Francotyp-Postalia Holding AG / Preliminary Results/Preliminary Results
23.02.2010 07:02
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Francotyp-Postalia Increases Earnings in Recession Year 2009
- Tough Cost Management Pays Off
- EBITDA at EUR 20.6 million Higher than Previous Year
- Free Cash Flow increases to EUR 9.0 million
Birkenwerder, 23rd February 2010. Francotyp-Postalia Holding AG, a provider
of mail management services active worldwide, was able to increase its
earnings power in the previous financial year, despite the global economic
and financial crisis. While revenue were down from EUR 142.4 million in the
previous year to EUR 129.0 million due to the recession, the Company
increased its EBITDA result from EUR 18.2 million in 2008 to EUR 20.6
million in 2009.
During 2009, revenue within the FP Group moved in two different directions.
Recurring revenue from service agreements, rental business and the sale of
consumables remained stable for the installed base, comprising some 260,000
franking machines worldwide. However, the economic and financial crisis
made itself felt through a marked downturn in the propensity of companies
to invest, resulting in negative comparative figures for new business for
the Company's franking and inserting machine segment. The worst recession
of the post-War era also made it necessary to revalue freesort, acquired in
2006. The depreciation on goodwill had a non-recurring negative effect of
EUR 12.5 million on net earnings, but did not affect the Company's
liquidity.
Operationally, the FP Group was able to improve its results in 2009. This
positive development was mainly due to successful restructuring and tough
cost management. As a result, material expenses fell to EUR 32.2 million,
compared to EUR 43.3 million in the previous year. Following finalization
of the site continuation agreement in 2009, personnel expenses were cut to
EUR 48.4 million, compared to EUR 55.3 million in the previous year.
Restructuring costs themselves came to EUR 1.4 million in 2009, compared to
EUR 4.0 million in the previous year. After adjusting for these costs,
EBITDA for 2009 came to EUR 22.0 million, putting it at the same level as
in the previous year. Due to the write down made on freesort, a net loss
for the Group of EUR -16.8 million was posted, compared to EUR -15.7
million in the previous year.
Despite extremely difficult operating conditions, the FP Group managed to
increase its financial strength in 2009. Free cash flow - which represents
the balance between cash flow from operating activies and cash flow from
investing activities - came to EUR 9.0 million, compared to EUR 3.0 million
in the previous year. 'In what has been a very difficult economic
environment, we have concentrated on strengthening our financial and
earnings power. This strategy clearly paid off in 2009,' stated Hans
Szymanski, member of the FP Management Board responsible for finance.
In view of the uncertainty facing the economy as a whole and the sectors in
which the FP Group operates, no quantitative forecast can be made for the
current financial year at the present time. 'In this difficult market
situation we shall definitely be focussing on high-margin products and
services, in order to further improve the medium and long-term earnings
power of the FP Group,' was Hans Szymanski's comment.
The final audited results for the financial year 2009 will be presented by
Francotyp-Postalia Holding AG on 29th April 2010.
Contact
Francotyp Postalia Holding AG
Sabina Prüser
Tel: +49 (0)3303 525 410
Fax: +49 (0)3303 53707 410
E-mail:s.prueser@francotyp.com
The FP Group in Brief
Francotyp-Postalia Holding AG (FP Group) is a leading manufacturer of
franking machines covering the whole value added chain in the outbound mail
market. Its products and services range from franking and inserting
machines to the collection, sorting and consolidation of outbound mail, as
well as electronic hybrid mail solutions offering 21st century mail
processing. With its headquarters in Birkenwerder near Berlin, the FP Group
offers businesses of all sizes individually tailored mail management
solutions. The FP Group has local branches in many industrialised countries
and currently holds over 9% of the worldwide franking machine market. With
a corporate history extending back over 85 years, today the FP Group is
profiting from the growing liberalisation of mail markets and the
increasing interest of businesses to delegate their outbound mail
operations to professional service providers. In financial 2008, the Group
employed around 1,100 people, with revenue of 142.4 million euros and an
EBITDA of 18.2 million euros.
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Language: English
Company: Francotyp-Postalia Holding AG
Triftweg 21-26
16547 Birkenwerder
Deutschland
Phone: +49 (0)3303 525 777
Fax: +49 (0)3303 53 70 77 77
E-mail: ir@francotyp.com
Internet: www.francotyp.com
ISIN: DE000FPH9000
WKN: FPH900
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: Francotyp-Postalia Holding AG: Francotyp-Postalia Increases Earnings in Recession Year 2009
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