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Berlin, 23 February 2021 – In the course of preparing the 2020 consolidated financial statements of Francotyp-Postalia Holding AG (ISIN DE000FPH9000), it became clear at today's Supervisory Board meeting that the expected earnings before interest, taxes, depreciation and amortization (EBITDA) of 24 to 28 million euros will not be achieved.
The projected EBITDA will be negatively impacted primarily by one-off items for restructuring measures
(approx. EUR 9 million) and derecognition of intangible assets (approx. EUR 7 million). The Management Board expects EBITDA for the past fiscal year to be between EUR 7 million and EUR 8 million. Without these one-off effects, the prognosis would almost be reached. Furthermore, impairment losses on intangible and other assets of approximately EUR 2 million are expected, which will have an impact on earnings before interest and taxes.
The revenue guidance of 195 million to 203 million euros is confirmed, and the same applies to free cash flow.
For the current year 2021, the Management Board expects a slight decline in revenue in the core franking business due to Corona. The restructuring measures are necessary in order to increase profitability in the future. The aim is to achieve annual cost savings exceeding EUR 10 million from 2022/2023. The first earnings contributions are expected as early as 2021, thus helping to achieve a sustained improvement in profitability (EBITDA).
Guidance on revenue, EBITDA and free cash flow for the 2021 financial year will be provided as part of the publication of the 2020 Annual Report on April 29, 2021.
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The listed and globally operating FP Group with headquarters in Berlin, Germany, is an expert for secure mailing business and secure digital communication processes. As market leader in Germany and Austria, the FP Group offers digital solutions as well as products and services for the consolidation of business mail and the efficient processing of mail for companies and authorities in the “Software”, “Mail Services” and “Franking/Inserting” segments. The Group generated revenue of around EUR 210 million in 2019. Francotyp-Postalia has subsidiaries based in ten different countries and is represented by its own trading network in an additional 40 countries. With a company history spanning nearly 100 years, FP possesses a unique DNA in the areas of actuating elements, sensor systems, cryptography and connectivity. FP’s global market share for franking systems is more than twelve percent.
Further information can be found under www.fp-francotyp.com