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Programa de Parcerias de InvestimentosPPI

Correios Studies

Correios Studies 

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  • CLASSIFICATION BY MEETING

    10th Meeting

  • SECTOR

    Miscellaneous

  • ASSET

    Brownfield Project

  • PROJECT STATUS

    In progress

  • TYPE OF PARTNERSHIP

    Privatization

  • TYPE OF INITIATIVE

    Estatal

  • UF

    DF

Project Summary

With a workforce of approximately 106,000 employees in 2018, of which 92,000 are operational and 14,000 administrative, the Correios is present today throughout the Brazilian territory, with service coverage in 5,562 municipalities, which represented, in 2018, about 158 ​​million citizens served. More than one million orders and 19 million messages are delivered per day, which, combined with revenues from other smaller businesses, represent annual revenues of R$ 18.9 billion (2018).

Following the worldwide trend of the postal market, the volume of postal services handled by the Correios fell sharply by 52% between 2007 and 2017. Despite this reduction in demand, staff remained stable in the period.

While the postal service has been falling, the parcel service is expanding. The International Post Corporation - IPC shows an average annual growth of 14.16% in e-commerce volume, which necessarily depends mostly on parcel service.

It turns out that the parcel service, unlike the postal service, is not subject to state monopoly, and it is necessary that the Correios make constant investments in its structure to remain competitive against other competitors in the market. This investment has been relatively low compared to other players that make up the market benchmark. Looking at the financial situation in recent years, it can be seen that if the efficiency of the Post Office does not improve, it will be difficult for the company to make the necessary investments to remain competitive in the parcel market, which should be the largest vector of revenue for the company in the coming years.

Despite the financial improvement in the last two years, the Correios has historically presented a total cost to total revenue ratio of over 90% and, in some years, exceeding 100%, which indicates the existence of operational inefficiencies. It should be noted that the representativeness of the cost of personnel within the total cost is high in the company (64% in 2017), which further aggravates the situation.

When analyzing EBITDA, the company's financial situation has been deteriorating since 2010, reaching a negative result above R$ 2 billion in 2015.

Given this context, the Correios qualification at PPI aims to carry out studies to evaluate alternative partnerships with the private sector, as well as to propose efficiency gains and results to the company, in order to guarantee its economic and financial sustainability.

  • Project Current Situation

    Studies are under discussion.

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