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Mid Year Results 
 
Vienna, 12 August 2021 - 
 
Setting on a successful strategic course 
 
* Parcel business as strong second pillar of the Group (organic growth and 
  integration of Aras Kargo) 
* Important milestone for bank99 with the acquisition of the retail business of 
  ING in Austria 
 
 
Ongoing high parcel volumes in H1, continuing letter mail decline 
 
* Parcel volumes in Austria +20 %, Turkey +24 %, CEE +21 % 
* Letter mail volumes -3 %, direct mail items +2 % 
 
 
H1 2021 revenue increase of +28.4 % to EUR 1,260.4m (+12.0 % excl. Aras Kargo) 
 
* Mail +3.0 % to EUR 608.2m 
* Parcel & Logistics +70.7 % to EUR 628.1m (+27.0 % excl. Aras Kargo) 
* Retail & Bank +18.9 % to EUR 34.0m 
 
 
Earnings increase driven by parcel growth 
 
* EBITDA +64.3 % to EUR 184.5m 
* EBIT +114.5 %% to EUR 103.4m 
* Mail: +12.6 % to EUR 82.4m 
* Parcel & Logistics: +EUR 41.5m to EUR 59.7m 
* Retail & Bank: +6.1 % to minus EUR 27.0m 
 
 
Improved cash flow, higher balance sheet total 
 
* Operating free cash flow increase of EUR 45.3m to EUR 139.1m 
* Balance sheet total up to EUR 2.8bn due to bank expansion 
 
 
Positive outlook for 2021 
 
* Expected revenue increase of about 15 % 
* Targeted earnings (EBIT) increase of at least 20 % 
* Focus on investment programme to secure performance capacity 
 
 
 
Austrian Post continued to be adversely affected by restrictions and 
consequences related to the COVID-19 pandemic. However, on balance the first 
half of 2021 still proved to be very successful. First half-year 2021 revenue 
and earnings increased against the backdrop of a significant impact in the 
comparable prior-year period. In particular, national and international parcel 
volumes continued to show good growth rates. In contrast, the structural decline 
of mail products continued. Pandemic-related restrictions still impacted 
business activities of several customer segments. 
 
Austrian Post's Group revenue rose by 28.4 % in the first half of 2021 to 
EUR 1,260.4m. The current period clearly demonstrates the structural change with 
increased importance of the parcel business in a divisional comparison. In the 
first half-year, the Parcel & Logistics Division reported an ongoing upward 
trend, accounting for 49.4 % of total revenue, whereas the Mail Division's share 
fell to 47.9 %. Revenue of the Parcel & Logistics Division increased by 70.7 % 
(+27.0 % attributable to organic growth) to EUR 628.1m, also due to the full 
consolidation of the Turkish company Aras Kargo, and included positive special 
effects from logistics services. The Mail Division generated revenue of 
EUR 608.2m in the reporting period (+3.0 %). The Retail & Bank Division also 
reported growth, producing revenue of EUR 34.0m in the first half of 2021. 
bank99 has been offering its own range of financial services since April 2020. 
In order to rapidly expand the business, an agreement to acquire ING's retail 
business in Austria was reached in July 2021. The closing is expected by the end 
of 2021. "With the acquisition of ING's retail business in Austria, we have 
taken an extraordinary step forward in accelerating the ramp-up of our financial 
services", says Georg Pölzl, CEO of Austrian Post. "We will work together with 
the highly professional team of ING in Austria to further develop our bank", 
Georg Pölzl adds. 
 
Austrian Post also achieved a considerable year-on-year earnings improvement in 
the first half-year 2021. In the light of the prior-year period influenced by 
the COVID-19 pandemic, Group EBITDA rose by 64.3 % to EUR 184.5m, whereas EBIT 
has more than doubled, increasing by 114.5 % year-on-year to EUR 103.4m. The 
Mail Division generated an EBIT increase of 12.6 % to EUR 82.4m, driven by 
higher letter mail and direct mail revenue following the prior-year period 
strongly burdened by the COVID-19 pandemic. Letter mail product and postal rate 
adjustments as well as special mailings also had a positive impact in the 
current reporting period. EBIT of the Parcel & Logistics Division increased by 
EUR 18.2m to EUR 59.7m in the first six months of 2021. The earnings improvement 
is also attributable to the outstanding operating development in all markets, 
the full consolidation of the Turkish company Aras Kargo and other special 
effects relating to logistics services. The Retail & Bank Division generated an 
EBIT of minus EUR 27.0m compared to minus EUR 28.7m in the previous year. The 
financial services business has a noticeable positive earnings trend. Austrian 
Post's profit for the period equalled EUR 84.2m in the first half of 2021 
compared to EUR 39.1m in the first half of 2020. Earnings per share in the 
current reporting period was EUR 1.18, up from EUR 0.66 in the prior-year 
period. 
 
Austrian Post revised its expectations for the full year 2021 upwards based on 
strong results generated in the first half-year. In spite of the ongoing 
uncertainty in the letter mail and direct mail business, total Group revenue 
(including the Turkish subsidiary Aras Kargo) is expected to increase by about 
15 %. Earnings should also improve from the previous year. A year-on-year 
increase of at least 20 % is targeted (basis 2020 EBIT: EUR 161m). The current 
parcel volume development confirms the need for Austrian Post's planned capacity 
expansion programme. The sorting capacity should be expanded by a further 50 % 
from 2020 to 2022. 
 
 
KEY FIGURES 
 
                                                Change 
EUR m                         H1 2020 1 H1 2021 %       EUR m  Q2 2020 1 Q2 2021 
Revenue                       981.9     1,260.4 28.4 %  278.5  479.1     614.3 
Mail                          590.6     608.2   3.0 %   17.6   273.1     297.3 
Parcel & Logistics            367.9     628.1   70.7 %  260.2  193.4     304.4 
Retail & Bank                 28.6      34.0    18.9 %  5.4    15.5      17.3 
Corporate/Consolidation       -5.3      -9.9    -89.2 % -4.7   -2.8      -4.6 
Other operating income        28.4      43.1    51.9 %  14.7   15.0      20.9 
Raw materials, consumables    -260.4    -355.0  -36.3 % -94.6  -133.4    -169.5 
and services used 
Staff costs                   -494.7    -587.6  -18.8 % -92.9  -241.2    -284.1 
Other operating expenses      -143.4    -176.8  -23.3 % -33.4  -73.1     -96.3 
Results from financial assets 
accounted for using the       0.5       0.4     -21.0 % -0.1   0.5       0.1 
equity method 
EBITDA                        112.3     184.5   64.3 %  72.2   46.9      85.5 
Depreciation, amortisation    -64.0     -81.1   -26.6 % -17.0  -32.0     -41.8 
and impairment losses 
EBIT                          48.2      103.4   >100 %  55.2   14.9      43.7 
Mail                          73.2      82.4    12.6 %  9.2    26.3      36.9 
Parcel & Logistics            18.2      59.7    >100 %  41.5   9.4       23.8 
Retail & Bank                 -28.7     -27.0   6.1 %   1.7    -12.3     -8.5 
Corporate/Consolidation 2     -14.4     -11.7   18.9 %  2.7    -8.6      -8.6 
Financial result              5.1       4.7     -9.2 %  -0.5   4.0       2.3 
Profit before tax             53.3      108.1   >100 %  54.7   18.9      45.9 
Income tax                    -14.2     -23.9   -68.1 % -9.7   -5.9      -11.7 
Profit for the period         39.1      84.2    >100 %  45.0   12.9      34.3 
Earnings per share (EUR) 3    0.66      1.18    79.2 %  0.52   0.24      0.47 
Gross cash flow               117.2     226.1   92.9 %  108.9  45.2      117.2 
Cash flow from operating      306.9     281.5   -8.3 %  -25.4  210.2     157.5 
activities 
CAPEX                         37.7      47.0    24.5 %  9.2    15.8      28.6 
Free cash flow                416.0     267.1   -35.8 % -148.8 318.3     149.5 
Operating free cash flow 4    45.3      139.1   >100 %  93.7   -12.8     64.7 
 
1 Adjusted presentation 
2 Includes the intra-Group cost allocation procedure 
3 Undiluted earnings per share in relation to 67,552,638 shares 
4 Free cash flow before acquisitions/securities/money market investments, Growth 
CAPEX and core banking assets 
 
 
EXCERPTS FROM THE MANAGEMENT REPORT 
 
REVENUE DEVELOPMENT IN DETAIL 
 
In the first half of 2021, Austrian Post's Group revenue increased by 28.4 % 
year-on-year to EUR 1,260.4m. Without accounting for Aras Kargo, revenue 
increased by 12.0 % on a comparable basis. Growth in the parcel business led to 
a revenue increase of 70.7 % (organic growth of 27.0 %), the Mail Division 
generated a 3.0 % revenue increase in the first six months of 2021. 
 
On a divisional basis, developments in the first half of 2021 reflected a major 
change characterised by the increased importance of the parcel business. The 
share of the Mail Division as a proportion of total revenue generated by the 
operating divisions fell to 47.9 %. The division reported a slight increase in 
revenue of 3.0 %. The prior-year period was particularly burdened by COVID-19, 
showing a revenue decline of 10.5 %, whereas positive COVID-19 effects were 
recorded in 2021 due to special mailings. An accelerated decline in traditional 
letter mail resulting from electronic substitution and the lockdown measures 
continues to be felt along with a volatile advertising business as the direct 
effect of the COVID-19 pandemic. A slight recovery in direct mail and media post 
volumes is perceptible following the considerable decrease in the previous year. 
The product and postal rate adjustments made on 1 April 2020 have positively 
impacted the division's revenue development. As a proportion of revenue, the 
weight of the Parcel & Logistics Division has increased from 37.3 % to 49.4 % 
year-on-year in the current reporting period. On the one hand, revenue growth 
can be attributed to the full consolidation of the Turkish subsidiary Aras Kargo 

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August 12, 2021 01:30 ET (05:30 GMT)