The 2010 Annual Report now made public

It is available at Canada Post’s website the Canada Post 2010 Annual Report

It is going to take some time to look through.

Here are a few quick observations:

The Canada Post Group consists of a number of companies such as Purolator and others in its end results. If the Canada Post segment is separated from these other entities, its actual profit was $233 million dollars (Page 83 of the 2010 Annual Report).

The Canadian Postal Service Charter annual average cost per address is still misleading. It is only calculating the cost of the delivery agent bringing it to its final address, not the total cost of initial mailing to its end-point. These present numbers in the report are useless for any real-world purposes. This problem was pointed-out in The MIA 2010 Canada Post Annual Report.

The report identifies an error in my previous article, The MIA Canada Post Annual Report Part 2. The blog article stated that Canada Post was to begin implementing the IFRS as the standard accounting method in the 2010 Annual Report. This is incorrect. The MIA Canada Post Annual Report Part 2 has been withdrawn from the public until properly updated.