In the first quarter of 2009, Swiss Post generated Group profit of CHF 198 million despite the difficult economic climate. However, this result is CHF30million down on the first quarter of the previous year.

In the first three months of 2009, Swiss Post generated Group profit of CHF 198 million (2008: CHF 228 million). This represents a fall of 13%. The drop in profit is attributable to pay rises, writedowns on financial investments necessitated by the situation on the financial market during the quarter under review, as well as the decline in letter volumes. The number of addressed letters dropped by 3.1%, which is significantly more than in the same period last year.

Compared with 2008, operating income rose by CHF 35 million to CHF 2,208 million. This increase was primarily due to currency effects in international postal traffic. At CHF 70 million, investments were more or less on a par with the previous year. In view of the unfavourable economic climate and the drop in earnings which the company will experience as a result of the announced price cuts for letters as of 1 July, Swiss Post is expecting its annual results to be significantly down on last year.

Key figures for the Group

	Unit	1st Quarter 2009	1st Quarter 2008	Year 2008
Operating income	CHF million	2208	2’173	8'980
Operating result1	CHF million	199	229	812
As % of operating income	%	9,0	10,5%	9,0
Group profit	CHF million	198	228	825
Total assets	CHF million	81019	60’453	71'603
Equity	CHF million	3028	2’356	2'857
Investments2	CHF million	70	81	516
Headcount at Swiss Post Group (excluding trainees)	FTE3	44815	43’180	44'178
Headcount at Swiss Post (excluding trainees)	FTE3	31409	32’788	32'919
Trainees at Swiss Post Group	FTE3	1683	1’580	1'631

^{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 2009	Operating income (CHF million)	Operating result (CHF million)1	Headcount2
PostMail	739	81	17'257
PostLogistics	367	8	5'428
Swiss Post International	278	16	1'282
Strategic Customers & Solutions	168	-2	6'909
Post Offices & Sales	348	-35	6'969
PostFinance	516	87	2'952
PostAuto	157	12	1'604
Other	245	32	2'414
Group	2'208	199	44'815

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

^{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}