Francotyp-Postalia Holding AG
Francotyp-Postalia Holding AG: Francotyp-Postalia Holding AG can make free use of so-called Teleporto funds (restricted cash) in future
Francotyp-Postalia Holding AG / Key word(s): Miscellaneous/Miscellaneous Corporate News Francotyp-Postalia Holding AG can make free use of so-called Teleporto funds (restricted cash) in future Birkenwerder, 19 August 2014. After careful review leading to a reassessment of Teleport funds (restricted cash) of the UK subsidiary Francotyp-Postalia Ltd., the financial strength of Francotyp-Postalia Holding AG, multichannel supplier for mail communication and accredited De-Mail provider, has been increased by additional GBP 16.7 million (as at 30 June 2014) freely available to the FP Group as cash and cash equivalents. At the exchange rate on 30 June 2014, this amounts to EUR 20.8 million. This leads directly to a substantial improvement in net debt, which totalled EUR 11.0 million as at 30 June 2014. The reassessment involves postage advances by customers in the UK, where the FP Group receives an advance similar to a deposit from franking machine users. Current postage recrediting by customers is directly settled with the Royal Mail and customers. Previously, the balance of advances has to be recognised as “restricted cash” according to the Royal Mail requirements. After abolition of this restriction and detailed review by the Management Board, the credit balance is now treated as cash freely available to the FP Group. The following financial reports will include a corresponding correction in accordance with IAS 8. After intensive review, the Teleporto funds in Canada and Austria are still restricted, and cannot be used freely by the Company. Consideration is being given to using the released funds for investment in the future. An alternative is to use the funds for a temporary repayment of liabilities, which would significantly reduce financial liabilities, leading to a higher equity ratio. FP CEO and CFO Hans Szymanski, explains: “Previously, advances by customers had to be treated as restricted cash, under Royal Mail regulations. After careful review, we have reassessed the contractually agreed regulations. With due regard for commercial prudence, we can now use the cash and cash equivalents immediately for productive purposes at FP, creating additional value for all parties.” Contact: Francotyp-Postalia Holding AG About Francotyp-Postalia Holding AG 19.08.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Francotyp-Postalia Holding AG | |
Triftweg 21-26 | ||
16547 Birkenwerder | ||
Germany | ||
Phone: | +49 (0)3303 525 777 | |
Fax: | +49 (0)3303 53 70 77 77 | |
E-mail: | ir@francotyp.com | |
Internet: | www.fp-francotyp.com | |
ISIN: | DE000FPH9000 | |
WKN: | FPH900 | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart | |
End of News | DGAP News-Service |
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