Half Year 2024 Oesterreichische Post AG Earnings Call Transcript
Key Points
- Oesterreichische Post AG (OERCF) reported double-digit revenue growth of 17.2% for the first six months.
- The Parcel & Logistics segment showed strong growth, particularly in Turkey with a 76% increase.
- The Retail & Bank segment grew by 25%, driven by bank99's performance.
- The company has a robust cash generation with an operating free cash flow of over EUR145 million.
- Oesterreichische Post AG (OERCF) continues to invest in green transformation, including expanding its electric vehicle fleet and renewable energy initiatives.
- The Mail business segment is experiencing a decline in volume, with a 7% decrease over the last few quarters.
- High inflation in Turkey and the fluctuating Turkish lira pose risks to revenue and EBIT figures.
- Staff costs in Austria increased by 10% due to a collective wage agreement, impacting profitability.
- The Retail & Bank segment's EBIT declined due to migration costs and depreciation from integrating ING-DiBa's Austrian retail business.
- The company faces a challenging economic environment with low growth and high inflation in its operating geographies.
Good afternoon, ladies and gentlemen. Welcome to this conference call of Austrian Post. Today we would like to discuss the recent development of the second quarter and so the first half, and here with me is our CFO, Walter Oblin, and I would like to directly hand over to you, Walter. Please go on.
Good afternoon, ladies and gentlemen. It's a pleasure to have the opportunity to present to you our results for the first 6 months. As a summary upfront, we're looking back on 6 strong months with double-digit revenue growth and double-digit EBIT growth, and we will also provide a confident outlook for the remaining 6 months. Let me start on Page 2, giving you the usual overview about Austrian Post Group. We are operating and reporting in 3 segments: our Mail business, this is the Austrian shrinking part of our business portfolio; our Parcel & Logistics portfolio, this is a portfolio of
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