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Francotyp-Postalia Holding AG, a Digital Mailroom Provider, presented its consolidated financial statements today. Revenue rose by 12% to €191.1 million in the past fiscal year. Growth had resulted particularly from successful business in the Mail Services segment with the collection, franking and delivery of business mail at discounted postage rates. With further progress in the introduction of PostBase franking systems, the company increased its revenue from franking machines, contrary to the market trend. The company also benefited from positive exchange rate effects of €9.1 million in revenue, as announced when the preliminary figures were published at the end of February 2016.
EBITDA also improved by 16% to €26.8 million following positive exchange rate effects of €3.9 million. The deviation from the published preliminary figures in EBITDA mainly relates to additional provisions, particularly for expenses due to the change within the Management Board. In 2015, EBIT amounted to €9.0 million as against €9.8 million in the previous year. Due to a higher tax burden, consolidated net income amounted to €3.7 million after €5.2 million in the previous year. In contrast, free cash flow significantly improved to -€1.4 million in the past fiscal year, compared with -€5.6 million in 2014.
Based on the consolidated financial statements, the Management Board and Supervisory Board propose a tax-free dividend of 12 cents per share from the tax contribution account for the 2015 fiscal year to the Annual General Meeting. This corresponds despite a reduced consolidated net income to the dividend of 16 cents (gross) paid for 2014 or a pay-out ratio of 54%. As a result, the FP Group exceeded this year its dividend policy communicated last year, which provides for a pay-out ratio between 35% and 50% of adjusted consolidated net income.
Increase efficiency in all areas
In the current fiscal year, the FP Group will focus on strengthening earnings power, continuously developing the traditional business with franking machines and expanding its new business areas. The company plans to draw up an operational excellence programme and leverage potential to increase efficiency in all areas based on an analysis of the existing structures. In the area of franking machines, the FP Group will build upon the success of 2015. In particular, there are plans to further expand the leasing business and launch the new franking systems PostBase 100 including the dynamic scale and PostBase One in other markets, which complements FP’s product range on the top end. On the German market, the FP Group also anticipates further growth in the Mail Services segment. In the area of secure digital communication, the company will implement the projects and measures introduced in 2015 to participate in the digitalisation of the businesses and public authorities in the subsequent years. Alongside this, the company is working on the further development of the existing growth strategy under the leadership of the new CEO, Rüdiger Andreas Günther. The company will present the results in the second half of 2016. At the moment, the FP Group anticipates a slight year-on-year increase in revenue and EBITDA in addition to positive free cash flow for the 2016 fiscal year compared to the previous year.*
FP CEO Günther explains: “We want to improve the earnings power of the FP Group in 2016. After nearly 100 days in office, I see already many starting points to achieve this. Together with my colleagues on the Management Board I want to set free growth forces within the FP Group even more than before. Our company has a modern product portfolio and a high level of expertise in the area of secure digital communication. We will build upon this and increase the company’s value systematically and sustainably in the years to come.”
* The forecast is based on constant exchange rates.
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