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Home Archive New measures for better profitability in Posten Norge

New measures for better profitability in Posten Norge

The Group's revenue in Q3 was NOK 5 807 million, 2.1 per cent lower than Q3 in 2016. Organic growth year to date was positive at 0.4 per cent. Adjusted earnings (EBITE) in Q3 amounted to NOK 130 million. The decline of NOK 27 million compared with the same quarter in 2016 was mainly due to declining mail volumes, partially offset by an improved profit in the Logistics segment.

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The financial performance is still not satisfactory, and the Group is implementing a number of measures to improve profitability, including establishing a new logistics network that will reduce the number of terminals in Norway from over 40 to 18. Common terminals for parcels and freight simplify operations and achieve higher levels of integrated production and coordination."It is encouraging to see the Group's ambitions for new, future-oriented logistics networks materialise. This gives us the power and opportunity to meet the competition from international operators," says Tone Wille, CEO in Posten Norge.

EBITE in Q3 for the Logistics segment was NOK 77 million, an increase of NOK 24 million compared to the same period last year. The financial performance of the Norwegian logistics business was still characterised by low market growth, increased competition and price pressure. However, during the quarter there were signs of improvements in the market and an increase in demand from consumer e-commerce. This, along with growth in freight and express, contributed positively to the financial results. The Group's logistics operations outside Norway showed solid profit improvement, partly due to the phasing out of unprofitable businesses and growth in parcels and home delivery.

EBITE in Q3 for the Mail segment was NOK 84 million, a decrease of NOK 28 million compared to the same period in 2016. The fall in addressed mail volume continued as a result of digitalisation among customers. There was also reduced income from state procurement of commercially unprofitable universal service obligations.

"The mail business is changing at an ever faster pace. We are adapting to new user needs and taking steps to ensure that Norway has one of the world's most effective postal services. This work will continue, and there is a need for increased autonomy for further restructuring," says Wille.

From year-end, priority mail and non-priority mail are merging into one class of mail with a two-day delivery time. This will enable significant streamlining of operations and a more environmentally friendly service offering.

Sickness absence in Q3 was 5.2 per cent, a decrease of 0.5 per cent from the same quarter in 2016. Sickness absence the last 12 months was 5.9 per cent, a decrease of 0.1 per cent from the same period in 2016.

The Group's workforce in Q3 amounted to 16 112 full-time equivalents, 1 056 fewer than in the same period in 2016.

Highlights YTD 2017 (YTD 2016)

Revenue: MNOK 17 959 (18 340)

Adjusted profit (EBITE): MNOK 377 (378)

Operating profit (EBIT): MNOK 416 (385)

Cash flow from operating activities: MNOK -36 (249)

Return on invested capital (ROIC) as at 30 September 2017: 8.8 per cent (8.3)

 

Highlights Q3 2017 (Q3 2016)

Revenue: MNOK 5 807 (5 934)

Adjusted profit (EBITE): MNOK 130 (157)

Operating profit (EBIT): MNOK 159 (102)

Cash flow from operating activities: MNOK 18 (88)

Return on invested capital (ROIC) as at 30 September 2017: 8.8 per cent (8.3)