The Federal Treasury has completed the audit of the Russian Post. The preliminary “magnitude of the negative impact” on the company’s financial performance for 2022 was estimated at 24.5 billion rubles.

The Treasury revealed losses of Russian Post of 24.5 billion rubles

The results of the inspection were announced at a meeting of the State Duma Committee on Property, Land and Property Relations on November 30, Vedomosti reported.

Among the reasons for the accumulated loss:

  • loss of profits as a result of ineffective organization of the retail business and non-compliance with the sales plan, which was estimated at 10.2 billion rubles;
  • growth of the salary fund (payroll) of the management team by 13% and of the group’s subsidiaries by 186%;
  • loss from participation in JSC National Logistics Technologies and the construction of 10 logistics centers for the needs of the Post Office for 21.9 billion rubles;
  • loss of income as a result of the improper functioning of the group’s computer systems,
  • Unreasonable profitability of unprofitable purchases and projects, including the installation of parcel terminals.

Another 12 billion rubles in “ineffective expenses” were incurred in the management of the real estate block. A representative of the Treasury at the meeting explained that we are talking about the central office of the Russian Post with an area of ​​35 thousand square meters. m in the CSKA metropolitan area. Its rent costs one billion rubles a year.

The director of the Russian Post, Mikhail Volkov, at the meeting mentioned a combination of factors as the cause of the losses. According to him, the increase in employee payroll caused a loss of 13 billion rubles.

Sanctions and foreign economic factors allegedly caused additional losses of 10 billion rubles. Volkov also announced difficulties with debt servicing, which at the end of this year exceeded 130 billion rubles, one of the publication’s sources reported.

Based on the results of the audit, the Treasury proposed to establish external control over the implementation of the financial rehabilitation plan “Russian Post” until 2025 and adjust it. The results of the audit should also be discussed at a meeting of the company’s board of directors.

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  • Federation Council Chairwoman Valentina Matvienko described the financial situation of the Russian Post as a “growing hole.” At the end of 2022, the postal operator achieved revenue of 208 billion rubles with a net loss of 27.2 billion rubles.
  • According to its own estimates, the operator will be able to save about 20.7 billion rubles in interest payments until the end of 2025, subject to additional capitalization of the company. If the company’s debt is refinanced at 3.5% from the National Social Welfare Fund, up to 4.7 billion rubles can be saved. In this scenario, net profit expectations in 2024 are 6 billion rubles and 33 billion rubles at the end of 2025. If there is no support, the company will not become profitable until the end of 2025.


Karina Pardaeva

Source: RB

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