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    CTT   PTCTT0AM0001

CTT-CORREIOS DE PORTUGAL, S.A.

(CTT)
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CTT Correios de Portugal S A : Initiation of arbitration proceedings against the Portuguese Government

06/11/2021 | 01:41pm EDT

CTT - Correios de Portugal, S.A.

Public Company Avenida D. João II, 13 1999-001 LISBON

Lisbon commercial registry and fiscal no. 500 077 568

Share Capital EUR 75,000,000.00

Announcement - Lisbon, 11 June 2021

Material information

CTT - Correios de Portugal, S.A. ("CTT" or "Company") hereby informs that on this date the Company has initiated arbitration proceedings against the Portuguese Government, in its capacity as Grantor, for the review of the issues related to the sustainability of the current Universal Postal Service Concession Agreement ("Concession Agreement" or "Agreement") in the years 2020 and 2021.

CTT thus abides by the Government's understanding that the appropriate mechanism for the resolution of the referred issues is arbitration, following the request to set up a negotiation committee addressed by the Company to the Portuguese Government on 25 February 2021. This proceeding, which aims to protect CTT's rights, has as concrete object the following:

  1. the impact and contractual effects, as those of a compensatory nature (which CTT calculates at around €23m), of the pandemic associated with COVID-19, as well as the public measures adopted in this context, particularly in light of the clauses of the Concession Agreement which regulate changes of circumstance.
  2. the legality, impacts and contractual effects, as those of a compensatory nature (which CTT calculates at around €44m), of the decision to extend the Agreement contained in paragraph a) of article 35-W of Decree-Law no. 10-A/2020, of 13 March, as amended by Decree-Law no. 106-A/2020, of 30 December.

The aforementioned amounts are those that CTT considers it is entitled to in accordance with currently available data and are subject to updating, assessment and decision in the proceedings that are now being initiated.

This information to the market and the general public is made under the terms and for the purposes of article 248-A of the Portuguese Securities Code and other legislation in force in Portugal. It is also available on CTT website at: https://www.ctt.pt/grupo-ctt/investidores/comunicados/index?language_id=1.

CTT - Correios de Portugal, S.A.

Guy Pacheco

Market Relations Representative of CTT

www.ctt.pt

CTT - Correios de Portugal, S.A.

Public Company Avenida D. João II, 13 1999-001 LISBON

Lisbon commercial registry and fiscal no. 500 077 568

Share Capital EUR 75,000,000.00

Peter Tsvetkov

Head of Investor Relations of CTT

Contacts:

Email: investors@ctt.pt

Fax: + 351 210 471 996

Phone: + 351 210 471 087

www.ctt.pt

Disclaimer

CTT – Correios de Portugal SA published this content on 11 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2021 17:40:00 UTC.


© Publicnow 2021
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Sales 2021 826 M 969 M 969 M
Net income 2021 36,6 M 42,9 M 42,9 M
Net Debt 2021 47,5 M 55,7 M 55,7 M
P/E ratio 2021 19,0x
Yield 2021 2,38%
Capitalization 690 M 808 M 809 M
EV / Sales 2021 0,89x
EV / Sales 2022 0,82x
Nbr of Employees 10 867
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Mean consensus UNDERPERFORM
Number of Analysts 5
Last Close Price 4,65 €
Average target price 3,99 €
Spread / Average Target -14,1%
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João Afonso Ramalho Sopas Pereira Bento Chief Executive Officer & Executive Director
Guy Patrick Guimarães de Goyri Pacheco Chief Financial Officer & Executive Director
Raul Catarino Galamba de Oliveira Chairman
João Miguel Gaspar da Silva Chief Operating Officer & Director
Maria Luísa C. F. L. de C. A. Correia Independent Non-Executive Director
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