AusPost restated figures 49 times

Printing Industries was hosting a panel interview with Mark Pollock, general manager Mail Products, Australia Post, and Peter Bass, the executive general manager responsible for letters and mail, when a story broke on the AFR regarding a year-over-year practice of restating financials during Ahmed Fahour’s reign.

The restatements came with constant restructuring, and had the effect of seemingly bolstering the parcels division to the detriment of letters, with letters revenue restated adversely by hundreds of millions of dollars over the period, while parcels revenue was restated upwards.

The continual restatements came in the six years of Fahour’s reign, in the five years prior to him taking the top job there was one restatement on the mail monopoly’s financial reports, in the six years he was in charge, the figures were restated 49 times.

The AFR article asserts that the constant restatements make it difficult for outside observers of Australia Post to determine the true performance of three key businesses – letters, parcels and retail. Australia Post says the restatements are a function of the restructuring caused by digital disruption, and that changes to the segment notes did not affect the reported enterprise results.

The Q&A webinar saw three Printing Industries’ members ask questions of the duo, with a video of the event expected to be released tomorrow. When asked about the restatements, the Australia Post representatives declined to comment, instead referring to comments previously given by the company.

The association says it held the webinar to inspire follow up questions for its upcoming series of breakfast talks with Australia Post, and so that Peter Bass, who is unavailable for the talks, could be heard from.

Mark Pollock will be travelling around the country with Printing Industries, answering questions from members in a series of breakfast talks, starting in Perth on July 25, Adelaide July 26, Melbourne July 27, Hobart August 1, Brisbane August 2, and finishing in Sydney August 3.

Printing Industries says it is a chance for members to open a dialogue with Australia post, and that Pollock will cover key areas of change, recent initiatives to support the mail channel, and practical ways that print businesses can most efficiently and cost-effectively make use of the various mail categories, products and services.

The print and mail industry is hopeful that under Fahour’s successor Christine Holgate relations with the postal giant will improve, the roadshow with Mark Pollock is seen as something of an indicator of that.

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