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Österreichische Post AG: Restructuring right on course

Pressemeldung from 04.12.2001

Headcount reduced by 1,502 full-time equivalents (FTEs) as compared to 2000
EBITDA will grow in spite of difficult market conditions

Set of measures for long-term protection and safeguarding of the future defined
Today, 4 December 2001, the meeting of the Supervisory Board of Österreichische Post AG took official notice of the key figures for 2001 and approved the budget for 2002. The development of the market and outside influences with respect to pension liabilities and service in the public economic interest show that Österreichische Post AG has achieved a considerable turnaround during the period from 1999 until 2001.

  1999 2000 *2001
Sales in million EURO 1.610 1.530 1.510
EBIT in million EURO 32,92 16,5 15,7
Services in the public economic interest in million EURO / anually 65,41 43,6 14,53
Difference EBIT - services in the public economic interest in million EURO -32,48 -27,11 1,16

*Expected value for 2001

Third quarter 2001
It was not possible to meet the highly ambitious planned sales figures by the end of the third quarter. The Management Board of Österreichische Post AG has successfully taken corrective action by implementing cost reduction measures.
The effects of these cost reduction measures are measurably reflected in the reduction of actual values against planned values. With respect to the costs of material, actual values for the third quarter fall short of planned values by -8%, with respect to the costs of human resources by -1%, and with respect to other costs by -13%. For the total of the financial year 2001, the costs of material will be -7% below plan, the costs of human resources by 0.2%, and other costs by -12%.
Due to the summer season, sales for the third quarter are structurally weak. Given the expectations for 2001, total sales will be attributable for 49% to the first half year, 24% to the third quarter, and 25% to the fourth quarter.
EBIT amounts to EURO -7,190 million in the third quarter of 2001 (2000: -6.544 million), profit on ordinary activities to EURO +7,868 million as compared to EURO +7,773 million in 2000.

Expectations for 2001
The expected EBIT for the total financial year 2001 will be EURO 15,705 million (2000: EURO 16,496 million) and the expected profit on ordinary activities will be EURO 34,342 million (2000: EURO 39,251).
Given the current data on sales and costs of human resources for October 2001, it is justified to consider the expected EBIT figure to be realistic, which ensures stable margins in spite of increasing competitive pressure. EBITDA (before depreciation and amortization) can be increased to 7.4% in terms of sales.
The reduction in profit on ordinary activities is due above all to the effect the payment of a special dividend amounting to EURO 334.30 million has had on the net interest income.

Market sales 2001
With EURO 56.7 million, sales figures for the financial year 2000 include a large share for the payment for services in the public economic interest. In 2001, this factor amounts to only EURO 14.5 million. If sales revenues are adjusted accordingly, market sales amount to EURO 1,495 million for 2001 and to EURO 1,475 million in 2000, which translates into an increase of 1.4%.

The headcount was reduced from 32,247 full-time equivalents in 1999 to 31,556 FTEs in 2000 and to 30,054 FTEs in 2001.

Increases in sales volume of 1-2% in the medium term
The Management Board has adopted a 9-point program to deal with tightening market conditions. The main focus is on restructuring the company in 2002, on further increasing rationalization potentials, and on protecting assets.
In detail, the measures are as follows:
  1. Continue to reduce headcount
  2. Define variable payroll structures
  3. Resize the post office network
  4. Increase productivity in distribution services
  5. Implement a strict cost reduction program
  6. Carry out a well-focussed investment program
  7. Speed up the establishment of new business units during restructuring
  8. Strengthen effective asset management
  9. 9Create legal framework for future competition
The members of the Board are convinced that the overall strategy presented in August 2000 and the 9-point program will help to protect and safeguard the future of Österreichische Post AG in the years to come even against the backdrop of concentration trends in the European market of postal services.

For further information, please contact

Österreichische Post AG
Company communication
Press section/ PR
Michael Homola
Tel.: +43 (1) 515 51 - 32010