bpost: second quarter 2015 results
Thursday 6 August 2015Second quarter 2015 highlights
- Operating income (revenues) at EUR 597.6m, down 2.6%, due to elections in 2014, lower SGEI compensation, management's decision to curtail some International Mail activities but also due to a bad performance in Advertising Mail. However, very strong parcels growth.
- Underlying Domestic Mail volume decline at -6.1% (-5.1% for 2Q14) due to Advertising Mail.
- Domestic Parcels volumes up 12.6% (+4.7% for 2Q14) driven by strong e-commerce growth and continued positive trend in C2C. Negative price/mix effect of -3% but to a lesser extent than in the first quarter of 2014.
- International Parcels up EUR 9.3m, driven by organic growth from US, positive FX contribution and good milk powder volumes to China.
- Additional Sources of Revenues mainly impacted by the curtailment of the very low margin International Mail business, while overall profitability improved.
- Costs (excluding one-offs and transport) down EUR 14.0m, perfectly under control with strong productivity improvement (average FTE reduction of 829).
- EBITDA down EUR 3.8m, of which elections EUR -4.6m and SGEI impact EUR -4.2m, while our operating model continues to work.
- Net profit of bpost SA/NV under BGAAP only down EUR 0.4m at EUR 83.8m.