Mailhas reduced its share capital by 211 million euros with the purpose of cleaning up the company’s net worth and compensating for the accumulated losses of previous years and those expected for 2024 itself.
This reduction has been carried out by its sole partner, the State Society of Industrial Participations (SEPI), through the amortization of 211,521 Correos shares with a nominal value of 1,000 euros, as listed in the Official Gazette of the Commercial Registry (Borme).
Simultaneously with the reduction of share capital, the SEPI has agreed to apply 61.8 million euros from the legal reserve to compensate for losses from previous years, which has been set at 40 million euros, 10% of the new share capital figure.
It will also allocate 183 million euros to offset the negative reserves from its merger in 2022 with the subsidiary Nexea, in charge of the postal service that allows writings and documents to be sent by electronic means.
SEPI has also agreed to dedicate 23.4 million euros to compensate for further losses and another 5 for the negative reserves from the conversion to the new General Accounting Plan.
The Capital Companies Law, in its article 363.1.e), determines that a company must be dissolved when the “losses reduce the net assets to an amount less than half of the share capitalunless this is increased or reduced to a sufficient extent.
The public postal operator adds some losses close to 700 million euros in the last four years, and the Government has already approved a new strategic plan to double the financing that Correos receives for providing the public postal service.
Thus, it goes from the 110 million euros annually that it had been receiving in recent years to between 210 and 250 million from now on.
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