Investor presentation - Interim financial report 4Q14

Interim financial report
fourth quarter 2014
Investor presentation
Koen Van Gerven, CEO
Pierre Winand, CFO
Brussels – March, 17th 2015
2
Investor presentation - Interim financial report 4Q14
Financial Calendar
More on www.bpost.be/ir
06.05.2015
06.08.2015
08.12.2015
13.05.2015
05.11.2015
10.12.2015
18.05.2015
03.12.2015
(17:45 CET)
Quarterly results 1Q15
Ordinary General Meeting of
Shareholders
Ex-dividend date
20.05.2015
(17:45 CET)
Quarterly results 2Q15
(17:45 CET)
Quarterly results 3Q15
Ex-dividend date (interim
dividend)
Payment date of the interim
dividend
(17:45 CET)
Results first 10 months 2015
Payment date of the dividend
Disclaimer
This presentation is based on information published by bpost in its Fourth Quarter 2014 Interim Financial Report and Financial Report 2014, made available on March, 16th at 5.45pm
CET on www.bpost.be/ir . This information forms regulated information as defined in the Royal Decree of 14 November 2007. The information in this document may include forwardlooking statements1, which are based on current expectations and projections of management about future events. By their nature, forward-looking statements are not guarantees of
future performance and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the
future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by
such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the
Presentation and the Company undertakes no obligation to update these forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in
factors affecting these statements. This material is not intended as and does not constitute an offer to sell any securities or a solicitation of any offer to purchase any securities.
1
as defined among others under the U.S. Private Securities Litigation Reform Act of 1995
4Q14
3
Highlights of 4Q14 – Expectations exceeded
Revenues up 2.2% (+1.7% organically)
• partially helped by higher building sales (EUR +3.8m)
Volume decline of domestic mail better than previous 3
quarters
• improved advertising and transactional mail, but still impacted by
e-substitution and cost cutting
€ 655.3m
-3.7%
Strong growth in parcels
• solid domestic parcels volume growth helped by particularly strong
December month at +15.6%; but negative mix effect of -2.2% for the
first time
• organic international parcels growth in line with 3Q14, shipments to
China slowing down
+7.1%
+ € 10.9m
Cost savings well on track
• costs (excl. one-offs, phasing and transport) down organically
• average FTE reduction of 664 for the quarter and 974 for the full year
EBITDA significantly up (€ +9.5m)
Proposed total dividend per share up 11.5%
€ 1.04 already paid in December 2014 and € 0.22 to be proposed at
Annual General Meeting
- € 9.9m
€ 131.0m
€ 1.26
gross
4Q14
4
Highlights FY14
Normalized1, € million
Topic
Results
Last outlook for 2014
Total operating
income (Revenues)
FY14:
€ 2,464.7m (+1.5%)
EBITDA
FY14:
€ 572.0m (+6.6%)
EBIT
FY14:
€ 480.2m (+10.1%)
Stable for 4Q14
and keep
advance booked
in first 9 months
Domestic Mail
FY14:
-4.4% (underlying volume)
~ -5%
Parcels
FY14:
+7.0% (domestic volumes)
> 5.2%
Productivity
FY14:
-974 FTE
Low end of 800
to 1,200 range
Dividend
Total dividend of € 1.26 per share gross proposed
• Interim dividend already paid: € 1.04
• Final dividend of € 0.22 based on net profits of
Nov and Dec at 85% payout.
1
Normalized figures are neither audited nor have been subject to a limited review
Stable or slightly
above LY
Higher than LY
4Q14
5
4Q14 EBITDA grew solidly thanks to Parcels, domestic mail volume
decline better than previous quarters at -3.7% and costs under control
taking into account growth of transport costs
Normalized1, € million
€ +9.1m / +7.5%
+3.7
-2.0
+131.0
Costs
EBITDA
4Q14
+0.8
+121.6
+11.7
+0.4
-5.1
EBITDA
4Q13
Scope
Domestic Mail
100% acquisition of Gout,
BEurope, Ecom and
Starbase by Landmark
Global Inc.
1
Parcels
Additional
sources of
revenues
Corporate
Total operating income (revenues)
Normalized figures are neither audited nor have been subject to a limited review
Of which building sales
€ +3.8m.
Including increase of oneoffs and phasing by
€ 0.9m and transport costs
by € 11.1m
4Q14
6
Scope elements affecting results: small bolt-on acquisitions
relating to international parcels activities
Topic
Changes in scope
Acquisition of
Gout
International
BV and
BEurope
Acquisition of
Ecom
Acquisition of
Starbase
Description
High-level impact
• In Jan. 2014, Landmark Global Inc.
acquired 100% of the shares of Gout and
BEurope both based in the Netherlands
• Both companies offer import services for
customers looking to sell their products
in Europe. This includes customs
clearance services, warehousing, pick &
pack and last mile delivery
• Additional operating income of
€ 2.1m and additional operating
expenses of € 1.9m in 4Q14,
bringing FY contributions to
€ 7.1m and € 6.0m
respectively.
• Landmark Global Inc. acquired 100% of
the shares of Ecom Ltd in February 2014
• Import services for goods in UK
• Additional operating income of
€ 0.8m and additional operating
expenses of € 0.7m in 4Q14,
bringing FY contributions to
€ 2.1m and € 2.4m
respectively.
• Landmark Global Inc. acquired 100% of
the shares of Starbase in February 2014
(based in US)
• Import services for goods in the US
• Additional operating income of
€ 0.3m and additional operating
expenses of € 0.3m in 4Q14,
bringing FY contributions to
€ 1.1m and € 1.1m
respectively.
4Q14
7
Summary of key financials 4Q14
€ million
Normalized
4Q13
4Q14
Total operating income (revenues)
640.9
655.3
640.9
655.3
2.2%
Operating expenses
519.4
524.3
519.4
524.3
0.9%
EBITDA
121.6
131.0
121.6
131.0
7.8%
19.0%
20.0%
19.0%
20.0%
86.8
102.8
86.8
102.8
13.5%
15.7%
13.5%
15.7%
Profit before tax
85.5
85.3
85.5
85.3
Income tax expense
32.8
34.7
32.8
34.7
Net profit
52.7
50.7
52.7
50.7
-3.8%
FCF
12.6
48.4
12.5
48.4
286.8%
bpost S.A./N.V. net profit (BGAAP)
72.7
78.8
72.7
78.8
8.5%
(360.7)
(486.2)
(360.7)
(486.2)
34.8%
Margin (%)
EBIT
Margin (%)
Net Debt/ (Net cash), at 31 December
1
1
Reported
4Q13
4Q14
Normalized figures are neither audited nor have been subject to a limited review
%∆
18.4%
-0.2%
4Q14
8
Total operating income (revenues) of € 655.3m in 4Q14,
increase of € 11.1m on an organic basis
Normalized1, € million
4Q13
Scope
259.6
Organic
4Q14
% Org
-
-0.4
259.2
-0.2%
Advertising mail
74.0
-
-2.4
71.5
-3.3%
Press
80.7
-
-2.3
78.5
-2.8%
39.0
-
1.9
40.9
4.9%
32.9
2.4
10.9
46.3
33.0%
4.1
-
-1.1
2.9
-27.3%
International mail
55.2
-
0.2
55.3
0.3%
Value added services
22.9
-
0.8
23.7
3.6%
Banking and financial
52.8
-
-0.2
52.6
-0.5%
Others
25.6
0.8
0.1
26.5
0.4%
-5.8
-
3.7
-2.1
-63.5%
640.9
3.2
11.1
655.3
1.7%
Transactional mail
Domestic mail
3
Parcels
Domestic parcels
International parcels
Special logistics
Additional sources
of revenues
Corporate
TOTAL
2
1 Normalized figures are neither audited nor have been subject to a limited review
² Scope including Gout International BV, BEurope, Ecom and Starbase
³ Defined as domestic and Belgian in- and outbound
4Q14
9
Domestic Mail underlying volume decline at -3.7% as a result of lower
volume decline both in transactional mail and advertising mail
Normalized1 total operating income (revenues), € million
4Q13
414.3
Working day
impact
0.9
-12.8
Volume
• 1 business working day more.
• Underlying volume decline at -3.7% from both lower
volume decline in Transactional and Advertising mail.
• Transactional mail remained affected by e-substitution
and cost reduction measures although no new aggressive
measures were implemented by customers.
• Advertising mail trend improved in part as a result of
stronger performance from some food retailers and slower
decline of catalogue sellers.
Reported
Underlying²
1Q14 2Q14 3Q14 4Q14 YTD14 1Q14 2Q14 3Q14 4Q14 YTD14
Price/Mix
4Q14
6.9
Transactional mail -5.3% -5.2% -5.1% -3.1% -4.7% -5.3% -5.9% -4.7% -4.2% -5.0%
Advertising mail
-2.7% 2.0%
Press
-3.2% -2.9% -2.5% -2.6% -2.8% -3.2% -2.9% -2.5% -2.6% -2.8%
-3.7% -3.4% -1.9% -2.7% -3.6% -3.7% -2.1% -3.0%
Domestic Mail
-4.6% -3.6% -4.6% -3.1% -3.9% -4.6% -5.1% -4.3% -3.7% -4.4%
409.2
-5.1
1
2
Normalized figures are neither audited nor have been subject to a limited review
2Q14 was impacted by elections. In 3Q14 we had 1 business working day less and in 4Q14 we had 1 business working day more compared to 2013. In terms of
working days for 2015, 1Q15, 2Q15 and 4Q15 will be equal to same quarters of 2014. In 3Q15 we will have 1 business working day more.
4Q14
10
Continued growth of international parcels, solid volume
performance in domestic parcels
Normalized1 total operating income (revenues), € million
4Q13
Scope
4Q13 before
organic evolution
Domestic Parcels
2
International Parcels
Special Logistics
76.0
• Solid volume growth in 4Q14 of 7.1% driven by
e-commerce growth, despite weak November month
(especially fashion e-tailers), the continued decline of
catalogue sellers and weak C2C parcel sales.
• Negative mix effect of -2.2%
• Growth of domestic volumes in December was
particularly strong at 15.6% (above LY December
performance of 12.9%).
2.4
78.4
1.9
• Continued growth on lanes from US (€ +7.7m) in part
positively impacted by a stronger $/€ rate (€ +2.5m);
from China (€ +2.2m) in line with previous quarters and
growth of shipments to China slowing down (€ +0.5m).
10.9
-1.1
4Q14
• December results in line with run-rate post
restructuring.
90.1
+11.7
1
2
Normalized figures are neither audited nor have been subject to a limited review
Defined as domestic and Belgian in- and outbound
4Q14
11
Additional sources of revenues holding well
Normalized1 total operating income (revenues), € million
4Q13
Scope
4Q13 before
organic evolution
International Mail
VAS
156.5
0.8
157.3
• Excluding lower one-off settlements relating to last year
(€ -0.7m) and positive FX impact (€ +1.8m),
international mail sales were slightly down.
0.2
• Contribution of solutions thanks to European license
plates.
0.8
-0.2
Banking & Financial
0.1
Others
158.1
4Q14
• Mainly less service fee (€ -0.4m) paid as a result of
cost optimization of activities performed on behalf of
bpost bank and lower volumes of financial transactions
managed on behalf of the Belgian state while prepaid
cards continued to grow (€ +0.3m).
• Higher assets under management offset by lower
transformation margin and lower insurance production.
+0.8
1
Normalized figures are neither audited nor have been subject to a limited review
4Q14
12
Costs remained well under control and were down € 9.9m on an
underlying basis (excl. one-offs, phasing and transport)
Operating expenses excl. depreciation and amortization, Normalized1, € million
4Q13
Scope
4Q13 before
organic evolution
One-off & phasing
519.4
2.9
522.2
0.9
11.1
Transport costs
4Q13 excl. one-off,
phasing & transport
534.2
-13.1
Payroll & Interim
Other SG&A
Other costs
4Q14
3.5
-0.3
524.3
-9.9
1
• Terminal dues one-offs (€ +4.1m) and phasing impact
(€ +2.7m) both relating to last year in transport costs.
• Phasing and one-off effects relating mainly to payroll
restructuring charges (€ +6.3m) and employee benefits
provision movements (€ -8.0m).
• Decrease in provisions (€ -4.2m) in other costs.
• Increase in transport costs relating to the evolution
of international activities, including FX impact (€ +3.3m)
• Total FTE reduction of 664 FTE (€-9.1m), partly
supported by a hiring freeze since the start of the Alpha
analysis (48 FTE).
• Positive mix impact of € -0.8m mainly thanks to the
recruitment of auxiliary postmen as well as other factors
accounting for € -3.2m.
• Increase in consultancy costs, 3rd party costs,
advertising costs (parcels) and other services, partly
compensated by the decrease in maintenance costs and
energy delivery.
Normalized figures are neither audited nor have been subject to a limited review
4Q14
13
Operating free cash flow1 of € +48.4m in 4Q14
€ million
4Q13
4Q14
Delta
Cash flow from operating activities
+46.4
+71.8
+25.4
Cash flow from investing activities
-33.9
-23.4
+10.5
+12.5
+48.4
+35.9
Financing activities
-195.3
-217.7
-22.4
Net cash movement
-182.8
-169.3
+13.5
+37.2
+34.0
-3.2
€ million
Operating free cash flow
Capex
1
• Lower results of operating activities (€ -9.2m) mainly due to higher prepayment
income taxes in 4Q14 (€ -10.0m)
• Positive evolution of the working capital vs. 4Q13 (€ +34.6m). Working capital
was positively influenced by terminal dues mainly related to the earlier
settlement of another postal operator (which will negatively impact 2015), and
an access fee (€ +5.0m) paid by a partner in financial services
• Lower capital expenditure in 4Q14 (€ +3.2m)
• Higher proceeds sale of buildings in 4Q14 (€ +7.3m) due to the sale of a large
property
• Interim dividend payment is € -22.0m higher than last year
1
Operating free cash flow = cash flow from operating activities + cash flow from investing activities, excludes the impact of the
2013 repayment of prior compensation, following the 2012 EU ruling and deposits received from 3rd parties.
4Q14
14
Final dividend of € 0.22/share gross will be proposed to reach a total
dividend payment of € 1.26/share gross
Based on the communicated dividend policy, taking into account the interim dividend paid and subject
to Board and Shareholders’ meeting approval
Interim dividend paid in December 2014 (€, gross per share)
Final dividend payment (proposed)
(€, gross per share)
Total proposed dividend for 2014
EUR 1.04
EUR 0.22
EUR 1.26
Dividend
bpost S.A./N.V. net profits after tax
November to December 2014 (BGAAP)
Pay-out ratio
EUR 52.1m
x 85%
Proposed final dividend
EUR 44.3m
Dividend payment, € gross per share
EUR 0.22
4Q14
15
Strong balance sheet structure
€ million
Equity and liabilities
Assets
2,121.8
1,929.2
562.3
Cash & cash
equivalents
448.2
Other assets
68.7
341.3
416.5
Trade & other
receivables
402.4
400.8
9.2
12.5
659.2
655.2
Dec 31, 2013
Dec 31, 2014
PPE & intangible
assets
Provisions
1,929.2
86.9
62.6
74.4
Investments in
associates
Inventories
Interest-bearing
loans & borrowings
Trade & other
payables
2,121.8
75.6
64.8
931.4
857.7
Employee benefits
345.1
Total equity
576.9
Dec 31, 2013
368.6
681.4
Dec 31, 2014
4Q14
Outlook for 2015
• After a very strong 2014 which allowed us to report historically high numbers, we will be facing some
headwind in 2015:
• We expect mail volumes to remain under substantial pressure from e-substitution. As a consequence
we plan for mail a volume decline of over -5%. This has been confirmed by a relatively soft start of the
year in mail.
• The compensation for the SGEI’s (management contract) will be € 16.5m lower than in 2014 as
the government has decided to reduce the compensation above and beyond the already lower
contractual cap.
• Parcels to China (milk powder) are no longer growing and could be declining.
• The planned productivity improvements as per the Vision 2020 planning are at the very low end of
our 800 to 1,200 FTE/year range.
• On the positive side, we still expect mid single digit growth in domestic parcels in spite of the
intensification of competition. We also expect continued growth in the US and Asia parcels segment.
• On balance, our ambition is to hold our recurring EBIT(DA) at the high level achieved in 2014 thanks
to the partial effects of the Alpha plan and a continued focus on costs. Reported EBIT will be affected by
the Alpha restructuring cost. Our ambition is to achieve the same level of dividend payment.
• Cash generation should follow normal seasonality and net capex is expected at around € 90m. Working
capital will be negatively affected by the favorable phasing on terminal dues payment in 2014.
16
Appendix: Full year 2014 details
Brussels – March, 17th 2015
FY14
18
FY14 EBITDA grew solidly thanks to solid revenue growth both in
parcels and additional sources of revenues along with continued cost
savings
Normalized1, € million
€ +34.4m / +6.4%
+572.0
+8.6
+8.0
+536.9
+0.8
-3.5
+49.6
-28.3
EBITDA
FY13
Scope
Domestic Mail
100% acquisition of Gout,
BEurope, Ecom and
Starbase by Landmark
Global Inc.
1
Parcels
Additional
sources of
revenues
Corporate
Costs
EBITDA
FY14
Total operating income (revenues)
Normalized figures are neither audited nor have been subject to a limited review
Of which building sales
€ -2.3m.
Including increase of
transport costs by € 38.2m
FY14
19
Summary of key financials FY14
€ million
Reported
FY13
FY14
1
Normalized
FY13
FY14
%∆
Total operating income (revenues)
2,443.2
2,464.7
2,428.6
2,464.7
1.5%
Operating expenses
1,891.7
1,892.6
1,891.7
1,892.6
0.0%
551.4
572.0
536.9
572.0
6.6%
22.6%
23.2%
22.1%
23.2%
450.7
480.2
436.1
480.2
18.4%
19.5%
18.0%
19.5%
Profit before tax
456.8
454.1
442.2
454.1
Income tax expense
168.9
158.6
168.9
158.6
Net profit
287.9
295.5
273.3
295.5
8.1%
FCF
125.9
373.3
249.0
373.5
50.0%
bpost S.A./N.V. net profit (BGAAP)
248.2
296.9
248.2
296.9
19.6%
EBITDA
Margin (%)
EBIT
Margin (%)
Net Debt/ (Net cash), at 31 Dec.
1
10.1%
2.7%
(360.7) (486.2) (360.7) (486.2) 34.8%
Normalized figures are neither audited nor have been subject to a limited review
2013: gain of
€ 14.6m from sale of
Certipost divisions
FY14
20
Total operating income (revenues) of € 2,464.7m in FY14,
increase of € 25.8m on an organic basis
Normalized1, € million
Domestic mail
FY13
Scope
Transactional mail
961.3
Advertising mail
Press
Organic
FY14
% Org
-
-18.0
943.2
-1.9%
275.9
-
-4.5
271.4
-1.6%
314.1
-
-5.8
308.4
-1.8%
141.9
-
9.4
151.3
6.7%
91.5
8.1
43.7
143.3
47.7%
16.2
-
-3.6
12.6
-22.0%
199.3
0.0
4.4
203.7
2.2%
Value added services
89.4
-
6.0
95.4
6.7%
Banking and financial
209.2
-
-1.8
207.5
-0.8%
Others
104.4
2.3
-0.6
106.0
-0.6%
25.5
-
-3.5
21.9
-13.9%
2,428.6
10.3
25.8
2,464.7
1.1%
3
Parcels
Domestic parcels
International parcels
Special logistics
International mail
Additional sources
of revenues
Corporate
TOTAL
2
1 Normalized figures are neither audited nor have been subject to a limited review
² Scope including Gout International BV, BEurope, Ecom and Starbase
³ Defined as domestic and Belgian in- and outbound
FY14
21
Domestic mail underlying volume decline at -4.4%
Normalized1 total operating income (revenues), € million
FY13
1,551.3
Elections &
working day
4.6
-59.5
Volume
Price/Mix
• In 2014, elections’ contribution amounted to € +4.6m.
• Underlying volume decline at -4.4%.
• Transactional mail affected by e-substitution (with some
large customers implementing aggressive measures) and cost
cutting. Some one-off mailings and specific actions from
customers impacted the 2H volume trend positively.
• Advertising mail benefiting from food retailers despite
continued decline of catalogue sellers.
26.7
Reported
Underlying²
1Q14 2Q14 3Q14 4Q14 YTD14 1Q14 2Q14 3Q14 4Q14 YTD14
Transactional mail -5.3% -5.2% -5.1% -3.1% -4.7% -5.3% -5.9% -4.7% -4.2% -5.0%
FY14
1,523.0
-28.3
1
2
Advertising mail
-2.7% 2.0%
Press
-3.2% -2.9% -2.5% -2.6% -2.8% -3.2% -2.9% -2.5% -2.6% -2.8%
-3.7% -3.4% -1.9% -2.7% -3.6% -3.7% -2.1% -3.0%
Domestic Mail
-4.6% -3.6% -4.6% -3.1% -3.9% -4.6% -5.1% -4.3% -3.7% -4.4%
Normalized figures are neither audited nor have been subject to a limited review
2Q14 was impacted by elections. In 3Q14 we had 1 business working day less and in 4Q14 we had 1 business working day more compared to 2013. In terms of
working days for 2015, 1Q15, 2Q15 and 4Q15 will be equal to same quarters of 2014. In 3Q15 we will have 1 business working day more.
FY14
22
Continued solid growth of domestic and international parcels
Normalized1 total operating income (revenues), € million
FY13
Scope
FY13 before
organic evolution
Domestic Parcels
2
International Parcels
249.6
8.1
257.7
• Continued solid volume growth of domestic parcels
reaching 7.0% despite a continued decline of catalogue
sellers and weak C2C parcel sales.
9.4
• Continued growth from US (€ +22.7m), from China
(€ +8.6m) and shipments to China (€ +8.3m).
43.7
• Turnaround of activities implemented: revenues
decreased as a result of discontinuing the activities in
distribution & warehousing.
-3.6
Special Logistics
FY14
307.2
+49.6
1
2
Normalized figures are neither audited nor have been subject to a limited review
Defined as domestic and Belgian in- and outbound
FY14
23
VAS and International mail performed well, partly offset by
Banking & Financial
Normalized1 total operating income (revenues), € million
FY13
Scope
FY13 before
organic evolution
International Mail
602.2
2.3
604.5
• Excluding one-off settlements (€ -5.7m), strong
underlying International mail performance in part
supported by positive FX impacts.
4.4
• Contribution of solutions thanks to European license
plates, Car Registration Cards and digital printing of
magazines.
6.0
VAS
-1.8
Banking & Financial
-0.6
Others
• Mainly driven by lower volumes of financial
transactions managed on behalf of the Belgian State
and lower service fee paid by bpost bank in part
compensated by prepaid card sales.
• Higher assets under management offset by lower
transformation margin and lower insurance production.
612.5
FY14
+8.0
1
Normalized figures are neither audited nor have been subject to a limited review
FY14
24
Strong cost discipline taking into account the evolution of
international activities.
Operating expenses excl. depreciation and amortization, Normalized1, € million
FY13
1,891.7
Scope
9.5
FY13 before
organic evolution
Payroll & Interim
Transport costs
1,901.3
-26.9
38.2
-14.8
Other SG&A
Other costs
FY14
-5.3
1,892.6
• FTE reduction of 974 FTE (€ -45.8m).
• Positive mix impact of € -1.3m thanks to the
recruitment of auxiliary postmen partly offset by the use
of more interims.
• Negative price effect of € +12.9m, mainly due to merit
increases, promotions, CLA impact and other premiums.
• Other effects relating mainly to restructuring charges
(€ +10.5m), less favourable evolution of the rest arrears
(€ +3.2m) and higher accruals of the 5% profit share
(€ +2.4m) partly offset by employee benefits provision
movements (€ -4.1m) and other.
• Increase in transport costs relating to the evolution of
international activities while being impacted by FX
(€ +2.7m) and terminal dues one-offs relating to last
year (€ +1.5m).
• Decrease in publicity costs, 3rd party costs, energy
delivery, rent costs and other goods.
• Decrease in provisions (€ -7.0m) and material costs,
partly offset by the increase in other operating charges.
-8.6
1
Normalized figures are neither audited nor have been subject to a limited review
FY14
25
Operating free cash flow1 of € +373.5m in 2014
€ million
FY13
FY14
Delta
Cash flow from operating activities
+329.7
+451.7
+122.0
Cash flow from investing activities
-80.7
-78.2
+2.5
+249.0
+373.5
+124.5
-513.8
-259.5
+254.3
-264.7
+114.0
+378.7
+79.2
+90.9
+11.8
€ million
Operating free cash flow
Financing activities
2
Net cash movement
Capex
•
•
Improved results of operating activities (€ +35.1m)
Positive evolution of the working capital vs. LY (€ +86.8m). Besides LY payment related to the
competition claim fine (€ +37.4m), working capital was positively influenced by terminal dues
(€ +18.4m), mainly related to the earlier settlement of another postal operator, improvement in
payments by State entities (€ +14.2m), the access fee paid by a partner in financial services
(€ +5.0m) and LY advance for Gout acquisition which was utilized this year (net impact € 6.0m)
•
Higher capital expenditure in 2014 (€ -11.8m) mainly related to extensions of the sorting
centres and the installation of new sorting machines
Lower proceeds sale of buildings (€ -5.5m)
Newly acquired subsidiaries in 2014 (€ -9.1m) while LY was impacted by capital increase bpost
bank (€ +37.5m), sale of Certipost (€-15.1m) and purchase MSI shares (€ +6.8m)
•
•
•
•
•
1
2
1
LY repayment of SGEI overcompensation (€ +123.1m) and decapitalisation/exceptional
dividends (€ +198.0m)
In 2014, higher dividend pay-out (€ -60.7m – impact of interim dividend, dividend to
shareholders and minority interests together)
Higher payments related to borrowings and financing lease liabilities in 2014 (€ -5.8m)
Operating free cash flow = cash flow from operating activities + cash flow from investing activities, excludes the impact of the
2013 repayment of prior compensation, following the 2012 EU ruling and deposits received from 3rd parties.
Financing activities includes the impact of the 2013 repayment of prior compensation and deposits received from 3rd parties.
26
Key contacts
Pierre Winand
CFO, Service Operations and ICT
Paul Vanwambeke
Director Investor Relations
Saskia Dheedene
Manager Investor Relations
•
•
•
•
Email: [email protected]
Direct: + 32 (0)2 276 22 35
Mobile: +32 (0) 494 566 348
Address: bpost, Centre Monnaie, 1000 Brussels, Belgium
•
•
•
•
Email: [email protected]
Direct: + 32 (0)2 276 28 22
Mobile: +32 (0) 497 591 335
Address: bpost, Centre Monnaie, 1000 Brussels, Belgium
•
•
•
•
Email: [email protected]
Direct: + 32 (0)2 276 76 43
Mobile: +32 (0) 477 922 343
Address: bpost, Centre Monnaie, 1000 Brussels, Belgium