In the first quarter of 2006, Swiss Post generated Group profit of 211 million francs, up by 20 million francs compared with the corresponding period of the previous year. The increase is due primarily to the sale of real estate. As in the same period last year, all segments produced positive results. The company is thus continuing its gratifying performance of recent quarters. Swiss Post will provide information on its results on a quarterly basis in future.

In the first three months of 2006, Swiss Post generated Group profit that was 10% higher than the previous year’s figure. As at 31 March 2006, Group profit came to 211 million francs (2005: 191 million francs), as stated in the financial statements drawn up in accordance with International Financial Reporting Standards (IFRS). The increase was mainly the result of revenue from the sale of real estate, with properties no longer required for operating purposes generating proceeds of 17 million francs (2005: 5 million francs). All segments contributed in varying degrees to Group profit. Thanks to the positive result, consolidated equity increased to 1,052 million francs as at 31 March 2006, which is still well below the required figure by industry standards.

Compared with the corresponding period of the previous year, operating income rose by 66 million francs to 1,927 million francs. The Financial Services (PostFinance), International and Other segments were the main drivers of this growth in earnings. By contrast, the operating result of the Mail segment declined slightly. Compared with the first quarter of 2005, operating expenses were up by 48 million francs, amounting to 1,718 million francs.

Investments came to 85 million francs and were just below the previous year’s figure (97 million francs), but will rise considerably during the year as a result of the construction of the new letter centres (REMA project). Good results enable Swiss Post to finance these investments entirely from funds it has generated itself.

Swiss Post to provide quarterly results in future

This is the first time that Swiss Post has published quarterly results. In future, Swiss Post will provide information on its results on a quarterly basis.

Key figures for the Group		1st quarter	1st quarter	Year
	Unit	2006	2005	2005
Operating income	CHF million	1'927	1'861	7'499
Operating result¹	CHF million	209	191	805
In % of operating income	%	10,8%	10,3%	10,7%
Group profit for the year	CHF million	211	191	811
Total assets	CHF million	50'185	47'219	50'130
Equity	CHF million	1'052	432	922
Investments²	CHF million	85	97	347
Headcount at Swiss Post Group(excluding trainees)	FTEs³	40'900	41'284	41'073
Headcount at Swiss Post(excluding trainees)	FTEs³	36'091	37'379	37'033
Trainees in the Group	FTEs³	1'416	1'477	1'465

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 2006

CHF million	Operating income	Operating result¹	Headcount²
Mail	786	56	15'221
Logistics	335	31	5'199
Financial Services	374	55	2'492
Passenger Transport	141	7	1'476
International	265	17	915
Post Office Network	473	7	11'504
Other	255	36	4'093
Group	1'927	209	40'900

31 March 2005

CHF million	Operating income	Operating result¹	Headcount²
Mail	805	70	15'363
Logistics	332	23	5'765
Financial Services	361	57	2'329
Passenger Transport	139	9	1'388
International	250	11	845
Post Office Network	481	2	12'163
Other	231	19	3'431
Group	1'861	191	41'284

1 Operating result corresponds to operating profit before consideration of non-operating financial result and taxes (EBIT)
2 FTE = average workforce in full-time equivalents