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Underlying cash operating income increased by €8 million to €41 million in Q2 2019

The Hague

Full press release

Financial highlights Q2 2019 

  • Revenue increased to €681 million (Q2 2018: €666 million) 
  • Underlying cash operating income grew to €41 million (Q2 2018: €33 million) 
  • Profit from continuing operations increased to €25 million (Q2 2018: €9 million) 
  • Net cash from/(used in) operating and investing activities improved to €21 million (Q2 2018: €(45) million) 
  • 51% of our revenue in HY 2019 related to e-commerce 

Operational highlights Q2 2019 

  • 13% volume growth in Parcels 
  • Addressed mail volume declined by 9.0%; adjusted decline 9.8% (corrected for one extra working day) 
  • Delivery quality stable at 95% 
  • €12 million in cost savings achieved, continuing run-rate 

Interim dividend announced and outlook 2019 reiterated 

  • 2019 Interim dividend set at €0.08 per share 
  • Expected full-year 2019 underlying cash operating income reiterated at between €170 million and €200 million 

Postcon

  • Agreement reached to sell Postcon business, closing expected before year-end 2019

Intended consolidation 

  • Second phase investigation by ACM in progress

CEO statement 

Herna Verhagen, CEO of PostNL: “Underlying cash operating income increased to €41 million in Q2 and we confirm our outlook for 2019. In line with our dividend policy and taking into account our financial results in HY 2019, we have set the interim dividend for 2019 at €0.08 per share. In the first half of 2019, 51% of our revenue came from activities related to e-commerce. 

Executing our strategy to focus on our core markets in the Benelux region, we made good progress with the divestment processes of Nexive and Postcon. This morning we announced that we have reached agreement to sell the activities of Postcon. We expect to complete the transaction before year-end 2019. 

We are currently awaiting the ACM’s final decision on the intended consolidation by combining the postal networks of PostNL and Sandd. If ACM does not grant a licence for consolidation, the parties intend to ask the State Secretary for Economic Affairs for approval based on material grounds of general importance as defined in Article 47 of Dutch competition law.”

Published on the 5th of August at 07.00 am