Performance above expectations and in line with outlook

On track towards 2015

The Hague

Full press release

Highlights Q2

  • Underlying revenue stable at €1,035 million (Q2 2012: €1,040 million)
  • Underlying cash operating income €22 million (Q2 2012: €10 million)
  • Addressed mail volume Mail in the Netherlands -11.3%
  • Net debt of €1,373 million compared to €1,327 million at the end of Q1 2013
  • Coverage ratio main pension fund 100.2%

CEO statement

Herna Verhagen, CEO of PostNL: "Overall Q2 results were above expectations and in line with the increased outlook for 2013, as expressed in May, of underlying cash operating income of between €50 million and €90 million.

The underlying results of Mail in the Netherlands improved compared to last year mainly due to large incidental and restructuring costs in 2012. We saw a higher than expected addressed volume decline because of the economic situation and competition. At the same time the reorganisation is tightly managed and ahead of schedule, resulting in higher cost savings. Since the start of the new roll-out we migrated 79 depots of the planned 125, of which 44 in this quarter, while quality remained at a high level. We also made progress in the reorganisations of production staff, marketing & sales and overhead.

Another important milestone is the agreement with the unions on the extension of the social plan and three collective labour agreements, all important steps for the successful implementation of the reorganisation.

Parcels showed good volume and revenue growth. The implementation of the new logistic infrastructure continues according to plan. In International all countries showed good volume and revenue growth leading to a positive contribution to underlying cash operating income.

Looking back at the first half year, we can conclude that PostNL is on track towards achieving the 2015 targets."