Good quarterly results for Swiss Post
Swiss Post can look back on a gratifying first quarter in 2008. The company generated an overall Group profit of CHF 228 m, CHF 53 m less than in the first quarter of the record year 2007. All Group product units contributed to the positive quarterly results. PostFinance recorded a marked increase in customer deposits.
Swiss Post grew steadily in the first three months of 2008. Group profit for the first quarter was CHF 228 m, exceeding CHF 200 million for the third successive year (Q1 2007: CHF 281 m). The decline from 2007 is due to lower results in logistics activities resulting from increasing cost pressures and fewer real estate sales. Consolidated equity as at 31 March 2008 amounted to CHF 2,356 m after appropriation of profit (31 December 2007: CHF 2,470 m).
Operating income was CHF 2,173 m, not far behind the level achieved in the first quarter of the previous year (CHF 2,185 m). Over two thirds of this was generated by the PostMail, PostLogistics and PostFinance Group units.
Marked increase in customer deposits at PostFinance
At CHF 76 m, PostFinance’s operating result is in line with last year’s figure, making it one of the few nationally active financial institutions in Switzerland to have retained its good results despite the crisis in the financial market. Operating income for the first quarter increased significantly to CHF 512 m (Q1 2007: CHF 445 m). The main reason for this is the higher-than-average increase in customer deposits to CHF 45.8 bn (December 2007: CHF 43.7 bn). In the first three months of 2008, 53,000 new accounts were opened – almost 50% more than in the first quarter of 2007 (37,000 new accounts).
Key figures for the Group
|Key figure||Unit||1st quarter 2008||1st quarter 2007||2007|
|Operating income||CHF million||2’173||2’185||8’712|
|Operating result1||CHF million||229||282||866|
|As % of operating income||%||10,5%||12,9%||9,9%|
|Group profit||CHF million||228||281||909|
|Total assets||CHF million||60’453||54’325||60’084|
|Headcount at Swiss Post Group (excluding trainees)||FTE3||43’180||43’255||43’447|
|Headcount at Swiss Post (excluding trainees)||FTE3||32’788||33’560||33’419|
|Trainees at Swiss Post Group||FTE3||1’580||1’474||1’525|
1 Operating result corresponds to operating profit before consideration of non-operating financial result and taxes (EBIT).
2 Investment in tangible fixed assets, participations & intangible assets
3 Headcount in terms of full-time equivalents (FTE) = average workforce in full-time equivalents.
|31 March 2008||Operating income (CHF million)||Operating result (CHF million)1||Headcount2|
|Swiss Post International||248||9||1'261|
|Post Offices & Sales||347||-19||7'024|
|Strategic Customers & Solutions||169||6||5'390|
|31 March 2007||Operating income (CHF million)||Operating result (CHF million)1||Headcount2|
|Swiss Post International||280||14||1'100|
|Post Offices & Sales||450||-19||11'021|
|Strategic Customers & Solutions||171||9||4'962|
1 Operating result corresponds to operating profit before consideration of non-operating financial result and taxes (EBIT)
2 Headcount in terms of full-time equivalents (FTE) = average workforce in full-time equivalents