Estonia, Financial Services, Post Office, Transport

According to the company’s CEO Ahti Kallaste, the Estonian Post’s budget includes planned revenue to amount to 748.2 million kroons and spending of 737.6 million kroons.

The 2010 budget of the enterprise foresees to spend 377.8 million kroons on the labour force whereas last year Estonian Post spent 439.7 million kroons. Estonian Post currently has a staff of 3,263 persons and Kallaste stated that the average pay in the enterprise has fallen by 10.5% in a year.

According to Kallaste, last year was characterised by a significant fall in business volumes. The fall in the volume of letters sent was, according to Estonian Post, 15.1% in 2009. The volume of sent packages fell by 38.7%, the volume of advertising segment decreased by 20.7% and the delivery of periodicals decreased by 17.8%. The CEO noted that the total revenue of Estonian Post fell by 20% last year.

When commenting on the nearly 40% fall in the volume of packages sent through Estonian Post, Kallaste remarked that this was caused by the economic decline, not by the loss of market share to the company’s competitors.

The CEO of the enterprise was glad that while the advertising market volume in general fell by approximately 40%, Estonian Post experienced a fall by 20%. “We have managed well,” he stated.

The unaudited profits earned by the postal and logistics enterprise Estonian Post in 2009 amounted to 3.1 million kroons while the group’s profits amounted to 2.23 million kroons.

Estonian Post is a State-owned enterprise that has 397 postal establishments across Estonia. Estonian Post group includes AS Eesti Post as the parent company and subsidiaries AS Eesti Elektronpost (in which Estonian Post has 50.86%) and the Estonian E-bills Centre (Eesti E-arvete Keskus OÜ, in which Estonian Post has 50.1%).