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Financial Report 2020 About This Financial Report Powering a modern Switzerland Financial Report 2020 About this Financial Report Forward-looking statements This report contains forward-looking statements. They are based on current management estimates and projections, and on the information currently available to management. Forward-looking statements are not intended as guarantees of future performance and results, which remain dependent on many different factors; they are subject to a variety of risks and uncertainties, and are based on assumptions that may not prove accurate. True-to-scale representation of figures in charts Charts are shown to scale to present a true and fair view. 20 mm is equivalent to one billion francs. Percentages in charts are standardized as follows: Horizontal: 75 mm is equivalent to 100 percent. Vertical: 40 mm is equivalent to 100 percent. Key for charts and tables Current year Previous year Positive effect on result Negative effect on result Plan or goal If the figures shown are not comparable with the more recent figures (e.g. due to a change in method or change in the scope of consolidation), this is shown as follows: Non-comparable prior-year figure Non-comparable difference with positive effect on result Non-comparable difference with negative effect on result Powering a modern Switzerland Customer-centric, trustworthy, committed 7,054 million 178 million francs in operating income, down by francs in Group profit, down 1.6 percent year-on-year. 77 million francs year-on-year. 1,706 million 191 million With a fall of 5.6 percent, the volume of Thanks to booming online retail, addressed letters posted in Switzerland and PostLogistics delivered 23 percent delivered by PostMail declined again in 2020. more parcels in Switzerland. 1 124 billion 127 million francs, up by 3.3 percent, represents the Due to the coronavirus pandemic, level of average PostFinance customer PostBus transported around 24 percent assets. fewer passengers in 2020. 81 points 30% Customer satisfaction remained at is the CO2 efficiency improvement a high level, as in the previous year. over 2010 achieved by Swiss Post by the end of 2020. 1 For the new definition of parcel volumes, see page 33. Financial Report 2020 Management report 5 Business activities 6 Range of services 6 Customers 7 Geographical segmentation 7 Brands 11 Organization 12 Background 13 Technological factors 13 Sociocultural factors 14 Economic factors 14 Legal and political factors 15 Impact of the COVID-19 pandemic on Swiss Post’s operations 16 Strategy 17 2020 Swiss Post strategy 17 Statutory mandate and strategic goals set by the Federal Council 17 Regulatory accounting and companies under individual supervision 18 Vision and core values 20 Swiss Post’s strategic goals 20 Strategic thrusts 21 Market strategies 23 “Swiss Post of tomorrow” growth strategy (2021–2024) 25 Corporate responsibility strategy 26 Strategy period 2017 to 2020 26 Responsible procurement 26 Climate and energy 26 Responsible employer 27 Circular economy 27 Corporate citizenship 28 Strategy period 2021 to 2024 28 Financial controlling 29 Business performance 31 Key figures 31 Impact of the coronavirus pandemic 32 Drivers 32 Profit situation 36 Assets and financial situation 49 Non-financial results of a material nature 52 Risk report 60 Risk management principles 60 Risk management system 60 Risk situation 63 Internal control system 63 Outlook 65 Corporate governance 67 Basic principles 68 Group structure and shareholders 68 Legal form and ownership 68 Control by the Confederation 68 Capital structure 68 Board of Directors 68 Composition as at 31 December 2020 69 Education, professional activities and interests 69 Changes in the year under review 71 Election and term of office 71 Role and internal organization 71 Information and supervisory tools 73 Executive Management 74 Composition as at 31 December 2020 74 Education, professional activities and interests 74 Changes in the year under review and after the reporting period 76 Management contracts 76 Remuneration 77 Policy 77 Determination 77 Level of remuneration 78 Auditor 80 Information policy 80 Group annual financial statements 81 Consolidated income statement 82 Consolidated statement of comprehensive income 83 Consolidated balance sheet 84 Consolidated statement of changes in equity 85 Consolidated cash flow statement 86 Notes 88 Auditor’s report 178 Swiss Post Ltd annual financial statements 181 Income statement 182 Balance sheet 183 Notes 184 Auditor’s report 190 PostFinance annual financial statements 193 Reconciliation 194 PostFinance Ltd statutory annual financial statements 195 Balance sheet 196 Income statement 198 Appropriation of profit/loss 199 Cash flow statement 200 Statement of changes in equity 201 Notes 202 Information on the balance sheet 217 Information on off-balance sheet transactions 234 Information on the income statement 235 Auditor’s report 238 4 5 Management report Swiss Post operates in markets that are undergoing rapid change due to intense competition, internationali- zation, technology deployment and regulations. Driven by digital commerce, the logistics market is facing global competition. The level of digitization in the communica- tion market is rising. Following regulatory changes in the financial market, digital providers have the possibility to gain a foothold in payment transactions. Multimodal transport services, which complement and compete with traditional public transport, are increasingly being offered in the passenger transport market. Swiss Post is meeting the challenges in its market envi- ronment and at regulatory level by launching a trans- formation strategy for the years 2017 to 2020 and a growth strategy for the coming strategy period from 2021 to 2024. Business activities 6 Organization 12 Background 13 Strategy 17 Corporate responsibility strategy 26 Financial controlling 29 Business performance 31 Key figures 31 Impact of the coronavirus pandemic 32 Drivers 32 Profit situation 36 Assets and financial situation 49 Non-financial results of a material nature 52 Risk report 60 Outlook 65 Swiss Post 6 Financial Report 2020 Business activities Swiss Post offers financial and mobility services in addition to postal products and services. It also develops cross-market solutions, for instance in digital commerce. Swiss Post is proud to be able to serve all its private and business customers in Switzerland and to operate in a targeted manner abroad. Range of services Swiss Post’s range of services includes the processing of logistics and communication consignments, secure electronic solutions as well as financial and mobility services. Within the core business in its four markets, Swiss Post positions itself as a quality provider offering the best value for money. Cross-market solutions create tailor-made customer benefits (e.g. in digital commerce). Range of services – Courier, express, parcels (CEP) – Goods logistics including customs clearance services Cross- – Value logistics – Fleet management channel communication Physical and digital Sales Digital Digital trust and solutions commerce e.g. e-voting, for corporate e.g. link to eHealth business international customers logistics Communication Logistics – Letters (individual and bulk mailing, market market national, international, various Business delivery times) process – Franking solutions – Print media: distribution, outsourcing Swiss Post subscription management, Document publishers’ logistics, lettershop, management newsstand distribution – Small goods consignments Financial Passenger – Mailroom services services transport – Incoming/outgoing mail processing market market Digital Mobility banking Partnering and e.g. mobile cooperations payment – Payments – Savings – Investments – Retirement planning – Public bus transport in Switzerland – Financing and Liechtenstein Swiss Post is constantly developing its products and services in line with the needs of business and private customers. This involves consistently linking the physical and digital worlds, e.g. with cross-channel marketing campaigns or the digitization of incoming mail processing. Together with its customers, Swiss Post is increasingly developing solutions which connect elements right across the Group (e.g. working capital management as a combination of logistics and financial products). Swiss Post generates 85.9 percent of its revenue in competition. The remaining 14.1 percent is accounted for by the monopoly on letters weighing less than 50 grams, where Swiss Post is in com- petition with electronic services. Due to the advance of electronic substitution, the share generated by Swiss Post’s monopoly is falling. The contribution of the monopoly to the financing of the univer- sal service therefore continues to decline. Swiss Post Management report Corporate governance Annual financial statements Financial Report 2020 6 Business activities 68 Basic principles 81 Group 7 12 Organization 68 Group structure and shareholders 181 Swiss Post Ltd 13 Background 68 Capital structure 193 PostFinance 17 Strategy 68 Board of Directors 26 Corporate responsibility strategy 74 Executive Management 29 Financial controlling 77 Remuneration 31 Business performance 80 Auditor 60 Risk report 80 Information policy 65 Outlook Customers Swiss Post is committed to meeting the needs of its customers. It aims to make all important contact moments a positive experience for the customer. They should be aware that Swiss Post does every- thing it can to make their lives easier – whenever, wherever and however it suits them. Swiss Post’s services
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