CTT’s profit fell by 5.2% (minus two million euros) last year, compared to the previous year, to 36.4 million euros, and operating income increased by 7%, Correos announced Thursday.
In a statement sent to the Securities Market Commission (CMVM), CTT pointed out that the operating result grew by 6.9% last year, compared to the same period in 2021, to 906.6 million euros, that is. , 58 plus 0.8 million euros, “growing in total Business Areas”.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 9.5% to 129.3 million euros.
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“Recurring EBITDA stood at 64.5 million euros in 2022having reached 25.8 million euros in the fourth quarter” of last year, “thus verifying an improvement in the trend throughout 2022” (20.1 million euros in the third quarter, 12.0 million euros in the second and 6.7 million euros in the first three months of the year, said CTT.
In the period analyzed, the operating cash flow was 99.6 million euros, 61.2% more (37.8 million euros more) than in 2021.
“The evolution of the consolidated net result is positively influenced by the growth of recurring EBITDA (+4.4 million euros); due to the improvement in financial results (+1.7 million euros), and due to the favorable evolution of Corporate Tax for the period (-1.8 million euros) and negatively affected by the specific results, since in 2021 registered a capital gain of 1.8 million euros, which compares with a loss of 8.4 million euros in 2022, as mentioned above”, explains CTT.
CTT’s investment amounted to 37 million euros, 2.3% more than in 2021, mainly “due to the growth of the banking business that entailed a reinforcement of the activity support systems (+1.1 million euros) and the implementation of the omnichannel strategy between physical and digital for the private segment (+1.5 million euros)”.
On the contrary, there was a “decrease in the acquisition of order processing equipment compared to the previous year (-1.7 million euros)”.
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The Mail and Others segment was “positively influenced” last year “by the growth of the business solutions business (+38.2 million euros), including the effect of the consolidation of NewSpring Services from August 30, 2021 (+14.2 million euros). ), and penalized by the sharp decrease in income from incoming international mail (-12.6 million euros), impacted by the end of the VAT exemption that occurred from July 1, 2021 on non-EU products of lesser value (de minimis)”, read the statement.
You Expresso and Parcel revenues increased”despite the challenging economic context”, 1.3% to 259 million euros.
“In Spain, revenue grew to 122.9 million euros in 2022, 5.6 million euros more (+4.8%) than in 2021,” CTT advances.
Banco CTT “continues to grow, increasing revenues and recurring EBITDA, respectively, up to 126.0 million euros and 14.4 million euros in 2022 (+27.4% and +76.9% compared to 2021, respectively)” and income from financial services and retail increased by 24.2% to 60.7 million euros, benefited by “the growth in the subscription of public debt securities, particularly savings certificates, due to the fact that their attractiveness has been increasing since the beginning of the year as a result of a new interest rate environment that better positions public debt as an investment alternative.
At the end of last year, the number of Post Office workers was 12,506, 102 less (-0.8%) than on December 31, 2021.
Source: Observadora
