Hellenic Post returned to profitability last year after a decade of losses. In particular, ELTA at the group level posted an adjusted operating profit of €7.3 million against a loss of €8.76 million, while at the company level it recorded organic profit of €7.2 million on a loss of €6.49 million. euro in 2020.

Consolidated turnover decreased slightly by 2.4% to 243.6 million euros after deducting the impact of electricity and universal service.

At the group level, they posted an adjusted operating profit of €7.3 million.

Payroll costs (all employees, i.e. permanent, external partners and contractors), excluding related voluntary care costs, decreased by 24.8% to €173.8 million for ELTA and by -3.7% , up to 19.9 million euros for ELTA Courier. The decrease in payroll costs is associated with the departure of a significant number of employees of their own free will. In addition, expenditures on building rental decreased by 5.1%, machinery and computers – by 5.7%, goods and consumables – by 5.1%. Declines of 9.5% and 27.6% were shown in interest and related expenses and the finance cost of leases (IFRS 16), respectively.

However, the company, due to a voluntary exit of 112 million euros, posted a negative equity of 52 million euros last year, an amount that is in line with the levels envisaged by the approved five-year transformation plan, the sources say. In 2020, the company posted a positive equity of 55 million euros following a 100 million share capital increase that took place at the time. According to the restructuring plan, reductions in payroll costs due to voluntary exit, strong cash reserves of EUR 116.8 million (31.12.2021), as well as expected profitability in the next financial years create good prospects for the re-emergence of positive equity funds up to expiration of the five year period.