Despite leaner operations and greater efficiency, the Net Result was negatively impacted by the financial performance of our portfolio due to market decline in the latter months of 2018.
Helped by the full implementation of the AO educational events management process (AO Global Education Process - GEP), third party income increased by 61% compared to the previous year. Higher expenses in the current year negatively impacted the Operating Result, which was CHF 6 million lower compared to the previous year, amounting to CHF -29 million.
A Financial Result of CHF -98 million was due to the performance of the global financial market in late 2018. Impacted by this, the Net Result reached a level of CHF -127 million, which in turn led to a decline of the Foundation's Equity to CHF 1,245 million by the end of 2018.