EQS-News: Austrian Post H1 2022: Q2 trend improvement against challenging market environment
EQS-News: Österreichische Post AG / Key word(s): Half Year Results
Austrian Post H1 2022: Q2 trend improvement against challenging market
environment
11.08.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AUSTRIAN POST IN H1 2022:
Q2 trend improvement against challenging market environment
Business environment H1 2022
• Difficult market environment due to inflation and energy supply
uncertainty
• Marginal decline of parcel volumes behind last year’s strong
lockdown-related volumes
• Improved second-quarter trend with respect to volume development,
revenue and earnings
H1 2022 volumes impacted by special and catch-up effects
• Austrian letter mail volumes down by 3 % on an operational level but
1 % up if special effects included
• Parcel volumes after strong previous year in Austria –5 %; Turkey
–20 %; CEE +10 %
H1 2022 revenue down by 4 % from the high 2021 level (Q2: –0.8 %)
• Mail: –1.4 % to EUR 599.5m (Q2: +1.1 %)
• Parcel & Logistics: –8.9 % to EUR 572.0m or –0.8 % excl. Parcel Turkey
(Q2: –5.1 % or +2.0 % excl. Parcel Turkey)
• Retail & Bank: +49.3 % to EUR 54.2m (Q2: +49.3 %)
H1 2022 earnings below YOY with Q2 improvement
• EBITDA –2.7 % to EUR 179.4m (Q2: +14.9 %)
• EBIT –12.0 % to EUR 91.0m (Q2: +17.7 %)
Outlook 2022 unchanged
• Uncertainties remain (delivery bottlenecks, energy market)
• Revenue targeted as close as possible to prior-year performance (basis
2021 revenue: EUR 2.5bn)
• EBIT still expected in the range between 2021 (EUR 205m) and 2020
(EUR 161m)
The first half of 2022 for Austrian Post was shaped by very challenging
conditions. Interruptions in international value chains have put an upward
pressure on costs intensified by the war in Ukraine. This backdrop and the
extraordinarily high parcel volumes in the prior-year quarters make it for
a challenging start into 2022. However, volume development on the Austrian
parcel market showed an improved trend, with only a 1 % decline in the
second quarter compared with a 9 % in the first one. “Our focus on
delivery quality and many customer acquisition initiatives are proving
successful. This gives us cause for optimism in the second half of the
year,” says CEO Georg Pölzl.
Group revenue in the first half-year 2022 totalled EUR 1,211.8m (–4.0 %),
whereas second-quarter revenue showed an improved trend, with revenue down
by only 0.8 %. In particular, the parcel business in Turkey was strongly
impacted due to inflation and currency effects compared with an
extraordinarily successful year in 2021. When excluding Parcel Turkey,
however, Group revenue increased by 0.1 % in the first half of 2022. The
Mail Division reported a revenue decrease of 1.4 % in the first six months
of the year and Parcel & Logistics revenue fell by 8.9 % in total but only
by 0.8 % excluding Parcel Turkey. In contrast, the Retail & Bank Division
developed positively, generating a 49.3 % revenue increase to EUR 54.2m in
the first six months of 2022.
The key earnings figures in the first half of 2022 were also considerably
below the prior-year level, although there was an improvement in the
second quarter. EBITDA of the first half-year fell by 2.7 % to EUR 179.4m,
whereas earnings before interest and tax (EBIT) declined by 12.0 %
year-on-year from EUR 103.4m to EUR 91.0m. The Mail Division generated
EBIT of EUR 82.9m compared to EUR 82.4m in the prior-year period. The good
revenue development supported by special effects from one-off mailings
created a positive momentum. The Parcel & Logistics Division reported an
EBIT of EUR 45.5m in the first half of 2022, down from EUR 59.7m in the
first half of 2021. This decline is mainly attributable to the difficult
environment in the Turkish market. The Retail & Bank Division showed an
EBIT of minus EUR 20.4m in the first half of 2022, implying an earnings
improvement of 24.4 % compared to minus EUR 27.0m in the previous year.
The ramp-up of the financial services business due to the acquisition of
the retail business of ING at the end of 2021 had a positive impact, while
higher integration-related and IT expenses produced a negative impact.
The difficult business environment is expected to continue into the second
half of the year. There is also the risk that the energy market will
remain unpredictable and that the gas supply in parts of Europe is not
secure. Austrian Post aims to address these unfavourable conditions in
terms of both revenue and costs. For this reason, price adjustments are
just as necessary as efficiency improvements in internal processes.
Assuming a continuation of sufficient energy and gas supply in Europe, the
company continues its efforts to generate revenue in 2022 as close to the
level of 2021 as possible. From today’s perspective, Group earnings (EBIT)
in 2022 should be in the range of the results reported in the last two
years (2021 EBIT: EUR 205m; 2020 EBIT: EUR 161m). The ambition of the
company remains to get as close as possible to the 2021 level. The
underlying prerequisite is predictability of gas and energy supply in
Austrian Post’s markets.
The planned investment programme to expand the logistics infrastructure
and to ensure a sustainable vehicle fleet will be fundamentally
maintained. Individual investments are being reviewed to ensure adherence
to all profitability targets. “By putting the expanded capacities of the
parcel logistics centre in Upper Austria into operation in September 2022,
our sorting capacities on this site can be significantly expanded. This
means a total capacity of 118,000 parcels per hour sorted in our logistics
centres throughout Austria,” states CEO Georg Pölzl. “We want to make our
capacities just as fit for 2030 and equally the conversion of our vehicle
fleet to CO2-free delivery,” Georg Pölzl concludes.
The complete version of the outlook as well as detailed information
(excerpts) from the Group management report for the first half of 2022 can
be found starting on page 4. The entire report is available on the
Internet under post.at/ir in the Reporting – Download Centre.
KEY FIGURES
Change
H1 Q2
EUR m 2021^1 H1 2022 % EUR m 2021^1 Q2 2022
Revenue 1,262.6 1,211.8 –4.0 % –50.9 615.6 610.4
Mail 608.2 599.5 –1.4 % –8.7 297.3 300.7
Parcel & Logistics 628.1 572.0 –8.9 % –56.0 304.4 288.9
Retail & Bank 36.3 54.2 49.3 % 17.9 18.6 27.7
Corporate/Consolidation –9.9 –14.0 –40.5 % –4.0 –4.6 –6.9
Other operating income 43.1 59.2 37.4 % 16.1 20.9 30.8
Raw materials, consumables
and services used –355.0 –349.4 1.6 % 5.6 –169.5 –173.8
Expenses for financial
services –2.3 –6.4 <-100 % –4.1 –1.3 –3.2
Staff costs –587.6 –571.8 2.7 % 15.7 –284.1 –283.9
Other operating expenses –176.8 –165.1 6.6 % 11.7 –96.3 –83.2
Results from financial
assets accounted for using
the equity method 0.4 0.1 –81.7 % –0.3 0.1 –0.1
Net monetary gain 0.0 1.1 >100 % 1.1 0.0 1.1
EBITDA 184.5 179.4 –2.7 % –5.0 85.5 98.2
Depreciation, amortisation
and impairm. losses –81.1 –88.4 –9.1 % –7.4 –41.8 –46.8
EBIT 103.4 91.0 –12.0 % –12.4 43.7 51.4
Mail 82.4 82.9 0.6 % 0.5 36.9 41.8
Parcel & Logistics 59.7 45.5 –23.9 % –14.2 23.8 28.0
Retail & Bank –27.0 –20.4 24.4 % 6.6 –8.5 –9.7
Corporate/Consolidation^2 –11.7 –16.9 –44.6 % –5.2 –8.6 –8.7
Financial result 4.7 –13.5 <-100 % –18.2 2.3 –14.6
Profit before tax 108.1 77.5 –28.3 % –30.6 45.9 36.8
Income tax –23.9 –22.7 5.2 % 1.2 –11.7 –12.5
Profit for the period 84.2 54.8 –34.9 % –29.4 34.3 24.3
Earnings per share (EUR)^3 1.18 0.83 –29.4 % –0.35 0.47 0.38
Gross cash flow^4 227.4 161.9 –28.8 % –65.5 117.9 84.0
Cash flow from operating
activities 281.5 45.0 –84.0 % –236.5 157.5 65.6
CAPEX 47.0 58.7 24.9 % 11.7 28.6 35.1
Free cash flow 267.1 –54.2 <–100 % –321.4 149.5 –15.8
Operating free cash flow^5 139.1 105.8 –23.9 % –33.3 64.7 33.7
^1 The presentation of financial services in the consolidated income
statement has been adjusted. Income from financial services is recognised
under revenue, while expenses from financial services are reported
separately (previously, income and expenses from financial services were
presented net under revenue).
^2 Includes the intra-Group cost allocation procedure
^3 Undiluted earnings per share in relation to 67,552,638 shares
^4 The presentation of the provision of financial services has been
adjusted. Interest from financial services were reported separately as
part of cash flow from operating activities.
^5 Free cash flow before acquisitions/securities/money market investments,
Growth CAPEX and core banking assets
Vienna, 11 August 2022
EXCERPTS FROM THE MANAGEMENT REPORT H1 2022
REVENUE DEVELOPMENT IN DETAIL
In the first half of 2022, Austrian Post’s Group revenue decreased by
4.0 % year-on-year to EUR 1,211.8m. However, the second quarter showed an
improved trend, with revenue down by only 0.8 %. In particular, the parcel
business in Turkey was strongly impacted by inflation and currency effects
following an extraordinarily successful year in 2021. Half-year revenue
has increased by 0.1 % without accounting for the Turkish business (Parcel
Turkey).
The Mail Division reported a 1.4 % drop in revenue in the first six months
of the 2022 financial year, whereas revenue of the Parcel & Logistics
Division fell by 8.9 %, or 0.8 % excluding the business in Turkey (Parcel
Turkey). In contrast, the Retail & Bank Division developed positively,
showing a 49.3 % revenue increase to EUR 54.2m in the first six months of
2022. The Mail Division generated 48.9 % of Austrian Post’s revenue in the
first half of 2022. The 1.4 % revenue decrease can be attributed to
structural decline of addressed letter mail volumes due to electronic
substitution and lower international mail volumes. This contrasted with
positive special effects on traditional letter mail volumes and catch-up
effects in the direct mail business which had suffered during the lockdown
periods. The Parcel & Logistics Division accounted for 46.7 % of Group
revenue. In particular, the Turkish parcel business showed a decline
compared to the successful business development in the previous year due
to the current market situation (inflation and currency effects). Parcel
revenue in Austria fell by 1.9 % year-on-year compared to a 6.3 % revenue
increase generated in Southeast and Eastern Europe. The Logistics Solution
business showed a stable development. The Retail & Bank Division generated
a 4.4 % share of total revenue in the first half-year 2022, with revenue
of EUR 54.2m or 49.3 %. In December 2021, the retail business of ING was
acquired. This produced positive effects in the net interest and
commission income of bank99.
Revenue of the Mail Division totalled EUR 599.5m in the first half of
2022, of which 62.6 % can be attributed to the Letter Mail & Business
Solutions area. Direct Mail accounted for 27.0 % of total divisional
revenue, and Media Post had a 10.4 % share.
In the first half of 2022, Letter Mail & Business Solutions revenue
amounted to EUR 375.3m, implying a year-on-year decrease of 4.2 %. The
basic downward volume trend resulting from the substitution of letters by
electronic forms of communication continued. However, the second quarter
of 2022 was characterised by positive special effects related to one-off
mailings from public authorities and energy suppliers. In the current
reporting period, operating letter mail volumes were down by 3 % from the
first half of 2021 and showed an increase of 1 % when including the
special effects. Further development will also be impacted by the
difficult environment. Inflation-related price increases for fuel, energy
and staff costs must be taken into consideration. In turn, this led to
necessary adjustments in postal rates: A rate adjustment for Economy
Letters took place on 1 July 2022 and Priority Letters will be adjusted as
of 1 October 2022. International letter mail also showed a volume decline,
whereas the Business Solutions area reported a stable development.
Direct Mail revenue increased by 2.6 % year-on-year to EUR 161.7m in the
first half of 2022. The government-imposed store closings in response to
COVID-19 had an extremely negative effect on the advertising business in
the previous year. For this reason, a catch-up effect is noticeable with
respect to direct mail volumes, but increased volatility can be expected.
The pressure in the direct mail business is intensified by higher prices
for energy and paper.
Revenue from Media Post, i.e., the delivery of newspapers and magazines,
increased by 6.5 % from the prior-year period to EUR 62.6m. This increase
can be attributed to additional volumes.
Revenue of the Parcel & Logistics Division fell by 8.9 % in the first half
of 2022 to EUR 572.0m.
This sharp decrease is attributable mainly to the parcel business in
Turkey (Parcel Turkey). Turkish revenue in the local currency of the
ongoing profitable subsidiary rose by 23 % (after valuation IAS 29
hyperinflation) in the first half-year, but a decline of 32.6 % had to be
reported in euro (–25.7 % in the second quarter of 2022).
Parcel Austria also experienced a 1.9 % revenue decline in the first half
of 2022. Parcel volumes have now entered a phase of normalisation
following extraordinarily strong volume growth in the prior-year periods
(first half-year 2021 +20 %, first half-year 2020 +36 %). However, the
trend improved with second-quarter revenue up by 3.4 %.
The parcel business in Southeast and Eastern Europe (Parcel CEE/SEE)
continues to generate growth rates, with revenue up by 6.3 % to EUR 85.6m
in the first six months of 2022 (+8.9 % in the second quarter of 2022).
Revenue of the Logistics Solutions area (incl. Consolidation), which
provides special logistics services such as the transport of COVID-19 test
kits, fell by 5.4 % to EUR 34.6m in the period under review. Positive
special effects relating to logistics services in the previous year were
reduced in the current reporting period.
Revenue of the Retail & Bank Division improved by 49.3 % in the first half
of 2022 to EUR 54.2m from the prior-year level of EUR 36.3m. Branch
Services revenue fell by 12.7 %, from EUR 21.5m to EUR 18.7m, in the
period under review. Income from Financial Services at the amount of
EUR 35.4m in the first half of 2022 showed strong growth due to the
acquisition of the retail business of ING at the end of 2021. As of the
beginning of August 2022, bank99 already has 250,000 customers.
EARNINGS DEVELOPMENT
The largest expense items in relation to Austrian Post’s Group revenue are
staff costs (47.2 %), raw materials, consumables and services used
(28.8 %) and other operating expenses (13.6 %). 7.3 % can be attributed to
depreciation, amortisation and impairment losses and 0.5 % to expenses for
financial services.
Staff costs in the first half of 2022 totalled EUR 571.8m, implying a
decline of 2.7 % or EUR 15.7m.
Operational staff costs remained stable compared to the prior-year period.
The Austrian Post Group employed an average of 27,144 people (full-time
equivalents) in the first six months of 2022 compared to the average of
27,489 employees in the prior-year period (–1.3 %). In addition to
operational staff costs, staff costs of Austrian Post also include various
non-operating staff-related expenses such as severance payments and
changes in provisions, which are primarily related to the specific
employment situation of civil servant employees at Austrian Post. The net
effect from the allocation or reversal of provisions in non-operating
staff costs in the first half of 2022 was marginal.
Raw materials, consumables and services used were down by 1.6 % to
EUR 349.4m. This decline is mainly due to the currency translation of the
Turkish lira, which resulted in lower expenses in euro year-on-year. At
the same time, higher fuel and energy costs as well as transport services
performed by external service providers had the opposite effect.
Other operating income increased by 37.4 % in the first half of 2022 to
EUR 59.2m and is mainly attributed to COVID-19 related reimbursements from
the Austrian Federal Government in connection with sick leaves of
employees as well as a positive valuation effect from the put option
liability for the remaining 20 % stake in Aras Kargo. Other operating
expenses fell by 6.6 % to EUR 165.1m.
EBITDA amounted to EUR 179.4m in the first half of 2022, comprising a
decrease of 2.7 % from the prior-year level of EUR 184.5m. This implies an
EBITDA margin of 14.8 %. Depreciation, amortisation and impairment losses
amounted to EUR 88.4m in the first six months of 2022, implying an
increase of 9.1 % year-on-year or EUR 7.4m. This increase is attributable
mainly to investments in new sites for the parcel logistics
infrastructure. Due to the application of the financial reporting standard
IAS 29 (Financial Reporting in Hyperinflationary Economies), all items of
the income statement were adjusted on the basis of a general price index
starting at the point in time in which they were initially recorded (thus
from 1 January 2022). The net monetary gain or loss is shown as a separate
item in the consolidated income statement. For detailed information, refer
to Note 5.1 in the Consolidated Interim Financial Statements. The net
monetary gain equalled EUR 1.1m at the end of the second quarter of 2022.
Group EBIT amounted to EUR 91.0m in the first half of 2022, compared to
EUR 103.4m in the prior-year period. The EBIT margin amounted to 7.5 %.
The EBIT of the first half of 2022 included special effects of EUR +10.9m
in connection with the Turkish subsidiary Aras Kargo (valuation option of
remaining 20 %, IAS 29 hyperinflation, goodwill impairment).
The Group’s financial result, which equalled minus EUR 13.5m compared to
EUR 4.7m in the first half of 2021, included negative valuation effects of
the option obligation for the remaining 20 % stake in Aras Kargo amounting
to EUR 12.3m. After deducting the income tax of EUR 22.7m, the profit for
the period for the first six months of 2022 amounted to EUR 54.8m, down
from EUR 84.2m in the prior-year period. This implies undiluted earnings
per share of EUR 0.83 compared to EUR 1.18 in the prior-year period.
EARNINGS BY DIVISON
Group EBIT in the first half of 2022 declined from EUR 103.4m to EUR 91.0m
and was impacted by the current difficult market environment. In
particular, the earnings contribution of the Turkish parcel business was
reduced in the first half of 2022 due to inflation and currency pressure
after an extraordinarily successful year 2021.
From a divisional perspective, the Mail Division achieved an EBIT of
EUR 82.9m in the first half of 2022, compared to EUR 82.4m in the previous
year. The good revenue development reinforced by special effects from
one-off mailings led to a positive earnings contribution in the division.
The Parcel & Logistics Division generated an EBIT of EUR 45.5m in the
first half of 2022, down from EUR 59.7m in the prior-year period. This
corresponds to a year-on-year decrease of EUR 14.2m and is primarily
attributable to the difficult business environment in the Turkish market.
As a result, the earnings contribution of the Turkish subsidiary was
positive but lower than in the previous year.
The Retail & Bank Division recorded an EBIT of minus EUR 20.4m in the
first half of 2022, compared to minus EUR 27.0m in the first half of 2021.
Accordingly, earnings improved by 24.4 % or EUR 6.6m. The ramp-up of the
financial services business boosted by the acquisition of the retail
business of ING at the end of 2021 had a positive effect, whereas higher
integration and IT costs negatively impacted earnings.
EBIT of the Corporate Division (incl. Consolidation and intra-Group cost
allocation procedure) moved from minus EUR 11.7m to minus EUR 16.9m. The
Corporate Division provides non-operating services which are essential for
the purpose of administration and financial control of the company. In
addition to conventional corporate governance tasks, these services
include the management and development of commercial properties not
required for operations, the management of significant financial
investments, the rendering of IT services, the development of new business
models and the administration of the Internal Labour Market of Austrian
Post.
CASH FLOW AND BALANCE SHEET
Gross cash flow in the first half of 2022 amounted to EUR 161.9m compared
to EUR 227.4m in the first half of 2021 (–28.8 %). Cash flow from
operating activities amounted to EUR 45.0m, below the prior-year
comparable of EUR 281.5m. In this regard, the biggest effect included the
changes in the core banking assets of bank99 totalling minus EUR 89.2m
compared to EUR 119.3m in the prior-year period. The change in core
banking assets in the current reporting period included, amongst others,
the purchase of government bonds in the amount of EUR 284m. Core banking
assets include the change in the balance sheet items financial assets from
financial services and financial liabilities from financial services
excluding cash, cash equivalents and balances with central banks, and thus
encompass the deposit and investment business of bank99. Cash flow from
operating activities exclusive core banking assets totalled EUR 134.3m in
the first half of 2022.
Cash flow from investing activities was minus EUR 99.2m in the first six
months of 2022, compared to minus EUR 14.4m in the prior-year period.
Expenditure for the acquisition of property, plant and equipment and
investment property (CAPEX) amounted to EUR 58.7m in the reporting period.
Austrian Post relies on operating free cash flow as a key indicator to
assess the financial strength of its operating business and to cover the
dividend for the financial year. Excluding the change in core banking
assets, the operating free cash flow totalled EUR 105.8m in the current
reporting period compared to EUR 139.1m in the first half of 2021. Cash
flow from financing activities came to minus EUR 66.2m in the first six
months of 2022, compared to minus EUR 144.6m in the previous year.
Austrian Post relies on a solid balance sheet and financing structure.
Total assets amounted to EUR 5,157.8m as at 30 June 2022. On the asset
side, property, plant and equipment at EUR 1,280.3m constitute one of the
largest balance sheet items and included right-of-use assets in connection
with leases of EUR 395.5m. In addition, there were intangible assets and
goodwill from company acquisitions, which were reported at EUR 160.6m as
at 30 June 2022. The balance sheet showed receivables totalling
EUR 368.9m, including current trade receivables of EUR 281.7m. Other
financial assets amounted to EUR 79.0m as at 30 June 2022. Financial
assets from financial services totalled EUR 2,994.3m at the end of the
second quarter of 2022 and result primarily from the business activities
of bank99.
On the equity and liabilities side of the balance sheet, equity of
Austrian Post Group amounted to EUR 640.7m as at 30 June 2022 (implying an
equity ratio of 12.4 %). The pro forma equity ratio (bank99 accounted for
using the equity method) equalled 28 % at the end of June 2022. Provisions
of EUR 638.7m are shown on the equity and liabilities side at the end of
June 2022, trade and other payables totalling EUR 487.1m. Financial
liabilities from financial services of EUR 2,833.0m result from business
activities of bank99 (deposit and investment business of bank99
customers).
OUTLOOK FOR 2022
The first six months of 2022 posed major challenges to companies,
particularly in Europe. The COVID-19 pandemic, countermeasures and the
related delays in the global value chain where at the origin of the global
inflation trend. The war in Ukraine is now intensifying price pressures on
important raw materials and energy sources. These conditions will continue
to prevail in the second half of the year. There is also the risk that the
energy market will remain unpredictable and that the gas supply in parts
of Europe may not be secured.
Targeted revenue stability in 2022
Austrian Post aims to counteract these unfavourable conditions with
respect to both revenue and costs. For this reason, price adjustments are
just as necessary as efficiency increases in internal processes. Assuming
a continuation of energy and gas supplies in Europe, the company continues
to strive to generate 2022 revenue which is as close as possible to the
2021 level. Developments in the past months confirm this assumption.
Stable or slightly lower revenue is forecasted for the Mail Division in
2022. The basic volume development for traditional letter mail will
continue to show a downward trend of about 5 % p.a. Positive or negative
special effects based on one-off mailings are possible on a quarterly
basis. Direct mail and media post volumes will remain volatile. Gas and
paper prices negatively impact the cost structure of many customers.
Necessary price rises will be continuously implemented due to
international pressure on factor costs such as fuel, energy, and staff
costs. Accordingly, within the context of the company’s universal service
obligation, postage rates for Economy Letters featuring delivery within
2–3 days were raised effective 1 July 2022. A further step is the upward
adjustment of postal rates for Priority Letters as of 1 October 2022.
Revenue in the Parcel & Logistics Division is expected to decline slightly
in 2022. The crucial factor in this respect is the challenging development
in Turkey. High inflation and currency depreciation against the euro have
already led to a decline in Turkish parcel revenue by 32.6 % in euro terms
in the first half-year. In contrast, the parcel business in Austria as
well as in Southeast and Eastern Europe developed more favourably. The
situation should stabilise now following the substantial volume declines
in the first quarter of 2022 in relation to the very high comparable
figures in 2021. Parcel volumes in Austria could come close to the
prior-year figures against the backdrop of difficult market conditions.
Revenue of the Retail & Bank Division will increase significantly in 2022
due to the acquisition of ING’s retail business. The priority at present
is the integration of the new unit in bank99 as well as the further
ramp-up of customers and expansion of the product portfolio.
Group earnings 2022
The earnings outlook for 2022 remains highly uncertain due to the risks in
the European energy market. At the same time, further supply chain
constraints, entrenched inflation and more subdued consumer behaviour are
to be expected. From today’s perspective, Group EBIT should be in the
range of the results reported in the last two years, namely EUR 205m in
2021 and EUR 161m in 2020. The ambition of the company is to get as close
as possible to the level of 2021. The underlying prerequisite is
predictability of the gas and energy supply in Austrian Post’s markets.
Continuation of investment programme
The planned investment programme to expand the logistics infrastructure
and to ensure a sustainable vehicle fleet will be fundamentally
maintained. Individual investments are being assessed to ensure meeting
all profitability targets. Maintenance CAPEX in Austria, Southeast and
Eastern Europe and Turkey totalling about EUR 100m, comprise the basis of
the company’s investment activities in 2022. Furthermore, growth CAPEX of
about EUR 80m is planned in Austria in 2022, assuming the availability of
vehicles and construction services. The conversion of logistics processes
to enable climate-neutral delivery plays a key role in all investment
projects.
CONTACTS Austrian Post
Austrian Post Harald Hagenauer
Ingeborg Gratzer Head of Investor Relations, Group
Head of Media Relations & Internal Auditing & Compliance
Communications Tel.: +43 (0) 57767-30400
Tel.: +43 (0) 57767-32010 investor@post.at
presse@post.at
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11.08.2022 CET/CEST This Corporate News was distributed by EQS Group AG.
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Language: English
Company: Österreichische Post AG
Rochusplatz 1
1030 Vienna
Austria
Phone: +43 577 67 – 30400
E-mail: investor@post.at
Internet: www.post.at
ISIN: AT0000APOST4
WKN: A0JML5
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1416899
End of News EQS News Service
1416899 11.08.2022 CET/CEST
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