CTT corrected the allocation of expenses between the postal activity and the postal bank as determined by ANACOM by decision of 2019, which led, for the financial years of 2016 and 2017 as a whole, to a reduction of expenses attributed to the postal activity of approximately 30 million euros – of which about 6 million euros in the provision of the universal postal service on a comparable basis – and an equivalent increase of the expenses allocated to the banking activity. This correction follows from the audit of the results of the analytical accounting system of CTT for the financial years of 2016 and 2017.
In view of the audit conclusions, ANACOM, by decision of 10 September 2020, considers that the results of the analytical accounting system of CTT, for the financial years of 2016 and 2917, were produced in accordance with the applicable legal and regulatory provisions.
It should be recalled that by decision of 18 June 2019, ANACOM determined that CTT should proceed with the correct separation of the expenses allocated to the postal activity and to the banking activity in the retail network (post offices). That determination of 18 June was taken following an audit to CTT's analytical accounting system, conducted by Grant Thornton & Associados as independent external entity, which found that there was improper separation between the postal activity and the banking activity in terms of the retail network (post offices), and after prior hearing of CTT.
What was in question was an overvaluation of expenses allocated to the postal activity, and consequent undervaluation of the expenses imputed to the banking activity, particularly with respect to personnel expenses, depreciation and amortisation, cost of capital, hire and rental charges, insurance, taxes and rates, condominium, water, electricity and miscellaneous consumables.
Thus, CTT reformulated the results of its analytical accounting system, which were validated by the same entity that conducted the original audit.
This reformulation corrected the incorrect separation of expenses between the postal activity and the banking activity detected in 2016 and 2017, preventing its propagation over time. The results from 2018 onwards, inclusively, were, according to CTT, already produced pursuant to that reformulation, with the respective audit currently being underway.
Consult:
- Action arising from the audit of the reformulated results of the analytical accounting system (financial year of 2016) https://www.anacom.pt/render.jsp?contentId=1564228
- Action arising from the audit of the reformulated results of the analytical accounting system (financial year of 2017) https://www.anacom.pt/render.jsp?contentId=1564227
See also:
- ANACOM orders CTT to carry out an appropriate allocation of expenses between its postal and banking activities https://www.anacom.pt/render.jsp?contentId=1475583
