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PostNL N.V. Earnings Release 2024
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Earnings Release
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Press release PostNL The Hague, 24 February 2025
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PostNL reports Q4 & FY 2024 results
Financial highlights Q4 & FY 2024
| in € million | Q4 2023 | Q4 2024 | % Change | FY 2023 | FY 2024 | % Change |
|---|---|---|---|---|---|---|
| Revenue | 889 | 937 | 5% | 3,165 | 3,252 | 3% |
| Normalised EBIT | 77 | 62 | -20% | 92 | 53 | -43% |
| Free cash flow | 143 | 106 | 52 | 12 | ||
| Normalised comprehensive income | 43 | 52 | 21% | 52 | 38 | -26% |
Highlights
- Financial performance in line with preliminary results published on 20 January 2025
- 6% further improvement in average carbon efficiency in 2024
- €0.07 dividend per share to be proposed at AGM
CEO statement
Herna Verhagen, CEO of PostNL, commented: "With a normalised EBIT of €53 million, 2024, from this perspective, was unsatisfactory. Thanks to well-executed cash and balance sheet management we can propose a €0.07 dividend per share to the AGM. We mitigated the impact from changing market dynamics as much as possible with our relentless efforts to adapt our operations and offerings with ongoing attention for our customers. We further improved efficiency and capacity utilisation and have achieved costs savings as planned both at Mail in the Netherlands and at Parcels. Our favourable NPS scores reaffirm our strong position relative to our competitors and show our commitment to customers.
"At Mail in the Netherlands, the step-down in result was over €30 million for the year. With mail volumes down by 8%, the structural decline continued. The financial performance strongly underlines that the current business model is no longer sustainable. We are continuing to make every effort to address this situation and have presented our clear roadmap towards a future-proof postal service that meets consumer needs. PostNL acknowledges that Dutch government needs to carefully assess the future of the postal service, but we stress that without intervention the postal service is not sustainable, putting disproportionate pressure on PostNL. We have submitted an application for a financial contribution of €30 million for 2025 and €38 million for 2026 to cover costs for the universal postal service (USO) that arise from a legal obligation.
"At Parcels, we maintained our strong market position with a stable market share. Volumes grew by 7%, only slightly less than anticipated. However, the shift in mix was difficult to predict and turned out to be unfavourable. Client concentration accelerated, putting pressure on margins, and this was the main driver of the shortfall in results. Furthermore, the record-high number of parcels in a very short peak period came with a less favourable volume distribution. Market dynamics in the sector are changing, marked by rising costs, a tight labour market and evolving consumer behaviour. As a leading player in last-mile delivery in the Benelux region, we repeat our commitment to further investments and innovation. We will respond with yield measures, specifically aimed at large customers, to enhance customer value. Other strategic initiatives focus on capturing international growth by expanding our European network and presence in Belgium, and accelerating our Out-of-Home strategy. We are also further stepping-up our investments in health & well-being and sustainability. But it is a joint responsibility of all players in the chain to address the challenges and to strive for a more balanced distribution of value in the chain to support sustainable future e-commerce growth.
Pim Berendsen, CFO of PostNL, added: "The changing market dynamics, together with the impact this has on our performance, underscores the need to adjust elements of our strategy. We have made balanced strategic decisions to invest in 2025 to safeguard the longer-term perspectives for our stakeholders. For 2025, this results in normalised EBIT that is expected to be in line with 2024. We emphasise our intention to pay a dividend over 2025 and hold on to our aim to be properly financed, taking into consideration the anticipated improvement in performance going forward and the progress towards a future-proof postal service. I look forward to further explain the adjustments of our strategy and the connected medium-term financial guidance at a Capital Markets Update in September."
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
Executing on our strategy
PostNL's strategy is focused on delivering distinctive customer and consumer experiences so as to be the leading e-commerce and postal services provider in, to, and from the Benelux area. The overarching strategy fully supports our environmental, social and governance (ESG) ambitions, which enable us to drive a sustainable future. Given the dynamic nature of our market, we continuously adapt our business model to respond to external developments and collaborate with customers to introduce new, increasingly digital, solutions.
Parcels: managed for sustainable growth
PostNL aims to capture e-commerce growth by balancing volume, value and capacity. We operate strong last-mile delivery networks, backed by a solid infrastructure in the first and middle miles, and provide customers with data and insights to help them develop their e-commerce offerings. Our state-of-the-art infrastructure offers high-quality services across the Benelux area and is a solid basis to capture future e-commerce growth while managing our network capacity and infrastructure utilisation. We have seen a significant acceleration in client concentration, driven by changing consumer behaviour which is difficult to predict. In Q4 2024, close to 60% (Q4 2023: 53%) of volume came from top-20 customers, consisting of both domestic and international, mainly Asia-based, customers. Costs in the e-commerce are rising due to further increases in labour-related costs in a tight labour market and growing importance of sustainability and compliance.
To continue the path towards sustainable growth, PostNL will adapt certain elements of its strategy in response to these developments. These strategic initiatives comprise: (1) targeted yield measures to improve customer value and to better leverage the infrastructure, (2) expansion of the asset-light European road network and presence in Belgium, and (3) accelerate the roll-out of the Out-of-Home strategy now that both customers and consumers have adopted APL delivery. Alongside these strategic initiatives, investments in health and safety and sustainability are further intensified. PostNL stays committed to its strategic direction and will further simplify and rationalise products and services as it continues improving collection and sorting processes by integrating transport services. In the field of data and digitalisation, next steps will be taken, for example by further building strong algorithms to optimise routes.
Mail in the Netherlands: managed for value
PostNL is committed to keeping the postal network in the Netherlands accessible, reliable and affordable. Until now, it has been able to mitigate the impact of structural volume decline, unfavourable mix effects and rising costs in a tight labour market, with a moderate pricing policy and cost savings initiatives. However, the current business model is no longer sustainable. The step-down in result was over €30 million in 2024 and will further deteriorate year-over-year. This shows the urgent need for action. Structural changes are needed to be able to achieve a reasonable rate of return on the postal services going forward. PostNL has laid down a clear roadmap towards a service level for standard mail to be delivered within two days, moving towards within three days over time, that meets consumer needs. In 2025, PostNL will take all necessary steps to save costs that are within its control. However, to ensure a future-proof and financially viable postal service, which remains vital for Dutch society, urgent action is required to reform the USO obligations. To cover USO costs in 2025 and 2026, PostNL has recently submitted an application for a financial contribution from government. PostNL has asked the Ministry of Economic Affairs to take a decision at short notice.
Digital transformation and commitment to sustainability
PostNL aims to further strengthen its competitive position by building on its digital platform, integrating customers, consumers and solutions through simple and smart digital journeys to improve customer satisfaction. Consumers expect digital alternatives to traditional services, and want greater control over their shipments. To ensure distinctive digital experiences, we are continuously improving key customer journeys to fit their needs and align our investments with our business development and expected growth areas. Consumers and customers are increasingly digitally connected to the company's platform. PostNL now has 8.9 million actively used unique PostNL accounts. In 2024, we maintained our average number 1 Net Promoter Score position in relevant markets.
As a leader in last-mile delivery, PostNL is determined to remain at the forefront of sustainability. With the implementation of the Corporate Sustainability Reporting Directive (CSRD), the ESG strategy was sharpened, placing greater emphasis on material topics and the value chain in which PostNL operates. Throughout 2024, PostNL continued to develop and implement initiatives to reduce its carbon footprint, which has led to a 6% improvement in the average carbon efficiency of own fleet in 2024, compared with the end of 2023. PostNL already delivers with zero emissions in 27 city centres where zero-emission zones are in place, and continues to expand its zero-emission network. This is a significant step towards not only reducing our environmental impact but also contributing to healthier, quieter, and more liveable cities.
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
Outlook 2025
PostNL acknowledges that the external operating environment remains challenging and that the pace of client concentration is difficult to predict due to changing consumer behaviour.
PostNL assumes volume growth at Parcels of between 1% and 3%, below the assumed growth (4%-5%) of the Dutch e-commerce market as a result of the announced yield measures. These yield measures are expected to result in a slight loss in market share, mainly international. The positive impact from price/mix effects is expected to be between €55 million and €60 million, almost fully explained by pricing. Ongoing adaptive measures are expected to result in efficiency improvements of between €40 million and €50 million.
At Mail in the Netherlands, PostNL assumes a volume decline of between 8% and 10%. PostNL expects to achieve between €40 million and €45 million in cost savings.
In 2025, organic cost increases are expected to amount to around €125 million, mainly related to rising labour costs, and to be fully absorbed by price adjustments. Capex is expected to come in above last year's number, primarily due to additional strategic investments (~€15 million). The investment programme is flexible to ensure that resources are used efficiently.
PostNL emphasises its intention to pay a dividend over 2025 within its aim to be properly financed, taking into consideration the anticipated improvement in performance going forward and the progress towards a future-proof postal service.
For 2025, PostNL assumes:
| in € million | 2024 | 2025 outlook |
|---|---|---|
| Normalised EBIT | 53 | in line with 2024 |
| Free cash flow | 12 | (10) - (50) |
As of 1 January 2025 segment reporting will be changed. All activities and organisational responsibilities related to real estate will be reported in the Parcels segment (until 31 December 2024: Mail in the Netherlands). Please refer to the analysts' presentation for full reconciliation.
Business performance Q4 & FY 2024
| in € million, volume in million items | Volume | Revenue | Normalised EBIT¹ | |||
|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2024 | Q4 2023 | Q4 2024 | Q4 2023 | Q4 2024 | |
| Parcels | 96² | 106 | 608 | 664 | 23 | 31 |
| Mail in the Netherlands | 524 | 468 | 401 | 395 | 54 | 38 |
| PostNL Other | 64 | 62 | (0) | (6) | ||
| Intercompany | (184) | (184) | ||||
| PostNL | 889 | 937 | 77 | 62 |
1 Note: normalised figures exclude one-offs in Q4 2024 (€2 million) and in Q4 2023 (€5 million)
2 As from 1 January 2024, parcel volumes also include domestic Belgian volumes. The comparative figure for 2023 has been adjusted accordingly (Q4 2023: +1 million items)
| in € million, volume in million items | Volume | Revenue | Normalised EBIT¹ | |||
|---|---|---|---|---|---|---|
| FY 2023 | FY 2024 | FY 2023 | FY 2024 | FY 2023 | FY 2024 | |
| Parcels | 346² | 371 | 2,260 | 2,370 | 47 | 49 |
| Mail in the Netherlands | 1,745 | 1,605 | 1,373 | 1,338 | 50 | 19 |
| PostNL Other | 245 | 240 | (5) | (16) | ||
| Intercompany | (713) | (696) | ||||
| PostNL | 3,165 | 3,252 | 92 | 53 |
1 Note: normalised figures exclude one-offs in FY 2024 (€15 million) and in FY 2023 (€7 million)
2 As from 1 January 2024, parcel volumes also include domestic Belgian volumes. The comparative figure for 2023 has been adjusted accordingly (FY 2023: +3 million items)
In Q4 2024, normalised EBIT amounted to €62 million compared with €77 million in the same quarter last year. The main reasons for this are explained below:
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
Parcels: Accelerating client concentration put pressure on margin
Domestic volumes rose 3.7%, while volumes from international customers, predominantly large Asia-based web shops, increased by 42%. The total growth rate worked out at 10.5%, but came with unfavourable mix effects, both in customers and products. Revenue amounted to €664 million (Q4 2023: €608 million). Although the result benefited from efficiency improvements, largely due to adaptive measures taken, locked-in costs and limited flexibility in balancing volume and capacity impacted operational leverage.
Mail in the Netherlands: Large step-down due to ongoing substitution, less seasonal mail and continued labour costs pressures
Mail volumes declined by 10.5% due to ongoing substitution and election mail in Q4 2023. Revenue came in at €395 million (Q4 2023: €401 million). Volume decline was partly balanced by price increases. Labour costs were up, due to staff shortages in a tight labour market and higher than expected illness rates, both of which impacted our operations. €10 million in cost savings (FY 2024: €41 million) were achieved.
PostNL Other
Revenue at PostNL Other amounted to €62 million (Q4 2023: €64 million). Normalised EBIT was €(6) million (Q4 2023: €0 million). The decline mainly reflected organic costs increases and higher other costs, for example related to the co-title partnership with the cycling team dsm-firmenich PostNL (now: Picnic PostNL).
Overall
Total organic cost increases of €40 million (FY 2024: €137 million), mainly labour-related and visible across all segments, were largely mitigated by yield measures.
Segment information Q4 2024
Parcels
Revenue increased to €664 million (Q4 2023: €608 million). Normalised EBIT in Q4 2024 came in at €31 million (Q4 2023: €23 million).
Mail in the Netherlands
Revenue amounted to €395 million (Q4 2024: €401 million). Normalised EBIT in Q4 2024 came in at €38 million (Q4 2023: €54 million).
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
Cash flow development
Free cash flow came in at €106 million in the fourth quarter of 2024 (Q4 2023: €143 million). The step-down compared with last year mainly reflects the development in EBIT and phasing effects in working capital and disposals.
Key figures
| in € million | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue | 889 | 937 | 3,165 | 3,252 |
| Operating income | 72 | 64 | 84 | 37 |
| Profit for the period | 50 | 48 | 56 | 18 |
| Total comprehensive income | 40 | 52 | 47 | 26 |
| 31 December 2023 | 31 December 2024 | |||
| --- | --- | --- | ||
| Adjusted net debt | 462 | 474 | ||
| Consolidated equity | 198 | 202 |
Dividend 2024 and dividend calendar
PostNL will propose to the Annual General Meeting of Shareholders (AGM), to be held on 15 April 2025, a dividend of €0.07 per ordinary share for 2024 (2023: €0.09). This represents a pay-out ratio of 80% of normalised comprehensive income, which amounted to €38 million in 2024. €0.03 per share was paid as an interim dividend in August 2024. After approval by the AGM, the final dividend of €0.04 per share will be paid, at the shareholders' election, either in cash (default) or in ordinary shares. 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 conversion ratio will be based on the volume-weighted average share price (VWAP) for all PostNL shares traded on Euronext Amsterdam over the period of three trading days that ends on the final day of the election period. 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.
| Final dividend 2024 | Interim dividend 2025 | |
|---|---|---|
| 17 April 2025 | 6 August 2025 | Ex-dividend date |
| 22 April 2025 | 7 August 2025 | Record date |
| 23 April 2025 | 8 August 2025 | Start of election period |
| 7 May 2025 | 21 August 2025 | End of election period and determination of conversion rate |
| 9 May 2025 | 25 August 2025 | Payment date |
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
Financial calendar
15 April 2025
6 May 2025
4 August 2025
3 November 2025
Annual General Meeting of shareholders
Publication of Q1 2025 results
Publication of Q2 & HY 2025 results
Publication of Q3 2025 results
Contact information
Published by
PostNL N.V.
Waldorpstraat 3
2521 CA The Hague
T: +31 88 86 86 161
Investor Relations
Inge Laudy
M: +31 610 51 96 70
E: [email protected]
Marrit Oudeboon
M: +31 657 43 80 68
E: [email protected]
Media Relations
Liselore Stuut
M: +31 612 11 29 08
E: [email protected]
Audio webcast and conference call on Q4 & FY 2024 results
On 24 February 2025, at 11.00 am CET, a conference call for analysts and investors will start. It can be followed live via an audio webcast at https://www.postnl.nl/en/about-postnl/investors/.
Additional information
Additional information is available at www.postnl.nl. Elements of this press release contain or may contain 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 explanations of results) may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.
Caution on 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 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.
Use of non-GAAP information
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 Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
Consolidated financial statements
Please refer to our Annual Report 2024 for more information on our financial statements, including disclosure notes
PostNL Consolidated statement of profit or loss in € million
| Q4 2023 | Q4 2024 | FY 2023 | FY 2024 | |
|---|---|---|---|---|
| Revenue from contracts with customers | 887 | 934 | 3,153 | 3,243 |
| Other operating revenue | 3 | 2 | 12 | 9 |
| Total operating revenue | 889 | 937 | 3,165 | 3,252 |
| Other income | 6 | 3 | 9 | 3 |
| Cost of materials | (24) | (19) | (91) | (74) |
| Work contracted out and other external expenses | (430) | (477) | (1,592) | (1,703) |
| Salaries, pensions and social security contributions | (282) | (300) | (1,100) | (1,120) |
| Depreciation, amortisation and impairments | (47) | (48) | (177) | (188) |
| Other operating expenses | (39) | (32) | (130) | (133) |
| Total operating expenses | (823) | (876) | (3,090) | (3,218) |
| Operating income | 72 | 64 | 84 | 37 |
| Interest and similar income | 7 | 5 | 20 | 23 |
| Interest and similar expenses | (7) | (9) | (22) | (31) |
| Net financial expenses | (0) | (5) | (2) | (8) |
| Results from investments in JVs/associates | (2) | 0 | (4) | (4) |
| Profit/(loss) before income taxes | 71 | 59 | 78 | 25 |
| Income taxes | (22) | (11) | (24) | (6) |
| Profit/(loss) from continuing operations | 48 | 49 | 54 | 19 |
| Profit/(loss) from discontinued operations | 2 | (1) | 1 | (1) |
| Profit for the period | 50 | 48 | 56 | 18 |
| Attributable to: | ||||
| Non-controlling interests | 0 | 1 | 0 | 1 |
| Equity holders of the parent | 50 | 47 | 55 | 17 |
| Earnings per ordinary share (in € cents)1 | 10.1 | 9.5 | 11.3 | 3.4 |
| Earnings per diluted ordinary share (in € cents)2 | 10.1 | 9.5 | 11.3 | 3.4 |
| Earnings from continuing operations per ordinary share (in € cents)1 | 9.8 | 9.6 | 11.0 | 3.6 |
| Earnings from continuing operations per diluted ordinary share (in € cents)2 | 9.8 | 9.6 | 11.0 | 3.5 |
| Earnings from discontinued operations per ordinary share (in € cents)1 | 0.4 | (0.1) | 0.3 | (0.1) |
| Earnings from discontinued operations per diluted ordinary share (in € cents)2 | 0.4 | (0.1) | 0.3 | (0.1) |
1 Based on an average of 498,332,152 outstanding ordinary shares (2023: 490,686,943).
2 Based on an average of 499,156,545 outstanding diluted ordinary shares (2023: 491,784,628).
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
PostNL Consolidated statement of comprehensive income in € million
| Q4 2023 | Q4 2024 | FY 2023 | FY 2024 | |
|---|---|---|---|---|
| Profit for the period | 50 | 48 | 56 | 18 |
| Impact pensions, net of tax | 0 | (0) | 0 | (0) |
| Change in value of financial assets at fair value through OCI | (2) | 3 | (6) | 3 |
| Other comprehensive income that will not be reclassified to the income statement | (2) | 2 | (5) | 2 |
| Currency translation adjustment, net of tax | (0) | 1 | 0 | 1 |
| Gains/(losses) on cashflow hedges, net of tax | (8) | 1 | (3) | 5 |
| Other comprehensive income that may be reclassified to the income statement | (8) | 2 | (3) | 6 |
| Total other comprehensive income for the period | (10) | 4 | (8) | 8 |
| Total comprehensive income for the period | 40 | 52 | 47 | 26 |
| Attributable to: | ||||
| Non-controlling interests | 0 | 1 | 0 | 1 |
| Equity holders of the parent | 40 | 52 | 47 | 25 |
| Total comprehensive income attributable to the equity holders of the parent arising from: | ||||
| Continuing operations | 38 | 53 | 46 | 27 |
| Discontinued operations | 2 | (1) | 1 | (1) |
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
PostNL Consolidated statement of cash flows in € million
| Q4 2023 | Q4 2024 | FY 2023 | FY 2024 | |
|---|---|---|---|---|
| Profit/(loss) before income taxes | 71 | 59 | 78 | 25 |
| Adjustments for: | ||||
| Depreciation, amortisation and impairments | 47 | 48 | 177 | 188 |
| Share-based payments | 0 | 0 | 2 | 1 |
| (Profit)/loss on disposal of assets | (6) | (2) | (9) | (2) |
| Interest and similar income | (7) | (5) | (20) | (23) |
| Interest and similar expenses | 7 | 9 | 22 | 31 |
| Results from investments in JVs/associates | 2 | (0) | 4 | 4 |
| Investment income | (4) | 2 | (3) | 10 |
| Changes in provisions | 10 | 3 | 14 | 21 |
| Inventory | (1) | 1 | (2) | (1) |
| Trade accounts receivable | (35) | (30) | 50 | (4) |
| Other accounts receivable | (3) | 1 | 0 | (1) |
| Other current assets excluding taxes | 7 | 3 | (15) | (9) |
| Trade accounts payable | 41 | (2) | 27 | (35) |
| Other current liabilities excluding short-term financing and taxes | 61 | 75 | (51) | 33 |
| Changes in working capital | 70 | 47 | 7 | (17) |
| Cash generated from operations | 194 | 160 | 277 | 227 |
| Interest paid | (8) | (7) | (20) | (28) |
| Income taxes received/(paid) | 0 | (3) | (35) | (31) |
| Net cash (used in)/from operating activities | 186 | 150 | 222 | 168 |
| Interest received | 6 | 4 | 23 | 21 |
| Disposal of JVs/associates | 0 | 0 | 0 | 1 |
| Capital expenditure on intangible assets | (18) | (17) | (74) | (69) |
| Capital expenditure on property, plant and equipment | (19) | (9) | (52) | (31) |
| Proceeds from sale of property, plant and equipment | 1 | 7 | 1 | 16 |
| Changes in other loans receivable | 1 | 1 | 2 | 2 |
| Other changes in (financial) fixed assets | 0 | (0) | (2) | (2) |
| Net cash (used in)/from investing activities | (29) | (14) | (102) | (61) |
| Dividends paid | (0) | 0 | (29) | (22) |
| Changes related to non-controlling interests | 0 | (0) | (0) | (1) |
| Proceeds from long-term borrowings | 15 | 0 | 18 | 297 |
| Repayments of long-term borrowings | (47) | 0 | (47) | 0 |
| Proceeds from short-term borrowings | 1 | 0 | 1 | 0 |
| Repayments of short-term borrowings | (4) | (357) | (4) | (364) |
| Repayments of lease liabilities/incentives | (24) | (26) | (81) | (84) |
| Net cash (used in)/from financing activities | (60) | (383) | (142) | (173) |
| Total change in cash from continuing operations | 97 | (246) | (23) | (66) |
| Cash at the beginning of the period | 419 | 700 | 556 | 518 |
| Cash transfers related to discontinued operations | 2 | (0) | (16) | 1 |
| Total change in cash from continuing operations | 97 | (246) | (23) | (66) |
| Cash at the end of the period | 518 | 453 | 518 | 453 |
PostNL Q4 & FY 2024 Results
Press release PostNL The Hague, 24 February 2025
postnl
PostNL Consolidated statement of financial position in € million
| 31 December 2023 | 31 December 2024 | |
|---|---|---|
| Goodwill | 207 | 207 |
| Other intangible assets | 200 | 206 |
| Intangible fixed assets | 407 | 414 |
| Land and buildings | 275 | 290 |
| Plant and equipment | 165 | 156 |
| Other equipment | 11 | 11 |
| Construction in progress | 40 | 10 |
| Property, plant and equipment | 491 | 467 |
| Right-of-use assets | 293 | 281 |
| Investments in joint ventures/associates | 6 | 1 |
| Loans receivable | 15 | 13 |
| Deferred tax assets | 6 | 9 |
| Financial assets at fair value through OCI | 16 | 20 |
| Total non-current assets | 1,235 | 1,204 |
| Inventory | 9 | 10 |
| Trade accounts receivable | 320 | 325 |
| Accounts receivable | 13 | 16 |
| Income tax receivable | 3 | 23 |
| Prepayments and accrued income | 80 | 88 |
| Cash and cash equivalents | 518 | 453 |
| Total current assets | 943 | 915 |
| Assets classified as held for sale | 1 | 1 |
| Total assets | 2,180 | 2,120 |
| Equity attributable to the equity holders of the parent | 198 | 202 |
| Non-controlling interests | 2 | 3 |
| Total equity | 200 | 205 |
| Deferred tax liabilities | 40 | 39 |
| Provisions for pension liabilities | 2 | 2 |
| Other provisions | 42 | 56 |
| Long-term debt | 299 | 596 |
| Long-term lease liabilities | 240 | 221 |
| Other long-term liabilities | 73 | 67 |
| Total non-current liabilities | 695 | 982 |
| Trade accounts payable | 210 | 177 |
| Other provisions | 21 | 29 |
| Short-term debt | 368 | 10 |
| Short-term lease liabilities | 80 | 78 |
| Other current liabilities | 126 | 148 |
| Income tax payable | 1 | 2 |
| Contract liabilities | 57 | 53 |
| Accrued current liabilities | 421 | 436 |
| Total current liabilities | 1,284 | 933 |
| Total equity and liabilities | 2,180 | 2,120 |
PostNL Q4 & FY 2024 Results