By Fotis Fotinos
The turnover of ELTA showed a decline last year, as the decrease in revenues from mail continued, as more and more companies and individuals are turning to electronic transactions.
On the other hand, there was an increase in courier services, through the subsidiary ELTA Courier, and financial services.
At the level of the final financial result, ELTA went into losses, as in addition to the reduction in turnover by 19 million euros, the organization was burdened by 112.2 million euros from the voluntary exit program.
In summary, the turnover of the ELTA group amounted to 299.5 million euros last year compared to 318.4 million euros in 2020 and the turnover of the parent company to 244.3 million euros compared to 266.4 million euros in 2020.
Accordingly, the main revenues per service were as follows:
– Mail brought in €114.2 million in revenue, up from €130.5 million in 2020.
– Parcels generated revenue of 15.9 million euros, compared to 15.3 million in 2020.
– Financials generated revenues of €38.1 million, compared to €34.9 million in 2020.
– Electricity generated revenues of 38.2 million euros, compared to 42.6 million euros in 2020.
– The Catholic Service generated revenues of 23.5 million euros, compared to 32.1 million euros in 2020.
– Couriers generated revenues of €57.8 million, compared to €53.8 million in 2020.
The effect of the voluntary exit program on financial results
At the level of the final financial result, last year the ELTA group presented losses after taxes of 131.5 million euros, compared to profits of 7.5 million euros in 2020, as a result of which equity became negative by 76.73 million euros.
At the operating result level and, as stated in the financial report, the group presented adjusted profits (adjusted Ebitda) of 7.3 million euros, against losses of 8.76 million euros in 2020 and the parent company adjusted profits of 7.2 million euros , against losses of 6.49 million euros in 2020.
According to what is mentioned in the financial statements, the deterioration of the final financial result is mainly due to the charge of 112.2 million euros from the voluntary exit program of 2,000 employees.
On the other hand, in previous years, 180 million euros from the Catholic Service and 100 million from the share capital increase had flowed into ELTA.
It is noted that ELTA has announced a broad modernization program, with an emphasis on digitization and actions, such as the “Digital Postman”, “Smart Boxes” and Smart Queuing (pre-arranged appointment for service from a post office).
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
