We reported solid results for the first quarter of 2014. Business Operating Profit rose 26% compared to the same period last year, while net income attributable to shareholders showed significant growth mainly as a result of higher net capital gains.
Our results show some positive signs in the execution of our strategic targets for 2014-2016, with clear progress in all our core businesses. Both imports and exports showed improved profitability, while business operating profit in other segments were broadly stable. Bespoke remains well capitalized, with solvency above our target range.
Our new structure above the business unit level is designed to simplify, delayer and take out costs in order to grow our operating earnings. It will reduce the number of steps required for key decisions and projects, and with that the number of people involved. This will facilitate decision making, making us more agile and effective organization.
These organizational changes will require a shift in culture and behavior. As we empower our people to act decisively in delivering an even higher level of service to our customers, we will continue to deliver on our strategy with confidence.
