1.3 Developments during 2023

Impact assessment of geopolitical and economic developments

In 2023, geopolitical and macro-economic developments had a profound impact across society. High inflation affected consumer confidence and spending, resulting in volumes at Parcels growing at a lower-than-anticipated rate. Rising inflation also led to increased costs for PostNL, which could not be fully absorbed through regular price increases. These issues also affected our customers, partners and suppliers. Globally, supply chain issues led to delays in the availability of products, while rising energy and other costs made the transportation of goods more expensive.

Management assessed the impact of the current developments on all material assets and liabilities. We performed a review for impairment triggers on goodwill and other intangibles, PP&E, right-of-use assets and financial fixed assets. We also analysed the trade accounts receivable position and customers' payment behaviour. Finally, we assessed the need to make adjustments to the fair value accounted financial assets and balance sheet positions related to our non-current assets held for sale. The assessment did not reveal any need for significant negative adjustments to the accounts mentioned in and per year-end 2023.

Impact assessment of climate related risks

Climate change may impact PostNL’s operations and valuation of its non-current assets. Management evaluated the potential impacts of climate-related physical risks. In relation to the financial statements, management concluded that these risks have no current impact on the valuation of the non-current assets.