Revenue of the Mail Division totalled EUR 311.0m in the period under review, of 
which 66.1 % can be attributed to the Letter Mail & Business Solutions business. 
Direct Mail accounted for 24.6 % of total divisional revenue, and Media Post had 
a 9.3 % share. 
 
In the first quarter of 2021, Letter Mail & Business Solutions revenue amounted 
to EUR 205.6m, implying a year-on-year increase of 1.1 %. The declining volume 
trend resulting from the substitution of letters by electronic forms of 
communication continued. In particular, revenue declined as a consequence of the 
lockdown measures and economic restrictions affecting senders. The volume 
decline continues to be negatively affected by current conditions. In contrast, 
special mailings in the first quarter of 2021 as well as the product and postal 
rate adjustments carried out effective on 1 April 2020 positively impacted the 
revenue. International letter mail produced growth, whereas the Business 
Solutions business area reported a slight revenue decline compared to the prior- 
year period. 
Direct Mail revenue fell by 8.6 % in the first three months of 2021 to 
EUR 76.6m. The government-imposed store closings in response to COVID-19 
accelerated the structural decline in advertising business. Currently visibility 
is low and direct mail business is volatile. 
Revenue from Media Post, i.e. the delivery of newspapers and magazines, fell by 
5.5 % year-on-year to EUR 28.8m. This decrease can also be primarily attributed 
to the COVID-19 pandemic. 
 
Revenue of the Parcel & Logistics Division improved by 85.5 % in the first 
quarter of 2021, increasing to EUR 323.7m. Amongst other reasons, excellent 
revenue development in the parcel business is based on the ongoing e-commerce 
trend in all markets. Austrian Post also succeeded in participating in market 
growth in Austria during this reporting period despite intense competition and 
price pressure. The uncertainty and restrictions related to the current COVID-19 
pandemic continue to provide a boost to the online business. Furthermore, 
positive special effects in the period under review resulted from logistics 
services. Growth also included revenue of EUR 82.8m in the first quarter of 2021 
generated by the Turkish subsidiary Aras Kargo, recognised as a fully 
consolidated company in the consolidated financial statements of Austrian Post 
since 25 August 2020. 
The development towards the faster delivery of parcels can be observed as a 
clear trend. In total, 67.1 % of the division's revenue in the first three 
months of 2021 was generated in the Premium Parcels business (next working day 
delivery). This corresponds to an increase of more than 100 % to EUR 217.2m in 
the first quarter of 2021. 
The Standard Parcels business area accounted for 24.9 % of divisional revenue 
and produced a revenue increase of 41.9 % to EUR 80.6m in the first quarter of 
2021. 
Other Parcel Services, which encompasses various additional logistics services, 
generated 8.0 % of divisional revenue totalling EUR 25.9m in the first three 
months of 2021. This corresponds to an increase of 46.7 %. 
Regional analysis shows that 61.9 % of the first quarter 2021 Parcel & Logistics 
Division revenue was generated in Austria. The Austrian parcel business produced 
year-on-year revenue growth of 39.5 %. 38.1 % of divisional revenue can be 
attributed to the international business of subsidiaries in Turkey (25.6 %) as 
well as in South East and Eastern Europe (12.5 %). Revenue of EUR 82.8m was 
generated in Turkey in the first quarter of 2021. The revenue increase in the 
highly competitive region of South East and Eastern Europe equalled 31.2 % in 
the first quarter of 2021, driven by higher parcel volumes as a result of the 
COVID-19 pandemic. 
 
Revenue of the Retail & Bank Division reached a level of EUR 16.7m in the first 
quarter of 2021, compared to EUR 13.2m in the previous year. Branch Services 
included higher revenue from retail goods and branch products, however the 
prior-year period still included service fees from the former banking partner. 
In the current reporting period, Branch Services revenue amounted to EUR 10.5m. 
The Result from Financial Services of EUR 6.2m in the first quarter of 2021 
showed a positive development. bank99 was launched on the market on 1 April 
2020. 
 
EARNINGS DEVELOPMENT 
 
The largest expense items in relation to Austrian Post's Group revenue are staff 
costs (47.0 %), raw materials, consumables and services used (28.7 %) and other 
operating expenses (12.5 %). 6.1 % can be attributed to depreciation, 
amortisation and impairment losses. There is only limited comparability of the 
individual items in the consolidated income statement with the figures from the 
prior-year quarter due to the full consolidation of the Turkish company Aras 
Kargo since 25 August 2020. 
 
Staff costs in the first quarter of 2021 totalled EUR 303.5m, implying an 
increase of 19.7 % or EUR 50.0m. On a like-for-like basis excluding Aras Kargo, 
staff costs were up by 12.3 % or EUR 31.3m from the previous year. This increase 
is primarily related to higher personnel requirements in response to increasing 
parcel volumes. Operational staff costs also rose year-on-year as a consequence 
of the full consolidation of the Turkish subsidiary Aras Kargo as well as 
increased costs to deal with the higher parcel volumes. The Austrian Post Group 
employed an average of 27,541 people (full-time equivalents) in the first three 
months of 2021 compared to the average of 20,231 employees in the prior-year 
quarter (+36.1 %). In addition to operational staff costs, staff costs of 
Austrian Post also include various non-operating staff-related expenses such as 
severance payments and changes in provisions, which are primarily related to the 
specific employment situation of civil servant employees at Austrian Post. Non- 
operating staff costs in the first quarter of 2021 included the need for higher 
allocations to provisions compared to the prior-year period. 
 
Raw materials, consumables and services used increased by 46.1 % to EUR 185.6m. 
On a like-for-like basis without Aras Kargo the increase was 14.7 %. This is 
attributable primarily to an increase in transport expenses as a result of huge 
parcel volumes. 
 
Other operating income increased by 66.7 % to EUR 22.2m in the first quarter of 
2021. On a like-for-like basis excluding Aras Kargo, other operating income was 
up by 41.0 % from the prior-year level. Other operating expenses also rose by 
14.6 % to EUR 80.5m or by 5.3 % year-on-year on a like-for-like basis. The 
higher costs mainly related to IT services and maintenance. 
 
EBITDA equalled EUR 99.0m, up by 51.5 % from the prior-year figure of EUR 65.3m. 
This implies an EBITDA margin of 15.3 %. The improvement is attributable to the 
excellent parcel revenue development in all markets. Depreciation, amortisation 
and impairment losses amounted to EUR 39.2m, up by 22.5 % or EUR 7.2m from the 
previous year. The increase is mainly due to the new logistics sites for the 
parcel logistics infrastructure as well as to the full consolidation of Aras 
Kargo. Group EBIT increased to EUR 59.8m in the first quarter of 2021 compared 
to EUR 33.3m in the first quarter of 2020. The EBIT margin amounted to 9.2 %. 
 
The Group's financial result of EUR 2.4m was EUR 1.3m above the first quarter of 
2020. After deducting the income tax of EUR 12.3m, the profit for the period 
totalled EUR 49.9m (+90.5 %). This equals undiluted earnings per share of 
EUR 0.71, compared to EUR 0.42 in the prior-year period. 
 
EARNINGS BY DIVISON 
 
The EBIT of EUR 59.8m (+79.2 %) generated in the first quarter of 2021 was 
positively impacted by the excellent parcel revenue development in all markets 
and enhanced by the COVID-19 pandemic and government-imposed lockdown measures. 
Furthermore, the full consolidation of the Turkish company Aras Kargo since 
25 August 2020 has positively affected quarterly earnings. 
 
From a divisional perspective, the Mail Division achieved an EBIT of EUR 45.5m 
in the first three months of 2021. The year-on-year decline of 3.0 % can be 
attributed to the drop in revenue relating to letter and direct mail volumes as 
a consequence of the COVID-19 pandemic. In contrast, letter mail product and 
postal rate adjustments on 1 April 2020 as well as special mailings had a 
positive effect in the current reporting period. 
 
The Parcel & Logistics Division achieved revenue growth against the backdrop of 
intense competition and margin pressure, generating an EBIT of EUR 35.8m in the 
first quarter of 2021. This corresponds to a year-on-year increase of EUR 27.1m. 
Earnings momentum due to outstanding revenue development was evident in all 
markets. In particular, the full consolidation of the Turkish subsidiary Aras 
Kargo as well as special effects relating to logistics services made a positive 
contribution to the division's earnings. 
The Retail & Bank Division recorded an EBIT of minus EUR 18.4m in the first 
quarter of 2021, compared to minus EUR 16.4m in the prior-year period. A 
positive earnings trend has been perceptible in the financial services business 
since the launch of bank99. In turn, earnings were negatively affected by a 
staff-related provision in the branch network. 
 
EBIT of the Corporate Division (incl. Consolidation) improved from minus 
EUR 5.8m to minus EUR 3.1m. The Corporate Division provides non-operating 
services which are typically essential for the purpose of the administration and 
financial control of a corporate group. In addition to conventional corporate 
governance tasks, these services include the management and development of 
commercial properties not required for company operations, the management of key 
financial investments, the rendering of IT services, the development of new 
business models and the administration of the Internal Labour Market of Austrian 
Post. 
 
CASH FLOW AND BALANCE SHEET 
 
The gross cash flow in the first quarter of 2021 equalled EUR 108.9m, compared 
to EUR 72.0m in the first quarter of 2020 (+51.3 %). The cash flow from

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