Published on February 23, 2022

The 2021 results of the La Poste group

Financial informations
The talks
France

After meeting today under the chairmanship of Philippe Wahl, the Board of Directors of La Poste approved the group’s consolidated financial statements for 2021.

The 2021 results of the La Poste Group

The year of 2021 by Philippe Wahl, Chairman and Chief Executive Officer of La Poste Groupe

"In 2021, La Poste Groupe generated operating revenue of €34.6 billion and reported a recovery in results thanks to the commitment and efficiency of its postal workers. Thanks also to our shareholders, La Caisse des Dépôts and the French State, who supported our investments, thus consolidating our development. With the unprecedented growth of e-commerce and the digitisation of society, the Express and Parcels business reached record levels (2.8 billion parcels delivered in 2021 compared to 1.1 billion in 2013); while Mail volumes continued to erode (7.3 billion letters in 2021 compared to 13.7 billion in 2013) after an accelerated fall in 2020. Operating revenue from human proximity services recorded growth of +26% and amounted to €642 million. 2021 was the year of the launch of our new strategic plan “La Poste 2030, committed for you”. It aims to build a sustainable model for our Group to enable profitable and responsible growth. We have already achieved major strategic milestones in 2021. GeoPost accelerated its development in Europe and at intercontinental level. A new business unit, Retail Customers and Digital Services, was created on 1 July, combining the power of our physical network with the expertise of our digital services to improve customer satisfaction, our top strategic priority. La Banque Postale strengthened its position as a leading player in bancassurance with the increase in the share capital of CNP Assurances and the creation of a “citizen” CIB. The group is fully invested in its four public service missions which were consolidated by the French State’s decision to compensate for the deficit of the Universal Postal Service. In 2021, La Poste adopted the status of an “entreprise à mission” which confirms its commitment to serving society as a whole. This commitment is expressed on a daily basis through the postal workers who have been resilient and courageous in the face of the global health crisis. The recovery of our results allows us to pay this year to the men and women who are the driving force behind our action and our transformation, a profit sharing.”

Copyright Romuald Meigneux

Figures on the performance of the group

  • Operating revenue¹ : €34.6 billion or +11.0%, and +9.6% at constant scope and exchange rates

  • Net profit/(loss), Group share :

    -€2.1 billion stable (-€15 million)

    -€1.2 billion excluding the effects of initial recognition of CNPA shares, excluding the impairment of Mail assets and excluding impairment of deferred tax assets, i.e. an increase of +€1.5 billion² compared to 2020

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Key highlights in 2021

Continuation of trends impacting the group’s business model :

  • The decrease in the volumes of mail accelerated since the beginning of the health crisis (-10.5% on average per year over the period 2019-2021 and -2.4% in 2021, their structural decline having been mitigated in 2021 by a favourable base effect),

  • Supported by robust logistics, the volumes of parcel and express continued to grow in 2021 (2.8 billion parcels delivered³ or +10.7%), after a record year in 2020, in a context of very dynamic growth in global e-commerce,

  • La Banque Postale, whose strategic equity alliance with CNP Assurances made further progress, saw a dynamic of recovery in its business in a context of still penalising low interest rates;

The major strategic progress :

  • Acceleration of diversification and growth drivers,

  • Creation of the Retail Customers and Digital Services business unit⁴, integrating the power of digital technology with La Poste’s physical distribution network,

  • Since 1 July, GeoPost ensures the operational management of Asendia, facilitating synergies within international logistics activities,

  • Allocation of a first allowance of €520 million by the State as compensation for the Universal Postal Service for 2021⁵,

  • Adoption in June 2021 of the status of “entreprise à mission, with commitments to have a positive impact on society: contributing to the development and cohesion of the regions, promoting social inclusion, promoting ethical, inclusive and frugal digital technologies, working to accelerate the environmental transition for all,

  • Signature of a new national employee agreement “La Poste committed with postal workers”, marking a proactive social policy;

Recognition of the group’s societal commitment by extrafinancial rating agencies :

  • Maintained at World leader level all sectors combined by Vigeo Eiris, award of the Platinium medal by EcoVadis, and registration on the CDP “List A”;

  • La Banque Postale is the first European bank and one of the first financial institutions in the world to have a decarbonisation trajectory validated by the “Science Based Targets initiative” (SBTi)⁶,

  • Évolution favorable de la notation financière du groupe : portée en novembre 2021 à A+, perspective "stable", par Standard & Poor's, et maintenue en décembre à A+, avec une perspective rehaussée à "stable", par Fitch Ratings.

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Outlook

In 2022, the group will continue to implement its strategic plan, “La Poste 2030, committed for you” in order to progress towards its objective of being a profitable growth company, which succeeds in its transformation towards a sustainable business model. La Poste Groupe will continue to consolidate the foundation of its historical activities, while developing its growth drivers – parcels and express, bancassurance – through targeted acquisitions aimed in particular at the geographical expansion of these activities. The group will also prepare the new postal coverage agreement.

(1)Throughout the press release, the term “operating revenue” refers to all of the group’s operating revenues, including the operating revenue from industrial and commercial activities and La Banque Postale’s net banking income (including net income from CNP Assurances activities).

(2)At the end of 2020, the impact of the initial recognition of CNPA shares represented +€3.0 billion on operating profit/(loss) and the impairment of Mail assets amounted to ‑€900 million; at the end of 2021, the provision for impairment of Mail assets amounted to +€900 million.

(3)Cumulative growth in parcels, express and e-pacq.

(4)These organisational changes came into effect on 1 July 2021.

(5)On 22 July 2021, the French State committed to paying La Poste an annual allocation for the Universal Postal Service of €500 million to €520 million, over the period from 2021 to 2025, depending on the quality of service.

(6)Leading independent body led by four international organisations.