSs; and

• Disclosures in respect of the compensation of Key Management Personnel.

Functional and presentation currency

These consolidated and Company financial statements are presented in Euro, which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

Use of judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s and Company’s accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgement and estimate have the most significant effects on amounts recognised are:

• Note 24 – measurement of defined benefit obligations: key actuarial assumptions;

• Note 9 – recognition of deferred tax assets: availability of future taxable profits against which deferred tax assets can be used;

• Note 14 – accounting for PLI investment; and

• Note 18 – deferred revenue in relation to unused stamps/meter loadings.

Basis of ConsolidationBusiness combinations

The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Transaction costs are expensed in profit or loss as incurred, except if related to the issue of debt or equity securities.

When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any interest retained in the former subsidiary is measured at fair value when control is lost and together with the fair value of any consideration received is compared to the derecognised amounts. Any resulting gain or loss is recognised in profit or loss.

39

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Non-controlling interests (NCI)

NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition and subsequently, their share of changes in net assets. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interests in joint ventures.

A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its individual assets and obligations for its individual liabilities.

Interests in joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Accounting for non recurring transactions

The group has adopted an income statement format that seeks to highlight significant items within the group’s results for the year. Such items may include: restructuring costs, transformation costs, impairment of assets including material adjustments arising from

the re-assessment issues, adjustments to contingent consideration, material acquisition costs, profits/losses on disposals, litigation settlements, legislative changes, gains or losses on DB plan restructuring. Judgement is used by the group in assessing the particular items which by virtue of the scale and nature should be disclosed as a separate line item in the including statement and notes.

Revenue Revenue reported is net of value added tax. Revenue consists of income from postage, agency services, poundage from remittance services, courier and logistic services, financial services and interest income. Income from agency services is in respect of services performed for Government Departments, the National Treasury Management Agency, Premier Lotteries Ireland and other bodies. Amounts held in the performance of these agency services are included in amounts held in trust on the statement of financial position. The Group is entitled to interest income on funds held in relation to agency services and as such recognises this as part of revenue.

In respect of revenue relating to mails and parcels, the performance obligation is related to the sale of the stamps or cost of postage and the delivery of mails and parcels. The stamps or cost of postage is a distinct good that is promised to be transferred to the customer within this performance obligation. The performance obligation is satisfied when the stamps or cost of postage is utilised by the customer and is therefore satisfied at a point in time.

Commission income from the sale of gift vouchers, other cards and financial services products and is recognised when the underlying performance obligations are satisfied, generally at a point in time. Non-redemption income from gift cards is recognised when the related non-redemption fee is received, at a point in time. Other agency and service revenue is recognised when the the underlying performance obligations are satisfied, generally at a point in time.

Where the Group acts in the capacity of an agent rather than as the principal in a transaction, then the revenue recognised is the net amount of commission made by the Group.

40



Revenue continued

GrantsRevenue based grants are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised. Capital grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant; they are then recognised in profit or loss as other income on a systematic basis over the useful life of the asset.

Property, Plant and EquipmentRecognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss.

Subsequent expenditure

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

Depreciation

Depreciation is calculated to write off the cost of items of property, plant and equipment, other than land, less their estimated residual values using the straight-line method over their estimated useful lives, and is recognised in profit or loss. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:

Years or lease term if shorter

Freehold & long leasehold buildings 20–50

Motor vehicles 5

Operating & computer equipment 3–10

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

LeasesLeased assets – Policies applicable from 1 January 2019

The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for certain short-term leases, less than 12 months in duration and leases of low value assets (such as small items of office equipment). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset

Leased assets – Policies applicable prior to 1 January 2019

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

41

Intangible assets and goodwillRecognition and measurement

Goodwill

Goodwill arising on the acquisition of subsidiaries is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirers previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of identifiable net assets acquired and liabilities assumed. Subsequently, goodwill is tested annually for impairment.

Software

Software has a finite useful life and is measured at cost less accumulated amortisation and any accumulated impairment losses.

Subsequent expenditure

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.

Amortisation

Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognised in profit or loss. Goodwill is not amortised but is tested for impairment annually at the year end.

The estimated useful lives for current and comparative periods are as follows:

Years

Software 5

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at an appropriate pre-taxation rate.

Employee benefits(i) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(ii) Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided.

(iii) Defined benefit plans

The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in OCI. The Group determines the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

42



Employee benefits continued (iv) Termination benefits

Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group incurs costs for a related restructuring.

Income taxIncome tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI.

(i) Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met.

(ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is not recognised for:

• temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;

• temporary differences related to investments in subsidiaries and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

• taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are derecognised to the extent that it is no longer probable that the related tax benefit will be realised; such derecognised assets are reversed when the probability of future taxable profits improves.

Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse using tax rates enacted or substantively enacted at the reporting date.

Deferred tax has not been recognised in respect of withholding taxes and other taxes that would be payable on the unremitted earnings of foreign subsidiaries, as the Group is in a position to control the timing of reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The deferred tax liabilities which have not been recognised in respect of these temporary differences are not material as the Group can rely on the availability of participation exemptions and tax credits in the context of the Group’s investments in subsidiaries.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Land is assessed at the sale rate. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale, and the Group has not rebutted this presumption. Deferred tax assets and liabilities are offset only if certain criteria are met.

Foreign currency(i) Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currencies at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Foreign currency differences are generally recognised in profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not translated.

(ii) Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into euro at the exchange

43

rates at the reporting date. The income and expenses of foreign operations are translated into euro at the exchange rates at the dates of the transactions.

Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI.

When a foreign operation is disposed of in its entirety or partially such that control or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of a joint venture while retaining joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

Financial instrumentsFinancial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

(i) Financial assets

Financial assets are measured subsequently in their entirety at either fair value through other comprehensive income, fair value through the profit and loss account or at amortised cost.

Financial assets subsequently measured at amortised cost

Debt instruments that meet the following conditions are measured subsequently at amortised cost:

• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Group includes in this category cash, trade and other receivables.

The Group subsequently measures all other financial assets at fair value through profit or loss (FVTPL).

Amortised cost and effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.

The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.

Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset.

Impairment of financial assetsThe Group only holds trade and other receivables at amortised cost, with no significant financing component and which have maturities of less than 12 months and as such, has chosen to apply an approach similar to the simplified approach for expected credit losses (ECL) under IFRS 9 to all its receivables. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on lifetime ECLs at each reporting date. The carrying value of interest receivable, receivables on unsettled trades and other short-term receivables, measured at amortised cost less any expected loss, is an approximation of fair value given their short-term nature. The Group did not recognise any impairment during the year ended 31 December 2019.

Derecognition of financial assets

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

44



Financial instruments continued(i) Financial assets continued

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration

received and receivable is recognised in profit or loss.

(ii) Financial liabilities

All financial liabilities are measured subsequently at amortised cost using the effective interest method.

Financial liabilities measured subsequently at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortised cost using the effective interest method. The Group includes in this category trade payables and other short-term payables.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the

original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification should be recognised in profit or loss as the modification gain or loss within other gains and losses.

Impairment of Financial AssetsThe Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at FVTOCI, trade and other receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Group recognises lifetime ECL for trade receivables, contract assets and other receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the receivables, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

For all other financial instruments, including the shareholder’s loan in Premier Lotteries Ireland, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12 month ECL.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12 month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

45

2. Revenue

2019 2018

€’000 €’000

The analysis of revenue is as follows:

Republic of Ireland

Postage: Letters and parcels 591,985 580,448

Postage: Elections and referenda 22,416 15,386

Post offices: Agency, remittance and related services 162,920 159,558

Other services 40,436 57,470

817,757 812,862

United Kingdom

Mails distribution and related services 74,371 84,092

Revenue 892,128 896,654

3. Operating Costs2019 2018

€’000 €’000

The consolidated costs for the Group were as follows:

Staff and postmasters’ costs

Wages and salaries 419,056 413,250

Postmasters’ costs 65,622 69,659

Social insurance costs 39,655 38,162

524,333 521,071

Pension costs 41,535 47,667

Total payroll and postmasters’ costs 565,868 568,738

Other costs:

Distribution 84,850 92,665

Facilities 20,416 26,769

Operational 75,261 83,729

Administration 66,181 63,926

Depreciation 35,066 18,245

Impairment - 2,726

Amortisation 2,591 2,508

284,365 290,568

850,233 859,306

4. Transformation Costs

Costs associated with the implementation of the new Postmasters Contract and the resizing of the Post Office Network amounted to €9,781,000 (2018: €13,974,000) during the year.

An additional provision of €5,500,000 is recognised in respect of the closing of the Cork mails centre. This facility closed its mails processing operation on 23 March 2020. See note 23.

46


5. Disposal of Subsidiaries

2019 2018

€’000 €’000

Proceeds from disposals (net of disposal costs) 51,651 -

Less: net assets of subsidiaries at their carrying value (14,625) -

Add: carrying amount of non controlling interests 3,806 -

Less: foreign currency translation reclassified on disposal (794) -

Profit on disposal of subsidiaries 40,038 -

On 31st January 2019, the entire shareholding of TSC Ventures DAC (the company holding the shares in the One4all Gift Voucher group of companies) was sold to Blackhawk Network, a global financial technology organisation. The transaction value was €105m and An Post previously held 53.6% of the shares in TSC Ventures DAC. The sales proceeds recognised in 2019 include two amounts held in escrow at the time of the transaction to the value of €10.187m. These amounts are included in Other Debtors at 31 December 2019 and have been received on time, in January 2020 and March 2020. Additional contingent consideration of €5.6m may be received by An Post in relation to the sale in 2021. This is currently held in a special escrow account and is not part of the sales proceeds recognised in 2019.

The sale of Precision Marketing Information Limited, a relatively small subsidiary, which provided marketing data, database services and business directories was completed in March 2019.

6. Finance Income

2019 2018

€’000 €’000

Interest on Premier Lotteries Ireland (PLI) loan receivable 2,394 2,190

PLI preference shares income - 2,130

Income from investments - 243

Interest on short term deposits 24 14

2,418 4,577

7. Finance Costs

2019 2018

€’000 €’000

Right of use asset interest cost 1,555 -

Finance lease interest 108 281

Net pension interest cost 500 500

Interest on Government loan 306 309

Other interest costs 257 389

2,726 1,479

47

8. Profit before Taxation

2019 2018

€’000 €’000

The profit before taxation is stated after charging:

Operating lease rentals outside scope of IFRS16: Rental of buildings Other equipment and motor vehicles

1992,245

7,68613,099

2,444 20,785

Directors emoluments:

Fees 218 220

Emoluments – Chief Executive 322 300

540 520

Expenses paid to Directors

Travel 6 2

Subsistence 1 1

7 3

Auditor’s remuneration* – Group

Audit of the group financial statements 279 334

Other assurance services 148 287

Other non-audit services - -

427 621

Auditor’s remuneration* – An Post Company (included above)

Audit of entity financial statements 168 190

Other assurance services 148 287

Other non-audit services - -

316 477

The profit before taxation is stated after crediting

Capital grants amortised 449 449

(Loss) / profit on sale of plant & equipment (4) 14

445 463

*Excluding VAT

The amounts shown above as directors’ emoluments include only the amounts paid to the directors in the execution of their duties as directors and the salary of the Chief Executive. They do not include the salaries of the employee directors or the remuneration of the postmaster director.

48


8. Profit before Taxation continued Remuneration of directors, including disclosures in accordance with the Code of Practice for the Governance of State Bodies (the ‘Code of Practice’) and the Companies Act 2014, is set out below.

The remuneration package of Mr David McRedmond, Chief Executive Officer, which is included in the amounts shown above as directors’ emoluments, is as follows.

2019 2018

€’000 €’000

Basic salary 250 240

Other emoluments :

Director’s fee - -

Benefit in kind – expenses grossed up 9 -

Pension contributions paid 63 60

322 300

In accordance with the Code of Practice, the fees paid to each director were as follows:

2019€’000

2018€’000

Dermot Divilly (Chairperson) 31 31

Noel Adamson 16 16

Carol Bolger 16 16

Deirdre Burns 16 16

Peter Coyne 16 3

Thomas Devlin 16 16

Jennifer Loftus 3 16

David McRedmond (Chief Executive Officer)* - -

Padraig McNamara 16 -

William Mooney 16 16

Kieran Mulvey** 5 -

Ed Murray 3 16

Thomas O’Brien - 7

Martina O’Connell 16 16

Mary O’Donovan 16 3

Niall Phelan 16 16

Lorraine Tormey - 16

James Wrynn 16 16

Total 218 220

* Mr David McRedmond does not receive a director’s fee.

** Mr Kieran Mulvey was appointed to the Board by Minister for Communications, Climate Action and Environment on 16 September 2019.

49

9. Income Tax

A. Amounts recognised in profit or loss

2019€000

2018€000

Current tax

Ireland – Corporation Tax 978 1,959

Adjustment in respect of prior year (20) (455)

UK - Corporation Tax 255 386

1,213 1,890

Deferred Tax

Origination and reversal of temporary differences (1,238) (456)

Adjustment in respect of prior year 48 74

(1,190) (382)

Total tax charge 23 1,508

B. Reconciliation of effective tax rate

2019€000

2018€000

Profit before taxation 66,344 26,772

Tax using the Company’s domestic tax rate - 12.5% (2018: 12.5%) 8,293 3,346

Tax effects of:

Non-deductible expenses / income not taxable (4,721) 153

Tax withheld from payments made - 6

Income and gains taxed at higher rates 559 819

Tax losses utilised not recognised in prior year (718) (1,650)

Movement in unrecognised deferred tax (3,418) (785)

Prior year overprovision 28 (381)

Total tax charge 23 1,508

50


9. Income Tax continued

C. Movement in deferred tax balancesBalance at 31 December 2019

Net Balance at 1 Jan 2019

€’000

Recognised in profit or loss

2019 €’000

Recognised in Other

Comprehensive Income

2019 €’000

Net Balance at 31 Dec

2019 €’000

Property, plant and equipment (8,566) 564 - (8,002)

Employee benefits 6,830 (839) (1,616) 4,375

Other provisions 516 (718) - (202)

Carry forward tax loss (revenue recognition) 1,563 2,183 - 3,476

343 1,190 (1,616) (83)

Disclosed as Deferred tax assets 2,356

Deferred tax liability (2,439)

Given the uncertainty over the existence of future taxable profits, a potential deferred tax asset in the Group of €11,784,000 (2018: €16,247,000) arising from excess losses carried forward has not been recognised.

Balance at 31 December 2018

Net Balance at 1 Jan 2018

€’000

Recognised in profit or loss

2018 €’000

Recognised in Other

Comprehensive Income

2018 €’000

Net Balance at 31 Dec

2018 €’000

Property, plant and equipment (6,781) (1,785) - (8,566)

Employee benefits 6,040 1,633 (843) 6,830

Other provisions 817 (301) - 516

Carry forward tax loss (revenue recognition) 728 835 - 1,563

804 382 (843) 343

Disclosed as Deferred tax assets 2,091

Disclosed as Deferred tax liability (1,748)

At 31 December 2018, €298,000 of the deferred tax assets, and €135,000 of the deferred tax liability have been reclassified as an asset classified as held for sale, and as associated liabilities in respect of the assets classified as held for sale (note 18).

51

10. Staff and Postmaster Numbers and CostsThe average full time equivalent (FTE) number of persons, excluding postmasters, working in the Group during the year was:

2019 2018

Operations 8,700 8,556

Corporate 361 374

Total Company employees (FTE) 9,061 8,930


Total Group employees (FTE) 9,751 9,723

The average number of employees working in the Group during the year was:

2019 2018

Operations 8,063 8,011

Corporate 380 398

Company employees 8,443 8,409

Casual employees 897 881

Total Company employees 9,340 9,290


Total Group employees 10,032 10,099

The average number of postmasters engaged as agents was:

2019 2018

Postmasters: Engaged as agents 866 994

The aggregate payroll and postmasters’ costs were as follows:

2019 2018

€’000 €’000

Wages and salaries 419,056 413,250

Social insurance costs 39,655 38,162

Pension costs 41,535 47,667

Total payroll costs 500,246 499,079

Postmasters: Engaged as agents 65,622 69,659

Total payroll and postmasters’ costs 565,868 568,738

In addition, see note 4 for details of Transfomation costs associated with Postmasters exiting and signing up to the new Postmaster contract.

52


11. Intangible Assets and Goodwill

Goodwill Software Total

Group €’000 €’000 €’000

Cost

At 1 January 2018 41,262 60,494 101,756

Transferred to disposal group held for sale (9,718) (102) (9,820)

Additions - 3,269 3,269

Foreign exchange movement (19) (79) (98)

At 31 December 2018 31,525 63,582 95,107

Additions - 5,715 5,715

Foreign exchange movement 119 370 489

At 31 December 2019 31,644 69,667 101,311

Amortisation and impairment

At 1 January 2018 28,713 54,275 82,988

Transferred to disposal group held for sale (3,986) (102) (4,088)

Charge for year - 2,508 2,508

Foreign exchange movement - (18) (18)

At 31 December 2018 24,727 56,663 81,390

Charge for the year - 2,591 2,591

Foreign exchange movement - 164 164

At 31 December 2019 24,727 59,418 84,145

Carrying amount

At 31 December 2019 6,917 10,249 17,166

At 31 December 2018 6,798 6,919 13,717

The amortisation of software is included in operating costs. The net carrying amount of intangible assets held under finance leases was €408,000 (2018: €944,000).

Impairment testing for cash generating units (CGUs) containing goodwill

For the purposes of impairment testing, goodwill has been allocated to the Group’s CGUs (operating divisions) as follows:

2019€’000

2018€’000

Air Business & Jordans 2,424 2,305

One Direct 4,493 4,493

6,917 6,798

At 31 December 2018, the goodwill associated with the Gift Voucher Shop group of companies was reclassified as part of the disposal group held for sale. This group of companies was disposed on 31 January 2019 and all associated goodwill has been disposed as a result.

The recoverable amounts of these CGUs were based on their value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. A description of the activities of the CGUs is outlined in Note 26.

53

The key assumptions used in the estimation of value in use were as follows:

Forecasted cash flows

Forecasted cash flows are based on the budgeted future earnings. The budgeted earnings are based on the 2020 budget approved by the board and projections for 2021 to 2024.

Discount rates

A pre-tax discount rate of 8% (2018: 8%) is applied to the profits of each of the CGUs in the impairment calculation.

Impairments

The foregoing impairment tests did not result in any impairments being recognised for the year ended 2019 (2018: €nil).

Sensitivity

The Group ran sensitivities based on reasonably possible changes in assumptions and these sensitivities would not result in the need to recognise an impairment in 2019 or 2018.

Company Software

€’000

Total

€’000

Cost

At 1 January 2018 57,659 57,659

Additions 1,827 1,827

At 31 December 2018 59,486 59,486

Additions 4,195 4,195

At 31 December 2019 63,681 63,681

Amortisation and impairment

At 1 January 2018 53,480 53,480

Charge for year 1,779 1,779

At 31 December 2019 56,976 56,976

Carrying amount

At 31 December 2019 6,705 6,705

At 31 December 2018 4,227 4,227

54


12. Investment Property

Group and CompanyReconciliation of carrying amount

2019 €’000

2018€’000

Balance at beginning of year 715 715

Change in fair value - -

Balance at end of year 715 715

Investment property comprises a commercial property which is leased to a third party. No contingent rents are charged.

Changes in fair value are recognised as gains in profit or loss and included in ‘other income’. All gains are unrealised.

Measurement of fair values

The directors have considered the fair value of the investment property at 31 December 2019. Having regard to recent experience in the location and category of the property the directors believe its value remains unchanged at €715,000.

The fair value measurement for the investment property has been categorised as a Level 3 fair value based on the inputs to the valuation technique used.

Additional disclosures in relation to the fair value of the investment property have not been provided as they are not considered material.

55

13. Property, Plant and Equipment

Freehold & long leasehold land

& buildings€’000

Motor vehicles

€’000

Operating & computer equipment

€’000Total

€’000

Group

Cost

At 1 January 2018 294,317 12,827 324,731 631,875

Additions 3,038 120 11,799 14,957

Disposals - (397) (689) (1,086)

Reclassified to Assets held for sale (86) (60) (3,495) (3,641)

Foreign exchange movement - (10) (306) (316)

At 31 December 2018 297,269 12,480 332,040 641,789Recognition of right of use asset on initial application of IFRS 16 58,196 15,063 468 73,727

Adjusted balance at 1 January 2019 355,465 27,543 332,508 715,516

Additions 8,347 33,587 14,304 56,238

Disposals - (200) (45) (245)

Foreign exchange movement 809 15 415 1,239

At 31 December 2019 364,621 60,945 347,182 772,748

Accumulated depreciation and impairment losses

At 1 January 2018 104,505 5,458 291,192 401,155

Charged during the year 7,093 2,286 8,866 18,245

Impairment loss - - 2,726 2,726

Eliminated on disposals - (367) (602) (969)

Reclassified to Assets held for sale (75) (60) (2,418) (2,553)

Foreign exchange movement - (8) (316) (324)

At 31 December 2018 111,523 7,309 299,448 418,280

Charged during the year 14,058 11,848 9,160 35,066

Eliminated on disposals - (149) (46) (195)

Foreign exchange movement 33 8 182 223

At 31 December 2019 125,614 19,016 308,744 453,374

Carrying Amount

At 31 December 2019 239,007 41,929 38,438 319,374

At 31 December 2018 185,746 5,171 32,592 223,509

Impairment loss

In 2018, due to the continued decline in traditional mail volumes, the Group assessed the related mail sorting equipment for impairment, and recognised an impairment loss of €2,726,000 with respect to certain automated equipment. The impairment loss is included within operating costs in the income statement. In the opinion of the directors, no impairment arose in 2019.

Mortgage and Charge

Under the terms of the plan to meet the Minimum Funding Standard requirements a mortgage and charge relating to certain property assets of the Company with a value of €72.5 million was put in place in favour of the An Post Pension Scheme (“the Scheme”) for use as a contingent asset of the Scheme. Further details are set out in note 24.

56


13. Property, Plant and Equipment continued

Freehold & long

leasehold land &

buildingsMotor

vehicles

Operating & computer equipment Total

€’000 €’000 €’000 €’000

Company

Cost

At 1 January 2018 287,743 12,514 301,539 601,796

Additions 3,038 96 8,351 11,485

Disposals - (339) - (339)

At 31 December 2018 290,781 12,271 309,890 612,942

Recognition of right of use asset on initial application of IFRS 16

35,010 14,855 - 49,865

Adjusted balance at 1 January 2019 325,791 27,126 309,890 662,807

Additions 8,264 33,532 13,257 55,053

Disposals - (130) - (130)

At 31 December 2019 334,055 60,528 323,147 717,730

Accumulated depreciation and impairment losses

At 1 January 2018 99,903 5,271 273,512 378,686

Depreciation 6,991 2,237 7,176 16,404

Impairment loss - - 2,726 2,726

Eliminated on disposals - (322) - (322)

At 31 December 2018 106,894 7,186 283,414 397,494

Depreciation 12,222 11,727 7,370 31,319

Eliminated on disposals - (79) - (79)

At 31 December 2019 119,116 18,834 290,784 428,734

Carrying Amount

At 31 December 2019 214,939 41,694 32,363 288,996

At 31 December 2018 183,887 5,085 26,476 215,448

Group and Company

At 31 December 2019 the net carrying amount of property, plant and equipment held under finance leases was €7,177,000 (2018: €11,024,000). See note 27 for further information.

Impairment loss

In 2018, due to the continued decline in traditional mail volumes, the Group assessed the related mail sorting equipment for impairment, and recognised an impairment loss of €2,726,000 with respect to certain automated equipment. The impairment loss is included within operating costs in the income statement. In the opinion of the directors, no impairment arose in 2019.

Mortgage and Charge

Under the terms of the plan to meet the Minimum Funding Standard requirements a mortgage and charge relating to certain property assets of the Company with a value of €72.5 million was put in place in favour of the An Post Pension Scheme (“the Scheme”) for use as a contingent asset of the Scheme. Further details are set out in note 24.

57

14. Investments

Group Group Company Company

2019 2018 2019 2018

€’000 €’000 €’000 €’000

Investment in Premier Lotteries Ireland (see A below) 36,874 34,481 36,874 34,481

Shares in subsidiary undertakings (see note 26) - - 8,969 9,219

Investment in joint venture (see B overleaf) - - - -

Other investments (see C overleaf) - - - -

36,874 34,481 45,843 43,700

The other investments have been fair valued at €410k at 31 December 2018 but is part of the disposal group classified as held for sale, see note 18. The decrease in the value of shares held in subsidiary undertakings arises as a result of the disposals during the financial year.

A. Investment in Premier Lotteries Ireland (PLI)

2019 2018

€’000 €’000

Group and Company

The investment in PLI is comprised of:

Investment in equity shares 350 350

Loans and receivables

Shareholders loans 28,115 25,722

Investment in preference shares 8,409 8,409

36,874 34,481

In 2014, An Post invested €25m in PLI by way of equity investment, shareholders’ loans and preference shares.

Investment in equity shares

The Company holds 10.7% of the equity in the entity, holds two of the eight Board positions and has certain contractual rights. The majority shareholder is Ontario Teachers’ Pension Plan and it holds 78.6% of the equity. This shareholder is an experienced Lottery operator. In PLI, the majority shareholder is the primary influencer of the operating and financial policies.

Preference shares

The preference shares entitle the Company to an annual preferential dividend for a period of 20 years from 2014 up to 2034.

Shareholder loans

The shareholder loan is repayable in the period up to 2034 with a rate of interest of 9% per annum. The value of the loans receivable has increased due to accrued interest.

IFRS 9 – Financial Instruments

The directors, having considered the rights of An Post and the nature of the involvement of An Post in PLI, determined that on initial application of IFRS 9, the appropriate accounting for this investment varies based on each distinct element of the investment, outlined above.

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14. Investments continued

A. Investment in Premier Lotteries Ireland (PLI) continuedThe investment in equity shares is measured at fair value through the profit and loss account. The directors consider the fair value of these investments materially equate to the carrying amounts as at 31 December 2019 and as a result no fair value adjustment is recorded in 2019.

The investment in the form of shareholder loans and preference shares are measured at amortised cost. After applying a 12-month expected credit loss model to these investments, the directors are satisfied that the expected credit loss amount for the current and prior year was not material to the financial statements of the Group.

B. Investment in joint ventureDuring the year, the Group’s share of its joint venture’s profit amounted to €Nil (2018: €Nil).

The following table summarises the financial information of The Prize Bond Company DAC as included in its own financial statements

2019 2018

€’000 €’000

Current assets 19,471 20,508

Current liabilities (19,471) (20,508)

Net assets (100%) - -

Group’s share of net assets (50%) - -

Revenue 10,530 10,898

Profit from continuing operations - -

Total comprehensive income (100%) - -

Group’s share of total comprehensive income (50%) - -

C. Other investments

2019€’000

2018€’000

Fair value at the start of the year - 167

Net change in fair value – recognised through Profit or Loss - 243

Fair value at the end of the year - 410

Reclassified to assets classified as held for sale (note 18) - (410)

- -

GVS Prepaid Limited held an investment in VISA Inc. This investment was fair valued at 31 December 2018. The GVS group of companies were disposed of on 31 January 2019 and as a result this other investment has been disposed.

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15. Trade and Other Receivables

Group2019

Group2018

Company2019

Company2018

€’000 €’000 €’000 €’000

Current assets

Trade receivables 99,902 97,139 67,724 67,167

Amounts owed by subsidiary undertakings - - 20,221 20,855

Amounts owed by joint venture (note 29) 286 254 286 254

Other debtors 10,618 417 10,613 411

Prize bonds held 812 812 625 625

Prepayments 13,485 6,702 11,014 4,627

125,103 105,324 110,483 93,939

Non-current assets

Amounts owed by subsidiary undertakings - - 6,421 6,419

Deferred tax asset 2,356 1,793 2,212 1,613

2,356 1,793 8,633 8,032

127,459 107,117 119,116 101,971

Trade and other receivables are measured at amortised cost (less any loss allowance) as the Group’s business model is to “hold to collect” contractual cash flows. The Group applies the simplified approach to providing for expected credit losses (ECL) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

The carrying value of trade and other receivables also represents their fair value. Trade receivables are non-interest bearing.

Amounts due from group undertakings are interest free, unsecured and payable on demand.

16. Inventories

Group2019

€’000

Group2018

€’000

Company2019

€’000

Company2018

€’000

Finished goods 2,611 2,878 - -

2,611 2,878 - -

Inventory is recorded at the lower of cost or net realisable value in accordance with IAS 2 and related primarily to the value of mobile top ups held by Postpoint Services Limited.

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17. Cash at Bank and In Hand

Group2019

€’000

Group2018

€’000

Company2019

€’000

Company2018

€’000

Cash at bank 316,489 335,068 300,137 321,111

Cash in hand 193,366 177,473 193,366 177,473

509,855 512,541 493,503 498,584

Analysis of cash and cash equivalents

Group

At beginning of year €’000

Cash flows

€’000

At end of year €’000

Cash at bank and in hand 512,541 (2,686) 509,855

At 31 December 2018, the Group additionally held restricted cash of €180,791,000. The cash held was segregated in a separate client funds bank account and the amounts related to the unredeemed balances held on One4all cards issued by the Gift Voucher Shop Group. This balance was reclassified as part of the assets classified as held for sale at 31 December 2018, see note 18. The sales process in relation to the Gift Voucher Shop Group was completed in January 2019.


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Amounts held in trust 366,770 403,045 366,770 403,045

Included in current liabilities at 31 December 2019 was amounts held in trust of €366,770,000: (2018: €403,045,000). The majority of the amounts held in trust relates to funds held on behalf of the Company’s clients including the Department of Employment Affairs and Social Protection. The Company also operates, on an agency basis and for an agreed remuneration, the Post Office Savings Bank and other savings services for the NTMA, which acts on behalf of the Minister for Finance. The funds are remitted regularly to the NTMA. The assets and liabilities of such savings services vest in the Minister for Finance and accordingly, are not included in these financial statements.

At 31 December 2018, the Group additionally had a liability of €180,791,000 in relation to cash held – unredeemed prepaid cards. This balance relating to the activity of the Gift Voucher Shop Group was reclassified as part of the assets classified as held for sale at 31 December 2018, see note 18. The sales process in relation to the Gift Voucher Shop Group was completed in January 2019.

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18. Disposal group classified as held for saleDuring 2018, in line with the Strategic Plan, the Group started a process to dispose of certain non core subsidiaries. At 31 December 2018 the sales process in relation to two subsidiaries, namely TSC Ventures DAC (The Gift Voucher Shop Group) and Precision Marketing Information Limited was at an advanced stage.

The assets and liabilities associated with these transactions met the “held for sale” criteria set out in IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations and were reclassified accordingly as assets or liabilities held for sale as at 31 December 2018. Both assets held for sale were not considered a separate major line of business and therefore do not constitute discontinued operations as defined in IFRS 5.

Assets and liabilities of disposal group held for sale at 31 December 2018The disposal group at that date comprised the following assets and liabilities.

€’000

Property, plant and equipment 1,088

Other investments 410

Goodwill 5,732

Deferred tax asset 298

Trade and other receivables 11,945

Inventories 400

Cash at bank and in hand 5,585

Restricted cash 180,791

Assets classified as held for sale 206,249

€’000

Trade and other payables 8,875

Liability in relation to cash held – unredeemed prepaid cards 180,791

Deferred tax liability 135

Liabilities associated with assets classified as held for sale 189,801

On 31st January 2019, the entire shareholding of TSC Ventures DAC (the company holding the shares in the One4all Gift Voucher group of companies) was sold to Blackhawk Network, a global financial technology organisation. The transaction value was €105m and An Post previously held 53.6% of the shares in TSC Ventures DAC. The sales proceeds recognised in 2019 include two amounts held in escrow at the time of the transaction to the value of €10.187m. These amounts are included in Other Debtors at 31 December 2019 and have been received on time, in January 2020 and March 2020. Additional contingent consideration of €5.6m may be received by An Post in relation to the sale in 2021. This is currently held in a special escrow account and is not part of the sales proceeds recognised in 2019. The sale of Precision Marketing Information Limited, a relatively small subsidiary, which provided marketing data, database services and business directories was completed in March 2019.

The profit on disposal of the subsidiaries was €40.038m as set out in note 5.

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19. Trade and Other Payables


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Trade creditors 49,394 46,364 30,139 24,492

Amounts owed to subsidiary undertakings - - 27,428 36,216

Other creditors 12,486 12,267 12,034 11,838

Taxation and social welfare (note 21) 19,231 17,587 17,730 16,605

Accruals 64,747 76,120 57,870 66,610

Capital grants (note 22) 449 449 102 102

Deferred revenue - agency commission 6,575 6,736 - -

Deferred revenue - unused stamps sold / franking meters 14,853 16,844 13,669 15,549

167,735 176,367 158,972 171,412

Amounts due to group undertakings are interest free, unsecured and payable on demand. Deferred income in relation to unused stamps and franking machine credit is based on a number of estimation and sampling methods which are reviewed by management in order to make a judgement of the carrying amount of the deferred revenue. Revenue is deferred at the balance sheet date as certain performance obligations have not yet been met. The directors consider that the carrying amount of trade payables approximates to their fair value.

20. Leases and Borrowings

Due within one year


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Finance lease 3,025 11,593 2,792 11,583

Right of use asset lease liability 17,054 - 15,920 -

European Investment Bank loan 1,000 - 1,000 -

21,079 11,593 19,712 11,583

Due after one year


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Finance lease 618 3,289 487 3,265

Right of use asset lease liability 78,415 - 55,269 -

European Investment Bank loan 9,000 - 9,000 -

Government loan 30,000 30,000 30,000 30,000

118,033 33,289 94,756 33,265

In December 2017, having regard to the Services of General Economic Interest it provides, An Post received a loan of €30m from the Department of Finance to assist in the restructuring of the Company. The loan is for a 5 year term with the potential for an annual extension on two occasions. It attracts an interest rate of 1% and was provided to execute the Strategic Plan. The loan from the EIB was received in December 2019 and is repayable in quarterly instalments over a 10-year term.

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21. Taxation and Social Welfare

Group2019

€’000

Group2018

€’000

Company 2019

€’000

Company2018

€’000

Corporation tax (receivable) / payable (263) 1,128 (251) 746

Deferred tax 2,439 1,613 2,212 1,613

Income tax deducted under PAYE 6,683 6,502 6,065 5,839

Pay related social insurance 5,876 5,514 5,678 5,400

Value added tax 3,346 2,280 2,894 2,459

Professional services withholding tax 1,150 550 1,132 548

19,231 17,587 17,730 16,605

22. Capital Grants

Group2019

€’000

Group2018

€’000

Company2019

€’000

Company2018

€’000

At beginning of year 8,896 9,345 2,850 2,952

Grants received during the year - - - -

Amortised to income statement (449) (449) (102) (102)

At end of year 8,447 8,896 2,748 2,850

Transferred to current liabilities (449) (449) (102) (102)

7,998 8,447 2,646 2,748

The grants shown on the Company balance sheet were received in the 1990s to help develop mail facilities at various locations around the country. They are amortised to the profit and loss account in line with charges for depreciation for the same buildings. In addition, the Group received support from Government to develop the GPO Witness History Museum in 2016 and this grant is also amortised on a basis consistent with the depreciation of the assets to which the grant related.

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23. Provisions

Group and CompanyThe movements during the year were as follows

Provision for business

restructuring

Provision for insurance

claims Total

Provision for business

restructuring

Provision for insurance

claims Total

2019€’000

2019€’000

2019€’000

2018€’000

2018€’000

2018€’000

At beginning of year 14,330 12,448 26,778 23,180 12,422 35,602

Provisions made during the year 5,500 2,500 8,000 - 2,500 2,500

Utilised during the year (8,981) (1,764) (10,745) (8,850) (2,474) (11,324)

At end of year 10,849 13,184 24,033 14,330 12,448 26,778

Current 10,849 1,688 12,537 14,330 2,075 16,405

Non-Current - 11,496 11,496 - 10,373 10,373

10,849 13,184 24,033 14,330 12,448 26,778

The provision for business restructuring at 31 December 2018 related to the change programme in the business and the closure of a mails processing centre. During 2019, an additional provision of €5,500,000 was recognised in respect of the closing of the Cork mails centre. The provision for business restructuring at 31 December 2019 relates solely to the closure of the Cork facility as a mails processing centre. This facility closed its mails processing operation on 23 March 2020, and the Group expects to settle this liability during 2020.

The provision for insurance claims relates to claims under the Group’s self-insurance policy. The provision is determined on completion of a case by case assessment. The Group expects to settle the majority of the insurance liability over the next six years.

24. Pensions

Group and CompanyThe pension entitlements of employees arise under a number of defined benefit and defined contribution pension schemes, the assets of which are vested in independent trustees appointed by the Company for the sole benefit of employees and their dependents. Annual contributions are based on the advice of a professionally qualified actuary. There were no contributions due to the Pension Schemes at 31 December 2019 (2018: €nil). Employer contributions in 2020 are expected to be €44m.

The pension costs of the defined benefit schemes are assessed in accordance with the advice of an independent professionally qualified actuary. The most recent actuarial valuations, which took account of the changes to the normal retirement age, were carried out at 1 January 2019 using the projected unit credit method and at that date were sufficient to cover 98% of the accrued liabilities. The principal actuarial assumption was that, over the long term, the annual rate of return on investments would exceed salary and pension increases by an average of 0.65% per annum. The actuarial valuation of 1 January 2019 recommended a contribution rate of 14.4% of pensionable remuneration in line with the funding proposal currently in place. The actuarial valuations are not available for public inspection but the results of the valuations have been advised to the members of the schemes. The next actuarial valuation will be completed within the year with an as at date of 1 January 2022.

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The Company operates a Special Terminations Payments Scheme for Postmasters. This provides a once-off gratuity to Postmasters (at the discretion of the Company), where their contract terminates at any age, or, where in the course of their contract, they pass away leaving a dependent relative or relatives. The amount of the gratuity is one week’s remuneration for each year of service up to 15 years, plus two week’s remuneration for each subsequent year of service. The overall cap on the gratuity is 1.5 times remuneration. The obligation recognised for this Scheme as at 31 December 2019, included in the table overleaf, amounted to €12.8m (2018: €14.7m).

FundingThe Schemes are subject to an annual valuation under the Pensions Authority Minimum Funding Standard (MFS).The MFS valuation is a check that a scheme has sufficient funds to provide a minimum level of benefits in the event that the scheme is wound-up. In addition, the Schemes are obliged to hold sufficient additional resources to satisfy the funding standard reserve as provided in section 44(2) of the Act.

As at 1 January 2013 the Schemes did not satisfy the Minimum Funding Standard, with a deficit of €311m. Consequently an MFS funding proposal was agreed between the Company, the Trustees and the Staff. This was approved by the Pensions Authority in May 2014. An amendment to the Schemes was submitted to the Department of Public Expenditure and Reform and the Department of Communications, Energy and Natural Resources and was approved in January 2015.

The amendments included an adjustment to the normal retirement age for certain members and to the definition of pensionable pay. The changes agreed to the Schemes have led to an improvement in the Schemes’ funding position under MFS. The funding proposal is currently on schedule to satisfy the Pension Authority’s Minimum Funding Standard (including the funding standard reserve) by 31 December 2023. At 31 December 2019, an estimated MFS position calculated a surplus of €307m (including the funding standard reserve). The Scheme is very susceptible to equity and bond market movements and a relatively small adverse movement can result in a material change to the funding position. As part of the Funding Proposal the Company pledged a contingent asset which is a portfolio of properties it owns and it signed a resolution assigning these properties, with the approval of the relevant Departments in February 2015, confirming the funding agreement between the parties and the Trustees.

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24. Pensions continued

Movement in the net defined benefit liabilityThe following table shows a reconciliation from the opening balances to the closing balances for net defined benefit liability and its components.

Fair value of plan assets

Defined benefit obligation

Net defined benefit liability

2019 2018 2019 2018 2019 2018

€’000 €’000 €’000 €’000 €’000 €’000

Balance at 1 January 3,063,512 3,115,726 (3,111,392) (3,170,792) (47,880) (55,066)

Included in profit or loss

Current service cost - - (40,500) (46,600) (40,500) (46,600)

Interest income/(cost) 63,900 61,900 (64,400) (62,400) (500) (500)

63,900 61,900 (104,900) (109,000) (41,000) (47,100)

Included in OCI

Remeasurements

- Actuarial (loss)/gain arising from:

Demographic assumptions - - - - - -

Financial assumptions - - (422,600) 49,700 (422,600) 49,700

Experience adjustment - - (16,334) 31,736 (16,334) 31,736

Return on plan assets 451,862 (74,692) - - 451,862 (74,692)

Other451,862 (74,692) (438,934) 81,436 12,928 6,744

Contributions paid by the employer 44,772 44,986 - - 44,772 44,986

Administrative expenses from plan (1,000) (1,000) 1,000 1,000 - -

Member contributions 4,273 4,097 (4,273) (4,097) - -

Benefits paid-unfunded scheme - - 2,952 2,556 2,952 2,556

Benefits paid-funded scheme (89,707) (87,505) 89,707 87,505 - -

(41,662) (39,422) 89,386 86,964 47,724 47,542

Balance at 31 December 3,537,612 3,063,512 (3,565,840) (3,111,392) (28,228) (47,880)

Plan assetsPlan assets comprise the following:

2019 2018

€’000 €’000

Equities: Global development markets 924,175 673,188

Equities: Emerging markets 140,325 109,417

Equities: Total 1,064,500 782,605

Bonds: Euro 1,852,900 1,485,960

Other: includes property, private equity and infrastructure 620,212 794,947

Fair value of pension schemes’ assets 3,537,612 3,063,512

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Under the Trust Deed, the Trustees have full power to decide investment policy and to administer the funds at their disposal. The monies for investment are allocated to a number of investment managers and they each invest according to guidelines set out in an Investment Management Agreement approved by the Trustees. The investment managers provide detailed reports to the Trustees and investment performance is monitored on a regular basis by the Trustees. The majority of the assets of the Schemes are invested in equities and bonds. The remainder of the assets are invested in alternative asset classes, including property.

Five investment managers manage the following key mandates, which together account for 80% of the Schemes’ assets:

• Passive global developed equity mandate – SSGA

• Active fixed interest mandate – PIMCO

• Passive fixed interest mandate – SSGA

• Passive global small cap equity mandate – Irish Life Investment Managers

• Active emerging markets equity mandate – JP Morgan and

• Active emerging markets equity mandate – Heptagon

In addition, the Trustees have property investments with SSGA, IPUT plc, Fidelity International and Patrizia. The Trustees continue to invest in a number of alternative investments – in some cases the investment amount is called down by the manager over a period of time rather than an upfront investment. These investments include infrastructure, forestry, direct lending, private equity and venture capital. The Trustees also hold an investment in Premier Lotteries Ireland Limited, the company operating the National Lottery.

Defined benefit obligationi. Actuarial assumptions

The following were the principal actuarial assumptions at the reporting date:

2019 2018

Valuation method Projected Unit Projected Unit

Discount rate 1.35% 2.10%

Inflation – CPI 1.60% 1.75%

Pensionable pay inflation 1.50% 1.50%

Increase to pensions in payment 1.50% 1.50%

Pensionable salary increases 1.50% 1.50%

The assumptions relating to longevity underlying the pension liabilities at the reporting date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity.

The assumptions are equivalent to expecting a 65-year old to live to the following ages:

2019 Male

2019 Female

2018 Male

2018Female

Life expectancy at 65

Current Pensioners – aged 65 86.6 88.5 86.5 88.4

Future Pensioners – aged 40 88.9 90.7 88.8 90.7

At 31 December 2019, the weighted average duration of the defined benefit obligation in the primary scheme was 16.6 years (2018: 16.1 years).

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24. Pensions continued

Defined benefit obligation continued ii. Sensitivity analysis

Reasonable possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below.

2019 2018

€’m €’m €’m €’m

Increase Decrease Increase Decrease

Discount rate (0.25% movement) (148.6) 155.1 (121.7) 126.7

Future salary/pension growth (0.25% movement) 150.7 (144.6) 123.9 (119.1)

An increase in the life expectancy assumption of plus 1 year would increase the scheme deficit by €122.9m.

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

An Post Pension Scheme Contingent AssetUnder the terms of the plan to meet the Minimum Funding Standard requirements a mortgage and charge relating to certain property assets of the Company with a value of €72.5 million was put in place in favour of the An Post Pension Scheme (“the Scheme”) for use as a contingent asset of the Scheme. Under the terms of the mortgage and charge, should a disposal of these property assets occur that meets the terms of the mortgage and charge, the Scheme is entitled to the sale proceeds, or for the assets sold to be replaced by other assets of an equal market value. The maximum amount recoverable by the Trustees of the Scheme under the mortgage and charge is €100 million.

25. Share Capital and Reserves

Group and Company

2019 €’000

2018 €’000

Authorised:

80,000,000 Ordinary Shares of €1.25 each 100,000 100,000

Allotted, called up and fully paid:

54,590,946 Ordinary Shares of €1.25 each 68,239 68,239

Nature and purpose of reservesCapital conversion reserve fund

On 14 January 2003, the Company’s shares were renomalised from €1.269738 to €1.25 per share and an amount of €877,000 was transferred to a capital conversion reserve fund.

Foreign currency translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

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26. Subsidiaries and Joint Ventures

Subsidiary undertakings held directly by the Company1

Name Nature of Business % Holding Registered Office

Printpost Limited High volume printing 100% General Post Office O’Connell Street, Dublin 1D01 F5P2

An Post Billpost Processing Service Limited Bill payment processing 100% General Post Office O’Connell Street, Dublin 1D01 F5P2

An Post GeoDirectory DAC Database services 51% General Post Office O’Connell Street, Dublin 1D01 F5P2

Arcade Property Company Limited Property development and letting

100% General Post Office O’Connell Street, Dublin 1D01 F5P2

Prince’s Street Property Company Limited Dormant 100% General Post Office O’Connell Street, Dublin 1D01 F5P2

Post Consult International Limited Computer software services


Post.Trust Limited Digital certification and security service


Transpost Limited Courier and distribution 100% General Post Office O’Connell Street, Dublin 1D01 F5P2

Kompass Ireland Publishers Limited Dormant 100% General Post Office O’Connell Street, Dublin 1D01 F5P2

An Post (NI) Limited Holding Company 100% The Soloist Building1 Lanyon Place, BelfestBTI 3LP, NI, United Kingdom

1 In each case, the shares held by An Post are ordinary shares.

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26. Subsidiaries and Joint Ventures continued

Subsidiary undertakings held indirectly through a subsidiary undertaking


Air Business Limited Distribution and magazine subscription services

100% The Beacon, Mosquito Way Hatfield Herts, AL10 9WN, United Kingdom.

One Direct (Ireland) Limitedtrading as An Post Insurance

Insurance Broker 100% General Post Office O’Connell Street, Dublin 1 D01 F5P2

Jordan & Co International Limited Distribution 100% The Beacon, Mosquito Way Hatfield Herts, AL10 9WN, United Kingdom.

Postpoint Services Limited Mobile top ups 100% General Post Office O’Connell Street, Dublin 1D01 F5P2

GPO IEC Limited GPO Exhibition Centre


Joint ventures held directly by the Company


The Prize Bond Company DAC Administration of the Prize Bond Scheme

50% General Post Office O’Connell Street, Dublin 1 D01 F5P2

Air Business Limited and Jordan & Co International Limited are incorporated in and operate in England & Wales. An Post (NI) Limited is incorporated in and operates in Northern Ireland. All other undertakings are incorporated in and operate in the Republic of Ireland. All shareholdings consist of ordinary share capital. The Prize Bond Company DAC carries on the business of administering the Prize Bond Scheme under contract from the National Treasury Management Agency.

The Company has given a guarantee under Section 357 of the Companies Act, 2014 to the following entities in the current year: Post Consult International Limited; Printpost Limited; Post.Trust Limited; Transpost Limited; Prince’s Street Property Company Limited; An Post Billpost Processing Services Limited; Kompass Ireland Publishers Limited; One Direct (Ireland) Limited; GPO IEC Limited and Postpoint Services Limited.

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27. Lease Commitments

Finance leasesFuture payments under these leases at year end for the Group and Company were as follows:

Future minimum lease payments Interest

Present value of minimum lease payments

2019 2018 2019 2018 2019 2018€’000 €’000 €’000 €’000 €’000 €’000

GroupLess than one year 3,062 11,732 37 139 3,025 11,593Between one and five years 627 3,323 9 34 618 3,289More than five years - - - - -

3,689 15,055 46 173 3,643 14,882

CompanyLess than one year 2,819 11,720 27 137 2,792 11,583Between one and five years 490 3,295 3 30 487 3,265More than five years - - - - - -

3,309 15,015 30 167 3,279 14,848

Lease liabilities associated with right of use assetsFuture payments under these leases at year end for the Group and Company were as follows:

Future minimum lease payments Interest

Present value of minimum lease payments

2019 2018 2019 2018 2019 2018€’000 €’000 €’000 €’000 €’000 €’000

GroupLess than one year 18,620 - 1,566 - 17,054 -Between one and five years 48,893 - 4,205 - 44,688 -More than five years 52,573 - 18,846 - 33,727 -

120,086 - 24,617 - 95,469 -

CompanyLess than one year 16,910 - 990 - 15,920 -Between one and five years 41,694 - 2,169 - 39,525 -More than five years 16,859 - 1,115 - 15,744 -

75,463 - 4,274 - 71,189 -

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28. Capital CommitmentsFuture capital expenditure approved by the directors but not provided for in the financial statements was as follows:

Group Group Company Company2019 2018 2019 2018

€’000 €’000 €’000 €’000

Contracted for 16,912 18,809 16,184 18,095

Authorised but not contracted for 1,729 318 1,729 318

18,641 19,127 17,913 18,413

29. Related Parties

Controlling partyThe Group was controlled throughout the year by the Minister for Communications, Climate Action and Environment who holds the entire issued share capital of An Post except for one ordinary share held by the Minister for Finance (which stands transferred to the Minister for Public Expenditure and Reform under the Ministers and Secretaries Act 2011).

Other related party transactionsThe Prize Bond Company DAC

Under the terms of a contract with The Prize Bond Company DAC, the Company carries out certain aspects of the administration of the Prize Bond Scheme. Fees earned by the Company in respect of such services amounted to €4,120,000 for the year ended 31 December 2019 (2018: €4,114,000). The amount owed by The Prize Bond Company DAC to the Group was €284,000 at 31 December 2019; (2018: €257,000). At 31 December 2019 the Group held €812,000: (2018: €812,000) of Prize Bonds.

An Post GeoDirectory DAC

An Post has a 51% shareholding in An Post GeoDirectory DAC, a company that sells and manages a national database of address and location information. An Post GeoDirectory DAC purchased goods and services to the value of €1,500,000 for the year ended 31 December 2019 from An Post (2018: €1,500,000). An Post purchased goods and services to the value of €24,000 for the year ended 31 December 2019 from An Post GeoDirectory DAC (2018: €20,000). The amount owed by An Post GeoDirectory DAC to the Group was €613,000 at 31 December 2019; (2018: €413,000).

GVS Group of Companies

For the month of January 2019, before its disposal, An Post had a 53.6% shareholding in TSC Ventures DAC, the holding company for the Gift Voucher Shop group of companies. These companies are engaged in the sale of retail gift cards in Ireland and the UK. In that time An Post earned commission and sold postal services to the Gift Voucher Shop group of companies to the value of €149,000 (2018: €3,867,000 for the full year). An Post purchased services to the value of €8,000 during January 2019 from the Gift Voucher group of companies (2018: €101,000 for the full year).

Transactions with Government departments and other State bodies

The Group provides, in the ordinary course of business, postage, agency, remittance and courier services to various Government departments and other State bodies on an arm’s length basis. The Group also conducts day to day banking services and treasury with banking institutions owned by the State.

During 2018, An Post received a grant of €80,000 from the Department of Communications, Climate Action and Environment for the Digital Assist Pilot Scheme. The purpose of the grant was to make available a visible smart tablet, keyboard and printer to the public in ten post offices located in rural areas to facilitate access to Government and An

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Post websites. This Pilot Scheme is currently running to evaluate public take up of this service. The grant received was included as revenue in 2018. No such payment was received in 2019.

Transactions with key management personnel, comprising Executive Directors, Non-Executive Directors and other members of the Groups’ Executive Management Committee and connected persons.

2019 2018

€’000 €’000

Short-term employee benefits 2,262 2,996

Non executive directors’ fees 215 220

Post-employment benefits 286 480

2,763 3,696

In June 2018, Mr David McRedmond, the Group CEO was appointed Non-Executive Chairman of eircom Holdings (Ireland) Limited, a fixed, mobile, and broadband telecommunications company operating in Ireland, that uses the trade name, eir. During 2019, eir provided services to the Group and An Post provided services to eir in the normal course of business. The fees in respect of goods and services provided by eir to the Group to 31 December 2019 were €13,747,000 (2018 from June €8,341,000). The amount not yet paid by the Group at the year-end was €2,089,000 (2018: €1,205,000). The Group provided services to eir of €5,702,000 during 2019, (2018 from June €3,117,000) and the amount not yet paid by eir to the Group at the year-end was €2,311,000 (2018: €1,370,000).

30. ContingenciesThere were no contingent liabilities or guarantees at 31 December, 2019 or 2018 which could give rise to material losses other than as disclosed elsewhere in the financial statements of the Group and Company.

31. Financial Instruments – Fair Value and Risk Management

Fair valueA. Accounting classifications and fair values

The Group measures fair values using the following hierarchy of methods:

• Level 1 – Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.

• Level 3 – Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument’s valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

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31. Financial Instruments – Fair Value and Risk Management continued

Fair value continued Fair value is calculated as follows:(i) Freely traded securities shall be valued based on the closing price, or if no sales have occurred, at the

last bid price thereon as of the last day of such fiscal quarter or year as applicable. For all other financial instruments the Group determines fair values using valuation techniques.

(ii) Investments may be classified as Level 2 when market information becomes available, yet the investment is not traded in an active market and/or the investment is subject to transfer restrictions, or the valuation is adjusted to reflect illiquidity and/or non-transferability.

(iii) The Group’s fair value measurement of the level 3 investments is based on a model which may contain significant unobservable inputs. The relevant model is a net present value technique, derived from the price of a similar investment and or similar market borrowing/lending rates, depending on management’s assessment of the most appropriate valuation methodology and inputs for that particular investment.

The table in note 31 part B summarises the quantitative inputs and assumptions used for the investments categorised in Level 3 of the fair value hierarchy as of 31 December 2019. There were no transfers between the fair value hierarchy levels during the years ended 31 December 2019 and 31 December 2018.

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Carrying amount Fair Value

Loans and

receivablesOther

investments

Other financial liabilities Total Level 1 Level 2 Level 3 Total

31 December 2019 Note €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000

Financial assets measured at fair value

Interest in PLI – equity shares 14 - 350 - 350 - - 340 340

- 350 - 350

Financial assets not measured at fair value

Interest in PLI - shareholder loan 14 28,115 - - 28,115 - - 28,100 28,100

Interest in PLI – preference shares 14 8,409 - - 8,409 - - 8,409 8,409

Trade and other receivables 15 111,618 - - 111,618 - - - -

Cash and cash equivalents 17 509,855 - - 509,855 - - - -

657,997 657,997

Financial liabilities not measured at fair value

Government loan 20 - - 30,000 30,000 - - 30,000 30,000

EIB loan 20 - - 10,000 10,000 - - 10,000 10,000

Finance lease 20 - - 3,643 3,643 - - 3,643 3,643

Right of use asset lease liability 20 - - 95,469 95,469 - - 95,469 95,469

Trade and other payables 19 - - 126,627 126,627 - - - -

265,739 265,739

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A. Accounting classifications and fair values continued

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Carrying amount Fair Value

Loans and receivables

Other investments

Other financial liabilities Total Level 1 Level 2 Level 3 Total

31 December 2018 Note €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000

Financial assets measured at fair value

Interest in PLI – equity shares 14 - 350 - 350 - - 350 350

Interest in unquoted investment 14 - 410 - 410 410 - - 410

- 760 760

Financial assets not measured at fair value

Interest in PLI - shareholder loan 14 25,722 - - 25,722 - - 25,722 25,722

Interest in PLI - preference shares 14 8,409 - - 8,409 - - 8,409 8,409

Trade and other receivables 15 98,622 - - 98,622 - - - -

Cash and cash equivalents 17 512,541 - - 512,541 - - - -

Restricted cash (transferred to assets classified as held for sale)

180,791 - - 180,791 - - - -

826,085 826,085


Government loan 20 - - 30,000 30,000 - - 30,000 30,000

Finance lease 20 - - 14,882 14,882 - - 14,882 14,882

Trade and other payables 19 - - 134,733 134,733 - - - -

179,615 179,615

B. Valuation techniques and significant unobservable inputs

The following tables show the valuation techniques used in measuring Level 3 fair values, as well as the significant unobservable inputs used.

Financial instruments measured at fair value

Type Fair Value 2019 Valuation Technique Unobservable Inputs

€’000

Interest in PLI – equity shares

340 Discounted cash flows technique referenced to third party transactions

Discount rate

These instruments are recorded at €350k at 31 December 2019 as the fair value is a reasonable approximation of the carrying amount and any impairment would be wholly insignificant to the Group.

76


31. Financial Instruments – Fair Value and Risk Management continued

Fair value continuedFinancial instruments not measured at fair value

Type 2019€’000

Valuation technique Unobservable Inputs

Interest in PLI – shareholder loan 28,115

Discounted cash flows technique referenced to third party transactions Discount rate

Interest in PLI - preference shares 8,409

Discounted cash flows technique referenced to third party transactions Discount rate

Government loan 30,000Discounted cash flows technique referenced to market borrowing / lending rates Discount rate

EIB loan 10,000Discounted cash flows technique referenced to market borrowing / lending rates Discount rate

Financial lease liability 3,643Discounted cash flows technique referenced to market borrowing / lending rates Discount rate

The shareholders loan to PLI has been measured at amortised cost. The Shareholders loan is considered to have a low credit risk as there is a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.

The Group measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management consider both historical analysis and forward-looking information in determining any expected credit loss. No loss allowance has been recognised based on 12-month expected credit losses as any such impairment would be wholly insignificant to the Group.

C. Level 3 fair values

Reconciliation of Level 3 fair values

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 fair values.

PLI – equity shares2019

€’0002018

€’000

Balance at beginning of period 350 350

Purchases - -

Sales - -

Fair value movement (10) -

Balance at end of period 340 350

Sensitivity analysisWhere the value of financial instruments is dependent on unobservable valuation models, appropriate models and inputs are chosen so that they are consistent with prevailing market evidence. A 100bps increase or decrease in the discount rate of the financial assets under Level 3 held by the Group would not have a significant effect on the carrying value.

Financial risk managementThe Group’s financial risks are managed within parameters defined formally by the Board. Treasury activity is reported to the Audit and Risk Committee and to the Board. The main financial risks faced by the Group relate to credit, interest, foreign exchange translation and liquidity. The Board agrees policies for managing these risks as summarised below.

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Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers and from cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.

Trade and other receivables

The Group’s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, taking into account financial position, past experience and other factors. The utilisation of credit limits is regularly monitored. There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers. Average credit terms, where given, range from 0 to 45 days.

Included in the Group’s trade and other receivables as at 31 December 2019 are balances of €22.0m (2018: €25.4m) which are past due at the reporting date but not impaired.

The aged analysis of these balances is as follows:

2019€’000

2018€’000

Less than 1 month 11,429 17,366

1 – 3 months 10,799 7,307

3 – 6 months 557 441

Over 6 months 238 251

22,023 25,365

The Group’s policy for the determination of the impairment allowance for bad debts is based on a line-by-line assessment of the credit risk attached to the individual debtors and an assessment of the resulting requirement for an impairment allowance. In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable, including any indicators for impairment (which may include evidence of financial difficulty of the customer, payment default, breach of contract, etc.). Subsequent recoveries of amounts previously impaired are credited to the Income Statement. For the purpose of calculating the impairment allowance, the Group does not take into account the impact of discounting the trade receivables as it is considered not material given the age profile of the Group’s trade receivable balances.

Movements in the impairment allowance of trade receivables during the year were as follows:

2019€’000

2018€’000

Balance at beginning of period 8,196 8,039

Impairment loss (derecognised) / recognised (1,269) 305

Amounts written off (281) (148)

Balance at end of period 6,646 8,196

78


31. Financial Instruments – Fair Value and Risk Management continued Shareholder’s loan to Premier Lotteries Ireland (PLI)

The shareholders loan to PLI has been measured at amortised cost. The shareholders loan is considered to have a low credit risk as there is a low risk of default and the issuer is trading satisfactorily and has a strong capacity to meet its contractual cash flow obligations in the near term. In addition, financial forecasts for PLI have been reviewed to the end of the investment period, namely 2034, and these forecasts support the expectation that the shareholder loan will be repaid. Consequently, the 12-month ECL model is based on a probability of 99% that PLI will not default on its cash flow obligations.

Cash and cash equivalents

The Board establishes the policy in managing credit risk. Exposure is managed by distributing the credit risk, where possible, across banks or other institutions meeting required standards as assessed normally by reference to the major credit rating agencies. The Group held cash and cash equivalents of €510m at 31 December 2019 (2018: €512m).

The Group’s cash management policy is as follows:• Money is only placed on deposit with the institutions as approved by the Board;

• The risk is spread so that there is no more than 40% with any one institution, subject to a maximum of the Board approved limit; and

• Keep the risk profile under review

These policies are regularly monitored to ensure credit exposure to any one financial institution is limited.

Guarantees

The Group’s policy is to provide financial guarantees only to subsidiaries. At 31 December 2019, the Group has provided a guarantee under Section 357 of the Companies Act 2014 to a number of its subsidiaries as disclosed in the subsidiary and joint ventures note.

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.

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Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Contractual cash flows

Carrying amount Total

2 months or less

2–12 months 1–5 years

More than 5 years

31 December 2019 €’000 €’000 €’000 €’000 €’000 €’000

Non-derivative financial liabilities

Government loan 30,000 30,906 - 304 30,602 -

EIB loan 10,000 10,325 - 1,061 4,181 5,083

ROUA lease liabilities 95,469 120,086 3,103 15,517 48,893 52,573

Finance lease liabilities 3,643 3,689 634 2,429 626 -

Trade and other payables 126,627 126,627 126,627 - - -

265,739 291,633 130,364 19,311 84,302 57,656

Contractual cash flows

Carrying amount Total

2 months or less

2–12 months

1–5 years

More than 5 years

31 December 2018 €’000 €’000 €’000 €’000 €’000 €’000

Non-derivative financial liabilities

Government loan 30,000 31,212 - 306 30,906 -

Finance lease liabili-ties 14,882 15,055 1,223 10,509 3,323 -

Trade and other payables 134,733 134,733 134,733 - - -

179,615 181,000 135,956 10,815 34,229 -

Market risk Foreign exchange risk

Foreign currency translation exposure arises from the retranslation of overseas subsidiaries’ income statements and statements of financial position into Euro. In addition, the Group are exposed to currency transaction risk to the extent that there is a mismatch between the currencies in which sales and purchases are denominated and the respective functional currencies of Group Companies. This arises primarily on transactions with international postal operators. The Group does not currently use derivatives to manage this risk. The Group will continue to review this. A reasonably possible change in foreign exchange rates would not have a material impact on the financial statements.

Interest rate risk

The Group’s interest rate risk arises from amounts held on deposit, term loans and the shareholder loan to Premier Lotteries Ireland. The Group does not currently use derivatives to manage this risk. The Group will continue to review this. A reasonably possible change in interest rates would not have an impact on the financial statements.

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31. Financial Instruments – Fair Value and Risk Management continued Exposure to interest rate risk

The interest rate profile of the Group’s interest-bearing financial instruments is as follows:

Nominal amount2019

€’0002018

€’000

Fixed-rate instruments

Financial assets

Interest in PLI - shareholder loan 28,115 25,722

Financial liabilities

Government loanEuropean Investment Bank loan

(30,000)(10,000)

(30,000)-

(11,885) (4,278)

Variable rate instruments

Financial assets

On call deposits 316,489 335,068

316,489 335,068

Fair value sensitivity analysis for fixed-rate instruments

The Group does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased / (decreased) equity and profit or loss by the amounts shown below in relation to the funds held by the Group. This analysis assumes that all other variables remain constant.

Profit or loss

100bp increase

100bp decrease

€’000 €’000

31 December 2019

Financial assets

Variable rate instruments 2,822 (2,822)

Cash flow sensitivity - net 2,822 (2,822)

31 December 2018

Financial assets

Variable rate instruments 3,289 (3,289)

Cash flow sensitivity - net 3,289 (3,289)

The impact on equity net of tax of a reasonably possible change of 100 basis points in interest rates is not materially different from the profit or loss impact shown above.


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32. Subsequent EventsThere have been no significant events since the balance sheet date and the date of approval of these financial statements that would require adjustment of the financial statements.

The Covid–19 situation as it impacts Ireland and the An Post business is a very significant event. The Directors and executive are taking the situation with the utmost seriousness and will monitor the impact on the business on a continuous basis.

The business operations are continuing with measures to protect health and safety for employees and customers being implemented along with the best advices from health experts and science. Operations are continuing with plans being implemented to cover where there may be business interruption and working remotely being facilitated to assist the national effort with respect to social distancing and so forth.

The trading performance and the operations are being monitored carefully. To date the operations and activity levels are being maintained and the business is adjusting to the ways of working as required.

33. Board ApprovalThe financial statements were approved by the Board of Directors on 26 March 2020.


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Financial and Operational Statistics Not covered by the Indepenent Auditor’s Report

Consolidated Income Statement

2019 2018 2017 2016 2015

€’000 €’000 €’000 €’000 €’000

Revenue 892,128 896,954 840,002 825,237 826,069

Operating costs (850,233) (859,306) (835,210) (839,348) (820,907)

Profit/(loss) before transformation costs, one off items, net finance (cost) / income and taxation 41,895 37,648 4,792 (14,111) 5,162

Net finance (cost) / income (308) 3,098 (1,015) (1,962) (6,235)

Transformation costs (15,281) (13,974) - - -

One off items 40,038 - 45,824 415 -

Profit / (loss) before taxation 66,344 26,772 49,601 (15,658) (1,073)

Consolidated Statement of Financial Position

2019 2018 2017 2016 2015

€’000 €’000 €’000 €’000 €’000

Non-current assets 376,485 274,215 284,422 292,526 294,333

Net current assets / (liabilities) 69,448 29,781 8,960 (48,463) (33,074)

Other non-current liabilities (137,527) (52,109) (62,984) (57,004) (56,925)

Net assets excluding pension liability 308,406 251,887 230,398 187,059 204,334

Pension liability (28,228) (47,880) (55,066) (283,381) (169,203)

Net assets / (liabilities) including pension liability

280,178 204,007 175,332 (96,322) 35,131

Capital and reserves 280,178 204,007 175,332 (96,322) 35,131

Ratios

2019 2018 2017 2016 2015

Profit / (loss) before transformation costs, one off items, net finance (cost) / income and taxation as % of revenue 4.70% 4.20% 0.57% (1.71%) 0.62%

Staff and postmasters’ costs as % of operating costs 66.55% 66.19% 67.29% 66.91% 67.36%

Current assets as % of current liabilities 112.22% 103.74% 101.31% 91.30% 94.73%

Mail

2019 2018 2017 2016 2015

Core mail volume index (2015=100) (note1) 75.5 80.6 87.2 94.8 100.0

Note 1: This index reflects changes in core mail revenue. It excludes the impact of changes to published tariffs, income from foreign administrations, and variations arising from elections or referenda in each year.

Page 82 to 85 do not form parts of the Notes to the Fiinancial Statements

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System Size

2019 2018 2017 2016 2015

Mails network:

No. of delivery points (millions) 2.312 2.284 2.263 2.249 2.248

No. of motor vehicles 3,036 2,805 2,792 2,776 2,758

No. of electric vehicles 166 - - - -

No. of electric cargo trikes 47 - - - -

Post office network:

Company post offices 45 45 50 50 51

Contract post offices 898 967 1,073 1,075 1,079

Postal agencies 92 96 104 111 121

1,035 1,108 1,227 1,236 1,251

€m €m €m €m €m

Savings Services (note 2)

Value of Funds at 31 December 21,228 20,657 20,416 20,119 19,453

Activity for year

Post Office Savings Services

Savings Bank deposits 993 1,079 1,064 1,060 1,018

Savings Bank withdrawals (880) (889) (863) (904) (926)

Savings Certificates issued 1,704 1,780 1,023 1,168 1,132

Savings Certificates repaid (865) (2,403) (1,055) (1,347) (1,470)

Instalment Savings issued 89 100 96 97 97

Instalment Savings repaid (101) (100) (102) (105) (104)

Savings Bonds issued 718 886 714 1,116 1,345

Savings Bonds repaid (1,129) (1,317) (1,258) (1,849) (2,289)

National Solidarity Bond issued 804 921 598 991 1,054

National Solidarity Bond repaid (501) (412) (435) (322) (208)

Department of Employment Affairs and Social ProtectionWelfare benefits paid during the year 7,125 7,380 7,615 7,997 8,418

2019 2018 2017 2016 2015000’s 000’s 000’s 000’s 000’s

BillPay Volumes 16,033 17,025 17,977 19,760 22,895

TV Licence Sales 1,481 1,481 1,463 1,445 1,438

Note 2: The assets and liabilities of the Savings Services vest in the Minister for Finance and accordingly are not included in the financial statements of the Company.

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Universal Service The Communications Regulation (Postal Services)

Act 2011 (‘the Act’) was enacted in August 2011.

Requirements of the Universal Service Obligation (‘USO’)Under Section 17 of the Act, An Post is designated as the Universal Postal Service Provider for a period up until August 2023.

Under Section 16 of the Act, “Universal Postal Service” means that on every working day, except in such circumstances or geographical conditions deemed exceptional by ComReg, there is at least:

i. one clearance, and

ii. one delivery to the home or premises of every person in the State or, as ComReg considers appropriate, under such conditions as it may determine from time to time, to appropriate installations.

The following services are provided:

(a) the clearance, sorting, transport and distribution of postal packets up to 2kgs in weight;

(b) the clearance, sorting, transport and distribution of postal parcels to a weight limit to be specified by order of ComReg (or in the absence of this 20kg) - ComReg decided to use its power to reduce the maximum weight limit of 20kg to 10kg in 2019;

(c) the sorting, transportation and distribution of parcels from other Member States of the European Union up to 20kg in weight;

(d) a registered items service;

(e) an insured items service within the State and to and from all countries which, as signatories to the Universal Postal Convention of the Universal Postal Union, declare their willingness to admit such items whether reciprocally or in one direction only; and

(f) postal services free of charge to blind and partially sighted persons.

As required by Section 16(9) of the Act, in July 2012 ComReg made regulations specifying the services to be provided by An Post relating to the provision of the universal postal service. The Communications Regulation (Universal Postal Service) Regulations 2012 to 2019 (SI No. 280/2012; SI No. 534/2018; and SI No. 149/2019), which set out these services, are available on www.irishstatutebook.ie or www.comreg.ie.

The terms and conditions of Universal Services are available on https://www.anpost.com.

Access to Universal ServicesAn Post provides access to its services through its network of 45 Company Post Offices and 898 Contract Post Offices. In addition, some 818 retail premises are authorised to sell postage stamps, as active agents. To facilitate physical access to the service, approximately 5,717 post boxes, including meter post boxes and those located in Delivery Service Units, are distributed widely throughout the State. There are 43 designated acceptance points for bulk mail services.

TariffsThe following is a summary of the prices for standard services weighing up to 100g which were applicable from 25 February 2019.

Ireland & NI

Standard Post Registered Post*

Letters (up to C5) €1.0095c if item bears a franking impression

€8.00

Large Envelopes € 2.00€1.95 if item bears a franking impression

€8.20

Packets €3.80 €3.70 if item bears a franking impression

€8.20

Parcels €9.00 €13.00

* The fee payable for the basic registered service covers compensation up to a maximum of €320. Further compensation (non Universal Service) up to a limit of €1,500 is available for €4.50 and up to a limit of €2,000 for €5.50 based on declared value at time of posting.

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International Destinations

Standard Post Registered Post*

Letters (up to C5) €1.70 €8.70

Large Envelopes €2.90 €9.90

PacketsGB EURROW

€5.50 €6.00 €7.00

€12.50 €13.00 €14.00

Parcels GB EURROW

€21.00 €28.00 €29.00

€28.00 €35.00 €36.00

*Availability of service dependent on postal administration in destination country. Compensation up to €320 in GB; €150 in Europe; €100 for parcels and €35 for letters outside Europe. A full list of current USO tariffs is available in the Guide to Postal Rates (see https://www.anpost.com/).

Quality of Service

InternationalThe quality performance standard for the delivery of intra-Community cross-border mail was laid down in the Postal Directives (97/67/EC, as amended) and is included in Schedule 3 of the Act. The quality standard for postal items of the fastest standard category is as follows:

D+3: 85% of items; D+5: 97% of items, where D refers to the day of posting.

DomesticThe Act requires ComReg to set quality-of-service standards for domestic universal service mail which must be compatible with those for intra-Community cross-border services. ComReg have set a quality-of-service target for domestic single piece priority mail as follows:

D+1: 94% D+3: 99.5%, where D refers to the day of posting.

Customer ComplaintsAn Post is required to maintain records of customer complaints in compliance with European standard IS: EN 14012:2003. The table provides, in relation to mail, a breakdown of written complaints received from customers during 2019.

Written complaints received from customers 2019 2018

Items lost or substantially delayed 24,928 24,551

Items damaged 1,313 1,144

Items arriving late 367 1,320

Mail collection or delivery:Failure to make daily delivery to home or premises 23 37Collection times/Collection failures 5 4

Misdelivery 1,364 1,222

Access to customer service information - 2

Tariffs for single piece mail/discount schemes and conditions 6 1

Change of address (Redirections) 487 387

Behaviour and competence of postal personnel 71 34

How complaints are treated - 1

Other (not included in above) 2,793 1,511

Total 31,357 30,214

Included in the total figure are complaints about registered items, which number 7,961, (2018: 7,879).

In 2019, there were 680,504 telephone calls, (2018: 746,614) made to An Post Customer Services. Most of these were routine or general enquiries rather than complaints.

ComReg has issued Guidelines for Postal Service Providers on Complaints and Redress Procedures (see ComReg document 14/06 on www.comreg.ie). An Post Complaint and Dispute Resolution Procedures are set out in ‘Getting it Sorted’, which is available on our website, in larger Post Office outlets, and from our Customer Services Centre.

We also have a Customer Charter, containing specific pledges to customers regarding our services, which is available on our website; https://www.anpost.com

Further InformationAdditional information in relation to services provided by An Post is available at www.anpost.com/Help-Support, by phoning An Post Customer Services on 01-705 7600, by email at www.anpost.com/contactus, by completing an online enquiry form at https://forms.anpost.ie/enquiry, by writing to An Post Customer Services, General Post Office, O’Connell Street Lower, Freepost, Dublin 1, D01 F5P2 or by calling into any Post Office.

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Corporate Information

Registered Office General Post Office O’Connell Street Dublin 1 D01 F5P2

Solicitors Matheson 70 Sir John Rogerson’s Quay Grand Canal Dock Dublin 2 D02 R296

McCann FitzGerald Riverside One Sir John Rogerson’s Quay Dublin 2 D02 X576

Bankers Bank of Ireland 2 College Green Dublin 2 D02 VR66

Auditors Deloitte Ireland LLP Chartered Accountants & Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 D02 AY28

Registered Number 98788

Company Type An Post is a Designated Activity Company limited by shares

anpost.com

Our purpose

To act for the common good,

to improve quality of life now

and for generations to come.

An Post Tuarascáil Bhliantúil 2019

1

Clár an ábhair

Réamhrá an Chathaoirligh 4

An Bord Stiúrthóirí 5

Ráiteas an Phríomhfheidhmeannaigh 6

Athbhreithniú ar Chúrsaí Airgeadais 8

Athbhreithniú ar Phost agus ar Bheartáin 10

Athbhreithniú ar Chúrsaí Miondíola 12

Tuarascáil na Stiúrthóirí 14

Tuarascáil ón Iniúchóir Neamhspleách do Chomhaltaí An Post 24

Ráiteas Comhdhlúite Ioncaim 27

Ráiteas Comhdhlúite ar Ioncam Cuimsitheach Eile 28

Ráiteas Comhdhlúite ar Staid an Airgeadais 29

Ráiteas Comhdhlúite ar Athruithe ar Chothromas 30

Ráiteas Comhdhlúite ar Shreabhadh Airgid 31

Ráiteas na Cuideachta ar Staid an Airgeadais 32

Ráiteas na Cuideachta ar Athruithe ar Chothromas 33

Nótaí leis na Ráitis Airgeadais 34

Staitisticí Airgeadais agus Oibriúcháin (nach bhfuil clúdaithe ag an Tuarascáil ón Iniúchóir Neamhspleách)

82

Seirbhís Uilechoiteann (nach bhfuil clúdaithe ag an Tuarascáil ón Iniúchóir Neamhspleách)

84

Faisnéis Chorparáideach 86

2

2016

-€14.1m

€4.7m2017 2018

€37.6m

2019

€41.9m

An Straitéis ag baint torthaí amach

Tá torthaí 2019 agus 2018 le fáil sa Ráiteas Comhdhlúite Ioncaim ar leathanach 27. Tugtar sonraí faoi bhlianta roimhe sin ar leathanach 82.

3

2016

-€14.1m

€4.7m2017 2018

€37.6m

2019

€41.9m

€41.9m

€143m 99%

30% 96.7%

€892m

Ioncam don bhliain dar chríoch an 31 Nollaig 2019

Brabús roimh chostais chlaochlúcháin, míreanna aon uaire, glanchostais airgeadais agus cánachas

Scéim Pinsin Mhaoinithe amhail an 31 Nollaig 2019

Airgead tirim neamhshrianta amhail an 31 Nollaig 2019

Méadú ar líon na mbeartán in 2019

Caighdeán na Seirbhíse in 2019

4

Is cúis áthais dom a thuairisciú go ndearna An Post brabús €41.9m. Is fianaise iad na torthaí ar fhiúntas na Straitéise agus an treo ina bhfuil an Bord agus an bhainistíocht tar éis an chuideachta a thógáil.

Baineadh amach na héachtaí a leagtar amach sa Tuarascáil Bhliantúil seo de bharr na Straitéise soiléire a bunaíodh agus threallús na bainistíochta chun í sin a chur i bhfeidhm. Bainfear úsáid as an mbrabús €41.9m lena chinntiú go mbeidh staid airgeadais inbhuanaithe ag An Post agus cuirfidh sé ar a chumas na táirgí agus na seirbhísí a theastaíonn ón ngeilleagar, agus ar féidir leis an daonra leas a bhaint astu anois, a chur ar fáil. Tá caidreamh oibre an-dearfach againn leis an bhfoireann san eagraíocht, rud a chuireann ar ár gcumas na héachtaí sin a bhaint amach.

In 2020 tógfaidh an Grúpa ar a bhfuil bunaithe. Tabharfar chun an mhargaidh seirbhísí nua agus feabhsaithe le haghaidh Poist agus Beartán agus táirgí nua i Seirbhísí Airgeadais. Cuirfidh na forbairtí sin a thuilleadh le cumas an Ghrúpa todhchaí airgeadais shlán a chinntiú.

Tá staid airgid an Ghrúpa ag feabhsú go leanúnach. Fágann sé sin go bhfuil seasmhacht ann agus cuireann sé ar chumas na bainistíochta gnó inbhuanaithe a thógáil. Seasann staid airgid an Ghrúpa ag €143m amhail an 31 Nollaig 2019. Shínigh an Grúpa conradh airgeadais leis an mBanc Eorpach Infheistíochta (BEI) le haghaidh €40m i gcaitheamh na bliana agus bhí €10m tarraingthe as an tsaoráid sin aige faoi mhí na Nollag 2019. Is ardmholadh ar Straitéis an Ghrúpa é gur mheall sé tacaíocht ó fhoinse den sórt sin.

Ba mhaith liom buíochas a ghabháil leis an POF agus lena fhoireann bhainistíochta, leis an bhfoireann trí chéile agus leis na ceardchumainn agus le comhbhaill an Bhoird a fhónann go hiontach ar an nGrúpa. Ina theannta sin, tá mé ag iarraidh aitheantas a thabhairt don mhéid a rinne an tUasal Ed Murray agus Jennifer Loftus, Uasal a chuir críoch lena dtréimhsí oifige i Márta 2019. Cuirim fáilte roimh an Uasal Kieran Mulvey a chuir tús lena thréimhse ar an mBord i Meán Fómhair 2019 agus tá mé ag tnúth leis an méid a dhéanfaidh seisean agus gach comhalta Boird in 2020.

Mar fhocal scoir, ba mhaith liom buíochas a ghabháil leis an Aire Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil, Richard Bruton T.D., agus le hoifigigh na Roinne agus NewERA as a gcúnamh agus a dtacaíocht le linn 2019.

Dermot Divilly An Cathaoirleach

Réamhrá an Chathaoirligh

5

2016

An Bord Stiúrthóirí

1. Dermot Divilly Cathaoirleach

2. Noel Adamson

3. Carol Bolger

4. Deirdre Burns

5. Peter Coyne

6. Thomas Devlin

7. Pádraig McNamara

8. David McRedmond Príomhoifigeach Feidhmiúcháin

9. William Mooney

10. Kieran Mulvey

11. Martina O’Connell

12. Mary O’Donovan

13. Niall Phelan

14. James Wrynn

15. Paula Butler Rúnaí Cuideachta

1

5

9

13

2

6

10

14 15

3

11

4

8

12

7

6

Tá ról lárnach ag An Post i saol na hÉireann agus sa gheilleagar. Tá sé ag aistriú ón seansaol poist go dtí saol nua na ríomhthráchtála agus tá sé ag cur níos mó agus níos mó táirgí agus seirbhísí nua ar fáil don phobal. Tá Straitéis shoiléir ag m’fhoireann agus ag ár mbaill foirne iontacha go léir agus tá siad ag baint claochlú nach beag amach:

• Tháinig méadú 2.0% ar ioncam, rud a fhágann go raibh An Post i measc na seirbhísí poist ab fhearr san Eoraip.

• D’fhás an brabús go €41.9m, treocht bhrabúis inbhuanaithe don ghnó.

Cé go gcuirim fáilte mhór roimh an rath airgeadais, tá an obair a rinneadh inár n-eagraíocht i bhfad níos doimhne ná brabús gearrthréimhseach a ghiniúint. Agus í ag cur na straitéise i bhfeidhm, rinne an fhoireann bainistíochta an méid seo a leanas:

• Shocraigh sí réiteach casta agus deacair trí idirbheartaíocht chun an Líonra Oifigí Poist a chomhdhlúthú agus chruthaigh sraith nua iomlán de sheirbhísí airgeadais a rachaidh chun tairbhe do phobail ar fud an Stáit;

• Tháinig sí ar chomhaontú leis na Ceardchumainn chun caighdeáin seirbhíse An Post a leasú, lena n-áirítear a bheith ag seachadadh 6 lá sa tseachtain, rud a chuir ar chumas An Post dul sna iomaíocht sa mhargadh ríomhthráchtála;

• Dhear agus thóg sí mórionad uathoibrithe beartán a osclaíodh i mí Dheireadh Fómhair 2019 agus bhí buaicshéasúr gan locht againn um Nollaig dá bharr. Dúirt an custaiméir is mó atá ag An Post, Amazon, gurbh é sin an nuacht ab fhearr ón Eoraip a bhí sé a sheoladh chuig Seattle [ceanncheathú Amazon];

• D’oscail sí (rud a bhí an-deacair) comhaontuithe idirnáisiúnta poist a measadh a bheith dúnta roimhe sin, lena chinntiú go bhfuair An Post luach saothair ceart ó sheirbhísí poist eachtrannacha as post a sheachadadh;

• D’fhorbair sí ardán digiteach atá tar éis an tseirbhís a athrú ó bhonn do thomhaltóirí ar fud an Stáit, ag cinntiú go mbíonn an rochtain chéanna ar earraí i mBéal an Átha is a bhíonn i mBostún nó i mBeirlín;

• Bhí sí ar thús cadhnaíochta ó thaobh feithiclí leictreacha

de. Chinntigh sí astaíochtaí nialasacha i Lár na Cathrach i mBaile Átha Cliath faoi 2020 luath, agus bhí sí ar an mbóthar ceart chun astaíochtaí nialasacha a chinntiú i ngach cathair ar fud na hÉireann faoi dheireadh 2020;

• Neartaigh sí an t-airgead tirim agus an clár comhardaithe de dheasca iasacht €40m a fháil ón mBanc Eorpach Infheistíochta agus gnó na ndearbhán bronntanais One4all a dhíol, rud a d’fhág brabús €40m ag An Post;

• D’athsheol sí an gnó ar fad a bheag nó a mhór trí athchuspóiriú iomlán ar an mbranda “ag gníomhú ar son an leasa choitinn, anois agus do na glúnta atá le teacht”, rud a neartaíodh trí athbhrandú ar éirigh go hiontach leis.

Sin iad na héachtaí is mó a bhfuil mé bródúil astu, ach bíonn níos mó le déanamh i gcónaí sa domhan seo atá ag athrú go tapa, agus caithfimid leanúint de bheith ag athrú níos tapa ná iad siúd atá timpeall orainn.

Is é an dúshlán don Chuideachta anois ná a bheith inbhuanaithe san fhadtréimhse. Caithfimid an brú a choinneáil chun an chroí-eacnamaíocht a fheabhsú: fás a bhaint amach nuair is féidir linn, agus a bheith níos éifeachtúla i ngach cás eile. Tá ár gcuid infheistíochta i gcaiteachas caipitiúil agus i gcaiteachas oibriúcháin á haistriú go dtí an saol nua.

Tá ár gcuspóir soiléir: Léirímid ár dtiomantas trí dhíriú ar Spriocanna Forbartha Inbhuanaithe na Náisiún Aontaithe atá i gcroílár ár dtionscail:

Obair fhónta: diúltaímid do chonarthaí náid uaireanta, d’ainmheasarthacht an gheilleagair poistíneachta agus do struchtúir chéimlathacha dholúbtha; tacaímid le fostaíocht iontach, agus le heagraíocht éifeachtúil sholúbtha atá ionchuimsitheach agus éagsúil. Chun straitéis a chur i dtoll a chéile chun claochlú i gcomhair an tsaoil nua ina n-oibrímid, teastaíonn cultúr comhaimseartha a léiríonn ár mbonn custaiméirí agus athrú ar an tsochaí.

Cathracha agus pobail inbhuanaithe: i láthair i ngach pobal agus ag seachadadh go dtí gach teach. Léirítear é sin inár dtiomantas d’oifig poist a bheith i ngach pobal ina bhfuil níos mó ná 500 duine. Tá An Post ag iarraidh maith a dhéanamh agus léirítear é sin trínár gcláir, cuir i gcás litearthacht agus seoltaí do shaoránaigh gan dídean.

Ráiteas an Phríomh-Fheidhmeannaigh

7

An t-athrú aeráide: mar oibreoir an fhlít is mó ar fud na tíre, tá gealltanas ? tugtha againn go laghdóimid astaíochtaí carbóin agus go n-aistreoimid go feithiclí leictreacha in-athnuaite. Níl ach feithiclí leictreacha againn le haghaidh seachadadh i Lár na Cathrach i mBaile Átha Cliath. Tá sé d’aidhm againn astaíochtaí carbóin a laghdú de 50% faoin mbliain 2030 agus deireadh a chur leo faoi 2050.

Nuálaíocht agus Comhpháirtíochtaí: Is í an chomhpháirtíocht a theastaíonn le haghaidh théarnamh An Post: lenár mBord, lenár gceardchumainn, go mór mór Cumann na nOibrithe Cumarsáide; le Cumann Máistrí Poist na hÉireann; leis an Rialtas atá ina scairshealbhóir, rud atá uathúil; agus leis na comhpháirtithe teicneolaíochta agus straitéise is fearr, a bhíonn i mbun nuálaíochta agus a chuireann scileanna den chéad scoth ar fáil dár gCuideachta.

Tá comhdhlúthú an líonra oifigí poist tar éis an dáileadh is leithne agus is féidir a chinntiú ar fud an Stáit le líonra a bhíonn ag feabhsú an t-am ar fad. Fad is atáimid ag cur níos mó seirbhísí airgeadais agus ríomhthráchta ar fáil ar fud líonra na n-oifigí poist, ní mór dúinn réimse iomlán seirbhísí Rialtais a chur ar fáil freisin. Ba chóir go mbeadh saoránaigh in ann an chuid is mó dá ngnó rialtais a dhéanamh trí Oifig an Phoist.

Táimid an-dearfach faoin todhchaí, agus tá an clár oibre le haghaidh 2020 gach pioc chomh huaillmhianach le clár oibre 2019:

• A bheith ag díriú ar ár ngealltanas branda a chomhlíonadh do chustaiméirí

• Líonra oifigí poist athbheoite, agus leathnú An Post Money

• An tseirbhís ríomhthráchtála is fearr, sa bhaile agus as baile, agus uathoibriú ag tacú léi

• Ceanncheathrú chlaochlaithe.• Claochlú digiteach, rud a fhágfaidh go mbeidh

rochtain níos fearr ar ár gcuid táirgí agus seirbhísí agus go mbeimid níos éifeachtúla

• Glacadh i measc na bpáirtithe leasmhara le hathrú fadtéarmach ar an straitéis agus ar an gcultúr

Sa ghearrthréimhse, áfach, tá an Grúpa ag déileáil le himpleachtaí na ráige de COVID-19 agus leis an tionchar atá aici ar an náisiún ar fad. Tá dhá chuspóir leagtha amach go soiléir againn: ar an gcéad dul síos, aire a

thabhairt do shláinte ár bhfostaithe agus ár gcustaiméirí agus, ansin, an dá líonra atá againn a choinneáil ar oscailt. Faoi am na tuarascála seo is cúis áthais dom a rá go raibh níos lú cásanna de COVID againn ná mar a bhí súil leis agus gur oibrigh an dá líonra ag acmhainn beagnach 100%. Tá moladh ollmhór tuillte ag foireann agus bainistíocht An Post, ag na Ceardchumainn agus ag an mBord as ucht é sin a bhaint amach.

Is am é seo freisin le díriú ar ról An Post mar sheirbhís phoiblí níos mó ná a ról mar ghnó. Tá an clár comhardaithe láidir go leor chun an ceann is fearr a fháil ar an mórthionchar airgeadais a bhfuil súil leis. Tá gach iarracht dírithe anois ar théarnamh agus ar dhlús a chur leis an gclár oibre claochlúcháin. Leanfaimid de bheith ag gníomhú ar son an leasa choitinn agus ag déanamh ár gcoda sa tréimhse an-deacair seo.

Is idirghabhálaí é An Post a bhfuil muinín as a chabhróidh le gach saoránach agus gnó leas a bhaint as cumas agus buntáistí an tsaoil nua. Ach cuimhneoidh sé i gcónaí freisin ar an tábhacht a bhaineann le ceangail le daoine. Críochnaíonn an ríomhthráchtáil go léir le hidirbheart fisiciúil, agus bíonn gné fhíordhaonna ag baint leis na seirbhísí airgid agus idirghníomhartha rialtais is fearr.

Bainfimid barr feabhais amach agus muid ag gluaiseacht chun tosaigh. Cuirfidh sé sin ar ár gcumas déileáil leis na dúshláin a bhaineann le meath ar an bpost de bharr ríomhionadú agus forbairt sochaí gan airgead tirim, rud atá ag bagairt inmharthanacht líonra na nOifigí Poist.

Tá fórsaí domhanda an digitithe tar éis gnó na hearnála poist a chroitheadh ó bhonn. Bhí iarracht ollmhór ag teastáil chun an téarnamh a bhaint amach agus beidh níos mó fós ag teastáil chun inbhuanaitheacht a fhorbairt. Ach ní fhéadfaidh aon duine a chur inár leith nach ndearnamar iarracht agus nár úsáideamar ár samhlaíocht agus muid ag seachadadh anois agus do na glúnta atá le teacht.

David McRedmond An Príomhoifigeach Feidhmiúcháin

Is idirghabhálaí é An Post a bhfuil muinín as a chabhróidh le gach saoránach agus gnó leas a bhaint as cumas agus buntáistí an tsaoil nua.

8

Léiríonn na torthaí atá leagtha amach thíos claochlú staid airgeadais an Ghrúpa. Is fíorathrú é an brabús €41.9m ar an toradh coibhéiseach in 2016, caillteanas €14.1m.

Cuireadh diúscairt ghnó na ndearbhán bronntanais One4all i gcrích i gcaitheamh na bliana agus chuaigh sé sin chun tairbhe na dtorthaí. Is éacht sármhaith é an brabús foriomlán €66.3m agus is dea-theist é ar an straitéis atá á leanúint.

IoncamB’ionann ioncam an Ghrúpa sa bhliain agus €892.1m. Is méadú 2.0% é sin ar ioncam 2018 (ar bhonn inchomparáide, ag coigeartú chun tionchar dhiúscairt an Gift Voucher Shop a chur san áireamh). D’éirigh go maith linn ó thaobh ioncaim de agus is é a thiomáin é sin ná gur tháinig méadú suntasach ar líon na bpaicéad agus na mbeartán, gur coigeartaíodh na praghsanna agus gur ghin na toghcháin agus na reifrinn breis gnó. Ar an lámh eile, bhí laghdú ar mhéid an phoist thraidisiúnta.

Lean laghdú ar líon na míreanna poist thraidisiúnta ar aghaidh le linn na bliana. B’ionann an laghdú bliana in 2019 i gcomparáid le 2018 agus 6.3%. Tá rátaí titime den chineál céanna á dtuairisciú ar fud na hearnála poist go

hidirnáisiúnta (tá Royal Mail ag tuar titime idir 7% agus 9% sa bhliain reatha). Dá gcuirfí gníomh réitigh as an áireamh, b’ionann costas airgeadais an laghdaithe sin ar mhéid an phoist thraidisiúnta agus €25m sa bhliain airgeadais 2019. Is éacht nach beag é an t-ioncam ó bheartáin agus ó sheirbhísí nua a fhás an oiread sin gur baineadh amach fás foriomlán ar ioncam inchomparáide de €17.6m.

Fágadh bunphraghas stampa ag €1 den tríú bliain as a chéile.

CostaisB’ionann costais oibriúcháin an Ghrúpa roimh chostais chlaochlúcháin agus €853m. Is laghdú 0.7% é sin ar leibhéal 2018. Bhí roinnt costais bhreise ann i gcaitheamh na bliana, cuir i gcás costais boilscithe saothair €9.5m (cuireadh méadú 2.5% i bhfeidhm i mBealtaine 2019) agus costais bhreise a bhain le freastal a dhéanamh ar an méadú suntasach a tháinig ar líon na bpaicéad agus na mbeartán. Ar an lámh eile, áfach, bhí laghdú ar úsáid bhliantúil Coibhéise Lánaimseartha toisc go ndearnadh athleagan amach ar uaireanta oibre mar gheall ar an meath a tháinig ar líon na míreanna poist thraidisiúnta.

Léiríonn na méaduithe ar chostais neamhphá costais a bhaineann le gníomhaíocht bhreise sa Chuideachta agus ina fochuideachtaí araon, costais a bhaineann le

2019

€m

2018

€m

Brabús (roimh chostais chlaochlúcháin, míreanna aon uaire, glanchostais airgeadais agus

cánachas)41.9 37.6

Costais chlaochlúcháin (15.3) (14.0)

Ioncam eile: Brabús ar dhiúscairt fochuideachtaí 40.0 -

Brabús (roimh chánachas) 66.3 26.8

Ioncam 892.1 897.0

Glansócmhainní (roimh dhliteanas pinsin) 308.4 251.9

Athbhreithniú ar Chúrsaí Airgeadais

9

cur i bhfeidhm an Phlean Straitéisigh, le hinfheistíocht sa bhranda, chomh maith le boilsciú praghsanna i gcoitinne.

Tabhaíodh costais chlaochlúcháin €15.3m i gcaitheamh na bliana agus an Grúpa fós á leasú. Maidir leis na costais aonuaire fhadtéarmacha a bhaineann le hathrú Oifig an Phoist, i.e. íocaíochtaí chun conarthaí nua a shíniú agus íocaíochtaí scoir do Mháistrí Poist, meastar ina gCostais Chlaochlúcháin iad. B’ionann na costais sin agus €9.8m in 2019.

Tá an gnó fós ag optamú an mhúnla oibriúcháin le haghaidh Poist agus Beartán. De bharr an mheatha leanúnaigh ar mhéid an phoist thraidisiúnta, glacadh cinneadh i Meitheamh 2019 Ionad Poist Chorcaí a dhúnadh. Bhí an dúnadh fós ar siúl amhail an 31 Nollaig 2019 agus beidh sé críochnaithe faoi dheireadh mhí an Mhárta 2020. Rinneadh soláthar €5.5m do chostais ar athstruchtúrú i ráitis airgeadais 2019 i ndáil leis an dúnadh agus cuirtear na costais sin san áireamh mar Chostais Chlaochlúcháin.

Brabús ar dhiúscairt fochuideachtaíAg deireadh mhí Eanáir 2019, díoladh grúpa an One4all Gift Voucher Shop le Blackhawk Network, cuideachta teicneolaíochta airgeadais domhanda i margadh a luacháil scairsheilbh An Post i ngnó na ndearbhán One4all ag €54m. Aithníodh brabús €40m ar dhíol na bhfochuideachtaí in 2019.

Ba chinneadh straitéiseach an-suntasach don Ghrúpa é an t-idirbheart seo. Léirigh an praghas a baineadh amach an breisluach a chuir An Post leis an ngnó sa tréimhse ina raibh gnó na ndearbhán One4all ina sheilbh. Tá agus beidh deiseanna fáis ann le haghaidh táirgí eile i svuít na nOifigí Poist agus beidh rath an idirbhirt seo ina chás tástála le haghaidh forbairtí nuálacha eile amach anseo. Caithfear an t-airgead a fuarthas ar an Straitéis don Ghrúpa agus cabhróidh sé le táirgí agus seirbhísí nua a chur ar fáil amach anseo.

Tugadh díol Precision Marketing Information Limited, fochuideachta sách beag, a chuir sonraí margaíochta, seirbhísí bunachar sonraí agus eolairí gnó ar fáil chun críche i mí Márta 2019.

Fochuideachtaí agus InfheistíochtaíD’éirigh go maith le An Post Insurance agus Air Business, ár bhfochuideachta sa Ríocht Aontaithe, i gcaitheamh na bliana. Tá scairsheilbh 10.7% ag An Post i gcónaí in Premier Lotteries Ireland, oibreoir an cheadúnais Chrannchuir Náisiúnta ar feadh tréimhse 20 bliain go dtí 2034. Is fiú €36.9m an infheistíocht faoi láthair agus leanann sí ar aghaidh ag giniúint torthaí agus sreabhadh airgid atá ag teacht lenár n-ionchais.

An Clár ComhardaitheBhí €143m d’airgead tirim ag an nGrúpa amhail an 31 Nollaig 2019. €115m a bhí san iarmhéid sin amhail an 31 Nollaig 2018.

Tá an t-easnamh ar an gCiste Pinsean amhail an 31 Nollaig 2019 tar éis laghdú go €39m. Cuitear an figiúr

sin i gcomparáid le €48m ag deireadh na bliana 2018. Tá 17,300 ball sa scéim pinsin. Bhí luach €3,527m de shócmhainní faoi rialú an Chiste Pinsean amhail an 31 Nollaig 2019 mar aon le €3,566m de dhliteanais ghaolmhara de réir luachála achtúirí amhail an dáta céanna. Tháinig méadú €474m ar shócmhainní an Chiste Pinsean i gcaitheamh 2019. Chomh mór a bheag nó a mhór leis an méadú sin ar luachanna sócmhainní bhí méadú €454m ar dhliteanais de réir luacháil achtúireach mar thoradh ar an meath ar an ráta lascaine (2.1% in 2018 le hais 1.35% in 2019) a úsáideadh chun dliteanais scéime a thomhas.

Tá an Banc Eorpach Infheistíochta (BEI) tar éis dul i mbun conradh airgeadais leis An Post chun iasacht €40m a chur ar fáil le tacú le cur i bhfeidhm roinnt de na tionscadail is bonn leis an bPlean Straitéiseach. Cuireann an Grúpa an-fháilte roimh an gcaidreamh seo agus feabhsaíonn sé an láidreacht airgeadais atá á tógáil chun tacú le cur i bhfeidhm na Straitéise amach anseo. I mí na Nollag tharraing an Chuideachta an chéad €10m as an iasacht €40m chomhaontaithe ón BEI.

Mar chuid den struchtúr airgeadais, tá iasacht €30m ón Rialtas ar an gclár comhardaithe ag an nGrúpa freisin ag deireadh na bliana.

Ghlac an Grúpa le IFRS 16 Léasanna an 1 Eanáir 2019, agus léiríonn an clár comhardaithe anois an líon mór léasanna oibriúcháin atá ag an nGrúpa i leith ionaid réadmhaoine agus feithiclí. De thoradh glacadh leis an gcaighdeán, tá an Grúpa tar éis Sócmhainní um Cheart Úsáide €93m a aithint ar chlár comhardaithe dheireadh na bliana le dliteanais léasa ghaolmhara chomhfhreagracha de €95m. Tionchar eile a bhí aige ná gur laghdaigh sé brabús an Ghrúpa de €1.3m sa bhliain mar go mbíonn an muirear úis níos airde ag tosach théarma an léasa ná mar a bhíonn ag deireadh théarma an léasa. Thar shaolré aon léas, ní bhíonn aon tionchar ar an mbrabús i gceist. Cuireann an caighdeán cuntasaíochta nua faisnéis airgeadais fheabhsaithe ar fáil ar an líon mór sócmhainní léasaithe a mbaineann an gnó úsáid astu.

Focal ScoirTá na torthaí airgeadais le haghaidh 2019 an-dearfach agus fágann siad go bhfuil brabús déanta ag an nGrúpa trí bliana as a chéile. Chuir sé seo, mar aon le sócmhainní a dhiúscairt agus maoiniú fadtéarmach suntasach a fháil, ar chumas an Ghrúpa acmhainní a charnadh chun an clár um threo straitéiseach agus cuíchóiriú a chur i ngníomh. Cinnteoidh athdhíriú seo an Ghrúpa agus cur i bhfeidhm leanúnach an chláir um chuíchóiriú rath leanúnach an ghnó.

Peter Quinn An Príomhoifigeach Airgeadais

10

Athbhreithniú ar Phost agus ar Bheartáin

Ioncam

Bhí ioncam €614.4m ag Post agus Beartáin in 2019 le hais €595.8m in 2018.

Cuirim fáilte mhór roimh an bhfás seo ar ioncam agus ligeann sé don ghnó Poist agus Beartán infheistiú i bhfeabhsuithe. Is dea-theist ón mbonn custaiméirí é freisin as ár dtiomantas do Chaighdeán na Seirbhíse agus as seirbhísí breisluacha a bheith curtha ar fáil.

BeartáinD’éirigh leis an straitéis faoina dtéimid sa tóir ar sciar méadaithe den mhargadh in earnáil na mbeartán agus tháinig fás nach beag ar ioncam an ghnó ó chustaiméirí a bhí ann cheana féin agus ó chustaiméirí nua. Tháinig fás níos fearr ná mar a bhí súil leis ar ghnó na mbeartán in 2019. Tháinig méadú 30% ar ioncam ó bheartáin chonartha dá bharr sin. Bhí an bhuaicthréimhse le haghaidh beartán, ó mhí na Samhna go mí na Nollag, níos fearr ná mar a ceapadh roimh ré, rud a d’fhág go raibh an tréimhse Nollag ba ghnóthaí go dtí seo againn le haghaidh beartán.

Post TraidisiúntaLean an meath ar mhéid an phoist thraidisiúnta in 2019. Bhí an ráta meatha i mbliana, 6.3%, mar a chéile a bheag nó a mhór le 2018 cé go raibh sé beagán níos lú ná an ráta meatha 8% a bhí ann in 2018. Tugadh an-tacaíocht do na feachtais a reáchtálamar le haghaidh ócáidí speisialta, cuir i gcás an Nollaig agus Lá San Vailintín.

PraghsáilIs gné thábhachtach den earnáil Poist agus Beartán í an phraghsáil. Cuireann taighde fairsing ar na custaiméirí agus ar an margadh bonn eolais faoin mbeartas praghsála don Ghrúpa. Táimid an-sásta go ndearnamar cinntí cuí praghsála agus gur chuireamar i bhfeidhm iad go héifeachtach.

Rinneadh pleananna suntasacha i gcaitheamh 2019 a bheidh follasach san oibríocht in 2020. I dtosach, cuirfidh

cur i bhfeidhm an chláir uathoibrithe beartán go mór leis an gcumas próiseála. Cuireadh tús leis sin i gceathrú 4 de 2019 agus cuirfear tús le hoibriú an dara meaisín paicéad uathoibrithe i gceathrú 2, 2020. Agus ansin, cuirfidh éifeachtúlachtaí seachadta an mhíle dheireanaigh ar chumas na hoibríochta gnó na mbeartán a mhéadú a thuilleadh agus, ag an am céanna, an oibríocht a bheith ar an méid cheart ar aon dul leis an laghdú ar mhéid an phoist thraidisiúnta.

Tá branda An Post Commerce ag cur ardán fáis ar fáil don ghnó Poist agus Beartán inár bpríomhmhargaí, is iad sin beartáin, post agus meáin phoist.

Múnla Oibriúcháin Tá athrú leanúnach ag teacht ar ár múnla oibriúcháin. Tá ár seirbhísí leathnaithe againn chun seachadadh ar an Satharn a chur san áireamh agus tá taithí ár gcustaiméirí á feabhsú le feabhsuithe digiteacha agus teicneolaíochta ar ár gcumarsáid. Leathnaíomar ár bhflít go dtí níos mó ná 3,200 feithicil an bhliain seo caite le go mbeadh seachadadh na mbeartán níos fearr dár gcustaiméirí.

Inbhuanaitheacht Bíonn tionchar nach beag ag inbhuanaitheacht, agus ag na feabhsuithe éagsúla a bheidh ag teastáil ó ghnó amach anseo, ar ár ngnó Poist agus Beartán. Ina thaobh sin déanaimid an seachadadh ar fad idir na canálacha i mBaile Átha Cliath i bhfeithiclí leictreacha anois agus tá pleananna againn chun é sin a dhéanamh i gcathracha eile na hÉireann go luath.

Garrett Bridgeman An Stiúrthóir BainistíochtaPost agus Beartáin An Post

11

2016

-14.1

2017 2018 2019

4.7

37.6

41.9

2.312m

6.3%30%

€614.4m

€18.6mIoncam

Líon na mbeartán

Déantar freastal ar 2.312m pointe seachadta gach lá

Meath ar phost traidisiúnta

12

Is é an straitéis atá forbartha don ghnó Miondíola ná táirgí nua a sheoladh, i réimse na Seirbhísí Airgeadais go príomha, chun teacht in áit an ioncaim laghdaithe ó shruthanna traidisiúnta eile ar nós táillí le haghaidh idirbhearta leasa shóisialaigh. B’ionann an láimhdeachas sa ghnó Miondíola agus €162.9m in 2019, méadú ó €159.6m an bhliain roimhe sin.

Seirbhísí AirgeadaisSeoladh ár mbranda nua ‘An Post Money’ i mí an Mhárta. Tugann sé seo le chéile ár dtáirgí agus tairiscintí seirbhísí airgeadais go léir faoi aon scáth amháin. Ár gcuspóir branda ‘Human about Money’ is bonn leis an gcaoi a bpléimid lenár gcustaiméirí trínár dtáirgí agus seirbhísí a bheith cóir agus tapa agus smacht a thabhairt do chustaiméirí ar a gcuid airgid.

Bainistíonn an gnó Miondíola €21.2 billiún de Choigilteas Stáit thar ceann Ghníomhaireacht Bainistíochta an Chisteáin Náisiúnta (GBCN). Tá an gnó fós ag plé le GBCN agus é mar aidhm aige eispéireas foriomlán na gcustaiméirí Coigiltis Stáit a fheabhsú.

Seoladh ár gCárta Airgeadraí FX i gceathrú 1 agus tá deich mórairgeadra ar fáil ar aon chárta amháin. Cuireadh feabhas ar an táirge i mí na Samhna nuair a cuireadh sé airgeadra breise leis an gcárta. I mí Iúil chuireamar seirbhísí airgid malartáin eachtraigh breise ar fáil trínár líonra brainsí.

Tugadh chun an mhargaidh ár dtairiscint le haghaidh creidmheas tomhaltóirí – an cárta creidmheasa is fearr ar an margadh agus iasachtaí pearsanta suas le €75,000. Go dtí seo bhain An Post 15% de dhíolacháin cártaí creidmheasa nua amach agus is é an soláthraí cártaí creidmheasa is mó é i ndiaidh Bhainc-Aontas Éireann (AIB) agus Bhanc na hÉireann. Tá líon na gcustaiméirí a bhfuil cuntas reatha acu linn fós ag méadú go mór agus tháinig fás 60% air in 2019 le hais 2018.

Claochlú an Líonra943 oifig a bhí sa líonra Oifigí Poist ag deireadh 2019. Oibríonn an chuideachta 45 díobh sin agus oibríonn conraitheoirí 898 díobh. Tá 60% de na hOifigí Poist ar Conradh ar an suíomh céanna anois le gnólachtaí miondíola eile a mbíonn a lán custaiméirí acu. Rud eile a thacaigh leis an gclár um Chlaochlú Miondíola ná gur osclaíodh ceithre oifig Coincheapa nua le cuntair plean oscailte in 2019.

Seirbhísí RialtaisCuireann an gnó Miondíola a lán seirbhísí ar fáil do shaoránaigh na hÉireann thar ceann an Rialtais. Tá an gnó fós ag plé go fairsing leis an Rialtas chun na seirbhísí a chuirimid ar fáil faoi láthair a fheabhsú agus chun seirbhísí a d’fhéadfaí a chur ar fáil do shaoránaigh na hÉireann a thabhairt chun solais.

Príomhsheirbhísí EileCuireann an Líonra Oifigí Poist seirbhísí eile ar fáil freisin, cuir i gcás An Post Mobile agus Dearbháin Bhronntanais. Baineadh amach fás dhá fhigiúr ar dhíolacháin Dearbhán Bronntanas a díoladh tríd an líonra Oifigí Poist in 2019.

An Post InsuranceBhí bliain an-rathúil ag An Post Insurance (fochuideachta idirghabhálaí árachais ar lánúinéireacht An Post) agus tháinig méadú 3.4% ar líon na sealbhóirí polasaí. Mar bhonn agus mar thaca ag an rath sin bhí iomaíochas praghsanna níos fearr d’árachas cairr agus tí, chomh maith le claochlú na n-aistear luachana agus ceannaigh ar líne do chustaiméirí ar anpostinsurance.ie.

Debbie Byrne An Stiúrthóir BainistíochtaMiondíol An Post

Athbhreithniú ar Chúrsaí Miondíola

13

2016

-14.1

2017 2018 2019

4.7

37.6

41.9

€21.2bn

€14bn€311m

€162.9m

€3.3mIoncam

Díolacháin FX

Coigilteas Stáit a bainistíodh

Luach na n-idirbheart ag na cuntair

14

Tuarascáil na StiúrthóiríIs cúis áthais do na Stiúrthóirí Tuarascáil na Stiúrthóirí a chur

i láthair mar aon le ráitis airgeadais iniúchta an Ghrúpa don

bhliain dar chríoch an 31 Nollaig 2019.

1. An Grúpa agus a PhríomhghníomhaíochtaíIs é príomhghníomhaíocht an Ghrúpa an tseirbhís phoist náisiúnta agus gréasán na nOifigí Poist a oibriú. Bainistíonn sí roinnt fiontair thráchtála freisin agus tá infheistíocht aici in Premier Lotteries Ireland (PLI), oibreoir an Chrannchuir Náisiúnta.

2. TorthaíTá mionsonraí na dtorthaí don bhliain leagtha amach sa ráiteas comhdhlúite ioncaim ar leathanach 25 agus sna nótaí a ghabhann leis na ráitis airgeadais. Níor íoc na stiúrthóirí díbhinn eatramhach (2018: Neamhní), agus ní mholann siad íocaíocht díbhinne deiridh don bhliain (2018: Neamhní).

3. Athbhreithniú GnóTá an brabús €41.9m roimh chostais chlaochlúcháin, míreanna aon uaire, glanchostais airgeadais agus cánachas i bhfad níos fearr ná an brabús coibhéiseach €37.6m in 2018. Déileáiltear níos mine leis an athbhreithniú ar ghnó don bhliain i dTuarascáil an Phríomhfheidhmeannaigh (leathanach 5) agus san Athbhreithniú ar Chúrsaí Airgeadais (leathanach 7).

Tugann na stiúrthóirí agus an lucht bainistíochta aird ar réimse príomhtháscairí feidhmíochta (PTFanna) chun monatóireacht a dhéanamh ar fheidhmíocht, iad seo san áireamh:

PTF Feidhmíocht

in 2019Feidhmíocht

in 2018

Toradh Oibriúcháin

Brabús roimh chostais chlaochlúcháin, míreanna aon uaire, glanchostais airgeadais agus cánachas 4.7% 4.2%

Costais foirne mar chéatadán de na costais oibriúcháin iomlána 58.8% 58.1%

Costais máistrí poist mar chéatadán de na costais oibriúcháin iomlána 7.7% 8.1%

Costais oibriúcháin eile mar chéatadán de na costais oibriúcháin iomlána 33.5% 33.8%

Foireann - Meán-Choibhéisí Lánaimseartha (CLA)

Cuideachta 9,061 8,930

Fochuideachtaí 690 793

Grúpa 9,751 9,723

Gnó poist agus beartán

Ioncam ó phost agus ó bheartáin €614.4m €595.8m

Laghdú ar líon na míreanna croílár postais (6.3%) (7.3%)

Gnó miondíola

Idirbhearta leasa sóisialta 29.5m 31.2m

Idirbhearta Billpay 16.0m 17.0m

Díolacháin ceadúnais teilifíse 1.48m 1.48m

Táirgí Infheistíochta – insreabhadh/(eis-sreabhadh) glan ón gciste €219.5m (€189.8m)

Banc Taisce An Post – glan-insreabhadh ciste €112.1m €186.2m

Duaisbhannaí – glan-insreabhadh ciste €239.6m €245.1m

Seirbhís do Chustaiméirí

Gearáin i scríbhinn 31,357 30,214

Fiosrúcháin ar an teileafón 680,504 746,614

15

4. Príomhrioscaí agus PríomhéiginnteachtaíDe réir an cheanglais go ndéanfaí anailís ar na príomhrioscaí agus na ar na héiginnteachtaí atá ann d’fhorbairt an Ghrúpa agus na Cuideachta sa todhchaí, sainaithníodh na nithe seo a leanas:

• Custaim 2020, drochthionchar ríomhthráchtála

• An Breatimeacht; níor comhaontaíodh margadh trádála faoi dheireadh na hIdirthréimhse

• Struchtúr Costas dolúbtha agus neamhéifeachtach

• Luas an athraithe rómhall ag caidreamh tionsclaíoch

• An Líonra Oifigí Poist – inbhuanaitheacht oifigí poist aonair

• Cumas le tacú le hathrú sa Ghnó TF

• Iontrálaí nua a bhfuil sé ar a chumas méid mór a sheachadadh

• Inbhuanaitheacht – drochthionchar ar ríomhthráchtáil

• Tionchar ag moill reachtaíochta ar mhaoiniú na straitéise

• Cumas le haghaidh athrú eagraíochta

• Acmhainn chun paicéid agus beartáin a sheachadadh

• Comhlíonadh rialála ag seirbhísí airgeadais

• An ráig den choróinvíreas

Rinne na stiúrthóirí anailís orthu sin agus ar rioscaí eile agus tá cláir oiriúnacha ar bun chun na rioscaí seo a bhainistiú agus a rialú. Sa Ráiteas ar Rialachas Corparáideach, ar cuid de Thuarascáil na Stiúrthóirí é, leagtar amach na beartais agus an cur chuige maidir le rioscaí, agus na nósanna imeachta agus freagrachtaí rialaithe inmheánaigh a bhaineann leo. Rinne na stiúrthóirí a machnamh ar ghnóthas leantach freisin mar a leagtar amach i nóta 1 leis na ráitis airgeadais.

5. Na Stiúrthóirí, an Rúnaí agus a LeasannaChuir Ed Murray agus Jennifer Loftus críoch lena dtréimhsí oifige i Márta 2019. Cheap an tAire Kieran Mulvey ar an mBord ar an 16 Meán Fómhair 2019. Ní raibh aon athruithe eile ar chomhdhéanamh an Bhoird ó dháta thuarascáil dheireanach na stiúrthóirí.

Na stiúrthóirí agus an rúnaí a bhí in oifig ar an 31 Nollaig 2019, ní raibh leas ar bith acu i scaireanna ná i mbintiúir na Cuideachta ná aon chuideachta sa Ghrúpa am ar

bith i gcaitheamh na bliana airgeadais 2019.

6. FostaitheIs fostóir comhionannais deiseanna é an Grúpa. Breithnítear gach iarratas ar fhostaíocht go hiomlán agus go cóir, tugtar aird chuí ar infheidhmeacht agus ar chumas an duine agus ar riachtanais an phoist a bhíonn i gceist. Caitear le gach duine ar an gcaoi chéanna ó thaobh oiliúna, forbairt ghairme agus ardú céime. Is cúis áthais do An Post a dheimhniú go sáraíonn fostaíocht daoine faoi mhíchumas an sprioc 3% a leagadh amach faoin Acht um Míchumas, 2005. Ba dhaoine faoi mhíchumas 5.49% de na fostaithe in 2019.

Tá An Post meáite ar na caighdeáin is airde sábháilteachta agus na cleachtais shábháilte a chinntiú dá chuid fostaithe, conraitheoirí agus do bhaill an phobail ach teacht roimh dhíobháil agus roimh dhrochshláinte agus na hardchaighdeáin a leagtar amach i gCóras Bainistithe Sábháilteachta na cuideachta a chur i bhfeidhm. Baintear é sin amach ach cloí le ceanglais an Achta um Shábháilteacht, Sláinte agus Leas ag an Obair, 2005, leis na Rialachán um Shábháilteacht, Sláinte agus Leas ag an Obair (Feidhm Ghinearálta), 2007 (arna leasú), agus le haon fhorálacha reachtúla ábhartha eile. Sa bhliain 2019, bhí 1.6 timpiste ama caillte in aghaidh gach 100,000 uair an chloig oibre, feabhas 40% ar fhigiúirí 2018.

Choinnigh An Post a chreidiúnú le Caighdeán an Chórais Bhainistithe Sláinte agus Sábháilteachta Ceirde, OHSAS 18001: 2007 gan deacracht, agus aistreoidh sé go caighdeán sábháilteachta nua ISO 45001 sa chéad chuid de 2020. D’fhreastail 2,920 fostaí ar shainchúrsaí oiliúna sábháilteachta in 2019. Ghlac 211 tiománaí cabhlaigh páirt sa chlár ‘Tiománaí Gairmiúil’ bunaithe ar riosca, agus rinne 508 tiománaí HGV eile modúil CPC do thiománaithe gairmiúla i rith na bliana. Lena chois sin, rinne 483 tiománaí traenáil chun dul i dtaithí ar ríomhfheithiclí. Tá a dhícheall á dhéanamh ag An Post feasacht na bhfostaithe agus na gconraitheoirí ar riachtanas na gcaighdeán sábháilteachta is airde a mhéadú.

7. Íoc Pras CuntasIs é beartas An Post ceanglais na reachtaíochta ábhartha maidir le híoc pras cuntas a chomhlíonadh. Is iad téarmaí caighdeánacha creidmheasa glactha an Ghrúpa, mura sonraítear a mhalairt i socruithe conartha, 30 lá. Tá rialuithe inmheánacha cuí i bhfeidhm, lena n-áirítear róil agus freagrachtaí a shainmhínítear go soiléir agus tuairisciú agus athbhreithniú míosúil ar chleachtais íocaíochta. Tugann na nósanna imeachta sin dearbhú réasúnta cé nach bhfuil sé absalóideach in aghaidh neamh-chomhlíonadh ábhartha na rialachán.

16

Tuarascáil na Stiúrthóirí ar lean

8. Liúntas Cúramóra: Bainistiú Riosca an ChisteáinDéantar bainistiú ar oibriúcháin chisteán an Ghrúpa faoi réir beartais a d’fhaomh an Bord. Tá ionstraimí airgeadais an Ghrúpa teoranta d’airgead tirim, do thaiscí téarma agus d’iasachtaí nó do rótharraingtí bainc agus mar sin tá neamhchosaint oibríochta an Ghrúpa do rioscaí airgeadais teoranta. De bharr bheartas bainistithe an Ghrúpa i leith riosca don chisteán, is féidir suíomhanna teoranta fálaithe a thógáil maidir le hairgeadra eachtrach ach ní chuimsítear úsáid díorthach.

9. Taifid ChuntasaíochtaTrí fhoireann le saineolas cuí a fhostú agus acmhainní dóthanacha a sholáthar don fheidhm airgeadais, creideann na stiúrthóirí go bhfuil riachtanais Alt 281 go hAlt 285 d’Acht na gCuideachtaí, 2014 maidir le taifid leordhóthanacha chuntasaíochta comhlíonta acu. Coinnítear taifid chuntasaíochta na Cuideachta ag áitreabh na Cuideachta in Ard-Oifig an Phoist, Sráid Uí Chonaill, Baile Átha Cliath 1, D01 F5P2.

10. Ráiteas um Chomhlíonadh na StiúrthóiríAithníonn na stiúrthóirí go bhfuil siad freagrach as a chinntiú go gcomhlíonann an Chuideachta a chuid oibleagáidí ábhartha. Ina theannta sin, dearbhaíonn na stiúrthóirí gur cuireadh doiciméad um beartas i leith comhlíonadh i dtoll a chéile ina leagtar amach beartais atá oiriúnach don Chuideachta maidir leis an gCuideachta a bheith ag comhlíonadh a cuid oibleagáidí iomchuí, agus go bhfuil socruithe nó struchtúir chuí i bhfeidhm atá, inár dtuairim, saincheaptha chun comhlíonadh ábhartha a cuid oibleagáidí iomchuí ag an gCuideachta a áirithiú, agus go ndearnadh athbhreithniú ar na socruithe nó struchtúir dá dtagraítear thuas i gcaitheamh na bliana airgeadais.

11. Deonacháin PholaitiúlaI rith na bliana airgeadais dar chríoch an 31 Nollaig 2019, ní dhearna an Grúpa aon ranníocaíocht pholaitiúil a d’éileodh nochtadh faoin Acht Toghcháin, 1997.

12. Iar-theagmhaisIs teagmhas an-suntasach é an tionchar atá ag cás COVID-19 ar Éirinn agus ar ghnó An Post. Níl aon toradh air sin ar gá na Ráitis Airgeadais a choigeartú dá bharr. Tá na Stiúrthóirí agus an feidhmeannas thar a bheith dáiríre faoin gcás agus déanfaidh siad monatóireacht ar an tionchar ar an ngnó ar bhonn leanúnach.

Tá na hoibríochtaí gnó ag leanúint ar aghaidh fad is atá bearta á gcur i bhfeidhm chun sláinte agus sábháilteacht fostaithe agus custaiméirí a chosaint mar aon leis an gcomhairle is fearr

a fháil ó shaineolaithe sláinte agus ón eolaíocht. Tá oibríochtaí ag leanúint ar aghaidh agus tá pleananna á gcur i bhfeidhm chun dul i ngleic le cásanna ina gcuirfí isteach ar an ngnó. Tá obair chianda á héascú chun cabhrú leis an iarracht náisiúnta i leith scaradh sóisialta agus mar sin de.

Tá monatóireacht chúramach á déanamh ar an bhfeidhmíocht trádála agus ar na hoibríochtaí. Tá na hoibríochtaí agus na leibhéil ghníomhaíochta á gcoimeád go dtí seo agus tá an gnó ag dul i dtaithí ar na bealaí oibre a theastaíonn.

13. Gnóthas LeantachTá ionchas réasúnta ag an mBord Stiúrthóirí go mbeidh a dhóthain acmhainní ag an nGrúpa chun fanacht i ngnó ar feadh tréimhse 12 mhí ar a laghad ón dáta ar faomhadh na ráitis airgeadais seo. Mar gheall air sin, tá siad fós ag glacadh leis an mbonn ‘gnóthas leantach’ agus na ráitis airgeadais á n-ullmhú acu. Tá sonraí leagtha amach i nóta 1 leis na ráitis airgeadais.

14. Rialú Corparáideach

14.1 An Cód Cleachtais chun Comhlachtaí Stáit a Rialú (2016)Tá an Bord freagrach as a chinntiú gur chloígh An Post le riachtanais an Chóid Cleachtais chun Comhlachtaí Stáit a Rialú (“an Cód”) a d’fhoilsigh an Roinn Caiteachais Phoiblí agus Athchóirithe i mí Lúnasa 2016. Ghlac an Bord leis an gCód Cleachtais chun Comhlachtaí Stáit a Rialú (2016) agus chuir sé nósanna imeachta i bhfeidhm chun comhlíonadh an Chóid a chinntiú agus bhí sé ag cloí go hiomlán leis an gCód Cleachtais chun Comhlachtaí Stáit a Rialú do 2019.

14.2 Freagrachtaí an BhoirdTá obair agus freagrachtaí an Bhoird leagtha amach sna Téarmaí Tagartha don Bhord. Chomh maith leis sin tá sceideal nithe ag an gCuideachta a choinnítear siar go sonrach lena gcinneadh ag an mBord. Ar na nithe seasta a bhreithníonn an Bord tá dearbhú leasa, tuarascálacha ó choistí, tuarascálacha airgeadais/cuntais bhainistíochta, tuarascálacha feidhmíochta agus ábhair fhorchoimeádta.

Chomh maith le bheith freagrach as an gCuideachta a bheith an coinneáil taifid chuntasaíochta leordhóthanacha, mar a éilítear le hAcht na gCuideachtaí 2014, ceanglaíonn Alt 32 den Acht Seirbhísí Poist agus Teileachumarsáide 1983 (“an tAcht”) ar an mBord gach cuntas ceart agus gnách ar an airgead a fuair sé agus a chaith sé a choinneáil i bhformáid is cuí leis an Aire le toiliú an Aire Caiteachais Phoiblí agus Athchóirithe. Agus na ráitis airgeadais seo á n-ullmhú ag an mBord, ceanglaítear

17

air: beartais chuntasaíochta oiriúnacha a roghnú agus iad a chur i bhfeidhm ar bhonn comhsheasmhach; breithiúnais agus meastacháin atá réasúnach agus stuama a dhéanamh; Ráitis Airgeadais a ullmhú ar bhonn gnóthais leantaigh, ach amháin i gcás nach cuí a thoimhdiú go leanfar den oibríocht; agus a dhearbhú cé acu a comhlíonadh nó nár comhlíonadh na caighdeáin chuntasaíochta infheidhme, faoi réir aon imeacht ábhartha atá nochta agus mínithe sna Ráitis Airgeadais.

Tá an Bord freagrach as taifid chuntasaíochta imleora a choinneáil a insíonn, le cruinneas réasúnach tráth ar bith, a staid airgeadais agus a chuireann ar a chumas a chinntiú go gcomhlíonann na ráitis airgeadais Alt 32 den Acht. Is ar an mBord a thiteann an fhreagracht as ardchaighdeán na faisnéise corparáidí agus airgeadais ar shuíomh gréasáin An Post agus as an bhfaisnéis sin a choinneáil cothrom le dáta. Tá an Bord freagrach as an bplean agus buiséad bliantúil a fhaomhadh. Déantar meastóireacht ar fheidhmíocht An Post de réir an phlean bhliantúil agus an bhuiséid bhliantúil ag gach cruinniú Boird. Tá an Bord freagrach freisin as a sócmhainní a chosaint agus, dá bhrí sin, as bearta reasúnta a ghlacadh chun calaois agus mírialtachtaí eile a chosc agus a bhrath.

Measann an Bord go dtugann na ráitis airgeadais léargas fíreannach cóir ar fheidhmíocht airgeadais agus staid airgeadais An Post amhail an 31 Nollaig 2019.

14.3 Struchtúr an BhoirdIs é an Bord Stiúrthóirí a rialaíonn an Grúpa. Is iad príomhrólanna an Bhoird maoirsiú a dhéanamh ar oibriúchán an Ghrúpa, cinnireacht a sholáthar, cuspóirí straitéiseacha a fhaomhadh agus a chinntiú go gcuirtear na hacmhainní airgeadais agus eile atá riachtanach ar fáil ionas gur féidir na cuspóirí sin a bhaint amach. Fágtar ábhair áirithe go sonrach faoin mBord chun cinneadh a dhéanamh ina leith. Áirítear ar na freagrachtaí sonracha a fhágtar faoin mBord: straitéis an Ghrúpa a shocrú agus buiséad bliantúil agus réamh-mheastacháin mheántéarmacha a fhaomhadh; feidhmíocht oibriúcháin agus feidhmíocht airgeadais a athbhreithniú; mórchaiteachas caipitil a fhaomhadh; córais rialaithe airgeadais agus bainistithe rioscaí an Ghrúpa a athbhreithniú; a chinntiú go bhfuil pleananna forbartha bainistíochta agus pleananna comharbais cuí ann; feidhmíocht chomhshaoil, sláinte agus sábháilteachta an Ghrúpa a athbhreithniú; ceapachán Rúnaí na Cuideachta a fhaomhadh; agus a chinntiú go mbíonn idirphlé sásúil á dhéanamh leis na scairshealbhóirí.

Tá na freagrachtaí seo a leanas tarmligthe ag an mBord chuig an mbainistíocht: pleananna straitéiseacha, atá le breithniú ag an mBord, a léiríonn cuspóirí agus tosaíochtaí níos fadtéarmaí arna mbunú ag an mBord

a fhorbairt agus a mholadh; straitéisí agus beartais an Ghrúpa, arna gcinneadh ag an mBord, a chur i bhfeidhm; monatóireacht a dhéanamh ar thorthaí oibriúcháin agus airgeadais in aghaidh pleananna agus buiséad; leithdháileadh acmhainní teicniúla agus acmhainní daonna a chur in ord tosaíochta; agus córais bainistithe rioscaí a fhorbairt agus a chur i bhfeidhm.

14.4 Comhaltaí an BhoirdTá 14 stiúrthóir ar an mBord, lena n-áirítear an Cathaoirleach, an Príomhoifigeach Feidhmiúcháin, cúigear stiúrthóirí ar fostaithe iad, stiúrthóir amháin ar máistir poist í agus seisear stiúrthóirí neamhfheidhmiúcháin. I gcás gach comhalta reatha, tugtar an dáta ar cheap an tAire é/í agus tréimhse an cheapacháin sa tábla thíos:

ComhaltaBoird Ról

An dáta ar cheap an tAire é/í Téarma

Dermot Divilly

An Cathaoirleach 01/12/2015 5 bliana

Noel Adamson

Stiúrthóir ar fostaí é 01/11/2016(2nd Term)

4 bliana

Carol Bolger Stiúrthóir neamhfheidhmiúcháin

11/05/2017 5 bliana

Deirdre Burns Stiúrthóir neamhfheidhmiúcháin

11/05/2017 5 bliana

Peter Coyne Stiúrthóir neamhfheidhmiúcháin

31/10/2018 5 bliana

Thomas Devlin

Stiúrthóir ar fostaí é 01/11/2016(4ú Téarma)

4 bliana

Pádraig McNamara

Stiúrthóir ar máistir poist é

01/01/2019 3 bliana

David McRedmond

Príomhoifigeach Feidhmiúcháin an Ghrúpa

03/10/2016 7 bliana

William Mooney

Stiúrthóir ar fostaí é 01/11/2016(2nd Term)

4 bliana

Kieran Mulvey

Stiúrthóir neamhfheidhmiúcháin

16/9/2019 5 bliana

Martina O’Connell

Stiúrthóir ar fostaí í 01/11/2016(2ú Téarma)

4 bliana

Mary O’Donovan

Stiúrthóir neamhfheidhmiúcháin

31/10/2018 5 bliana

Niall Phelan

Stiúrthóir ar fostaí é 01/11/2016 4 bliana

James Wrynn Stiúrthóir neamhfheidhmiúcháin

15/09/2016 (2ú Téarma)

5 bliana

18


14. Rialú Corparáideach ar lean

14.4 Comhaltaí an Bhoird ar leanIs é an tAire Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil a cheapann na stiúrthóirí go léir ar an mBord agus leagtar amach a gcoinníollacha ceapacháin agus a dtáillí i scríbhinn.

Toghtar fostaithe mar stiúrthóirí de réir na nAchtanna um Páirteachas Lucht Oibre (Fiontair Stáit) 1977 go dtí 1993 ar feadh téarma ceithre bliana. Toghtar máistir poist mar stiúrthóir de réir Alt 81 den Acht Seirbhísí Poist agus Teileachumarsáide, 1983 ar feadh téarma trí bliana. Ceaptar na stiúrthóirí eile ar fad ar théarma buan, téarma cúig bliana de ghnáth.

14.5 Príomhathruithe ar PhearsanraTháinig deireadh le tréimhsí Ed Murray agus Jennifer Loftus in 2019. De réir an Achta agus de bhun próiseas ar thug an tSeirbhís um Cheapacháin Phoiblí faoi, cheap an tAire comhalta neamhfheidhmiúcháin, Kieran Mulvey.

Mar gheall ar a stádas dleathach mar Chuideachta Stáit agus freagracht a phríomh-scairshealbhóra ó thaobh ceapadh stiúrthóirí de, creideann an Bord go bhfuil na hoibleagáidí ar fad a éilítear maidir le ceapadh stiúrthóirí comhlíonta aige.

14.6 Oiliúint Ionduchtúcháin agus LeanúnachNuair a cheaptar stiúrthóirí nua, bíonn orthu uile a bheith páirteach i gclár insealbhaithe mar a bhfaighidh siad faisnéis faoin nGrúpa, faoi ról an Bhoird agus faoi na hábhair a fhágtar faoin mBord le cinneadh, faoi théarmaí tagartha agus faoi chomhaltas an Bhoird agus phríomh-Choistí an Bhoird, faoi chleachtais agus nósanna imeachta rialachas chorparáideach an Ghrúpa, lena n-áirítear na freagrachtaí a tharmligtear chuig bainistíocht shinsearach an Ghrúpa, agus an fhaisnéis airgeadais is déanaí maidir faoin nGrúpa. Go hiondúil bíonn cruinnithe forlíontacha acu freisin le feidhmeannaigh thábhachtacha shinsearacha. Bíonn na stiúrthóirí á dtabhairt cothrom le dáta go leanúnach trí nótaí mionteagaisc i scríbhinn agus trí chruinnithe le feidhmeannaigh shinsearacha, le linn a dtréimhse i seilbh oifige, maidir le gnó an Ghrúpa, na timpeallachtaí iomaíocha agus rialaithe ina bhfeidhmíonn sé, cúrsaí a bhaineann le freagracht chorparáideach shóisialach agus athruithe eile a mbeidh tionchar acu ar an nGrúpa agus ar an tionscal poist ina iomláine. Cuirtear stiúrthóirí ar an eolas freisin, nuair a cheaptar iad, i scríbhinn agus trí chruinnithe pearsanta le Rúnaí na Cuideachta, maidir lena bhfreagrachtaí agus lena n-oibleagáidí ó thaobh an dlí agus eile agus iad ina stiúrthóirí. Tugtar cothrom le

dáta iad chomh maith maidir le hathruithe ar riachtanais rialachais agus dlí an Ghrúpa agus orthu féin mar stiúrthóirí. Tá rochtain ag gach stiúrthóir ar chomhairle agus ar sheirbhísí Rúnaí na Cuideachta.

14.7 Ról an Chathaoirligh agus Ról Phríomhoifigeach Feidhmiúcháin an GhrúpaNí hionann an Cathaoirleach agus Príomhoifigeach Feidhmiúcháin (POF) an Ghrúpa. Is é an Cathaoirleach a stiúrann an Bord lena straitéis a chinneadh agus lena chuspóirí a bhaint amach. Tá an Cathaoirleach freagrach as gnó an Bhoird a eagrú, as éifeachtacht an Bhoird a chinntiú agus as clár oibre an Bhoird a leagan amach.

Éascaíonn an Cathaoirleach obair éifeachtach gach stiúrthóra agus caidreamh úsáideach idir an stiúrthóir feidhmeannach agus na stiúrthóirí eile, cinntíonn sé go bhfaigheann stiúrthóirí faisnéis ábhartha, chruinn agus thráthúil agus bainistíonn sé cumarsáid éifeachtach le scairshealbhóirí.

Tá an Príomhoifigeach Feidhmiúcháin i gceannas ar an nGrúpa go díreach, ó lá go lá, agus tá sé freagrach as feidhmíocht airgeadais agus oibriúcháin an Ghrúpa.

Bíonn cumarsáid leanúnach faoi shaincheisteanna straitéiseacha ag an mBord, tríd an gCathaoirleach agus tríd an mbainistíocht, le scairshealbhóirí na Cuideachta. Tugann an Cathaoirleach agus an Príomhoifigeach Feidhmiúcháin aiseolas don Bhord ar shaincheisteanna a chuireann na scairshealbhóirí faoina mbráid. Freastalaíonn na stiúrthóirí ar fad ar an gCruinniú Ginearálta Bliantúil go hiondúil agus iarrtar ar scairshealbhóirí ceisteanna a chur i rith an chruinnithe agus casadh le stiúrthóirí nuair a bhíonn na himeachtaí foirmiúla críochnaithe.

Tá nósanna imeachta foirmeáilte ag an mBord faoina dtionóltar cruinnithe idir an Cathaoirleach agus na stiúrthóirí neamhfheidhmiúcháin gan an stiúrthóir feidhmiúcháin a bheith i láthair.

14.8 Neamhspleáchas na StiúrthóiríTá sé de cheart ag na stiúrthóirí a chinntiú go ndéantar taifead i miontuairiscí an Bhoird ar aon ábhar imní neamhréitithe a bheadh acu maidir le feidhmiú an Ghrúpa nó faoi ghníomh áirithe ar bith. Má bhíonn aon ábhar imní den chineál sin acu, féadfaidh siad, ar éirí as oifig dóibh, ráiteas i scríbhinn a chur faoi bhráid an Chathaoirligh, lena scaipeadh ar an mBord. Tugtar rochtain ar chomhairle ghairmiúil neamhspleách do na stiúrthóirí, ar chostas an Ghrúpa, nuair a mheasfaidh na stiúrthóirí go bhfuil sin riachtanach chun a bhfreagrachtaí mar stiúrthóirí a chomhlíonadh.

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14.9 Meastóireacht ar FheidhmíochtTá próiseas foirmiúil glactha agus á fheidhmiú ag an mBord don mheastóireacht ar a fheidhmíocht féin agus ar a bpríomh-Choistí. Áirítear leis seo meastóireacht thréimhsiúil sheachtrach ar fheidhmíocht. Creideann an Bord go mbeadh sé mí-oiriúnach aon mheastóireacht bhreise eile a thabhairt isteach ar stiúrthóirí aonaracha mar gheall ar an gcaoi a gceaptar stiúrthóirí, ar an struchtúr scairsheilbhe agus ar nósanna imeachta reatha an Bhoird.

14.10 Coistí BoirdTá na coistí seo a leanas bunaithe ag an mBord:

1. Tá triúr comhaltaí Boird ar an gCoiste Iniúchóireachta agus Riosca (CIR). Faoina théarmaí tagartha, is ann don Choiste chun cuidiú leis an mBord a chuid freagrachtaí a chomhlíonadh ach monatóireacht a dhéanamh ar:

• An próiseas tuairiscithe airgeadais;

• Cé chomh héifeachtach agus atá córas na Cuideachta maidir le rialú inmheánach, iniúchóireacht inmheánach agus bainistíocht riosca;

• An t-iniúchadh reachtúil ar ráitis airgeadais reachtúla na Cuideachta;

• Cé chomh héifeachtach agus atá próiseas an iniúchta sheachtraigh agus moltaí a dhéanamh chuig an mBord i ndáil le hiniúchóirí seachtracha a cheapadh, a athcheapadh agus leis an luach saothair a thabharfar dóibh. Tá sé freagrach as a chinntiú go gcoinnítear caidreamh cuí idir an Grúpa agus an t-iniúchóir seachtrach, lena n-áirítear seirbhísí agus táillí neamh-iniúchta a athbhreithniú.

• Athbhreithniú agus monatóireacht ar neamhspleáchas an iniúchóra reachtúil agus go háirithe seirbhísí breise a sholáthar do An Post.

Ar mhaithe le neamhspleáchas an iniúchóra sheachtraigh a choinneáil, tá beartais dheimhnithe ag an gCoiste Iniúchóireachta agus Riosca faoi na seirbhísí iniúchta agus neamh-iniúchta is féidir le hiniúchóirí seachtracha an Ghrúpa a sholáthar agus faoin bpróiseas faofa a bhaineann leis na seirbhísí sin. Faoi na beartais sin, ní bheidh obair ar obair chomhairleach í á tairiscint d’iniúchóir seachtrach mura mbeidh éifeachtúlachtaí soiléire agus sochair bhreisluacha don Ghrúpa ag baint leis, agus go gcinntítear go gcoinnítear oibiachtúlacht agus neamhspleáchas an iniúchóra sheachtraigh.

Is iad baill an CIR ná Deirdre Burns (Cathaoirleach), Peter Coyne agus Mary O’Donovan. Bhí sé chruinniú ag an CIR in 2019.

2. Tá triúr comhaltaí Boird ar an gCoiste um Luach Saothair. Feidhmíonn an Coiste thar ceann an Bhoird agus glacann siad gach cinneadh maidir le beartas i dtaca le luach saothair, sochair, moltaí tríú páirtí agus saincheisteanna gaolmhara. Is iad baill an Choiste seo; Dermot Divilly (Cathaoirleach), David McRedmond agus Carol Bolger. Bíonn an Príomhoifigeach Feidhmiúcháin as láthair nuair a bhítear ag plé nithe a bhaineann lena luach saothair féin. Bhí trí chruinniú ag an gCoiste in 2019.

3. Tá triúr comhaltaí Boird ar an gCoiste Sláinte & Sábháilteachta agus Slándála in 2019. Iad na príomhfhreagrachtaí atá ar an gCoiste ná monatóireacht a dhéanamh ar éifeachtacht Chórais Bainistíochta Sábháilteachta agus Slándála na Cuideachta, é féin a shásamh maidir le comhlíonadh reachtaíocht agus rialacháin infheidhme sábháilteachta agus slándála na Cuideachta, agus a chinntiú go laghdaítear eachtraí chomh híseal agus is féidir go praiticiúil. Déanann an Coiste monatóireacht freisin ar fhorbairt, ar chur i bhfeidhm agus ar fheabhsú leanúnach na straitéisí, na gcórais bainistithe agus na bpróiseas chun a chinntiú go bhfuil rialacháin agus nósanna imeachta leordhóthanacha i bhfeidhm maidir le sláinte agus sábháilteacht agus le slándáil (pleanáil phráinnfhreagartha san áireamh).

Is iad baill an Choiste seo ná Carol Bolger (Cathaoirleach), Martina O’Connell, Noel Adamson, agus Thomas Devlin a tháinig isteach ar an gCoiste in 2020. Bhí ceithre chruinniú ag an gCoiste in 2019.

4. Tá triúr comhaltaí Boird ar an gCoiste Straitéise. Is iad téarmaí tagartha an Choiste saincheisteanna straitéiseacha a bhreithniú agus moltaí a chur faoi bhráid an Bhoird ina leith, lena n-áirítear an plean straitéiseach a mholadh don Bhord lena ghlacadh. Ina theannta sin, déanann an Coiste monatóireacht ar an tslí a gcuireann lucht bainistíochta an plean straitéiseach aontaithe i bhfeidhm, agus moltar gníomhartha ceartúcháin nó tosaíocht a thabhairt do ghnéithe den phlean, más gá, le linn shaolré an phlean.

Is iad baill an Choiste seo ná Dermot Divilly (Cathaoirleach), David McRedmond agus Deirdre

Burns. Tháing an Coiste le chéile uair amháin in 2019.

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14.11 Sceideal Freastail, Táillí agus SpeansasTá sceideal i dtaca le freastal ar chruinnithe Boird agus Coiste in 2019 leagtha amach thíos. Tá na táillí agus speansais a fuair gach comhalta san áireamh:

Comhalta Bord

An Coiste Iniúchóireachta

agus Riosca

An Coiste um Luach

Saothair

An Coiste Sláinte &

Sábháilteachta agus Slándála

An Coiste Straitéise

Táillí2019

€’000

Táillí2018

€’000

Líon na gcruinnithe i gcaitheamh na bliana

9 6 3 4 1 - -

Dermot Divilly 9/9 1/1 3/3 1/1 31 31

Noel Adamson 8/9 - - 4/4 - 16 16Carol Bolger 7/9 - 3/3 4/4 - 16 16Deirdre Burns 9/9 6/6 - - 1/1 16 16Peter Coyne 9/9 5/5 - - - 16 3Thomas Devlin 8/9 - - - - 16 16Jennifer Loftus 1/1 1/1 - - - 3 16David McRedmond 9/9 - 3/3 - 1/1 - -Padraig McNamara 7/9 - - - - 16 -William Mooney 8/9 - - - - 16 16Kieran Mulvey 1/1 - - - - 5 -Ed Murray 1/1 - - - - 3 16Thomas O’Brien - - - - - - 7Martina O’Connell 7/9 - - 3/4 - 16 16Mary O’Donovan 9/9 5/5 - - - 16 3Niall Phelan 8/9 - - - - 16 16Lorraine Tormey - - - - - - 16James Wrynn 8/9 - - - - 16 16

Total 218 220

B’ionann na speansais a íocadh le Stiúrthóirí in 2019 agus €7k (2018: €3k).

14.12 Ráiteas ar Rialú InmheánachRaon Freagrachta

Tá Bord An Post freagrach as a chinntiú go bhfuil córas éifeachtach um rialú inmheánach á choimeád agus á fheidhmiú. Is cuid den fhreagracht sin riachtanais an Chóid Cleachtais chun Comhlachtaí Stáit a Rialú (2016).

Cuspóir an Chórais um Rialú Inmheánach

Tá an córas um rialú inmheánach deartha chun riosca a bhainistiú sa chaoi is go mbeifear in ann é a sheasamh, seachas deireadh ar fad a chur leis. Ní féidir leis an gcóras dá bhrí sin ach dearbhú réasúnta seachas iomlán a sholáthar go gcosnaítear sócmhainní, go n-údaraítear idirbhearta agus go dtaifeadtar i gceart iad, agus go gcoisctear earráidí nó mírialtachtaí ábhartha nó go mbraitear iad go tráthúil.

Bhí an córas um rialú inmheánach, atá ag teacht le treoir a d’eisigh an Roinn Caiteachais Phoiblí agus Athchóirithe, i bhfeidhm in An Post don bhliain dar chríoch an 31 Nollaig 2019 agus go dtí an dáta ar faomhadh na ráitis airgeadais.

Cumas chun Riosca a Bhainistiú

ATá Coiste Iniúchóireachta agus Riosca (CIR) ag An Post ar a bhfuil comhaltaí Boird a bhfuil taithí airgeadais agus iniúchóireachta acu. Is duine acu an Cathaoirleach. Tháinig an CIR le chéile sé huaire in 2019.

Tá feidhm iniúchóireachta inmheánaí bunaithe ag An Post freisin. Tugtar a dóthain acmhainní don fheidhm seo agus cuireann sí clár oibre i gcrích a chomhaontaítear leis an CIR.

Tá beartas bainistíochta riosca forbartha ag an CIR a leagann amach an inghlacthacht riosca agus na próisis bainistíochta riosca atá i bhfeidhm agus a shonraíonn róil agus freagrachtaí na foirne i ndáil le riosca. Eisíodh an beartas chuig gach ball foirne a bhfuiltear ag súil leis go mbeidh siad ag obair taobh istigh de bheartais bainistíochta riosca An Post, ag cur na bainistíochta ar an eolas faoi rioscaí atá ag teacht chun cinn agus faoi laigí sa rialú, agus ag glacadh freagrachta as rioscaí agus rialuithe ina réimse oibre féin.

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Creat um Riosca agus Rialú

Tá córas bainistíochta riosca curtha i bhfeidhm ag An Post a shainaithníonn agus a thuairiscíonn príomhrioscaí agus na gníomhartha bainistíochta atá á nglacadh chun dul i ngleic leis na rioscaí sin agus chun iad a mhaolú a mhéid is féidir.

Tá clár rioscaí i bhfeidhm a shainaithníonn na príomhrioscaí atá roimh An Post. Sainaithníodh iad sin, rinneadh meastóireacht orthu agus grádaíodh iad de réir a suntasachta. Déanann an CIR athbhreithniú ar an gclár agus tugann siad cothrom le dáta é uair gach sé mhí. Baintear úsáid as toradh na measúnithe sin chun acmhainní a phleanáil agus a leithdháileadh lena chinntiú go mbainistítear rioscaí go sásúil.

Sonraíonn an clár rioscaí na rialuithe agus na gníomhartha a theastaíonn chun rioscaí a mhaolú agus sonraíonn sé an fhreagracht as rialuithe a oibriú atá sannta ar bhaill foirne ar leith. Deimhnímid go bhfuil timpeallacht rialaithe, lena mbaineann na gnéithe seo a leanas, i bhfeidhm:

• rinneadh doiciméadú ar nósanna imeachta maidir le gach príomhphróiseas gnó,

• sannadh freagrachtaí airgeadais ag leibhéal bainistíochta le cuntasacht chomhfhreagrach.

• tá córas buiséadaithe cuí ann le buiséad bliantúil a choinníonn lucht bainistíochta sinsearach faoi athbhreithniú

• tá córais ann atá dírithe ar chinntiú shlándáil na gcóras teicneolaíochta faisnéise agus cumarsáide, agus

• tá córais ann chun na sócmhainní a chosaint.

Monatóireacht agus Athbhreithniú Leanúnach

Tá nósanna imeachta foirmiúla bunaithe chun monatóireacht a dhéanamh ar phróisis um rialú agus cuirtear easnaimh ar an rialú in iúl dóibh siúd atá freagrach as gníomh ceartaitheach a ghlacadh agus don bhainistíocht agus don Bhord, más ábhartha, go tráthúil. Dearbhaímid go bhfuil na córais um monatóireacht leanúnach seo a leanas i bhfeidhm:

• sonraíodh príomhrioscaí agus rialuithe gaolmhara agus cuireadh próisis i bhfeidhm chun monatóireacht a dhéanamh ar fheidhmiú na bpríomhrialuithe sin agus chun aon easnaimh a sonraíodh a thuairisciú,

• bunaíodh socruithe tuairiscithe ag gach leibhéal mar ar sannadh an fhreagracht as bainistiú airgeadais, agus

• déanann lucht sinsearach bainistíochta athbhreithnithe rialta ar thuarascálacha airgeadais tréimhsiúla agus bliantúla a léiríonn feidhmíocht airgeadais i gcomparáid le buiséid/tuartha.

Soláthar

Tá beartais dhoiciméadaithe i bhfeidhm i dtaca le soláthar. Tá na beartais sin ar aon dul le treoirlínte ón Aontas Eorpach agus ó rialtas na hÉireann. Déantar monatóireacht ar chomhlíonadh na dtreoirlínte sin ó cheann ceann na bliana.

Athbhreithniú ar Éifeachtacht

Tá nósanna imeachta ag An Post chun monatóireacht a dhéanamh ar a nósanna imeachta um bainistíocht riosca agus rialú. Cuireann obair na n-iniúchóirí inmheánacha agus seachtracha, an Coiste Iniúchóireachta agus Riosca a mhaoirsíonn a gcuid oibre, agus an ardbhainistíocht taobh istigh de An Post atá freagrach as forbairt agus cothabháil an chreata um rialú inmheánach airgeadais bonn eolais faoi mhonatóireacht agus athbhreithniú An Post ar éifeachtacht an chórais um rialú inmheánach airgeadais. I bhfianaise forbairt seirbhísí airgeadais nua agus na dtáirgí seirbhísí airgeadais fairsinge leanúnacha atá á dtairiscint ag An Post, rinneadh infheistíocht i rialuithe agus i gcórais in 2019 chun na ceanglais a bhaineann le maoirsiú Bhanc Ceannais na hÉireann a shásamh. Leanfar den infheistíocht sin in 2020. Rinne an Bord athbhreithniú bliantúil ar éifeachtacht na rialuithe inmheánacha le haghaidh 2019.

Fadhbanna i dtaca le Rialú Inmheánach

Níor sainaithníodh aon laigí ar rialú inmheánach i ndáil le 2019 ar gá iad a nochtadh sna ráitis airgeadais.

14.13 Aird a Tharraingt ar Ábhar ImníTá nósanna imeachta i bhfeidhm ag an nGrúpa a chinntíonn go mbíonn socruithe oiriúnacha ann ionas go mbeidh fostaithe in ann aird a tharraingt ar chúrsaí a d’fhéadfadh a bheith míchuí agus é sin a dhéanamh faoi rún, agus go mbeadh gníomh leanúna cuí ann chun déileáil leo ina dhiaidh sin, athbhreithniú an Choiste Iniúchóireachta agus Riosca san áireamh. Cruthaíodh slite a chuirfidh ar chumas daoine éagóir a bhraitear a chur in iúl tríd an bpost, trí ghlao gutháin agus tríd an ríomhphost.

14.14 Nithe is gá a nochtadh faoin gCód Cleachtais chun Comhlachtaí Stáit a RialúTá An Post ag cloí leis na treoirlínte um thuairisciú sa Chód Cleachtais chun Comhlachtaí Stáit a Rialú (2016). Baineann na staitisticí seo a leanas le Grúpa An Post don bhliain airgeadais dar chríoch an 31 Nollaig 2019. Scríobh an Cathaoirleach chuig an Aire Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil le faisnéis mhionsonraithe bhreise.

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14.14 Nithe is gá a nochtadh faoin gCód Cleachtais chun Comhlachtaí Stáit a Rialú ar leanSochair fostaithe

Déantar sochair ghearrthéarmacha na bhfostaithe don Ghrúpa a chatagóiriú sna bandaí seo a leanas:

2019 2018

Líon fostaithe

Líon fostaithe

Faoi bhun €50,000 9,992 10,387

Idir €50,000 agus €74,999 1,421 1,427

Idir €75,000 agus €100,000 308 206

Os cionn €100,000 111 94

Taisteal agus siamsaíocht oifigiúil

B’ionann na costais a bhain le taisteal agus caiteachas oifigiúil a tabhaíodh sa bhliain agus €3.605m (2018: €3.819m). Áirítear leis seo taisteal agus cothabháil €7,000 a íocadh go díreach le comhaltaí an Bhoird in 2019 (2018: €3,000).

15. Ráiteas na Stiúrthóirí ar chomhlíonadh Threoir an Rialtóra maidir le Córais Chuntasaíochta An Post mar a éilítear faoin Acht um Rialáil Cumarsáide (Seirbhísí Poist), 2011UFaoin Acht um Rialáil Cumarsáide (Seirbhísí Poist) 2011, éilítear go ndéanfaí nósanna imeachta cuntasaíochta An Post de réir na dtreoracha a leagann ComReg síos agus forálacha áirithe san Acht.

Tugann na stiúrthóirí aitheantas dá bhfreagracht forálacha cuntasaíochta an Achta a chomhlíonadh agus léiríonn an ráiteas seo a leanas an tslí ar fheidhmigh An Post forálacha cuí an Achta agus na Treorach don bhliain chuntasaíochta dar thosach an 1 Eanáir 2019.

Taifid Airgeadais agus Córais ChuntasaíochtaTá dóthain sonraí sna taifid airgeadais agus sna córais chuntasaíochta a choinníonn An Post lena chur ar chumas na bainistíochta a chinntiú go gcomhlíonfaidh siad forálacha cuntasaíochta na Treorach. Coinnítear cuntais ar leithligh do gach ceann de na seirbhísí laistigh

den tSeirbhís Uilechoiteann.

Cuntais ScarthaCuirfear cuntais dheighilte bhrabúis agus chaillteanais agus ráitis ar ghlansócmhainní faoi bhráid ComReg don bhliain dar chríoch an 31 Nollaig 2019. I gcomhlíonadh na Treorach, tá na cuntais seo á n-athbhreithniú ag comhlacht inniúil a eiseoidh tuairim ar chomhlíonadh na Treorach.

Lámhleabhar CuntasaíochtaUllmhaíodh lámhleabhar mionsonraithe cuntasaíochta a léiríonn raon agus scóip na sonraí atá le bailiú chun an Treoir a chomhlíonadh, agus an bunús a mbeidh na sonraí á leithdháileadh / leithroinnt ar sheirbhísí.

Ráiteas ar ChomhlíonadhCreideann na stiúrthóirí, bunaithe ar na céimeanna agus ar na gníomhartha thuas, gur chomhlíon An Post forálacha ábhartha an Achta agus Threoir ComReg a bhaineann le Córais Chuntasaíochta An Post don bhliain dar chríoch an 31 Nollaig 2019.

16. Ráiteas ar Fhreagrachtaí na Stiúrthóirí maidir le Tuarascáil na Stiúrthóirí agus na Ráitis AirgeadaisTá na stiúrthóirí freagrach as tuarascáil na stiúrthóirí agus na ráitis airgeadais a ullmhú de réir Acht na gCuideachtaí, 2014.

Ceanglaíonn dlí cuideachtaí na hÉireann ar na stiúrthóirí ráitis airgeadais a ullmhú do gach bliain airgeadais. Faoin dlí, roghnaigh na stiúrthóirí ráitis airgeadais an Ghrúpa a chur le chéile de réir na gCaighdeán Idirnáisiúnta Tuairiscithe Airgeadais arna nglacadh ag an Aontas Eorpach (“creat ábhartha tuairiscithe airgeadais”) agus ráitis airgeadais na Cuideachta a chur le chéile de réir Chreat um Fhaisnéisiú Laghdaithe FRS 101. Faoi dhlí na gcuideachtaí, ní féidir leis na stiúrthóirí na ráitis airgeadais a fhaomhadh ach amháin má tá siad sásta go dtugann siad léargas fírinneach cóir ar shócmhainní, ar dhliteanais agus ar staid airgeadais na Cuideachta ag dáta deiridh na bliana airgeadais agus ar bhrabús nó ar chaillteanas na Cuideachta don bhliain airgeadais agus go gcomhlíonann siad ar gach slí eile Acht na gCuideachtaí, 2014.

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Agus ráitis airgeadais an ghrúpa á gcur le chéile, éilíonn Caighdean Idirnáisiúnta Cuntasaíochta 1 go ndéanfadh stiúrthóirí:

• beartais chuntasaíochta a roghnú agus a chur i bhfeidhm mar is cuí;

• aisnéis, lena n-áirítear beartais chuntasaíochta, a chur i láthair ar bhealach a sholáthraíonn faisnéis ábhartha, iontaofa, inchomparáide agus intuigthe;

• faisneisithe breise a sholáthar nuair nach leor comhlíonadh na gceanglas sonrach le IFRSanna le go mbeidh úsáideoirí in ann tionchar idirbhearta, imeachtaí agus coinníollacha faoi leith eile a thuiscint maidir le staid airgeadais agus feidhmíocht airgeadais an eintitis; agus

• measúnú a dhéanamh ar chumas na Cuideachta leanúint ar aghaidh mar ghnóthas leantach.

Agus ráitis airgeadais na máthairchuideachta á n-ullmhú, ní mór do na stiúrthóirí:

• beartais chuntasaíochta chuí a roghnú agus ansin iad a chur i bhfeidhm go comhsheasmhach;

• breithiúnais agus meastacháin chuntasaíocht a dhéanamh atá réasúnach agus ciallmhar;

• ará cé acu ar leanadh Caighdeán Tuairiscithe Airgeadais 101 an Creat um Fhaisnéisiú Laghdaithe, faoi réir ag aon imeachtaí ábhartha a luaitear agus mhínítear sna ráitis airgeadais; agus

• na ráitis airgeadais a ullmhú ar bhonn an ghnóthais leantaigh seachas má tá sé neamhoiriúnach talamh slán a dhéanamh de go leanfaidh an chuideachta ar aghaidh i ngnó.

Tá na stiúrthóirí freagrach as a chinntiú go gcoimeádann an Chuideachta, nó go socraíonn sí go gcoimeádtar, taifid imleora chuntasaíochta a mhíníonn agus a thaifeadann i gceart idirbhearta na cuideachta, a chuireann ar a chumas gur féidir ag am ar bith sócmhainní, dliteanais, staid airgeadais agus brabús nó caillteanas na cuideachta a chinneadh le cruinneas réasúnta, a chuireann ar a chumas a chinntiú go gcomhlíonann na ráitis airgeadais agus tuarascáil na Stiúrthóirí Acht na gCuideachtaí 2014 agus a chuireann ar a chumas na ráitis airgeadais a iniúchadh.

Tá siad freagrach freisin sócmhainní na Cuideachta a chosaint agus dá réir as céimeanna réasúnta a thógáil chun calaois agus mírialtachtaí eile a chosc agus a aimsiú.

Tá na stiúrthóirí freagrach as cothabháil agus ionracas na faisnéise airgeadais agus corparáidí atá ar shuíomh gréasáin na cuideachta. D’fhéadfadh go bhfuil reachtaíocht in Éirinn a rialaíonn ullmhú agus scaipeadh ráitis airgeadais éagsúil ó reachtaíocht i ndlínsí eile.

17. Faisnéis Ábhartha faoin IniúchadhChun críocha Alt 330 d’Acht na gCuideachtaí, 2014, creideann na stiúrthóirí go bhfuil gach céim riachtanach tógtha acu chun iad féin a chur ar an eolas faoi aon fhaisnéis ábhartha a bhaineann leis an iniúchadh agus tá sé deimhnithe acu go bhfuil iniúchóirí reachtúla na Cuideachta ar an eolas faoin bhfaisnéis sin. Go bhfios dóibh, níl aon fhaisnéis ábhartha a bhaineann leis an iniúchadh nach bhfuil ar eolas ag iniúchóirí reachtúla na Cuideachta.

18. IniúchóirLeanann an t-iniúchóir, Deloitte Ireland LLP, Cuntasóirí Cairte agus Gnólacht Iniúchóireachta Reachtúla, ar aghaidh in oifig de réir Alt 383(2) d’Acht na gCuideachtaí, 2014.

Thar ceann an Bhoird

Dermot Divilly, Cathaoirleach David McRedmond, Stiúrthóir

26 Márta 2020

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Tuarascáil ón Iniúchóir Neamhspleách do Chomhaltaí An Post

Tuarascáil ar an iniúchadh ar na ráitis airgeadais

Tuairim ar ráitis airgeadais An Post (‘an chuideachta’)Inár dtuairim, maidir le ráitis airgeadais an ghrúpa agus na máthairchuideachta:

• gitugann siad léargas fírinneach cóir ar shócmhainní, ar dhliteanais agus ar staid airgeadais an ghrúpa agus na máthairchuideachta amhail an 31 Nollaig 2019x agus ar bhrabús an ghrúpa agus na máthairchuideachta don bhliain airgeadais dar chríoch an tráth sin; agus

• ullmhaíodh iad de réir an chreata tuairiscithe airgeadais ábhartha agus, go háirithe, de réir cheanglais Acht na gCuideachtaí 2014.

Sna ráitis airgeadais atá iniúchta againn tá:Ráitis Airgeadais an Ghrúpa:

• An Ráiteas Comhdhlúite Ioncaim;

• Ráiteas Comhdhlúite maidir le hIoncam Cuimsitheach Eile;

• An Ráiteas Comhdhlúite ar Staid an Airgeadais;

• An Ráiteas Comhdhlúite ar Athruithe ar Chothromas;

• An Ráiteas Comhdhlúite ar Shreabhadh Airgid; agus

• Na nótaí gaolmhara 1 go 33, lena n-áirítear achoimre ar bheartais shuntasacha chuntasaíochta mar a leagtar amach in nóta 1.

Ráitis Airgeadais na Máthairchuideachta:

• Ráiteas na Cuideachta ar Staid an Airgeadais;

• Ráiteas na Cuideachta ar Athruithe ar Chothromas;

• Na nótaí gaolmhara 1 go 33, lena n-áirítear achoimre ar bheartais shuntasacha chuntasaíochta mar a leagtar amach in nóta 1.

Is é an creat ábhartha um thuairisciú airgeadais a cuireadh i bhfeidhm chun ráitis airgeadais an ghrúpa a ullmhú ná Acht na gCuideachtaí, 2014 agus Caighdeáin Idirnáisiúnta um Thuairisciú Airgeadais (IFRS) arna nglacadh ag an Aontas Eorpach (“an creat ábhartha um thuairisciú airgeadais”). Is é an creat ábhartha um thuairisciú airgeadais a cuireadh i bhfeidhm chun ráitis airgeadais na máthairchuideachta a ullmhú ná Acht na gCuideachtaí, 2014 agus FRS 101 “Creat um Nochtadh Laghdaithe” (“an creat ábhartha um thuairisciú airgeadais”).

Bunús na tuairimeRinneamar an t-iniúchadh de réir na gCaighdeán Idirnáisiúnta Iniúchóireachta (Éire) agus de réir dlí infheidhme. Déantar cur síos ar ár bhfreagrachtaí faoi na caighdeáin sin anseo thíos faoi “ Freagrachtaí an Iniúchóra as iniúchadh na ráiteas airgeadais” sa tuarascáil.

Táimid neamhspleách ar an ngrúpa agus ar an máthairchuideachta de réir na riachtanas eiticiúil a bhaineann lenár n-iniúchadh ar na ráitis airgeadais in Éirinn, an Caighdeán Eiticiúil a d’eisigh Údarás Maoirseachta Iniúchóireachta agus Cuntasaíochta na hÉireann san áireamh, agus chomhlíonamar na freagrachtaí eiticiúla eile atá orainn de réir na riachtanas seo. Creidimid gur leor agus gur cuí an fhianaise iniúchóireachta a fuaireamar chun bunús a chur faoinár dtuairim.

Conclúidí i ndáil le gnóthas leantachNíl aon rud le tuairisciú againn i leith na nithe seo a leanas a n-éilíonn Caighdeáin Idirnáisiúnta Iniúchóireachta orainn tuairisciú duit ina dtaobh sa chás:

• nach cuí an úsáid a bhain na stiúrthóirí as bunús cuntasaíochta an ghnóthais leantaigh agus iad ag ullmhú na ráiteas airgeadais; nó

• nár nocht na stiúrthóirí sna ráitis airgeadais aon neamhchinnteachtaí sainaitheanta a d’fhéadfadh amhras suntasach a chaitheamh ar chumas an ghrúpa nó na máthairchuideachta coinneáil orthu ag glacadh bhunús cuntasaíochta an ghnóthais leantaigh go ceann tréimhse dhá mhí dhéag ar a laghad ón dáta a n-údaraítear na ráitis airgeadais lena n-eisiúint.

Faisnéis eileIs iad na stiúrthóirí atá freagrach as an bhfaisnéis eile. Is éard atá san fhaisnéis eile ná an fhaisnéis atá sa Tuarascáil Bhliantúil, seachas na ráitis airgeadais agus ár dtuarascáil iniúchóra orthu. Ní chlúdaíonn ár dtuairim ar na ráitis airgeadais an fhaisnéis eile agus, ach amháin sa chás go luaitear a mhalairt go follasach inár dtuarascáil, ní thugaimid aon dearbhú ina leith sin.

I dtaca lenár n-iniúchadh ar na ráitis airgeadais, is é an fhreagracht atá orainn ná an fhaisnéis eile a léamh agus, fad is atáimid á dhéanamh sin, a bhreithniú an bhfuil an fhaisnéis eile ar neamhréir go hábhartha leis na ráitis airgeadais nó leis an eolas a fuaireamar san iniúchadh nó an ndealraíonn sé go bhfuil sí míshonraithe ar bhealach eile. Má shainaithnímid neamhréireacht ábhartha nó míshonrú ábhartha dealraitheach den sórt sin, ceanglaítear orainn a chinneadh cé acu atá nó nach bhfuil míshonrú ábhartha sna ráitis airgeadais nó míshonrú ábhartha ar an bhfaisnéis eile. Má bhainimid de thátal, bunaithe ar an obair atá déanta againn, go bhfuil míshonrú ábhartha ar an bhfaisnéis eile sin, ceanglaítear orainn é sin a thuairisciú.

Níl aon rud le tuairisciú againn ina thaobh seo.

25

Freagrachtaí na stiúrthóiríMar a mhínítear sa Ráiteas ar Fhreagrachtaí na Stiúrthóirí, tá na stiúrthóirí freagrach as na ráitis airgeadais a ullmhú agus a bheith sásta go dtugann siad léargas fírinneach cóir agus go gcomhlíonann siad Acht na gCuideachtaí, 2014 ar gach bealach eile, agus as cibé rialú inmheánach a mheasann na stiúrthóirí a bheith riachtanach le go mbeifear in ann ráitis airgeadais a ullmhú atá saor ó mhíshonrú ábhartha, bíodh sin de bharr calaoise nó earráide.

Agus iad ag ullmhú na ráiteas airgeadais, tá na stiúrthóirí freagrach as measúnú a dhéanamh ar chumas an ghrúpa agus na máthairchuideachta leanúint ar aghaidh mar ghnóthas leantach. Ní mór dóibh nithe a bhaineann le gnóthas leantach a nochtadh más infheidhme agus úsáid a bhaint as bunús cuntasaíochta an ghnóthais leantaigh ach amháin má tá sé i gceist ag na stiúrthóirí an grúpa agus an mháthairchuideachta a leachtú nó scor d’oibríochtaí, nó mura bhfuil an dara rogha acu ach é sin a dhéanamh.

Freagrachtaí an iniúchóra as an iniúchadh ar na ráitis airgeadaisIs iad na cuspóirí atá againn ná dearbhú réasúnta a fháil go bhfuil na ráitis airgeadais ina n-iomláine saor ó mhíshonrú ábhartha, bíodh sin de bharr calaoise nó earráide, agus tuarascáil iniúchóra a eisiúint a bhfuil ár dtuairim san áireamh inti. Is ardleibhéal dearbhaithe é dearbhú réasúnta, ach ní ráthaíocht é go braithfidh iniúchadh a dhéantar de réir na gCaighdeán Idirnáisiúnta Iniúchóireachta (Éire) míshonrú ábhartha i gcónaí nuair is ann dó. Is féidir míshonruithe a dhéanamh de bharr calaoise nó earráide agus meastar go bhfuil siad ábhartha dá mbeadh súil leis go réasúnta go rachaidís, ina n-aonar nó le chéile, i bhfeidhm ar chinntí eacnamaíochta a dhéánann úsáideoirí ar bhonn na ráiteas airgeadais seo.

Mar chuid d’iniúchadh a dhéantar de réir na gCaighdeán Idirnáisiúnta Iniúchóireachta (Éire), cleachtaimid breithiúnas gairmiúil agus bíonn amhras gairmiúil orainn i rith an iniúchta go léir. Déanaimid freisin:

• Na rioscaí a bhaineann le míshonrú ábhartha ar na ráitis airgeadais, bíodh sin de bharr calaoise nó earráide, a shainaithint agus a mheasúnú, nósanna imeachta iniúchóireachta a fhreagraíonn do na rioscaí sin a dhearadh agus a chur i bhfeidhm, agus fianaise iniúchóireachta a fháil ar leor agus cuí í chun bunús a chur faoinár dtuairim. Tá an riosca nach mbraithfear míshonrú ábhartha de bharr calaoise níos mó ná an riosca nach mbraithfear ceann de bharr

earráide, ó tharla go bhféadfadh claonpháirteachas, brionnú, easnaimh d’aon turas, mífhaisnéis nó sárú ar rialú inmheánach a bheith i gceist le calaois.

• Tuiscint a fháil ar rialú inmheánach a bhaineann leis an iniúchadh d’fhonn nósanna imeachta iniúchóireachta a dhearadh atá cuí sa chás áirithe atá i gceist, ach ní chun críche tuairim ar éifeachtacht rialú inmheánach an ghrúpa agus na máthairchuideachta a chur in iúl.

• Meastóireacht a dhéanamh ar cé chomh cuí agus a bhí na beartais chuntasaíochta a úsáideadh agus cé chomh réasúnta agus a bhí na meastacháin chuntasaíochta a rinne na stiúrthóirí agus na nithe gaolmhara a nocht siad.

• Tátal a bhaint maidir le cé chomh cuí is atá sé go bhfuil na stiúrthóiri ag úsáid bhunús cuntasaíochta an ghnóthais leantaigh agus, bunaithe ar an bhfianaise iniúchóireachta a fuarthas, cé acu atá nó nach bhfuil neamhchinnteacht ábhartha ann maidir le himeachtaí nó dálaí a d’fhéadfadh amhras suntasach a chaitheamh ar chumas an ghrúpa agus na máthairchuideachta leanúint ar aghaidh mar ghnóthas leantach. Má bhainimid de thátal go bhfuil éiginnteacht ábhartha ann, ceanglaítear orainn aird a tharraingt i dtuarascáil an iniúchóra ar na nithe gaolmhara a nochtadh sna ráitis airgeadais nó, mura leor na nithe sin, ár dtuairim a leasú. Tá ár gconclúidí bunaithe ar an bhfianaise iniúchóireachta a fuaireamar go dtí dáta thuarascáil an iniúchóra. D’fhéadfadh sé, áfach, nach leanfadh an t-aonán (nó, más ábhartha, an grúpa) ar aghaidh mar ghnóthas leantach de bharr imeachtaí nó dálaí amach anseo.

• Meastóireacht a dhéanamh ar chur i láthair, ar struchtúr agus ar ábhar na ráiteas airgeadais trí chéile, na nithe a nochtadh san áireamh, agus cé acu a léiríonn nó nach léiríonn na ráitis airgeadais na hidirbhearta agus na himeachtaí atá taobh thiar díobh ar bhealach a chuireann i láthair go cóir iad.

• Fianaise iniúchóireachta leordhóthanach chuí a fháil i ndáil le faisnéis airgeadais na ngníomhaíochtaí gnó laistigh den ghrúpa chun tuairim ar na ráitis airgeadais (chomhdhlúite) a chur in iúl. Tá iniúchóir an ghrúpa freagrach as treo, maoirsiú agus feidhmíocht iniúchadh an ghrúpa. Is é iniúchóir an ghrúpa amháin atá freagrach as tuairim an iniúchta fós.

Téimid i gcomhairle leo siúd atá freagrach as rialachas i ndáil le, i measc nithe eile, an raon agus an t-am atá beartaithe don iniúchadh agus fionnachtana suntasacha ón iniúchadh, lena n-áirítear aon easnaimh shuntasacha ar rialú inmheánach a shainaithníonn an t-iniúchóir i gcaitheamh an iniúchta.

26

Tá an tuarascáil seo ullmhaithe do chomhaltaí na cuideachta, agus dóibhsean amháin, mar chomhlacht de réir Alt 391 d’Acht na gCuideachtaí, 2014. Thugamar faoinár gcuid oibre ar an iniúchadh ionas go bhféadfaimis na nithe ar gá dúinn a lua do chomhaltaí na cuideachta i dtuarascáil iniúchóirí a lua agus ní chun críche ar bith eile. Chomh fada agus atá ceadaithe le dlí, ní ghlacaimid le freagracht ná ní ghabhaimid freagracht orainn féin maidir le haon duine seachas an chuideachta agus comhaltaí na cuideachta mar chomhlacht, as ár gcuid oibre ar an iniúchadh, as an tuarascáil seo, ná as na tuairimí ar thángamar orthu.

Tuarascáil ar cheanglais dhlíthiúla agus rialála eile

Tuairim ar nithe eile arna leagan amach ag Acht na gCuideachtaí, 2014Bunaithe ar an obair a rinneamar i gcaitheamh an iniúchta agus uirthi sin amháin, tuairiscímid an méid seo a leanas:

• Fuaireamar an fhaisnéis ar fad agus gach míniú a mheasaimid a bheith riachtanach chun críocha an iniúchta.

• Is é ár dtuairim gur leor taifid chuntasaíochta na máthairchuideachta le go bhféadfaí na ráitis airgeadais a iniúchadh go réidh agus i gceart.

• Tá ráiteas na máthairchuideachta maidir le staid an airgeadais i gcomhréir leis na taifid chuntasaíochta.

• Is é ár dtuairim go bhfuil an fhaisnéis a thugtar i dtuarascáil na stiúrthóirí ag teacht leis na ráitis airgeadais agus ullmhaíodh tuarascáil na stiúrthóirí de réir Acht na gCuideachtaí, 2014.

Ábhair a gceanglaítear orainn tuairisciú orthu ar bhonn eisceachtúilBunaithe ar an eolas agus ar an tuiscint ar an ngrúpa agus ar an máthairchuideachta agus a timpeallacht a fuaireamar i gcaitheamh an iniúchta, níor shainaithníomar míshonruithe ábhartha i dtuarascáil na stiúrthóirí.

Níl aon rud le tuairisciú againn i leith na bhforálacha in Acht na gCuideachtaí, 2014 a cheanglaíonn orainn é a thuairisciú daoibh más é ár dtuairim nach ndéantar luach saothair stiúrthóirí agus idirbhearta arna sonrú sa dlí a nochtadh.

Faoin gCód Cleachtais chun Comhlachtaí Stáit a Rialú (Lúnasa 2016) (an “Cód Cleachtais”), ceanglaítear orainn tuairisciú daoibh mura léiríonn an ráiteas maidir leis an gcóras um rialú inmheánach airgeadais a theastaíonn faoin gCód Cleachtais, faoi mar a áirítear leis an Ráiteas ar Rialachas Corparáideach i dTuarascáil na Stiúrthóirí, gur chomhlíon an grúpa alt 1.9(iv) den Chód Cleachtais nó mura bhfuil sé ag teacht leis an bhfaisnéis a bhfuilimid ar an eolas fúithi ónár gcuid oibre iniúchóireachta ar na ráitis airgeadais. Níl aon rud le tuairisciú againn ina thaobh seo.

Emer O’Shaughnessy ar son agus thar ceann Deloitte Ireland LLP Cuntasóirí Cairte agus Gnólacht Iniúchóireachta Reachtúla Teach Deloitte & ToucheArdán EarlsfortBaile Átha Cliath 2

Dáta: 26 Márta 2020

Tuarascáil ón Iniúchóir Neamhspleách do Chomhaltaí An Post ar lean

27

Ráiteas Comhdhlúite Ioncaim don bhliain dar chríoch an 31 Nollaig 2019

2019 2018

€’000 €’000

Nótaí Iomlán Iomlán

Ioncam 2 892,128 896,954

Costais oibriúcháin 3 (850,233) (859,306)

Brabús roimh chostais chlaochlúcháin, míreanna aon uaire, glanchostais airgeadais agus cánachas 41,895 37,648

Costais chlaochlúcháin 4 (15,281) (13,974)

Ioncam eile – Brabús ar dhiúscairt fochuideachtaí 5 40,038 -

Brabús roimh ghlanchostais airgeadais agus roimh chánachas 66,652 23,674

Ioncam airgeadaisCostais airgeadais

67

2,418(2,726)

4,577(1,479)

Brabús roimh chánachas 8 66,344 26,772

Cánachas 9 (23) (1,508)

Brabús don bhliain 66,321 25,264

Brabús don bhliain inchurtha i leith

Úinéirí na cuideachta 64,788 20,689

Leasanna neamh-urlámhais 1,533 4,575

66,321 25,264



26 Márta 2020

28

Ráiteas Comhdhlúite ar Ioncam Cuimsitheach Eile don bhliain dar chríoch an 31 Nollaig 2019

2019 2018

Nótaí €’000 €’000


Ioncam cuimsitheach eile

Míreanna nach n-athaicmeofar tar éis brabúis nó caillteanais:

Athchuntas an dliteanais phinsin le sochar sainithe - glan 24 11,313 5,901

Míreanna a d’fhéadfaí a athaicmiú tar éis brabúis nó caillteanais:

Aistriú oibríochtaí eachtracha - fochuideachtaí 979 (170)

Ioncam cuimsitheach iomlán don bhliain airgeadais 78,613 30,995

Ioncam cuimsitheach iomlán inchurtha i leith

Úinéirí na Cuideachta 77,080 26,420

Leasanna neamh-urlámhais 1,533 4,575

78,613 30,995

29

Ráiteas Comhdhlúite ar Staid an Airgeadais amhail an 31 Nollaig 2019

2019 2018Nótaí €’000 €’000

SócmhainníSócmhainní neamhreathaSócmhainní doláimhsithe agus cáilmheas 11 17,166 13,717Réadmhaoin infheistíochta 12 715 715Réadmhaoin, gléasra agus trealamh 13 319,374 223,509Infheistíochtaí 14 36,874 34,481Sócmhainn cánach iarchurtha 15 2,356 1,793

Iomlán na sócmhainní neamhreatha 376,485 274,215

Sócmhainní reathaSuimeanna infhaighte trádála agus eile 15 125,103 105,324Fardail 16 2,611 2,878Airgead sa bhanc agus ar láimh 17 509,855 512,541Sócmhainní a aicmítear a bheith ar coinneáil chun díola 18 - 206,249

Iomlán na sócmhainní reatha 637,569 826,992

Iomlán na sócmhainní 1,014,054 1,101,207

Cothromas agus cúlchistíScairchaipiteal glaoite 25 (68,239) (68,239)Cúlchistí eile 421 2,321Tuilleamh coinnithe (210,742) (134,200)

Cothromas inchurtha i leith na cuideachta (278,560) (200,118)Leasanna neamh-urlámhais (1,618) (3,889)

Cothromas iomlán (280,178) (204,007)

Dliteanais neamhreathaDeontais chaipitil 22 (7,998) (8,447)Léasanna agus iasachtaí 20 (118,033) (33,289)Soláthairtí 23 (11,496) (10,373)Dliteanas pinsin 24 (28,228) (47,880)

Iomlán na ndliteanas neamhreatha (165,755) (99,989)

Dliteanais reathaSuimeanna iníoctha trádála agus eile 19 (167,735) (176,367)Léasanna agus iasachtaí 20 (21,079) (11,593)Soláthairtí 23 (12,537) (16,405)Suimeanna in iontaobhas 17 (366,770) (403,045)Dliteanais a aicmítear ar díol 18 - (189,801)

Iomlán na ndliteanas reatha (568,121) (797,211)

Iomlán na ndliteanas (733,876) (897,200)

Iomlán an chothromais agus na ndliteanas (1,014,054) (1,101,207)



26 Márta 2020

30

Ráiteas Comhdhlúite ar Athruithe ar Chothromas don bhliain dar chríoch an 31 Nollaig 2019

Scairchaipitealglaoite

Cúlchiste comhshóite

caipitil

Cúlchiste aistrithe

airgeadra eachtraigh

Cúlchiste luacha

chóirTuilleamh coinnithe Iomlán

Leasanna neamh-

urlámhaisCothromas

iomlán

€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000

Iarmhéid amhail an1 Eanáir 2018

(68,239) (877) 3,028 (1,657) (105,953) (173,698) (1,634) (175,332)

Brabús don bhliain - - - - (20,689) (20,689) (4,575) (25,264)

Ioncam cuimsitheach eile:

Aistriú idir luach cóir agus cúlchiste tuillimh choinnithe

- - - 1,657 (1,657) - - -

Athchuntas an dliteanais phinsin le sochar sainithe - glan

- - - - (5,901) (5,901) - (5,901)

Aistriú oibríochtaí eachtracha

- - 170 - - 170 - 170

Díbhinní - - - - - - 2,320 2,320

Iarmhéid amhail an 31 Nollaig 2018

(68,239) (877) 3,198 - (134,200) (200,118) (3,889) (204,007)

Brabús don bhliain - - - - (64,788) (64,788) (1,533) (66,321)

Ioncam cuimsitheach eile:

Diúscairt fochuideachtaí - - (921) - (441) (1,362) 3,804 2,442

Athchuntas an dliteanais phinsin le sochar sainithe - glan

- - - - (11,313) (11,313) - (11,313)

Aistriú oibríochtaí eachtracha

- - (979) - - (979) - (979)


(68,239) (877) 1,298 - (210,742) (278,560) (1,618) (280,178)

Ar na cúlchistí eile de réir mar atá sa Ráiteas ar Staid an Airgeadais tá an cúlchiste um aistriú caipitiúil, an cúlchiste um aistriú airgeadra eachtraigh agus an cúlchiste cóirluacha.

31

Ráiteas Comhdhlúite ar Shreabhadh Airgid don bhliain dar chríoch an 31 Nollaig 2019

2019 2018

€’000 €’000

Sreabhadh airgid ó ghníomhaíochtaí oibriúcháin


Coigeartuithe le haghaidh

Dímheas 35,066 18,245

Caillteanas bearnúcháin - 2,726

Amúchadh 2,591 2,508

Glanioncam airgeadais (308) (3,098)

Gnóthachan ar dhiúscairtí (40,038) (14)

Speansas cánach 23 1,508

Airgead íoctha sa bhreis ar an táille ón ráiteas ar ioncam pinsin (7,224) (942)

Deontas caipitil amúchta (449) (449)

Íocaíochtaí a rinneadh i leith soláthairtí, sa bhreis ar chostas (2,745) (8,824)

53,237 36,924

Athruithe ar:

Suimeanna infhaighte trádála agus eile (9,592) 7,675

Fardail 267 253

Suimeanna iníoctha trádála agus eile (10,263) 8,756

Airgead a gineadh ó ghníomhaíochtaí oibriúcháin 33,649 53,608

Cánacha a íocadh (2,312) (1,070)

Glansreabhadh airgid ó ghníomhaíochtaí oibriúcháin 31,337 52,538

Sreabhadh airgid ó ghníomhaíochtaí infheistíochta

Fáltais ó dhiúscairtí 41,464 131

Réadmhaoin, gléasra agus trealamh a fháil (20,620) (14,096)

Sócmhainní doláimhsithe a fháil (5,715) (2,927)

Suimeanna in iontaobhas (36,275) 76,787

Glan-insreabhadh airgid shrianta - 26,058

Méadú ar chreidiúnaí i leith airgead srianta - (26,058)

Fáltais ó infheistíocht in Premier Lotteries Ireland - 2,500

Glan-insreabhadh airgid a gineadh ó ghníomhaíochtaí infheistíochta (21,146) 62,395

Sreabhadh airgid ó ghníomhaíochtaí maoinithe

Íocaíochtaí léas airgeadais (11,347) (4,030)

Aisíocaíocht dliteanas léasa arna chaipitliú faoi IFRS16 (16,552) -

Iasacht ón mBanc Eorpach Infheistíochta tarraingthe anuas 10,000 -

Íocaíochtaí úis ar iasacht ón Rialtas agus eile (563) (698)Díbhinní íoctha - (2,320)

Glanmhéid airgid a úsáideadh i ngníomhaíochtaí maoinithe (18,462) (7,048)

Glan(laghdú) / glanmhéadú ar airgead agus ar choibhéisí airgidAirgead agus coibhéisí airgid amhail tús na bliana

(8,271)518,126

107,885410,241

Airgead agus coibhéisí airgid amhail deireadh na bliana 509,855 518,126

32

Ráiteas na Cuideachta ar Staid an Airgeadais amhail an 31 Nollaig 2019

2019 2018

Nótaí €’000 €’000

Sócmhainní

Sócmhainní neamhreatha

Sócmhainní doláimhsithe 11 6,705 4,227

Réadmhaoin infheistíochta 12 715 715

Réadmhaoin, gléasra agus trealamh 13 288,996 215,448

Infheistíochtaí 14 45,843 43,700

Sócmhainn cánach iarchurtha 15 2,212 1,613

Iomlán na sócmhainní neamhreatha 344,471 265,703

Sócmhainní reatha

Suimeanna infhaighte trádála agus eile 15 116,904 100,358

Airgead sa bhanc agus ar láimh 17 493,503 498,584

Iomlán na sócmhainní reatha 610,407 598,942

Iomlán na sócmhainní 954,878 864,645

Cothromas agus cúlchistí

Scairchaipiteal glaoite 25 (68,239) (68,239)

Cúlchistí eile (877) (877)

Tuilleamh coinnithe (190,645) (98,818)

Cothromas iomlán (259,761) (167,934)

Dliteanais neamhreatha

Deontais chaipitil 22 (2,646) (2,748)

Léasanna agus iasachtaí 20 (94,756) (33,265)

Soláthairtí 23 (11,496) (10,373)

Dliteanas pinsin 24 (28,228) (47,880)

Iomlán na ndliteanas neamhreatha (137,126) (94,266)

Dliteanais reatha

Suimeanna iníoctha trádála agus eile 19 (158,972) (171,412)

Léasanna agus iasachtaí 20 (19,712) (11,583)

Soláthairtí 23 (12,537) (16,405)

Suimeanna in iontaobhas 17 (366,770) (403,045)

Iomlán na ndliteanas reatha (557,991) (602,445)

Iomlán na ndliteanas (695,117) (696,711)

Iomlán an chothromais agus na ndliteanas (954,878) (864,645)

De réir Alt 304 d’Acht na gCuideachtaí, 2014, tá an chuideachta ag baint leas as an díolúine óna ráiteas ioncaim aonair a chur i láthair. Is é an toradh atá ann don chuideachta brabús €80.514m (2018: €12.014m).



26 Márta 2020

33

Ráiteas na Cuideachta ar Athruithe ar Chothromas don bhliain dar chríoch an 31 Nollaig 2019

Scairchaipitealglaoite

Cúlchiste comhshóite

caipitilCúlchiste

luacha chóirTuilleamh coinnithe

Cothromas iomlán

€’000 €’000 €’000 €’000 €’000

Iarmhéid amhail an 1 Eanáir 2018 (68,239) (877) (1,597) (79,306) (150,019)

Brabús don bhliain - - - (12,014) (12,014)

Aistriú idir luach cóir agus cúlchiste tuillimh choinnithe - - 1,597 (1,597) -

Athchuntas an dliteanais phinsin le sochar sainithe - glan - - - (5,901) (5,901)

Iarmhéid amhail an 31 Nollaig 2018 (68,239) (877) - (98,818) (167,934)

Brabús don bhliain - - - (80,514) (80,514)

Athchuntas an dliteanais phinsin le sochar sainithe - glan - - - (11,313) (11,313)

Iarmhéid amhail an 31 Nollaig 2019 (68,239) (877) - (190,645) (259,761)

Bhí díbhinní €12,000k a fuarthas ó chuideachtaí an ghrúpa san áireamh sa bhrabús don tréimhse (2018: €2,680k).

34

Nótaí leis na Ráitis Airgeadais don bhliain dar chríoch an 31 Nollaig 2019 ar lean

1 Beartais Shuntasacha Chuntasaíochta 35

2 Ioncam 45

3 Costais Oibriúcháin 45

4 Costais Chlaochlúcháin 45

5 Diúscairt Fochuideachtaí 46

6 Ioncam Airgeadais 46

7 Costais Airgeadais 46

8 Brabús roimh Chánachas 47

9 Cáin Ioncaim 49

10 Líon agus Costais Foirne agus Máistrí Poist 51

11 Sócmhainní Doláimhsithe agus Cáilmheas 52

12 Réadmhaoin Infheistíochta 54

13 Réadmhaoin, Gléasra agus Trealamh 55

14 Infheistíochtaí 57

15 Suimeanna Infhaighte Trádála agus Eile 59

16 Fardail 59

17 Airgead sa Bhanc agus ar Láimh 60

18 Grúpa Diúscairtí a aicmítear a bheith ar coinneáil chun díola 61

19 Suimeanna Iníoctha Trádála agus Eile 62

20 Léasanna agus Iasachtaí 62

21 Cánachas agus Leas Sóisialta 63

22 Deontais Chaipitil 63

23 Soláthairtí 64

24 Pinsin 64

25 Scairchaipiteal agus Cúlchistí 68

26 Fochuideachtaí agus Comhfhiontair 69

27 Ceangaltais faoi Léasanna 71

28 Ceangaltais Chaipitil 72

29 Páirtithe Gaolmhara 72

30 Teagmhais 73

31 Ionstraimí Airgeadais – Luach Cóir agus Bainistíocht Riosca 73

32 Iar-theagmhais 81

33 Faomhadh an Bhoird 81

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Nótaí leis na Ráitis Airgeadais don bhliain dar chríoch an 31 Nollaig 2019

1. Beartais Shuntasacha ChuntasaíochtaCé is moite den bheartas ar léasanna, a cuireadh i bhfeidhm ón 1 Eanáir 2019 agus an cur chuige siarghabhálach modhnaithe in úsáid, cuireadh na beartais chuntasaíochta a leagtar amach thíos i bhfeidhm go seasmhach ar gach bliain a chuirtear i láthair sna ráitis airgeadais seo, agus cuireadh i bhfeidhm go seasmhach iad ar gach Cuideachta sa Ghrúpa chun críche ráitis airgeadais an Ghrúpa.

Bunús an Ullmhúcháin Gnóthas leantach

Ullmhaíodh ráitis airgeadais An Post 2019 ar bhonn gnóthais leantaigh. Leis sin glactar leis go mbeidh a ndóthain acmhainní ag an nGrúpa agus ag an gCuideachta chun leanúint ar aghaidh ag feidhmiú ar feadh tréimhse 12 mhí ar a laghad ó dháta fhaomhadh na ráiteas airgeadais seo.

Measúnú

Tá an Bord tar éis machnamh cúramach a dhéanamh ar bhonn an ghnóthais leantaigh mar bhonn ullmhúcháin agus tá sé sásta gur cuí go n-ullmhófaí ráitis airgeadais 2019 ar an mbonn sin. Áirítear ar na príomhthosca a breithníodh chun teacht ar an gcinneadh sin:

Feidhmíocht trádála: Tá feidhmíocht airgeadais an Ghrúpa fós ag feabhsú. Mar a luaitear i gcuid 3 de Thuarascáil na Stiúrthóirí, tá an brabús €41.9m roimh chostais chlaochlúcháin, míreanna aon uaire, glanchostais airgeadais agus cánachas níos fearr ná an brabús coibhéiseach €37.6m in 2018.

Airgead tirim: Mhéadaigh na hacmhainní airgid atá ar fáil don Ghrúpa ó €115.1m i mí na Nollag 2018 go €143.1m i mí na Nollag 2019. Tharla an feabhas seo mar thoradh ar fheidhmíocht trádála fheabhsaithe leanúnach agus mar thoradh ar an airgead tirim a gineadh ó dhiúscairt Ghrúpa GVS i mí Eanáir 2019. Cinntíonn carnadh an airgid seo go bhfuil acmhainní leordhóthanacha ar fáil don Ghrúpa, chun an Plean Straitéiseach a forbraíodh a chur i gcrích. Tá teacht ag an nGrúpa ar shaoráid iasachta gearrthéarmaí, má tá gá léi le haghaidh caipiteal oibre.

Buiséad Formheasann an Bord buiséad bliantúil. Cé go meastar go dtiocfaidh laghdú arís ar líon na n-earraí postais, léiríonn an straitéis go bhfuil leibhéal tuillimh inbhuanaithe ag an nGrúpa go ceann tréimhse 12 mhí ar a laghad ó dháta faofa na ráiteas airgeadais seo.

COVID-19:Meastar go mbeidh tionchar diúltach ag COVID-19 ar gheilleagar na hÉireann. Ní haon eisceacht é An Post, amhail a lán gnóthaí. Maidir leis an ngeilleagar athraithe, an drochiarmhairt oibriúcháin de dheasca ábhar imní i dtaca le sláinte agus sábháilteacht agus tionchar ar an bhfoireann, agus tosca eile, is ródhócha go mbeidh tionchar diúltach acu ar chúrsaí airgeadais na heagraíochta sa ghearrthréimhse. Tá measúnú ar an tionchar déanta don ghnó Poist agus Beartán agus don ghnó Miondíola. Bunaithe ar bhonn tuisceana go mbeidh diansrianta i bhfeidhm go ceann sé mhí, measadh an tionchar diúltach airgeadais agus breithníodh na cásanna is measa. Is é an toradh ar an samhaltú seo ná go bhfágfaidh neart reatha an chláir chomhardaithe go mbeidh an Grúpa in ann déileáil leis an teagmhas suaiteach seo.

Focal Scoir

Tar éis dóibh fiosruithe cuí a dhéanamh agus breithniú ar na hábhair thuasluaite, tá súil réasúnta ag baill an Bhoird go mbeidh dóthain acmhainní ag an nGrúpa chun leanúint ar aghaidh i mbun gnó ar feadh tréimhse 12 mhí ar a laghad ó dháta faofa na ráiteas airgeadais seo. Dá bhrí sin, chinn Baill an Bhoird nach ionann na himthosca a bhfuil cur síos orthu thuas agus neamhchinnteacht ábhartha a chaitheann amhras ar chumas an Ghrúpa leanúint ar aghaidh mar ghnóthas leantach.

Aonán tuairiscithe

Is cuideachta gníomhaíochta sainithe é An Post (an ‘Chuideachta’) faoi theorainn scaireanna a bhfuil sainchónaí uirthi in Éirinn leis an uimhir chláraithe 98788. Faoin Acht Seirbhísí Poist agus Teileachumarsáide, 1983, tá an Chuideachta i dteideal na focail ‘cuideachta gníomhaíochta sainithe’ a fhágáil ar lár óna ainm. Is í oifig chláraithe na Cuideachta ná Ard-Oifig an Phoist, Sráid Uí Chonaill, Baile Átha Cliath 1, D01 F5P2.

Tugann na ráitis airgeadais chomhdhlúite seo ráitis airgeadais na Cuideachta agus a fochuideachtaí (an ‘Grúpa’ le chéile agus ‘Grúpchuideachtaí’ astu féin). Baineann príomhghnó an Ghrúpa le seirbhísí poist, dáilte agus airgeadais.

Agus í ag cur ráitis airgeadais na máthairchuideachta i láthair i dteannta ráitis airgeadais an Ghrúpa, bhain an Chuideachta leas as an díolúine in Alt 304(2) d’Acht na gCuideachtaí, 2014 gan a ráitis ioncaim aonair agus na nótaí gaolmhara, ar cuid de ráitis airgeadais fhaofa na Cuideachta iad, a chur i láthair.

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1. Beartais Shuntasacha Chuntasaíochta ar leanRáiteas ar chomhlíonadh

Ullmhaítear na ráitis airgeadais chomhdhlúite de réir na gCaighdeán Idirnáisiúnta um Thuairisciú Airgeadais (IFRS), arna nglacadh ag an Aontas Eorpach (EU IFRS) agus Acht na gCuideachtaí, 2014.

Cuireadh ráitis airgeadais na Cuideachta le chéile de réir Chreat um Fhaisnéisiú Laghdaithe FRS 101 agus Acht na gCuideachtaí, 2014.

Caighdeáin nua agus leasaithe IFRS atá i bhfeidhm don bhliain reatha

Tháinig na caighdeáin agus na léirmhínithe nua seo a leanas i bhfeidhm don Ghrúpa ón 1 Eanáir 2019:

• IFRS 9 (Leasú) Gnéithe Réamhíoca le Cúiteamh Diúltach IFRS 16 Léasanna

• IAS 19 (Leasú) Leasú, Ciorrú nó Socraíocht Plean

• IAS 28 (Leasú) Leasanna Fadtéarmacha i gComhlaigh agus i Socruithe Comhpháirteacha

• Feabhsuithe Bliantúla ar Thimthriall 2015-2017 de Chaighdeáin IFRS (Leasú)

• IFRIC 23 Neamhchinnteacht maidir le Cóireálacha Cánach Ioncaim

Ní raibh tionchar ábhartha ar thorthaí an Ghrúpa mar thoradh ar na caighdeáin agus na léirmhínithe nua cé is moite de ghlacadh IFRS 16. Déantar cur síos thíos ar na hathruithe a éilítear le IFRS 16 Léasanna agus ar an tionchar a bheidh acu.

An tionchar a bhaineann le IFRS 16 Léasanna a chéadchur i bhfeidhm

Sa bhliain reatha, chuir an Grúpa IFRS 16 Léasanna (arna eisiúint ag an mBord um Chaighdeáin Idirnáisiúnta Chuntasaíochta in Eanáir 2016) i bhfeidhm. Tá sé éifeachtach ar feadh tréimhsí bliantúla dar tús an 1 Eanáir 2019 nó dá éis sin.

Tugann IFRS 16 ceanglais nua nó leasaithe isteach i leith cuntasaíocht léasa. Tugann sé athruithe suntasacha ar chuntasaíocht léasaithe isteach ach an t-idirdhealú idir léas oibriúcháin agus airgeadais a bhaint agus a éileamh go n-aithneofaí sócmhainní ceart úsáide agus dliteanas léasa ag an tús i gcás gach léasa, ach amháin i gcás léasanna gearrthréimhseacha agus léasanna sócmhainní a bhfuil luach íseal orthu nuair a ghlactar díolúintí i leith aithint den sórt sin. Ní hionann agus cuntasaíocht léasaithe, tá na ceanglais le haghaidh cuntasaíocht léasóirí fágtha gan athrú a bheag nó a mhór. Déantar cur síos thíos ar an tionchar ar ráitis airgeadais chomhdhlúite an Ghrúpa a bhaineann le IFRS 16 a ghlacadh.

Is é an dáta le haghaidh IFRS 16 a chéadchur i bhfeidhm don Ghrúpa ná an 1 Eanáir 2019. Agus an Grúpa ag cur IFRS 16 i bhfeidhm, bhain sé úsáid as cur chuige an chúitimh charnaigh. Maidir leis an gcur chuige sin:

• Ceanglaíonn sé ar an nGrúpa an toradh carnach ar IFRS 16 a chéadchur i bhfeidhm mar choigeartú ar iarmhéid tosaigh an tuillimh choinnithe ar dháta an chéadchur i bhfeidhm a aithint.

• Ní cheadaíonn sé athshonrú ar fhaisnéis chomparáideach agus cuirtear i láthair í sin fós faoi IAS 17 agus IFRIC 4.

(a) Tionchar an tsainmhínithe nua ar léas

Tá leas bainte ag an nGrúpa as an áis phraiticiúil atá ar fáil ar aistriú go IFRS 16 gan athmheasúnú a dhéanamh ar cé acu atá nó nach bhfuil conradh ina léas nó cé acu atá nó nach bhfuil léas sa chonradh. Dá réir sin, beidh an sainmhíniú ar léas de réir IAS 17 agus IFRIC 4 fós á chur i bhfeidhm i gcás na léasanna sin a ndeachthas isteach iontú ó a athraíodh roimh an 1 Eanáir 2019.

Is le coincheap an rialaithe is mó a bhaineann an t-athrú ar shainmhíniú léasa. Cinneann IFRS 16 cé acu atá léas i gconradh nó nach bhfuil ar bhonn na ceiste seo: an bhfuil sé de cheart ag an gcustaiméir úsáid sócmhainne sainaitheanta a rialú ar feadh tréimhse ama mar mhalairt ar bhreithniú? Ní hionann é sin agus an fócas ar ‘rioscaí agus luach saothair’ in IAS 17 agus IFRIC 4.

Cuireann an Grúpa an sainmhíniú ar léas agus an treoir ghaolmhar a leagtar amach in IFRS 16 i bhfeidhm i gcás gach conartha léasa a dtéitear isteach ann nó a athraítear ar an 1 Eanáir 2019 nó ina dhiaidh (bíodh léasóir nó léasaí sa chonradh léasa). Agus é ag ullmhú chun IFRS 16 a chéadchur i bhfeidhm, rinne an Grúpa tionscadal um chur i bhfeidhm. Thaispeáin an tionscadal nach ndéanfaidh an sainmhíniú nua in IFRS 16 athrú suntasach ar scóip na gconarthaí a chomhlíonann an sainmhíniú ar léas don Ghrúpa.

(b) Tionchar ar chuntasaíocht léasaí

Iarléasanna oibriúcháin: Athraíonn IFRS 16 an chaoi a ndéanann an Grúpa cuntasaíocht le haghaidh léasanna a rangaíodh ina léasanna oibriúcháin roimhe seo faoi IAS 17 agus nach raibh ar an gclár comhardaithe. Agus é ag cur IFRS 16 i bhfeidhm, i gcás gach léasa (ach amháin mar a luaitear thíos), déanann an Grúpa na nithe seo a leanas:

• Aithníonn sé sócmhainní um cheart úsáide agus dliteanais léasa sa ráiteas comhdhlúite ar staid an airgeadais, tomhaiste i dtosach ag luach láithreach na n-íocaíochtaí léasa todhchaí, agus an tsócmhainn um cheart úsáide coigeartaithe de mhéid aon

37

íocaíochtaí léasa réamhíoctha nó fabhraithe de réir IFRS 16:C8(b)(ii);

• Aithníonn sé dímheas ar shócmhainní um cheart úsáide agus ús ar dhliteanais léasa sa ráiteas comhdhlúite ar bhrabús nó ar chaillteanas;

• Scarann sé an méid iomlán airgid a íocadh isteach i bpríomhchuid (arna chur i láthair taobh istigh de ghníomhaíochtaí airgeadaithe) agus ús (arna chur i láthair taobh istigh de ghníomhaíochtaí airgeadaithe) sa ráiteas comhdhlúite ar shreabhadh airgid.

Aithnítear dreasachtaí léasa (e.g. tréimhse saor ó chíos) mar chuid den tomhas ar na sócmhainní um cheart úsáide agus ar na dliteanais léasa ach faoi IAS 17 is é an toradh a bhí orthu ná gur aithníodh dreasacht léasa, arna hamúchadh mar laghdú ar chaiteachas cíosa ar bhonn líne dhíreach. Faoi IFRS 16, tástáiltear sócmhainní um cheart úsáide le haghaidh bearnúcháin de réir IAS 36.

I gcás léasanna gearrthréimhseacha (téarma léasa 12 mhí nó níos lú) agus léasanna sócmhainní ar luach íseal (a chuimsíonn táibléid agus ríomhairí pearsanta, troscán beag oifige agus teileafóin), roghnaigh an Grúpa costas léasa a aithint ar bhonn líne dhíreach mar atá ceadaithe ag IFRS 16. Cuirtear an costas sin i láthair taobh istigh de ‘speansais eile’ i mbrabús nó caillteanas.

Tá úsáid bainte ag an nGrúpa as na háiseanna praiticiúla seo a leanas agus cur chuige an chúitimh charnaigh á chur i bhfeidhm aige i leith léasanna a rangaíodh roimhe seo ina léasanna oibriúcháin nuair a bhí IAS 17 á chur i bhfeidhm.

• Chuir an Grúpa ráta lascaine aonair i bhfeidhm ar phunann léasanna a bhfuil saintréithe acu atá sách cosúil lena chéile.

• Choigeartaigh an Grúpa an tsócmhainn um cheart úsáide amhail dáta an chéadchur i bhfeidhm de mhéid an tsoláthair le haghaidh léasanna dochraideacha a aithnítear faoi IAS 37 sa ráiteas ar staid an airgeadais díreach roimh dháta an chéadchur i bhfeidhm in áit athbhreithniú ar bhearnú a dhéanamh.

• Roghnaigh an Grúpa i gcásanna áirithe gan sócmhainní um cheart úsáide agus dliteanais léasa a aithint i gcás léasanna a gcríochnaíonn an téarma léasa lena n-aghaidh taobh istigh de 12 mhí ó dháta an chéadchur i bhfeidhm.

• Níor chuir an Grúpa costais dhíreacha tosaigh san áireamh agus é ag tomhas na sócmhainne um cheart úsáide amhail dáta an chéadchur i bhfeidhm.

• D’úsáid an Grúpa breathnú siar agus é ag cinneadh théarma an léasa sa chás go bhfuil roghanna sa

chonradh maidir leis an léas a shíneadh nó deireadh a chur leis.

Iarléasanna airgeadais: I gcás léasanna a rangaíodh ina léasanna airgeadais agus IAS 17 á chur i bhfeidhm, athrangaítear suim ghlanluacha na sócmhainní agus na n-oibleagáidí léasaithe faoi léasanna airgeadais a tomhaiseadh agus IAS 17 á chur i bhfeidhm díreach roimh dháta an chéadchur i bhfeidhm go sócmhainní um cheart úsáide agus dliteanais léasa faoi seach gan aon choigeartú, ach amháin i gcásanna inar roghnaigh an Grúpa an díolúine um aithint léasa ar luach íseal a chur i bhfeidhm. Tá feidhm le IFRS 16 chun cuntasaíocht a dhéanamh le haghaidh na sócmhainne um cheart úsáide agus le haghaidh an dliteanais léasa ón 1 Eanáir 2019.

(c) Tionchar ar chuntasaíocht léasóirí

Ní athraíonn IFRS 16 go hábhartha an chaoi a ndéanann léasóir cuntasaíocht le haghaidh léasanna. Faoi IFRS 16, déanann léasóir léasanna a rangú fós ina léasanna airgeadais nó ina léasanna oibriúcháin agus cuntasaíocht a dhéanamh le haghaidh an dá chineál sin léasa ar bhealaí difriúla. Ní raibh aon tionchar ábhartha ag IFRS 16 ar shocruithe an Ghrúpa le haghaidh léasóirí.

(d) An tionchar airgeadais a bhaineann le IFRS 16 a chéadchur i bhfeidhm

Is é ráta iasachta incriminteach na léasaithe, bunaithe ar an meán ualaithe, arna chur i bhfeidhm ar dhliteanais léasa a aithnítear sa ráiteas ar staid an airgeadais ar an 1 Eanáir 2019, ná 1.738%.

Taispeántar sa tábla seo a leanas na ceangaltais léasa oibriúcháin a nochtadh, agus IAS 17 á chur i bhfeidhm, amhail an 31 Nollaig 2018, lascainithe agus úsáid á baint as an ráta iasachta incriminteach amhail dáta an chéadchur i bhfeidhm agus na dliteanais léasa a aithnítear sa ráiteas ar staid an airgeadais amhail dáta an chéadchur i bhfeidhm.

€000

Ceangaltais léasa oibriúcháin agus IAS 17 á chur i bhfeidhm amhail an 31 Nollaig 2018

An éifeacht a bhaineann leis na méideanna thuas a lascainiú

Luach láithreach na n-íocaíochtaí léasa atá dlite i dtréimhsí atá clúdaithe ag roghanna um shíneadh atá i dtéarma an léasa nár cuireadh san áireamh i gceangaltais léasa oibriúcháin roimhe seo

76,668

(9,112)

6,171

Dliteanais léasa arna n-aithint faoi IFRS 16 ar an 1 Eanáir 2019 73,727

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1. Beartais Shuntasacha Chuntasaíochta ar lean

Caighdeáin, leasuithe agus léirmhínithe nua IFRS a eisíodh, ach nach bhfuil i bhfeidhm go fóill

IFRS 3 (Leasú) Sainmhíniú ar Ghnó 1 Eanáir 2020

IAS 1 (Leasú) Sainmhíniú ar Ábhar 1 Eanáir 2020

IAS 8 (Leasú) Sainmhíniú ar Ábhar 1 Eanáir 2020

Leasuithe ar Thagairtí do Creat Coincheapúil i Caighdeáin IFRS

1 Eanáir 2020

IFRS 17 Conarthaí Árachais 1 Eanáir 2020

Tá an Grúpa ag déanamh measúnú ar thionchar iomlán na gCaighdeán, na Léirmhínithe agus na Leasuithe sin i ndáil le Caighdeáin Fhoilsithe ar na ráitis airgeadais. Cuirfear na caighdeáin agus na léirmhínithe a luaitear thuas i bhfeidhm ar mhaithe le ráitis airgeadais an Ghrúpa le héifeacht ó na dátaí a luaitear.

Bunús tomhaisGrúpa

Ullmhaítear na ráitis airgeadais seo ar bhonn costas stairiúil, ach amháin:

• Go dtomhaistear an glandliteanas pinsin le sochar sainithe ag luach cóir shócmhainní an phlean lúide luach reatha na hoibleagáide sochair shainithe;

• Go dtomhaistear réadmhaoin infheistíochta ag luach cóir; agus

• Go dtomhaistear sócmhainní airgeadais ag luach cóir.

Cuideachta

Sna ráitis airgeadais seo, chuir an Chuideachta na díolúintí atá ar fáil faoi FRS 101 i bhfeidhm i leith an nochta seo a leanas:

• Ráiteas ar Shreabhadh Airgid agus nótaí gaolmhara;

• Réitigh tréimhse comparáidí le haghaidh scairchaipitil, sócmhainní seasta inláimhsithe, sócmhainní doláimhsithe agus réadmhaoine infheistíochta;

• Nochtadh i leith idirbheart le fochuideachtaí faoi úinéireacht iomlán;

• Nochtadh i leith bainistíocht caipitil;

• Tionchair IFRSanna nua ach nach bhfuil i bhfeidhm go fóill; agus

• Nochtadh i leith cúitimh do Phríomhphearsana Bainistíochta.

Airgeadra feidhmiúil agus tuairiscithe

Tuairiscítear na ráitis airgeadais chomhdhlúite agus Cuideachta seo in Euro, airgeadra feidhmiúil na Cuideachta. Tugadh gach suim slán go dtí an míle is gaire, seachas má chuirtear a mhalairt in iúl.

Úsáid breithiúnas agus meastachán

Nuair a bhí na ráitis airgeadais seo á n-ullmhú, rinne an bhainistíocht breithiúnais, meastacháin agus boinn tuisceana a d’fhéadfadh tionchar a imirt ar bheartais chuntasaíochta an Ghrúpa agus na Cuideachta a chur i bhfeidhm agus ar shuim thuairiscithe na sócmhainní, na ndliteanas, an ioncaim agus na speansas. D’fhéadfadh difear a bheith idir na torthaí iarbhír agus na meastacháin sin.

Déantar athbhreithniú ar na meastacháin agus ar na boinn tuisceana bhunúsacha ar bhonn leanúnach. Aithnítear leasuithe ar mheastacháin go hionchasach.

Is iad seo a leanas na réimsí ina n-imríonn breithiúnas agus meastachán an tionchar is suntasaí ar na suimeanna sainaitheanta:

• Nóta 24 – oibleagáidí sochair shainithe a thomhas; príomhbhoinn tuisceana achtúireacha;

• Nóta 9 – sócmhainní cánach iarchurtha a aithint: fáil brabúis inchánaithe sa todhchaí a bhféadfaí sócmhainní cánach iarchurtha a úsáid ina leith;

• Nóta 14 – cuntasaíocht le haghaidh infheistíocht PLI; agus

• Nóta 18 – ioncam iarchurtha i ndáil le stampaí/lódálacha méadair nár úsáideadh.

Bunús an ChomhdhlúthaitheComhcheangail ghnó

Baineann an Grúpa úsáid as an modh éadála chun cuntasaíocht a dhéanamh le haghaidh comhcheangail ghnó nuair a aistrítear rialú chuig an nGrúpa. Is de réir a luacha chóir a thomhaistear an chomaoin a aistrítear san éadáil, faoi mar a dhéantar leis na glansócmhainní inaitheanta arna bhfáil. Aon cháilmheas a thagann chun cinn, déantar é a thástáil gach bliain maidir le lagú. Cuirtear costais idirbhirt síos mar speansais sa bhrabús nó sa chaillteanas de réir mar a thabhaítear iad, seachas má bhaineann siad le cúrsaí urrús cothromais nó fiachais.

Nuair a chailleann an Grúpa urlámhas fochuideachta, dí-aithníonn sé sócmhainní agus dliteanais na fochuideachta, agus aon leasanna neamh-urlámhais agus comhpháirteanna cothromais eile. Tomhaistear aon leas a choinnítear san iar-fhochuideachta ag luach cóir nuair a chailltear urlámhas agus i dteannta luach cóir aon chomaoine a fhaightear, cuirtear i gcomparáid é leis na suimeanna dí-aitheanta. Aithnítear aon bhrabús nó aon chaillteanas a eascraíonn as sa bhrabús nó sa chaillteanas.

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Fochuideachtaí

Is aonáin faoi rialú an Ghrúpa iad fochuideachtaí. Rialaíonn an Grúpa aonán nuair a nochtar é, nó nuair atá cearta aige i leith, torthaí inathraitheacha mar gheall ar a bhaint leis an aonán agus nuair is féidir leis tionchar a imirt ar na torthaí sin trína chumhacht ar an aonán. Áirítear ráitis airgeadais na bhfochuideachtaí sna ráitis airgeadais chomhdhlúite ón dáta a dtosaíonn an t-urlámhas go dtí an dáta a gcríochnaíonn an t-urlámhas.

Leasanna neamh-urlámhais

Tomhaistear leasanna neamh-urlámhais ag a gcion comhréireach de ghlansócmhainní sainaitheanta an fhaighteora ar dháta na fála agus ina dhiaidh sin, a gcion de na hathruithe ar ghlansócmhainní. Cuirtear athruithe ar leas an Ghrúpa i bhfochuideachta nach mbíonn caillteanas urlámhais mar thoradh orthu san áireamh mar idirbhearta cothromais.

Leasanna in institiúidí infheistiúcháin ar cuireadh modh cuntasaíochta an chothromais i bhfeidhm orthu

Cuimsíonn leasanna an Ghrúpa in institiúidí infheistiúcháin ar cuireadh modh cuntasaíochta an chothromais i bhfeidhm orthu leasanna i gcomhfhiontair.

Is socrú é comhfhiontar ina bhfuil comh-urlámhas ag an nGrúpa, trína bhfuil cearta i leith ghlansócmhainní an tsocraithe ag an nGrúpa, seachas cearta i leith a shócmhainní ar leithligh agus oibleagáidí i leith a dhliteanas ar leithligh.

Cuirtear leasanna i gcomhfhiontair san áireamh le modh an chothromais. Aithnítear ag a gcostas iad ar dtús, lena n-áirítear costais idirbhirt. I ndiaidh iad a aithint ar dtús, áirítear sna ráitis airgeadais chomhdhlúite cion an Ghrúpa sa bhrabús nó sa chaillteanas agus in ioncam cuimsitheach eile na n-institiúidí infheistiúcháin ar cuireadh modh cuntasaíochta an chothromais i bhfeidhm uirthi, go dtí an dáta a gcríochnaíonn tionchar suntasach nó comh-urlámhas.

Idirbhearta a dhíbrítear ar chomhdhlúthú

Díbrítear idirbhearta agus iarmhéideanna ionghrúpa, agus aon ioncam agus speansais neamhréadaithe a eascraíonn as idirbhearta ionghrúpa. Díbrítear gnóthachain neamhréadaithe a eascraíonn as idirbhearta le hinstitiúidí infheistiúcháin ar cuireadh modh cuntasaíochta an chothromais i bhfeidhm uirthi in aghaidh na hinfheistíochta, a mhéid a bhaineann le leas an Ghrúpa san institiúid infheistiúcháin. Díbrítear caillteanais neamhréadaithe ar an mbealach céanna le gnóthachain neamhréadaithe, fad is nach bhfuil aon fhianaise ar bhearnú ann.

Cuntasaíocht d’idirbhearta neamh-athfhillteacha

Ghlac an Grúpa formáid den ráiteas ioncaim lena bhféachtar le béim a leagan ar mhíreanna suntasacha laistigh de thorthaí an Ghrúpa don bhliain. D’fhéadfaí a

áireamh ar nithe den sórt sin: costais ar athstruchtúrú, costais chlaochlúcháin, bearnú sócmhainní lena n-áirítear coigeartuithe ábhartha a eascraíonn as na saincheisteanna maidir le hathmheasúnú, coigeartuithe ar chomaoin theagmhasach, costais éadála ábhartha, brabus/caillteanas ar dhiúscairtí, socruithe dlíthíochta, athruithe reachtaíochta, gnóthachain nó caillteanais ar athstruchtúrú an phlean sochar sainithe. Úsáideann an Grúpa breithiúnas agus iad ag meas céard iad na nithe ar leith ba cheart a nochtadh mar mhír ar líne ar leith sa ráiteas agus sna nótaí atá curtha san áireamh de bharr a scála agus a gcineáil.

Ioncam Tá an t-ioncam a thuairiscítear glan ar cháin bhreisluacha. Cuimsítear le hioncam reatha ioncam ó phostas, ó sheirbhísí gníomhaireachta, ó na táillí as seirbhísí seoltán, ó sheirbhísí teachtairí agus loighistice, ó sheirbhísí airgeadais agus ioncam as ús. Baineann ioncam ó sheirbhísí gníomhaire le seirbhísí a dhéantar do Ranna Rialtais, do Ghníomhaireacht Bainistíochta an Chisteáin Náisiúnta, do Premier Lotteries Ireland, agus do chomhlachtaí eile. Áirítear suimeanna a choinnítear i rith fheidhmiú na seirbhísí gníomhaireachta sin sna suimeanna in iontaobhas sa ráiteas ar staid an airgeadais. Tá an Grúpa i dteideal ioncam ó ús ar chistí a choinnítear a bhaineann le seirbhísí gníomhaireachta agus dá réir sin aithníonn sé é sin mar chuid den ioncam.

Maidir le hioncam a bhaineann le poist agus dáileachtaí, tá baint ag an oibleagáid feidhmíochta le díol na stampaí nó costas an phoist agus le seachadadh ríomhphoist agus dáileachtaí. Is earra ar leith é na stampaí nó an costas postais a ghealltar a aistriú chuig an gcustaiméir laistigh den oibleagáid feidhmíochta seo. Comhlíontar an oibleagáid feidhmíochta nuair a úsáideann an custaiméir na stampaí nó an costas postais agus mar sin tá sé sásta ag pointe áirithe.

Maidir le hioncam coimisiúin a fhaightear ó dhíol dearbhán bronntanais, cártaí eile agus táirgí seirbhísí airgeadais, aithnítear é nuair a chomhlíontar na hoibleagáidí feidhmíochta is bonn leo, ag pointe ama de ghnáth. Aithnítear ioncam neamhfhuascailte ó chártaí bronntanais nuair a fhaightear an táille ghaolmhar neamhfhuascailte, ag pointe ama. Aithnítear ioncam eile gníomhaireachta agus seirbhíse nuair a chomhlíontar na hoibleagáidí feidhmíochta is bonn leo, ag pointe ama de ghnáth.

Nuair a ghníomhaíonn an Grúpa mar ghníomhaire seachas mar phríomhaí in idirbheart, is ionann an t-ioncam a aithnítear agus an ghlansuim coimisiúin a thuilleann an Grúpa.

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1. Beartais Shuntasacha Chuntasaíochta ar lean

Ioncam ar lean DeontaisAithnítear deontais bunaithe ar ioncam sa bhrabús nó sa chaillteanas ar bhonn córasach sna tréimhsí a aithnítear na speansais. Aithnítear deontais caipitil ar dtús mar ioncam iarchurtha ar luach cóir má tá dearbhú réasúnta ann go bhfaighfear iad agus go gcomhlíonfaidh an Grúpa na coinníollacha a bhaineann leis an deontas; aithnítear ina dhiaidh sin iad sa bhrabús nó sa chaillteanas mar ioncam eile ar bhonn córasach thar shaolré ionchais na sócmhainne.

Réadmhaoin, Gléasra agus TrealamhAithint agus tomhas

Tomhaistear earraí réadmhaoine, gléasra agus trealaimh ag costas lúide dímheas carntha agus aon chaillteanais bhearnúcháin charntha.

Má bhíonn saolré úsáideach dhifriúil ag páirteanna suntasacha d’earra réadmhaoine, gléasra agus trealaimh, cuirtear san áireamh iad mar earraí réadmhaoine, gléasra agus trealaimh ar leithligh (mórpháirteanna).

Aithnítear aon bhrabús nó aon chaillteanas ar dhiúscairt earra réadmhaoine, gléasra agus trealaimh sa bhrabús agus sa chaillteanas.

Caiteachas ina dhiaidh sin

Ní dhéantar caiteachas ina dhiaidh sin a chaipitliú seachas más dóchúil go sreabhadh na sochair gheilleagracha sa todhchaí a bhaineann leis an gcaiteachas chuig an nGrúpa.

Dímheas

Ríomhtar dímheas chun costas earraí réadmhaoine, gléasra agus trealaimh, seachas talamh, a dhíscríobh, lúide a luach iarmharach measta thar a saolré úsáideach mheasta, agus aithnítear é sa bhrabús nó sa chaillteanas. Déantar sócmhainní léasaithe a dhímheas thar an tréimhse léasa nó a saolré úsáideach, cibé ceann acu is giorra. Ní dhéantar dímheas ar thalamh. Is iad seo a leanas saolréanna úsáideacha measta réadmhaoine, gléasra agus trealaimh do na tréimhsí reatha agus comparáideacha:

Blianta nó téarma léasa más giorra

Foirgnimh ruílse agus léasachta fada

20–50

Mótarfheithiclí 5

Trealamh ríomhaireachta agus oibriúcháin

3–10

Athbhreithnítear modhanna dímheasa, saolréanna úsáideacha agus luachanna iarmharacha ag gach dáta tuairiscithe agus leasaítear iad más cuí.

LéasannaSócmhainní ar léas – Polasaithe is infheidhme ón 1 Eanáir 2019

Déanann an Grúpa measúnú ar chonradh a bheith ina léas nó léas a bheith ann, ag tús an chonartha. Aithníonn an Grúpa sócmhainní um cheart úsáide agus dliteanas léasa comhfhreagrach i leith gach socraithe léasa inarb é an léasaí é, ach amháin i gcás léasanna gearrthréimhseacha áirithe, níos lú ná 12 mhí ar fad, agus léasanna sócmhainní ar luach íseal (cuir i gcás trealamh oifige beag). I gcás na léasanna sin, aithníonn an Grúpa na híocaíochtaí léasa mar chostas oibriúcháin de réir méid cothrom thar théarma an léasa ach amháin más fearr a léiríonn bonn córasach eile an patrún ama ina n-ídítear sochair eacnamaíochta ó na sócmhainní léasaithe.

Tomhaistear an dliteanas léasa i dtosach ag luach láithreach na n-íocaíochtaí léasa nach bhfuil íoctha ag an dáta tosaithe, arna lascainiú ach úsáid a bhaint as an ráta atá intuigthe sa léas. Mura féidir an dáta sin a dhéanamh amach go réidh, úsáideann an léasaí a ráta iasachta incriminteach.

Cuimsíonn na sócmhainní um cheart úsáide tomhas tosaigh an dliteanais léasa chomhfhreagraigh, íocaíochtaí léasa a rinneadh ar an lá tosaithe nó roimhe, lúide aon dreasachtaí léasa a fuarthas agus aon chostais dhíreacha tosaigh. Tomhaistear iad ar a gcostas ina dhiaidh sin lúide dímheas carntha agus caillteanais bhearnúcháin charntha. Déantar sócmhainní um cheart úsáide a dhímheas thar théarma an léasa nó thar shaolré ionchais na bunsócmhainne, cibé tréimhse is giorra.

Sócmhainní ar léas – Polasaithe is infheidhme roimh an 1 Eanáir 2019

Rangaítear léasanna ina léasanna airgeadais uair ar bith a aistríonn téarmaí an léasa rioscaí agus luach saothair uile na húinéireachta, a bheag nó a mhór, go dtí an léasaí. Rangaítear gach léas eile ina léas oibriúcháin. Aithnítear sócmhainní a choimeádtar faoi léasanna airgeadais mar shócmhainní de chuid an Ghrúpa ar a luach cóir nó, más ísle, ar luach láithreach na n-íosíocaíochtaí léasa agus gach ceann á dhéanamh amach ag tús an léasa. Tá an dliteanas comhfhreagrach i leith an léasóra san áireamh sa ráiteas ar staid an airgeadais mar oibleagáid léasa airgeadais.

Gearrtar cíosanna atá le híoc faoi léasanna oibriúcháin ar ioncam de réir méid cothrom thar théarma an léasa ábhartha ach amháin más fearr a léiríonn bonn eile atá níos córasaí an patrún ama ina n-ídítear sochair eacnamaíochta ón sócmhainn léasaithe.

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Sócmhainní doláimhsithe agus cáilmheasAithint agus tomhas

Cáilmheas

Déantar cáilmheas a eascraíonn as éadáil fochuideachtaí a thomhas mar bharrachas shuim na comaoine a aistríodh, méid aon leasanna neamh-urlámhais sa sealbhaí agus luach cóir an leasa cothromais a bhí ag an sealbhóir sa sealbhaí roimhe seo (más ann dó) thar ghlanmhéid na nglansócmhainní in-sainaitheanta a sealbhaíodh agus na nglandliteanas a fuarthas amhail dáta na héadála. Ina dhiaidh sin, déantar cáilmheas a thástáil gach bliain le haghaidh bearnúcháin.

Bogearraí

Tá saolré ionchais chríochta ag bogearraí agus tomhaistear iad ag a gcostas lúide amúchadh carntha agus aon chaillteanais bhearnúcháin charntha.

Caiteachas ina dhiaidh sin

Ní dhéantar caiteachas ina dhiaidh sin a chaipitliú seachas má mhéadaíonn sé na sochair gheilleagracha sa todhchaí a chuimsítear sa tsócmhainn shonrach lena mbaineann sé. Aithnítear gach caiteachas eile, lena n-áirítear caiteachas ar cháilmheas a ghintear go hinmheánach agus brandaí, sa bhrabús nó sa chaillteanas faoi mar a thabhaítear é.

Amúchadh

Ríomhtar amúchadh chun costas sócmhainní doláimhsithe a dhíscríobh, lúide a luach iarmharach measta ag úsáid mhodh na líne dírí thar a saolré úsáideach mheasta, agus aithnítear é sa bhrabús nó sa chaillteanas. Ní dhéantar cáilmheas a amúchadh ach déantar é a thástáil gach bliain le haghaidh bearnú ag deireadh na bliana.

Is iad seo a leanas an tsaolré úsáideach mheasta do na tréimhsí reatha agus comparáideacha:

Blianta

Bogearraí 5

Athbhreithnítear modhanna amúchta, saolréanna úsáideacha agus luachanna iarmharacha ag gach dáta tuairiscithe agus leasaítear iad más cuí.

SoláthairtíAithnítear soláthairtí nuair atá oibleagáid (dhlíthiúil nó inchiallaithe) reatha ag an nGrúpa mar thoradh ar imeacht a tharla roimhe sin, d’fhéadfadh go mbeadh eas-sreabhadh acmhainní ag teastáil chun an oibleagáid a réiteach, agus is féidir meastachán iontaofa a dhéanamh ar mhéid na hoibleagáide. Má bhíonn tionchar an amluacha airgid ábhartha, cinntear soláthairtí tríd an sreabhadh airgid a bhfuiltear ag súil leis sa todhchaí a lascainiú ag an ráta réamhchánach cuí.

Sochair fostaithe(i) Sochair fostaithe ghearrthéarmacha

Cuirtear sochair fostaithe ghearrthéarmacha san áireamh mar speansais de réir mar a sholáthraítear an tseirbhís lena mbaineann. Aithnítear dliteanas don tsuim a bhfuiltear ag súil le híoc má tá oibleagáid dhlíthiúil nó inchiallaithe ag an nGrúpa chun an tsuim sin a íoc mar gheall ar sheirbhís a sholáthair an fostaí roimhe sin agus gur féidir an oibleagáid a mheas go hiontaofa.

(ii) Pleananna le ranníocaíocht shainithe

Cuirtear oibleagáidí le haghaidh ranníocaíochtaí le pleananna le ranníocaíocht shainithe san áireamh mar speansais de réir mar a sholáthraítear an tseirbhís lena mbaineann.

(iii) Pleananna le sochar sainithe

Ríomhtar glanoibleagáid an Ghrúpa i leith pleananna le sochar sainithe ar leithligh le haghaidh gach plean, trí suim an tsochair sa todhchaí a thuill fostaithe sna tréimhsí reatha agus roimhe sin a mheas, ag lascainiú na suime sin agus ag asbhaint luach cóir aon sócmhainní atá ag plean.

Ríomhann achtúire cáilithe oibleagáidí sochair shainithe gach bliain le modh na n-aonad réamh-mheasta creidmheasa. Nuair a bhíonn sócmhainn fhéideartha don Ghrúpa ina toradh ar an ríomh, cuirtear teorainn leis an tsócmhainn aitheanta chuig luach reatha na sochar geilleagrach atá ar fáil mar aon aisíoc sa todhchaí ón bplean nó laghduithe ar aisíocaíochtaí sa thodhchaí leis an bplean. Chun luach láithreach na sochar geilleagrach a ríomh, cuirtear san áireamh aon íosriachtanais maoinithe is infheidhme.

Aithnítear láithreach san ioncam cuimsitheach eile atomhais ar an nglandliteanas le sochar sainithe, a chuimsíonn gnóthachain agus caillteanais achtúireacha, an toradh ar shócmhainní an phlean (gan ús san áireamh) agus tionchar theorainn na sócmhainn (más ann dó, gan ús san áireamh). Cinneann an Grúpa an glanspeansas úis ar an nglandliteanas le sochar sainithe don tréimhse ach an ráta lascaine a úsáideadh chun an oibleagáid sochair shainithe a thomhas ag tús na tréimhse bliantúla a chur i bhfeidhm ar an glandliteanas le sochar sainithe mar a bhí, ag cur aon athruithe ar an nglandliteanas le sochar sainithe i rith na tréimhse mar gheall ar ranníocaíochtaí agus ar íocaíochtaí sochair san áireamh.

Aithnítear glanspeansais úis agus speansais eile a bhaineann le pleananna le sochar sainithe sa bhrabús nó sa chaillteanas. Nuair a athraítear sochair plean nó nuair a chiorraítear plean, aithnítear láithreach sa bhrabús nó sa chaillteanas an t-athrú dá bharr ar an sochar a bhaineann le seirbhís roimhe sin nó an brabús nó caillteanas ar chiorrú. Aithníonn an Grúpa gnóthachain agus caillteanais nuair a réitítear plean le sochar sainithe nuair a réitítear é.

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1. Beartais Shuntasacha Chuntasaíochta ar lean (iv) Sochair foirceanta

Cuirtear sochair foirceanta san áireamh mar speansais nuair nach féidir leis an nGrúpa tairiscint na sochar sin a tharraingt siar níos mó nó nuair a thabhaíonn an Grúpa costais le haghaidh athstruchtúrú gaolmhar, pé acu is luaithe.

Cáin ioncaimCuimsíonn speansas cáin ioncaim cáin reatha agus iarchurtha. Aithnítear é sa bhrabús agus sa chaillteanas seachas sa mhéid a bhaineann sé le comhcheangal gnó, nó le hearraí a aithnítear go díreach i gcothromas nó in ioncam cuimsitheach eile.

(i) Cáin reatha

Cuimsíonn cáin reatha an cháin iníoctha nó infhaighte a bhfuiltear ag súil léi i leith an ioncaim nó an chaillteanais incháinithe don bhliain agus aon choigeartú ar an gcáin iníoctha nó infhaighte i leith blianta roimhe sin. Tomhaistear í ag ráta cánach a glacadh nó a glacadh sa tsubstaint ag an dáta tuairiscithe. Áirítear le cáin reatha aon cháin a eascraíonn as díbhinní freisin. Ní fhritháirítear sócmhainní agus dliteanais cánach reatha seachas má chomhlíontar critéir áirithe.

(ii) Cáin iarchurtha

Aithnítear cáin iarchurtha i ndáil le difríochtaí sealadacha idir suimeanna glanluacha sócmhainní agus dliteanas chun críche tuairiscithe airgeadais agus na suimeanna a úsáidtear chun críche cánachais.

Ní aithnítear cáin iarchurtha i ndáil leo seo a leanas:

• difríochtaí sealadacha ar shócmhainní nó dliteanais a aithint ar dtús in idirbheart nach comhcheangal gnó é agus nach n-imríonn tionchar ar chuntasaíocht ná ar cháin nó ar chaillteanas incháinithe;

• difríochtaí sealadacha a bhaineann le hinfheistíochtaí i bhfochuideachtaí agus comhshocruithe sa mhéid go bhfuil an Grúpa in ann uainiú aisiompú na ndifríochtaí sealadacha a rialú agus gur dóchúil nach n-aisiompófar iad cuíosach luath amach anseo; agus

• difríochtaí sealadacha incháinithe a eascraíonn as cáilmheas a aithint ar dtús.

Aithnítear sócmhainní cánach iarchurtha le haghaidh caillteanais chánach nár úsáideadh, creidmheasanna cánach nár úsáideadh agus difríochtaí sealadacha in-asbhainte sa mhéid gur dócha go mbeidh brabúis incháinithe ar fáil sa todhchaí a bhféadfaí iad a úsáid ina leith. Athbhreithnítear sócmhainní cánach iarchurtha ar gach dáta tuairiscithe agus dí-aithnítear iad sa mhéid nach dóchúil níos mo go réadófar an sochar cánach lena mbaineann; aisiompaítear sócmhainní dí-aitheanta dá leithéid nuair a fheabhsaíonn dóchúlacht na mbrabús incháinithe sa todhchaí. Athmheastar sócmhainní cánach iarchurtha neamhaitheanta ar

gach dáta tuairiscithe agus aithnítear iad sa mhéid gur dóchúil go mbeidh brabúis incháinithe ar fáil sa todhchaí a bhféadfaí iad a úsáid ina leith. Tomhaistear cáin iarchurtha ag na rátaí cánach a bhfuiltear ag súil go gcuirfear i bhfeidhm iad ar dhifríochtaí sealadacha nuair a aisiompaíonn siad ag úsáid rátaí cánach a glacadh nó a glacadh sa tsubstaint ar an dáta tuairiscithe.

Níor aithníodh cáin iarchurtha i leith cánacha siarchoinneálacha agus cánacha eile a bheadh iníoctha ar thuilleamh fochuideachtaí eachtracha nár cuireadh ar aghaidh, mar go bhfuil an Grúpa in ann an t-am a n-aisiompaítear na difríochtaí sealadacha a rialú agus is dócha nach n-aisiompóidh na difríochtaí sealadacha go ceann i bhfad. Maidir leis na dliteanais i dtaca le cáin iarchurtha nár aithníodh i leith na ndifríochtaí sealadacha seo, níl siad ábhartha ó tharla gur féidir leis an nGrúpa brath ar dhíolúintí rannpháirtíochta agus ar chreidmheasanna cánach a bheith ar fáil i gcomhthéacs infheistíochtaí an Ghrúpa i bhfochuideachtaí.

Léiríonn tomhas na cánach iarchurtha na hiarmhairtí cánach a leanfadh ón gcaoi a bhfuil an Grúpa ag súil, ar an dáta tuairiscithe, le suim ghlanluacha a shócmhainní agus a dhliteanas a aisghabháil nó a réiteach. Meastar talamh ag an ráta díolacháin. Chun na críche sin, glactar leis go n-aisghabhtar suim ghlanluacha na réadmhaoine infheistíochta a thomhaistear ag a luach cóir tríd an díolachán, agus níor bhréagnaigh an Grúpa an t-ionchas sin. Ní fhritháirítear sócmhainní agus dliteanais cánach iarchurtha seachas má chomhlíontar critéir áirithe.

Airgeadra eachtrach(i) Idirbhearta airgeadra eachtraigh

Aistrítear idirbhearta in airgeadraí eachtracha go hairgeadraí feidhmiúla faoi seach chuideachtaí an Ghrúpa ag na rátaí malartaithe ar dhátaí na n-idirbheart. Aistrítear sócmhainní agus dliteanais airgeadais a ainmnítear in airgeadraí eachtracha go dtí na hairgeadraí feidhmiúla ag an ráta malartaithe ar an dáta tuairiscithe. Aistrítear sócmhainní agus dliteanais neamhairgeadais a thomhaistear ag luach cóir in airgeadra eachtrach a aistriú go dtí an t-airgeadra feidhmiúil ag an ráta malartaithe nuair a cinneadh an luach cóir. Aithnítear difríochtaí idir airgeadraí eachtracha sa bhrabús nó sa chaillteanas go hiondúil. Ní aistrítear earraí neamhairgeadais a thomhaistear bunaithe ar a gcostas stairiúil in airgeadra eachtrach.

(ii) Oibríochtaí eachtracha

Aistrítear sócmhainní agus dliteanais oibríochtaí eachtracha, lena n-áirítear cáilmheas agus coigeartuithe ar luach cóir a eascraíonn as fáil, go euro ag an ráta malartaithe ar an dáta tuairiscithe. Aistrítear ioncam agus speansais oibríochtaí eachtracha go euro ag na rátaí malartaithe ar dhátaí na n-idirbheart.

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Aithnítear difríochtaí idir airgeadraí eachtracha in ioncam cuimsitheach eile agus carntar iad sa chúlchiste aistrithe, seachas sa mhéid a leithdháiltear an difríocht aistrithe ar leasanna neamh-urlámhais.

Nuair a dhiúscraítear oibríocht eachtrach ina hiomláine nó nuair a dhiúscraítear cuid di agus go gcailltear urlámhas nó comh-urlámhas dá bharr, athrangaítear an tsuim charntha sa chúlchiste aistrithe a bhaineann leis an oibríocht eachtrach sin go dtí an brabús nó caillteanas mar chuid den ghnóthachan nó den chaillteanas ar an diúscairt. Má dhiúscraíonn an Grúpa cuid dá leas i bhfochuideachta ach go gcoinníonn sé urlámhas, athshanntar cion ábhartha na suime carntha go leasanna neamh-urlámhais. Nuair nach ndiúscraíonn an Grúpa ach cuid de chomhfhiontar ach go gcoinníonn sé comh-urlámhas, athrangaítear cion ábhartha na suime carntha go brabús nó caillteanas.

Ionstraimí airgeadaisAithnítear sócmhainní airgeadais agus dliteanais airgeadais i ráiteas an Ghrúpa maidir le staid airgeadais nuair a bhíonn an Grúpa ina pháirtí le forálacha conarthacha na hionstraime. Tomhaistear sócmhainní airgeadais agus dliteanais airgeadais ar dtús ag luach cóir. Déantar costais idirbheart a bhaineann go díreach le héadáil nó le heisiúint sócmhainní airgeadais agus dliteanas airgeadais (seachas sócmhainní airgeadais agus dliteanais airgeadais ag luach cóir trí bhrabús nó caillteanas) a chur le luach cóir na sócmhainní airgeadais nó na ndliteanas airgeadais, nó iad a bhaint díobh, mar is cuí, ar a gcéad-aithint. Aithnítear láithreach i mbrabús nó i gcaillteanas costais idirbhearta bhaineann go díreach le héadáil sócmhainní airgeadais nó dliteanas airgeadais ag luach cóir trí bhrabús nó caillteanas.

(i) Sócmhainní airgeadais

Déantar sócmhainní airgeadais a thomhas ina dhiaidh sin ina n-iomláine ag luach cóir trí ioncam cuimsitheach eile, ag luach cóir tríd an gcuntas brabúis agus caillteanais nó ag costas amúchta.

Sócmhainní airgeadais a thomhaistear i ndiaidh an idirbhirt ag luach cóir

Déantar ionstraimí fiachais a chomhlíonann na coinníollacha seo a leanas a thomhas i ndiaidh an idirbhirt ag costas amúchta:

• coinnítear an tsócmhainn airgeadais laistigh de mhúnla gnó a bhfuil sé mar chuspóir aige sócmhainní airgeadais a shealbhú chun sreafaí airgid conartha a bhailiú; agus

• cothaíonn téarmaí conartha na sócmhainne airgeadais ar dhátaí sonraithe sreafaí airgid ar íocaíochtaí príomhshuime agus úis amháin iad ar an mbunmhéid neamhíoctha.

Áiríonn an Grúpa sa chatagóir seo airgead tirim, trádála agus infháltais eile.

Ina dhiaidh sin, déanann an Grúpa gach sócmhainn airgeadais eile a thomhas ag luach cóir trí bhrabús nó caillteanas (FVTPL).

Costas amúchta agus modh éifeachtach úis

Is modh é an modh úis éifeachtach chun costas amúchta ionstraime fiachais a ríomh agus ioncam úis a leithdháileadh thar an tréimhse ábhartha.

Is é costas amúchta sócmhainne airgeadais an tsuim ag a ndéantar an tsócmhainn airgeadais a thomhas ar a céad-aithint lúide na haisíocaíochtaí príomhshuime, móide an t-amúchadh carnach ach úsáid a baint as modh úis éifeachtach i leith aon difríochta idir an tsuim thosaigh sin agus an tsuim aibíochta, arna coigeartú le haghaidh aon liúntais chaillteanais. Is é is suim iompartha chomhlán sócmhainne airgeadais ann costas amúchta sócmhainne airgeadais sula ndéantar coigeartú de bhun aon liúntais chaillteanais.

Aithnítear ioncam úis ach úsáid a bhaint as an modh úis éifeachtach le haghaidh ionstraimí fiachais arna thomhas i ndiaidh an idirbhirt ag costas amúchta. Ríomhtar ioncam úis ach an ráta úis éifeachtach a chur i bhfeidhm ar shuim iompartha chomhlán sócmhainne airgeadais.

Bearnú sócmhainní airgeadais

Ní shealbhaíonn an Grúpa ach infháltais trádála agus eile ar chostas amúchta, gan aon chomhpháirt mhaoinithe shuntasach agus lena mbaineann aibíochtaí níos lú ná 12 mhí agus dá bhrí sin, roghnaigh sé cur chuige atá cosúil leis an gcur chuige simplithe maidir le caillteanais chreidmheasa ionchais (ECL) faoi IFRS 9 i ndáil lena infháltais go léir. Dá bhrí sin, ní rianaíonn an Grúpa athruithe ar riosca creidmheasa, ach ina ionad sin, aithníonn sé liúntas caillteanais bunaithe ar ECLanna saoil ar gach dáta tuairiscithe. Is éard atá i suim iompartha úis infhaighte, infháltais ar thrádálacha neamh-shocraithe agus infháltais ghearrthéarmacha eile, arna dtomhas ag costas amúchta lúide aon chaillteanas ionchais, ar neasluach chóir de iad toisc iad a bheith gearrthéarmach. Níor aithin an Grúpa aon bhearnú le linn na bliana dar críoch an 31 Nollaig 2019.

Dí-aithint sócmhainní airgeadais

Ní dhéanann an Grúpa sócmhainn airgeadais a dhí-aithint ach amháin nuair a théann na cearta conarthacha ar shreafaí airgid ón tsócmhainn in éag, nó nuair a aistríonn sé go substainteach an tsócmhainn airgeadais agus na rioscaí agus na sochair go léir a bhaineann le húinéireacht na sócmhainne chuig eintiteas eile. Mura n-aistríonn nó mura gcoinníonn an Grúpa gach riosca agus luach saothair úinéireachta go substainteach agus má leanann sé ar aghaidh ag rialú na sócmhainne aistrithe, aithníonn an Grúpa a ús coinnithe sa tsócmhainn agus dliteanas gaolmhar ar shuimeanna a d’fhéadfadh sé a íoc.

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1. Beartais Shuntasacha Chuntasaíochta ar leanIonstraimí airgeadais ar leanDí-aithint sócmhainní airgeadais ar lean

Má choinníonn an Grúpa na rioscaí agus na sochair go substainteach a bhaineann le húinéireacht sócmhainne airgeadais aistrithe, leanann an Grúpa air ag aithint na sócmhainne airgeadais agus aithníonn sé freisin iasachtú comhthaobhachta na bhfáltas a fhaightear.

(i) Ionstraimí airgeadais ar lean

Ar dhí-aithint sócmhainne airgeadais a thomhaistear ag costas amúchta, aithnítear an difríocht idir suim iompartha na sócmhainne agus suim na comaoine a fuarthas agus aithnítear an t-infháltas i mbrabús nó i gcaillteanas.

(ii) Dliteanais airgeadais

Déantar gach dliteanas airgeadais a thomhas ina dhiaidh sin ag costas amúchta agus úsáid á baint as an modh úis éifeachtach.

Dliteanais airgeadais a thomhaistear i ndiaidh an idirbhirt ag costas amúchta

Maidir le dliteanais airgeadais nach (i) comaoin theagmhasach faighteora i meascán gnó iad, (ii) a choinnítear chun críche trádála, nó (iii) a shainítear ina FVTPL, tomhaistear i ndiaidh an idirbhirt ag a gcostas amúchta agus úsáid á baint as an modh úis éifeachtaigh. Áiríonn an Grúpa sa chatagóir seo nithe iníoctha trádála agus nithe iníoctha gearrthéarmacha eile.

Is modh é an modh úis éifeachtach chun costas amúchta dliteanais airgeadais a ríomh agus speansas úis a leithdháileadh thar an tréimhse ábhartha. Is é an ráta úis éifeachtach an ráta a thugann lascaine dhíreach íocaíochtaí measta airgid thirim amach anseo (lena n-áirítear na táillí agus na pointí go léir a íoctar nó a fhaightear mar chuid lárnach den ráta úis éifeachtach, de chostais idirbheart agus de phréimheanna nó de lascainí eile) i rith shaol ionchasach an dliteanais airgeadais, nó (más cuí) i rith tréimhse níos giorra, le costas amúchta dliteanais airgeadais.

Dí-aithint Dliteanas Airgeadais

Ní dhéanann an Grúpa dliteanais airgeadais a dhí-aithint ach amháin nuair a scaoiltear, a chealaítear nó scortar oibleagáidí an Ghrúpa, agus an uair sin amháin. Déantar an difríocht idir suim iompartha an dliteanais airgeadais agus an chomaoin íoctha agus iníoctha a aithint sa bhrabús nó sa chaillteanas.

Nuair a mhalartaíonn an Grúpa ionstraim fiachais amháin leis an iasachtóir reatha d’ionstaim fiachais eile lena ngabhann téarmaí atá difriúil go substaintiúil, caitear le malartú den sórt sin mar mhúchadh an dliteanais airgeadais bhunaidh agus aithnítear dliteanas airgeadais

nua. Ar an gcaoi chéanna, caitheann an Grúpa le modhnú substaintiúil ar théarmaí dliteanais reatha nó cuid de mar mhúchadh an dliteanais airgeadais bhunaidh agus aithnítear dliteanas airgeadais nua. Glactar leis go bhfuil na téarmaí difriúil go substaintiúil má tá difear 10 faoin gcéad ar a laghad idir luach reatha lascainithe na sreafaí airgid faoi na téarmaí nua, lena n-áirítear aon táillí a íocadh glan ar aon táillí a fuarthas agus a lascainíodh agus úsáid á baint as an ráta éifeachtach bunaidh, agus luach lascainithe na sreafaí airgid atá fágtha ón dliteanas airgeadais bunaidh. Mura bhfuil an modhnú substaintiúil, ba chóir difríocht idir: (1) suim iompartha an dliteanais roimh an modhnú; agus (2) luach reatha na sreafaí airgid tar éis a modhnaithe a aithint sa bhrabús nó sa chaillteanas mar gnóthachan nó caillteanas modhnúcháin laistigh de ghnóthachain agus caillteanais eile.

Bearnú Sócmhainní AirgeadaisAithníonn an Grúpa liúntas caillteanais do chaillteanais chreidmheasa ionchais ar infheistíochtaí in ionstraimí fiachais a thomhaistear ag costas amúchta nó ag FVTOCI, infháltais trádála agus eile agus sócmhainní conartha, chomh maith le conarthaí ráthaíochta airgeadais. Déantar suim na gcaillteanas creidmheasa ionchais a thabhairt cothrom le dáta ag gach dáta tuairiscithe chun athruithe i riosca creidmheasa a léiriú ó chéad-aithint na hionstraime airgeadais sin.

Aithníonn an Grúpa ECL ar feadh an tsaoil maidir le hinfháltais trádála, sócmhainní conartha agus earraí infhaighte eile. An bhfuil súil leis Meastar caillteanais chreidmheasa ar na sócmhainní airgeadais seo ag baint úsáide as maitrís soláthair bunaithe ar stairiúil an Ghrúpa taithí ar chaillteanas creidmheasa, arna choigeartú do fhachtóirí atá a bhaineann go sonrach leis na nithe infhaighte, dálaí eacnamaíocha ginearálta agus measúnú ar an sruth chomh maith leis an réamhaisnéis treo na gcoinníollacha ar an dáta tuairiscithe, lena n-áirítear luach ama airgid nuair is cuí.

I gcás gach ionstraime airgeadais eile, iasacht an scairshealbhóra in Premier Lotteries Ireland san áireamh, aithníonn an Grúpa ECL saoil nuair a thagann méadú suntasach ar riosca creidmheasa ó uair a céad-aitheanta. Mar sin féin, mura bhfuil méadú suntasach tagtha ar riosca creidmheasa na hionstraime airgeadais ón gcéad-aithint, tomhaiseann an Grúpa an liúntas caillteanais don ionstraim airgeadais sin ag suim is comhionann le ECL 12 mhí.

Is ionann ECL saoil agus na caillteanais chreidmheasa ionchais a thiocfaidh as gach loictheagmhas féideartha thar shaolré ionchais ionstraime airgeadais. Os a choinne sin, is ionann ECL 12 agus an chuid den ECL saoil a bhfuiltear ag súil leis mar thoradh ar loictheagmhais ionstraime airgeadais is féidir tarlú laistigh de 12 mhí tar éis an dáta tuairiscithe.

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2. Ioncam

2019 2018

€’000 €’000

Is mar seo a leanas a dhéantar anailís ar an ioncam:

Poblacht na hÉireann

Postas: Litreacha agus beartáin 591,985 580,448

Postas: Toghcháin agus reifrinn 22,416 15,386

Oifigí poist: Seirbhísí gníomhaireachta, seirbhísí seoltáin agus seirbhísí gaolmhara 162,920 159,558

Seirbhísí eile 40,436 57,470

817,757 812,862

An Ríocht Aontaithe

Dáileachán poist agus seirbhísí gaolmhara 74,371 84,092

Ioncam 892,128 896,654

3. Costais Oibriúcháin2019 2018

€’000 €’000

Ba iad seo a leanas costais chomhdhlúite an Ghrúpa:

Costais foirne agus máistrí poist

Pá agus tuarastail 419,056 413,250

Costais Máistrí Poist 65,622 69,659

Costais árachais shóisialta 39,655 38,162

524,333 521,071

Costais phinsin 41,535 47,667

Iomlán costais phárolla foirne agus máistrí poist 565,868 568,738

Costais eile:

Dáileadh 84,850 92,665

Áiseanna 20,416 26,769

Oibríochtúil 75,261 83,729

Riarachán 66,181 63,926

Dímheas 35,066 18,245

Bearnú - 2,726

Amúchadh 2,591 2,508

284,365 290,568

850,233 859,306

4. Costais ChlaochlúcháinB’ionann na costais a bhain le cur i bhfeidhm Chonradh nua na Máistrí Poist agus le hathrú mhéid Líonra na nOifigí Poist agus €9,781,000 (2018: €13,974,000) i rith na bliana.

Aithnítear soláthar breise €5,500,000 i leith dhúnadh Ionad Poist Chorcaí. Dúnadh oibríocht próiseála poist na saoráide seo an 23 Márta 2020. Féach nóta 23.

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5. Diúscairt Fochuideachtaí

2019 2018

€’000 €’000

Fáltais ó dhiúscairtí (glan ar chostais diúscairtí) 51,651 -

Lúide: glansócmhainní fochuideachtaí ag a luach tugtha anonn (14,625) -

Móide: suim ghlanluacha leasanna neamh-urlámhais 3,806 -

Lúide: aistriú airgeadra eachtraigh arna athaicmiú ar dhiúscairt (794) -

Brabús ar dhiúscairt fochuideachtaí 40,038 -

Ar an 31 Eanáir 2019, díoladh scairsheilbh iomlán TSC Ventures DAC (cuideachta shealbhaíochta na scaireanna sa ghrúpa cuideachtaí One4all Gift Voucher) le Blackhawk Network, eagraíocht teicneolaíochta airgeadais dhomhanda. B’ionann luach an idirbhirt agus €105m agus bhí 53.6% de na scaireanna in TSC Ventures DAC ag An Post roimhe seo. Áirítear ar na fáltais díolachán a aithníodh in 2019 dhá mhéid a bhí á gcoinneáil in eascró ag am an idirbhirt ar luach €10.187m. Tá na méideanna sin san áireamh i bhFéichiúnaithe Eile amhail an 31 Nollaig 2019 agus fuarthas iad in am, in Eanáir 2020 agus i Márta 2020. Is féidir go bhfaighidh An Post comaoin theagmhasach €5.6m i ndáil leis an díolachán in 2021. Tá sé sin á chonneáil i gcuntas eascró speisialta faoi láthair agus ní cuid de na fáltais ó dhíolacháin a aithníodh in 2019 é.

Tugadh díol Precision Marketing Information Limited, fochuideachta sách beag, a chuir sonraí margaíochta, seirbhísí bunachar sonraí agus eolairí gnó ar fáil chun críche i mí Márta 2019.

6. Ioncam Airgeadais

2019 2018

€’000 €’000

Ús ar iasacht infhaighte Premier Lotteries Ireland (PLI) 2,394 2,190

Roinneann rogha PLI ioncam - 2,130

Ioncam ó infheistíochtaí - 243

Ús ar thaiscí gearrthéarmacha 24 14

2,418 4,577

7. Costais Airgeadais

2019 2018

€’000 €’000

Costas ar ús sócmhainne um cheart úsáide 1,555 -

Ús ar léas airgeadais 108 281

Glanchostas úis ar phinsean 500 500

Ús ar Iasacht Rialtais 306 309

Costais eile úis 257 389

2,726 1,479

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8. Brabús roimh Chánachas

2019 2018

€’000 €’000

Luaitear an brabús roimh chánachas i ndiaidh an méid seo a leanas a mhuirearú:

Cíosanna ar léas oibriúcháin:Cíos ar fhoirgnimhTrealamh eile agus mótarfheithiclí

1992,245

7,68613,099

2,444 20,785

Díolaíochtaí na stiúrthóirí:

Táillí 218 220

Díolaíochtaí – Príomhfheidhmeannach 322 300

540 520

Speansais íoctha le Stiúrthóirí

Taisteal 6 2

Cothabháil 1 1

7 3

Luach saothair an iniúchóra* – Grúpa

Iniúchadh ar ráitis airgeadais an ghrúpa 279 334

Seirbhísí ráthaíochta eile 148 287

Seirbhísí neamh-iniúchta eile - -

427 621

Luach saothair an iniúchóra* – Cuideachta An Post (san áireamh thuas)

Iniúchadh ar ráitis airgeadais an aonáin 168 190

Seirbhísí ráthaíochta eile 148 287

Seirbhísí neamh-iniúchta eile - -

316 477

Luaitear an brabús roimh chánachas i ndiaidh an méid seo a leanas a chur do shochar:

Deontais chaipitil amúchta 449 449

(Caillteanas) / brabús ar dhíol gléasra agus trealaimh (4) 14

445 463

*Níl CBL san áireamh

Ní áirítear sna suimeanna thuasluaite mar dhíolaíochtaí stiúrthóirí ach na suimeanna a íocadh le stiúrthóirí i bhfeidhmiú a ndualgas mar stiúrthóirí agus tuarastal an Phríomhfheidhmeannaigh. Ní áirítear orthu tuarastail stiúrthóirí ar fostaithe iad ná luach saothair stiúrthóir na máistrí poist.

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8. Brabús roimh Chánachas ar lean Tá luach saothair na stiúrthóirí, lena n-áirítear faisnéisithe de réir an Chóid Cleachtais chun Comhlachtaí Stáit a Rialú (an “Cód Cleachtais”) agus Acht na gCuideachtaí, 2014, leagtha amach thíos.

Seo a leanas pacáiste luacha saothair David McRedmond, an Príomh-Oifigeach Feidhmiúcháin, atá san áireamh sna suimeanna a thugtar thuas mar dhíolaíochtaí stiúrthóirí.

2019 2018

€’000 €’000

Buntuarastal 250 240

Díolaíochtaí eile:

Táille stiúrthóra - -

Sochar comhchineáil – caiteachas comhlán 9 -

Ranníocaíochtaí pinsin íoctha 63 60

322 300

De réir an Chóid Cleachtais, seo a leanas na táillí a íocadh le gach stiúrthóir:

2019€’000

2018€’000

Dermot Divilly (Cathaoirleach) 31 31

Noel Adamson 16 16

Carol Bolger 16 16

Deirdre Burns 16 16

Peter Coyne 16 3

Thomas Devlin 16 16

Jennifer Loftus 3 16

David McRedmond (Príomhoifigeach Feidhmiúcháin)* - -

Pádraig McNamara 16 -

William Mooney 16 16

Kieran Mulvey** 5 -

Ed Murray 3 16

Thomas O’Brien - 7

Martina O’Connell 16 16

Mary O’Donovan 16 3

Niall Phelan 16 16

Lorraine Tormey - 16

James Wrynn 16 16

Iomlán 218 220

* Ní fhaigheann David McRedmond táille stiúrthóra.

** Cheap an tAire Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil Kieran Mulvey ar an mBord an 16 Meán Fómhair 2019.

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9. Cáin Ioncaim

A. Suimeanna aitheanta sa bhrabús nó sa chaillteanas

2019€000

2018€000

Cáin reatha

Éire – Cáin Chorparáide 978 1,959

Coigeartuithe i ndáil leis an mbliain roimhe seo (20) (455)

An Ríocht Aontaithe – Cáin Chorparáide 255 386

1,213 1,890

Cáin iarchurtha

Bunús agus aisiompú na ndifríochtaí sealadacha (1,238) (456)

Coigeartuithe i ndáil leis an mbliain roimhe seo 48 74

(1,190) (382)

Muirear cánach iomlán 23 1,508

B. Réiteach an ráta éifeachtaigh cánach

2019€000

2018€000

Brabús roimh chánachas 66,344 26,772

Cáin ag úsáid ráta cánach baile na Cuideachta – 12.5% (2018: 12.5%) 8,293 3,346

Tionchar cánach:

Speansais nach féidir a asbhaint / ioncam nach bhfuil inchánach (4,721) 153

Cáin siarchoinnithe ó íocaíochtaí a rinneadh - 6

Ioncam agus gnóthachain le rátaí cánach níos airde 559 819

Caillteanais chánach a úsáideadh nár aithníodh an bhliain roimhe sin (718) (1,650)

Gluaiseacht i gcáin iarchurtha neamhaitheanta (3,418) (785)

Rósholáthar don bhliain roimhe sin 28 (381)

Muirear cánach iomlán 23 1,508

50


9. Cáin Ioncaim ar lean

C. Gluaiseacht in iarmhéideanna cánach iarchurthaIarmhéid amhail an 31 Nollaig 2019

Iarmhéid glan amhail an 1 Ean

€’000

Aitheanta i mbrabús nó i gcaillteanas

2019 €’000

Aitheanta in ioncam

cuimsitheach eil 2019

€’000

Iarmhéid glanamhail an 31

Noll sócmhainn/(dliteanas)

2019 €’000

Réadmhaoin, gléasra agus trealamh (8,566) 564 - (8,002)

Sochair fostaithe 6,830 (839) (1,616) 4,375

Soláthairtí eile 516 (718) - (202)

Caillteanas cánach a thabhairt ar aghaidh (aitheantas ioncaim) 1,563 2,183 - 3,476

343 1,190 (1,616) (83)

Faisnéisithe mar Sócmhainní Cánach iarchurtha 2,356

Dliteanas cánach iarchurtha (2,439)

De bharr na héiginnteachta faoi bhrabúis incháinithe a d’fhéadfadh a bheith ann sa todhchaí, níor aithníodh sócmhainn cánach iarchurtha fhéideartha sa Ghrúpa dar luach €11,784,000 (2018: €16,247,000) a d’eascair as caillteanais bhreise a tugadh ar aghaidh.


Iarmhéid glan amhail an 1 Ean

€’000

Aitheanta i mbrabús nó i gcaillteanas

2018 €’000

Aitheanta in ioncam

cuimsitheach eile

2018 €’000

Iarmhéid glanamhail an 31 Noll

sócmhainn/(dliteanas)

2018 €’000

Réadmhaoin, gléasra agus trealamh (6,781) (1,785) - (8,566)

Sochair fostaithe 6,040 1,633 (843) 6,830

Soláthairtí eile 817 (301) - 516

Caillteanas cánach a thabhairt ar aghaidh (aitheantas ioncaim) 728 835 - 1,563

804 382 (843) 343

Faisnéisithe mar shócmhainní cánach iarchurtha 2,091

Dliteanas cánach iarchurtha (1,748)

Amhail an 31 Nollaig 2018, rinneadh €298,000 de na sócmhainní cánach iarchurtha, agus €135,000 den dliteanas cánach iarchurtha a athaicmiú mar shócmhainn atá aicmithe ina sócmhainn ar coinneáil chun díola, agus mar dhliteanais ghaolmhara i leith na sócmhainní atá aicmithe ina sócmhainní atá ar coinneáil chun díola (nóta 18).

51

10. Líon agus Costais Foirne agus Máistrí PoistBa é an meánlíon daoine i gcoibhéisí lánaimseartha (CLA), gan máistrí poist san áireamh, a bhí ag obair sa Ghrúpa i rith na bliana:

2019 2018

Oibríochtaí 8,700 8,556

Corparáideach 361 374

Iomlán na bhfostaithe sa Chuideachta (CLA) 9,061 8,930


Líon iomlán fostaithe an Ghrúpa (CLA) 9,751 9,723

Ba é an meánlíon fostaithe a bhí ag obair sa Ghrúpa i rith na bliana:

2019 2018

Oibríochtaí 8,063 8,011

Corparáideach 380 398

Fostaithe Cuideachta 8,443 8,409

Fostaithe ócáideacha 897 881

Iomlán na bhfostaithe sa Chuideachta 9,340 9,290


Iomlán fostaithe an Ghrúpa 10,032 10,099

Ba é an meánlíon máistrí poist a fostaíodh mar ghníomhairí:

2019 2018

Máistrí Poist: Fostaithe mar ghníomhairí 866 994

Ba iad seo a leanas na costais chomhiomlána ar phárolla agus ar mháistrí poist:

2019 2018

€’000 €’000

Pá agus tuarastail 419,056 413,250

Costais árachais shóisialta 39,655 38,162

Costais phinsin 41,535 47,667

Iomlán na gcostas párolla 500,246 499,079

Máistrí Poist: Fostaithe mar ghníomhairí 65,622 69,659

Iomlán costais phárolla foirne agus máistrí poist 565,868 568,738

Chomh maith leis sin, féach nóta 4 le haghaidh sonraí faoi chostais Nuachóiriúcháin a bhaineann le Máistrí Poist a bheith ag imeacht agus ag síniú chonradh nua na Máistrí Poist.

52


11. Sócmhainní Doláimhsithe agus Cáilmheas

Cáilmheas Bogearraí Iomlán

Grúpa €’000 €’000 €’000

Costas

Amhail an 1 Eanáir 2018 41,262 60,494 101,756

Arna aistriú chuig grúpa diúscartha atá ar coinneáil chun díola (9,718) (102) (9,820)

Méideanna breise - 3,269 3,269

Gluaiseacht i malartú eachtrach (19) (79) (98)

Amhail an 31 Nollaig 2018 31,525 63,582 95,107

Méideanna breise - 5,715 5,715

Gluaiseacht i malartú eachtrach 119 370 489


Amúchadh agus bearnú

Amhail an 1 Eanáir 2018 28,713 54,275 82,988

Arna aistriú chuig grúpa diúscartha atá ar coinneáil chun díola (3,986) (102) (4,088)

Muirear i gcomhair na bliana - 2,508 2,508

Gluaiseacht i malartú eachtrach - (18) (18)


Muirear i gcomhair na bliana - 2,591 2,591

Gluaiseacht i malartú eachtrach - 164 164


Suim ghlanluacha



Áirítear amúchadh na mbogearraí sna costais oibriúcháin. B’ionann glansuim ghlanluacha na sócmhainní doláimhsithe a bhí á gcoinneáil faoi léasanna airgeadais agus €408,000 (2018: €944,000).

Tástáil ar bhearnú le haghaidh aonaid giniúna airgid lena ngabhann cáilmheas

Chun críocha na tástála ar bhearnú, leithroinneadh cáilmheas ar aonaid giniúna airgid (rannáin oibríochta) an Ghrúpa mar seo a leanas:

2019€’000

2018€’000

Air Business & Jordans 2,424 2,305

One Direct 4,493 4,493

6,917 6,798

Amhail an 31 Nollaig 2018, athaicmíodh an cáilmheas a bhain le grúpa cuideachtaí an Gift Voucher Shop mar chuid den ghrúpa diúscartha a bhí ar coinneáil chun díola. Diúscraíodh an grúpa cuideachtaí seo an 31 Eanáir 2019 agus tá an cáilmheas gaolmhar ar fad diúscartha dá bharr.

Bunaíodh méideanna in-aisghabhála na n-aonad giniúna airgid sin ar a luach úsáide, a cinneadh trí na sreafaí airgid sa todhchaí atá le giniúint ó úsáid leanúnach an aonaid giniúna airgid a lascainiú. Déantar cur síos ar ghníomhaíochtaí na n-aonad giniúna airgid i Nóta 26.

53

Ba iad seo a leanas na príomhbhoinn tuisceana a úsáideadh chun an luach úsáide a mheas:

Sreabhadh airgid réamh-mheasta

Bunaítear sreabhadh airgid réamh-mheasta ar thuilleamh buiséadaithe sa todhchaí. Tá tuilleamh buiséadaithe bunaithe ar bhuiséad 2020 a d’fhaomh an Bord agus réamh-mheastacháin do 2021 go 2024.

Rátaí lascaine

Cuirtear ráta lascaine roimh cháin de 8% (2018: 8%) i bhfeidhm ar bhrabúis gach aonaid giniúna airgid sa ríomh bearnaithe.

Bearnuithe

Níor aithníodh aon bhearnú mar gheall ar na tástálacha roimhe seo ar bhearnú don bhliain dar críoch 2019 (2018: €nialas).

Íogaireacht

Reáchtáil an Grúpa íogaireachtaí bunaithe ar athruithe réasúnta féideartha i dtoimhdí agus ní chruthódh na híogaireachtaí sin gá le bearnú a aithint in 2019 ná in 2018.

Cuideachta Bogearraí

€’000

Iomlán

€’000

Costas

Amhail an 1 Eanáir 2018 57,659 57,659

Méideanna breise 1,827 1,827

Amhail an 31 Nollaig 2018 59,486 59,486

Méideanna breise 4,195 4,195


Amúchadh agus bearnú

Amhail an 1 Eanáir 2018 53,480 53,480Muirear i gcomhair na bliana 1,779 1,779


Suim ghlanluacha



54


12. Réadmhaoin Infheistíochta

An Grúpa agus an ChuideachtaSuim ghlanluacha a réiteach

2019 €’000

2018€’000

Iarmhéid amhail tús na bliana 715 715

Athrú ar luach cóir - -

Iarmhéid amhail deireadh na bliana 715 715

Cuimsítear réadmhaoin tráchtála atá ar léas le tríú páirtí sa réadmhaoin infheistíochta. Ní ghearrtar cíosanna teagmhasacha ar bith.

Aithnítear athruithe ar luach cóir mar ghnóthachain i mbrabús nó i gcaillteanas agus áirítear iad in ‘ioncam eile’. Tá gach gnóthachan neamhréadaithe.

Luachanna córa a thomhas

Bhreithnigh na stiúrthóirí luach cóir na réadmhaoine infheistíochta amhail an 31 Nollaig 2019. Ag féachaint do thaithí a bhí acu le déanaí ar shuíomh agus ar chatagóir na réadmhaoine, creideann na stiúrthóirí nach bhfuil aon athrú tagtha ar a luach, €715,000.

Catagóiríodh tomhas an luach chóir don réadmhaoin infheistíochta mar luach cóir Leibhéal 3 bunaithe ar ionchuir na teicníce luachála a úsáideadh.

Níor soláthraíodh nochtadh breise maidir le luach cóir na réadmhaoine infheistíochta toisc nach meastar iad a bheith ábhartha.

55

13. Réadmhaoin, Gléasra agus Trealamh

Talamh agus foirgnimh ruílse agus

léasachta fada€’000

Mótar-fheithiclí

€’000

Trealamh ríomhaireachta

agus oibriúcháin€’000

Iomlán€’000

Grúpa

Costas

Amhail an 1 Eanáir 2018 294,317 12,827 324,731 631,875

Méideanna breise 3,038 120 11,799 14,957

Diúscairtí - (397) (689) (1,086)

Athaicmithe ina Sócmhainní atá ar coinneáil chun díola (86) (60) (3,495) (3,641)

Gluaiseacht i malartú eachtrach - (10) (306) (316)

Amhail an 31 Nollaig 2018 297,269 12,480 332,040 641,789Aithint sócmhainne um cheart úsáide ar chéadchur i bhfeidhm IFRS 16 58,196 15,063 468 73,727

Iarmhéid coigeartaithe amhail an 1 Eanáir 2019 355,465 27,543 332,508 715,516

Méideanna breise 8,347 33,587 14,304 56,238

Diúscairtí - (200) (45) (245)

Gluaiseacht i malartú eachtrach 809 15 415 1,239

Amhail an 31 Nollaig 2019 364,621 60,945 347,182 772,748

Dímheas carnach agus caillteanais bhearnaithe

Amhail an 1 Eanáir 2018 104,505 5,458 291,192 401,155

Curtha chun dochair i rith na bliana 7,093 2,286 8,866 18,245

Caillteanas bearnúcháin - - 2,726 2,726

Díbeartha ar dhiúscairtí - (367) (602) (969)

Athaicmithe ina Sócmhainní atá ar coinneáil chun díola (75) (60) (2,418) (2,553)

Gluaiseacht i malartú eachtrach - (8) (316) (324)


Curtha chun dochair i rith na bliana 14,058 11,848 9,160 35,066

Díbeartha ar dhiúscairtí - (149) (46) (195)

Gluaiseacht i malartú eachtrach 33 8 182 223


Suim Iompartha



Caillteanas bearnúcháin

In 2018, mar gheall ar an meath leanúnach a bhí ag teacht ar líon na míreanna traidisiúnta poist, rinne an Grúpa measúnú ar an trealamh sórtála poist ó thaobh bearnúcháin de, agus aithníodh caillteanas bearnúcháin €2,726,000 i ndáil le trealamh uathoibrithe áirithe. Áirítear an caillteanas bearnúcháin taobh istigh de chostais oibriúcháin sa ráiteas ioncaim. I dtuairim na stiúrthóirí, ní raibh aon bhearnúchán ann in 2019.

Morgáiste agus muirear

Faoi théarmaí an phlean chun ceanglais an Íoschaighdeáin Maoinithe a chomhlíonadh cuireadh morgáiste agus muirear a bhaineann le sócmhainní réadmhaoine áirithe de chuid na Cuideachta dar luach €72.5 milliún in áit i bhfabhar Scéim Pinsin An Post (“an Scéim”) le húsáid mar shócmhainn theagmhasach na Scéime. Tá sonraí breise leagtha amach i nóta 24.

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13. Réadmhaoin, Gléasra agus Trealamh ar lean

Talamh agus foirgnimh

ruílse agus léasachta

fadaMótar-

fheithiclí

Trealamh ríomhaireachta

agus oibriúcháin Iomlán

€’000 €’000 €’000 €’000

Cuideachta

Costas

Amhail an 1 Eanáir 2018 287,743 12,514 301,539 601,796

Méideanna breise 3,038 96 8,351 11,485

Diúscairtí - (339) - (339)


Aithint sócmhainne um cheart úsáide ar chéadchur i bhfeidhm IFRS 16

35,010 14,855 - 49,865

Iarmhéid coigeartaithe amhail an 1 Eanáir 2019 325,791 27,126 309,890 662,807

Méideanna breise 8,264 33,532 13,257 55,053

Diúscairtí - (130) - (130)


Dímheas carnachagus caillteanais bhearnaithe

Amhail an 1 Eanáir 2018 99,903 5,271 273,512 378,686

Dímheas 6,991 2,237 7,176 16,404

Caillteanas bearnúcháin - - 2,726 2,726

Díbeartha ar dhiúscairtí - (322) - (322)


Dímheas 12,222 11,727 7,370 31,319

Díbeartha ar dhiúscairtí - (79) - (79)


Suim Iompartha 214,939 41,694 32,363 288,996


Amhail an 31 Nollaig 2018

An Grúpa agus an Chuideachta

Amhail an 31 Nollaig 2019 b’ionann an ghlansuim ghlanluacha do réadmhaoin, gléasra agus trealamh a bhí á gcoinneáil faoi léasanna airgeadais agus €7,177,000 (2018: €11,024,000). Tá tuilleadh eolais i nóta 27.

Caillteanas bearnúcháin

In 2018, mar gheall ar an meath leanúnach a bhí ag teacht ar líon na míreanna traidisiúnta postais, rinne an Grúpa measúnú ar an trealamh sórtála postais ó thaobh bearnúcháin de, agus aithníodh caillteanas bearnúcháin €2,726,000 i ndáil le trealamh uathoibrithe áirithe. Áirítear an caillteanas bearnúcháin taobh istigh de chostais oibriúcháin sa ráiteas ioncaim. I dtuairim na stiúrthóirí, ní raibh aon bhearnúchán ann in 2019.

Morgáiste agus muirear

Faoi théarmaí an phlean chun ceanglais an Íoschaighdeáin Maoinithe a chomhlíonadh cuireadh morgáiste agus muirear a bhaineann le sócmhainní réadmhaoine áirithe de chuid na Cuideachta dar luach €72.5 milliún in áit i bhfabhar Scéim Pinsin An Post (“an Scéim”) le húsáid mar shócmhainn theagmhasach na Scéime. Tá sonraí breise leagtha amach i nóta 24.

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14. Infheistíochtaí

Grúpa Grúpa Cuideachta Cuideachta

2019 2018 2019 2018

€’000 €’000 €’000 €’000

Infheistíocht in Premier Lotteries Ireland (féach A thíos) 36,874 34,481 36,874 34,481

Scaireanna i ngnóthais fochuideachtaí (féach nóta 26) - - 8,969 9,219

Infheistíocht i gcomhfhiontar (féach B thall) - - - -

Infheistíochtaí eile (féach C thall) - - - -

36,874 34,481 45,843 43,700

Rinneadh luacháil chóir ar na hinfheistíochtaí eile ag €410k amhail an 31 Nollaig 2018 ach is cuid iad den ghrúpa diúscairtí a aicmítear a bheith ar coinneáil chun díola, féach nóta 18. Eascraíonn an méadú ar luach na scaireanna a shealbhaítear i ngnóthais fochuideachta as ranníocaíocht chaipitil do Precision Marketing Information Limited.

A. Infheistíocht in Premier Lotteries Ireland (PLI) ar lean

2019 2018

€’000 €’000


Is éard atá san infheistíocht in PLI:

Infheistíocht i scaireanna cothromais 350 350

Iasachtaí agus suimeanna infhaighte

Iasachtaí scairshealbhóirí 28,115 25,722

Infheistíocht i scaireanna tosaíochta 8,409 8,409

36,874 34,481

In 2014, rinne An Post infheistíocht €25m in PLI de bhun infheistíocht chothromais, iasachtaí scairshealbhóirí agus scaireanna tosaíochta.

Infheistíocht i scaireanna cothromais

Tá 10.7% de chothromas an aonáin ag An Post, tá dhá cheann as ocht gcinn de na poist ar an mBord aige agus tá cearta áirithe conartha aige. Is é Ontario Teachers’ Pension Plan an scairshealbhóir tromlaigh agus tá 78.6% den chothromas aige. Is oibreoir crannchuir ag a bhfuil taithí é an scairshealbhóir seo. In PLI, is é an príomh-scairshealbhóir is mó a imríonn tionchar ar na beartais oibriúcháin agus airgeadais.

Scaireanna tosaíochta

Tugann na scaireanna tosaíochta teidlíocht don Chuideachta i leith díbhinn tosaíochta bhliantúil ar feadh tréimhse 20 bliain ó 2014 go dtí 2034

Iasachtaí scairshealbhóirí

Tá an iasacht scairshealbhóra in-aisíoctha sa tréimhse go dtí 2034 le ráta úis 9% in aghaidh na bliana. Tá méadú tagtha ar luach na n-iasachtaí infhaighte de bharr ús fabhraithe.

IFRS 9 – Ionstraimí Airgeadais

Chinn na stiúrthóirí, tar éis dóibh cearta An Post a bhreithniú agus cineál rannpháirtíochta An Post in PLI, ach ar céadchuireadh IFRS 9 i ngníomh, go n-athraíonn an chuntasaíocht chuí don infheistíocht seo bunaithe ar gach gné ar leith den infheistíocht, mar a leagtar amach thuas.

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14. Infheistíochtaí ar lean

A. Infheistíocht in Premier Lotteries Ireland (PLI) ar leanDéantar an infheistíocht i scaireanna cothromais a thomhas ag luach cóir tríd an gcuntas brabúis agus caillteanais. Measann na stiúrthóirí gurb ionann go hábhartha luach cóir na n-infheistíochtaí seo agus na suimeanna glanluacha amhail an 31 Nollaig 2019 agus dá thoradh sin ní dhéantar aon choigeartú luacha chóir a thaifeadadh in 2019.

Déantar an infheistíocht i bhfoirm iasachtaí scairshealbhóirí agus scaireanna tosaíochta a thomhas ag costas amúchta. Tar éis samhail caillteanais creidmheasa ionchais 12 mhí a chur i bhfeidhm ar an iasacht seo, tá na stiúrthóirí sásta nach raibh méid an chaillteanais creidmheasa ionchais don bhliain reatha agus don bhliain roimhe sin ábhartha ó thaobh ráitis airgeadais an Ghrúpa de.

B. Infheistíocht i gcomhfhiontarI rith na bliana, b’ionann sciar an Ghrúpa de bhrabús a chomhfhiontair agus €Nialas (2018: €Nialas).

Tugtar achoimre sa tábla seo a leanas ar fhaisnéis airgeadais The Prize Bond Company DAC mar a áirítear í ina ráitis airgeadais féin.

2019 2018

€’000 €’000

Sócmhainní reatha 19,471 20,508

Dliteanais reatha (19,471) (20,508)

Glansócmhainní (100%) - -

Sciar an Ghrúpa de ghlansócmhainní (50%) - -

Ioncam 10,530 10,898

Brabús ó oibríochtaí leanúnacha - -

Ioncam cuimsitheach iomlán (100%) - -

Sciar an ghrúpa den ioncam cuimsitheach iomlán (50%) - -

C. Infheistíochtaí eile

2019€’000

2018€’000

Luach cóir ag tús na bliana - 167

Athrú glan ar luach cóir - arna aithint trí Bhrabús nó Caillteanas - 243

Luach cóir ag deireadh na bliana - 410

Athaicmithe ina sócmhainní atá ar coinneáil chun díola (nóta 18) - (410)

- -

Bhí infheistíocht ag GVS Prepaid Limited in VISA Inc. Rinneadh luacháil chóir ar an infheistíocht seo an 31 Nollaig 2018. Diúscraíodh grúpa cuideachtaí GVS an 31 Eanáir 2019 agus, dá thoradh sin, tá an infheistíocht eile seo diúscartha.

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15. Suimeanna Infhaighte Trádála agus Eile

Grúpa2019

Grúpa2018

Cuideachta2019

Cuideachta2018

€’000 €’000 €’000 €’000

Sócmhainní reatha

Suimeanna infhaighte trádála 99,902 97,139 67,724 67,167

Suimeanna dlite ag gnóthais fochuideachta - - 20,221 20,855

Suimeanna dlite ag comhfhiontar (nóta 29) 286 254 286 254

Féichiúnaithe eile 10,618 417 10,613 411

Duaisbhannaí ar láimh 812 812 625 625

Réamhíocaíochtaí 13,485 6,702 11,014 4,627

125,103 105,324 110,483 93,939

Sócmhainní neamhreatha

Suimeanna dlite ag gnóthais fochuideachta - - 6,421 6,419

Sócmhainn cánach iarchurtha 2,356 1,793 2,212 1,613

2,356 1,793 8,633 8,032

127,459 107,117 119,116 101,971

Tomhaistear infháltais trádála agus eile ag costas amúchta (lúide aon liúntas caillteanais) óir is é samhail ghnó an Ghrúpa sreafaí airgid conartha a “shealbhú chun bailithe”. Cuireann an Grúpa an cur chuige simplithe i bhfeidhm maidir le caillteanais ionchais chreidmheasa (ECL) a cheadaíonn IFRS9 Ionstraimí Airgeadais, a éilíonn go ndéanfaí caillteanais saoil ionchais a aithint as céad-aithint na n-infháltas.

Is ionann luach iompartha infháltas trádála agus eile agus a luach cóir. Ní ghabhann ús le hinfháltais trádála.

Tá suimeanna dlite ag gnóthais an Ghrúpa saor ar ús, gan urrús agus iníoctha ach é a éileamh.

16. Fardail

Grúpa2019

€’000

Grúpa 2018

€’000

Cuideachta2019

€’000

Cuideachta2018

€’000

Earraí críochnaithe 2,611 2,878 - -

2,611 2,878 - -

Déantar an fardal a thaifeadadh ag luach costais nó ag glanluach inréadaithe, cibé acu is ísle, de réir IAS 2 agus baineann sé go príomha le luach breisiúchán guthán soghluaiste atá i seilbh Postpoint Services Limited.

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17. Airgead sa Bhanc agus ar Láimh

Grúpa2019

€’000

Grúpa2018

€’000

Cuideachta2019

€’000

Cuideachta2018

€’000

Airgead sa bhanc 316,489 335,068 300,137 321,111

Airgead ar láimh 193,366 177,473 193,366 177,473

509,855 512,541 493,503 498,584

Anailís ar airgead tirim agus ar choibhéisí airgid thirim

Grúpa

Ag tús na bliana €’000

Sreabhadh airgid €’000

Ag deireadh na bliana

€’000

Airgead sa bhanc agus ar láimh 512,541 (2,686) 509,855

Amhail an 31 Nollaig 2018, bhí airgead tirim srianta €180,791,000 ag an nGrúpa freisin. Rinneadh an t-airgead a bhí ar coinneáil a dheighilt i gcuntas bainc cistí cliaint ar leith agus bhain na méideanna leis na hiarmhéideanna neamhfhuascailte ar chártaí One4all a d’eisigh Grúpa an Gift Voucher Shop. Rinneadh an t-iarmhéid seo a athaicmiú mar chuid de na sócmhainní atá aicmithe ina sócmhainní atá ar coinneáil chun díola amhail an 31 Nollaig 2018, féach nóta 18. Tugadh an próiseas díolachán i ndáil le Grúpa an Gift Voucher Shop chun críche i mí Eanáir 2019.


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Suimeanna in iontaobhas 366,770 403,045 366,770 403,045

Áiríodh leis na dliteanais reatha amhail an 31 Nollaig 2019 suimeanna in iontaobhas de €366,770,000 (2018: €403,045,000). Baineann tromlach na suimeanna a choinnítear in iontaobhas le cistí a choinnítear thar ceann chliaint na Cuideachta, an Roinn Gnóthaí Fostaíochta agus Coimirce Sóisialaí ina measc. Feidhmíonn an Chuideachta freisin, ar bhonn gníomhaireachta agus ar luach saothair comhaontaithe, Banc Taisce Oifig an Phoist agus seirbhísí eile coigiltis do Ghníomhaireacht Bainistíochta an Chisteáin Náisiúnta, a ghníomhaíonn thar ceann an Aire Airgeadais. Tarchuirtear na cistí go rialta chuig Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta. Dílsítear sócmhainní agus dliteanais seirbhísí coigiltis dá leithéid don Aire Airgeadais agus dá réir sin ní áirítear iad sna ráitis airgeadais seo.

Amhail an 31 Nollaig 2018, bhí dliteanas €180,791,000 ag an nGrúpa freisin i ndáil le hairgead tirim ar coinneáil – cártaí réamhíoctha neamhfhuascailte. Rinneadh an t-iarmhéid seo, a bhaineann le gníomhaíocht Ghrúpa an Gift Voucher Shop, a athaicmiú mar chuid de na sócmhainní atá aicmithe ina sócmhainní atá ar coinneáil chun díola amhail an 31 Nollaig 2018, féach nóta 18. Tugadh an próiseas díolachán i ndáil le Grúpa an Gift Voucher Shop chun críche i mí Eanáir 2019.

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18. Grúpa Diúscairtí a aicmítear a bheith ar coinneáil chun díolaI gcaitheamh 2018, de réir an Phlean Straitéisigh, chuir an Grúpa tús le próiseas chun fochuideachtaí áirithe nach fochuideachtaí croíláir iad a dhiúscairt. Amhail an 31 Nollaig 2018 bhí an próiseas díolacháin i ndáil le dhá fhochuideachta, eadhon TSC Ventures DAC (The Gift Voucher Shop Group) agus Precision Marketing Information Limited ag ardchéim.

Shásaigh na sócmhainní agus na dliteanais a bhaineann leis na hidirbhearta na critéir “ar coinneáil chun díola” a leagtar amach in IFRS 5 Sócmhainní Neamh-Reatha atá ar coinneáil chun Díola agus Oibríochtaí Scortha agus rinneadh iad a athaicmiú dá réir sin ina sócmhainní nó ina ndliteanais a bhí ar coinneáil chun díola amhail an 31 Nollaig 2018. Níor measadh gur mór-líne ghnó ar leithligh iad an dá shócmhainn atá ar coinnithe chun a díola agus dá bhrí sin ní mheastar ina n-oibríochtaí scortha iad de réir shainmhíniú IFRS 5.

Sócmhainní agus dliteanais an ghrúpa diúscairtí a bhí ar coinneáil chun díola amhail an 31 Nollaig 2018Bhí na sócmhainní agus na dliteanais seo a leanas sa ghrúpa diúscartha ag an dáta sin.

€’000

Réadmhaoin, gléasra agus trealamh 1,088

Infheistíochtaí eile 410

Cáilmheas 5,732

Sócmhainn cánach iarchurtha 298

Suimeanna infhaighte trádála agus eile 11,945

Fardail 400

Airgead sa bhanc agus ar láimh 5,585

Airgead srianta 180,791

Sócmhainní a aicmítear a bheith ar coinneáil chun díola 206,249

€’000

Suimeanna iníoctha trádála agus eile 8,875

Dliteanas maidir le hairgead coinnithe – cártaí réamhíoctha nár úsáideadh 180,791

Dliteanas cánach iarchurtha 135

Dliteanais a bhaineann le sócmhainní a aicmítear a bheith ar coinneáil chun díola 189,801

Ar an 31 Eanáir 2019, díoladh scairsheilbh iomlán TSC Ventures DAC (cuideachta shealbhaíochta na scaireanna sa ghrúpa cuideachtaí One4all Gift Voucher) le Blackhawk Network, eagraíocht teicneolaíochta airgeadais dhomhanda. B’ionann luach an idirbhirt agus €105m agus bhí 53.6% de na scaireanna in TSC Ventures DAC ag An Post roimhe seo. Áirítear ar na fáltais díolachán a aithníodh in 2019 dhá mhéid a bhí á gcoinneáil in eascró ag am an idirbhirt ar luach €10.187m. Tá na méideanna sin san áireamh i bhFéichiúnaithe Eile amhail an 31 Nollaig 2019 agus fuarthas iad in am, in Eanáir 2020 agus i Márta 2020. Is féidir go bhfaighidh An Post comaoin theagmhasach €5.6m i ndáil leis an díolachán in 2021. Tá sé sin á chonneáil i gcuntas eascró speisialta faoi láthair agus ní cuid de na fáltais ó dhíolacháin a aithníodh in 2019 é. Tugadh díol Precision Marketing Information Limited, fochuideachta sách beag, a chuir sonraí margaíochta, seirbhísí bunachar sonraí agus eolairí gnó ar fáil chun críche i mí Márta 2019.

Ba é an brabús ar dhiúscairt na bhfochuideachtaí ná €40.038m, mar a leagtar amach i nóta 5.

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19. Suimeanna Iníoctha Trádála agus Eile


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Creidiúnaithe trádála 49,394 46,364 30,139 24,492

Suimeanna dlite le gnóthais fochuideachta - - 27,428 36,216

Creidiúnaithe eile 12,486 12,267 12,034 11,838

Cánachas agus leas sóisialta (nóta 21) 19,231 17,587 17,730 16,605

Fabhruithe 64,747 76,120 57,870 66,610

Deontais chaipitil (nóta 22) 449 449 102 102

Ioncam iarchurtha – coimisiún gníomhaireachta 6,575 6,736 - -

Ioncam iarchurtha – stampaí díolta nár úsáideadh / méadair frainceála 14,853 16,844 13,669 15,549

167,735 176,367 158,972 171,412

Tá suimeanna dlite le gnóthais an Ghrúpa saor ar ús, gan urrús agus iníoctha ach é a éileamh. Tá ioncam iarchurtha i ndáil le stampaí nár úsáideadh agus creidmheas ar mheaisíní frainceála bunaithe ar roinnt modhanna meastacháin agus samplála a ndéanann lucht bainistíochta athbhreithniú orthu chun breithiúnas a dhéanamh ar shuim iompartha an ioncaim iarchurtha. Déantar ioncam a iarchur amhail dáta an chláir chomhardaithe toisc nár comhlíonadh oibleagáidí feidhmíochta áirithe fós. Measann na stiúrthóirí go bhfuil suim iompartha na n-infháltas trádála neas-chomhionann lena luach cóir.

20. Léasanna agus Iasachtaí

Dlite laistigh de bhliain amháin


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Léas airgeadais 3,025 11,593 2,792 11,583

Dliteanas léasa sócmhainne um cheart úsáide 17,054 - 15,920 -

Iasacht ó Bhanc Infheistíochta na hEorpa 1,000 - 1,000 -

21,079 11,593 19,712 11,583

Dlite tar éis bliain amháin


2019 2018 2019 2018

€’000 €’000 €’000 €’000

Léas airgeadais 618 3,289 487 3,265

Dliteanas léasa sócmhainne um cheart úsáide 78,415 - 55,269 -

Iasacht ó Bhanc Infheistíochta na hEorpa 9,000 - 9,000 -

Iasacht ón Rialtas 30,000 30,000 30,000 30,000

118,033 33,289 94,756 33,265

I mí na Nollag 2017, ag féachaint do na seirbhísí ar mhaithe leis an ngeilleagar i gcoitinne a sholáthraíonn sé, fuair An Post iasacht €30m ón Roinn Airgeadais le cabhrú le hathstruchtúrú na Cuideachta. Gabhann téarma 5 bliana leis an iasacht agus d’fhéadfadh síneadh bliantúil a chur leis faoi dhó. Meallann sé ráta úis 1% agus cuireadh ar fáil é chun an Plean Straitéiseach a chur i gcrích. Fuarthas an iasacht ón Banc Eorpach Infheistíochta i mí na Nollag 2019 agus tá sí le haisíoc ina tráthchodanna ráithiúla thar théarma 10 mbliana.

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21. Cánachas agus Leas Sóisialta

Grúpa2019

€’000

Grúpa2018

€’000

Cuideachta 2019

€’000

Cuideachta2018

€’000

Cáin chorparáide (infhaighte) / iníoctha (263) 1,128 (251) 746

Cáin iarchurtha 2,439 1,613 2,212 1,613

Cáin ioncaim bainte faoi ÍMAT 6,683 6,502 6,065 5,839

Árachas sóisialach pá-choibhneasa 5,876 5,514 5,678 5,400

Cáin bhreisluacha 3,346 2,280 2,894 2,459

Cáin shiarchoinneálach do sheirbhísí gairmiúla 1,150 550 1,132 548

19,231 17,587 17,730 16,605

22. Deontais Chaipitil

Grúpa2019

€’000

Grúpa2018

€’000

Cuideachta 2019

€’000

Cuideachta2018

€’000

Ag tús na bliana 8,896 9,345 2,850 2,952

Deontais a fuarthas i gcaitheamh na bliana- - - -

Amúchta chuig an ráiteas ioncaim (449) (449) (102) (102)

8,447 8,896 2,748 2,850

Ag deireadh na bliana (449) (449) (102) (102)

Aistrithe chuig dliteanais reatha 7,998 8,447 2,646 2,748

Fuarthas na deontais a thaispeántar ar chlár comhardaithe na Cuideachta sna 1990idí chun cabhrú le forbairt saoráidí poist ag suíomhanna éagsúla ar fud na tíre. Tá siad amúchta go dtí an cuntas brabúis agus caillteanais ar aon dul le táillí dímheasa le haghaidh na bhfoirgneamh céanna. Ina theannta sin, fuair an Grúpa tacaíocht ón Rialtas chun Iarsmalann Ard-Oifig an Phoist: Finné na Staire a fhorbairt in 2016 agus tá an deontas sin amúchta freisin ar bhonn atá ag teacht le dímheas na sócmhainní lenar bhain an deontas.

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23. Soláthairtí

An Grúpa agus an ChuideachtaBa mar seo a leanas a bhí na gluaiseachtaí i rith na bliana:

Soláthar d’athstruchtúrú

gnó

Soláthar d’éilimh

árachais Iomlán

Soláthar d’athstruchtúrú

gnó

Soláthar d’éilimh

árachais Iomlán

2019€’000

2019€’000

2019€’000

2018€’000

2018€’000

2018€’000

Ag tús na bliana 14,330 12,448 26,778 23,180 12,422 35,602

Provisions made during the year 5,500 2,500 8,000 - 2,500 2,500

Úsáidte i rith na bliana (8,981) (1,764) (10,745) (8,850) (2,474) (11,324)

Ag deireadh na bliana 10,849 13,184 24,033 14,330 12,448 26,778

Reatha 10,849 1,688 12,537 14,330 2,075 16,405

Neamhreatha - 11,496 11,496 - 10,373 10,373

10,849 13,184 24,033 14,330 12,448 26,778

Bhain an soláthar d’athstruchtúrú gnó amhail an 31 Nollaig 2018 leis an gclár um athrú sa ghnó agus le dúnadh ionaid próiseála poist. I gcaitheamh 2019, aithníodh soláthar breise €5,500,000 i leith dhúnadh Ionad Poist Chorcaí. Baineann an soláthar d’athstruchtúrú gnó amhail an 31 Nollaig 2019 le dúnadh shaoráid Chorcaí mar ionaid próiseála poist, agus leis sin amháin. Dúnadh oibríocht próiseála poist na saoráide seo an 23 Márta 2020, agus tá an Grúpa ag súil leis an dliteanas seo a ghlanadh i gcaitheamh 2020.

Baineann an soláthar d’éilimh árachais le héilimh faoi pholasaí féinárachais an Ghrúpa. Cinntear an soláthar nuair a chuirtear measúnú de réir cáis i gcrích. Tá an Grúpa ag súil le tromlach an dliteanais árachais a réiteach as seo go ceann sé bliana.

24. Pinsin

An Grúpa agus an ChuideachtaTagann teidlíochtaí pinsin fostaithe chun cinn faoi roinnt scéimeanna pinsin le sochar sainithe agus le ranníocaíocht shainithe, a mbíonn a sócmhainní dílsithe in iontaobhaithe neamhspleácha a cheapann an Chuideachta do shochar na bhfostaithe agus a gcleithiúnaithe agus dó sin amháin. Bíonn ranníocaíochtaí bliantúla bunaithe ar chomhairle achtúire cháilithe ghairmiúil. Ní raibh aon ranníocaíochtaí dlite do na Scéimeanna Pinsin amhail an 31 Nollaig 2019 (2018: €nialas). Meastar go mbeidh ranníocaíochtaí fostóra in 2020 cothrom le €44m.

Meastar costais phinsin na scéimeanna le sochar sainithe de réir na comhairle a thugann achtúire cáilithe gairmiúil atá neamhspleách. Rinneadh na luachálacha achtúire is deireanaí, a chuir na hathruithe ar an ngnáthaois scoir san áireamh, ar an 1 Eanáir 2019, ag úsáid mhodh na n-aonad réamh-mheasta creidmheasa, agus ar an dáta sin ba leor iad le 98% de na dliteanais fhabhraithe a chlúdach. Ba é an príomhbhonn tuisceana achtúireach go mbeadh an ráta toraidh bliantúil ar infheistíochtaí, san fhadtéarma, níos mó ná méaduithe tuarastail agus pinsin de 0.65% ar meán in aghaidh na bliana. Mhol luacháil achtúireach an 1 Eanáir 2019 ráta ranníocaíochta arb ionann é agus 14.4% de luach saothair inphinsin, ar aon dul leis an moladh atá i bhfeidhm faoi láthair ó thaobh maoiniú de. Níl na luachálacha achtúireacha ar fáil le haghaidh iniúchadh poiblí ach cuireadh torthaí na luachálacha in iúl do chomhaltaí na scéimeanna. Tabharfar an chéad luacháil achtúireach eile chun críche laistigh den bhliain lena ngabhann dáta amhail an 1 Eanáir 2022.

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24. Pinsin ar lean

Oibríonn an Chuideachta Scéim Íocaíochtaí um Fhoirceannadh Speisialta do Mháistrí Poist. Soláthraíonn sé seo aisce aon uaire do Mháistrí Poist (de rogha na Cuideachta), i gcás go gcríochnaíonn a gconradh ag aois ar bith, nó, i rith a gconartha, go bhfaigheann siad bás agus go bhfuil gaol nó gaolta cleithiúnacha fágtha ina ndiaidh. Is ionann méid na haisce agus luach saothair seachtaine amháin do gach bliain seirbhíse go dtí 15 bliana, agus luach saothair dhá sheachtain do gach bliain seirbhíse ina dhiaidh sin. Is é an chaidhp fhoriomlán ar an aisce ná 1.5 oiread an luacha saothair. B’ionann an oibleagáid a aithnítear don Scéim seo amhail an 31 Nollaig 2019, atá sa tábla thall, agus €12.8m (2018: €14.7m).

MaoiniúTá na Scéimeanna faoi réir luacháil bhliantúil faoi Chaighdeán Íosta Cistiúcháin an Údaráis Pinsean (MFS).Is éard atá i luacháil MFS ná seiceáil go bhfuil dóthain airgid ag scéim chun íosleibhéal sochar a sholáthar i gcás go ndéantar an scéim a fhoirceannadh. Ina theannta sin, tá sé d’oibleagáid ar na Scéimeanna acmhainní breise leordhóthanacha a bheith acu chun an cúlchiste caighdeánach maoinithe a shásamh mar a fhoráiltear in alt 44(2) den Acht.

Amhail an 1 Eanáir 2013 níor chloí na Scéimeanna leis an Íoschaighdeán Maoinithe, le heasnamh €311m. Dá bhrí sin comhaontaíodh togra maoinithe don Íoschaighdeán Maoinithe idir an Chuideachta, na hIontaobhaithe agus an Fhoireann. D’fhaomh an tÚdarás Pinsean é sin i mí na Bealtaine 2014. Cuireadh leasú ar na Scéimeanna faoi bhráid na Roinne Caiteachais Phoiblí agus Athchóirithe agus na Roinne Cumarsáide, Fuinnimh agus Acmhainní Nádúrtha, agus faomhadh é i mí Eanáir 2015.

Áiríodh ar na leasuithe coigeartú ar an ngnáthaois scoir le haghaidh comhaltaí áirithe agus ar shainmhíniú an phá inphinsin. De bharr na n-athruithe ar na Scéimeanna a comhaontaíodh tá staid maoinithe na Scéimeanna faoin Íoschaighdeán Maoinithe feabhsaithe. Tá an togra maoinithe ag feidhmiú de réir sceidil faoi láthair chun cloí le hÍoschaighdeán Maoinithe an Údaráis Pinsean (lena n-áirítear an cúlchiste caighdeánach maoinithe) faoin 31 Nollaig 2023. Amhail an 31 Nollaig 2019, ríomh staid mheasta MFS barrachas €307m (lena n-áirítear an cúlchiste caighdeánach maoinithe). Tá an Scéim an-íogair i leith gluaiseachtaí i gcothromas agus i margaí bannaí agus is féidir le gluaiseacht dhíobhálach measartha beag athrú ábhartha a dhéanamh ar an staid mhaoiniúcháin. Mar chuid den Togra Maoinithe gheall an Chuideachta sócmhainn theagmhasach ar punann réadmhaoine atá faoina úinéireacht í agus shínigh sí réiteach ag sannadh na réadmhaoine sin, le faomhadh na Ranna ábhartha i mí Feabhra 2015, ag deimhniú an chomhaontaithe maoinithe idir na páirtithe agus na hIontaobhaithe.

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24. Pinsin ar lean

Gluaiseacht sa ghlandliteanas sochair shainitheLéirítear sa tábla seo a leanas réiteach ó na hiarmhéideanna tosaigh go dtí na hiarmhéideanna deiridh do ghlandliteanas i dtaca le sochar sainithe agus a chomhpháirteanna.

Luach cóir shócmhainní an phlean

Oibleagáid sochair shainithe

Glandliteanas sochair shainithe

2019 2018 2019 2018 2019 2018

€’000 €’000 €’000 €’000 €’000 €’000

Iarmhéid amhail an 1 Eanáir 3,063,512 3,115,726 (3,111,392) (3,170,792) (47,880) (55,066)

San áireamh sa bhrabús nó sa chaillteanas

Costas seirbhíse reatha - - (40,500) (46,600) (40,500) (46,600)

(Costas) / ioncam úis 63,900 61,900 (64,400) (62,400) (500) (500)

63,900 61,900 (104,900) (109,000) (41,000) (47,100)

San áireamh in ioncam cuimsitheach eile

Caillteanas (gnóthachan) atomhas

- Caillteanas (gnóthachan) achtúireach ag eascairt as:Boinn tuisceana dhéimeagrafacha

Toimhdí déimeagrafacha - - - - - -

Toimhdí airgeadais - - (422,600) 49,700 (422,600) 49,700

Boinn tuisceana airgeadaisCoigeartú ar thaithí - - (16,334) 31,736 (16,334) 31,736

Toradh ar shócmhainní an phlean 451,862 (74,692) - - 451,862 (74,692)

Eile451,862 (74,692) (438,934) 81,436 12,928 6,744

Ranníocaíochtaí a d’íoc an fostóir 44,772 44,986 - - 44,772 44,986

Costais riaracháin ó phlean (1,000) (1,000) 1,000 1,000 - -

Ranníocaíochtaí na gcomhaltaí 4,273 4,097 (4,273) (4,097) - -

Sochair íoctha – scéim neamh-mhaoinithe - - 2,952 2,556 2,952 2,556

Sochair íoctha – scéim mhaoinithe (89,707) (87,505) 89,707 87,505 - -

(41,662) (39,422) 89,386 86,964 47,724 47,542

Iarmhéid amhail an 31 Nollaig 3,537,612 3,063,512 (3,565,840) (3,111,392) (28,228) (47,880)

Sócmhainní an phleanCuimsíonn sócmhainní an phlean iad seo a leanas:

2019 2018

€’000 €’000

Cothromais: Margaí forbartha domhanda 924,175 673,188

Cothromais: Margaí éiritheacha 140,325 109,417

Cothromais: Iomlán 1,064,500 782,605

Bannaí: Euro 1,852,900 1,485,960

Eile: áirítear réadmhaoin, cothromas príobháideach agus bonneagar 620,212 794,947

Luach cóir shócmhainní na scéimeanna pinsin 3,537,612 3,063,512

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Faoin nGníomhas Iontaobhais, tá an chumhacht iomlán ag na hIontaobhaithe chun beartas infheistíochta a chinneadh agus chun na cistí atá ar fáil dóibh a riaradh. Leithdháiltear an t-airgead le hinfheistiú ar bhainisteoirí infheistíochta éagsúla agus infheistíonn siad ar fad de réir treoirlínte a leagtar amach i gComhaontú Bainistíochta Infheistíochta a d’fhaomh na hIontaobhaithe. Cuireann na bainisteoirí infheistíochta tuarascálacha mionsonraithe ar fáil do na hIontaobhaithe agus déanann na hIontaobhaithe monatóireacht ar fheidhmíocht infheistíochta go rialta. Tá tromlach shócmhainní na Scéimeanna infheistithe i gcothromais agus i mbannaí. Tá an chuid eile de na sócmhainní infheistithe in aicmí sócmhainní malartacha, réadmhaoin san áireamh.

Bainistíonn cúigear bainisteoirí infheistíochta na príomh-shainorduithe seo a leanas, a chuimsíonn 80% de shócmhainní na Scéimeanna le chéile:

• Sainordú cothromais forbartha domhanda éighníomhach – SSGA

• Sainordú úis sheasta gníomhach – PIMCO

• Sainordú úis sheasta éighníomhach – SSGA

• Sainordú cothromais domhanda éighníomhach caidhpe bige – Bainisteoirí Infheistíochta Irish Life

• Sainordú cothromais gníomhach um margaí atá ag teacht chun cinn – JP Morgan agus

• Sainordú cothromais gníomhach um margaí atá ag teacht chun cinn – Heptagon

Ina theannta sin, tá infheistíochtaí réadmhaoine ag na hIontaobhaithe le SSGA, IPUT plc, Fidelity International agus Patrizia. Leanann na hIontaobhaithe ar aghaidh ag infheistiú in infheistíochtaí malartacha éagsúla – i roinnt cásanna tarraingíonn an bainisteoir suim na hinfheistíochta anuas tharr thréimhse ama seachas mar infheistíocht láithreach. Áirítear leis na hinfheistíochtaí sin bonneagar, foraoiseacht, iasachtú díreach, cothromas príobháideach agus caipiteal fiontair. Tá infheistíocht ag na hIontaobhaithe freisin in Premier Lotteries Ireland Limited, an chuideachta a reáchtálann an Crannchur Náisiúnta.

Oibleagáid sochair shainithei. Boinn tuisceana achtúireacha

Ba iad seo a leanas na príomhbhoinn tuisceana achtúireacha ar an dáta tuairiscithe:

2019 2018

Aonad réamh-mheasta

Aonad réamh-mheasta

Modh luachála 1.35% 2.10%

Boilsciú – praghasinnéacs tomhaltóirí 1.60% 1.75%

Boilsciú ar phá inphinsin 1.50% 1.50%

Ardú ar phinsin in íocaíocht 1.50% 1.50%

Arduithe ar thuarastail inphinsin 1.50% 1.50%

Tá na boinn tuisceana maidir le fad saoil na ndliteanas pinsin ar an dáta tuairiscithe bunaithe ar tháblaí caighdeánacha mortlaíochta achtúireacha agus cuirtear feabhsú fad saoil sa todhchaí san áireamh.

Tá na boinn tuisceana bunaithe ar an dóchúlacht go mairfidh duine 65 bliana d’aois go dtí an aois seo a leanas:

2019 Fir

2019 Mná

2018 Fir

2018Mná

Ionchas saoil ag 65

Pinsinéirí Reatha – 65 bliana d’aois 86.6 88.5 86.5 88.4

Pinsinéirí sa Todhchaí – 40 bliain d’aois 88.9 90.7 88.8 90.7

Amhail an 31 Nollaig 2019, b’ionann meánfhad ualaithe na hoibleagáide sochair shainithe sa scéim phríomhúil agus 16.6 bliain (2018: 16.1 bliain).

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24. Pinsin ar lean

Oibleagáid sochair shainithe ar leanii. Anailís ar íogaireacht

Bheadh tionchar ag athruithe féideartha réasúnta ar an dáta tuairiscithe ar cheann de na boinn tuisceana achtúireacha ábhartha, ag coinneáil na mbonn tuisceana eile seasmhach, ar an oibleagáid sochair shainithe de réir na méideanna a thaispeántar thíos.

2019 2018

€’m €’m €’m €’m

Méadú Laghdú Méadú Laghdú

Ráta lascaine (gluaiseacht 0.25%) (148.6) 155.1 (121.7) 126.7

Fás ar thuarastal/pinsean sa todhchaí (gluaiseacht 0.25%) 150.7 (144.6) 123.9 (119.1)

Dá mbeadh méadú bliana ar an toimhde i dtaca le hionchas saoil, bheadh méadú €122.9m ar easnamh na scéime.

Cé nach bhfuil leithdháileadh iomlán na sreafaí airgid a bhfuiltear ag súil leo faoin bplean san áireamh san anailís, tugtar meastachán ar íogaireacht na mbonn tuisceana a thaispeántar.

Sócmhainn Theagmhasach Scéim Pinsin An PostFaoi théarmaí an phlean chun ceanglais an Íoschaighdeáin Maoinithe a chomhlíonadh cuireadh morgáiste agus muirear a bhaineann le sócmhainní réadmhaoine áirithe de chuid na Cuideachta dar luach €72.5 milliún in áit i bhfabhar Scéim Pinsin An Post (“an Scéim”) le húsáid mar shócmhainn theagmhasach na Scéime. Faoi théarmaí an mhorgáiste agus an mhuirir, i gcás go ndéantar diúscairt ar na sócmhainní réadmhaoine sin a chomhlíonann téarmaí an mhorgáiste agus an mhuirir, tá an Scéim i dteideal na bhfáltas díolacháin, nó go gcuirfí sócmhainní eile ar an luach margaidh céanna in áit na sócmhainní díolta. Is é an t-uasmhéid gur féidir le

hIontaobhaithe na Scéime a in-aisghabháil faoin morgáiste agus faoin muirear ná €100m.

25. Scairchaipiteal agus Cúlchistí


2019 €’000

2018 €’000

Údaraithe:

80,000,000 Gnáthscaireanna €1.25 an ceann 100,000 100,000

Leithroinnte, glaoite agus íoctha ina n-iomláine:

54,590,946 Gnáthscair ar €1.25 an ceann 68,239 68,239

Nádúr agus cuspóir na gcúlchistíCúlchiste comhshóite caipitil

Ar an 14 Eanáir 2003, rinneadh scaireanna na Cuideachta a athainmniú ó €1.269738 go €1.25 an scair agus aistríodh suim €877,000 chuig cúlchiste comhshóite caipitil.

Cúlchiste aistrithe airgeadra eachtraigh

Cuimsítear sa chúlchiste aistrithe na difríochtaí ar fad in airgeadra eachtrach a eascraíonn as ráitis airgeadais oibríochtaí eachtracha a aistriú.

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26. Fochuideachtaí agus Comhfhiontair

Foghnóthais atá i seilbh na Cuideachta go díreach1

Ainm Cineál gnó Sealúchas mar % Oifig Chláraithe

Printpost Limited Clóbhualadh ardmhéide

100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

An Post Billpost Processing Service Limited Próiseáil íocaíochta billí 100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

An Post GeoDirectory DAC Seirbhísí bunachar sonraí


Arcade Property Company Limited Forbairt agus ligean maoine


Prince’s Street Property Company Limited Neamhghníomhach 100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

Post Consult International Limited Seirbhísí bogearraí ríomhaire


Post.Trust Limited Teastasú digiteach agus Seirbhís Slándála


Transpost Limited Cúiréirí agus dáileachán 100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

Kompass Ireland Publishers Limited Neamhghníomhach 100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

An Post (NI) Limited Cuideachta Sealbhaíochta

100% The Soloist Building1 Lanyon Place BelfastBTI 3LP, NI, United Kingdom

1 I ngach cás, is gnáthscaireanna iad na scaireanna atá i seilbh An Post.

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26. Fochuideachtaí agus Comhfhiontair ar lean

Foghnóthais atá ar coinneáil go hindíreach trí fhoghnóthas


Air Business Limited Seirbhísí dáilte agus síntiús irise

100% The BeaconMosquito Way Hatfield Herts, AL10 9WNAn Ríocht Aontaithe.

One Direct (Ireland) Limitedag trádáil mar An Post Insurance

Bróicéir Árachais 100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

Jordan & Co International Limited Dáileadh 100% The Beacon, Mosquito Way, Hatfield, Herts, AL10 9WNAn Ríocht Aontaithe.

Postpoint Services Limited Breisiú fóin phóca 100% Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

GPO IEC Limited Lárionad Taispeántais Ard-Oifig an Phoist

100% Ard-Oifig an Phoist, Sráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

Joint ventures held directly by the Company


The Prize Bond Company DAC Riar Scéim na nDuaisbhannaí


Tá Air Business Limited agus Jordan & Co International Limited corpraithe i Sasana agus sa Bhreatain Bheag agus ag feidhmiú ansin. Tá An Post (NI) Limited corpraithe i dTuaisceart Éireann agus ag feidhmiú ansin. Tá gach gnóthas eile corpraithe i bPoblacht na hÉireann agus ag feidhmiú ansin. Cuimsíonn na scairshealbha ar fad gnáth-scairchaipiteal. Riarann The Prize Bond Company DAC an Scéim Duaisbhannaí faoi chonradh le Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta.

Thug an Chuideachta urrús faoi Alt 357 d’Acht na gCuideachtaí, 2014 do na haonáin seo a leanas sa bhliain reatha: Post Consult International Limited; Printpost Limited; Post.Trust Limited; Transpost Limited; Prince’s Street Property Company Limited; An Post Billpost Processing Services Limited; Kompass Ireland Publishers Limited; One Direct (Ireland) Limited; GPO IEC Limited agus Postpoint Services Limited.

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27. Ceangaltais faoi Léasanna

Léasanna AirgeadaisBhí íocaíochtaí sa todhchaí faoi léasanna airgeadais ag deireadh na bliana don Ghrúpa agus don Chuideachta mar seo a leanas:

Íosíocaíochtaíléasa sa todhchaí Ús

Luach reatha íosíocaíochtaí léasa

2019 2018 2019 2018 2019 2018€’000 €’000 €’000 €’000 €’000 €’000

GrúpaNíos lú ná bliain amháin 3,062 11,732 37 139 3,025 11,593Idir bliain amháin agus cúig bliana 627 3,323 9 34 618 3,289Níos faide ná cúig bliana - - - - -

3,689 15,055 46 173 3,643 14,882

CuideachtaNíos lú ná bliain amháin 2,819 11,720 27 137 2,792 11,583Idir bliain amháin agus cúig bliana 490 3,295 3 30 487 3,265Níos faide ná cúig bliana - - - - - -

3,309 15,015 30 167 3,279 14,848

Dliteanais léasa a bhaineann le sócmhainní um cheart úsáideBhí íocaíochtaí sa todhchaí faoi na léasanna ag deireadh na bliana don Ghrúpa agus don Chuideachta mar seo a leanas:

Íosíocaíochtaíléasa sa todhchaí Ús

Luach reatha íosíocaíochtaí léasa

2019 2018 2019 2018 2019 2018€’000 €’000 €’000 €’000 €’000 €’000

GrúpaNíos lú ná bliain amháin 18,620 - 1,566 - 17,054 -Idir bliain amháin agus cúig bliana 48,893 - 4,205 - 44,688 -Níos faide ná cúig bliana 52,573 - 18,846 - 33,727 -

120,086 - 24,617 - 95,469 -

CuideachtaNíos lú ná bliain amháin 16,910 - 990 - 15,920 -Idir bliain amháin agus cúig bliana 41,694 - 2,169 - 39,525 -Níos faide ná cúig bliana 16,859 - 1,115 - 15,744 -

75,463 - 4,274 - 71,189 -

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28. Ceangaltais ChaipitilBhí caiteachas caipitil don todhchaí a d’fhaomh na stiúrthóirí ach nár foráladh dó sna ráitis airgeadais mar seo a leanas:

Grúpa Grúpa Cuideachta Cuideachta2019 2018 2019 2018

€’000 €’000 €’000 €’000

Ar conradh 16,912 18,809 16,184 18,095

Údaraithe ach gan a bheith ar conradh 1,729 318 1,729 318

18,641 19,127 17,913 18,413

29. Páirtithe Gaolmhara

Páirtí rialaitheRinne an tAire Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil rialú ar an nGrúpa i rith na bliana ar fad. Is ag an Aire atá scairchaipiteal eisithe iomlán An Post seachas gnáthscair amháin atá ag an Aire Airgeadais (a aistríodh chuig an Aire Caiteachais Phoiblí agus Athchóirithe faoin Acht um Airí agus Rúnaithe, 2011).

Idirbhearta eile le páirtithe gaolmharaThe Prize Bond Company DAC

Faoi théarmaí an chonartha le The Prize Bond Company DAC, comhlíonann an Chuideachta gnéithe áirithe de riarachán Scéim na nDuaisbhannaí. B’ionann na táillí a thuill an Chuideachta do sheirbhísí den chineál sin don bhliain dar críoch an 31 Nollaig 2019 agus €4,120,000, (2018: €4,114,000). Ba é an tsuim a bhí dlite ó The Prize Bond Company DAC don Ghrúpa ná €284,000 an 31 Nollaig 2019; (2018: €257,000). Amhail an 31 Nollaig 2019 bhí €812,000 (2018: €812,000) de Dhuaisbhannaí ag an nGrúpa.

An Post GeoDirectory DAC

Tá scairsheilbh 51% ag An Post in An Post GeoDirectory DAC, cuideachta a dhíolann agus a bhainistíonn bunachar sonraí náisiúnta d’fhaisnéis seoltaí agus suíomhanna. Cheannaigh An Post GeoDirectory DAC earraí agus seirbhísí ar luach €1,500,000 don bhliain dar críoch an 31 Nollaig 2019 ó An Post (2018: €1,500,000). Cheannaigh An Post earraí agus seirbhísí ar luach €24,000 don bhliain dar críoch an 31 Nollaig 2019 ó An Post GeoDirectory DAC (2018: €20,000). Ba é an tsuim a bhí dlite ó An Post GeoDirectory DAC don Ghrúpa an 31 Nollaig 2019 ná €613,000; (2018: €413,000).

Grúpa Cuideachtaí GVS

Ar feadh mhí Eanáir 2019, roimh a dhiúscairt, bhí scairsheilbh 53.6% ag An Post in TSC Ventures DAC, an chuideachta shealbhaíochta do ghrúpa cuideachtaí an Gift Voucher Shop. Bíonn na cuideachtaí seo ag díol cártaí bronntanais miondíola in Éirinn agus sa Ríocht Aontaithe. San am sin thuill An Post coimisiún agus dhíol seirbhísí poist le grúpa cuideachtaí an Gift Voucher Shop dar luach €149,000 (2018: €3,867,000 don bhliain iomlán). Cheannaigh An Post seirbhísí dar luach €8,000 ó ghrúpa cuideachtaí an Gift Voucher Shop i gcaitheamh Eanáir 2019 (2018: €101,000 don bhliain iomlán).

Idirbhearta le ranna Rialtais agus le comhlachtaí Stáit eile

Soláthraíonn an Grúpa, i ngnáth-imeacht gnó, seirbhísí postais, gníomhaireachta, íocaíochta agus teachtaire do ranna Rialtais éagsúla agus do chomhlachtaí Stáit eile ar bhonn fadláimhe. Feidhmíonn an Grúpa seirbhísí laethúla baincéireachta agus státchiste le hinstitiúidí baincéireachta atá faoi úinéireacht an Stáit freisin.

I gcaitheamh 2018, fuair An Post deontas €80,000 ón Roinn Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil le haghaidh na Scéime Píolótaí um Chúnamh Digiteach. Ba é cuspóir an deontais ná táibléad cliste sofheicthe, méarchlár agus printéir a chur ar fáil don phobal i ndeich n-oifig poist i gceantair thuaithe le go mbeadh rochtain acu ar shuíomhanna gréasáin Rialtais agus An Post. Tá an Scéim Phíolótach seo á rith faoi láthair chun éileamh an phobail ar an tseirbhís a mheas. Cuireadh an deontas a fuarthas san áireamh mar ioncam in 2018. Ní bhfuarthas aon íocaíocht den sórt sin in 2019.

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Idirbhearta le príomhphearsanra bainistíochta, a chuimsigh Stiúrthóirí Feidhmiúcháin, Stiúrthóirí Neamhfheidhmiúcháin agus comhaltaí eile de Choiste Bainistíochta Feidhmiúcháin an Ghrúpa agus daoine a bhfuil baint acu leo.

2019 2018

€’000 €’000

Sochair fostaithe ghearrthéarmacha 2,262 2,996

Táillí stiúrthóirí neamhfheidhmiúcháin 215 220

Sochair i ndiaidh fostaíochta 286 480

2,763 3,696

I Meitheamh 2018, ceapadh David McRedmond, POF an Ghrúpa, ina Chathaoirleach Neamhfheidhmiúcháin ar eircom Holdings (Ireland) Limited, cuideachta teileachumarsáide seasta, soghluaiste agus leathanbhanda atá ag feidhmiú in Éirinn, a úsáideann an t-ainm trádála, eir. I gcaitheamh 2019, chuir eir seirbhísí ar fáil don Ghrúpa agus chuir An Post seirbhísí ar fáil do eir i rith gnáthchúrsa gnó. B’ionann na táillí maidir le hearraí agus seirbhísí a sholáthair eir don Ghrúpa go dtí an 31 Nollaig 2019 agus €13,747,000 (2018 ó Mheitheamh amach: €8,341,000). B’ionann an méid nach raibh íoctha go fóill ag an nGrúpa ag deireadh na bliana agus €2,089,000 (2018: €1,205,000). Chuir an Grúpa seirbhísí ar fáil do eir arbh fhiú €3,117,000 iad i gcaitheamh 2019 (2018 ó Mheitheamh amach: €3,117,000) agus ba é an méid nach raibh íoctha ag eir leis an nGrúpa go fóill ag deireadh na bliana ná €2,311,000 (2018: €1,370,000).

30. Teagmhais

Ní raibh aon urrúis ná dliteanais theagmhasacha ann amhail an 31 Nollaig 2019 ná 2018 óna bhféadfadh caillteanais ábhartha teacht chun cinn seachas iad sin a nochtar in áit eile i ráitis airgeadais an Ghrúpa agus na Cuideachta.

31. Ionstraimí Airgeadais – Luach Cóir agus Bainistíocht Riosca

Luach cóirA. Aicmí cuntasaíochta agus luachanna córas

Tomhaiseann an Grúpa luachanna córa leis an ordlathas modhanna seo a leanas:

• Leibhéal 1 – Is ionann na hionchuir agus praghsanna margaidh luaite (gan choigeartú) i margaí gníomhacha le haghaidh ionstraimí atá díreach cosúil leo.

• Leibhéal 2 – Ionchuir seachas praghsanna luaite a áirítear i Leibhéal 1 atá inbhraite go díreach (i.e. mar phraghsanna) nó go hindíreach (i.e. díorthaithe ó phraghsanna). Áirítear sa chatagóir seo ionstraimí a luacháiltear ach úsáid a bhaint as: praghsanna margaidh luaite i margaí gníomhacha d’ionstraimí atá cosúil leo; praghsanna luaite ar ionstraimí atá díreach cosúil leo nó cosúil leo i margaí a mheastar a bheith níos lú ná gníomhach; nó teicnící luachála eile ina bhfuil na hionchuir shuntasacha ar fad inbhraite go díreach nó go hindíreach ó shonraí margaidh.

• Leibhéal 3 – Ionchuir atá do-bhraite. Áirítear sa chatagóir seo na hionstraimí ar fad ina n-áirítear sa teicníc luachála ionchuir nach bhfuil bunaithe ar shonraí inbhraite agus bíonn tionchar suntasach ag na hionchuir dho-bhraite ar luacháil na hionstraime. Áirítear sa chatagóir seo ionstraimí a luacháiltear bunaithe ar phraghsanna luaite le haghaidh ionstraimí atá cosúil leo ach a dteastaíonn boinn tuisceana nó coigeartuithe suntasacha do-bhraite uathu chun na difríochtaí idir na hionstraimí a léiriú.

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31. Ionstraimí Airgeadais – Luach Cóir agus Bainistíocht Riosca

Luach cóir

Ríomhtar an luach cóir mar seo a leanas:(i) Luachálfar urrúis a thrádáiltear gan srianadh bunaithe ar an bpraghas scoir, nó murar tharla aon díolachán, ag an

bpraghas tairgthe deireadh orthu ar an lá deiridh den ráithe nó den bhliain airgeadais, de réir mar is cuí. I gcás gach ionstraime airgeadais eile, cinneann an Grúpa luachanna córa ag úsáid teicnící luachála.

(ii) D’fhéadfaí infheistíochtaí a aicmiú mar Leibhéal 2 nuair a thagann faisnéis margaidh chun cinn, ach nach bhfuil an infheistíocht á trádáil i margadh gníomhach agus/nó go bhfuil an infheistíocht faoi réir ag srianta aistrithe, nó go gcoigeartaítear an luacháil chun neamhleachtacht agus/nó neamh-inaistrithe a léiriú.

(iii) Tá tomhas luacha chóir an Ghrúpa ar infheistíochtaí Leibhéal 3 bunaithe ar shamhail a bhféadfadh ionchuir shuntasacha dho-bhraite a bheith ann. Is é atá sa tsamhail ábhartha ná teicníc an ghlanluacha reatha, a dhíorthaítear ó phraghas infheistíochta comhchosúil agus/nó rátaí iasachtaí margaidh comhchosúla, ag brath ar mheasúnú lucht bainistíochta ar an modheolaíocht luachála agus ar na hionchuir is oiriúnaí don infheistíocht áirithe sin.

Tugtar achoimre sa tábla i nóta 31 cuid B ar na boinn tuisceana agus ar na hionchuir chainníochtúla a úsáideadh le haghaidh na n-infheistíochtaí a chuirtear i Leibhéal 3 den ordlathas luacha chóir amhail an 31 Nollaig 2019. Níor aistríodh aon rud idir leibhéil an ordlathais luacha chóir i rith na mblianta dar chríoch an 31 Nollaig 2019 agus an 31 Nollaig 2018.

Léirítear sa tábla seo a leanas na suimeanna glanluacha agus luachanna córa na sócmhainní airgeadais agus na ndliteanas airgeadais, lena n-áirítear a leibhéal san ordlathas luacha chóir. Ní áirítear ann faisnéis luacha chóir le haghaidh sócmhainní airgeadais agus dliteanais airgeadais nár tomhaiseadh ag luach cóir más meastachán réasúnta ar luach cóir é an tsuim ghlanluacha.

Suim ghlanluacha Luach Cóir

Iasachtaí agus

suimeanna infhaighte

Infheistíochtaí eile

Dliteanais airgeadais

eile IomlánLeibhéal

1Leibhéal

2Leibhéal

3 Iomlán

31 Nollaig 2019 Nóta €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000

Tomhaistear sócmhainní airgeadais ag luach cóir.

Leas in PLI – scaireanna cothromais

14 - 350 - 350 - - 340 340

- 350 - 350

Sócmhainní airgeadais nár tomhaiseadh ag luach cóir

Leas in PLI – iasacht scairshealbhóra

14 28,115 - - 28,115 - - 28,100 28,100

Leas in PLI – scaireanna tosaíochta

14 8,409 - - 8,409 - - 8,409 8,409

Infháltais trádála agus eile 15 111,618 - - 111,618 - - - -

Airgead agus coibhéisí airgid 17 509,855 - - 509,855 - - - -

657,997 657,997


Iasacht ón Rialtas 20 - - 30,000 30,000 - - 30,000 30,000

Iasacht ón mBanc Eorpach Infheistíochta

20 - -10,000 10,000

- -10,000 10,000

Léas airgeadais 20 - - 3,643 3,643 - - 3,643 3,643

Dliteanas léasa sócmhainne um cheart úsáide

20 - -95,469 95,469

- -95,469 95,469

Suimeanna iníoctha trádála agus eile

19 - -126,627 126,627

- - - -

265,739 265,739

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A. Aicmí cuntasaíochta agus luachanna córa ar lean

Léirítear sa tábla seo a leanas na suimeanna glanluacha agus luachanna córa na sócmhainní airgeadais agus na ndliteanas airgeadais, lena n-áirítear a leibhéal san ordlathas luacha chóir. Ní áirítear ann faisnéis luacha chóir le haghaidh sócmhainní airgeadais agus dliteanais airgeadais nár tomhaiseadh ag luach cóir más meastachán réasúnta ar luach cóir é an tsuim ghlanluacha.

Suim ghlanluacha Luach Cóir

Iasachtaí agus

suimeanna infhaighte

Infheistíochtaí eile


eile IomlánLeibhéal

1Leibhéal

2Leibhéal

3 Iomlán

31 Nollaig 2018 Nóta €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000

Tomhaistear sócmhainní airgeadais ag luach cóir.


14 - 350 - 350 - - 350 350

Leas in infheistíocht neamhluaite

14 - 410 - 410 410 - - 410

- 760 760

Sócmhainní airgeadais nár tomhaiseadh ag luach cóir

Leas in PLI – iasacht scairshealbhóra

14 25,722 - - 25,722 - - 25,722 25,722

Leas in PLI – scaireanna tosaíochta

14 8,409 - - 8,409 - - 8,409 8,409

Infháltais trádála agus eile 15 98,622 - - 98,622 - - - -

Airgead agus coibhéisí airgid 17 512,541 - - 512,541 - - - -

Airgead tirim srianta (aistrithe go sócmhainní a aicmítear a bheith ar coinneáil chun díola)

180,791 - - 180,791 - - - -

826,085 826,085

Dliteanais Airgeadais nach dtomhaistear ag luach cóir

Iasacht ón Rialtas 20 - - 30,000 30,000 - - 30,000 30,000

Léas airgeadais 20 - - 14,882 14,882 - - 14,882 14,882

Suimeanna iníoctha trádála agus eile

19 - - 134,733 134,733 - - - -

179,615 179,615

B. Teicníochtaí luachála agus ionchuir shuntasacha dho-bhraite

Léirítear sna táblaí a leanas na teicníochtaí luachála a úsáideadh chun luach cóir Leibhéal 3 a thomhas, chomh maith leis na hionchuir shuntasacha dho-bhraite a úsáideadh.

Ionstraimí airgeadais a tomhaiseadh ag luach cóir

Cineál Luach cói 2019 Teicníocht Luachála Ionchuir dho-bhraite

€’000


340 Teicníc um shreabhadh airgid lascainithe arna tagairt d’idirbhearta tríú páirtí

Ráta lascaine

Taifeadtar na hionstraimí seo ag €350k amhail an 31 Nollaig 2019 toisc gur neastachán réasúnta ar an tsuim ghlanluacha é an luach cóir agus nach mbeadh tábhacht ar bith le haon bhearnúchán don Ghrúpa.

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31. Ionstraimí Airgeadais – Luach Cóir agus Bainistíocht Riosca ar lean

Luach cóir ar lean

Ionstraimí airgeadais nár tomhaiseadh ag luach cóir

Cineál 2019€’000

Teicníocht Luachála I onchuir dho-bhraite

Leas in PLI – iasacht scairshealbhóra 28,115

Teicníc um shreabhadh airgid lascainithe arna tagairt d’idirbhearta tríú páirtí Ráta lascaine

Leas in PLI – scaireanna tosaíochta 8,409

Teicníc um shreabhadh airgid lascainithe arna tagairt d’idirbhearta tríú páirtí Ráta lascaine

Iasacht ón Rialtas 30,000Teicníc um shreabhadh airgid lascainithe arna tagairt do rátaí iasachtaíochta/iasachtaithe margaidh Ráta lascaine

Iasacht ón mBanc Eorpach Infheistíochta 10,000

Teicníc um shreabhadh airgid lascainithe arna tagairt do rátaí iasachtaíochta/iasachtaithe margaidh Ráta lascaine

Dliteanas léasa airgeadais 3,643Teicníc um shreabhadh airgid lascainithe arna tagairt do rátaí iasachtaíochta/iasachtaithe margaidh Ráta lascaine

Rinneadh iasacht na scairshealbhóirí do PLI a thomhas ag costas amúchta. Meastar go bhfuil riosca creidmheasa íseal ag baint le hiasacht na scairshealbhóirí ó tharla go bhfuil riosca íseal mainneachtana ann agus go bhfuil acmhainn láidir ag an eisitheoir chun a oibleagáidí conartha um shreabhadh airgid a chomhlíonadh sa ghearrthréimhse.

Baineann an Grúpa úsáid as dóchúlacht mainneachtana, neamhchosaint ar mhainneachtain agus caillteanas i gcás mainneachtana chun riosca creidmheasa agus caillteanais chreidmheasa ionchais a thomhas. Tugann an bhainistíocht idir anailís stairiúil agus fhaisnéis a fhéachann chun cinn san áireamh chun aon chaillteanas creidmheasa a dhéanamh amach. Níor aithníodh aon liúntas caillteanais bunaithe ar chaillteanais chreidmheasa ionchais 12 mhí mar nach mbeadh tábhacht ar bith le haon bhearnúchán den sórt sin don Ghrúpa.

C. Luachanna córa Leibhéal 3

Réiteach luachanna córa Leibhéal 3

Léirítear sa tábla seo a leanas réiteach ó na hiarmhéideanna tosaigh go dtí na hiarmhéideanna deiridh do luachanna córa Leibhéal 3.

PLI – scaireanna cothromais2019

€’0002018

€’000

Iarmhéid ag tús na tréimhse 350 350

Ceannacháin - -

Díolacháin - -

Gluaiseacht sa luach cóir (10) -

Iarmhéid ag deireadh na tréimhse 340 350

Anailís ar íogaireachtSa chás go bhfuil luach na n-ionstraimí airgeadais ag brath ar shamhlacha luachála do-bhraite, roghnaítear samhlacha agus ionchuir oiriúnacha ionas go dtiocfaidh siad leis an bhfianaise margaidh atá i réim. Ní bheadh tionchar suntasach ag méadú nó laghdú 100bps ar ráta lascaine na sócmhainní airgeadais faoi Leibhéal 3 a choinníonn an Grúpa ar an luach tugtha anonn.

Bainistíocht riosca airgeadaisDéantar rioscaí airgeadais an Ghrúpa a bhainistiú laistigh de pharaiméadair a shainíonn an Bord go foirmiúil. Déantar gníomhaíocht chistíochta a thuairisciú don Choiste Iniúchóireachta agus Riosca agus don Bhord. Baineann na príomhrioscaí airgeadais a bhíonn os comhair an Ghrúpa le creidmheas, ús, aistriú malartaithe eachtraigh agus leachtacht. Comhaontaíonn an Bord beartais chun na rioscaí sin a bhainistiú, mar a léirítear san achoimre thíos.

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Riosca creidmheasaIs ionann riosca creidmheasa agus an riosca go mbeadh caillteanas airgeadais ag an nGrúpa má theipeann ar chustaiméir nó ar chontrapháirtí le hionstraim airgeadais a oibleagáidí conartha a chomhlíonadh, agus tagann sé chun cinn go príomha ó suimeanna infhaighte an Ghrúpa ó chustaiméirí agus ó airgead agus ó choibhéisí airgid. Is í suim ghlanluacha na sócmhainní airgeadais an neamhchosaint is mó ó thaobh creidmheasa de.

Suimeanna infhaighte trádála agus eile

Baineann beartas bainistíochta riosca creidmheasa an Ghrúpa maidir le suimeanna infhaighte trádála le measúnú a dhéanamh go tráthúil ar iontaofacht airgeadais custaiméirí, ag cur staid airgeadais, taithí roimhe seo agus cúinsí eile san áireamh. Déantar monatóireacht rialta ar úsáid teorainneacha creidmheasa. Níl aon chomhchruinniú riosca creidmheasa ann i leith suimeanna infhaighte trádála toisc go bhfuil líon mór custaiméirí ag an nGrúpa. Maireann meántéarmaí creidmheasa, nuair a thugtar iad, idir 0 agus 45 lá.

Áirítear i suimeanna infhaighte trádála agus eile an Ghrúpa amhail an 31 Nollaig 2019 iarmhéideanna €22.0m (2018: €25.4m) atá dlite thar téarma ar an dáta tuairiscithe ach nach bhfuil bearnaithe.

Tá anailís aoise na n-iarmhéideanna sin anseo a leanas:

2019€’000

2018€’000

Níos lú ná 1 mhí 11,429 17,366

1 – 3 mhí 10,799 7,307

3 – 6 mhí 557 441

Níos faide ná 6 mhí 238 251

22,023 25,365

Tá beartas an Ghrúpa chun lamháltas bearnaithe le haghaidh drochfhiach a chinneadh bunaithe ar mheasúnú de réir líne ar an riosca creidmheasa a ghabhann le féichiúnaithe aonair agus ar mheasúnú ar an ngá le haghaidh lamháltas bearnaithe dá bharr. Agus in-aisghabhálacht suim infhaighte trádála á cinneadh, breithníonn an Grúpa aon athrú ar chaighdeán creidmheasa na suime infhaighte trádála, lena n-áirítear aon chomhartha bearnúcháin (a d’fhéadfadh fianaise ar dheacracht airgeadais an chustaiméara, mainneachtain íocaíochta, sárú conartha, etc. a áireamh). Cuirtear aisghabhálacha ina dhiaidh sin de shuimeanna a bhí bearnaithe do shochar ar an Ráiteas Ioncaim. Chun críche an lamháltas bearnaithe a ríomh, ní chuireann an Grúpa san áireamh an tionchar a bhíonn ag na suimeanna infhaighte trádála a lascainiú toisc nach meastar é a bheith ábhartha de bharr próifíl aoise iarmhéideanna suimeanna infhaighte trádála an Ghrúpa.

Seo mar a bhí na gluaiseachtaí i lamháltas bearnúcháin na suimeanna infhaighte trádála i rith na bliana:

2019€’000

2018€’000

Iarmhéid ag tús na tréimhse 8,196 8,039

Caillteanas bearnúcháin (dí-aitheanta) / aitheanta (1,269) 305

Suimeanna díscríofa (281) (148)

Iarmhéid ag deireadh na tréimhse 6,646 8,196

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31. Ionstraimí Airgeadais – Luach Cóir agus Bainistíocht Riosca ar leanIasacht na scairshealbhóirí do Premier Lotteries Ireland (PLI)

Rinneadh iasacht na scairshealbhóirí do PLI a thomhas ag costas amúchta. Meastar go bhfuil riosca creidmheasa íseal ag baint le hiasacht na scairshealbhóirí ó tharla go bhfuil riosca íseal mainneachtana ann, go bhfuil an t-eisitheoir ag trádáil go sásúil agus go bhfuil acmhainn láidir aige chun a oibleagáidí conartha um shreabhadh airgid a chomhlíonadh sa ghearrthréimhse. Ina theannta sin, rinneadh athbhreithniú ar na tuartha airgeadais do PLI go deireadh na tréimhse infheistíochta, is é sin 2034, agus tacaíonn na tuartha sin leis an ionchas go n-aisíocfar iasacht na scairshealbhóirí. Dá bharr sin, tá an tsamhail ECL 12 mhí bunaithe ar dhóchúlacht 99% nach mainneoidh PLI ina chuid oibleagáidí ó thaobh sreabhadh airgid de.

Airgead agus coibhéisí airgid

Bunaíonn an Bord an beartas maidir le riosca creidmheasa a bhainistiú. Bainistítear an neamhchosaint tríd an riosca creidmheasa a dháileadh, nuair is féidir, thar bhainc nó thar institiúidí eile, ag comhlíonadh caighdeáin riachtanacha mar mheastar go hiondúil trí thagairt a dhéanamh do na mórghníomhaireachtaí rátála creidmheasa. Bhí airgead agus coibhéisí airgid €510m ag an nGrúpa amhail an 31 Nollaig 2019 (2018: €512m).

Is é seo a leanas beartas bainistíochta airgid an Ghrúpa:

• Ní chuirtear airgead i dtaisce ach leis na hinstitiúidí a fhaomhann an Bord;

• Scaiptear an riosca ionas nach mbeidh níos mó ná 40% le haon institiúid amháin, faoi réir uasmhéad faofa an Bhoird; agus

• Déantar athbhreithniú leanúnach ar an bpróifíl riosca

Déantar monatóireacht rialta ar na beartais sin chun a chinntiú go mbíonn teorainn leis an neamhchosaint ar chreidmheas i gcás gach institiúide airgeadais ar leith.

Urrúis

Is é beartas an Ghrúpa gan urrúis airgeadais a thabhairt ach d’fhochuideachtaí. Amhail an 31 Nollaig 2019, bhí urrús tugtha ag an nGrúpa faoi Alt 357 d’Acht na gCuideachtaí, 2014 do roinnt dá fhochuideachtaí mar a nochtar sa nóta faoi fhochuideachtaí agus faoi chomhfhiontair.

Riosca leachtachta

Is ionann riosca leachtachta agus an riosca go mbeidh deacracht ag an nGrúpa a oibleagáidí a bhaineann lena dhliteanais airgeadais, a réitítear trí airgead nó sócmhainn airgeadais eile a sheachadadh, a chomhlíonadh. Is é cur chuige an Ghrúpa maidir le leachtacht a bhainistiú ná a chinntiú go mbeidh dóthain leachtachta aige chun freastal ar a dhliteanais nuair a bhíonn siad dlite, faoi ghnáthdhálaí agus faoi choinníollacha struis, gan caillteanais dho-ghlactha a thabhú ná dochar a dhéanamh do cháil an Ghrúpa.

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Neamhchosaint ar riosca leachtachta

Is iad seo a leanas aibíocht chonartha na ndliteanas airgeadais atá fágtha ar an dáta tuairiscithe. Is suimeanna comhlána gan lascaine iad, agus áirítear leo íocaíochtaí measta úis agus ní áirítear tionchar na gcomhaontuithe glanluachála.

Sreabhadh airgid conartha

Suim ghlanluacha Iomlán

2 mhí nó níos lú 2 – 12 mhí 1 – 5 bliana

Níos mó ná 5 bliana

31 Nollaig 2019 €’000 €’000 €’000 €’000 €’000 €’000

Dliteanais airgeadais neamhdhíorthacha

Iasacht ón Rialtas 30.000 30,906 - 304 30,602 -

Iasacht ón mBanc Eorpach Infheistíochta 10,000 10,325 - 1,061 4,181 5,083

Dliteanais léasa sócmhainne um cheart úsáide

95,469 120,086 3,103 15,517 48,893 52,573

Dliteanais léasa airgeadais3,643 3,689 634 2,429 626 -

Suimeanna iníoctha trádála agus eile 126,627 126,627 126,627 - - -

265,739 291,633 130,364 19,311 84,302 57,656

Sreabhadh airgid conartha

Suim ghlanluacha Iomlán

2 mhí nó níos lú 2 – 12 mhí 1 – 5 bliana

Níos mó ná 5 bliana

31 Nollaig 2018 €’000 €’000 €’000 €’000 €’000 €’000

Dliteanais airgeadais neamhdhíorthacha

Iasacht ón Rialtas 30,000 31,212 - 306 30,906 -

Dliteanais léasa airgeadais14,882 15,055 1,223 10,509 3,323 -

Suimeanna iníoctha trádála agus eile 134,733 134,733 134,733 - - -

179,615 181,000 135,956 10,815 34,229 -

Riosca margaidhRiosca ó mhalartú eachtrach

Eascraíonn nochtadh d’aistriú malartaithe eachtraigh ó ráitis ioncaim agus ráitis ar staid airgeadais fochuideachtaí thar lear a athaistriú go Euro. Ina theannta sin, tá an Grúpa neamhchosanta ar riosca idirbheart airgeadra sa mhéid nach dtagann na hairgeadraí ina n-ainmnítear díolacháin agus ceannacháin agus airgeadraí feidhmiúla faoi seach Chuideachtaí an Ghrúpa le chéile. Tagann sé sin chun cinn go príomha ar idirbhearta le hoibritheoirí poist idirnáisiúnta. Ní úsáideann an Grúpa díorthaigh chun an riosca sin a bhainistiú faoi láthair. Leanfaidh an Grúpa ar aghaidh á athbhreithniú. Ní bheadh tionchar ábhartha ag athrú féideartha le réasún ar rátaí malartaithe eachtraigh ar na ráitis airgeadais.

Riosca ráta úis

Eascraíonn riosca an Ghrúpa ó rátaí úis ó shuimeanna i dtaiscí, iasachtaí téarmacha agus an iasacht scairshealbhóra do Premier Lotteries Ireland. Ní úsáideann an Grúpa díorthaigh chun an riosca sin a bhainistiú faoi láthair. Leanfaidh an Grúpa ar aghaidh á athbhreithniú. Ní bheadh tionchar ábhartha ag athrú féideartha le réasún ar rátaí úis ar na ráitis airgeadais.

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31. Ionstraimí Airgeadais – Luach Cóir agus Bainistíocht Riosca ar leanNeamhchosaint ar riosca ráta úis

Is mar seo a leanas atá próifíl ráta úis ionstraimí airgeadais úsmhara an Ghrúpa:

Méid ainmniúil2019

€’0002018

€’000

Ionstraimí ag ráta seasta

Sócmhainní airgeadais

Leas in PLI – iasacht scairshealbhóra 28,115 25,722


Iasacht ón RialtasIasacht ó Bhanc Infheistíochta na hEorpa

(30,000)(10,000)

(30,000)-

(11,885) (4,278)

Ionstraimí ag ráta inathraitheach


Taiscí ar glaoch 316,489 335,068

316,489 335,068

Anailís íogaireachta ar luach cóir le haghaidh ionstraimí ag ráta seasta

Ní chuireann an Grúpa aon sócmhainní airgeadais ná dliteanais airgeadais ag ráta seasta san áireamh ag luach cóir trí bhrabús nó trí chaillteanas, agus ní shannann an Grúpa díorthaigh (babhtálacha ráta úis) mar ionstraimí fálaithe faoi shamhail cuntasaíochta fálaithe luacha chóir. Dá bhrí sin, ní bheadh tionchar ag athrú ar rátaí úis ar an dáta tuairiscithe ar an mbrabús ná ar an gcaillteanas.

Anailís íogaireachta ar shreabhadh airgid le haghaidh ionstraimí ag ráta athraitheach

Ba é an toradh a bheadh ag athrú féideartha réasúnach 100 bonnphointe i rátaí úis amhail an dáta tuairiscithená méadú / (laghdú) ar cothromas agus bhrabúis nó chaillteanais de réir na méideanna a thaispeántar thíos i ndáil leis na cistí atá i seilbh an Ghrúpa. Glactar leis san anailís seo go bhfanann na hathróga ar fad eile seasmhach.

Brabús nó caillteanasMéadú 100 bp

Laghdú 100 bp

€’000 €’000

31 Nollaig 2019


Ionstraimí ag ráta inathraitheach 2,822 (2,822)

Íogaireacht sreafa airgid – glansuim 2,822 (2,822)

31 Nollaig 2018


Ionstraimí ag ráta inathraitheach 3,289 (3,289)

Íogaireacht sreafa airgid – glansuim 3,289 (3,289)

Níl an tionchar a bheadh ag athrú féideartha le réasún de 100 bonnphointe ar rátaí úis ar an gcothromas glan ar cháin difriúil go hábhartha ón tionchar brabúis nó caillteanais thuasluaite.

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32. Iar-theagmhaisNí raibh aon teagmhais shuntasacha ann ó dháta an chláir chomhardaithe agus dáta faofa na ráiteas airgeadais seo a d’éileodh leasú ar na ráitis airgeadais nó go nochtfaí iad sna ráitis airgeadais.

Is teagmhas an-suntasach é an tionchar atá ag cás COVID-19 ar Éirinn agus ar ghnó An Post. Níl aon toradh air sin ar gá na Ráitis Airgeadais a choigeartú dá bharr. Tá na Stiúrthóirí agus an feidhmeannas thar a bheith dáiríre faoin gcás agus déanfaidh siad monatóireacht ar an tionchar ar an ngnó ar bhonn leanúnach.

Tá na hoibríochtaí gnó ag leanúint ar aghaidh fad is atá bearta á gcur i bhfeidhm chun sláinte agus sábháilteacht fostaithe agus custaiméirí a chosaint mar aon leis an gcomhairle is fearr a fháil ó shaineolaithe sláinte agus ón eolaíocht. Tá oibríochtaí ag leanúint ar aghaidh agus tá pleananna á gcur i bhfeidhm chun dul i ngleic le cásanna ina gcuirfí isteach ar an ngnó. Tá obair chianda á héascú chun cabhrú leis an iarracht náisiúnta i leith scaradh sóisialta agus mar sin de.

Tá monatóireacht chúramach á déanamh ar an bhfeidhmíocht trádála agus ar na hoibríochtaí. Tá na hoibríochtaí agus na leibhéil ghníomhaíochta á gcoimeád go dtí seo agus tá an gnó ag dul i dtaithí ar na bealaí oibre a theastaíonn.

33. Faomhadh an BhoirdD’fhaomh an Bord Stiúrthóirí na ráitis airgeadais an 26 Márta 2020.

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Ráiteas comhdhlúite ioncaim

2019 2018 2017 2016 2015

€’000 €’000 €’000 €’000 €’000

Ioncam 892,128 896,954 840,002 825,237 826,069

Costais oibriúcháin (850,233) (859,306) (835,210) (839,348) (820,907)

Brabús/(caillteanas) roimh chostais chlaochlúcháin, míreanna aon uaire, (glanchostas) / glanioncam airgeadais agus cánachas 41,895 37,648 4,792 (14,111) 5,162

(Glanchostas) / glanioncam airgeadais (308) 3,098 (1,015) (1,962) (6,235)

Costais chlaochlúcháin (15,281) (13,974) - - -

Míreanna aon uaire 40,038 - 45,824 415 -

Brabús / (caillteanas) roimh chánachas 66,344 26,772 49,601 (15,658) (1,073)

Ráiteas comhdhlúite ar staid an airgeadais

2019 2018 2017 2016 2015

€’000 €’000 €’000 €’000 €’000

Sócmhainní neamhreatha 376,485 274,215 284,422 292,526 294,333

Glansócmhainní / (dliteanais) reatha 69,448 29,781 8,960 (48,463) (33,074)

Dliteanais neamhreatha eile (137,527) (52,109) (62,984) (57,004) (56,925)

Glansócmhainní gan dliteanas pinsin san áireamh 308,406 251,887 230,398 187,059 204,334

Dliteanas pinsin (28,228) (47,880) (55,066) (283,381) (169,203)

Glansócmhainní / (dliteanais), dliteanas pinsin san áireamh

280,178 204,007 175,332 (96,322) 35,131

Caipiteal agus cúlchistí 280,178 204,007 175,332 (96,322) 35,131

Cóimheasanna

2019 2018 2017 2016 2015

Brabús / (caillteanas) roimh chostais chlaochlúcháin, míreanna aon uaire, (glanchostas) / glanioncam airgeadais agus cánachas mar % d’ioncam 4.70% 4.20% 0.57% (1.71%) 0.62%

Costais foirne agus máistrí poist mar % de chostais oibriúcháin 66.55% 66.19% 67.29% 66.91% 67.36%

Sócmhainní reatha mar % de dhliteanais reatha 112.22% 103.74% 101.31% 91.30% 94.73%

Post

2019 2018 2017 2016 2015

Innéacs toirte an phostais chroíláir (2015 =100) (nóta 1)

75.5 80.6 87.2 94.8 100.0

Nóta 1: Léiríonn an t-innéacs seo athruithe ar chroí-ioncam ó phost. Ní chuireann sé san áireamh an tionchar atá ag athruithe ar tharaifí foilsithe, ioncam ó rialtais eachtracha, agus athruithe de bharr toghchán ó reifreann i ngach bliain.

Ní codanna de na Nótaí a ghabhann leis na Ráitis Airgeadais iad leathanaigh 82 go 85.

Staitisticí Airgeadais agus Oibriúcháin nach bhfuil clúdaithe ag an Tuarascáil ón Iniúchóir Neamhspleách

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Méid an chórais

2019 2018 2017 2016 2015

Líonra poist:

Líon pointí seachadta (milliúin) 2.312 2.284 2.263 2.249 2.248

Líon mótarfheithiclí 3,036 2,805 2,792 2,776 2,758

Líon feithiclí leictreacha 166 - - - -

Líon trírothach lasta leictreach 47 - - - -

Líonra oifigí poist:

Oifigí poist na Cuideachta 45 45 50 50 51

Oifigí poist ar conradh 898 967 1,073 1,075 1,079

Gníomhaireachtaí poist 92 96 104 111 121

1,035 1,108 1,227 1,236 1,251

€m €m €m €m €m

Seirbhísí Coigiltis (nóta 2)

Luach na gCistí amhail an 31 Nollaig 21,228 20,657 20,416 20,119 19,453

Gníomhaíocht don bhliain

Seirbhísí Coigiltis Oifig an Phoist

Taiscí sa Bhanc Taisce 993 1,079 1,064 1,060 1,018

Aistarraingtí ón mBanc Taisce (880) (889) (863) (904) (926)

Teastais Choigiltis eisithe 1,704 1,780 1,023 1,168 1,132

Teastais Choigiltis aisíoctha (865) (2,403) (1,055) (1,347) (1,470)

Coigilteas Tráthchoda eisithe 89 100 96 97 97

Coigilteas Tráthchoda aisíoctha (101) (100) (102) (105) (104)

Bannaí Coigiltis eisithe 718 886 714 1,116 1,345

Bannaí Coigiltis aisíoctha (1,129) (1,317) (1,258) (1,849) (2,289)

Bannaí Dlúthpháirtíochta Náisiúnta eisithe 804 921 598 991 1,054

Bannaí Dlúthpháirtíochta Náisiúnta aisíoctha (501) (412) (435) (322) (208)

An Roinn Gnóthaí Fostaíochta agus Coimirce SóisialaíSochair leasa shóisialta íoctha i rith na bliana 7,125 7,380 7,615 7,997 8,418

2019 2018 2017 2016 2015000’s 000’s 000’s 000’s 000’s

Méideanna Billpay 16,033 17,025 17,977 19,760 22,895

Díolacháin Ceadúnas Teilifíse 1,481 1,481 1,463 1,445 1,438

Nóta 2: Dílsítear sócmhainní agus dliteanais na Seirbhísí Coigiltis don Aire Airgeadais agus dá réir sin ní áirítear iad i ráitis airgeadais na Cuideachta.

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Seirbhís Uilechoiteann Achtaíodh an tAcht um Rialáil Cumarsáide (Seirbhísí Poist),

2011 (‘an tAcht’) i mí Lúnasa 2011

Riachtanais maidir leis an Oibleagáid Seirbhíse Uilechoitinne (OSU)Faoi Alt 17 den Acht, ainmnítear An Post mar an Soláthraí Seirbhíse Poist Uilechoiteann ar feadh tréimhse go dtí Lúnasa 2023.

Faoi Alt 16 den Acht, ciallaíonn “Seirbhís Phoist Uilechoiteann” go bhfuil ar a laghad gach lá oibre, seachas i gcúinsí nó faoi dhálaí tíreolaíocha is eisceachtúil le ComReg:

i. imréiteach amháin, agus

ii. seachadadh amháin ar bhaile nó ar áitreabh gach duine sa Stát nó, de réir mar is dóigh leis an gCoimisiún is cuí, faoi cibé coinníollacha a chinnfidh sé ó am go ham, ar shuiteálacha cuí

Soláthraítear na seirbhísí seo a leanas:

(a) postphaicéid ar 2kg nó níos lú a meáchan a imréiteach, a shórtáil, a iompar agus a dháileadh;

(b) beartáin postais a imréiteach, a shórtáil, a iompar agus a dháileadh go huasmheáchain a shonrófar le hordú ComReg (nó 20kg sa chás nach ann dó sin) – Chinn ComReg a chumhacht a úsáid chun an t-uasmheáchan 20kg a laghdú go 10kg in 2019;

(c) beartáin ó Bhallstáit eile an Aontais Eorpaigh a shórtáil, a iompar agus a dháileadh go meáchan 20kg;

(d) seirbhís míreanna cláraithe;

(e) seirbhís míreanna árachaithe laistigh den Stát agus chuig gach tír agus ó gach tír a dhearbhaíonn, mar thíortha a shínigh Coinbhinsiún Poist Uilechoiteann an Aontais Poist Uilechoitinn, go bhfuil siad toilteanach míreanna den sórt sin a cheadú, cibé acu ar bhonn cómhalartach nó in aon treo amháin, agus

(f) seirbhísí poist saor in aisce do dhaoine dalla agus leathdhalla.

Faoi mar a éilíonn Alt 16(9) den Acht, i mí Iúil 2012, rinne ComReg rialacháin a shonraigh na seirbhísí atá le soláthar ag An Post maidir le soláthar na seirbhíse poist uilechoitinn. Tá na Rialacháin um Rialáil Cumarsáide (Seirbhísí Poist Uilechoitinn), 2012 go 2019 (I.R. Uimh. 280/2012; I.R. Uimh. 534/2018; agus I.R. Uimh. 149/2019), lena leagtar amach na seirbhísí seo, ar fáil ar www.irishstatutebook.ie nó www.comreg.ie.

Tá téarmaí agus coinníollacha na Seirbhísí Uilechoiteanna le fáil ar https://www.anpost.com

Teacht ar Sheirbhísí UilechoiteannaSoláthraíonn An Post rochtain ar a chuid seirbhísí trí ghréasán de 45 oifig poist na Cuideachta agus trí 898 oifig poist ar conradh. Ina theannta sin, tá údarú ag thart ar 818 áitreabh miondíola stampaí poist a dhíol, mar ghníomhairí gníomhacha. Chun teach fhisiciúil ar an tseirbhís a éascú, tá timpeall 5,717 bosca poist, lena n-áirítear boscaí poist méadair agus iad siúd atá lonnaithe in Aonaid Seirbhíse Seachadta, dáilte go forleathan ar fud an Stáit. Tá 43 pointe ainmnithe ann a ghlacann le seirbhísí bulcphoist.

TáillíSeo a leanas achoimre ar na praghsanna ar sheirbhísí caighdeánacha go meáchan 100g is infheidhme ón 8 Samhain 2019.

Éire & Tuaisceart Éireann

Gnáthphost Post Cláraithe*

Litreacha (suas le C5)

€1.0095c má tá stampán frainceála ar an mír

€8.00

Clúdaigh Mhóra € 2.00€1.95 i gcás go bhfuil stampán frainceála ar an mír

€8.20

Paicéid €3.80 €3.70 i gcás go bhfuil stampán frainceála ar an mír

€8.20

Beartáin €9.00 €13.00

* Clúdaíonn an táille atá iníoctha ar son clúdaigh bhunúsacha cláraithe cúiteamh suas go huasmhéid de €320. Tá cúiteamh breise (nach Seirbhís Uilechoiteann) suas le teorainn €1,500 ar fáil ar €4.50 agus suas le teorainn €2,000 ar €5.50, bunaithe ar an luach a luaitear ag am na postála.

85

Cinn Scríbe Idirnáisiúnta

Gnáthphost Post Cláraithe*

Litreacha (suas le C5) €1.70 €8.70

Clúdaigh Mhóra €2.90 €9.90

PaicéidAn Bhreatain MhórAn EoraipAn chuid eile den domhan

€5.50 €6.00 €7.00

€12.50 €13.00 €14.00

BeartáinAn Bhreatain MhórAn EoraipAn chuid eile den domhan

€21.00 €28.00 €29.00

€28.00 €35.00 €36.00

*Braitheann soláthar na seirbhíse ar an roinn riaracháin poist sa spriocthír. Cúiteamh suas le €320 sa Ríocht Aontaithe; €150 san Eoraip; €100 le haghaidh beartán agus €35 le haghaidh litreacha lasmuigh den Eoraip. Tá liosta iomlán de tharaifí reatha USO ar fáil sa Treoir maidir le Rátaí Poist (féach https://www.anpost.com/).

Caighdeán na Seirbhíse

IdirnáisiúntaLeagadh síos an caighdeán d’fheidhmíocht ardchaighdeáin le haghaidh seachadadh poist trasteorann laistigh den Chomhphobal sna Treoracha Poist (97/67/EC, arna leasú) agus áirítear é i Sceideal 3 den Acht. Is mar seo a leanas atá an caighdeán cáilíochta le haghaidh míreanna poist den earnáil chaighdeánach is tapúla:

L+3: 85% de mhíreanna; L+5: 97% de mhíreanna, áit a dtagraíonn L don lá ar cuireadh an mhír sa phost.

Baile Ceanglaíonn an tAcht ar ComReg caighdeáin cháilíochta seirbhíse a shocrú do phost seirbhíse uilechoitinne intíre a chaithfidh a bheith comhoiriúnach leis na cinn a bhaineann le seirbhísí trasteorann laistigh den Chomhphobal. Tá sprioc feabhas seirbhíse leagtha amach ag ComReg le haghaidh post tosaíochta aonair intíre mar seo a leanas:

L+1: 94%; L+3: 99.5%, áit a dtagraíonn L don lá ar cuireadh an mhír sa phost.

Gearáin ó ChustaiméiríCeanglaítear ar An Post taifid a choinneáil ar ghearáin ó chustaiméirí i gcomhréir le caighdeán na hEorpa IS: EN 14012:2003. Maidir le post, déanann an tábla miondealú ar na gearáin scríofa a fuarthas ó chustaiméirí i rith na bliana 2019.

Gearáin a fuarthas ó chustaiméirí i scríbhinn 2019 2018

Míreanna caillte nó a raibh moill mhór orthu 24,928 24,551

Míreanna a ndearnadh dochar dóibh 1,313 1,144

Míreanna a tháinig go déanach 367 1,320

Bailiú nó seachadadh poist:

Teip ó thaobh seachadadh laethúil a dhéanamh ar theach nó ar áitreabh 23 37

Teipeanna ó thaobh amanna bailithe 5 4

Mísheachadadh 1,364 1,222

Rochtain ar fhaisnéis seirbhísí custaiméara - 2

Táillí le haghaidh post píosa aonair/scéimeanna agus coinníollacha lacáiste 6 1

Athrú ar sheoladh (Atreorú) 487 387

Iompar agus cumas pearsanra poist 71 34

Mar a phléitear le gearáin - 1

Eile (nach bhfuil áirithe thuas) 2,793 1,511

Iomlán 31,357 30,214

San áireamh san fhigiúr iomlán tá gearáin faoi ítimí cláraithe, arb é is líon dóibh 7,961, (2018: 7,879).

Cuireadh 680,504 glao teileafóin (2018: 746,614) ar Sheirbhísí Custaiméirí An Post le linn 2019. Gnáthfhiosrúcháin nó fiosrúcháin ghinearálta a bhformhór acu seo seachas gearáin.

Tá Treoirlínte do Sholáthraithe Seirbhíse Poist ar Nósanna Imeachta maidir le Gearáin agus Cúiteamh eisithe ag ComReg (féach cáipéis ComReg 14/06 ar www.comreg.ie). Tá Nósanna Imeachta maidir le Gearán agus Réiteach Díospóide An Post leagtha amach in ‘Getting it Sorted’, atá ar fáil ar ár suíomh gréasáin, in asraonta móra Oifig an Phoist, agus ónár nIonad Seirbhísí Custaiméirí.

Tá Cairt Chustaiméirí againn freisin, ina bhfuil gealltanais shonracha do chustaiméirí maidir lenár seirbhísí, atá ar fáil ar ár láithreán gréasáin; https://www.anpost.com

Tuilleadh EolaisTá eolas breise maidir le seirbhísí a sholáthraíonn An Post ar fáil ach cuairt a thabhairt ar www.anpost.com/Help-Support, glaoch a chur ar Sheirbhísí Custaiméirí An Post ar 01-705 7600, ríomhphost a sheoladh chuig www.anpost.com/contactus, foirm fiosrúcháin ar líne a líonadh ag https://forms.anpost.ie/enquiry, scríobh chuig Seirbhísí Custaiméirí An Post, Ard-Oifig an Phoist, Sráid Uí Chonaill Íochtarach, Saorphost, Baile Átha Cliath 1, D01 F5P2 nó bualadh isteach chuig Oifig Poist ar bith.

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Oifig Chláraithe Ard-Oifig an PhoistSráid Uí ChonaillBaile Átha Cliath 1D01 F5P2

Aturnaetha Matheson70 Cé Sir John RogersonDuga na Canálach MóireBaile Átha Cliath 2D02 R296

McCann FitzGerald Riverside One Cé Sir John Rogerson Baile Átha Cliath 2D02 X576

Baincéirí Banc na hÉireann2 Faiche an CholáisteBaile Átha Cliath 2D02 VR66

Iniúchóirí Deloitte Ireland LLP Cuntasóirí Cairte agus Gnólacht Iniúchóireachta ReachtúlaDeloitte & Touche HouseArdán EarlsfortBaile Átha Cliath 2D02 AY28

Uimhir chláraithe 98788

Cineál Cuideachta Is Cuideachta Gníomhaíochta Ainmnithe atá faoi theorainn scaireanna é An Post

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