Revenues 1 grew (+0.3%) in 3Q20, penalized by Mail & other 2 (-8.0%) and Financial Services & Retail2 (-11.0%), maintaining the strong dynamics of the growth levers Express & Parcels and Banco CTT that posted double-digit growth in 3Q20 (24.5% and 10.4%, respectively). In the 9M20, revenues stood at €534.3m (-€5.3m or -1.0%) due to the impact of COVID-19 in 2Q20.
EBITDA3 of 3Q20 reached €24.3m (-9.6%). Excluding the effect of the elections in 3Q19, the drop is only €0.7m (-2.7%). In the 9M20, it reached €57.7m, €15.6m (-21.3%) below the result of the 9M19, due to the strong impact of Mail & other (-€31.4m or -53.2%). The EBITDA of the remaining business units grew significantly in the 9M20 (+€15.8m or +111.3%).
Express & Parcels Portugal posted record revenues of €29.4m in 3Q20.
Banco CTT, with a strong performance in 3Q20, achieves net profit, thus allowing to reach positive EBIT in the 9M20.
EBIT of €17.3m in the 9M20, -€17.0m(-49.6%)vis-à-vis the 9M19, substantially penalized by the decline of EBITDA (-€15.6m), strongly impacted in the 2Q20 by the growth of impairments and provisions (+€9.2m) and depreciation and amortization (+€6.6m) not fully compensated by the reduction in specific items (-€13.9m).
Operating cash flow amounted to €16.0m in the 9M20, -€7.6m compared to the same period of 2019.
Net profit 4 of €4.3m, -€18.5m(-81.1%) versus the 9M19, strongly impacted by the negative evolution of EBIT (-€17.0m) and of the income tax for the period (+€1.0m).
Consolidated results
€ million
9M19
9M20
∆ 20/19
Revenues1
539.6
534.3
-1.0%
Mail & other
353.2
310.8
-12.0%
Mail2
350.1
308.8
-11.8%
Central Structure
3.1
2.0
-36.5%
Express & Parcels
110.1
131.5
19.5%
Banco CTT
42.9
59.7
39.3%
Financial Services & Retail2
33.4
32.3
-3.3%
Operating costs3
466.3
476.6
2.2%
EBITDA3
73.3
57.7
-21.3%
Leases (IFRS16)
20.4
21.0
2.6%
EBITDA including IFRS 16
93.7
78.6
-16.1%
Impairments & provisions
4.0
13.2
232.1%
Depreciation & amortization
39.5
46.1
16.7%
Specific items
16.0
2.1
-87.0%
EBIT
34.2
17.3
-49.6%
Financial results (+/-)
-7.9
-8.4
-5.9%
Income tax for the period
3.4
4.5
29.9%
Non-controlling interests
0.03
0.09
194.8%
Net profit for the period4
22.9
4.3
-81.1%
Excluding specific items.
In 2020 and in the same period of the previous year (proforma), the retail products and services of the Mail & other business unit are considered within the Financial Services & Retail business unit (former Financial Services business unit).
3 Excluding depreciation/amortization, impairments and provisions, as well as the impact of IFRS 16 and specific items. 4 Attributable to equity holders.
4
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CTT – Correios de Portugal SA published this content on 04 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2020 18:10:08 UTC
CTT-Correios de Portugal, S.A. is the Portuguese leader in postal services provision. Net sales break down by activity as follows:
- mail collection and delivery (50.4%): letters, postcards, ads, advertising documents, newspapers, etc.;
- express and parcels transportation and delivery services (40.2%): activity ensured in Portugal, Spain and Mozambique;
- sale of financial products and services (7.2%): public debt certificates, postal saving products, insurance and postal money orders;
- banking and payment services (2.2%): savings accounts, consumer credit (auto loans and credit cards), mortgage loans, off-balance sheet savings. The group also provides payment solutions (Payshop) allowing paying for purchases through the Internet and via certified agents (kiosks, tobacconists, supermarkets, etc.).
Portugal accounts for 69% of net sales.
CTT-CORREIOS DE PORTUGAL, S.A. 
