Consolidated primary statements

PostNL Consolidated income statement in million
2018, 2019

Year ended at 31 December

Notes

2018

2019

Revenue from contracts with customers

2.1.1

2,758

2,829

Other operating revenue

 

14

15

Total operating revenue

 

2,772

2,844

    

Other income

 

21

12

    

Cost of materials

 

(63)

(67)

Work contracted out and other external expenses

2.1.2

(1,308)

(1,330)

Salaries, pensions and social security contributions

2.1.3

(1,003)

(1,059)

Depreciation, amortisation and impairments

2.1.4

(83)

(180)

Other operating expenses

2.1.5

(151)

(101)

Total operating expenses

 

(2,608)

(2,737)

    

Operating income

 

185

119

    

Interest and similar income

 

3

3

Interest and similar expenses

 

(27)

(19)

Net financial income/(expense)

2.2

(24)

(16)

    

Results from investments in JVs/associates

3.7

0

0

    

Profit/(loss) before income taxes

 

161

103

    

Income taxes

2.2

(34)

(31)

    

Profit/(loss) from continuing operations

 

127

72

    

Profit/(loss) from discontinued operations

3.9

(94)

(68)

    

Profit for the year

 

33

4

    

Attributable to:

   

Non-controlling interests

 

0

0

Equity holders of the parent

 

33

4

PostNL Earnings per share in cents
2018, 2019

  

2018

2019

Earnings per ordinary share1

2.2

7.1

0.8

Earnings per diluted ordinary share2

2.2

7.1

0.8

Earnings from continuing operations per ordinary share1

 

27.5

14.9

Earnings from continuing operations per diluted ordinary share2

 

27.4

14.9

Earnings from discontinued operations per ordinary share1

 

(20.4)

(14.1)

Earnings from discontinued operations per diluted ordinary share2

 

(20.3)

(14.1)

  • 1 Earnings per ordinary share are in 2019 based on an average of 482,577,917 outstanding ordinary shares (2018: 462,015,866).
  • 2 Earnings per diluted ordinary share are in 2019 based on an average of 483,484,286 ordinary shares on a fully diluted basis in the year (2018: 463,179,101).

PostNL Consolidated statement of comprehensive income in million
2018, 2019

Year ended at 31 December

Notes

2018

2019

Profit for the year

 

33

4

    

Actuarial gains/(losses) pensions, net of tax

3.5

32

60

Pension asset ceiling/minimum funding requirement, net of tax

3.5

(2)

(65)

Impact tax rate change related to OCI pensions

 

(3)

3

Change in value of financial assets at fair value through OCI

4.2

11

3

Other comprehensive income that will not be reclassified to the income statement

 

38

1

    

Currency translation adjustment, net of tax

 

0

0

Gains/(losses) on cashflow hedges, net of tax

 

1

(2)

Other comprehensive income that may be reclassified to the income statement

 

1

(2)

    

Total other comprehensive income for the year

 

39

(1)

    

Total comprehensive income for the year

 

72

3

    

Attributable to:

   

Non-controlling interests

 

0

0

Equity holders of the parent

 

72

3

PostNL Consolidated statement of cash flows in million
2018, 2019

Year ended at 31 December

Notes

2018

2019

Profit/(loss) before income taxes

 

161

103

    

Adjustments for:

   

Depreciation, amortisation and impairments

 

83

180

Share-based payments

 

3

1

    

(Profit)/loss on disposal of assets

 

(19)

(7)

(Profit)/loss on sale of Group companies

  

(5)

Interest and similar income

 

(3)

(3)

Interest and similar expenses

 

27

19

Results from investments in JVs/associates

 

0

0

Investment income

 

5

4

    

Pension liabilities

 

(22)

(25)

Other provisions

 

(14)

30

Changes in provisions

 

(36)

5

    

Inventory

 

0

0

Trade accounts receivable

 

(40)

55

Other accounts receivable

 

15

(19)

Other current assets

 

2

(18)

Trade accounts payable

 

(24)

20

Other current liabilities excluding short-term financing and taxes

 

(75)

(73)

Changes in working capital

 

(122)

(35)

    

Cash generated from operations

 

94

258

    

Interest paid

 

(26)

(14)

Income taxes paid

 

(39)

(34)

    

Net cash (used in)/from operating activities

2.3.1

29

210

    

Interest received

 

3

3

Acquisition of subsidiaries (net of cash)

  

(65)

Disposal of subsidiaries

  

3

Investments in JVs/associates

 

(2)

(1)

Disposal of JVs/associates

  

1

Capital expenditure on intangible assets

 

(40)

(32)

Capital expenditure on property, plant and equipment

 

(55)

(34)

Proceeds from sale of property, plant and equipment

 

46

14

Changes in other loans receivable

 

1

0

Other changes in (financial) fixed assets

 

(1)

5

    

Net cash (used in)/from investing activities

2.3.2

(48)

(106)

    

Dividends paid

 

(63)

(71)

Proceeds from long-term borrowings

 

3

296

Repayments of short-term borrowings

 

(223)

(64)

Repayments of leases

 

(2)

(62)

    

Net cash (used in)/from financing activities

2.3.3

(285)

99

    

Total change in cash from continuing operations

 

(304)

203

    

Cash and cash equivalents at the beginning of the year

 

645

269

Cash transfers to/from discontinued operations

 

(72)

8

Total change in cash from continuing operations

 

(304)

203

Cash and cash equivalents at the end of the year

 

269

480

    

Total change in cash from discontinued operations

3.9

(52)

(3)

PostNL Consolidated statement of financial position in million
2018, 2019

 

Notes

At 31 December
2018

At 31 December
2019

Assets

   
    

Goodwill

 

97

224

Other intangible assets

 

115

140

Intangible fixed assets

3.3

212

364

    

Land and buildings

 

322

272

Plant and equipment

 

155

119

Other

 

12

13

Construction in progress

 

5

10

Property, plant and equipment

3.2

494

414

    

Right-of-use assets

3.4

 

259

    

Investments in joint ventures/associates

3.7

3

3

Other loans receivable

4.1

6

6

Deferred tax assets

3.8

66

65

Financial assets at fair value through OCI

4.2

17

15

Financial fixed assets

 

92

89

    

Total non-current assets

 

798

1,126

    

Inventory

 

5

4

Trade accounts receivable

3.1.1

313

271

Accounts receivable

3.1.1

12

51

Income tax receivable

 

2

1

Prepayments and accrued income

 

99

114

Cash and cash equivalents

4.1

269

480

Total current assets

 

700

921

    

Assets classified as held for sale

3.9

200

91

    

Total assets

 

1,698

2,138

    

Equity and liabilities

   
    

Equity attributable to the equity holders of the parent

 

46

(21)

Non-controlling interests

 

3

3

Total equity

2.4

49

(18)

    

Deferred tax liabilities

3.8

31

0

Provisions for pension liabilities

3.5

296

283

Other provisions

3.6

19

26

Long-term debt

4.1

398

695

Long-term lease liabilities

3.4

22

201

Accrued liabilities

 

4

0

Total non-current liabilities

 

770

1,205

    

Trade accounts payable

 

146

197

Other provisions

3.6

21

53

Short-term debt

4.1

1

1

Short-term lease liabilities

3.4

3

63

Other current liabilities

3.1.2

126

110

Income tax payable

 

3

9

Contract liabilities

3.1.3

80

67

Accrued current liabilities

3.1.4

378

351

Total current liabilities

 

758

851

    

Liabilities related to assets classified as held for sale

3.9

121

100

    

Total equity and liabilities

 

1,698

2,138

PostNL Consolidated statement of changes in equity in million
2018, 2019

 

Issued share capital

Additional paid-in
capital

Other
reserves1

Retained
earnings

Attributable to equity holders of the parent

Non- controlling interests

Total
equity

Balance at 1 January 2018

36

160

73

(235)

34

3

37

        

Total comprehensive income

  

39

33

72

0

72

Appropriation of net income

  

(48)

48

0

 

0

Final dividend previous year

1

(1)

 

(47)

(47)

 

(47)

Interim dividend current year

1

(1)

 

(16)

(16)

 

(16)

Share-based compensation

 

2

1

 

3

 

3

        

Balance at 31 December 2018

38

160

65

(217)

46

3

49

        

Total comprehensive income

  

(1)

4

3

0

3

Appropriation of net income

  

(166)

166

0

 

0

Final dividend previous year

1

(1)

 

(48)

(48)

 

(48)

Interim dividend current year

1

(1)

 

(23)

(23)

 

(23)

Share-based compensation

 

2

(1)

 

1

 

1

        

Balance at 31 December 2019

40

160

(103)

(118)

(21)

3

(18)

  • 1 The other reserves include the currency translation reserve, the hedge reserve and the reserve relating to financial assets at fair value through OCI. Reference is made to note 2.4.