Encouraging Q2 results PostNL

FY underlying cash operating income expected at the top half of the guided range

The Hague

 

Highlights Q2

  • PostNL N.V. traded as a stand-alone company as of 26 May 2011; legal demerger of Express activities effective as of 31 May 2011
  • 29.9% stake in TNT Express initially recognised at €1,583 million; impairment €397 million (as prescribed by accounting standards)
  • Underlying revenues up 4.1% to €1,033 million
  • Underlying cash operating income €25 million
  • Net debt position €925 million as at 2 July 2011
  • Interim 2011 dividend of €0.214 per share (of which €0.017 relates to the dividend receivable from the stake in TNT Express), at choice of shareholder in cash or stock

CEO statement

Harry Koorstra, CEO of PostNL, states: “There is a positive development of all key parameters: the addressed mail volumes have developed in line with expectations, the process of consolidation in the Dutch market continues and the Enterprise Chamber has rejected all requests of the Works Council in their case against the reorganisations and as a consequence, we can now continue our Master plan implementation. Parcels delivers as promised and International’s performance further improved with Germany on track to become profitable supported by a positive outcome of our German court case.
 
Looking at our performance during the first two quarters of the year, I am pleased to see that we are well on track towards the top half of our guided range.
 
We also announce our first interim dividend of €75 million plus the €6.5 million receivable from TNT Express N.V.”
 

Summary outlook 2011

PostNL expects underlying cash operating income to be at the top half of the guided range of €130 – 170 million in 2011. Due to ongoing substitution and competition, in this second year after full liberalisation, the expected decline in addressed volumes in 2011 in the Netherlands is 8 – 10%. Master plan savings of €50 – 60 million are targeted for the year.