Security Printing Division

In 2020, the Security Printing Division achieved net sales of CHF 87.3 million, a reduction of 14% compared to the previous year (CHF 101.2 million). The decline in net revenue is mainly due to a changing product mix with a high share of the export business with less complex banknotes (63% of total sales volume). The COVID 19 pandemic also had a slight impact on net proceeds through temporarily reduced production output. Despite a further reduction in fixed costs compared to the previous year, the decline in gross profit could not be offset. The operating result (EBIT) was CHF 5.5 million (previous year CHF 9.2 million).


In the international market, new customer projects were acquired despite the difficult market conditions caused by the COVID 19 pandemic. The successful positioning as a provider of high-quality and at the same time economically attractive banknotes was maintained in 2020 in a highly competitive market environment, but remains a challenging task.

In 2020, the focus was not only on measures to limit the effects of the corona, but also on renewing and improving the infrastructure and strengthening innovation with new digitalisation projects. In the reporting year, major investments (CHF 13.7 million) were made in the modernisation of production equipment.

In 2021, the Security Printing Division will continue to invest in modernisation and innovation. The focus will also be on expanding orders from the international market and preparing for digital products in the ID sector. With regard to a stronger orientation of the division towards the growing international market, further efficiency increases are being targeted. Due to the changing product mix and continuing Corona influences, Security Printing expects a lower earnings situation for the current business year.