PostNL Q4 revenue €955 million
Underlying cash operating income was €110 million (Q4 2015: €147 million); FY 2016 at €245 million (FY 2015: €303 million).
Net cash from operating and investing activities Q4 2016 was €116 million, including acquisitions in Germany (Q4 2015: €149 million); FY 2016 at €10 million, excluding the sale of the stake in TNT Express (FY 2015: €135 million).
Profit for the period was €84 million (Q4 2015: €101 million); FY 2016 €280 million (FY 2015: €149 million).
Addressed mail volume declined by 11.0%; adjusted volume declined 8.4%. Full year quality performance was well above minimum statutory level. €21 million cost savings realised. Parcels volume grew by 9%; adjusted volume growth was 13%.
Herna Verhagen, CEO of PostNL: "With underlying cash operating income of €245 million in 2016, we continue to deliver on our promises.
"This solid performance, supported by the sale of our stake in TNT Express, resulted in a further improvement in our financial position: we now have a net cash position and our consolidated equity position is at €(79) million, close to achieving a positive position.
"This emphasises our commitment to prioritising and delivering stakeholder value.
The robust strong growth trend in Parcels continued this quarter. Volume growth was strong, reaching a new high during our peak season. Our results reflect the impact from the lower milk powder volumes, the working day effect and peak season costs.
"Mail in the Netherlands delivered results in line with plan, taking into account the volume decline, the impact from our adjusted market approach and the measures announced by the regulator (ACM).
"The effectiveness of our restructuring plans was again evidenced by another quarter of strong cost savings. This quarter’s performance in International showed a mixed picture." ■