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PostNL N.V. Annual Report 2015
3878_iss_2016-02-29_947d477a-f9e2-4b75-b54a-fe3c70bab2fa.pdf
Annual Report
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Resultaten PostNL 4e kwartaal en boekjaar 2015
Den Haag, 29 februari 2016
Sterke resultaten PostNL in vierde kwartaal – onderliggend cash bedrijfsresultaat boekjaar 2015 bedraagt €303 miljoen
Financiële highlights 4e kwartaal 2015*
- Omzet steeg licht naar €1.007 miljoen (Q4 2014: €995 miljoen)
- Onderliggend cash bedrijfsresultaat steeg 21% naar €147 miljoen (Q4 2014: €121 miljoen)
- Nettokasstroom uit operationele en investeringsactiviteiten steeg naar €181 miljoen (Q4 2014: €169 miljoen) - na aanpassing voor eerste betaling van onvoorwaardelijke bijstortverplichting van €32 miljoen aan pensioenfonds
- Geconsolideerd eigen vermogen verbeterde naar €(223) miljoen (Q3 2015: €(440) miljoen)
Solide resultaten in boekjaar 2015*
- Onderliggend cash bedrijfsresultaat steeg naar €303 miljoen (FY 2014: €287 miljoen)
- Nettowinst €149 miljoen, beïnvloed door exit-kosten en management buy-out in het Verenigd Koninkrijk (FY 2014: €226 miljoen inclusief positieve impact van een inperking van pensioenrechten)
- Volume geadresseerde mail daalde met 11,2%, volume pakketten groeide 9,6%
- €85 miljoen kostenbesparingen gerealiseerd
- Goede voortgang reorganisatie in Duitsland
Bevestiging outlook 2016 exclusief resultaten van Duitsland vanwege lopende strategische heroriëntatie
- Verwacht onderliggend cash bedrijfsresultaat tussen €220 miljoen en €260 miljoen
Kerncijfers*
| in miljoen, tenzij anders aangegeven | ||||||
|---|---|---|---|---|---|---|
| Omzet | 1.007 | 995 | % | 3.461 | 3.465 | % |
| Bedrijfsresultaat | 150 | 180 | % | 340 | 402 | % |
| Onderliggend bedrijfsresultaat | 156 | 147 | % | 358 | 386 | % |
| Wijzigingen in pensioenverplichtingen | 2 | (8) | (10) | (47) | ||
| Wijzigingen in voorzieningen | (11) | (18) | (45) | (52) | ||
| Onderliggend cash bedrijfsresultaat | 147 | 121 | % | 303 | 287 | % |
| Periodewinst | 101 | 116 | 149 | 226 | ||
| Periodewinst (exclusief TNT Express) | 101 | 116 | 147 | 220 | ||
| Nettokasstroom uit operationele en investeringsactiviteiten | 167 | 95 | 135 | 141 |
Noot: onderliggende cijfers zijn excl. eenmalige posten in het 4e kwartaal 2015 (€(1) miljoen voor pensioeninperkingen, €4 miljoen voor rebranding-/project-/ overige kosten en €3 miljoen voor reorganisaties) en in het 4e kwartaal 2014 van €(33) miljoen. De vergelijkende cijfers over 2014 zijn aangepast voor de management buy-out van Whistl, van 23 oktober 2015. Daarnaast zijn de vergelijkende cijfers over 2014 aangepast voor de overgang van Cendris Customer Contact van PostNL Other naar Mail in the Netherlands.
CEO statement
Herna Verhagen, CEO van PostNL: "Over het geheel genomen was 2015 opnieuw een solide jaar voor PostNL, waarin we doorgegaan zijn met het waarmaken van onze beloftes. We hebben ons vermogen om onze organisatie aan te passen aan de veranderende omgeving bewezen. Het onderliggend cash bedrijfsresultaat over het hele boekjaar was €303 miljoen, net boven het midden van onze eerdere verwachtingen. Dit sterke resultaat droeg bij aan de verbetering van onze nettokaspositie en de nettoschuld en versterkte onze vermogenspositie. We blijven er naar streven om zo snel mogelijk dividend te betalen.
In 2015 hebben we niet alleen een sterke financiële prestatie laten zien, maar we slaagden er ook in om onze kwaliteit op een hoog niveau te houden en verbeterden de klanttevredenheid en medewerkersbetrokkenheid. Bovendien bereikten we overeenstemming over een vijfjarig sociaal plan en een nieuwe cao voor postbezorgers. Bij International, resulteerde de strategische heroriëntatie in een management buy-out van onze activiteiten in het Verenigd Koninkrijk en het besluit om te investeren in onze Italiaanse activiteiten. De strategische heroriëntatie van onze Duitse
Bij verschillen tussen de Nederlandse en de Engelse versie van deze tekst is het Engels leidend.
PostNL Resultaten 4e kwartaal en boekjaar 2015 | Pagina 1
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activiteiten is bijna afgerond. We verwachten dat de impact op ons vermogen beperkt zal zijn. Tegelijkertijd werken we aan initiatieven die, in aanvulling op de reorganisaties, de prestaties van Postcon verder verbeteren.
Voor 2016, zijn we goed gepositioneerd om verder te profiteren van de groeiende e-commerce markt, gegeven onze focus op innovatieve en marktgerichte oplossingen. Voor Pakketten betekent dit dat we verdere groei verwachten en doorbouwen op onze goede marktpositie. Hetzelfde geldt voor onze cross border activiteiten, waar we verwachten te kunnen profiteren van de groeiende internationale pakkettenvolumes. In International zullen we ons richten op het verbeteren van onze winstgevendheid. Onze belangrijkste aandachtspunten in Mail in Nederland zijn het behoud van volumes en de succesvolle implementatie van reorganisatieplannen. We verwachten dat 2016 op het gebied van regelgeving opnieuw een uitdagend jaar zal zijn en aanzienlijke managementaandacht zal vragen.
Zoals aangekondigd op 3 november, richten we ons in 2016 op het realiseren van een onderliggend cash bedrijfsresultaat van tussen €220 miljoen en €260 miljoen. We vertrouwen erop dat we onze cash- en vermogenspositie verder kunnen verbeteren op weg naar een zo snel mogelijk herstel van dividend."
Outlook 2016 herbevestigd
| in € miljoenen | Omzet | Underlying cash operating income / marge | ||
|---|---|---|---|---|
| 2015 | Vooruitzichten 2016 | 2015 | Vooruitzichten 2016 | |
| Mail in NL | 1.961 | - mid single digit | 204 | 8 tot 10% |
| Parcels | 917 | + high single digit | 101 | 9 tot 11% |
| International * | 493 | + high single digit | 26 | 4 tot 6% |
| PostNL Other / eliminations | (394) | (21) | ||
| Totaal* | 2.977 | + low single digit | 310 | 220 tot 260 |
- exclusief resultaten van Duitsland vanwege lopende strategische heroriëntatie
De outlook voor 2016 weerspiegelt de effecten van de maatregelen van de toezichthouder en de aangepaste marktbenadering (samen zo’n €35 miljoen), de invoering van het duurzaam bezorgmodel (€10 miljoen) en verwachte hogere reorganisatie cash out en implementatiekosten, vooruitlopend op kostenbesparingen (€10 miljoen).
Werkdagen per kwartaal
| 1e kwartaal | 2e kwartaal | 3e kwartaal | 4e kwartaal | Totaal | |
|---|---|---|---|---|---|
| 2014 | 62 | 62 | 65 | 66 | 255 |
| 2015 | 61 | 60 | 65 | 68 | 254 |
| 2016 | 64 | 62 | 65 | 64 | 255 |
PostNL Resultaten 4e kwartaal en boekjaar 2015 | Pagina 2
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Business performance Q4 2015
| in million | 47 | 46 | 37 | 34 | 36 | 33 | 36 |
|---|---|---|---|---|---|---|---|
| Mail in the Netherlands | 596 | 603 | % | 117 | 113 | 104 | 99 |
| Parcels | 262 | 245 | % | 37 | 34 | 36 | 33 |
| International | 269 | 253 | % | 11 | 4 | 12 | 2 |
| PostNL Other | 51 | 51 | % | (9) | (4) | (5) | (13) |
| Intercompany | (171) | (157) | % | ||||
| PostNL | 1,007 | 995 | % | 156 | 147 | 147 | 121 |
Business performance FY 2015
| in million | 47 | 47 | 46 | 263 | 303 | 204 | 230 | 26 |
|---|---|---|---|---|---|---|---|---|
| Mail in the Netherlands | 1,961 | 2,044 | 4% | 263 | 303 | 204 | 230 | 26 |
| Parcels | 917 | 854 | 7% | 105 | 100 | 101 | 98 | 3% |
| International | 983 | 921 | 7% | 19 | 3 | 19 | 2 | |
| PostNL Other | 188 | 196 | 4% | (29) | (20) | (21) | (43) | |
| Intercompany | (588) | (550) | 7% | |||||
| PostNL | 3,461 | 3,465 | 6% | 358 | 386 | 303 | 287 | 6% |
Please refer to our Annual Report 2015 for more information on our full year business performance (Chapter 7), available on postnl.nl.
PostNL Q4 & FY 2015 Results | Page 3
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Segment information Q4 2015
Mail in the Netherlands
Addressed mail volume decreased by 9.5% in Q4 (11.1% when adjusted for two additional working days), which was almost fully attributable to substitution. Revenue slightly decreased as the positive price/mix effect, particularly driven by the price increases of the base stamp and the December stamp, did not fully compensate for the impact of the volume decline.
Cost savings (€20 million), lower implementation costs (€1 million), lower cash out for pensions and provisions (€2 million) more than offset the negative volume/price/mix effect in addressed mail (€10 million), autonomous cost increases (€4 million) and other effects of €(4) million, resulting in an increase in the underlying cash operating income for Mail in the Netherlands to €104 million (Q4 2014: €99 million).
With 96.4% our on-time delivery quality remained well above the statutory minimum of 95%.
On 1 January 2016 the amended Postal Act became effective. PostNL started consultations with stakeholders to prepare for the allowed reduction in the number of post boxes and postal offices. In October, PostNL indicated that the measures by the Authority for Consumer and Market (ACM) may limit our competitive position and that the estimated annualised financial impact could add-up to €30 million - €50 million over a period of three to four years. The first effects will be visible in 2016. Recently, ACM invited postal operators, including PostNL, to share their views related to Significant Market Power.
Cost savings plans - €27 million in Q4 2015
| Subject | Q4 2015 |
|---|---|
| Efficiency sorting process | • 11 SMXs fully installed, tested and operational |
| • Start first phase new sorting machines with coding capabilities | |
| Efficiency delivery process | • 2 depots migrated and 27 locations optimised |
| • Redesign car unit in full progress – new collection process implemented nationwide | |
| • Roll-out new process delivery services PO boxes almost completed | |
| Other | • Final stage cloud migration and adjusted IT structure |
| • Overhead savings |
Parcels
Parcels continued to show strong volume growth of 13.9% in the fourth quarter. We have been able to maintain high levels of quality in our operations, even during the peak season, where we delivered up to 1.4 million parcels on one day. Revenue increased by 7% to €262 million explained by volume growth being partly offset by a change in customer/product mix. International volumes showed further growth in parcels from Asia to Europe helped by the holiday season and growth in e-commerce. As expected, milk powder volumes stabilised.
Underlying cash operating income increased to €36 million (Q4 2014: €33 million). Better business performance (€6 million) and other (€1 million) were only partly offset by a €4 million increase in subcontractor costs due to the implementation of the sustainable delivery model.
In the quarter, we opened the 18th sorting and delivery centre, so that 100% of our parcel volumes are now processed in the new sorting and delivery centres. We will continue to enhance our best in class networks, which are the foundation for all our services. With our strong networks and market position, we expect to further benefit from the global e-commerce growth, both in our domestic business and in international flows.
International
International revenue increased by 6% to €269 million (5% when adjusted for FX effects). Underlying cash operating income was €12 million (Q4 2014: €2 million). Germany and Spring are the main drivers for the considerably improved performance.
In Germany, revenue was flat at €132 million. Supported by the effects of the restructuring plans, underlying result is developing in the right direction.
In Italy, revenue decreased by 5% to €58 million (Q4 2014: €61 million), mainly explained by growth in parcels and other services, offset by a negative mix effect in Formula Certa and price pressure. The result is also impacted by start-up losses incurred by the parcels network.
Revenue of Spring and other increased by 32% (25% when adjusted for FX effects) to €79 million, mainly driven by the strong growth in e-commerce related volumes from Asia. We strive to continue benefitting from the growth potential of the globalisation of e-commerce.
PostNL Q4 & FY 2015 Results | Page 4
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PostNL Other
PostNL Other represents head office entities, including the difference between the recorded IFRS employer pension expense for the pension plans and the actual cash payments received from all segments. Revenue was flat at €51 million (Q4 2014: €51 million). Underlying cash operating income was €(5) million (Q4 2014: €(13) million). The improvement is mainly explained by cost savings that were partly offset by autonomous cost increases and lower charges to the business segments.
Pensions
At the end of 2015, the coverage ratio of the main pension fund was 106.8%, which is above the minimum required level.
The underlying pension expense in Q4 2015 amounted to €37 million (Q4 2014: €30 million) and total cash contributions were €35 million (Q4 2014: €38 million).
PostNL paid the PostNL pension fund a first instalment of €32 million of its unconditional funding obligation. At the end of 2015, the unconditional funding obligation amounted to €129 million. The remaining four payments will be paid in equal instalments during the years 2016 to 2019.
In Q4, the net actuarial gain on pension amounted to €57 million. This is explained by the impact of an increase of the IFRS discount rate from 2.4% to 2.5%, a lower expected future accrual rate and a better than assumed return on plan assets, balanced by the recognition of an asset ceiling and a minimum funding requirement.
Financial and equity position
Total equity attributable to our shareholders improved to €(223) million on 31 December 2015 from €(440) million on 26 September 2015. This improvement resulted from the sum of a net profit of €101 million, a fair value change in our stake in TNT Express of €68 million (share price improved to €7.79 from €6.94 end Q3 2015) and a net actuarial gain related to pensions of €57 million.
Net cash from operating and investing activities in the fourth quarter, adjusted for the first payment of the unconditional funding obligation to the pension fund, was €181 million (Q4 2014: €169 million). Net cash improved mainly due to higher operational results.
Net debt was €552 million, down from €702 million at the end of Q3 2015, mainly due to the strong cash performance in our operations.
Net profit for full year 2015 amounted to €149 million (FY 2014: €226 million). The difference is mainly explained by the non-recurring impact of the exit costs of E2E delivery and the management buy-out in the United Kingdom (€34 million) and the net impact of higher pension expenses of €33 million, which includes the net impact of past service pension costs of €26 million.
PostNL is well financed and has access to adequate financial resources to meet its funding needs. PostNL's financial and equity position will continue to be impacted by changes in interest rates. An environment of higher interest rates will have a positive effect on the pension, financial and equity position.
We strive to further improve our equity position. The present negative consolidated equity does not impact the company's operations, the timing of debt reductions and access to the available credit facility or the stock exchange listing.
Dividend 2015
The conditions for paying out dividend are positive consolidated equity and certainty of a BBB+/Baa1 credit rating. Neither condition was met in 2015. In addition, distributable corporate equity of €(1) million at 31 December 2015 restricts the pay-out of dividend. Accordingly, there will be no dividend proposal over 2015.
PostNL is committed to improving the company's financial position in order to resume paying dividend as early as possible, but is dependent on improving interest rates and the expected sale of the stake in TNT Express.
Annual Report 2015
Today, we published our Annual Report 2015 at postnl.nl.
PostNL Q4 & FY 2015 Results | Page 5
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PostNL Q4 & FY 2015 Results | Page 6
Financial calendar
| 19 April 2016 | Annual General Meeting of Shareholders |
|---|---|
| 9 May 2016 | Q1 2016 results |
| 8 August 2016 | Q2 & HY 2016 results |
| 7 November 2016 | Q3 2016 results |
Contact information
| Published by | PostNL N.V. Prinses Beatrixlaan 23 2595 AK The Hague The Netherlands T: +31 88 86 86 161 | | | --- | --- | --- | | Investor Relations | Karen Berg Director Treasury & Investor Relations M: +31 653 44 91 99 E: [email protected] | Inge Steenvoorden Manager Investor Relations M: +31 610 51 96 70 E: [email protected] | | Media Relations | Dick Kors Manager Media Relations & Public Relations T: +31 610 12 14 76 E: [email protected] | Jelleke van Rantwijk Senior Spokesperson T: +31 652 01 02 52 E: [email protected] |
Audio webcast and conference call Q4/FY 2015 results
On 29 February 2016, the press conference will start at 9.00 CET; the conference for analysts and investors will start at 11.30 CET. Both conferences can be followed live via an audio webcast on postnl.nl.
Additional information
Additional information is available at postnl.nl.
Warning about forward-looking statements
Some statements in this press release are 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.
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Financial review Q4 2015
| Reconciliation Q4 2015 in millions | Reported Q4 2015 | Underlying Q4 2015 | Underlying Q4 2014 | Represented Q4 2014 | | --- | --- | --- | --- | --- | | Mail in NL | 596 | 596 | 603 | 603 | | Parcels | 262 | 262 | 245 | 245 | | International | 269 | 269 | 253 | 253 | | PostNL Other | 51 | 51 | 51 | 51 | | Intercompany | (171) | (171) | (157) | (157) | | Revenue | 1,007 | 1,007 | 995 | 995 | | Mail in NL | 92 | 25 | 117 | 113 | | Parcels | 35 | 2 | 37 | 34 | | International | 4 | 7 | 11 | 4 | | PostNL Other | 19 | (28) | (9) | (4) | | Operating income | 150 | 6 | 156 | 147 | | Changes in pension liabilities* | | | 2 | (8) | | Changes in provisions* | | | (11) | (18) | | Underlying cash operating income | | | 147 | 121 | | # | | | # | # |
Financial review FY 2015
| Reconciliation FY 2015 in millions | Reported FY 2015 | Underlying FY 2015 | Underlying FY 2014 | Represented FY 2014 | | --- | --- | --- | --- | --- | | Mail in NL | 1,961 | 1,961 | 2,044 | 2,044 | | Parcels | 917 | 917 | 854 | 854 | | International | 983 | 983 | 921 | 921 | | PostNL Other | 188 | 188 | 196 | 196 | | Intercompany | (588) | (588) | (550) | (550) | | Revenue | 3,461 | 3,461 | 3,465 | 3,465 | | Mail in NL | 237 | 26 | 263 | 303 | | Parcels | 101 | 4 | 105 | 100 | | International | | 19 | 19 | 3 | | PostNL Other | 2 | (31) | (29) | (20) | | Operating income | 340 | 18 | 358 | 386 | | Changes in pension liabilities* | | | (10) | (47) | | Changes in provisions* | | | (45) | (52) | | Underlying cash operating income | | | 303 | 287 | | # | | | # | # |
PostNL Q4 & FY 2015 Results | Page 7
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PostNL Q4 & FY 2015 Results | Page 8
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Consolidated financial statements
Consolidated income statement
| in millions | Q4 2015 | Represented Q4 2014 | FY 2015 | Represented FY 2014 |
|---|---|---|---|---|
| Net sales | 1,003 | 992 | 3,449 | 3,454 |
| Other operating revenue | 4 | 3 | 12 | 11 |
| Total operating revenue | 1,007 | 995 | 3,461 | 3,465 |
| Other income | 1 | 2 | 4 | 8 |
| Cost of materials | (20) | (20) | (66) | (74) |
| Work contracted out and other external expenses | (465) | (452) | (1,638) | (1,560) |
| Salaries, pensions and social security contributions | (299) | (270) | (1,171) | (1,165) |
| Depreciation, amortisation and impairments | (25) | (28) | (93) | (100) |
| Other operating expenses | (49) | (47) | (157) | (172) |
| Total operating expenses | (858) | (817) | (3,125) | (3,071) |
| Operating income | 150 | 180 | 340 | 402 |
| Interest and similar income | 2 | 1 | 12 | 11 |
| Interest and similar expenses | (22) | (26) | (90) | (105) |
| Net financial expenses | (20) | (25) | (78) | (94) |
| Results from investments in jv's/associates | (1) | (1) | (2) | (1) |
| Profit/(loss) before income taxes | 129 | 154 | 260 | 307 |
| Income taxes | (39) | (38) | (77) | (83) |
| Profit/(loss) from continuing operations | 90 | 116 | 183 | 224 |
| Profit/(loss) from discontinued operations | 11 | 0 | (34) | 2 |
| Profit for the period | 101 | 116 | 149 | 226 |
| Attributable to: | ||||
| Non-controlling interests | 1 | 1 | ||
| Equity holders of the parent | 101 | 115 | 149 | 225 |
| Earnings per ordinary share (in /cents) | 2 | 8 | 3 | 5 |
| Earnings per diluted ordinary share (in /cents) | 0 | 7 | 3 | 3 |
| Earnings from continuing operations per ordinary share (in /cents) | 0 | 0 | ||
| Earnings from continuing operations per diluted ordinary share (in /cents) | 0 | |||
| Earnings from discontinued operations per ordinary share (in /cents) | 0 | 0 |
Consolidated statement of comprehensive income
| in millions | Q4 2015 | Represented Q4 2014 | FY 2015 | Represented FY 2014 |
|---|---|---|---|---|
| Profit for the period | 101 | 116 | 149 | 226 |
| Other comprehensive income that will not be reclassified to the income statement | ||||
| Impact pensions, net of tax | 57 | (25) | 45 | (44) |
| Share other comprehensive income jv's/associates | 1 | |||
| Other comprehensive income that may be reclassified to the income statement | ||||
| Currency translation adjustment, net of tax from continuing operations | 0 | 1 | 1 | 1 |
| Currency translation adjustment, net of tax from discontinued operations | (11) | 0 | (9) | 2 |
| Gains/(losses) on cashflow hedges, net of tax | 1 | 8 | 2 | 5 |
| Change in value of available-for-sale financial assets | 68 | 47 | 181 | (97) |
| Total other comprehensive income for the period | 115 | 31 | 221 | (133) |
| Total comprehensive income for the period | 216 | 147 | 370 | 93 |
| Attributable to: | ||||
| Non-controlling interests | 1 | 1 | ||
| Equity holders of the parent | 216 | 146 | 370 | 92 |
| Total comprehensive income attributable to the equity holders of the parent arising from: | ||||
| Continuing operations | 216 | 147 | 413 | 89 |
| Discontinued operations | (43) | 4 |
PostNL Q4 & FY 2015 Results | Page 9
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Consolidated statement of cash flows
| in millions | Q4 2015 | Represented Q4 2014 | FY 2015 | Represented FY 2014 |
|---|---|---|---|---|
| Profit/(loss) before income taxes | 129 | 154 | 260 | 307 |
| Adjustments for: | ||||
| Depreciation, amortisation and impairments | 25 | 28 | 93 | 100 |
| Share-based payments | 2 | 4 | 3 | |
| (Profit)/loss on assets held for sale | (2) | (1) | (4) | (5) |
| Interest and similar income | (2) | (1) | (12) | (11) |
| Interest and similar expenses | 22 | 26 | 90 | 105 |
| Results from investments in jv's/associates | 1 | 1 | 2 | 1 |
| Investment income | 19 | 25 | 76 | 90 |
| Pension liabilities | (31) | (44) | (43) | (83) |
| Other provisions | (5) | (18) | (44) | (43) |
| Changes in provisions | (36) | (62) | (87) | (126) |
| Inventory | 1 | |||
| Trade accounts receivable | 2 | (6) | 18 | 7 |
| Other accounts receivable | 15 | 10 | (4) | |
| Other current assets | (12) | 4 | (7) | (9) |
| Trade accounts payable | 27 | 36 | 8 | (2) |
| Other current liabilities excluding short-term financing and taxes | 32 | 25 | 27 | (7) |
| Changes in working capital | 65 | 69 | 46 | (15) |
| Cash generated from operations | 204 | 214 | 392 | 359 |
| Interest paid | (29) | (26) | (73) | (86) |
| Income taxes received/(paid) | 2 | 7 | (105) | (71) |
| Net cash (used in)/from operating activities | 177 | 195 | 214 | 202 |
| Interest received | 2 | 4 | 2 | |
| Dividends received | 1 | 1 | 3 | 7 |
| Acquisition of subsidiaries (net of cash) | (5) | |||
| Capital expenditure on intangible assets | (16) | (10) | (36) | (26) |
| Capital expenditure on property, plant and equipment | (18) | (20) | (55) | (57) |
| Proceeds from sale of property, plant and equipment | 3 | 3 | 9 | 13 |
| Other changes in (financial) fixed assets | 1 | |||
| Net cash (used in)/from investing activities | (28) | (26) | (79) | (61) |
| Repayments of long term borrowings | (2) | |||
| Proceeds from short term borrowings | 1 | (1) | 1 | 1 |
| Repayments of short term borrowings | 1 | (363) | (7) | |
| Repayments of finance leases | (1) | (1) | ||
| Net cash (used in)/from financing activities | 1 | (365) | (7) | |
| Total change in cash from continuing operations | 150 | 169 | (230) | 134 |
| Cash at the beginning of the period | 205 | 416 | 585 | 451 |
| Total change in cash from continuing operations | 150 | 169 | (230) | 134 |
| Cash at the end of the period | 355 | 585 | 355 | 585 |
| Total change in cash from discontinued operations | 0 | 3 | (9) | (17) |
PostNL Q4 & FY 2015 Results | Page 10
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Consolidated statement of financial position
in millions
31 December 2015 31 December 2014
ASSETS Non-current assets Intangible assets Goodwill 90 84 Other intangible assets 56 46 Total 146 130 Property, plant and equipment Land and buildings 343 349 Plant and equipment 134 119 Other 23 26 Construction in progress 8 25 Total 508 519 Financial fixed assets Investments in joint ventures/associates 33 34 Other financial fixed assets 28 8 Deferred tax assets 37 51 Available-for-sale financial assets 626 445 Total 724 538 Total non-current assets 1,378 1,187 Current assets Inventory 5 5 Trade accounts receivable 337 355 Accounts receivable 34 34 Income tax receivable 3 2 Prepayments and accrued income 126 116 Cash and cash equivalents 355 585 Total current assets 860 1,097 Assets classified as held for sale 13 193 Total assets 2,251 2,477
LIABILITIES AND EQUITY Equity Equity attributable to the equity holders of the parent (223) (597) Non-controlling interests 7 7 Total (216) (590) Non-current liabilities Deferred tax liabilities 35 36 Provisions for pension liabilities 449 538 Other provisions 61 90 Long-term debt 934 912 Accrued liabilities 2 1 Total 1,481 1,577 Current liabilities Trade accounts payable 159 151 Other provisions 50 64 Short-term debt 1 363 Other current liabilities 169 184 Income tax payable 30 56 Accrued current liabilities 577 540 Total 986 1,358 Liabilities related to assets classified as held for sale 132 Total equity and liabilities 2,251 2,477
PostNL Q4 & FY 2015 Results | Page 11
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Consolidated statement of changes in equity
in millions
| Balance at 31 December 2013 | 35 | 147 | 9 | (14) | 44 | (1,670) | 757 | (692) | 6 | (686) |
|---|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income | 3 | 5 | (97) | (44) | 225 | 92 | 1 | 93 | ||
| Appropriation of net income | 935 | (935) | 0 | 0 | ||||||
| Share-based compensation | 3 | 3 | 3 | |||||||
| Total direct changes in equity | 0 | 3 | 0 | 0 | 0 | 935 | (935) | 3 | 0 | 3 |
| Balance at 31 December 2014 | 35 | 150 | 12 | (9) | (53) | (779) | 47 | (597) | 7 | (590) |
| Balance at 31 December 2014 | 35 | 150 | 12 | (9) | (53) | (779) | 47 | (597) | 7 | (590) |
| Total comprehensive income | (8) | 2 | 181 | 46 | 149 | 370 | 370 | |||
| Appropriation of net income | 178 | (178) | 0 | 0 | ||||||
| Share-based compensation | 3 | 1 | 4 | 4 | ||||||
| Balance at 31 December 2015 | 35 | 153 | 4 | (7) | 128 | (554) | 18 | (223) | 7 | (216) |
PostNL Q4 & FY 2015 Results | Page 12
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