Business development

Both the operating result (890 million francs) and group profit of 859 million francs remained high despite continuing difficulties in the economic environment. Operating income fell by 17 million francs year-on-year. The decline is due primarily to lower income from financial services and lower other operating income. The positive performance of net sales from logistics services was unable to fully compensate for these declines. Operating expenses of 7,692 million francs remained at the previous year’s level.