Investor presentation - Interim financial report 4Q14
Transcription
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
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