Royal Mail PROFITS

[kjbosco]

Is it me or in plain english this says royal mail are making s##t loads of cash, but the ONLY prob is its not enough to fill their cock up with the pensions. So why are we being told we cant compete for other reasons, when this is it. This was taken from their memorandom to parliment.

Financial Performance

Operations have already been transformed under the new
management team at Royal Mail. As a result - and with the
support of the group’s workforce - losses that were running at
£1m a day four years ago have been transformed into a £355m
operating profit last year.
However, the cost of servicing the pension fund has continued
to be a major drain on the group’s financial performance. The
servicing costs of the fund rose by £280m to £730m in 2006-07.
As a result, interim profits at Royal Mail fell to £22m from
£159m in the first six months of the 2006-07 financial year,
in spite of a 1.4% increase in revenue to £4.4bn. Although the
decline is in line with management expectations, the £730m
annual cost of servicing the pension fund is threatening Royal
Mail competitiveness.

[TrueBlueTerrier]

what's the betting that they are preparing the Government so that they can end the final salary pension scheme in total. anther nail in the coffin for workers working for Royal Mail.

[johno47]

Ive said before the money that the goverment lent RM should have been given to them to pay back for taking 90% of the profits for 20 years, not putting any money into RM for modernisation and taking a 13 year pension holiday, and the competitors claim were getting preferential treatment, what a load of b***ocks...UNITY IS STRENGTH.

[backintheday]

Never have and never will believe that a company of RM's size can in the space of 5 - 10 years ( VERY ESTIMATED MAXIMUM TIMESPAN HERE) manage to piss away millions of pounds in year on profit...unless, as is probably the case, somebody, apart from the government, has had their hand in the till big style...if this years profits are any where near found to be in the rumoured region of 340 million then the combined heads of Leighton, Crozier, postcomm and the labour government have seriously got to f***ing roll.

[F0zziebear]

Why has the pension contribution had to rise so much so suddenly? RM have turned round the performance, but all of the profits has to go into the pension fund and not to pay back the modernisation loan.

It is almost impossible to seriously get your hand in the till. You could fudge your expenses, or pay people who do not exist (I remember a certain situation a few years ago).

This should be the question that is asked on here. So does anyone know the answer?

Don't let the propaganda from anyone grind you down, make your own deicison

[BB brother]

Why has the pension contribution had to rise so much so suddenly? RM have turned round the performance, but all of the profits has to go into the pension fund and not to pay back the modernisation loan.

It is almost impossible to seriously get your hand in the till. You could fudge your expenses, or pay people who do not exist (I remember a certain situation a few years ago).

This should be the question that is asked on here. So does anyone know the answer?

Don't let the propaganda from anyone grind you down, make your own deicison

I can answer that one for you Fozz !
Its the usual R Mail paper exercise to make things look a lot worse than they actually are !!
i can only remember bits of this extraordinary piece of creative accountancy but one of the ways they increased the pension bill was by putting 5 years on the life expextancy of your average postie (spuriously calculated of course)think theyve got it at 137 by the look of the poverty pleading LOL !

There were one or two other tricks they used but i cant remember them at the mo.

[ROCKY]

even the papers from the pension holders stated that the rm estimate was far in excess of their estimate,and they didnt know why,whats the bet when they have achieved whatever it is they really want they will have suddenly paid in enough and we will be back in proffit

[heapsy]

Can you imagine the public outcry there would be if that was true about the 340 million profits!!!
I think we should hold out until the end of July. Over a billion loaned to us from the government and a vast amount of profit should give us a lot of public support. Managers getting a nice little bonus, But they swear blind their getting nothing, usual DUMs talking s**t. I think this strike action is the strongest supported action the country has seen for a long long time. All WE WANT IS A FAIR INCREASE IN BASIC PAY, WITH NO STRINGS ATTACHED
THAT MEANS
NO LATER START TIMES
NO MONTHLY PAY
NO EXTRA D2D DELIVERED FOR NOTHING
NO SPLIT SHIFFS
NO TEAM WORKING
NO MORE PART-TIMERS TAKING FULL TIME JOBS
GIVE THE PUBLIC A PUBLIC SERVICE THAT WE ARE PROUD OF (OR WAS ONCE PROUD OF)
LETS BE THE WORLDS BEST

Sums it up perfectly

Yep, think so myself. As mentioned in an earlier post of mine, before the first strike, I emailed the union on the very subject of the RM profit/loss figures. They were unable to give me an answer but said they were still waiting. If things ARE really that bad, why are they not hammering us with those very figures, to prove their arguement?

[britwrit]

I'm sure Royal Mail is coining it but even once they release the figures, we're going to hear at least two things:


(1) "Those figures end in the March and everything's gone downhill since then."

(2) "Sure, £600 million might sound like a nice profit but that's nothing close to what we need if we're going to be become a modern mail service."


Probably along with...


(3) "Bwah! We haven't begun paying off the loan yet!"

(4) "We're going to need every last little penny of those profits to deal with the damage caused by the strike."

(5) "God told Al to give it all to the Pope."


In other words, get ready for more lies.

[jafferpants]

THE REASON THE PENSION FUND IS IN BIG s**t IS BECAUSE UNDER THE GOOD OLD COMMON MARKET THE WAY IN WHICH IT'S LIABILITYS ARE CALCULATED HAD TO BE CHANGED AND YES IT DOES HAVE TO TAKE IN TO ACCOUNT THE FACT THAT WE ARE LIVING LONGER.PLUS DON'T FORGET THE 5 BILLION YES 5 BILLION THAT THE WORKERS FRIEND GORDON BROWN HAS STOLEN FROM THE FUNDS YEAR ON YEAR, AND HERE'S WHERE YOU'LL HAVE TO TRUST ME BUT UNLIKE THE REST OF THE DYNAMIC DUO'S BULLSHIT AND BOLLOCK'S THE PENSION FUND REALLY IS IN BIG TROUBLE. TO PROVE TO YOU HOW I KNOW THIS TO BE 100% FACT WOULD REVEAL MY I D AND THEN I'D BE IN DEEP s**t. STILL IT'S NOT ALL BAD NEW'S, THERE'S NO WAY THEY CAN PRIVATISE US BECAUSE NO ONE WILL TAKE THAT ON PLUS THEY CAN'T DO ANYTHING ABOUT THE BENEFITS YOU HAVE ALREADY BUILT UP.ONE FINAL BIT OF ADVICE IF THEY COME UP WITH A SCHEME TO KEEP THE FINAL SALARY PENSION BUT YOU HAVE TO CONTRIBUTE MORE PER WEEK TAKE IT WITH BOTH HANDS. EVEN THOUGH YOU MITE HAVE THE HUMP ABOUT IT YOU WONT REGRET IT IN THE LONG RUN.

[Big Daz]

So your Lionel Sampson then?

[dogfood]

THE PENSION FUND REALLY IS IN BIG TROUBLE.....THERE'S NO WAY THEY CAN PRIVATISE US BECAUSE NO ONE WILL TAKE THAT ON

So we have here a business that year on year has been making a profit of around 300M. This is without having upgraded machines and processes for years. A very attractive prospect for the private companies to get their hands on. Problem....the big hole in the pension fund. Answer......screw the workers throw as much government money and profits into plugging the hole. Result.... One hell of a business to sell off to the highest bidder.

Once in the hands of Big Business the universal service will, suddenly no longer be so important in the modern, electronic world.

[goinpostal]

THE PENSION FUND REALLY IS IN BIG TROUBLE.....THERE'S NO WAY THEY CAN PRIVATISE US BECAUSE NO ONE WILL TAKE THAT ON

So we have here a business that year on year has been making a profit of around 300M. This is without having upgraded machines and processes for years. A very attractive prospect for the private companies to get their hands on. Problem....the big hole in the pension fund. Answer......screw the workers throw as much government money and profits into plugging the hole. Result.... One hell of a business to sell off to the highest bidder.

Once in the hands of Big Business the universal service will, suddenly no longer be so important in the modern, electronic world.

spot on dogfood. And guess who hopes to be there, millions in hand, ready for a management buy out? :cfo :lfo

[dogfood]

Yea and it we be bought for a fifth of its value and 18 months later sold to TNT for a massivley inflated price.

[DGP1]

Yea and it we be bought for a fifth of its value and 18 months later sold to TNT for a massivley inflated price.

Not to mention having our pensions stolen