AN POST’S ANNUAL report for 2012 has revealed after tax losses of €39.4 million.
This consisted of an operating loss of €17.5 million, coupled with a pension deficit charge of €19.8 million, in addition to a group corporation tax charge of €0.1 million and the minority share of profits in subsidiaries of €2 million.
Its turnover for 2012 of €807.3 million was up marginally on the €806.7 million in 2011.
In comparing its operating loss for last year with its profits of €2.2 million in 2011, the group said that any such comparisons were “skewed” by the fact that revenues of €28 million were generated in 2011 by both the General Election and Presidential Election mailings.
Pension deficit
The An Post pension scheme deficit dropped from €484 million in 2011 to €285m as at 31 December 2012, which the group said was mainly down to improved investment performance.
Net assets
Its net assets (excluding pension deficit) dropped by over €20 million over the year, down from €319 million in 2011 to €297.3 million in 2012.
Mail prices
Further increases in mail prices look likely in the year ahead, with the report stating that they were “not currently at a sustainable level.”
The report went on to say:
Therefore regular price adjustments along with major cost reduction and revenue enhancement are necessary and form a key part of the Company’s business plan.
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