Lausanne, Switzerland (GenevaLunch) - PublicGroupe, based in Vaud and parent to the advertising company Publicitas, has posted a loss for 2008 of CHF42.1 million despite positive opreating results, a sharp turn-around from its 2007 profit of CHF73.1 million. The overall loss is explained largely by two significant losses: goodwill writeoffs of CHF33.8m, the bulk of which were in the media sales division, and financial market losses of CHF44.7m on its 19.9% share in media publisher Edipresse and 1.4% share in Tamedia. Edipresse has had an exclusive advertising sales agreement with Publicitas which ends in December 2009. Edipresse is being bought out by Tamedia.
Zurich, Switzerland (GenevaLunch) – UBS published its final, audited report for 2008 on Wednesday 11 March and Swiss media are reporting on some surprises provided by the new numbers. TSR’s headlines for the morning were about the money former chairman Marcel Ospel collected: he had said in November 2008 he would renounce the CHF22 million he was awarded when he resigned in April 2008, but the new figures show that he nevertheless is being paid a salary package of CHF2.3m in 2008 and 2009.
Lausanne, Switzerland (GenevaLunch) – The Banque Cantonal Vaudoise had 2008 net profits of CHF359 million, the fourth best in its history, despite revenues falling by 15 percent. Given the economic climate, the bank says, its results showed it is weathering the crisis well.
General Motors in the US has posted a $31 billion loss for 2008 and says it auditors may question its viability. CNN reports that it “burned through $6.2b in cash in the fourth quarter and revenue dropped by more than one-third.
Nestle profits up
Vevey, Vaud, Switzerland (GenevaLunch) - Nestlé has announced net profits of CHF18 billion, a 69.4% increase over 2007. Consoliated sales for the year were CHF 110b, of which CHF102b were in the food and beverage arm of the business. The company says its very strong growth has allowed it to continue its three-year CHF25 billion share buyback programme.
Lausanne, Switzerland (GenevaLunch) – Bobst, the world’s largest supplier to packaging companies, based in Lausanne, says 2008 turnover was down 6.4%, or CHF111 million, from its record year of 2007.
Zurich, Switzerland (GenevaLunch) - Jacques Aigrain, the CEO of Swiss Re, one of the world’s largest reinsurance company, has left the company. Swiss Re announced the news 12 February, just days after the insurer reported an unexpected CHF1 billion loss for 2008. Aigrain, a former investment banker, joined the company in 2001 and became CEO in 2006.
Brady Dougan, Credit Suisse CEO
Zurich, Switzerland (GenevaLunch) – Switzerland’s second largest bank, Credit Suisse, 11 February announced its 2008 results, a loss of CHF8.2 billion, worse than expected. The news comes one day after UBS, the country’s largest bank, announced a loss of CHF20b, the largest annual loss in Swiss corporate history.
Basel, Switzerland (GenevaLunch) - Ciba Tuesday 10 February reported a loss of CHF564 million for 2008, compared to profits of CHF268 in 2007. Sales were down 9% for the year, reflecting a sharp drop in sales in the last quarter of the year, mainly in coatings and plastics for the automotive industry, the chemical company noted.
Zurich, Switzerland (GenevaLunch) – UBS, Switzerland’s largest bank, has announced a fourth quarter loss of CHF8 billion, higher than most analysts’ forecasts, bringing the bank’s loss for 2008 to CHF19.7b, due primarily to losses on risk positions in investment banking.
Basel, Switzerland (GenevaLunch) – Markets reacted with disappointment to Pharmaceutical giant Roche’s 2008 results, published 4 February. The group’s earnings fell by 5% due to a strong Swiss franc and lower net financial income, despite group sales rising by 10% in local currencies and group profits up 4% in local currencies, to CHF13.9 billion.
Zurich, Switzerland (GenevaLunch) – Travel group Kuoni expects a slowdown and to fight it, the company is investing CHF106 million over three years, largely in stronger marketing and employee training, but it will also reduce its staff, mainly through natural attrition.
Zurich, Switzerland (TSR, Fre) – Migros CEO Herbert Bolliger said at a press conference Tuesday that the federation of Migros supermarkets had increased sales by 13-15% in 2008. Sales in 2007 of the leading Swiss supermarket chain were CHF22 billion.
