Deutsche Post’s financial results may be significantly impacted by the insolvency of theNeckermann mail-order business, announced last week, although a Deutsche Post group executive
insisted that the outlook for 2012 remained positive.German financial newspaper Handelsblatt reported that Deutsche Post faced an impact in thedouble-digit millions range due to the bankruptcy of Neckermann. Deutsche Post subsidiary DHLacquired the shipping logistics business of the German mail-order business Neckermann and itssister company Quelle in 2005.
Handelsblatt claimed the insolvency of Neckermann would further reduce Deutsche Post’s ebitresult, initially estimated to be at least €2.5 billion, but which has already been reduced by €180million following an additional tax payment notice.
The group’s Chief Financial Officer Larry Rosen said that he sees business in 2012 developingpositively despite Neckermann’s insolvency. “We are carefully observing the development andexamining the corresponding impact for us in detail,” he said.
A Deutsche Post spokesman reportedly said last Friday that the insolvency of Neckermann had beena surprise for the group. “Experts within the company are examining if it has consequences, and ifso, which kind,” he added. He declined to specify when any insights would be provided.
“We will indicate numbers at the appropriate time,” he added. The Bonn-based company declined togive any figures of the sales and income that it generated through the mail-order business.
Three years ago, the insolvency of Quelle generated an operational loss of around €247 millionfor the Deutsche Post group.
