DGAP-News: Francotyp-Postalia Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Francotyp-Postalia Holding AG: Francotyp-Postalia Holding AG can make
free use of so-called Teleporto funds (restricted cash) in future
19.08.2014 / 17:24
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Corporate News
Francotyp-Postalia Holding AG can make free use of so-called
Teleporto funds (restricted cash)in future
- Company reassesses the Teleport funds (restricted cash) in the UK
- FP Group has additional GBP 16.7 million (as at 30 June 2014) available
in cash and cash equivalents
- Net debt of FP Group reduced to EUR 11.0 million
Birkenwerder, 19 August 2014. After careful review leading to a
reassessment of Teleport funds (restricted cash) of the UK subsidiary
Francotyp-Postalia Ltd., the financial strength of Francotyp-Postalia
Holding AG, multichannel supplier for mail communication and accredited
De-Mail provider, has been increased by additional GBP 16.7 million (as at
30 June 2014) freely available to the FP Group as cash and cash
equivalents. At the exchange rate on 30 June 2014, this amounts to EUR 20.8
million. This leads directly to a substantial improvement in net debt,
which totalled EUR 11.0 million as at 30 June 2014.
The reassessment involves postage advances by customers in the UK, where
the FP Group receives an advance similar to a deposit from franking machine
users. Current postage recrediting by customers is directly settled with
the Royal Mail and customers. Previously, the balance of advances has to be
recognised as "restricted cash" according to the Royal Mail requirements.
After abolition of this restriction and detailed review by the Management
Board, the credit balance is now treated as cash freely available to the FP
Group. The following financial reports will include a corresponding
correction in accordance with IAS 8. After intensive review, the Teleporto
funds in Canada and Austria are still restricted, and cannot be used freely
by the Company.
Consideration is being given to using the released funds for investment in
the future. An alternative is to use the funds for a temporary repayment of
liabilities, which would significantly reduce financial liabilities,
leading to a higher equity ratio.
FP CEO and CFO Hans Szymanski, explains: "Previously, advances by customers
had to be treated as restricted cash, under Royal Mail regulations. After
careful review, we have reassessed the contractually agreed regulations.
With due regard for commercial prudence, we can now use the cash and cash
equivalents immediately for productive purposes at FP, creating additional
value for all parties."
Contact:
Francotyp-Postalia Holding AG
Corporate Communications
Sabina Prüser
Tel: +49 (0)3303 525 410
Fax: +49 (0)3303 53707 410
E-Mail: s.prueser@francotyp.com
About Francotyp-Postalia Holding AG
The FP Group is the first multi-channel provider for mail communication.
The globally active company offers the entire range of products and
solutions for business and private customers. In addition to standard
machines for franking and inserting mail, its offering includes services
such as the collection of business mail and innovative software solutions
such as the fully electronic letter. The FP Group, based in Birkenwerder
near Berlin, can therefore provide tailored multi-channel solutions. The
Group currently operates its own branches in a number of industrialised
countries and holds a global market share in franking machines of around
10%. With a history dating back 90 years, the FP Group today benefits
across all markets from the increasing liberalisation of postal markets and
the readiness of companies to outsource their business mail to professional
service providers. In the 2013 financial year, the company generated
revenue of EUR 168.9 million. The FP Group employs around 1,100 people
worldwide.
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Language: English
Company: Francotyp-Postalia Holding AG
Triftweg 21-26
16547 Birkenwerder
Germany
Phone: +49 (0)3303 525 777
Fax: +49 (0)3303 53 70 77 77
E-mail: ir@francotyp.com
Internet: www.fp-francotyp.com
ISIN: DE000FPH9000
WKN: FPH900
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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282984 19.08.2014
DGAP-News: Francotyp-Postalia Holding AG: Francotyp-Postalia Holding AG can make free use of so-called Teleporto funds (restricted cash) in future
| Source: EQS Group AG