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Francotyp-Postalia Holding AG
Prenzlauer Promenade 28
13089 Berlin
You can call us by phone at the usual business hours.
Francotyp-Postalia Holding AG
Prenzlauer Promenade 28
13089 Berlin
After careful review leading to a reassessment of Teleport funds (restricted cash) of the UK subsidiary Francotyp-Postalia Ltd., the financial strength of Francotyp-Postalia Holding AG, multichannel supplier for mail communication and accredited De-Mail provider, has been increased by additional GBP 16.7 million (as at 30 June 2014) freely available to the FP Group as cash and cash equivalents. At the exchange rate on 30 June 2014, this amounts to EUR 20.8 million. This leads directly to a substantial improvement in net debt, which totalled EUR 11.0 million as at 30 June 2014.
The reassessment involves postage advances by customers in the UK, where the FP Group receives an advance similar to a deposit from franking machine users. Current postage recrediting by customers is directly settled with the Royal Mail and customers. Previously, the balance of advances has to be recognised as “restricted cash" according to the Royal Mail requirements. After abolition of this restriction and detailed review by the Management Board, the credit balance is now treated as cash freely available to the FP Group. The following financial reports will include a corresponding correction in accordance with IAS 8. After intensive review, the Teleporto funds in Canada and Austria are still restricted, and cannot be used freely by the Company.
Consideration is being given to using the released funds for investment in the future. An alternative is to use the funds for a temporary repayment of liabilities, which would significantly reduce financial liabilities, leading to a higher equity ratio.
FP CEO and CFO Hans Szymanski, explains: "Previously, advances by customers had to be treated as restricted cash, under Royal Mail regulations. After careful review, we have reassessed the contractually agreed regulations. With due regard for commercial prudence, we can now use the cash and cash equivalents immediately for productive purposes at FP, creating additional value for all parties."
Francotyp-Postalia Holding AG, a listed company based in Berlin, is the holding company of the globally operating FP Group (FP). FP is an expert in solutions that make office and work life easier and more efficient. FP has the following business areas: Digital Business Solutions, Mailing, Shipping & Office Solutions and Mail Services. In the Digital Business Solutions business areas, FP optimises customers’ business processes and offers solutions such as electronic signatures, hybrid mail, input/output management for physical and digital documents and the data-driven automation of complex business processes. In the Mailing, Shipping & Office Solutions business area, FP is the world’s third-largest provider of mailing systems and market leader in Germany, Austria, Scandinavia, and Italy. FP has subsidiaries in 15 countries and is represented by its dealer network in many further countries. In the Mail Services business area, FP offers the consolidation of business mail and is among the leading providers in Germany. In 2021, FP generated revenue of more than EUR 200 million.