In the agreement with the PostNL pension fund and the unions of December 2013, PostNL committed to make an unconditional funding contribution to the PostNL pension fund. This contribution is due in five equal instalments, starting once PostNL would resume paying dividend or ultimately ten years after entering into the agreement. The total payment obligation amounted to €161 million per the end of the third quarter of 2015.
Taking into account PostNL’s current cash position and the imbalance between the interest due over the unconditional funding obligation and the proceeds of PostNL’s cash position, PostNL has agreed with the PostNL pension fund to bring forward the payment of the unconditional funding obligation.
The payments of the unconditional funding obligation will be recorded as underlying (cash) items for underlying (cash) operating income and as such will not impact the outlook for underlying cash operating income in 2015 and beyond. The payments themselves do not affect our consolidated equity position.
We are PostNL. For our clients, we are the link between the physical and the online world. We facilitate communications between people and companies. On average, we deliver 500,000 parcels and 10 million letters a day throughout all of the Netherlands. We offer more and more new services through combinations of smart networks, digital applications and the right communications channels. In doing so, we aim to make the daily lives of our customers easier.
As the first listed postal company, we have the largest and most modern network for letters, parcels and e-commerce in the Benelux countries. In addition, we also operate in Germany, the United Kingdom, and Italy. PostNL employs a total of approximately 56,000 people. In 2014 our revenues reached almost €4.3 billion.