Page publication date: 07 November 2011 13:00 CET
Outlook
PostNL expects underlying cash operating income to be above €170 million in 2011 mainly driven by better operational performance and the phasing of restructuring cash out.
The phasing of the Master plans has developed in such a way that restructuring cash out and implementation costs in 2011 are running below the levels expected at the time we developed our plans. These costs will be incurred in 2012.
Due to ongoing substitution and competition, in this second year after full liberalisation, the expected decline in addressed volumes in 2011 in the Netherlands is 8 – 10%.
Master plan savings of €60 – 70 million are expected for the year.
| Underlying revenues | Underlying cash operating income / margin | |||||
|---|---|---|---|---|---|---|
| € million | 2010 | 2011 | 2015 | 2010 | 2011 | 2015 |
| Mail in NL | 2,538 | -mid single digit | -low single digit | 10.6% | 3 to 5% | 8 to 10% |
| Parcels | 564 | +mid single digit | +mid single digit | 14.4% | 13 to 15% | 13 to 15% |
| International | 1,294 | +mid double digit | +high single digit | -1.9% | 0 to 1% | 2 to 4% |
| Mail other | (103) | |||||
| Total | 4,293 | stable | +low single digit | 341 | 130 to 170* | 300 to 370 |
| 7.9% | 2 to 4% | 7 to 8% | ||||
* Likely to exceed guided range
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