Treasury reveals Russian Post losses of 24.5 billion rubles – Kommersant
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The Federal Treasury has completed the audit of Russian Post. The preliminary “size of negative impact” on the company’s financial performance for 2022 was estimated at 24.5 billion rubles, they report “Vedomosti”. The results of the inspection were announced at a meeting of the State Duma Committee on Property, Land and Property Relations yesterday, November 30.
On October 6, the Board of Directors of Russian Post ordered an independent audit of the company’s expenses. Based on its results, they discovered “internal reasons for the group’s unprofitability, which were the result of management decisions,” follows from the report. The Treasury concluded that some of these decisions were “ineffective”.
Among the reasons for the accumulated loss:
- lost profit as a result of ineffective organization of the retail business and failure to fulfill the sales plan, which was estimated at RUB 10.2 billion;
- growth of the wage fund (payroll) of the management apparatus by 13% and of the group’s subsidiaries by 186%;
- loss from participation in JSC National Logistics Technologies and construction of 10 logistics centers for the needs of Post for 21.9 billion rubles;
- lost income as a result of improper operation of the group’s IT systems,
- unreasonable profitability of purchases and unprofitable projects, including the installation of parcel terminals.
Another 12 billion rubles. “ineffective expenses” were incurred in managing the property block. A Treasury representative at the meeting explained that we are talking about the Russian Post headquarters office with an area of 35 thousand square meters. m in the CSKA metro area. Its rent costs 1 billion rubles. per year, Russian Post also has a headquarters in Moscow on Varshavskoe Highway with an area of 39 thousand square meters. m. According to Vedomosti, Alexander Khinshtein, head of the State Duma Information Technology Committee and member of the board of directors of Russian Post, who was present at the meeting, considered such expenses “rudeness.”
At the meeting, Russian Post General Director Mikhail Volkov named a combination of factors as the cause of the losses. According to him, the increase in the payroll of employees led to a loss of 13 billion rubles. Another 10 billion rubles. The losses were allegedly caused by sanctions and foreign economic factors. Mr. Volkov also announced difficulties with servicing the debt, which by the end of 2023 exceeded 130 billion rubles, one of Vedomosti’s sources recounted his arguments.
Based on the results of the audit, the Treasury proposed to establish external control over the implementation of the financial recovery plan “Posts of Russia” until 2025 and make its adjustments. The audit results should also be discussed at a meeting of the company’s board of directors.
In 2022, Russian Post received a loss of 30.4 billion rubles. The company’s debt amounted to 133 billion rubles, while most of it “has no source of return or repayment,” admitted Mikhail Volkov. Russian Post is trying to find mechanisms to reduce losses, and one of the ideas was an “infrastructure fee” from marketplaces, but market participants opposed it.
Details – in the material “Kommersant” “Receive it, sign it”.
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