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Adjusted EBITDA 2019 above expectations - SARS-CoV-2 pandemic will have a significant impact on fiscal year 2020 - Management Board therefore proposes to waive dividend
According to preliminary figures, adjusted EBITDA* improved to around EUR 33 million in fiscal year 2019 (previous year EUR 25.1 million). This is based on the successful implementation of the ACT strategy. The reassessment of the useful life of leased products for lessor accounting purposes and the first-time application of IFRS 16 to the FP Group as lessee contributed around EUR 5 million to the increase.
At EUR 209 million, sales revenue reached the expected level. Adjusted free cash flow is at the previous year's level (previous year: EUR 10.9 million) and thus above expectations.
According to preliminary calculations, the consolidated net result will reach the previous year's level due to impairments of the goodwill of freesort GmbH and intangible assets (FP Sign).
The outlook for the 2020 financial year takes into account the latest developments in connection with the spread of the SARS-CoV-2 virus.
In contrast to the revenue increase of 5 to 8 percent and EBITDA in the range of EUR 30 to 34 million originally planned for 2020, Francotyp-Postalia now expects a significant decline in revenue, EBITDA and adjusted free cash flow compared to the previous year (based on constant exchange rates).
In the current situation, FP will focus on securing and expanding the existing Group liquidity in order to secure the Group's strategic and operational goals in the long term. In view of the burdens on employees and the company and irrespective of the amount of the adjusted consolidated net profit the Management Board has therefore decided, in agreement with the Supervisory Board, not to propose a dividend payment to the Annual Shareholder Meeting for the 2019 financial year. The basic dividend policy remains unchanged.
Due to the current conditions, the publication of the preliminary figures for the 2019 financial year, which was planned for March 31, 2020, will be postponed probably by a few days.
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The listed and globally operating FP Group with headquarters in Berlin, Germany, is an expert in the secure mailing business and secure digital communication processes (FP = "Secure Digital Communication"). As market leader in Germany and Austria, the FP Group offers digital solutions for companies and public authorities as well as products and services for efficient mail processing and consolidation of business mail with its "Software/Digital", "Franking and Folding/Inserting" and "Mail Services" product segments. The Group achieved generated revenues of more than 200 million euros in 2018. FP has subsidiaries in ten different countries and is represented by its own distributor network in a further 40 countries. With a company history spanning more than 97 years, FP possesses a unique DNA in the areas of actuating elements, sensor systems, cryptography and connectivity. FP has a global market share of twelve percent in franking systems and, in the digital sector, has unique, highly secure solutions for the Internet of Things (IoT/IIoT)) and for the digital signing of documents.
Further information can be found under www.fp-francotyp.com