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