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Berlin, May 18, 2020 - Francotyp-Postalia Holding AG (FP), an expert for secure mail business and secure digital communication processes, today published its 2019 Annual Report. The company confirms the preliminary figures published on March 30, 2020. "The good results once again confirm the successful implementation of the ACT strategy," says FP CEO Rüdiger Andreas Günther.
Group revenue increased by 2.4 % to EUR 209.1 million in fiscal year 2019 (EUR 204.2 million in the previous year). Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 92.6 % to EUR 33.3 million (previous year EUR 17.3 million). It includes scheduled extraordinary expenses for the ACT project JUMP in the amount EUR of 2.3 million (previous year EUR 8.0 million). In the course of the further implementation of the project, recurring savings of the same amount were achieved in fiscal year 2019. Adjusted for exchange rate effects and the expenses for JUMP, EBITDA increased by 36.5 % to EUR 34.6 million. In fiscal year 2019 the positive currency effects amounted to EUR 2.6 million in revenues and EUR 1.0 million in EBITDA. Free cash flow, adjusted for investments in finance lease assets and M&A as well as payments for JUMP, reached EUR 12.4 million compared to EUR 10.9 million in the previous year.
In the course of the JUMP project and the preparation of the consolidated financial statements for 2019, the recognition of a foreign pension plan, already existing since the year 2000, was corrected retrospectively as of January 1st 2018 (effect in equity EUR -2.0 million). Compared with the published preliminary figures, EBITDA for fiscal 2019 increased by EUR 0.3 million as a result of the restatement.
Guidance for 2020
The forecast for fiscal 2020 takes into account the latest developments in connection with the spread of the SARS-CoV-2 pandemic. In contrast to the revenue increase of 5 to 8 % and EBITDA in the range of EUR 30 to 34 million originally planned for 2020, the FP Group now expects a significant decline in revenue, EBITDA and adjusted free cash flow for the 2020 financial year compared to the previous year (assuming constant exchange rates).
In the current pandemic situation, FP is focusing on securing and expanding existing Group liquidity in order to further secure the Group's strategic and operational goals in the long term. The FP Group has existing cash and cash equivalents as well as credit facilities of up to 200 million euros at its disposal, which have only been drawn to a limited extent. FP's CEO Rüdiger Andreas Günther says: "FP is on the right track. This is also demonstrated by the positive feedback from business partners and banks that support our course. FP has a solid business model. I am therefore confident that we will steer the company well through the global crisis".
The date and manner of this year' s Annual General Meeting is currently under review.
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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 reported revenues of almost 210 million euros in 2019. 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.