Posten Norge Group Quarterly Report 4 th quarter Preliminary figures

Transcription

1 Posten Norge Group Quarterly Report 4 th quarter Preliminary figures

2 Main items 1,% growth in revenues compared with 23, 4,3% adjusted for acquisitions and sales 37% growth in revenues since % of the revenues from activity exposed to competition The best year-end result since Posten was established as a company in 1996 Significant improvement in earnings compared with 23: EBIT before non rec. items: MNOK 1 371, an improvement of MNOK 917 EBIT: MNOK 1 136, an improvement of MNOK 624 EBT: MNOK 1 79, an improvement of MNOK 623 Development in volume compared with 23: Mail - 2,6% Parcels + 4,2% Banking transactions -,6% Quality of A-mail in at the same level as in 23 (87,% vs 87,7%) Norway Post reputation has improved

3 Profit & Loss Posten Norge Group MNOK Q4 Q4 23 Year Year 23 Revenues EBITDA EBIT Before non rec items EBIT Netto financial result EBT Preliminary unaudited figures for

4 EBIT before non recurring items 6 MNOK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q The ninth quarter with improvements in results compared with the corresponding quarter the year before

5 Cash flow strong cash flow have financed aquisitions Comments Key figures Cash flow from operations was improved by MNOK 968 MNOK Year Year 23 Investments have increased from MNOK 4 to MNOK 1 682, mainly due to the acquisition of Nor-Cargo Provided by operations Cash flow before financing activities is MNOK higher than in 23 Change in working capital Total cash flow from operations (before pensions) Total cash flow after investments Change in provisions/ Pens. diff payments/expenses Total cash flow before financing activities

6 Key figures Comments Key figures Return on equity of 1,2% represents an improvement of 9, %-points from ROCE of 19,6% represents an improvement of 8,4 %-points from The Debt/EBITDA ratio is,7** (23:,9) MNOK Equity Equity share (%) Interest bearing debt Year , Year , As of , Posten has got a liquidity reserve of MNOK (incl unutilised drawdown facilities) Debt ratio (net) Total capital,1 11 7,1 1 2 * Return on equity (%) 1,2 6,2 Net operating margin (%) 6,3 3,3 * ROCE (%) 19,6 11,2 12 month figures for Return on equity and ROCE ** Interest bearing debt MNOK and 12 mth EBITDA MNOK

7 Return on Equity and Capital Employed Capital employed ROCE MNOK % 2 Equity Return on Equity MNOK % , , , , , ,

8 Revenue development (MNOK) 2 17 Andre inntekter Varesalg Statlig kjøp Bank Andel A og B 34,4 % 46,1 % 29, % Aviser, blad 17,6 % 18,1 % 14, % IT Logistikk CityMail Aviser, blad, reklame, mv A og B Bank IT Logistikk Aviser, blad, reklame, mv CityMail Logistikk/ ekspress IT Bank Statlig kjøp Varesalg CityMail Andre inntekter 13,8 % - 31,4 % - 2,8 % ,7 % 3,6 % 12,2 % - 2,2 % -, % 32,6 % 9,3 %,4 % 1,8 % 1,4 % 2,9 % 3,2 % 2 A og B Share parent company 1 % 96 % 7 % The share of revenues from the remaining monopoly area have been reduced from 33 per cent in 21 to 21 per cent in

9 Development in mail volumes Volume %-age change Volume () % change pa Total,9-4, 4,6 3,2-2,6 A and B -1,6-9,1-4, -,7-6,8 Mill items Financial statem. 12 mths mov avg 12 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct

10 Development in logistics volumes Volume %-age change Volume () % change pa , -3,7 1,9 1,4 4,2 Gjelder Tusen stk Financial statem. 12 mths mov avg 1 2 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct

11 Consumer MNOK Reven. savings- and financial products Financial statem. 12 mths mov avg Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 4 3 Tusen trans Transactions, volume Financial statem. 12 mths mov avg Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct % change pa % change pa ,3-1, 17,6 17, -11, -1,3-12,4-6, -,

12 ErgoGroup Comments Revenues/EBITDA Operating revenues in (against others than (the Post) Posten Norge) shows an increase of 4,9% compared with 23 (adjusted for the sales of ErgoBluegarden and ErgoEnet) EBITDA shows MNOK 41 (MNOK 48) The revenues of Ergo vs the parent company amounts to 36% (4%) MNOK New focused strategy A merger has been decided for the four largest companies in Ergo Q1 21 Q3 21 Q1 22 Q3 22 Q1 23 Q3 23 Q1 Q

13 Operating revenues, international Comments Revenues, international International operating revenues have increased by MNOK 211 (1,4 %) from 23 and amounts to 8,8 % of the group s turnover (23: 8,8 %) Posten s companies abroad: CityMail Sweden AB BoxGroup AS Pan Nordic Logistics AB (%) ErgoIDP AS Transware AB ErgoIntegration Sweden AB MNOK % +2 % +1 %

14 External operating revenues per segment MNOK Q4 Share Q4 23 Share Change 4-3 Change 4-3 Communication % % 6 3 % Logistics ErgoGroup Consumer Other Total Group % 9 % 7 % % 1 % % 1 % 8 % % 1 % % 2 % 9 % -2 % 24 %

15 Quality development of A-priority mail Licence requirement Mnd Quality Q4 8,3% (87,%). Year 87,% (87,7%)

16 Norway Post Reputation Corporate market Q2-3 to Q4-4 Q2-3 Q Helpful Actionoriented/Deceisive Innovative Trustworthy

17 Staff Man years (full time equivalents, FTE) Subsidiaries excl Ergo ErgoGroup

18 Revenues / man years (FTE) Posten Norge Group TNOK Revenues last 12 mths/ man years Moving 12 mths 6 jan.1 apr.1 jul.1 okt.1 jan.2 apr.2 jul.2 okt.2 jan.3 apr.3 jul.3 okt.3 jan.4 apr.4 jul.4 okt.4 Revenues per man years (Moving12 mths) in 778 (23: 686)

19 Outlook Growth in total operating revenues A and B mail volumes continue to fall Growth in logistics Continued focus on increased service levels and high quality Inproving efficiency an ongoing process Parliamentary debate in March 2 on proposed removal of postal monopoly from 27 Banks invited to tender for future banking collaboration Norway Post s pension scheme open for competitive tendering Norway Post will from Q1 2 present group figures in accordance with IFRS