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bpost: third quarter 2018 results

Third quarter 2018 highlights

  1. Operating income at EUR 873.7m, up 34.9%, driven by acquisitions, excellent domestic parcels growth and stable domestic mail revenues.
  2. Underlying Domestic Mail volume decline at -6.4% (-5.3% for 3Q17) impacted by continued e-substitution, rationalization and competitive advertising market. Increased monthly volatility.
  3. Strong Domestic Parcels volume growth of +.5% (+2.8% for 3Q17) driven by strong e-commerce development. Price/mix effect of -5.5%, fully mix related.
  4. International Parcels up EUR 6.0m, driven by higher revenues from the US and Europe.
  5. Logistic Solutions up EUR 188.8m, mainly driven by Radial acquisition (EUR +4.2m) performing in line with expectations. Preliminary purchase price allocation of Radial is included in the financial statements.
  6. Additional Sources of Revenues (up EUR 23.5m) driven by the acquisitions of Imex and M.A.I.L., Inc. in International Mail.
  7. Opex up EUR 257.5m. Costs influenced by consolidation of acquisitions for EUR +!2.2m. Excluding one-offs (EUR +.2m), organic cost base impacted by growth of domestic parcels (EUR +8.5m), transport cost (EUR +.2) linked to evolution of international activities and cost inflation (EUR +8.3m) in core business.
  8. Lower EBITDA as expected at EUR 78.9m, impacted by higher organic costs.
  9. Net profit of bpost SA/NV under BGAAP down by EUR 22.7m at EUR 29.3m.
  10. 2018 outlook, dividend and back-loaded trajectory confirmed: normalized EBITDA at the low end of the EUR 560-600m range; dividend at least EUR 1.31.

Source: bpost

 
   
         
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