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 Posté le: Mer Oct 16, 2013 6:05 pm Sujet du message: mcm bags it will face a “ |
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{High cost of kicking the Canada Post can down the road}
In a few weeks the U.K.’s Conservative-led government will begin selling the 500-year-old Royal Mail to the public. Analysts estimate the Royal Mail is worth more than $5 billion.Meanwhile, here in Canada the Harper government has ignored calls to privatize Canada Post Corp. (CPC). Instead,[url=http://www.mcm-handbags.net]mcm bags[/url], it has stood by for years while the corporation struggled in vain to transform itself into a modern, financially self-sufficient postal service. Canada Post is now virtually bankrupt. It has lost all its equity value and faces a mountain of losses.It’s ironic that the person leading the U.K. postal privatization is a former CEO of Canada Post. Moya Greene was hired in 2010 to head the Royal Mail. Her mandate is to prepare Britain’s postal service to be privatized and oversee the sale to the public. Britain is following the example of countries like Germany, the Netherlands and Austria. They privatized their postal operations. Pressure from increased competition and their new shareholders forced these former monopolies to make the necessary changes to keep their customers. Greene joined Canada Post in 2005 with a strong record on privatization. She had overseen the deregulation of the Canadian airline industry and the successful privatization of the money-losing Canadian National Railway. Greene tried to convince the government to support a gradual privatizing of Canada Post. She planned to start by selling a minority interest to the public to raise innovation capital. It was part of preparing the monopolistic culture for fundamental change. That was in 2008 when Canada Post was debt-free, with a pre-tax profit of $161 million. Its pension plan was fully funded. It was paying the dividends annually and was worth $1.5 billion.Harper took the public’s pulse,[url=http://www.mcm-handbags.net]mcm handbags[/url], lost his nerve and told Greene to shelve her plan. He struck an advisory panel and told it Canada Post would not be privatized. So the panel recommended a “modernization plan” to be financed by government-guaranteed capital borrowing. That borrowing has climbed to more than $1 billion. Once again, monopoly has proven to be the enemy of innovation.The much touted “Postal Transformation” program hasn’t yielded the cost reductions and revenues needed to keep CPC profitable. Millions were spent upgrading processing equipment for out-of-date hard copy postal services. Electronic substitution is killing letter and ad mail. EPost has come too late. Parcel profits are not enough to offset losses in core businesses. The bottom line? Canadian taxpayers have lost $4.1 billion in equity value over the past five years. CPC plunged from being worth $1.5 billion in 2008 to having a negative net worth of minus $2.6 billion at the end of last year. The corporation’s taxpayer-guaranteed pension fund is currently underfunded by a stunning $6 billion. As well, CPC’s operating performance continues to disappoint. So far this year, the corporation has suffered a pre-tax operating loss of $134 million. CPC management has warned the government it has enough cash only to take them through early 2014.In order to prepare the public for the next phase of this slow-motion train wreck, Canada Post engaged the Conference Board of Canada to evaluate its predicament. On cue, they recommended dramatic service cuts as the best way forward. These include alternate day delivery for letter mail, replacing post offices with franchises, and converting all households to community mail boxes. The board said unless CPC implements a mix of these service reductions, it will face a “$1 billon annual operating loss by 2020.”Management has taken this daunting prospect as permission to consult with Canadians about what combination of bitter medicine they would prefer to swallow.After years of kicking the Canada Post can down the road, Harper is left with only two options. Either will prove untenable. Both could have been avoided by backing Moya Greene’s vision.If CPC is allowed to proceed with extensive service cuts, it will be driven into premature oblivion. If the government decides to privatize Canada Post now, expect a fire-sale price.In either case, taxpayers will likely be left holding the bag for billions in pension fund and corporate loan guarantees.It’s difficult to understand why a prime minister who advocates smaller government and balanced budgets has allowed this mess to fester. Both the government and the opposition are complicit in leaving Canadians in the dark about the coming consequences.R. Michael Warren is a former corporate director, Ontario deputy minister, TTC chief general manager and CEO of Canada Post. r.michael.warren@gmail.com
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