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May 10, 1994

DEUTSCHE BUNDESPOST TELEKOM TURNS IN $1,500m LOSS FOR 1993 AFTER WRITEDOWN

By CBR Staff Writer

Monopoly state phone companies are not expected to turn in big losses, but the peculiar structure and requirements placed on the Deutsche Bundespost Telekom, including payment of a big dividend to the government, meant that last year it made write-downs, group net loss equivalent to $1,500m after a downward revision of some fixed asset values. Telekom said that its 1993 operating profit had climbed to clearly over the $4,200m it recorded for 1992. But it had to make those mandatory transfers of $3,000m to the government, paid $600m in taxes and suffered a $2,095m downward revision in asset values, leading to the loss of $1,500m. In previous years, Telekom’s net profit after transfers has been nil. Telekom is usually to finance the state job-preservation schemes at the loss-making and overmanned postal system and loss-making post office savings bank, but as it has made a loss itself this time, it is unable to do so. The write-down of the value of assets is the second and final tranche of a $6,600m write-down of old equipment that was agreed with accountants several years ago.

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