Trade receivables are recorded where PostNL has the unconditional rights to consideration from the customers. Trade receivables that do not contain a significant financing component or for which PostNL has applied the practical expedient are measured at the transaction price determined under IFRS 15.
PostNL recognises an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that PostNL expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, PostNL applies a simplified approach in calculating ECLs. Therefore, PostNL does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. PostNL has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The amount of the ECLs is recognised in the income statement. Any reversal of the ECLs is included in the income statement on the same line as where the original expense was recorded.
The risk of uncollectability of accounts receivable is primarily estimated based on prior experience with, and the past due status of, doubtful debtors adjusted for forward-looking factors. Large accounts are assessed individually based on factors that include ability to pay, bankruptcy and payment history. In addition, debtors in certain countries are subject to a higher collectability risk, which is taken into account when assessing the overall risk of uncollectability.
At 31 December | 2021 | 2022 |
|---|---|---|
Trade accounts receivable - total | 407 | 377 |
Allowance for expected credit losses | (7) | (7) |
Trade accounts receivable | 400 | 370 |
VAT receivable | 4 | 4 |
Other accounts receivable | 7 | 8 |
Accounts receivable | 11 | 12 |
Total accounts receivable | 411 | 382 |
Trade accounts receivable are non-interest bearing and are generally on terms of 3 to 30 days.
Trade accounts receivable include an amount of €144 million (2021: €165 million) that was unbilled at 31 December 2022. In 2021, an amount of €47 million of these unbilled trade receivables was reported as prepayments and accrued income. For comparison purposes, this amount has been reclassified to trade accounts receivable.
The main part of the allowance for expected credit losses related to a collective loss component established for groups of similar trade accounts receivable balances. This collective loss component is largely based on the ageing of the trade accounts receivable and is reviewed periodically. The fair value of the total (trade) accounts receivable approximated its carrying value.
The decrease of trade accounts receivable - total from €407 million on 31 December 2021 to €377 million on 31 December 2022 is mainly explained by higher revenue in 2021. The trade accounts receivable past due decreased from €125 million on 31 December 2021 to €122 million on 31 December 2022 (see table expected credit losses at the next page).
The top 10 trade accounts receivable accounted for 21% of the outstanding balance as at 31 December 2022 (2021: 19%). The concentration of the trade accounts receivable portfolio over the different regions can be summarised as follows:
Netherlands €305 million (2021: €347 million),
rest of Europe €45 million (2021: €42 million), and
the rest of the world €20 million (2021: €11 million).
The movements in the allowance for expected credit losses of trade accounts receivable were as follows:
Download spreadsheet2021 | 2022 | |
|---|---|---|
Balance at 1 January | 10 | 7 |
Provided for during financial year | 1 | 3 |
Receivables written off during year as uncollectable | (3) | (3) |
Balance at 31 December | 7 | 7 |
Set out below is the information about the credit risk exposure on the trade accounts receivable using a provision matrix.
Download spreadsheetAt 31 December | Months due | |||||
|---|---|---|---|---|---|---|
Up to 1 month | 1-2 months | 2-3 months | 3-4 months | over 4 months | Total | |
Expected credit loss rate | 0% | 1% | 2% | 7% | 14% | |
Gross amount of trade accounts receivable | 326 | 19 | 12 | 4 | 47 | 407 |
Trade accounts receivable past due | 49 | 17 | 12 | 3 | 44 | 125 |
Expected credit loss 2021 | 0 | 0 | 0 | 0 | 6 | 7 |
Expected credit loss rate | 1% | 3% | 7% | 23% | 5% | |
Gross amount of trade accounts receivable | 276 | 19 | 10 | 4 | 67 | 377 |
Trade accounts receivable past due | 26 | 16 | 9 | 4 | 66 | 122 |
Expected credit loss 2022 | 2 | 1 | 1 | 1 | 3 | 7 |
At 31 December | 2021 | 2022 |
|---|---|---|
VAT payable | 32 | 67 |
Social security contributions payable | 24 | 30 |
Payments from customers received in advance | 49 | 48 |
Pension payable | 16 | |
Other | 6 | 7 |
Total | 111 | 168 |
The VAT payable increased by €35 million. This is mainly caused by an outstanding payment of €30 million related to a settlement reached between PostNL and the Italian tax authorities, reference is made to note 2.4.3: Profit/(loss) from discontinued operations
. Pension payable in 2022 contains the last instalment of €16 million related to the unconditional funding obligation with the pension fund, reference is made to note 3.5: Provisions for pension liabilities.
At 31 December | 2021 | 2022 |
|---|---|---|
Deferred revenue from unused stamps | 42 | 47 |
Deferred revenue from franking machines | 10 | 7 |
Rental of mailboxes | 9 | 8 |
Other amounts received in advanced from customers | 10 | 8 |
Total | 70 | 70 |
We expect to perform almost all services related to the outstanding contract liabilities at 31 December 2022 within one year. However, note that within one year we expect outstanding contract liabilities more or less in line with the amounts currently reported.
At 31 December | 2021 | 2022 |
|---|---|---|
To be paid to third parties | 141 | 139 |
To be paid to personnel | 44 | 21 |
Vacation days/vacation payments | 97 | 98 |
Terminal dues | 204 | 181 |
Interest payable | 2 | 1 |
Other accrued current liabilities | 0 | 0 |
Total | 487 | 441 |
Main items within the expenses to be paid to third parties included payables to business partners of €20 million (2021: €24 million), claims of €4 million (2021: €6 million) and various other expenses to be paid.
Expenses to be paid to personnel included accrued wages and salaries of €17 million (2021: €24 million) and accruals for employee profit-sharing of €1 million (2021: €14 million).
The accrual for terminal dues relates to payables to foreign postal operators relating to the years 2022 and before, partly consisting of positions in SDR currency. The net payable position, including the receivable for terminal dues of €28 million (2021: €12 million) included in prepayments and accrued income, amounted to €153 million (2021: €192 million). The change reflects both the regular course of business as well as settlements of outstanding positions. The positions where there is no price multi- or bilateral agreement on price are based on our best estimate of the price for which we expect to settle.
Property, plant and equipment is valued at historical cost, less depreciation and impairment losses. The initial costs of an assets comprises its purchase price, costs of bringing the asset into working condition, handling and installation costs and non-refundable purchase taxes.
Land is not depreciated. System software is capitalised and amortised as a part of the tangible fixed asset for which it was acquired to operate.
Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life, taking into account any residual value. The asset’s residual value and useful life is reviewed on an annual basis and, if necessary, changes are accounted for prospectively.
For the accounting policy concerning impairments, reference is made to note 5.4.
Land and | Plant and | Other equipment | Construction | Total | |
|---|---|---|---|---|---|
Depreciation percentage | 0%-10% | 10%-33% | 10%-33% | 0% | |
Historical cost | 392 | 414 | 46 | 44 | 896 |
Accumulated depreciation and impairments | (182) | (309) | (36) | (526) | |
Balance at 1 January 2021 | 210 | 106 | 10 | 44 | 370 |
Transfers from right-of-use assets | 16 | 3 | 19 | ||
Capital expenditure | 16 | 37 | 7 | 34 | 93 |
Internal transfers and reclassifications | 28 | 23 | 1 | (52) | |
Depreciation | (13) | (28) | (5) | (46) | |
Transfers to assets held for sale | (3) | (3) | |||
Total changes | 44 | 35 | 3 | (19) | 63 |
Historical cost | 409 | 449 | 39 | 25 | 922 |
Accumulated depreciation and impairments | (155) | (308) | (26) | (489) | |
Balance at 31 December 2021 | 254 | 141 | 13 | 25 | 433 |
Land and | Plant and | Other equipment | Construction | Total | |
|---|---|---|---|---|---|
Depreciation percentage | 0%-10% | 6%-33% | 10%-33% | 0% | |
Historical cost | 409 | 449 | 39 | 25 | 922 |
Accumulated depreciation and impairments | (155) | (308) | (26) | (489) | |
Balance at 1 January 2022 | 254 | 141 | 13 | 25 | 433 |
Capital expenditure | 12 | 23 | 4 | 32 | 70 |
Internal transfers and reclassifications | 4 | 10 | (13) | ||
Depreciation | (14) | (28) | (5) | (46) | |
Transfers to assets held for sale | (1) | (1) | |||
Total changes | 1 | 5 | (1) | 18 | 24 |
Historical cost | 401 | 426 | 38 | 44 | 909 |
Accumulated depreciation and impairments | (147) | (280) | (25) | (452) | |
Balance at 31 December 2022 | 255 | 146 | 13 | 44 | 457 |
In 2021, the transfers from right-of-use assets relate to the revision of one Parcels sorting centre and sorting machine lease as property, plant and equipment, as the related sale-and-leaseback transaction did not represent a true sale according to IFRS 15.
Capital expenditures 2022 are below the level of 2021. Investments were made in the new sorting and delivery centres within Parcels, and in various other equipment. Both developments also impacted the internal transfers and reclassifications from construction in progress to land and buildings and plant and equipment.
In 2022, the transfers to assets held for sale of €1 million (2021: €3 million) related to buildings in the Netherlands.
The property, plant and equipment assets include a number of Parcel sorting centres and sorting machines financed and legally owned by an entity especially set up for this purpose by a third party. The term of the related lease contracts and liabilities is 10 years. Up to 31 December 2022, 5 sorting centres and sorting machines (2018: 1, 2019: 3, 2021: 1) have been finalised and leased from this special entity, for which the related property, plant and equipment assets (2 locations with a total book value of €36 million at 31 December 2022) and corresponding (legal) lease loans, and right-of-use assets (3 locations) and corresponding lease liabilities have been recorded.
Goodwill represents the excess of the cost of acquisition over the fair value of PostNL’s share of the identifiable net assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of joint ventures and associates is included in investments in joint ventures/associates and is not separately recognised or tested for impairment. Gains and losses on disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Separately-recognised goodwill arising on acquisitions is capitalised and subject to an annual impairment review. Goodwill is carried at cost less accumulated impairment losses.
Costs related to the development and installation of software for internal use are capitalised at historical cost and amortised over the estimated useful life. Other intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
An asset under construction is transferred to its respective intangible asset category at the moment it is ready for use and is amortised using the straight-line method over its estimated useful life. Other intangible assets are valued at the lower of historical cost less amortisation and impairment. The asset’s residual value and useful life is reviewed on an annual basis and, if necessary, changes are accounted for prospectively.
For the accounting policy concerning impairments of goodwill and other intangible fixed assets, reference is made to note 5.4.
Goodwill | Software | Other | Total | |
|---|---|---|---|---|
Amortisation percentage | 10%- 35% | 0%- 35% | ||
Historical cost | 244 | 222 | 65 | 532 |
Accumulated amortisation and impairments | (36) | (144) | (12) | (192) |
Balance at 1 January 2021 | 208 | 79 | 53 | 339 |
Additions | 40 | 17 | 56 | |
Disposals | (1) | (1) | ||
Internal transfers/reclassifications | 18 | (18) | ||
Amortisation | (37) | (3) | (40) | |
Impairments | (1) | (1) | ||
Total changes | (1) | 20 | (4) | 15 |
Historical cost | 243 | 238 | 63 | 545 |
Accumulated amortisation and impairments | (36) | (139) | (14) | (190) |
Balance at 31 December 2021 | 207 | 98 | 49 | 354 |
Goodwill | Software | Other | Total | |
|---|---|---|---|---|
Amortisation percentage | 10%- 35% | 0%- 35% | ||
Historical cost | 243 | 238 | 63 | 545 |
Accumulated amortisation and impairments | (36) | (139) | (14) | (190) |
Balance at 1 January 2022 | 207 | 98 | 49 | 354 |
Additions | 73 | 6 | 79 | |
Internal transfers/reclassifications | 17 | (17) | ||
Amortisation | (41) | (3) | (44) | |
Total changes | 49 | (14) | 35 | |
Historical cost | 243 | 297 | 52 | 593 |
Accumulated amortisation and impairments | (36) | (150) | (17) | (204) |
Balance at 31 December 2022 | 207 | 147 | 35 | 389 |
Goodwill is allocated to the Group’s cash-generating units (CGUs) and tested for impairment. The CGUs correspond to an operation in a particular country or region and the nature of the services provided. Compared to 2021, the CGU structure has not changed.
In 2021, the disposal of goodwill of €1 million related to the finalisation of the preliminary purchase price allocation of the acquisition of MyParcel.com in 2020 (CGU Spring).
Download spreadsheetYear ended at 31 December | 2021 | 2022 |
|---|---|---|
Parcels | 32 | 32 |
Mail in the Netherlands | 174 | 174 |
Spring | 1 | 1 |
Total | 207 | 207 |
Based on the 2022 financial performance, a detailed review has been performed of the recoverable value of each CGU. The recoverable value is the higher of the value in use and fair value less costs of disposal. Fair value less costs of disposal represents the best estimate of the amount PostNL would receive if it sold the CGU. The recoverable value is determined based on the fair value less costs of disposal. The fair value less costs of disposal has been estimated on the basis of the present value of future cash flows, taking into account costs of disposal.
For both mature markets and non-mature markets, the estimated future net cash flows are based on a five-year (2021: five-year) forecast and business plan, which forecast period has been assessed as adequate to reach a sustainable basis for the calculation of the continuing value. The cash flow projections have been approved by management.
PostNL has determined the budgeted gross margin based on past performance and its expectations for market development. The weighted average growth rates used are consistent with the forecasts included in industry reports for the related operation and market and did not change materially compared to previous year. The weighted average pre-tax discount rate used in the CGU valuations was around 11.0% (2021: around 10.0%).
Key assumptions used to determine the recoverable values for each individual CGU are the following:
maturity of the underlying market, market share and volume development in order to determine the revenue mix and (long-term) growth rate,
level of operating income largely impacted by revenue and cost development, taking into account the nature of the underlying costs and potential economies of scale,
level of capital expenditure in network-related assets, and
discount rate to be applied following the nature of the underlying cash flows and foreign currency and inflation-related risks.
Management has carried out an impairment test for each individual CGU and concluded that the recoverable amount of the individual CGUs is significantly higher than the carrying amount.
The closing balance of software and other intangibles is build up as follows:
Download spreadsheetYear ended at 31 December | 2021 | 2022 |
|---|---|---|
Internally-generated software | 95 | 145 |
Purchased software | 3 | 2 |
Software under construction | 18 | 4 |
Customer lists | 31 | 31 |
Total | 147 | 182 |
The additions to software mainly concerned IT investments related to replacement and improvement of sorting and delivery processes within Mail in the Netherlands and Parcels, and software licenses and costs of internally-generated software for various IT projects including investments in our online landscape, logistic service platform and back office functionality. The reclassification from other intangibles was due to finalised IT projects.
The estimated amortisation expenses for software and other intangible assets are:
2023: €48 million,
2024: €42 million,
2025: €35 million, and
thereafter: €57 million.
Software and other intangible assets include an amount of €2 million (2021: €1 million) of capitalised development costs.
PostNL leases sorting centres, sorting machines, distribution centres, offices, warehouses, trucks, vans, cars, transport equipment and other equipment. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. At the commencement date of the lease, the lease liabilities are measured at the present value of lease payments to be made over the lease term. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the incremental borrowing rate is used, being the rate that would have to be paid to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
The lease payments include the exercise price of a purchase option reasonably certain to be exercised by PostNL and payments of penalties for terminating the lease, if the lease term reflects PostNL exercising the option to terminate. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
PostNL elected to apply the practical expedient not to separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component. PostNL elected also the practical expedient not to apply the requirements for short-term leases (with a lease term of 12 months or less and which do not contain a purchase option) and leases for which the underlying asset is of low value (<€5 thousand). The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term.
Land and | Transport | Other | Total | |
|---|---|---|---|---|
Depreciation percentage | 0%-10% | 10%-33% | 10%-33% | |
Historical cost | 215 | 122 | 31 | 368 |
Accumulated depreciation and impairments | (64) | (48) | (13) | (125) |
Balance at 1 January 2021 | 151 | 74 | 18 | 243 |
Transfers to property, plant and equipment | (16) | (3) | (19) | |
New leases | 89 | 27 | 1 | 117 |
Lease modifications/reassessments | 13 | (1) | 12 | |
Disposals | (3) | (3) | ||
Depreciation | (32) | (27) | (3) | (62) |
Total changes | 52 | (1) | (6) | 45 |
Historical cost | 274 | 137 | 23 | 435 |
Accumulated depreciation and impairments | (71) | (64) | (11) | (146) |
Balance at 31 December 2021 | 203 | 73 | 13 | 289 |
Land and | Transport | Other | Total | |
|---|---|---|---|---|
Depreciation percentage | 0%-10% | 10%-33% | 10%-33% | |
Historical cost | 274 | 137 | 23 | 435 |
Accumulated depreciation and impairments | (71) | (64) | (11) | (146) |
Balance at 1 January 2022 | 203 | 73 | 13 | 289 |
New leases | 29 | 29 | 1 | 58 |
Lease modifications/reassessments | 11 | 2 | 13 | |
Depreciation | (35) | (29) | (2) | (66) |
Total changes | 5 | 2 | (1) | 6 |
Historical cost | 298 | 153 | 24 | 474 |
Accumulated depreciation and impairments | (89) | (79) | (12) | (180) |
Balance at 31 December 2022 | 209 | 75 | 11 | 295 |
In 2021, the transfers to property, plant and equipment assets relate to the revision of one Parcels sorting centre and sorting machine lease as property, plant and equipment, as the related sale-and-leaseback transaction did not represent a true sale according to IFRS 15.
In 2022, the new leases of €58 million mainly relate to the replacement and expansion of buildings, vans and trucks. The new leases of €117 million in 2021 mainly relate to a new sorting and delivery centre in Belgium within Parcels, the new head office and the replacement and expansion of buildings, vans and trucks. In 2022, the lease modifications/reassessments of €13 million (2021: €12 million) mainly reflect changes to the lease payments and lease terms.
In 2021, the disposals of €3 million related to disposed and subleased contracts from buildings from Sandd.
The right-of-use assets include a number of Parcel sorting centres and sorting machines financed and owned by an entity especially set up for this purpose by a third party. The term of the related lease contracts and liabilities is 10 years. Up to 31 December 2022, 5 sorting centres and sorting machines (2018: 1, 2019: 3, 2021: 1) have been finalised and leased from this special entity, for which the related property, plant and equipment assets (2 locations with a total book value of €36 million at 31 December 2022) and corresponding (legal) lease loans, and right-of-use assets (3 locations) and corresponding lease liabilities have been recorded.
Further the right-of-use assets include four mail sorting centres and the international sorting centre with lease terms varying between 5 and 10 years (started in 2020) and the head office in The Hague with a lease term of 15 years (started in 2021).
Download spreadsheetAt 31 December | 2021 | 2022 |
|---|---|---|
Long-term lease liabilities | 269 | 255 |
Short-term lease liabilities | 65 | 75 |
Total | 333 | 331 |
The total cash outflow from leases amounted to €86 million (2021: €82 million) and related for €74 million to repayments of lease liabilities (2021: €74 million, partly offset by €5 million of incentives received), and for €12 million to rent and lease expenses (2021: €13 million). Refer to note 4.1 for further information on the lease liabilities.
In 2022, rent and lease expenses of €12 million (2021: €13 million) relate for €10 million (2021: €11 million) to short-term leases and for €2 million (2021: €2 million) to leases for which the underlying asset is of low value. The interest expenses on lease liabilities amounted to €9 million (2021: €7 million).
The net defined benefit liability/asset for all pension and other post-employment plans that qualify as defined benefit plans is determined by calculating the present value of the defined benefit obligation and deducting the fair value of the plan assets. The resulting deficit or surplus is adjusted for any effect of limiting a net defined benefit asset to the asset ceiling and for any effect of minimum funding requirements.
PostNL uses actuarial calculations (projected unit credit method) to measure the obligations and the costs. Assumptions are made about financial variables (such as the discount rate and the rate of benefit increases) and demographic variables (such as employee turnover and mortality). The discount rate is determined by reference to market rates using high-quality corporate bonds. The assumed return on plan assets equals the discount rate applied in the calculation of the pension obligations at the beginning of the year.
Service costs are recognised as operating expenses in the income statement. Gains or losses on the amendment or curtailment of a defined benefit plan (past service cost) and gains or losses on a settlement are recognised as operating expenses in the income statement on the date of the amendment, curtailment or settlement.
The net interest expense/income on the net defined benefit liability/asset, asset ceiling and/or minimum funding requirements, is recognised as ‘Interest and similar expenses/ income’ in the income statement (below operating income).
Deviations between the expected and actual development of the pension obligation and plan assets, resulting in actuarial gains and losses, are recognised immediately within Other Comprehensive Income (net of tax). The impact of the asset ceiling and/or minimum funding requirements is also recognised within Other Comprehensive Income (net of tax).
Pension costs for defined contribution plans are expensed in the income statement when incurred or due.
PostNL’s main Dutch defined benefit average pay pension plan (main plan) covers the employees subject to PostNL’s collective labour agreement and staff with a personal labour agreement in the Netherlands. The main plan is externally funded in ‘Stichting Pensioenfonds PostNL’ (main fund), an independent legal entity which is not owned or controlled by any other legal entity and which falls under the regulatory supervision of De Nederlandsche Bank.
Based on a joint decision by PostNL, the pension fund and the trade unions, taken on 23 December 2022, PostNL’s pension plan has been amended as per 31 December 2022. As a relevant amendment, the former annual indexation cap of 4% has been released, by which it was possible, combined with the solid financial position of the pension fund, to increase pensions by 10% as per 1 January 2023. This amendment directly benefitted the (future) purchasing power of all pension fund participants.
As part of the adjustment, the pension plan is now based on a collective defined contribution plan. Among others, this means that PostNL will be only required to pay the regular pension contribution, as the agreement for top-up payments and restitution has been cancelled. As a result, if the financial position of the pension fund would deteriorate, PostNL is no longer obliged to do top-up payments. At the same time, PostNL is also no longer entitled to restitutions, even if the financial position of the pension fund would allow for that.
Parties also agreed on the implementation of the new pension law regulation, that is expected to become effective in the course of 2023 and will mandate the transition to a new pension contract by 1 January 2027 at the latest. They agreed on a preferred contract that includes a contribution plan based on solidarity. Parties intend to transfer the accrued pensions into the new system. The transition will be accomplished entirely from the pension fund assets, with no financial contribution or compensation from PostNL.
Last, as part of the agreement, the unconditional funding obligation has also been adjusted. The adjustment concerns a reduction of €20 million and an amended payment schedule (2022: €28 million; 2023: €16 million). On balance, this has resulted in an improvement in PostNL’s adjusted net debt position of €20 million as per the end of 2022.
The accounting consequence of the amended pension plan is a change from defined benefit accounting to defined contribution accounting per 31 December 2022. The settlement result as recorded in the statement of profit or loss comprises the release of the positive funded status and the reduction of the unconditional funding obligation. As a separate sequential step, the recorded asset ceiling adjustment is reversed within other comprehensive income.
The financial impact of the change in pension accounting classification is material, being a loss of €1,357 million (net loss: €1,007 million) recorded in the statement of profit or loss, comprising a defined benefit pension expense of €1,354 million and an addition to other provisions of €3 million, and a net defined benefit pension income of €1,020 million recorded in other comprehensive income.
Following the change towards a collective defined contribution plan, according to IFRS pension expenses will equal the contribution paid by PostNL to the pension fund as of 31 December 2022. In 2022 regular pension expenses are substantially higher than the paid contributions. Following the adjustment of the pension plan, this gap disappears as of 2023. As a consequence, pension expenses will thus be substantially lower.
The coverage ratio of the main fund increased substantially in 2022. By the end of 2022, the month-end coverage ratio amounted 130.6% (2021: 126.2%). The increase in coverage ratio is mainly explained by the positive effect on plan liabilities resulting from an increase of the interest rate, partly offset by a negative return on plan assets and the impact of the decision to increase pensions by 10% per 1 January 2023. The fund's 12-month average coverage ratio amounted 134.8% per 31 December 2022 (2021: 121.4%).
Until 31 December 2022, the main plan was a defined benefit average pay scheme, with a basis accrual rate of 1.875% of the pensionable base and retirement age set at 68 years. The pensionable base is derived as the pensionable salary, with a statutory maximum of €114,866 (level 2022), minus a state pension offset. As of 31 December 2022, the main plan is a collective defined contribution plan.
Pension (cash) contributions are bounded by a minimum level of 21.7% and a maximum level of 29.2% of the pensionable salary base. The calculations are based on the main fund's expected return on plan assets. Based on the total maximum premium amount, the intended pension accrual can be reduced in any year. Given the applicable financing arrangements and current low interest rates, it is expected that the accrual rate will be lower than the basis level of 1.875% for the coming years. The accrual rate for 2022 and 2023 has been set at 1.826% and 1.855% of the pensionable base.
In respect of the collective defined contribition plan, a fixed premium calculation methodology (including assumptions used) applies for fixed periods of 5 years. Only in case of obligatory adjustments, for example on the regulated maximum allowed expected return on equities, the assumptions used might need to change. On the basis of current facts and circumstances, the ex-ante expected total pension cash contribution rate will equal the maximum level of 29.2% for the upcoming fixed period (until the transition to the anticipated new pension contract).
The returns on plan assets are linked to the strategic investment policy of the main fund. The fund uses interest rate derivates to reduce the net interest exposure on its assets and liabilities. The plan assets may from time to time include investments in PostNL’s own financial instruments through indirect holdings by mutual funds. Around 66% of the fund's total plan assets have a quoted market price in an active market. The unquoted part relates to investments in investment funds which invest in non-listed assets (for example real estate investments) and non-listed derivatives.
Download spreadsheetAt 31 December | Actual mix | Actual mix |
|---|---|---|
Equities | 34% | 32% |
Fixed interest and inflation linked bonds | 55% | 59% |
Real estate and alternative investment | 11% | 9% |
Total | 100% | 100% |
Return | 7.6% | (17.2%) |
The following table presents an overview of the movement of the provision for post-employment benefit plans during 2022.
Download spreadsheetDutch main pension plan | Other plans | Total | |
|---|---|---|---|
Balance at 1 January 2022 | (64) | (3) | (67) |
Post-employment benefit income/(expenses) | (162) | (0) | (162) |
Employer contributions | 85 | 0 | 85 |
Instalment unconditional funding obligation | 28 | 28 | |
Actuarial gains/(losses) | 663 | 1 | 663 |
Pension asset ceiling/minimum funding requirement | (586) | (586) | |
Balance at 31 December 2022 before settlement | (36) | (2) | (38) |
Pension settlement costs within statement of profit or loss | (1,354) | (1,354) | |
Pension settlement gain within OCI | 1,374 | 1,374 | |
Transfer to current pension payable | 16 | 16 | |
Balance at 31 December 2022 | 0 | (2) | (2) |
Other provisions settlement costs within statement of profit or loss | (3) | (3) |
The following table gives a break-down of total pension costs, pension cash contributions, actuarial gains and losses, and the impact of the asset ceiling and/or minimum funding requirement.
Download spreadsheet2021 | 2022 | ||
|---|---|---|---|
Regular defined benefit costs | (150) | (162) | |
Pension settlement costs within statement of profit or loss | (1,354) | ||
Defined contribution costs | (12) | (12) | |
Total employer pension costs | (162) | (1,528) | |
Of which included within salaries, pensions and social security contributions | refer to note 2.3.2 | (161) | (1,526) |
Of which included within interest and similar expenses | refer to note 2.4.1 | (1) | (2) |
Defined benefit cash contributions | 80 | 85 | |
Defined benefit instalment unconditional funding obligation | 16 | 28 | |
Defined contribution cash contributions | 12 | 12 | |
Total employer pension cash contributions | 108 | 125 | |
Actuarial gain/(loss) due to: | |||
Change in discount rate | 1,495 | 3,703 | |
Change in rate of benefit increases from 1.5% to 5.25% for 2023 and 1.7% thereafter (2021: from 0.8% to 1.5%) | (1,590) | (760) | |
Change in future benefit accrual rate | (3) | (106) | |
Changes in demographic assumptions | 46 | (147) | |
Experience adjustments | 96 | (45) | |
Actuarial gain/(loss) on benefit obligations | 45 | 2,646 | |
Actuarial gain/(loss) on plan assets | 763 | (1,983) | |
Total actuarial gain/(loss) | 807 | 663 | |
Net charge within Other Comprehensive Income | 606 | 492 | |
Adjustment for pension asset ceiling | (752) | (615) | |
Adjustment for minimum funding requirement | 16 | 29 | |
Subtotal gross adjustment before settlement | (735) | (586) | |
Pension settlement gain within OCI | 1,374 | ||
Total gross adjustment | (735) | 788 | |
Net charge within Other Comprehensive Income | (551) | 585 |
The actuarial loss of €106 million (2021: €3 million) resulting from a change in the rate of benefit accrual that follows from the maximum level of pension (cash) contributions of 29.2% for the year 2022. Based on the current interest rates and the applicable financing agreement, it is expected that the benefit accrual rate will be lower than the basis level of 1.875% for the coming years.
For 2023, we expect total employer cash contributions of around €94 million, excluding the last instalment of the unconditional funding obligation of €16 million (2022: €97 million, excluding the instalment of the unconditional funding obligation of €28 million).
For 2023, we expect total employer pension costs within operating income of around €94 million (2022: €172 million, excluding the impact of the change in pension accounting classification).
The following table reconciles the opening and closing balances of the present value of the defined benefit obligation and the fair value of plan assets, the funded status and the netted pension provisions, and the employer pension expenses of PostNL's defined benefit post-employment plans.
Download spreadsheet2021 | 2022 | |
|---|---|---|
Change in benefit obligation | ||
Benefit obligation at beginning of year | (10,235) | (10,133) |
Service costs | (160) | (174) |
Interest costs | (31) | (104) |
Actuarial (losses)/gains | 45 | 2,646 |
Benefits paid | 248 | 261 |
Settlement benefit obligation | 7,498 | |
Benefit obligation at end of year | (10,133) | (6) |
Of which funded benefit obligations | (10,131) | (5) |
Of which unfunded benefit obligations | (2) | (2) |
Change in plan assets | ||
Fair value of plan assets at beginning of year | 10,230 | 10,882 |
Assumed return on plan assets | 30 | 111 |
Employee contributions | 20 | 22 |
Employer contributions | 80 | 85 |
Instalment unconditional funding obligation | 16 | 28 |
Other costs | (10) | (8) |
Actuarial (losses)/gains | 763 | (1,983) |
Benefits paid | (248) | (261) |
Settlement plan assets | (8,873) | |
Fair value of plan assets at end of year | 10,882 | 4 |
Change in funded status | ||
Funded status at the beginning of year | (5) | 749 |
Operating expenses | (149) | (160) |
Interest (expenses)/income | (0) | 7 |
Employer contributions | 96 | 113 |
Actuarial (losses)/gains | 807 | 663 |
Settlement of benefit obligation and plan assets | (1,374) | |
Funded status at end of year | 749 | (2) |
Impact of pension asset ceiling | (752) | |
Impact of minimum funding requirement | (64) | |
Netted pension liabilities | (67) | (2) |
Components of employer pension expenses | ||
Service costs (net of employee contributions) | (140) | (152) |
Interest (expenses)/income | (1) | (2) |
Other costs | (10) | (8) |
Pension settlement costs within statement of profit or loss | (1,354) | |
Total post-employment benefit income/(expenses) | (150) | (1,516) |
Weighted average assumptions as at 31 December | ||
Discount rate | 1.0% | 3.4% |
Rate of benefit increases | 1.5% | 1.7% |
Life expectancy 65 year old men/women (in years) | 21.1/23.4 | 21.4 / 23.7 |
The discount rate is based on the long-term yield on high quality (AA-rated) corporate bonds, taking into account the duration of the projected pension liabilities of around 16 years. The corporate bond yield information is sourced from iBoxx, taking into account a minimum outstanding amount and other defined selection criteria. By applying curve-fitting procedures, a yield curve is generated. Using the full yield curve, the discounted value of the expected future benefit payments is matched with the comparable present value when using a single discount rate.
The conditional benefit increases are based on the (derived) Consumer Price Index. The assumed rate of benefit increases is based on advice, published statistics, the pension plan's ambition level and the actual financial status of the pension fund.
Assumptions regarding the longevity outlook are based on advice, published statistics and experience per country. The applied prospective longevity rates are derived from the Dutch mortality table 'AG prognosetafel 2022' taking into account experience rates based on postal areas, as applied by the main fund.
Provisions are recognised when there is a present obligation as a result of a past event, making it probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation on the balance sheet date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The gross-up of the provision following the discounting of the provision is recorded in the income statement as interest expense.
PostNL recognises termination benefits when the company has committed to terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or provides termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to their present value.
Provisions for onerous contracts are recorded when the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to arise from that contract, taking into account impairment of fixed assets first. The provision includes both incremental costs and an allocation of other direct costs.
The following table presents the changes in the short-term and long-term provisions.
Download spreadsheetOther employee | Restructuring | Claims and indemnities | Other | Total | |
|---|---|---|---|---|---|
Non-current other provisions | 18 | 9 | 1 | 29 | |
Current other provisions | 7 | 5 | 8 | 21 | |
Balance at 1 January 2022 | 25 | 5 | 18 | 2 | 50 |
Additions | 15 | 4 | 1 | 20 | |
Withdrawals | (2) | (2) | (7) | (1) | (12) |
Releases | (2) | (6) | (7) | ||
Total changes | 13 | (4) | (9) | ||
Non-current other provisions | 26 | 7 | 2 | 35 | |
Current other provisions | 12 | 1 | 1 | 15 | |
Balance at 31 December 2022 | 38 | 1 | 9 | 2 | 50 |
The estimated utilisation of the other provisions in 2023 is €15 million, in 2024 €5 million, in 2025 €2 million and in 2026 and thereafter €28 million.
As at 31 December 2022, the other employee benefit obligations mainly related to a provision for jubilee benefits of €11 million (2021: €12 million), expected costs related to continued salary payments during illness of €7 million (2021: €6 million), expected disability costs for the WGA benefits, following the decision to become self-insured (in Dutch: “eigenrisicodrager”) as from 1 January 2021, of €13 million (2021: €6 million) and termination benefits for early retirement of €6 million (2021: €0 million). The added provision for termination benefits resulted partly from the collective labour agreement negotiations and partly from the change in pension accounting classification (refer to note 3.5).
The withdrawals in restructuring provision of €2 million concerned severance payments under the cost saving programmes. The release of €2 million mainly related to the restructuring programme within operations Mail Netherlands, resulting from reduced redundancies and periodical reassessments of the expected cash costs.
The provision for claims and indemnities includes provisions for claims from third parties with respect to PostNL’s ordinary business activities, as well as indemnities and disputes related to business disposals. The withdrawals of €7 million are mainly related to a settlement of disputes within Sandd for €5 million and the ACM fine of €2 million related to Mail in the Netherlands’ delivery quality of 2019. More detailed information relating to these provisions is not provided, as such information could prejudice the company’s position with respect to these claims and indemnities.
An associate is an entity over which PostNL has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A joint arrangement is an arrangement of which two or more parties have joint control. There are two types of joint arrangements: joint operations and joint ventures. PostNL only participates in entities that can be considered as a joint venture.
PostNL’s share in the results of joint ventures and associates is included in the consolidated income statement using the equity method. The carrying value of PostNL’s share in joint ventures and associates includes goodwill on acquisition and includes changes to reflect PostNL’s share in net earnings of the respective companies, reduced by dividends received. When PostNL’s share of accumulated losses in a joint venture or associate exceeds its interest in the company, the book value of the investment is reduced to zero and PostNL does not recognise further losses unless PostNL is bound by guarantees or other undertakings in relation to the joint venture or associate.
For the accounting policy concerning impairments, reference is made to note 5.4.
The following table presents the changes in the carrying value of the investments in joint ventures and associates.
Download spreadsheet2021 | 2022 | |
|---|---|---|
Balance at 1 January | 3 | 6 |
Share in net result | (0) | (1) |
Additions | 3 | 2 |
Transfer MyParcel.com to investments in group companies | 1 | |
Balance at 31 December | 6 | 7 |
As at 31 December 2022, the investments in associates mainly related to minority shareholdings in Roamler Care, CB Healthcare and VersTrade Nederland within Parcels. The joint ventures mainly related to the 50% interest in De Innovatie Studio within PostNL Other.
In 2022, the additions of €2 million related to the acquisition of 50% of the shares of De Innovatie Studio, 5.3% of the shares in a shopping services app (with the aim to expand our stake to 20% in the short-term) and an additional capital contribution in Roamler Care. De Innovatie Studio is a collaboration with Dasym with the goal to create solutions to relevant consumer problems around Smart Living.
In 2021, the additions of €3 million related to the acquisition of 25% of the shares of VersTrade Nederland and an additional capital contribution in CB Healthcare. VersTrade Nederland is an online food marketplace, which connects food professionals, such as restaurateurs, caterers, specialty stores and online retailers, to food and beverage suppliers.
Management has assessed none of the investments in joint ventures and associates to be material to the company. On a 100% basis, the profit/(loss) of all immaterial investments in joint ventures amounted to €0 million (2021: €0 million). The profit/(loss) of all immaterial investments in associates amounted to €(4) million (2021: €1 million).
Deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities and the tax base of assets and liabilities are calculated using the substantively enacted tax rates expected to apply when they are realised or settled. Deferred tax assets are recognised if it is probable that they will be realised. At the end of each reporting period the amounts of deferred tax assets and the amounts of unrecognised deferred tax assets are reassessed. Deferred tax assets and liabilities within the same tax group, where a legally enforceable right to offset exists, are presented net in the balance sheet.
The following table shows the movements in deferred taxes in 2022:
Download spreadsheetNet balance 1 January 2022 | Changes via income statement | Changes via OCI | Other changes | Net balance 31 December 2022 | Assets | Liabilities | |
|---|---|---|---|---|---|---|---|
Provisions | 4 | 377 | (374) | 7 | 7 | 0 | |
Intangible assets | (35) | (9) | (45) | 4 | 48 | ||
Property, plant and equipment | (48) | 2 | (46) | 3 | 49 | ||
Leases | 9 | (1) | 8 | 75 | 67 | ||
Losses carried forward | 10 | (3) | 7 | 7 | 0 | ||
Other | 34 | (0) | (1) | 3 | 36 | 38 | 1 |
Deferred tax assets/liabilities | (26) | 365 | (375) | 3 | (32) | 134 | 166 |
Offsetting | (125) | (125) | |||||
Net deferred taxes | (26) | 365 | (375) | 3 | (32) | 9 | 40 |
Of the deferred tax assets at 31 December 2022, before offsetting, €57 million (2021: €53 million) is to be recovered within 12 months and €77 million (2021: €77 million) after 12 months. Of the deferred tax liabilities at 31 December 2022, before offsetting, an amount of €35 million (2021: €37 million) is to be settled within 12 months and an amount of €131 million (2021: €119 million) after 12 months.
The changes via other comprehensive income of €(374) million mainly relate to taxes on OCI from the change in pension accounting classification.
The other changes of €3 million (2021: €(4) million) represent an adjustment of the Dutch deferred tax asset position in connection with the anticipated liquidation of the former Nexive entities.
The total accumulated losses available for carry forward at 31 December 2022 amounted to €110 million (2021: €97 million). With these losses carried forward, future tax benefits of €29 million could be recognised (2021: €25 million). Tax deductible losses give rise to deferred tax assets at the statutory tax rate in the relevant country. Deferred tax assets are recognised if it is probable that they will be realised. The probability of the realisation is impacted by uncertainties regarding the realisation of such benefits, for example as a result of the expiration of tax losses carried forward and projected future taxable income.
As a result PostNL has not recognised €21 million (2021: €15 million) of the potential future tax benefits and has recorded deferred tax assets of €7 million at 31 December 2022 (2021: €10 million).
The expiration of total accumulated losses is as follows:
2023: €1 million,
2024: €1 million,
2025: €2 million,
2026: €0 million,
2027 and thereafter: €1 million, and
Indefinite: €105 million.
The following table shows the movements in deferred taxes in 2021:
Download spreadsheetNet balance 1 January 2021 | Changes via income statement | Changes via OCI | Other changes | Net balance 31 December 2021 | Assets | Liabilities | |
|---|---|---|---|---|---|---|---|
Provisions | 3 | 19 | (18) | 4 | 4 | 0 | |
Intangible assets | (28) | (7) | (35) | 4 | 40 | ||
Property, plant and equipment | (46) | (0) | (2) | (48) | 3 | 51 | |
Leases | 8 | (1) | 2 | 9 | 74 | 65 | |
Losses carried forward | 9 | 1 | 10 | 10 | 0 | ||
Other | 41 | (3) | (4) | 34 | 34 | 0 | |
Deferred tax assets/liabilities | (13) | 10 | (18) | (4) | (26) | 131 | 156 |
Offsetting | (120) | (120) | |||||
Net deferred taxes | (13) | 10 | (18) | (4) | (26) | 11 | 37 |
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less costs to sell. Assets held for sale are no longer amortised or depreciated from the date they are classified as such. Accounting for assets classified as held for sale requires the use of assumptions and estimates. In line with IFRS 5, management assessed compliance with these statements and the assumptions used in the fair value calculations as well as the estimated costs to sell.
For the accounting policy concerning impairments, reference is made to note 5.4.
As at 31 December 2022, assets classified as held for sale amounted to €6 million (2021: €11 million) and related to buildings held for sale in the Netherlands.
Property, plant and equipment included in assets held for sale relate to buildings in the Netherlands. The book profit from the sale of buildings is included in other income in the consolidated statement of profit or loss. The following table presents the movements of the balance sheet positions during 2022 and 2021.
Download spreadsheet2021 | 2022 | |
|---|---|---|
Balance at 1 January | 14 | 11 |
Disposals | (5) | (6) |
Transfers from property, plant and equipment | 3 | 1 |
Balance at 31 December | 11 | 6 |
Commitments are probable obligations that arises from past events whose existence will only be confirmed by the occurrence (or non-occurrence) of one or more probable future events.
Contingencies are possible obligations (contingent liabilities) or possible assets (contingent assets) that arise from past events whose existence will only be confirmed by the occurrence (or non-occurrence) of one or more uncertain future events, not wholly within the control of the entity.
At 31 December | 2021 | 2022 |
|---|---|---|
Short-term leases and leases of low-value assets | 6 | 5 |
Leases, not commenced | 12 | 29 |
Capital expenditure | 49 | 68 |
Purchase commitments | 155 | 138 |
Other commitments | 11 | 10 |
As at 31 December 2022, €154 million of the commitments indicated above are of a short-term nature (2021: €153 million).
In 2022, short-term leases mainly consists of leases of depots in Mail in the Netherlands. Leases of low-value assets are mainly related to the lease of scooters.
As at 31 December 2022, commitments in connection with leases not commenced amounted to €29 million (2021: €12 million). These commitments related mainly to a new sorting centre within Parcels and to new leases of vans and cars.
As at 31 December 2022, commitments in connection with capital expenditure amounted to €68 million (2021: €49 million) and are related to property, plant and equipment. These commitments primarily relate to the new sorting centres of Parcels.
As at 31 December 2022, PostNL had unconditional purchase commitments of €138 million (2021: €155 million), primarily related to various service and maintenance contracts for information technology, security, salary registration and cleaning.
As at 31 December 2022, other commitments related to parking lots for the new head office.
Multinational groups of the size of PostNL are exposed to varying degrees of uncertainty related to their tax planning, their (changes in) transfer pricing models, regulatory reviews and tax audits, fuelled by tax regulations and relevant practices in the countries where PostNL operates being subject to change. PostNL accounts for its (income) taxes on the basis of its own internal analyses, if needed, supported by external advice. PostNL continually monitors its global tax position, and whenever uncertainties arise, assesses the potential consequences and either records the receivable, discloses a contingent asset, accrues the liability or discloses a contingent liability in its financial statements, depending on the strength of the company’s position and the resulting chance of income or risk of loss.
As at 31 December 2022, PostNL, on behalf of its subsidiaries, had various bank and insurance guarantees outstanding. However, none resulted in an off-balance sheet commitment for the Group as the relating obligations to external parties have already been recognised by these subsidiaries following their ordinary course of business.
The company is involved in several legal proceedings relating to the normal conduct of its business, such as claims for loss of goods, delays in delivery, trademark infringements, contracting and employment issues, and general liability. The majority of these claims are for amounts below €1 million and are insured and/or provided for. PostNL does not expect any liability arising from any of these legal proceedings to have a material impact.
As a specific contingent legal liability, the Belgian labour inspectorate in 2021 filed several cases against PostNL regarding breaches with applicable social laws and regulations in Belgium. PostNL has been subpoenaed for alleged false self-employment, illegal postings of employees and as an alleged accomplice for not paying the connected social contributions. The court hearing in these cases took place in September 2022. The court decided to postpone the case until April 2023. Subsequently, in 2022, PostNL became subject to a criminal investigation by the Belgian investigative judge into alleged breaches of labour law in Belgium in respect to delivery partners of PostNL. Pending this ongoing investigation by the investigative judge the aforementioned court case is postponed, against which PostNL has filed an appeal.
The company is also involved in other regulatory proceedings. While it is not feasible to predict or determine the ultimate outcome of these proceedings, the company is of the opinion that they may have an impact on the company’s financial position, result of operations and cash flows going forward. The company has made provisions for probable liabilities where deemed necessary and to the extent a reliable estimate of the future cash outflows can be made.
Following the demerger of Express, PostNL and TNT Express entered into a separation agreement, which remained valid despite the sale of the shares in TNT Express under the public offer by FedEx in May 2016. The separation agreement creates certain rights and obligations for both PostNL and TNT Express after the demerger. Relevant aspects relate to litigation, such as claims and litigation handling, non-allocated and non-anticipated claims and release of provisions. As at 31 December 2022, no events had occurred that triggered disclosure of a significant contingent asset or liability following the aforementioned agreement with TNT Express.
PostNL reports two operating segments: Parcels and Mail in the Netherlands and one other segment: PostNL Other. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. These chief operating decision-makers, who are responsible for allocating resources and assessing the performance of the operating segments, have been identified as the Board of Management of PostNL that makes strategic decisions. Transfer prices between operating segments are on an arm's length basis.
A reconciliation of the segment information relating to the balance sheet of the reportable segments is presented below. Segment information relating to the income statement is reported in note 2.7.
At 31 December 2022 | Parcels | Mail in NL | PostNL Other | Total |
|---|---|---|---|---|
Intangible assets | 40 | 201 | 148 | 389 |
Property, plant and equipment | 344 | 101 | 12 | 457 |
Right-of-use assets | 187 | 42 | 65 | 295 |
Other non-current assets | 32 | 1 | 20 | 53 |
Trade accounts receivable | 219 | 150 | 1 | 370 |
Other current assets | 39 | 60 | 553 | 652 |
Assets classified as held for sale | 0 | 3 | 2 | 6 |
Total assets | 861 | 558 | 802 | 2,221 |
Non-current liabilities | 184 | 117 | 757 | 1,057 |
Trade accounts payable | 68 | 81 | 33 | 182 |
Other current liabilities | 243 | 507 | 51 | 802 |
Total liabilities | 495 | 706 | 841 | 2,042 |
Cash out for capital expenditures | 35 | 17 | 85 | 138 |
The increase in 2022 in intangible assets within PostNL Other relates to the centralisation and increase of IT assets. A reconciliation of the segment information relating to the balance sheet of the reportable segments as at 31 December 2021 is presented in the following table.
Download spreadsheetAt 31 December 2021 | Parcels | Mail in NL | PostNL Other | Total |
|---|---|---|---|---|
Intangible assets | 49 | 225 | 80 | 354 |
Property, plant and equipment | 324 | 99 | 10 | 433 |
Right-of-use assets | 183 | 42 | 64 | 289 |
Other non-current assets | 35 | 2 | 28 | 65 |
Trade accounts receivable1 | 216 | 180 | 3 | 400 |
Other current assets1 | 33 | 60 | 839 | 932 |
Assets classified as held for sale | 0 | 9 | 2 | 11 |
Total assets | 840 | 617 | 1,027 | 2,484 |
Non-current liabilities | 187 | 132 | 809 | 1,129 |
Trade accounts payable | 72 | 67 | 30 | 168 |
Other current liabilities | 260 | 559 | (61) | 758 |
Total liabilities | 519 | 758 | 778 | 2,055 |
Cash out for capital expenditures | 54 | 36 | 50 | 140 |
At 31 December | The Netherlands | Other countries | Total |
|---|---|---|---|
Intangible assets | 353 | 1 | 354 |
Property, plant and equipment | 426 | 7 | 433 |
Right-of-use assets | 254 | 35 | 289 |
Financial fixed assets | 58 | 7 | 65 |
Total non-current assets 2021 | 1,091 | 50 | 1,141 |
Intangible assets | 388 | 1 | 389 |
Property, plant and equipment | 447 | 10 | 457 |
Right-of-use assets | 259 | 35 | 295 |
Financial fixed assets | 46 | 7 | 53 |
Total non-current assets 2022 | 1,141 | 53 | 1,194 |
The segment information from a geographical perspective is derived as follows: the basis of allocation of assets and investments by geographical area is the location of the assets.
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