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Österreichische Post AG's Balance Sheet Prognosis For 2001

Pressemeldung from 07.11.2000

Growth of turnover, enhanced productivity, and optimising production processes are decisive for Österreichische Post AG's 2001 budget. Mr. Rudolf Jettmar, Management Board Member in charge of finances, said, when presenting his balance sheet prognosis to yesterdays board meeting: "Main objective of the 2001 budget is to create the basis for a long lasting positive development of sales."

The current year shows an equilibrated balance
Results of the third quarter 2000 ex interests and taxes were still negative, but beyond plan. As turnover is usually very high in the fourth quarter, and due to positive developments in the staff sector, equilibrated operational results are to be expected for financial year 2000. Österreichische Post AG even counterbalanced reduction of compensation for public interest services by 300 million ATS (21.8 million EUR). Staff development in the counters sector is according to plan, in the logistics and distribution sectors the "Speed" programme and introduction of shifts show first positive effects.

2001: Increased turnover rates and enhanced revenues notwithstanding difficult conditions
Reduction of compensation for public interest services and lump sum payments of services rendered to group companies will negatively influence results in 2001.

Considerable investments will have to be made in 2001 in SAP extension, in implementation of post offices networking, and in creation of new sorting centres to enhance quality of service and simplify production processes, all factors leading to a considerable increase in productivity.

Notwithstanding increased expenses, planned measures to enhance efficiency and to implement the strategic plan will help Österreichische Post AG achieve in 2001 positive results ex interests and taxes amounting to some 600 million ATS (43.6 million EUR). Revenues will increase as compared not only to 2000, but also to 1999. Already authorised rates adjustments as well as introduction of new products will result in a turnover of some 22 billion ATS (1.6 billion EUR).

Staff costs: positive trend continued
First favourable developments as concerns staff costs will no doubt be confirmed in 2001. According to plans, staff costs will be reduced by some 350 million ATS (25.4 million EUR) as compared to 2000. These plans do not include implementation of the delivery bases concept, which has been postponed, replaced by a pilot study comprising 24 delivery bases, and analysis of this pilot according to an agreement with staff representatives, as was reported earlier.

Introduction of a new shift system, continued optimisation measures (including putting into service of new sorting centres) in the logistics sector, a new sales types concept, automation, and enhanced processing of banking services in the counters sector will also help reduce staff costs. Cuts in overhead costs are also planned.

According to management board's opinion no new social plan will be needed to cut down expenses. Economic targets will be reached by reduction of overtime - already introduced -, of expenses for temporary staff, and better use of fluctuations.

Contact for further information:
Österreichische Post AG
Company Communication
Press service
Mr. Michael Homola
Phone: from abroad +43 1 515 51-5217, in Austria (01) 515 51- 5217