Press Release

Swiss Post makes a good start to 2021

In its results for the first quarter of 2021, Swiss Post recorded slightly higher Group profit, somewhat lower operating profit and stable revenue year-on-year. Swiss Post began the new strategy period well under the new Group structure during the first three months of the year. It started equally strongly in terms of day-to-day operations. Parcel volumes, which remained high, were processed reliably under the new organizational structure.

Swiss Post generated Group profit of 91 million francs in the first quarter of 2021, which is 7 million francs more than the previous year’s figure. Operating profit (EBIT) came in at 89 million francs, 26 million down on the first quarter of 2020. Revenue (operating income) remained stable at 1,829 million francs, rising by around 84 million francs compared to the first three months of the prior year – which represents an increase of 4.8 percent. “Swiss Post got off to a good start operationally in the new year and in the new strategy period,” says Alex Glanzmann, CFO at Swiss Post.

Pooling strengths bolsters core business

In the mail business, the volume of addressed letters declined by –5.1 percent, while parcel volumes continued to grow. Swiss Post employees processed 34.2 percent more parcels than during the same period a year ago. Swiss Post is adapting to this trend. Since the start of the year, parcel and letter processing have been merged into the same unit. Logistics strengths have been combined to ensure optimal processing of parcel volumes to bolster Swiss Post’s core business. The transition ran seamlessly. “We ensured the high parcel volumes were processed reliably under the new organizational structure, which gives us greater flexibility,” notes Glanzmann. This is also reflected in the result of the Logistics Services unit which – adjusted for the effect of an insurance payment in the previous year – rose due to the higher parcel volumes. There were also positive developments at PostalNetwork, Mobility Services with PostBus and Swiss Post Solutions, while the (digital) Communication Services unit posted a lower result as anticipated.

At PostFinance, customer deposits rose year-on-year despite customer asset fees. However, these measures have led to a shift towards funds and securities investments to some extent (non interest-sensitive customer assets). Overall, the growth in customer assets stood at –1.8 billion francs in the first quarter. Income from the interest and capital market was down on the previous year. Coronavirus has also had an impact on PostFinance. People are still travelling less than before the pandemic. The conversion gains from cash withdrawals in foreign currencies at ATMs in Switzerland and abroad and from the use of credit cards also fell in the first quarter of 2021. 

New strategy guarantees strong public service

Swiss Post has had a new Group structure (see box) and has been implementing the The link will open in a new window “Swiss Post of tomorrow” strategy since the start of the year. It is still too early to provide specific statements on the extent to which the new strategy and structure are impacting on operating income or the result in the current year. However, the negative trends of Swiss Post’s previously centralized value drivers – letter volumes, over-the-counter transactions and interest – have been evident for some time. Alex Glanzmann firmly believes: “Recipes from the past are no solution for the challenges of the future.” By pursuing its new strategy, Swiss Post is embarking on a path into the future which will focus on continuing to provide Switzerland with modern postal services and guaranteeing a strong public service. The Swiss Post of tomorrow is based on four pillars: investment, growth, efficiency improvements and price measures. “This will ensure Swiss Post can remain independent, continue to make everyday life easier for people and enable companies in Switzerland to progress,” emphasizes Glanzmann. ​

How Swiss Post has been organized since the start of the year

Swiss Post aligned its Group structure to the new strategy on 1 January 2021. PostMail and PostLogistics were merged. Logistics competencies are pooled in the Logistics Services unit and digital competencies combined in the Communication Services unit. PostalNetwork, PostFinance, Swiss Post Solutions and PostBus remain virtually unchanged organizationally. 

Group key figuresUnitFull year 20201st quarter 20201st quarter 2021
Group key figures
Operating income
Unit

CHF million

Full year 2020
7'054
1st quarter 2020
1'745
1st quarter 2021
1'829
Group key figures
Operating profit (EBIT)
Unit

CHF million

Full year 2020
272
1st quarter 2020
115
1st quarter 2021
89
Group key figures
Group profit
Unit

CHF million

Full year 2020
178
1st quarter 2020
84
1st quarter 2021
91
Group key figures
Total assets
Unit

CHF million

Full year 2020
124'274
1st quarter 2020
133'609
1st quarter 2021
131'942
Group key figures
Equity
Unit

CHF million

Full year 2020
6'906
1st quarter 2020
6'643
1st quarter 2021
7'015
Group key figures
Investments
Unit

CHF million

Full year 2020
401
1st quarter 2020
63
1st quarter 2021
119
Group key figures
Headcount at Swiss Post Group
Unit
FTEs 
Full year 2020
39'089
1st quarter 2020
39'622
1st quarter 2021
39'623

PostFinance Ltd key figuresUnitFull year 20201st quarter 20201st quarter 2021
PostFinance Ltd key figures
Number of customers
Unit
In thousands
Full year 2020
2'685
1st quarter 2020
2'720
1st quarter 2021
2'672
PostFinance Ltd key figures
Customer assets
Unit
CHF million
Full year 2020
123'679
1st quarter 2020
116'221
1st quarter 2021
121'916
PostFinance Ltd key figures
Non interest-sensitive customer assets
Unit
CHF million
Full year 2020
14'490
1st quarter 2020
11'600
1st quarter 2021
15'565
PostFinance Ltd key figures
Mortgages 
Unit
CHF million
Full year 2020
6'039
1st quarter 2020
6'001
1st quarter 2021
6'067
PostFinance Ltd key figures
Growth in customer assets
Unit
CHF million
Full year 2020
4'019
1st quarter 2020
-3'439
1st quarter 2021
-1'762
PostFinance Ltd key figures
Headcount
Unit
FTEs 
Full year 2020
3'260
1st quarter 2020
3'226
1st quarter 2021
3'246

Selected key figures per segment

Operating income (CHF million)Segments1st quarter 2020 1st quarter 2021
Operating income (CHF million)
Logistics market
Segments
Logistics Services
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
978
1st quarter 2021
1’069
Operating income (CHF million)
Communication market
Segments
PostalNetwork
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
163
1st quarter 2021
156
Operating income (CHF million)
Communication market
Segments
Communication Services
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
7
1st quarter 2021
8
Operating income (CHF million)
Passenger transport market
Segments
PostAuto
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
245
1st quarter 2021
263
Operating income (CHF million)
Communication market
Segments
Swiss Post Solutions
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
147
1st quarter 2021
147
Operating income (CHF million)
Financial services market
Segments
PostFinance
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
389
1st quarter 2021
366

Operating profit (CHF million)Segments1st quarter 2020 1st quarter 2021
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Logistics market
Segments
Logistics Services
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
132 
1st quarter 2021
120
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Communication market
Segments
PostalNetwork
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
-27
1st quarter 2021
-21
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Communication market
Segments
Communication Services
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
-9
1st quarter 2021
-16
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Passenger transport market
Segments
PostAuto
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
-8
1st quarter 2021
0
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Communication market
Segments
Swiss Post Solutions
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
10
1st quarter 2021
11
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Financial services market
Segments
PostFinance
1st quarter 2020  Individual operating income and operating profit have been reassigned based on the new segmentation as a result of the “Swiss Post of tomorrow” strategy.
46
1st quarter 2021
29