Good quarterly results for Swiss Post  

Press release dated 29.05.2008

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
Equity CHF million 2’356 1’885 2’470
Investments2 CHF million 81 76 644
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.

Segment information

31 March 2008 Operating income (CHF million) Operating result (CHF million)1 Headcount2
PostMail 745 86 17'550
PostLogistics 372 15 5'242
PostFinance 512 76 2'844
PostAuto 147 8 1'539
Swiss Post International 248 9 1'261
Post Offices & Sales 347 -19 7'024
Strategic Customers & Solutions 169 6 5'390
Other 237 48 2'330
Group 2'173 229 43'180


31 March 2007 Operating income (CHF million) Operating result (CHF million)1 Headcount2
PostMail 770 90 14'697
PostLogistics 361 23 5'065
Finance 445 77 2'617
PostAuto 142 10 1'499
Swiss Post International 280 14 1'100
Post Offices & Sales 450 -19 11'021
Strategic Customers & Solutions 171 9 4'962
Other 265 78 2'294
Group 2'185 282 43'255

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