Group result down

Press release dated 26.05.2009

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