Press Release

Q3 figures: Swiss Post recovers from the financial impact of the coronavirus pandemic

Swiss Post’s financial expectations were largely met in the third quarter of 2021. In the first nine months of the year, it generated Group profit of 370 million francs, some 234 million more than in 2020, a year impacted by coronavirus, and 107 million more than in 2019. The rise in parcel volumes remains a challenge for Swiss Post, as its staff still sort thousands of parcels by hand. For this reason, Swiss Post is continuing to invest in the expansion and renewal of its infrastructure − for example, its investment in the construction of new regional parcel centers, which will total 1.5 billion francs by 2030.

The result for the third quarter of 2021 was significantly better than in the previous year. The most important key figures – operating income, EBIT and Group profit – are all well above the figures for 2020. However, Head of Finance Alex Glanzmann offers some perspective on these figures: “2020 was severely impacted by the pandemic. As a result, a comparison with 2019 is more useful. If we look back to 2019, we can see that Swiss Post’s financial situation has stabilized.” For example, at 5,427 million francs, operating income in the third quarter is up 127 million over 2019. At 360 million francs, operating profit (EBIT) is lower than 2019, with a difference of 11 million francs. At 370 million francs, Group profit is 107 million higher than in 2019. The result shows that Swiss Post has recovered from the financial impact of the coronavirus pandemic in the past year.

Communication Services under development

The stable financial result for the first nine months is partly due to optimization measures at PostalNetwork: Swiss Post has adapted a further 70 branches based on customer frequencies, converting them into other models such as branches with partners. Swiss Post is now consistently pursuing its strategy of stabilizing the branch network at around 800 self-operated branches, while at the same time opening the network up to service companies and public authorities. PostBus also operated more replacement services for trains. At the same time, PostFinance achieved greater revenue in several areas, including investment business and foreign exchange trading. Swiss Post Solutions benefited from additional new customers abroad. In the Communication Services unit, the operating result is negative. Alex Glanzmann explains: “We want to offer our customers simple and secure digital solutions. To achieve this, we are continuing to build up the Communication Services unit. This phase involves initial outlays and higher expenses. The negative result is in line with our expectations, but should reduce steadily over the coming years.”

“The expansion of the parcel centers costs money, but is worth it”

However, the structural challenges facing Swiss Post remain in place. These include the negative interest rate environment at PostFinance, a further 2.2 percent decline in letter volumes and a simultaneous rise of 13.2 percent in parcel volumes. As in previous years, however, the rising parcel volumes cannot compensate for the decline in profit due to falling letter volumes. Alex Glanzmann states: “We are of course pleased with the steadily growing parcel volumes, but managing them is also a challenge for the Group and our staff. We still sort around 100,000 parcels per day by hand. That is why we are already investing heavily in the expansion of our parcel sorting capacities – that is to say, in new parcel centers. The expansion of the parcel centers costs money and is already being felt in the result for the Logistics Services unit. Construction of the new regional parcel centers in Pratteln (BL), Buchs (AG) and Rümlang (ZH) started in the first three quarters of 2021.” Swiss Post intends to continue delivering parcels quickly and reliably to every doorstep in the future. Glanzmann is confident that this goal will be achieved: “With these investments, we can ensure our quality even as volumes rise. The investments make sense, and they will pay off, both for us and for our customers.”

On track with the “Swiss Post of tomorrow” strategy

Swiss Post expects parcel volumes to remain high in the wake of the coronavirus pandemic. Over the next ten years, it is looking to invest 1.5 billion francs in the renewal and expansion of its sorting and delivery infrastructure. It wants to do this with its own resources, and must therefore grow. Glanzmann is confident: “The increase in operating income in the third quarter of 2021 makes me optimistic, and we are on the right track with our strategy. We want to continue to achieve good financial results so that we can invest in Swiss Post’s infrastructure − with a view to ensuring high-quality public service for Switzerland in the long term.”

Group key figures
Unit
Full year 2020
30.09.2019
30.09.2020
30.09.2021
Group key figures
Operating income
Unit
CHF million
Full year 2020
7,054
30.09.2019
5,300
30.09.2020
5,113
30.09.2021
5,427
Group key figures
Operating profit (EBIT)
Unit
CHF million
Full year 2020
272
30.09.2019
371
30.09.2020
176
30.09.2021
360 
Group key figures
Group profit
Unit
CHF million
Full year 2020
178
30.09.2019
263
30.09.2020
136
30.09.2021
370 
Group key figures
Total assets
Unit
CHF million
Full year 2020
124,274
30.09.2019
123,547
30.09.2020
142,833
30.09.2021
132,172
Group key figures
Equity
Unit
CHF million
Full year 2020
6,906
30.09.2019
7,014
30.09.2020
6,753
30.09.2021
8,818
Group key figures
Investments
Unit
CHF million
Full year 2020
401
30.09.2019
282
30.09.2020
233
30.09.2021
484
Group key figures
Headcount at Swiss Post Group 
Unit
FTEs
Full year 2020
39,089
30.09.2019
39,523
30.09.2020
38,966
30.09.2021
39,758

Selected key figures per segment

Operating income (CHF million)30.09.202030.09.2021 
Operating income (CHF million)
Logistics Services
30.09.2020
2,898 
30.09.2021  Normalized figures
3,038
Operating income (CHF million)
PostalNetwork
30.09.2020
448
30.09.2021  Normalized figures
445
Operating income (CHF million)
Communication Services
30.09.2020
14
30.09.2021  Normalized figures
25
Operating income (CHF million)
Mobility Services
30.09.2020
723
30.09.2021  Normalized figures
815
Operating income (CHF million)
Swiss Post Solutions
30.09.2020
397
30.09.2021  Normalized figures
438
Operating income (CHF million)
PostFinance
30.09.2020
1,160
30.09.2021  Normalized figures
1,172

 

Operating profit (CHF million)30.09.202030.09.2021 
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Logistics Services
30.09.2020
306 
30.09.2021  Normalized figures
328
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
PostalNetwork 
30.09.2020
-102 
30.09.2021  Normalized figures
-65
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Communication Services
30.09.2020
-40 
30.09.2021  Normalized figures
-57
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Mobility Services
30.09.2020
-28 
30.09.2021  Normalized figures
21
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Swiss Post Solutions
30.09.2020
16
30.09.2021  Normalized figures
27
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
PostFinance
30.09.2020
140
30.09.2021  Normalized figures
172
PostFinance Ltd key figures
Unit
Full year 2020
30.09.202030.09.2021
PostFinance Ltd key figures
Number of customers
Unit
In thousands
Full year 2020
2,685
30.09.2020
2,697
30.09.2021
2,602
PostFinance Ltd key figures
Customer assets
Unit
CHF million
Full year 2020
123,679
30.09.2020
122,101
30.09.2021
110,936
PostFinance Ltd key figures
Customer assets in partner solutions
Unit
CHF million
Full year 2020
14,490
30.09.2020
13,594
30.09.2021
17,326
PostFinance Ltd key figures
Mortgages
Unit
CHF million
Full year 2020
6,039
30.09.2020
6,001
30.09.2021
6,192
PostFinance Ltd key figures
Development of customer assets
Unit
CHF million
Full year 2020
4,019
30.09.2020
2,441
30.09.2021
-12,742
PostFinance Ltd key figures
Headcount
Unit
FTEs
Full year 2020
3,260
30.09.2020
3,251
30.09.2021
3,234