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Forecast for revenue and free cash flow confirmed
Berlin, 23. February 2021 – In the course of preparing the 2020 consolidated financial statements of Francotyp-Postalia Holding AG (ISIN DE000FPH9000), the forecast for revenue and free cash flow is confirmed. Earnings before interest, taxes, depreciation and amortization (EBITDA) would also have reached the expectations of EUR 24 to 28 million in operational terms, but will be negatively impacted by one-off effects.
These one-time effects are related to the focus on profitable growth and a streamlining of the corporate structure. Expenditures for restructuring measures amounting to approximately EUR 9 million are to be taken into account in the 2020 consolidated financial statements. Furthermore, a reengineering of the ERP/CRM project is required, necessitating derecognition of intangible assets in the amount of approximately EUR 7 million. As a result, operating EBITDA of approximately EUR 23 to 24 million before non-recurring items is expected and EBITDA of EUR 7 to 8 million is projected to be reported.
In addition, impairment losses on intangible and other assets of approximately EUR 2 million are expected to impact earnings before interest and taxes.
"We are looking ahead with focus and creating the conditions in 2021 to achieve sustainable and profitable growth for the company.", says Carsten Lind, Chairman of the Management Board. Especially in digital solutions, Carsten Lind wants to set the course for future growth.
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