Q1 2012 Results

The Hague

Full press release pdf [585 kB]

Highlights Q1

  • Underlying revenues down 4.6% to €1,061 million
  • Underlying cash operating income €49 million
  • Net debt position €1,014 million as at 31 March 2012
  • Stake in TNT Express: reversal impairment of €570 million
  • Coverage ratio main pension fund 99.8%*, below minimum required level (around 104%)

CEO statement

Herna Verhagen, CEO of PostNL, states: “Overall the start of the year was slightly weaker than anticipated. In the Netherlands, the volume decline in addressed mail was in line with our expectations. We experienced difficulties adapting to the peak / off-peak model and the implementation of the new processes at the central preparation locations resulting in a temporary delay in the further roll-outs. This has its impact on both our clients and our employees. Improvements are being worked on together with the Works Council and we remain focused on our quality. We are confident that the reorganisation will result in the long-term savings we have announced previously.
 
Within Parcels volumes were up. The average price per parcel was lower due to the mix in revenues. With our recent acquisition of Trans-o-flex, Parcels gains a strong market position on the Belgian and Dutch market for multi-colli shipments. International again contributed positively to underlying cash operating income.
 
Stability and clarity are very important in these challenging times. The priority for the coming period therefore is to focus on continuing the existing strategy and its implementation.”
 
Note: underlying figures are at constant currency and exclude one-offs as detailed on page 4&. 
* Including top up invoices from the pension fund (disputed by PostNL)