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25.04.2024 08:00:30 - dpa-AFX: EQS-News: Francotyp-Postalia announced financial results 2023 (english)
Francotyp-Postalia announced financial results 2023
EQS-News: Francotyp-Postalia Holding AG / Key word(s): Annual Results
Francotyp-Postalia announced financial results 2023
25.04.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
FP announced financial results 2023
Berlin, April 25, 2024 - Today, Francotyp-Postalia Holding AG (ISIN
DE000FPH9000) announced its unaudited figures for the 2023 financial year.
In 2023 revenue decreased by 3.7% to EUR 241.8 million compared to EUR 251.0
million in 2022. On a constant currency basis, revenue amounted to EUR 245.9
million. This was at the lower end of the forecast range of EUR 245 to 255
million, as most recently specified.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
reached EUR 31.0 million compared to EUR 27.6 million in the previous year,
with an EBITDA margin of 12.8%. On a constant currency basis, EBITDA was EUR
33.4 million. This exceeded the original forecast of EUR 28 to 31 million.
EBITDA in 2023 includes the release of provisions in the amount of EUR 4.8
million due to changes and progress in restructuring plans. EBITDA in 2022
was also influenced by positive one-off effects.
Free cash flow increased to EUR 9.1 million in 2023 compared to EUR 8.1
million in the previous year due to the improved operating cash flow despite
higher investments. Net debt was reduced by further 20.4% to EUR 14.4
million.
Solid business performance in all three business areas
Revenue development in all three business areas was largely in line with
expectations.
Mailing, Shipping & Office Solutions generated revenue of 146.8 million
euros compared to 148.4 million euros in the previous year. On a constant
currency basis, revenue amounted to 150.4 million euros, slightly up on the
previous year (1.3%). In addition, the previous year was positively impacted
by one-off effects of 2.9 million euros due to the postal rate change in
Germany. FP expanded its range of solutions in 2023 to include two new
franking machine models, giving it an attractive product portfolio to hold
its own in a challenging market environment.
In the Mail Services business area, which focuses on the collection,
franking and consolidation of business mail, FP generated revenue of EUR
66.8 million after EUR 73.4 million in 2022. Previous year had benefited
from pandemic-related special effects of EUR 10 million.
Revenue in Digital Business Solutions reached 27.9 million euros compared to
28.8 million euros in the previous year. Output Management saw a downward
trend in the second half of the year, primarily due to the decline in
business from a major customer, which could not be compensated for in the
short term. In addition, the sharp decline in mail volumes in Germany was
also felt by existing customers, as fewer volumes were processed. The
SaaS-solutions continued to show steady growth of 13.7% and the solution
portfolio was significantly enhanced in 2023. FP Sign was expanded with new
functionalities, especially for enterprise customers, and continues to show
positive business development. In the Shipping & Logistics segment, the FP
Parcel Shipping solutions launched in Norway and the Netherlands in 2023
made a positive contribution to revenue. The FP TRAXsuite solution for
inbound parcel management also recorded revenue growth due to the onboarding
of new customers and is increasingly being marketed internationally.
Earnings per share rise to EUR 0.67
In 2023, the FP Group generated EBITDA of EUR 31.0 million compared to EUR 27.6
million in the previous year. The FP Group's EBITDA margin improved to 12.8%
from 11.0% in 2022.
The cost of materials fell by 9.5% to 112.8 million euros compared to 124.7
million euros in the previous year. The reduction corresponds to the decline
in sales, particularly in the Mail Services division, while price changes
only played a minor role. The cost of materials ratio, i.e. the ratio of
cost of materials to revenue, fell to 46.6% (previous year: 49.7%).
Personnel expenses increased slightly by 0.8% to EUR 66.2 million in 2023
compared to EUR 65.7 million in the previous year. The personnel expenses
ratio thus increased to 27.4% compared to 26.2% in the previous year. The
increase is due to the higher salary level in the Group, partly to
compensate for inflation, which partially offset the positive effects from
the continuation of the transformation program.
Other operating expenses decreased by 3.5% to EUR 38.9 million in 2023
compared to EUR 40.3 million in the previous year. The increase in various
types of expenses is offset by a one-off effect from the release of
restructuring provisions totaling EUR 4.8 million. In the FP Group, the
further implementation of the transformation program required significantly
lower expenses than calculated in previous years.
Depreciation, amortization and impairments decreased by 14.3% to EUR 18.0
million compared to EUR 21.0 million in the previous year. This was
primarily the result of lower impairments on internally generated intangible
assets.
Consolidated net income consequently improved to EUR 10.5 million in 2023
compared to EUR 8.0 million in the previous year. Earnings per share (EPS)
rose to EUR 0.67 compared to EUR 0.50 in the previous year.
The comparative period 2022 was adjusted in the consolidated financial
statements as at 31.12.2023. The adjustment relates to the measurement of
tax effects from intra-Group service relationships in the comparative period
2022. This correction led to a reduced tax expense of EUR 2.5 million in
2022.
Transformation program: optimize and accelerate implementation
FP CFO Ralf Spielberger says: "With revenue of EUR 245.9 million as constant
currency, the revenue target was achieved at the lower end of expectations.
EBITDA developed somewhat more positively than expected - also due to
one-off effects - and reached EUR 31.0 million, or even EUR 33.4 million on
a constant currency basis. In view of these figures, the financial year as a
whole can be described as satisfactory. However, the business development
shows that we need to accelerate the transformation in order to grow in the
medium to long term."
The new FP CEO Friedrich Conzen explains: "We will improve the
transformation process through centralized control in order to achieve
sustainable growth in the coming years. To this end, we will identify the
key value drivers for the positive development of the respective business
divisions. We will optimize and accelerate implementation along the path we
have chosen. The foundations of our business model are excellent and provide
a good basis for the transformation to succeed."
Forecast for 2024
Business performance in 2024 will continue to be influenced by the difficult
macroeconomic conditions. In addition, market-specific developments in the
mail market remain challenging. Therefore, the Management Board expects for
the fiscal year 2024 for the Group a revenue and EBITDA at the level of 2023
or slightly below.
The expected development of the financial performance indicators for the
2024 financial year is generally based on the assumption of constant
exchange rates.
The audited annual financial statements and the audited consolidated
financial statements for the 2023 financial year will be published on April
30, 2024. The reason for the delay is the time required in view of the
increased requirements under the ESEF Regulation.
Key figures at a glance:
Disclaimer
Statements in this press release relating to the future development and
forecasts of the Group are based on our careful assessment of future events
and economic forecasts. Any negative macroeconomic developments beyond this
may cause actual results for 2024 to differ from the forecast figures.
For Investor Relations inquiries, please contact:
Dr. Monika Plum
Tel.: +49 (0)30 220 660 410
E-Mail: ir@francotyp.com
About Francotyp-Postalia:
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 area, FP improves customers' business processes with solutions for
document workflow management, business process management & automation and
shipping & logistics. In the Mailing, Shipping & Office Solutions business
areas, FP is the world's third-largest provider of mailing systems and is
also the market leader in Germany, Austria, Scandinavia and Italy. FP has
subsidiaries based in 15 countries and is represented by its own trading
network in many other countries. In the Mail Services business areas, FP
offers the consolidation of business mail and is among the leading providers
in Germany. In 2023, FP generated revenue of more than EUR 240 million.
Contact:
Francotyp-Postalia Holding AG
Investor Relations
Telefon: +49 (0)30 220 660 410
Telefax: +49 (0)30 220 660 425
E-Mail: ir@francotyp.com
---------------------------------------------------------------------------
25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1888783 25.04.2024 CET/CEST
EQS-News: Francotyp-Postalia Holding AG / Key word(s): Annual Results
Francotyp-Postalia announced financial results 2023
25.04.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
FP announced financial results 2023
Berlin, April 25, 2024 - Today, Francotyp-Postalia Holding AG (ISIN
DE000FPH9000) announced its unaudited figures for the 2023 financial year.
In 2023 revenue decreased by 3.7% to EUR 241.8 million compared to EUR 251.0
million in 2022. On a constant currency basis, revenue amounted to EUR 245.9
million. This was at the lower end of the forecast range of EUR 245 to 255
million, as most recently specified.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
reached EUR 31.0 million compared to EUR 27.6 million in the previous year,
with an EBITDA margin of 12.8%. On a constant currency basis, EBITDA was EUR
33.4 million. This exceeded the original forecast of EUR 28 to 31 million.
EBITDA in 2023 includes the release of provisions in the amount of EUR 4.8
million due to changes and progress in restructuring plans. EBITDA in 2022
was also influenced by positive one-off effects.
Free cash flow increased to EUR 9.1 million in 2023 compared to EUR 8.1
million in the previous year due to the improved operating cash flow despite
higher investments. Net debt was reduced by further 20.4% to EUR 14.4
million.
Solid business performance in all three business areas
Revenue development in all three business areas was largely in line with
expectations.
Mailing, Shipping & Office Solutions generated revenue of 146.8 million
euros compared to 148.4 million euros in the previous year. On a constant
currency basis, revenue amounted to 150.4 million euros, slightly up on the
previous year (1.3%). In addition, the previous year was positively impacted
by one-off effects of 2.9 million euros due to the postal rate change in
Germany. FP expanded its range of solutions in 2023 to include two new
franking machine models, giving it an attractive product portfolio to hold
its own in a challenging market environment.
In the Mail Services business area, which focuses on the collection,
franking and consolidation of business mail, FP generated revenue of EUR
66.8 million after EUR 73.4 million in 2022. Previous year had benefited
from pandemic-related special effects of EUR 10 million.
Revenue in Digital Business Solutions reached 27.9 million euros compared to
28.8 million euros in the previous year. Output Management saw a downward
trend in the second half of the year, primarily due to the decline in
business from a major customer, which could not be compensated for in the
short term. In addition, the sharp decline in mail volumes in Germany was
also felt by existing customers, as fewer volumes were processed. The
SaaS-solutions continued to show steady growth of 13.7% and the solution
portfolio was significantly enhanced in 2023. FP Sign was expanded with new
functionalities, especially for enterprise customers, and continues to show
positive business development. In the Shipping & Logistics segment, the FP
Parcel Shipping solutions launched in Norway and the Netherlands in 2023
made a positive contribution to revenue. The FP TRAXsuite solution for
inbound parcel management also recorded revenue growth due to the onboarding
of new customers and is increasingly being marketed internationally.
Earnings per share rise to EUR 0.67
In 2023, the FP Group generated EBITDA of EUR 31.0 million compared to EUR 27.6
million in the previous year. The FP Group's EBITDA margin improved to 12.8%
from 11.0% in 2022.
The cost of materials fell by 9.5% to 112.8 million euros compared to 124.7
million euros in the previous year. The reduction corresponds to the decline
in sales, particularly in the Mail Services division, while price changes
only played a minor role. The cost of materials ratio, i.e. the ratio of
cost of materials to revenue, fell to 46.6% (previous year: 49.7%).
Personnel expenses increased slightly by 0.8% to EUR 66.2 million in 2023
compared to EUR 65.7 million in the previous year. The personnel expenses
ratio thus increased to 27.4% compared to 26.2% in the previous year. The
increase is due to the higher salary level in the Group, partly to
compensate for inflation, which partially offset the positive effects from
the continuation of the transformation program.
Other operating expenses decreased by 3.5% to EUR 38.9 million in 2023
compared to EUR 40.3 million in the previous year. The increase in various
types of expenses is offset by a one-off effect from the release of
restructuring provisions totaling EUR 4.8 million. In the FP Group, the
further implementation of the transformation program required significantly
lower expenses than calculated in previous years.
Depreciation, amortization and impairments decreased by 14.3% to EUR 18.0
million compared to EUR 21.0 million in the previous year. This was
primarily the result of lower impairments on internally generated intangible
assets.
Consolidated net income consequently improved to EUR 10.5 million in 2023
compared to EUR 8.0 million in the previous year. Earnings per share (EPS)
rose to EUR 0.67 compared to EUR 0.50 in the previous year.
The comparative period 2022 was adjusted in the consolidated financial
statements as at 31.12.2023. The adjustment relates to the measurement of
tax effects from intra-Group service relationships in the comparative period
2022. This correction led to a reduced tax expense of EUR 2.5 million in
2022.
Transformation program: optimize and accelerate implementation
FP CFO Ralf Spielberger says: "With revenue of EUR 245.9 million as constant
currency, the revenue target was achieved at the lower end of expectations.
EBITDA developed somewhat more positively than expected - also due to
one-off effects - and reached EUR 31.0 million, or even EUR 33.4 million on
a constant currency basis. In view of these figures, the financial year as a
whole can be described as satisfactory. However, the business development
shows that we need to accelerate the transformation in order to grow in the
medium to long term."
The new FP CEO Friedrich Conzen explains: "We will improve the
transformation process through centralized control in order to achieve
sustainable growth in the coming years. To this end, we will identify the
key value drivers for the positive development of the respective business
divisions. We will optimize and accelerate implementation along the path we
have chosen. The foundations of our business model are excellent and provide
a good basis for the transformation to succeed."
Forecast for 2024
Business performance in 2024 will continue to be influenced by the difficult
macroeconomic conditions. In addition, market-specific developments in the
mail market remain challenging. Therefore, the Management Board expects for
the fiscal year 2024 for the Group a revenue and EBITDA at the level of 2023
or slightly below.
The expected development of the financial performance indicators for the
2024 financial year is generally based on the assumption of constant
exchange rates.
The audited annual financial statements and the audited consolidated
financial statements for the 2023 financial year will be published on April
30, 2024. The reason for the delay is the time required in view of the
increased requirements under the ESEF Regulation.
Key figures at a glance:
in EUR million 2023 2022 Change
Revenue 241.8 251.0 -3.7 %
Cost of materials 112.8 124.7 -9.5 %
Employee benefit expenses 66.2 65.7 +0.8 %
Other operating expenses 38.9 40.3 -3.5 %
EBITDA as reported 31.0 27.6 +12.3 %
Amortisation, Depreciation and Impairment 18.0 21.0 -14.3 %
Consolidated profit 10.5 8.0 +31.3 %
Earnings per share (in EUR) 0.67 0.50 +34.0 %
Free Cashflow 9.1 8.1 +12.4 %
Disclaimer
Statements in this press release relating to the future development and
forecasts of the Group are based on our careful assessment of future events
and economic forecasts. Any negative macroeconomic developments beyond this
may cause actual results for 2024 to differ from the forecast figures.
For Investor Relations inquiries, please contact:
Dr. Monika Plum
Tel.: +49 (0)30 220 660 410
E-Mail: ir@francotyp.com
About Francotyp-Postalia:
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 area, FP improves customers' business processes with solutions for
document workflow management, business process management & automation and
shipping & logistics. In the Mailing, Shipping & Office Solutions business
areas, FP is the world's third-largest provider of mailing systems and is
also the market leader in Germany, Austria, Scandinavia and Italy. FP has
subsidiaries based in 15 countries and is represented by its own trading
network in many other countries. In the Mail Services business areas, FP
offers the consolidation of business mail and is among the leading providers
in Germany. In 2023, FP generated revenue of more than EUR 240 million.
Contact:
Francotyp-Postalia Holding AG
Investor Relations
Telefon: +49 (0)30 220 660 410
Telefax: +49 (0)30 220 660 425
E-Mail: ir@francotyp.com
---------------------------------------------------------------------------
25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Francotyp-Postalia Holding AG
Prenzlauer Promenade 28
13089 Berlin
Germany
Phone: +49 (0)30 220 660 410
Fax: +49 (0)30 220 660 425
E-mail: ir@francotyp.com
Internet: www.fp-francotyp.com
ISIN: DE000FPH9000
WKN: FPH900
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1888783
End of News EQS News Service
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1888783 25.04.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
FRANCOTYP-POSTALIA HLDG | FPH900 | Xetra | 2,640 | 03.05.24 17:36:00 | +0,060 | +2,33% | 0,000 | 0,000 | 2,640 | 2,640 |
