bpost: second quarter 2015 results

Thursday 6 August 2015

Second 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.

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