bpost: third quarter 2015 results
Thursday 5 November 2015Third quarter 2015 highlights
- Operating income (revenues) at EUR 550.5m thanks to improved Domestic Mail performance and solid Parcels contribution but down -3.3% due to lower SGEI compensation and management's decision to curtail some International Mail activities, with positive EBIT impact.
- Improved Underlying Domestic Mail volume trend at -4.7% (-5.7% for 1H15) driven by pick up in Advertising Mail and better performance in Press.
- Excellent Domestic Parcels volumes growth up 13.5%, best quarterly performance to date against an already very strong quarter last year (+10.3%) still driven by strong e-commerce growth and continued positive trend in C2C. Negative price/mix effect of -3.1%.
- International Parcels up EUR 4.2m, with continued organic growth from US and positive FX contribution, but slower growth from and to China.
- Continued impact of the curtailment of the International Mail business in Additional Sources of Revenues while overall profitability improved.
- Significant cost savings (EUR -28.4m, excluding one-offs) and strong productivity improvement (average FTE reduction of 854).
- Normalized EBITDA up EUR 9.6m. Reported EBITDA impacted by Alpha social plan restructuring provision of EUR 54.5m.
- Normalized net profit of bpost SA/NV under BGAAP up EUR 4.7m at EUR 51.3m.