Q Norway Post 13/09/2012 1

Transcription

1 Q Norway Post 13/09/2012 1

2 PART 1: Highlights and development by CEO Dag Mejdell PART 2: Profit and loss and segment review by CFO Gro Bakstad PART 3: Q&A 2

3 PART 1: Hightlights and development by CEO Dag Mejdell 3

4 Highlights 1 st half-year 2012 Uncertainty in Europe affecting the logistics market Government with new postal policies 149 Post Offices to become Post in Shops Record low sick-leave and work-place injuries 13/09/2012 4

5 Highlights 1 st half-year 2012 Operating revenues: MNOK , same level as last year Operating result: MNOK 381, 29% higher than 2011 Return on invested capital: 19,4% compared with 14,3% last year Effekt from efficiency programme: approx MNOK since 2008 Delivery quality for A-mail Q2: 86,5% 13/09/2012 5

6 Focus on HSE gives results From 9,2% til 6,8%*, which means 500 more people at work every day in 2012, compared with 2006 Sick-leave as of 1 st half-year is 0,7 percentage points lower than same time last year Norway Post is approaching the same level as the Norwegian labor market * Rolling 12-month average 6

7 Focus on HSE gives results A marked reduction in work-place injuries 12 month trend H1-value is 7,3 as of June, which is 4,6 ahead of last year 7

8 Operating revenues per quarter Q Q Q Q

9 EBIT before non-recurring items and write-downs 13/09/2012 9

10 Operating revenues from foreign subsidiaries Operating revenues in MNOK Operating revenues from foreign subsidiaries accounted for 27.7% of the Groups revenues as of the 1st half-year, up 0.4% from last year Hittil Hittil

11 Fewer letters means Norway Post must adapt Million addressed letters -20% During the 1 st half-year 2012 addressed mail volumes fell by 6% compared with the same period last year. The fall was greater for B- mail than A-mail Since 2000 approximately 1/3 of the addressed mail volumes have disappeared. It is expected that 2/3 of the volume will disappear by the end of 2018 Norway Post is working on a number of measures for meet this challenge, among others: Converting post offices to post in shops Digipost for electronic mail Samples boxes in your mailbox -70% Adresserte brev

12 149 Post Offices to become Post in Shops The Government has approved a continuation of the transition to post in shops 149 post offices to be converted to post in shops 30 post offices to continue to be self-run Norway Post has accrued MNOK 324 for restructuring Expected to give a annual positive effect on net income of approximately MNOK 200 once the conversion is completed To be completed by the end of 2014 Implementation plans will be ready by end of September Post in Shops for tender in September Close to 1000 employees will be affected. Norway Post is actively working to obtain them new jobs

13 New contents in your mailbox 90 % of the population checks the contents of their mailbox every day* People like to have something unexpected in their mailbox; both letters, packages and advertising, but expect that companies and public services move what can be moved to digital channels* Norway Post will focus on new content in your mailbox: Goods in letters driven by increasing ecommerce Sample boxes a new offer from Norway Post introduced in Q2. Tests show that everyone receiving the sample boxes opened them. They liked what they received (88%) and will buy one or more of the products (91%) * We know what people would like in their mailbox:

14 Digipost for important mail People expect that companies and public services move what can be moved to digital channels* Digipost is Norway Post s digital postal system Over registered users New large customers in Q2: DNB, KLP, Fjellinjen and Gjensidige Launched electronic receipts Official and private letters in the same digital postbox: Private parties, and not the internet portal Altinn, should be given the mission of distributing official digital letters to the country s citizens and businesses, recommends the Agency for Public Management and ICT (Difi) The previous Minister for Transport and Communication Magnhild Meltveit Kleppa about Digipost: I mean that it is absolutely a good idea which supports Norway Post s core business * We know what people would like in their mailbox:

15 PART 2: Profit and loss and segment review by CFO Gro Bakstad 15

16 Profit and loss Q Q Change MNOK YTD 2012 YTD 2011 Change Year Operating revenues EBITDA EBIT before non-recurring items and write-downs Write-downs Non-recurring losses / (gains) EBIT before share of net income (losses) of associated companies Share of net income (losses) of associated companies EBIT Net financial items Income before taxes Taxes Net income (loss)

17 Segment structure for Norway Post Group group mail logistics 17

18 External operating revenues per segment Change in MNOK and % Share of external revenues in % 0,2% -1,8% Mail Logistics 18

19 Segment MAIL Letter mail Banking services Dialog services 19

20 Key figures mail logistics Operating revenues 1st half-year slightly under previous year Volume fall addressed mail 6% Volume growth unaddressed mail 4.6% Positive effect from price increases Volume growth Bring Citymail Sweden Growth (%) -15,4 23,0-3,3 3,1-1,0 Operating result before depreciation and nonrecurring items 1 st half-year 9% higher than last year Spinnaker programme and other profitability improvement measures The conversion of 149 post offices to post in shops is started Delivery quality for A-mail delivered over night 86.5% in the 1 st half-year 2012 EBITDAmargin (%) 10,5 13,0 11,1 15,1 12,3 13/09/

21 Segment LOGISTICS Parcels Express Cargo Thermo Warehousing Supply Services 21

22 mail logistics Key figures Operating revenues 1st half-year 1% higher than last year Acquisitions in 2011 Growth in cross-border parcels Volume fall for parcels in total - 4,4% Strong competition and price press in the the B2C market Growth (%) 4,8 1,3 5,6 2,2 0,9 Operating revenues outside of Norway MNOK 2 657, the same level as last year Operating result before depreciation and nonrecurring items 1 st half-year 26% higher than last year Spinnaker program and other profitability improvement measures Acquisition of Fredrikstad Transport & Spedisjon AS in April Revenues in 2011 of MNOK 72 and 50 employees EBITDAmargin 4,2 5,0 2,5 5,0 3,1 13/09/

23 Future focus areas Continued growth balancing improvements in operations with growth and acquisitions E-commerce important growth market Efficiency programmes focus on profitability improvements in all parts of the business Restructuring of 179 post offices to be converted to post in shops Digipost a solution for the need to collect all important mail in one place EUs Third Postal Directive further reservation process and the consequences of this still unclear 23

24 PART 3: Q&A 24

25 Q Norway Post 13/09/