Andmed seisuga: 21.07.2024 23:12 (GMT+3)
Eesti Post NEWS RELEASE 03/01/2004
AUDITED FINANCIAL RESULTS FOR 2003
AS Eesti Post delivered 219.8 million parcels in 2003,
which is 16.3% more than in 2002. There were no
significant changes in the service charges of AS Eesti
Post in 2003; some changes were made in connection with
reducing the maximum rate of discounts for letters and a
decrease in the prices of advertisement deliveries.
Competition on the postal services market intensified
notably in 2003. Nine new providers of courier or direct
mail services entered the market and AS Eesti Post now
competes with 24 companies licensed in the same field of
business. Due to the different ways of interpretation of
the currently applicable Postal Act, all the services
provided by AS Eesti Post are essentially subject to
competition.
The sales income of AS Eesti Post increased by 3.6% to
EEK 621.6m in 2003. The income dynamics are characterised
by stability of the services traditionally provided by AS
Eesti Post (letters, parcels, periodicals, disbursement
of pensions and benefits, acceptance of payments) and a
relatively high rise in the area of new services (express
services).
In the past few years, AS Eesti Post has paid more
attention to developing its logistics services, which is
why this group of services has risen to the third-
important place, accounting for 16.8% of the operating
income of AS Eesti Post. Considering the potential of the
service, logistics service will probably become the
second-largest source of income for Eesti Post in 2004.
The total growth of income from the logistics segment was
22.0% in 2003, while the growth of the ELS Ekspress
services was even 41.0%. The segment of parcel post and
cash on delivery parcels decreased by 1.2%.
The volume of postal services, which accounted for 37.7%
of the operating income of AS Eesti Post in 2003,
remained unchanged compared to the previous period and
amounted to EEK 247.5m compared to EEK 247.8m in 2002.
The volume of direct marketing services increased
slightly compared to 2002, growing from EEK 124.2m to
127.3m (2.5% growth). The growth was due to increased
income from addressed and unaddressed advertisement
deliveries; delivery of newspapers and magazines did not
change compared to the previous period. The increase in
advertisement deliveries was mainly due to the increase
in the total market volume.
One-off revenues amounted to EEK 6.8m in 2003. Of this,
EEK 3.0m came from claims against the bankrupt Maapank,
EEK 3.5m was related to the release of attached deposits
in hispank, and an additional EEK 0.3m originated from
the revaluation of the shares of AS Vaba Maa according to
their market value.
The debt obligations of the company increased by 16.0% to
EEK 142.4m. AS Eesti Post used a share issue as a source
of involving external funds in 2003. In June 2003, AS
Eesti Post issued EEK 35m worth of three-year bonds with
an annual interest rate of 3.03%, which are listed on the
Tallinn Stock Exchange. The confidence of investors in
the company is proved by the fact that the issue was
oversubscribed 4.3-fold.
The net profit of AS Eesti Post was EEK 23.8m in 2003,
compared to EEK 34.0m in 2002. The more rapid growth of
expenses was attributable to various factors, including
an increase in the cost of outsourced postal delivery
services and reorganisation of the company's management
and sales activities. Expenditure on outsourced postal
deliveries was EEK 30.1m in 2003, which is 22.0% more
than in 2002. It is important to note that the other,
positive effect of outsourced postal delivery expenses is
the saving on the company's own transport costs (the
postal delivery mileage of AS Eesti Post's own transport
decreased by 9.0% compared to the previous period) and
the alleviation of pressure on labour costs (the staff
reduction largely concerned postmen who deliver post by
foot).
Labour expenses amounted to EEK 376.7m and formed 60.2%
of the total operating expenses in 2003, having grown by
4.4% during the year. Despite the relatively great
pressure on increasing labour expenses, AS Eesti Post was
able to keep the growth of these expenses relatively low
by somewhat reducing staff and adjusting the internal
payroll systems. The average number of employees
decreased by 83 to 4082 in 2003. According to plans, the
growth of labour expenses will not accelerate in 2004.
Additionally, the net profit of the company for 2003 was
reduced by the corporate income tax expense of EEK 3.9m,
related to the payment of dividends (there was no
dividend income tax expense in 2002). AS Eesti Post paid
a total of EEK 11.1m of proprietary income as dividends
in 2003.
The largest investment of 2003 was made in means of
transport for postal deliveries, totalling EEK 26.1m.
Fixed assets somewhat decreased over the year: from EEK
374.2m in 2002 to EEK 358.5 in 2003, which is still
relatively high for a service company. The large volume
of fixed assets is mainly due to the existence of a
nationwide service network (including buildings and
land), which is needed for providing universal postal
services. The residual value of land and buildings was
EEK 290.9m at the end of 2003, having decreased by EEK
5.8m or 1.9% since the previous period.
Balance sheet
in thousand kroons
Note 31.12.2003 31.12.2002
ASSETS
Current assets
Cash and bank 1 206 749 121 294
Shares 2 1 600 0
Trade and other receivables 3 85 929 75 553
Inventories 4 15 660 14 736
TOTAL CURRENT ASSETS 309 938 211 584
Non-current assets
Shares 2 0 1 375
Long-term receivables 5 1 158 6 114
Investment property 6 11 240 11 963
Property, plant and equipment 7 339 867 347 404
Intangible assets 7 6 252 7 379
TOTAL NON-CURRENT ASSETS 358 517 374 234
TOTAL ASSETS 668 455 585 818
LIABILITIES AND EQUITY
Current liabilities
Borrowings 10 22 071 16 104
Funds received for social 11 143 939 79 306
welfare payments
Trade and other payables 12 99 622 109 825
Provisions 15 0 585
Total current liabilities 265 632 205 820
Non-current liabilities
Borrowings 10 120 284 106 665
Other long-term liabilities 12 1 595 4 302
Total non-current liabilities 121 880 110 967
TOTAL LIABILITIES 387 512 316 787
MINORITY INTEREST 2 447 3 244
Shareholders' equity
Share capital 245 873 107 175
Reserves 8 811 7 110
Retained earnings 3 117 471
Net profit 23 809 34 031
TOTAL SHAREHOLDERS' EQUITY 13 278 496 265 787
TOTAL LIABILITIES AND EQUITY 668 455 585 818
Income statement
in thousand kroons
Note 31.12.2003 31.12.2002
Income
Net sales 14 621 558 599 876
Government grants 15 17 122 15 000
Other operating income 16 17 411 14 271
Total income 656 090 629 147
Operating expenses
Raw materials and consumables used 17 104 742 93 739
Other operating expenses 18 98 245 89 678
Staff costs 19 376 709 360 808
Depreciation and amortisation 6,7 43 775 42 887
Other expenses 16 2 224 3 491
Total operating expenses 625 695 590 604
Profit from operations 30 396 38 543
Financial income and expenses
Interest income 1 944 2 081
Interest expense -5 331 -6 552
Foreign exchange gains and losses -133 -383
Other financial income and expenses -188 -206
Financial income and expenses from 225 0
financial investments
Total financial income and expenses 20 -3 483 -5 060
Profit on ordinary activities 26 913 33 483
Income tax expense 13 3 900 0
Group profit before minority interest 23 013 33 483
Minority interest 797 548
Net profit 23 809 34 031
Basic earnings per share (expressed 21 13.44 31.75
in kroons per share)
Diluted earnings per share (expressed 21 13.44 31.75
in kroons per share)
Balance sheet
in thousand euros
Note 31.12.2003 31.12.2002
ASSETS
Current assets
Cash and bank 1 13 214 7 752
Shares 2 102 0
Trade and other receivables 3 5 492 4 829
Inventories 4 1 001 942
TOTAL CURRENT ASSETS 19 809 13 523
Non-current assets
Shares 2 0 88
Long-term receivables 5 74 391
Investment property 6 718 765
Property, plant and equipment 7 21 721 22 203
Intangible assets 7 400 472
TOTAL NON-CURRENT ASSETS 22 913 23 918
TOTAL ASSETS 42 722 37 441
LIABILITIES AND EQUITY
Current liabilities
Borrowings 10 1 411 1 029
Funds received for social 11 9 199 5 069
welfare payments
Trade and other payables 12 6 367 7 019
Provisions 15 0 37
Total current liabilities 16 977 13 154
Non-current liabilities
Borrowings 10 7 688 6 817
Other long-term liabilities 12 102 275
Total non-current liabilities 7 789 7 092
TOTAL LIABILITIES 24 766 20 246
MINORITY INTEREST 156 207
Shareholders' equity
Share capital 15 714 6 850
Reserves 563 454
Retained earnings 0 7 508
Net profit 1 522 2 175
TOTAL SHAREHOLDERS' EQUITY 13 17 799 16 987
TOTAL LIABILITIES AND EQUITY 42 722 37 441
Income statement
in thousand euros
Note 31.12.2003 31.12.2002
Income
Net sales 14 39 725 38 339
Government grants 15 1 094 959
Other operating income 16 1 113 912
Total income 41 932 40 210
Operating expenses
Raw materials and consumables used 17 6 694 5 991
Other operating expenses 18 6 279 5 731
Staff costs 19 24 076 23 060
Depreciation and amortisation 6,7 2 798 2 741
Other expenses 16 142 223
Total operating expenses 39 989 37 746
Profit from operations 1 943 2 463
Financial income and expenses
Interest income 124 133
Interest expense -341 -419
Foreign exchange gains and losses -8 -24
Other financial income and expenses -12 -13
Financial income and expenses from 14 0
financial investments
Total financial income and expenses 20 -223 -323
Profit on ordinary activities 1 720 2 140
Income tax expense 13 249 0
Group profit before minority 1 471 2 140
interest
Minority interest 51 35
Net profit 1 522 2 175
Basic earnings per share (expressed 21 1.42 2.03
in euros per share)
Diluted earnings per share 21 1.42 2.03
(expressed in euros per share)
Inge Rumessen
Communication Manager
56 356 326
Sisukaart