Dividend proposal 2021

In accordance with our dividend policy, PostNL aims to pay a dividend that develops substantially in line with operational performance. The dividend pay-out ratio will be around 70% to 90% of normalised comprehensive income. PostNL defines normalised comprehensive income as comprehensive income normalised for incidentals in operating income/EBIT, net of statutory tax, as well as the net result from discontinued operations. In 2021, PostNL's normalised comprehensive income amounted to €285 million (2020: €200 million).

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PostNL Normalised comprehensive income in million
2020, 2021

Year ended at 31 December



Profit for the year



Other comprehensive income



Comprehensive income




Normalisations on EBIT (less statutory tax)



Normalise result from discontinued operations




Normalised comprehensive income



Our dividend policy states that dividend distribution is conditional on being properly financed in accordance with our financial framework. PostNL is steering for a solid balance sheet with a positive consolidated equity, aiming at a leverage ratio not exceeding 2.0 and applying strict cash flow management. This condition was clearly met at the end of 2021. As a result, PostNL will recommend to the Annual General Meeting of Shareholders a pay-out of 75% of normalised comprehensive income for 2021, being a dividend of €0.42 per ordinary share (2020: €0.28). €0.10 was paid as an interim dividend, so the final dividend to be paid in May 2022 will be €0.32 per share. This will be proposed to the Annual General Meeting of Shareholders.

We refer the reader to the 'PostNL on the capital markets' chapter for a description of our dividend policy, and the 'Financial statements' chapter for more information on the appropriation of profit.