bpost: first quarter 2018 resultsWednesday 2 May 2018
First quarter 2018 highlights
- Operating income (revenues) at EUR 916.2m (+27.0%) driven by acquisitions and continued strong Parcels growth, partly offset by declining Domestic Mail revenues.
- Domestic Mail underlying volume trend at -6.6% (-5.8% for FY17 and -4.7% in 1Q17) driven by a weak quarter in advertising mail and continued e-substitution.
- Outstanding growth in volumes of Domestic Parcels +28.3% (+28.2% for FY17), driven by thriving e-commerce and C2C. Price/mix effect of -6.1%, fully mix related.
- Logistic Solutions up EUR 198.0m, mainly driven by the consolidation of Radial.
- Additional Sources of Revenues (up EUR 6.8m), driven by the acquisition of Imex and M.A.I.L., Inc.
- Costs influenced by acquisitions for EUR +212.5m. Organic cost increase mainly in payroll & interim impacted by higher parcels volumes, wage drift and higher absenteeism, as well as in transport, rent and project related costs.
- EBITDA down EUR 36.8m to EUR 140.2m in line with guidance.
- Net profit of bpost SA/NV under BGAAP down EUR 22.1m to EUR 72.3m.
- 2018 outlook: normalized EBITDA at the low end of the range due to mail volume decline, absenteeism and productivity in parcel sorting; dividend at least € 1.31