Austria’s post office for sale
The Austrian government has authorised the partial privatisation of the national postal service, Ostereichische Post. Up to 74.9% is to be sold to foreign partners. The rest will remain in the government’s hands. The leading candidate for the majority stake is thought to be deutsche post, but the Swiss, the French and Swedish postal groups have also signalled their interest. According to sources in Vienna, the sale of blocks of shares (valued approximately EUR 1.5-EUR 2 billion) could commence this year or 2004 at the latest.
According to reports from the Austrian news agency APA, both Austrian post’s revenue and income fell sharply last year compared to 2001. Sales in 2002 were EUR1.48 billion, almost EUR 21 million o 3% down on the year earlier. The earnings on before tax and interest (ebit) slumped to EUR 11 million, half that of 2001. Austrian post conceded that it was 76% lower than the forecast.
Along with less business in the letter post, advertising and media mail sectors, a cost explosion caused by the division of the concern into five independent business sectors in mid-2002 caused major additional costs.
