Posten Norge · Digipost passed 520 000 users in the first half-year 2015. Absence due to sickness...
Transcript of Posten Norge · Digipost passed 520 000 users in the first half-year 2015. Absence due to sickness...
1
Results as of 1st half-year 2015
Posten Norge
Agenda 1st half-year 2015
PART 1:
Highlights and developments by CEO Dag Mejdell
PART 2:
Results and Segment Review
by CFO Tone Wille
PART 3:
Q&A
2
Agenda 1st half-year 2015
PART 1:
Highlights and developments by CEO Dag Mejdell
3
Highlights – Important events 1st half-year 2015
The growth in e-commerce continues. In the first half-year 2015, the Group's total e-commerce volume increased by 6%.
The new Postal Services Act has been granted by the government. It is expected that the law will contribute to Norway Post’s ability to adjust according to changes in the needs of customers.
Digipost passed 520 000 users in the first half-year 2015.
Absence due to sickness was 6.1 % the last twelve months, a decrease of 0.4 % - percentage points from 2014.
Delivery quality for A-mail in second quarter 2015: 85.8 % (0.8 percentage points above the licence requirement).
17 March, the Group sold its investment in EVRY ASA. The sale resulted in a payment of BNOK 1.7 and a gain of MNOK 219.
Posten Norge has decided to undertake Norways larges purchase of electric cars. During a period of one year approximately 300 new electric cars will be used in postal distribution across the nation.
4
Financial highlights 1st half-year 2015
Operating revenues:
MNOK 12 407, up 3 % from 2014
Earnings before interest and taxes*:
MNOK 314, up 0.6 % from 2014
Return on invested capital (last 12 months)*:
13.8 %, down 4.1 percentage points from 2014
Return on equity after tax (last 12 months):
12 %, up 1.1 percentage points from 2014
5
* Before non-recurring items and write-downs
Operating income (MNOK)
6
22 613 22 451 22 981 22 925
23 557
12 043 12 407
0
5.000
10.000
15.000
20.000
25.000
2 009 2 010 2 011 2 012 2 013 2 014 2 015
24 404
3.0 %
H1 2014 H1 2015
Earnings (EBIT) before non-recurring items and write-downs (MNOK)
7
772
942
1 051
1 116 1 125
312 314
0
500
1.000
2009 2010 2011 2012 2013 2014 2015
933
0.6 %
Operating income from foreign companies
8
Operating income from foreign
companies accounted for 34.1% of the
Group's operating income, up 1.4
percentage points from last year.
3 942 4 233 1 658
3 967
4 886
5 871 5 855 5 959
6 443 6 434
7 190
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
8 122
7.4 %
Results
9
* Includes gain from sale of EVRY ASA
Q2 2015 Q2 2014 MNOK YTD 2015 YTD 2014 Year 2014
6 120 5 971 Operating revenues 12 407 12 043 24 404
281 317 EBITDA 718 702 1 723
82 121 EBIT before non-recurring items and write-downs 314 312 933
2 145 Write-downs 2 145 282
87 -8 Non-recurring expenses/(income) 84 -11 -66
-6 -15 EBIT before share of profit from associates 227 178 718
-4 19 Share of profit from associates* 244 46 126
-11 4 EBIT 472 224 844
-23 -16 Net financial items -49 -45 -123
-34 -13 Earnings before tax 422 180 720
-3 36 Taxes 55 87 271
-31 -49 Profit after tax 368 93 449
The new Postal Services Act was granted by the Goverment 9. June – Expected effective date during 2016
Some main items in the new act:
Full competition on mail services in Norway by adopting EU’s 3. postal
directive.
The duty of Posten to distribute mail on Saturdays is removed (from 6
to 5 days) – exceptions for newspapers in some rural areas.
Geographicly postage fees for single postal items below 50 grams.
The postal codes system is transferred to govermental management
as a public resource.
10
Posten Norge with a record purchase of new electric cars
Norwegian post undertakes Norways
largest single purchases of electric
cars.
During a one year period about 300
new electric cars will start operating
in the postal distribution across the
country.
This is a part of the groups
extensive focus on reducing the
groups CO2 emission.
After the purchase the Group
operates more than 1 000 vehicles
that do not use fossil fuels
11
Mailman Knut Håvard Solberg is showing the new electric car to the minister of communications Ketil Solvik-Olsen and the CEO of the Postal Group, Dag Mejdell.
Oslo
Fredrikstad
Hamar
Drammen
Stokke
Kristiansand
Stavanger
Bergen
Ålesund Molde
Trondheim
Tromsø
Sogn og Fjordane
Haugesund
Alta
Narvik
Fauske
Mo i Rana
Major investments towards 2018.
18 new, joint terminals based on the
needs of the logistic operations.
Posten Norge is investing BNOK 4 in new
joint terminals in Norway towards 2018.
Will increase productivity and reduce our
enviromental footprint.
In June Posten Norge decided to build a
new joint terminal in Tromsø.
In June Posten Norge opened a new Bring-
terminal in Zwijndrecht, Nederland.
12
Co-located terminals until 2014
Co-located terminals in 2015 and until 2018
Under assesment
13
Agenda 1st half-year 2015
PART 2:
Results and Segment Review by CFO Tone Wille
Posten Norge’s Segment Structure
14
Group
Mail Logistics
Segment distribution of external revenues
15
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
H1 2013 H1 2014 H1 2015
Mail Logistics
59 % 61 % 62 %
41 % 39 % 38 %
Segment Mail
16
Letter Products
Banking services
Dialogue services
mail logistics
Key figures
17
mail logistics
Operating revenues first half-year 2015 was MNOK 5 078,
somewhat below last year
Volume decrease addressed mail 6.4 %
Volume decrease unaddressed mail 6.5 %
Volume decrease in Bring CityMail Sweden 1.5 %
Earnings before write-downs and non-recurring items was MNOK
435 in the first half-year 2015, the same level as the first half-
year 2014.
Postive effects of cost reducing measures compensate for
the decrease in volume
421
613
493
572
441
701
441 406 435
100
200
300
400
500
600
700
H1
2011
H2
2011
H1
2012
H2
2012
H1
2013
H2
2013
H1
2014
H2
2014
H1
2015
EBITE
Growth (%)
1.1 -2.1 -0.7 -0.1 2.4 -3.3 -2.3 1.3
EBITE-margin (%) 8.0 11.5 9.4 11.0 8.5 13.2 8.6 8.1 8.6
5 274
5 333
5 222
5 187
5 180
5 305
5 130
5 014
5 078
4 900
5 000
5 100
5 200
5 300
5 400
5 500
H1
2011
H2
2011
H1
2012
H2
2012
H1
2013
H2
2013
H1
2014
H2
2014
H1
2015
Driftsinntekter
Segment Logistics
18
Parcels
Express
Cargo
Frigo
Warehousing
Supply Services
mail logistics
Key figures
Operating revenues first half-year 2015 was MNOK 8 190, a growth of
MNOK 429 from the same period in 2014
Growth in revenues from the business segment International and
the Swedish operations
Increases in private e-commerce , particular the transnational
Significant lower activity attached to the oil industry
Earnings before write-downs and non-recurring items in the first half-
year 2015 was MNOK 27, a decrease compared to same period in 2014
The decrease in results follows the decrease in the oil industy
Still challenging market conditions attached to the logistics
operations in Sweden and Denmark, particulary within the field of
freight
mail logistics
6 973
7 275
7 035
7 282
7 248
7 711
7 761
8 180 8 190
6 500
6 700
6 900
7 100
7 300
7 500
7 700
7 900
8 100
8 300
8 500
H1
2011
H2
2011
H1
2012
H2
2012
H1
2013
H2
2013
H1
2014
H2
2014
H1
2015
Driftsinntekter
61
254
108
327
-31
265
74
333
27 -50
50
150
250
350
H1
2011
H2
2011
H1
2012
H2
2012
H1
2013
H2
2013
H1
2014
H2
2014
H1
2015
EBITE
EBITE-margin (%) 0.9 3.5 1.5 4.5 -0.4 3.4 1.0 4.1 0.3
Growth(%)
4.3 -3.3 3.5 -0.5 6.4 0.6 5.4 0.1
Summary
The proposed new Postal Services Act were granted by the
government
The Group is continuing focus within the Logistic segment. The
establishment of the new logistic structure in Norway is according
to plan. Posten Norge has in the first half-year decided to
coordinate the groups post an logistic operations in Tromsø in a
new joint terminal in Tromsø
Reduced activity in the oil industry influences the development in
the logistics market
Posten Norge is with it’s digital mailbox, Digipost, well positioned
to win the competition of digital mailusers in the future. A steady
increase of public and private users are connecting to Digipost.
The govermental goal is that all public communication shall be
digital by first quarter 2016.
20