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Annual Report 2013 Annual Report 2013 Moving forward PostNL brand vision We live in a world where digital applications play an ever We are PostNL. We are an essential link between the greater role in our daily lives. These services are develop- physical and online world. We have the most extensive ing rapidly. Using our inventiveness we are constantly mail, parcels and e-commerce network in the Benelux. finding new ways to connect sender and receiver. Combining this with online solutions and other services we create value for our customers. Introduction and financial and corporate responsibility highlights This is PostNL’s annual report for the financial year ended PricewaterhouseCoopers Accountants N.V. (hereafter 31 December 2013, prepared in accordance with Dutch referred to as ‘PwC’) has been appointed as the external regulations. independent auditor of PostNL’s financial statements. PostNL N.V. is a public limited liability company with its PostNL has engaged PwC to provide reasonable registered seat and head office in The Hague, the assurance on its corporate responsibility (CR) statements. Netherlands. PostNL N.V. is listed on the NYSE Euronext This assurance work is performed in accordance with the in Amsterdam. Assurance Standard 3410N ‘Assurance Engagements Unless otherwise specified or the context so requires, Relating to Sustainability Reports’ as drawn up by the ‘PostNL’, the ‘company’, the ‘Group’, ‘it’ and ‘its’ refer to professional body of Dutch accountants (NBA). With PostNL N.V. and all its group companies as defined in regard to the GRI Application Levels System, PostNL was article 24b, book 2 of the Dutch Civil Code. assessed at the GRI A+ level. A detailed overview of the PostNL is domiciled in the Netherlands, which is one of G3.1 core indicators is provided in Annex 1. For a full the Member States of the European Union (EU) that has description of the scope of the reported CR data and adopted the euro as its currency. Accordingly, PostNL has the assurance obtained please refer to chapter 18. adopted the euro as its reporting currency. In this annual report the euro is also referred to as ‘€’. As required by EU regulation, as of 2005 the consolidated financial statements of PostNL N.V. have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. Annual Report 2013 At a glance Governance Key figures 3 13 Corporate governance 49 14 Report of the Supervisory Board 56 Letter from the CEO 15 Remuneration 62 1 Moving forward 4 Investor relations Report of the Board of Management 16 Investor relations and shareholder information 66 2 Company profile, strategy and financial framework 7 3 Performance 2013 and outlook 2014 10 Performance statements 4 Mail in the Netherlands 19 17 Financial statements 69 5 Parcels 23 18 Corporate responsibility statements 158 6 International 27 7 PostNL Other 31 Annexes 8 People 33 Annex 1: Global Compact and GRI G3.1 index 168 9 Corporate responsibility 36 Annex 2: Data clarification table 173 10 Regulatory environment 41 Annex 3: Glossary and definitions 174 11 Risk management 44 12 Board of Management compliance statement 47 Cautionary note with regard to “forward-looking statements” Some statements in this annual report are “forward-looking statements”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of PostNL’s control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which PostNL operates and PostNL management’s beliefs and assumptions about future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this annual report and are neither predictions nor guarantees of future events or circumstances. PostNL does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. This annual report can also be viewed on PostNL’s corporate website: postnl.com. Any information on the website other than the contents of this annual report does not form part of PostNL’s annual report. Investing in PostNL’s securities involves risks. Carefully consider the principal key risks set out in chapter 11 of this annual report. At a glance At a glance Mail in NL Parcels International PostNL Other Underlying revenue 1 Underlying revenue by segment (in € millions) (in € millions) (315) (294) (315) (294) 4,330 4,345 +0.3% 1,696 1,624 1,696 1,624 2,161 2,270 2,161 2,270 2013 2012 2013 2012 803 730 803 730 2012 2013 1 Excluding foreign currency impact; comparative 2012 data have been restated to reflect the effect of the transfer of customer contact services from Mail in the Netherlands to PostNL Other. Underlying cash operating income 2 Underlying cash operating income by segment (in € millions) (in € millions) 141 (17) 20 (17) 20 (44)130 (44) 69 69 +8.5% 27 27 27 2013 2012 27 2013 2012 89 100 89 100 2012 2013 2 Operating income minus non-recurring items and changes to pensions/provisions; comparative 2012 data have been restated to reflect the transfer of customer contact services from Mail in the Netherlands to PostNL Other. Employees 3 Employees by segment (in full-time equivalents) (in full-time equivalents) 1,617 1,844 1,617 1,844 33,284 31,016 6,084 5,323 6,084 5,323 -6.8% 2,849 2,849 2013 2,839 2012 2013 2,839 2012 20,466 23,278 20,466 23,278 2012 2013 3 Year average excluding joint ventures; comparative 2012 data have been restated to reflect the transfer of customer contact services from Mail in the Netherlands to PostNL Other. Profit for the year (excluding TNT Express) 4 Net debt 5 (in € millions) (in € millions) 222 1,224 164 798 -26.1% -34.8% 2012 2013 2012 2013 4 Comparative 2012 number has been restated to reflect the effect of the 5 Long-term debt plus short-term interest bearing debt minus cash and cash adoption of IAS19R. equivalents. 2 PostNL Annual Report 2013 At a glance Key figures Underlying revenue (in € millions) 2012 2013 variance in % outlook 2013 Mail in NL 2,270 2,161 -4.8% - mid single digit Parcels 730 803 10.0% + high single digit International 1,624 1,696 4.4% + mid single digit Underlying revenue PostNL 4,330 4,345 0.3% stable Underlying cash operating income margin (in percentages of underlying revenue) 2012 2013 outlook 20131 Mail in NL 0.9 3.2 1-3 Parcels 13.7 11.1 11-13 International 1.7 1.6 1-3 Underlying cash operating income PostNL 130 141 130-160 1 Updated outlook of 4 November 2013. Volumes in the Netherlands (in millions) 2012 2013 variance in % Mail in NL 3,437 3,029 -11.9%1 • Single items 783 690 -11.9% • Bulk mail 2,654 2,339 -11.9% Parcels 120 131 9.2%2 1 Adjusted for the 2012 elections decline was -11.6%. 2 Adjusted for registered mail items growth was +6.7% (2012: 5.6%). Share performance 2012 2013 Share price at year end (in €) 2.92 4.15 Earnings per share (in €)1 1.49 (0.39) Dividend (in €) 0.18 0.00 Number of issued shares at year end (in millions) 440.0 440.0 Market capitalisation at year end (in € millions) 1,285 1,826 1 Comparative 2012 has been restated to reflect the effect of the adoption of IAS19R and the reclassification of TNT Express. Corporate responsibility performance 2012 2013 CO2 emissions (in ktonnes) 69 67 CO2 efficiency index 61.8 58.3 Fatal accidents 3 0 Absenteeism 5.5% 5.1% Customer satisfaction (overall Mail in NL) 84% 85% Employee engagement 56% 58% PostNL Annual Report 2013 3 Letter from the CEO | Chapter 1 1 Moving forward Dear reader, expansion into new areas. The International segment improved The world we live in is changing rapidly. Internet and electronic its performance, also in line with expectations. communication have become an integral part of our society. This has profound implications for the mail market. Developing We sold half of our stake in TNT Express and used the proceeds to customer habits means e-mail and other forms of electronic reduce our debt. And at the end of the year, we reached an communication are replacing traditional mail. At the same time, agreement with the unions and our pension fund on a sustainable e-commerce is leading to an increase in fulfilment and parcel pension arrangement. This agreement will result in a reduction of delivery services. our cash contribution and a limitation of the top-up payment obligation. The very high percentage of Dutch households with a high speed internet connection means the market is changing more rapidly These developments mean we are firmly on target to achieving a in the Netherlands than almost anywhere else in the world. To solid financial position. We expect this to lead to a BBB+ credit ensure continuity, we have to transform our company. We need rating and positive consolidated equity in 2016, enabling us to to adapt to the continuing decline in letter volume, while pay dividend to our shareholders.
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