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

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Algemeen advies 05/08/2019 10:21
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

•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.”

Munich/The Hague, 5 August 2019 - Quantum Capital Partners and PostNL have signed an agreement on the sale of the activities of Postcon, the number-two mail provider in Germany and a subsidiary of PostNL. The transaction is subject to a number of conditions, including regulatory approval, and is expected to close before the end of 2019.

Steffen Görig, CEO and founder of Quantum Capital Partners comments: “Postcon is the leading alternative mail provider in Germany in a challenging market environment. We look forward to continuing the growth path in the nationwide business, to further developing the last-mile business and to enhancing operational and administrative efficiencies. We are keen to support the team on the road to success and are confident that we can realise Postcon’s full growth potential.”

Herna Verhagen, CEO of PostNL, says: “This transaction will allow Postcon to further develop its activities and strengthen its position in the German postal market. The sale of Postcon marks another step in our strategy of focusing on our core markets in the Netherlands and Belgium, and supporting the transformation of PostNL into an e-commerce logistics service provider.”

Postcon processes over 1 billion letters a year and has a market share of about 10% in Germany. Together with its partners, its reach includes every household in the country. Postcon has modern sorting centres all across Germany, as well as a company-owned delivery structure in the Rhineland and Ruhr areas. The company has around 5,300 direct and indirect employees.

About Quantum Capital Partners

Quantum Capital Partners GmbH (QCP) is a fast-growing international financial investor with offices in Munich, Madrid and Milan. The Quantum Group acquires companies with potential for operational improvement, growth and development. As an active and responsible owner, Quantum Group works closely with local management to ensure that its subsidiaries implement a continuous development plan and growth strategy. Since its inception in 2008, the Quantum Group has acquired a variety of businesses from world-leading companies such as Robert Bosch, Stora Enso, Dürr, Airbus, Nestlé, Mahle, Tenneco and Norsk Hydro. With a total of 25 completed acquisitions since 2014, the Quantum Group is one of the most active investors in its sector.

Additional information

This press release contains inside information within the meaning of article 7(1) of the EU Market Abuse Regulation.

tijd 10.24
PostNL in de plus op EUR 1,606 +9ct vol. 4,6 miljoen.

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