Bpost SA

11/07/2018 | Press release | Distributed by Public on 11/07/2018 10:49

bpost: third quarter 2018 results

07 Nov 2018

Third quarter 2018 highlights

  • Operating income at EUR 873.7m, up 34.9%, driven by acquisitions, excellent domestic parcels growth and stable domestic mail revenues.
  • 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.
  • Strong Domestic Parcels volume growth of +25.5%(+32.8% for 3Q17) driven by strong e-commerce development. Price/mix effect of -5.5%, fully mix related.
  • International Parcels up EUR 6.0m, driven by higher revenues from the US and Europe.
  • Logistic Solutions up EUR 188.8m, mainly driven by Radial acquisition (EUR +184.2m) performing in line with expectations. Preliminary purchase price allocation of Radial is included in the financial statements.
  • Additional Sources of Revenues(up EUR 23.5m) driven by the acquisitions of Imex and M.A.I.L., Inc. in International Mail.
  • Opex up EUR 257.5m. Costs influenced by consolidation of acquisitions for EUR +212.2m. Excluding one-offs (EUR +17.2m), organic cost base impacted by growth of domestic parcels (EUR +8.5m), transport cost (EUR +11.2) linked to evolution of international activities and cost inflation (EUR +8.3m) in core business.
  • Lower EBITDA as expected at EUR 78.9m, impacted by higher organic costs.
  • Net profit of bpost SA/NV under BGAAPdown by EUR 22.7m at EUR 29.3m.
  • 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.

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