Posta Romana last registered profit in 2008, but the result was ten times lower than the company expected.
In 2008, the postal operator expected total revenues of RON1.467 billion and total costs of RON1.423 billion. It reported revenues of RON1.459 billion and 2.24% higher costs.
The company ended 2008 with gross profit of RON4.56 million, from an estimated profit of RON44.2 million.
The company’s budget for 2009 stated gross profit of RON4.88 million and total revenues of RON1.544 billion. According to Finance Ministry data, Posta Romana registered gross losses of RON181.5 million and total revenues of RON1.5 billion. Overall expenses were 9.3% higher than expected and amounted to RON1.682 billion.
In 2010, the company expected zero gross profit. It reported loss of RON120.99 million and total revenues of RON1.43 billion, 14.6% lower than the sum stated in the budget. Overall costs hit RON1.55 billion.
In 2011, Posta Romana registered the worst financial results in its history. The company expected gross profit of RON2.34 million but registered losses of RON182.93 million.
According to data obtained by Mediafax, Posta Romana posted loss of RON52.06 million in 2012. The company expected total revenues of RON1.314 billion, but obtained only RON1.26 billion.
The postal operator’s 2013 budget states revenues of RON1.256 billion and zero profit.
Posta Romana was scheduled for privatization this year, but no potential investor was interested in buying the taskbook to participate in the auction.
Posta Romana’s debts to the state budget amount to RON242.5 million after tax authority ANAF calculated new debts of RON107 million on May 16. The new debt becomes exigible on June 6 this year.
The company registered total debts of RON650 million on May 28, 2013.
The Government decided Wednesday Posta Romana will be restructured in 180 days. Potential investors have until June 30, 2014 to file binding bids for the privatization of the company.
Also, the government will ask the European Commission to approve the conversion into shares of the postal operator’s state budget debts, and the company’s RON107 million new debt to tax authority ANAF will be restructured.
According to an official document obtained by Mediafax Wednesday, the conversion of debts into shares will be carried out as part of the company’s privatization process, so the measure will not be considered state aid.
“The conversion of debts into shares will not affect the current shareholding structure of the company,” reads the document.
The company will also lay off about 4,500 employees starting July. It employed 32,887 people at the end of 2012.
Posta Romana is owned by the Communications Ministry (75%) and Fondul Proprietatea (FP.RO), with 25% of the shares. (EUR1=RON4.332)