Earnings Release • Mar 1, 2021
Earnings Release
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The Hague, the Netherlands, 1 March 2021
| in € million | Q4 2019 | Q4 2020 | FY 2019 | FY 2020 |
|---|---|---|---|---|
| Revenue | 843 | 1,023 | 2,844 | 3,255 |
| Normalised EBIT | 40 | 140 | 135 | 245 |
| Free cash flow | 68 | 83 | 107 | 186 |
| Normalised comprehensive income | 30 | 104 | 83 | 197 |
• Proposed dividend of €0.28 per share
Herna Verhagen, CEO of PostNL, said: "2020 was an exceptional year in unprecedented circumstances. Thanks to the hard work of our people and the resilience of our business, we were able to play a vital role in society. At all times, we put the health and safety of our people, partners and consumers first.
"2020 performance was extraordinary and exceeded expectations. We increased the performance-related compensation for our people and rewarded the people working for our sorting and delivery partners of Parcels in the Netherlands with an extra payment. I'm pleased that we can propose a dividend of €0.28 per share to shareholders, earlier than anticipated. We ended the year with a strong financial position which is an excellent starting point for further growth and value creation for our stakeholders. For 2021, we have to take into account that uncertainty about the impact of Covid-19 will remain.
"Going forward, our strategic focus is on balancing volume and value in Parcels by expanding our capacity to capture further e-commerce growth. The consolidation with Sandd is delivering synergies as the integration was successfully completed helping to maintain a reliable and nationwide postal network and to stabilise the results of Mail in the Netherlands. As planned, we will intensify our cost savings projects to mitigate the ongoing mail volume decline.
"Being the leading logistics and postal service provider in, to and from the Benelux region remains our strategy. We are continuing to manage Parcels for profitable growth and Mail in the Netherlands for value. We will accelerate our digital transformation and aim to strengthen our competitive position by building further on our platform, connecting customers, consumers and solutions through simple and smart digital journeys. The execution of our strategy will accelerate value creation, translating into attractive total shareholder returns."
| Revenue 0 |
Normalised EBIT | |||
|---|---|---|---|---|
| in € million | Q4 2019 | Q4 2020 | Q4 2019 | Q4 2020 |
| Parcels | 471 | 632 | 41 | 75 |
| Mail in the Netherlands | 492 | 542 | 15 | 82 |
| PostNL Other | 22 | 32 | (16) | (17) |
| Intercompany | (142) | (184) | ||
| PostNL | 843 | 1,023 | 40 | 140 |
| in € million | Revenue FY 2019 |
FY 2020 | Normalised EBIT FY 2019 |
FY 2020 |
| Parcels | 1,672 | 2,052 | 120 | 209 |
| Mail in the Netherlands | 1,606 | 1,708 | 52 | 96 |
| PostNL Other | 81 | 108 | (37) | (60) |
| Intercompany | (515) | (614) |
Note: Normalised figures exclude one-offs in Q4 2020 (€(66)million) and in Q4 2019 (€3 million); FY 2020 (€(49) million and in FY 2019 (€16 million).
Since the start of the Covid-19 pandemic, e-commerce growth has accelerated significantly and there has been a step-up from offline to online. The number of first-time online buyers has risen and the share of existing medium and heavy online shoppers has grown.
This resulted in strong volume growth at Parcels: 29.6% in Q4 2020 (FY: 19.2%). Growth was visible across all segments and products, especially among small and mid-sized webshops. PostNL delivered 337 million parcels in 2020, of which around 25 million parcels are estimated to be non-recurring as these were related to Covid-19.
Revenue grew strongly to €632 million (Q4 2019: €471 million), mainly driven by volume development and a positive price/mix effect, thanks to yield management measures, along with favourable mix effects that are not expected to recur fully. Logistics and Spring (in Asia and Europe) also saw rising revenue.
Normalised EBIT was up very substantially to €75 million (Q4 2019: €41 million). This reflected the impact of €93 million from volume growth and a positive price/mix effect of €17 million, partly offset by volumedependent costs. These rose by only €67 million thanks to the almost optimum utilisation of our infrastructure resulting from the equal flow of volumes during the week. Organic costs, including higher costs as a result of new labour legislation, increased by €6 million. Operational efficiency improved but was more than offset by higher other costs, partly related to the additional compensation for our people, resulting in additional costs of €16 million. Other results were up €14 million, with improving business performance at both Logistics and Spring.
Performance at Mail in the Netherlands in Q4 was marked by limited volume decline, the impact of moderate price increases and the combination of mail networks. The latter contributed €21 million to normalised EBIT in the fourth quarter (FY 2020: €49 million, of which €79 million synergies and €(30) million integration costs) and is delivering better than expected synergies.
Addressed mail volumes declined by 0.2% in Q4 2020*, since the Covid-19 pandemic resulted in a significant step-up in greeting cards and other single items. Although bulk mail volumes showed some recovery in Q4, the overall impact from Covid-19 on direct mail was negative. International mail volume decreased as well. For FY 2020 the volume decline was 9.6%, mainly explained by continuing substitution.
Revenue was up 10% to €542 million (Q4 2019: €492 million) driven by the consolidation of Sandd (€12 million) and a volume impact of €7 million, reinforced by price/mix effects of €19 million, the latter on the back of the temporary shift in the product mix due to Covid-19. Other revenue grew by €12 million.
* Adjusted volume decline was 1.7% (three additionalworking days in Q4 2020): volume decline based on 2019 pro forma volume including a full year of Sandd volumes
Normalised EBIT increased significantly to €82 million (Q4 2019: €15 million). This reflected the total volume and price/mix impact - a combined €38 million - partly offset by volume-related costs that were up €6 million. The increase in organic costs was €5 million while other costs were down €43 million, mainly due to nonrecurring costs related to the combination of mail networks in Q4 2019. Other result was down €3 million, mainly due to the sale of non-core activities.
PostNL continues to implement cost savings initiatives, such as adjustments to the sorting and delivery process, streamlining of staff and centralising of locations.
Revenue at PostNL Other amounted to €32 million (Q4 2019: €22 million). Normalised EBIT was slightly down to €(17) million (Q4 2019: €(16) million) as higher pension expense of €6 million was more than compensated by other costs.
Pension expense amounted to €36 million (Q4 2019: €29 million) and total regular cash contributions were €32 million (Q4 2019: €28 million). On 31 December 2020, the pension fund's actual coverage ratio was 111.1%. The fund's 12 month average coverage ratio was 104.4%, above the minimum required funding level of 104.0%. Taking into account the resilience of the fund, no top-up payment obligation is expected.
As part of the financing agreement for transitional plans, PostNL made a €200 million settlement payment into the pension fund in Q4 2020. The remaining €80 million will be paid in five annual instalments between 2021 and 2025.
Result from discontinued operations came in at €8 million (Q4 2019: €(23) million). The extraordinary sale of Nexive, owned by Mutares and PostNL, to Poste Italiane was completed on 29 January 2021. Combined with the termination of the joint venture agreement with Mutares, this resulted in a positive equity impact of around €26 million and a related cash impact of around €35 million recognised in 2021. As the financial impact relates to discontinued activities, the financial consequences of this transaction are outside the scope of normalised EBIT, normalised comprehensive income and free cash flow projections and performance.
| in € million | Q4 2019 | Q4 2020 | FY 2019 | FY 2020 |
|---|---|---|---|---|
| Revenue | 843 | 1,023 | 2,844 | 3,255 |
| Operating income | 37 | 206 | 119 | 293 |
| Profit for the period | (4) | 161 | 4 | 213 |
| Profit from continuing operations | 19 | 153 | 72 | 209 |
| Total comprehensive income | 5 | 162 | 3 | 237 |
| Free cash flow | 68 | 83 | 107 | 186 |
| 31 December 2019 | 31 December 2020 | |||
| Adjusted net debt | 736 | 407 |
Total equity attributable to equity holders of the parent company increased to €219 million as at 31 December 2020, mainly explained by a net profit of €161 million. Total comprehensive income rose to €162 million.
Free cash flow rose to €83 million (Q4 2019: €68 million). Corrected for the net proceeds of the sale-andleaseback transaction of €148 million and the €200 million settlement payment related to the transitional plans, free cash flow would have been €135 million. Significant improvement in operational result and working capital were the main drivers for this favourable cash flow development.
At the end of 2020, the adjusted net debt position was €407 million, compared with €618 million at the end of Q3 2020. Return on invested capital (ROIC) stood at 17.2% for 2020, with invested capital of €1,280 million and reported EBIT (corrected for the Dutch corporate income tax rate of 25%) of €220 million.
PostNL has the ambition to be the favourite deliverer in, to and from the Benelux region. As well as financial metrics, it focuses on a number of non-financial metrics regarding its impact on the environment and society at large. Improved scores on customer satisfaction, employee engagement and reputation signal good progress, despite the challenges that arose in 2020. PostNL will continue to ensure favourable working conditions for everyone working with and for the company. This includes a safe and healthy work environment, a manageable workload and people development opportunities.
PostNL is implementing strategic measures to combat climate change and is working towards the long-term objective of emission-free last-mile delivery in the Benelux region by 2030 continued. While growth at Parcels in 2020 negatively impacted the CO2 efficiency per kilometre for our own transportation, a foundation was created for significant efficiency improvement in 2021 and later years, while investments in emission reductions will intensify.
PostNL is well positioned to capture further e-commerce growth. We are expanding our network capacity, in line with our growth forecast. This includes two new parcel sorting centres and the opening of our innovative small parcel sorting centre. The expanded capacity and more efficient utilisation of our infrastructure will translate into increasing normalised EBIT for the Parcels segment.
PostNL operates one strong nationwide network with the aim of keeping mail accessible, reliable and affordable, while managing the ongoing volume decline. We are continuing to adapt our processes, for example by centralising preparation work at the sorting centres and sorting more mail by machine. We will also improve quality at Mail in the Netherlands by simplifying our portfolio and further digitalisation of our services and products.
PostNL will accelerate its digital transformation to support business performance and create value for stakeholders. We aim to strengthen our competitive position by further building on our platform and connecting customers, consumers and solutions through simple and smart digital journeys.
We will optimise our commercial process by simplifying our product structure and offering simple and smart digital journeys through digital channels leveraging on our platform with six million unique users of the PostNL app. Digitalisation will also change the operational side of activities through real-time supply chain orchestration, further improving efficiency. And lastly, we will develop innovative business models by further building on our platforms. These initiatives aim to improve customer satisfaction and support our competitive position which in turn will support further revenue growth.
Strengthening our technical and data foundation and promoting a strong digital DNA within our people to increase digital capabilities and engagement, are necessary enablers for this transformation.
We expect to spend around €80 million in the acceleration of our digital transformation in the 2021-24 period, approximately 50% in capex and 50% in operating costs.
The execution of our strategy aims to increase normalised EBIT by between €80 million - €100 million by 2024 (compared with FY 2020 normalised EBIT of €190 million, so excluding the €55 million estimated non-recurring result related to Covid-19 in 2020). The step-up in result is being driven, roughly equally divided, by improving business performance and the initiatives to accelerate the digital transformation. Enhanced business performance will be mainly visible at Parcels, while we expect a stable contribution from Mail in the Netherlands, partly offset by an increase of around €25 million in non-cash pension expenses.
As of 2023, the initiatives to accelerate our digital transformation will be accretive to ROIC and to dividend per share. In the period towards 2023, we aim to pay a dividend of at least €0.29 per share over 2021 and 2022, based on expected performance and our solid financial position.
Due to the continuing unprecedented circumstances, visibility going forward remains limited. The lockdown in the Netherlands and Belgium has continued into early 2021. This is assumed to result in ongoing strong parcel volumes in Q1, but also in additional operating costs, among others to keep retail points open (€14.5 million in January and February 2021).
| in € million | 2020 | 2020 corrected for estimated non-recurring impact Covid-19 |
2021 outlook | remarks |
|---|---|---|---|---|
| Outlook | ||||
| Normalised EBIT | 245 | 190 | 205 - 225 | including ~(30) for Digital NEXT and increase in non cash pension expenses |
| Free cash flow* | 186 | 200 - 230 | including ~(15) for Digital NEXT | |
| Other main financial indicators | 2021 indicative | |||
| Capex | (78) | (140) - (160) | ||
| Changes in pension liabilities** | (166) | ~55 | ∆ pension expense and pension cash contribution | |
| Normalised comprehensive income | 197 | ~200 |
* Cash flow before dividend, acquisitions, redemption of bonds/other financing activities; after payment of leases
** Including settlement payment for transitional plans of €200 million in 2020 and €16 million in 2021
PostNL proposes to the Annual General Meeting of Shareholders (AGM), to be held on 20 April 2021, a dividend of €0.28 per ordinary share for 2020 (2019: €0.08), to be paid as a final dividend. This represents a pay-out ratio of 70% of normalised comprehensive income, which was €197 million in 2020.
After approval by the AGM, the final dividend of €0.28 will be paid, at the shareholder's election, either in ordinary shares or in cash (default). The dividend in shares will be paid out of additional paid in capital as part of the distributable reserves, free of withholding tax in the Netherlands.
The ex-dividend date will be 22 April 2021, the record date is 23 April 2021 and the election period will start on 26 April 2021 and end on 11 May 2021 at 3 pm CET. The conversion ratio will be based on the volume-weighted average share price (VWAP) for all PostNL shares traded on Euronext Amsterdam over the three trading day period from 7 May up to and including 11 May 2021. The value of the stock dividend, based on this VWAP, will, subject to rounding, be targeted at but not be lower than the cash dividend. There will be no trading in stock dividend rights. The dividend will be payable as of 14 May 2021.
| Q1 | Q2 | Q3 | Q4 | Total | |
|---|---|---|---|---|---|
| 2020 | 62 | 60 | 65 | 68 | 255 |
| 2021 | 65 | 61 | 65 | 65 | 256 |
| 10 May 2021 |
|---|
| 9 August 2021 |
| 8 November 2021 |
10 May 2021 Publication of Q1 2021 results 9 August 2021 Publication of Q2 & HY 2021 results 8 November 2021 Publication of Q3 2021 results
| Published by | PostNL N.V. Prinses Beatrixlaan 23 2595 AK The Hague The Netherlands T: +31 88 86 86 161 |
|
|---|---|---|
| Investor Relations | Jochem van de Laarschot Director Communications & Investor Relations M: +31 613 86 53 58 E: [email protected] |
Inge Laudy Manager Investor Relations M: +31 610 51 96 70 E: [email protected] |
| Media Relations | Dagna Hoogkamer Spokesperson M: +31 622 05 36 29 E: [email protected] |
On 1 March 2021, at 11.00 am CET, the conference call for analysts and investors will start. It can be followed live via an audio webcast at www.postnl.nl/en/about-postnl/investors/results-reports-presentations/.
Additional information is available at www.postnl.nl. This press release contains inside information within the meaning of article 7(1) of the EU Market Abuse Regulation.
Note that the numbers presented in this press release (tables and result explanations) may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.
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 that 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 apply 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.
In presenting and discussing the PostNL Group operating results, management uses certain non-GAAP financial measures. These non-GAAP financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used in conjunction with the most directly comparable IFRS measures. Non-GAAP financial measures do not have a standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The main non-GAAP key financial performance indicator is normalised EBIT. Normalised EBIT is derived from the IFRS-based performance measure operating income adjusted for the impact of project costs and incidentals.
PostNL Consolidated income statement in € million
| Q4 2019 | Q4 2020 | FY 2019 | FY 2020 | |
|---|---|---|---|---|
| Revenue from contracts with customers | 839 | 1,019 | 2,829 | 3,239 |
| Other operating revenue | 4 | 5 | 15 | 16 |
| Total operating revenue | 843 | 1,023 | 2,844 | 3,255 |
| Other income | 8 | 64 | 12 | 66 |
| Cost of materials | (19) | (19) | (67) | (63) |
| Work contracted out and other external expenses | (398) | (470) | (1,330) | (1,524) |
| Salaries, pensions and social security contributions | (309) | (316) | (1,059) | (1,159) |
| Depreciation, amortisation and impairments | (73) | (39) | (180) | (164) |
| Other operating expenses | (15) | (37) | (101) | (119) |
| Total operating expenses | (814) | (882) | (2,737) | (3,028) |
| Operating income | 37 | 206 | 119 | 293 |
| Interest and similar income | 1 | 1 | 3 | 2 |
| Interest and similar expenses | (6) | (5) | (19) | (18) |
| Net financial expenses | (5) | (5) | (16) | (16) |
| Results from investments in JVs/associates | 0 | 0 | 0 | 0 |
| Profit/(loss) before income taxes | 32 | 202 | 103 | 277 |
| Income taxes | (13) | (49) | (31) | (68) |
| Profit/(loss) from continuing operations | 19 | 153 | 72 | 209 |
| Profit/(loss) from discontinued operations | (23) | 8 | (68) | 4 |
| Profit for the period | (4) | 161 | 4 | 213 |
| Attributable to: | ||||
| Non-controlling interests | - | (0) | - | (0) |
| Equity holders of the parent | (4) | 161 | 4 | 213 |
| Earnings per ordinary share (in € cents) 1 Earnings per diluted ordinary share (in € cents) 2 |
(0.9) (0.9) |
32.5 32.4 |
0.8 0.8 |
43.0 43.0 |
| Earnings from continuing operations per ordinary share (in € cents) 1 Earnings from continuing operations per diluted ordinary share (in € cents) 2 |
3.8 3.8 |
30.8 30.8 |
14.9 14.9 |
42.3 42.2 |
| Earnings from discontinued operations per ordinary share (in € cents) 1 Earnings from discontinued operations per diluted ordinary share (in € cents) 2 |
(4.7) (4.7) |
1.6 1.6 |
(14.1) (14.1) |
0.7 0.7 |
1 Based on an average of 494,633,768 outstanding ordinary shares (2019: 482,577,917).
2 Based on an average of 495,627,753 outstanding diluted ordinary shares (2019: 483,484,286).
| Q4 2019 | Q4 2020 | FY 2019 | FY 2020 | |
|---|---|---|---|---|
| Profit for the period | (4) | 161 | 4 | 213 |
| Impact pensions, net of tax | 5 | 2 | (5) | 25 |
| Impact tax rate change related to OCI pensions | 3 | 0 | 3 | 0 |
| Change in value of financial assets at fair value through OCI | 0 | 0 | 3 | (0) |
| Other comprehensive income that will not be reclassified to the income statement |
8 | 2 | 1 | 25 |
| Currency translation adjustment, net of tax | 0 | (0) | 0 | (1) |
| Gains/(losses) on cashflow hedges, net of tax | 1 | (1) | (2) | (0) |
| Other comprehensive income that may be reclassified to the income statement |
1 | (1) | (2) | (1) |
| Total other comprehensive income for the period | 9 | 1 | (1) | 24 |
| Total comprehensive income for the period | 5 | 162 | 3 | 237 |
| Attributable to: | ||||
| Non-controlling interests | 0 | (0) | 0 | (0) |
| Equity holders of the parent | 5 | 162 | 3 | 237 |
| Total comprehensive income attributable to the equity holders of the parent arising from: |
||||
| Continuing operations | 28 | 154 | 71 | 233 |
| Discontinued operations | (23) | 8 | (68) | 4 |
| Profit/(loss) before income taxes | 32 | 202 | 103 | 277 |
|---|---|---|---|---|
| Adjustments for: | ||||
| Depreciation, amortisation and impairments | 73 | 39 | 180 | 164 |
| Share-based payments | - | 1 | 1 | 3 |
| (Profit)/loss on disposal of assets | (3) | (62) | (7) | (63) |
| (Profit)/loss on sale of Group companies | (5) | (3) | (5) | (3) |
| Interest and similar income | (1) | (1) | (3) | (2) |
| Interest and similar expenses | 6 | 5 | 19 | 18 |
| Results from investments in JVs/associates | 0 | (0) | 0 | (0) |
| Investment income | (3) | (61) | 4 | (50) |
| Pension liabilities | (32) | (196) | (25) | (166) |
| Other provisions | 38 | 6 | 30 | (29) |
| Changes in provisions | 6 | (190) | 5 | (195) |
| Inventory | - | 1 | - | 1 |
| Trade accounts receivable | 4 | (74) | 55 | (78) |
| Other accounts receivable | (13) | 4 | (19) | 20 |
| Other current assets excluding taxes | (19) | (31) | (18) | (4) |
| Trade accounts payable | 23 | 20 | 20 | (54) |
| Other current liabilities excluding short-term financing and taxes | 4 | 98 | (73) | 123 |
| Changes in working capital | (1) | 18 | (35) | 9 |
| Cash generated from operations | 107 | 9 | 258 | 208 |
| Interest paid | (9) | (8) | (14) | (15) |
| Income taxes received/(paid) | 9 | (2) | (34) | (12) |
| Net cash (used in)/from operating activities | 107 | (0) | 210 | 181 |
| Interest received | - | 1 | 3 | 2 |
| Acquisition of subsidiairies (net of cash) | (64) | (0) | (65) | 0 |
| Disposal of subsidiaires | 3 | 7 | 3 | 13 |
| Investments in JVs/associates | - | (1) | (1) | (1) |
| Disposal of JVs/associates | 1 | - | 1 | - |
| Capital expenditure on intangible assets | (11) | (17) | (32) | (37) |
| Capital expenditure on property, plant and equipment Proceeds from sale of property, plant and equipment |
(17) 6 |
(24) 155 |
(34) 14 |
(40) 158 |
| Changes in other loans receivable | - | (9) | (9) | |
| Other changes in (financial) fixed assets | - | (1) | 5 | (0) |
| Net cash (used in)/from investing activities | (82) | 111 | (106) | 85 |
| Dividends paid | - | 0 | (71) | 0 |
| Changes related to non-controlling interests | - | (0) | - | (1) |
| Proceeds from long-term borrowings | (1) | 0 | 296 | 0 |
| Proceeds from short-term borrowings | - | 1 | - | 1 |
| Repayments of short-term borrowings | (63) | (0) | (64) | (1) |
| Repayments of lease liabilities | (21) | (27) | (62) | (79) |
| Net cash (used in)/from financing activities | (85) | (27) | 99 | (80) |
| Total change in cash from continuing operations | (60) | 84 | 203 | 186 |
| Cash at the beginning of the period | 525 | 569 | 269 | 480 |
| Cash transfers related to discontinued operations | 15 | (2) | 8 | (15) |
| Total change in cash from continuing operations | (60) | 84 | 203 | 186 |
| Cash at the end of the period | 480 | 651 | 480 | 651 |
Total change in cash from discontinued operations 13 0 (3) (11)
Q4 2019 Q4 2020 FY 2019 FY 2020
PostNL Consolidated statement of cash flows in € million
| PostNL Consolidated statement of financial position in € million | 31 December 2019 | 31 December 2020 |
|---|---|---|
| Assets | ||
| Goodwill | 224 | 208 |
| Other intangible assets | 140 | 132 |
| Intangible fixed assets | 364 | 339 |
| Land and buildings | 272 | 210 |
| Plant and equipment | 119 | 106 |
| Other | 13 | 10 |
| Construction in progress | 10 | 44 |
| Property, plant and equipment | 414 | 370 |
| Right-of-use assets | 259 | 243 |
| Investments in joint ventures/associates | 3 | 3 |
| Loans receivable | 6 | 27 |
| Deferred tax assets | 65 | 10 |
| Financial assets at fair value through OCI | 15 | 15 |
| Financial fixed assets | 89 | 54 |
| Total non-current assets | 1,126 | 1,007 |
| Inventory | 4 | 3 |
| Trade accounts receivable | 271 | 336 |
| Accounts receivable | 51 | 18 |
| Income tax receivable | 1 | 28 |
| Prepayments and accrued income | 114 | 111 |
| Cash and cash equivalents | 480 | 651 |
| Total current assets | 921 | 1,148 |
| Assets classified as held for sale | 91 | 55 |
| Total assets | 2,138 | 2,210 |
| Equity and Liabilities | ||
| Equity attributable to the equity holders of the parent | (21) | 219 |
| Non-controlling interests | 3 | 2 |
| Total equity | (18) | 222 |
| Deferred tax liabilities | 0 | 23 |
| Provisions for pension liabilities | 283 | 86 |
| Other provisions | 26 | 30 |
| Long-term debt | 695 | 696 |
| Long-term lease liabilities | 201 | 231 |
| Total non-current liabilities | 1,205 | 1,065 |
| Trade accounts payable | 197 | 141 |
| Other provisions | 53 | 21 |
| Short-term debt | 1 | 12 |
| Short-term lease liabilities | 63 | 63 |
| Other current liabilities | 110 | 145 |
| Income tax payable | 9 | 2 |
| Contract liabilities | 67 | 69 |
| Accrued current liabilities | 351 | 445 |
| Total current liabilities | 851 | 898 |
| Liabilities related to assets classified as held for sale | 100 | 25 |
| Total equity and liabilities | 2,138 | 2,210 |
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