- Operating income € 251 million (€ 163 million in Q1 2009); quarter benefited from four extra working days
- Profit attributable to shareholders € 143 million (€ 76 million in Q1 2009)
- Net debt stable versus year-end 2009
- Vision 2015 implementation as per AGM announcement progressing
- Development of Express volumes continues to improve
- Negative year-on-year yield development shows early signs of stabilisation
- Underlying* operating income € 59 million (€ 23 million in Q1 2009)
- Addressed mail volumes in the Netherlands declined by 9.7% (corrected for working days and one-off mailings)
- Good performance improvement Emerging Mail & Parcels
- Underlying* operating income € 159 million (€ 149 million in Q1 2009)
SUMMARY OUTLOOK 2010TNT sees a modest improvement in the economy. Express volumes, revenues and results are expected to be well above 2009 levels, though could be tempered by continuing yield pressure and cost inflation. Mail volumes and results are expected to be below 2009 levels. TNT continues to focus on costs and cash.
CEO Peter Bakker comments:‘As noted in our 8 April AGM trading update, Q1 2010 continued to show a positive trend. Reported operating income from both divisions was up versus the prior year.
We have every reason to be satisfied with the results in all parts of our business. The profit recovery testifies to the hard work of TNT’s employees around the world, squeezing the cost base and helping the company navigate through the 2008/09 economic crisis. However, as a guide for full year performance, this quarter also needs to be understood as having benefited from extra working days.
Volumes in Express have improved, albeit against a soft Q1 2009 comparison. In recent weeks, volumes have almost returned to levels seen in the more normal trading period of Q1 2007, though some customer feedback indicates that this is partially driven by re-stocking of supply chains. The negative year-on-year yield development shows early signs of stabilisation. Because cost increases inevitably follow improving volumes, cost control will remain in sharp focus. I am pleased how TNT swiftly deployed road-based alternatives to help mitigate the impact of Iceland’s volcanic eruption.
Mail achieved a good operating result due in part to an improved performance from Emerging Mail & Parcels. Addressed Mail volumes were down by 9.7%, on a comparable basis, which again points to the need for ongoing cost control and Master plan implementation.
TNT is making good progress in the implementation of Vision 2015. Although TNT assumes a modestly improving business environment in 2010, the global economic recovery remains fragile. A continued focus on costs and cash will therefore remain essential.’
We are PostNL. We are an essential link between the physical and the online world. We have the largest network for letters, parcels and e-commerce in the Benelux countries. Our combinations of smart networks and digital applications enable us to provide our clients with valuable solutions. We live in a world where digital applications play an increasingly large role in our daily lives. These services develop very rapidly. We put our resourcefulness to good use to constantly think up new ways to connect senders and receivers.
As the first listed postal company, we are an example to the rest of the world in automatic letter sorting. And our innovative parcels network is completely adapted to the wishes of web retailers. Outside the Netherlands, we are active in Germany, the United Kingdom, Italy, Belgium and Luxembourg. PostNL employs a total of approximately 59,000 people. In 2013 our revenues reached almost € 4.3 billion.