PostNL Annual Report 2011 Annual Report 2011 PostNL brand vision In a world where digital applications are playing an network in delivery and retail. With smart combina- ever greater role in our daily lives, there are more and tions with digital applications we can off er valuable more opportunities to send and receive messages. solutions to our customers. These opportunities are unlimited, but often still unknown. That calls for an inventive and reliable That is why PostNL is an essential link in the market organisation, that knows the way between sender for sending and receiving. We help our customers to and receiver like no other. make use of all opportunities in post, parcels and e-commerce. That organisation is PostNL. Because we know that way, with the highest quality and most intricate “The essential link Introduction and fi nancial As required by EU regulation, as of 2005 the consoli- and corporate responsibility highlights in the market dated financial statements of PostNL N.V. have been This is PostNL’s annual report for the fi nancial year prepared in accordance with International Financial ended 31 December 2011, prepared in accordance Reporting Standards (IFRS) as adopted by the EU. with Dutch regulations. In 2011, PostNL has changed the accounting frame- for sending PostNL N.V. is a public limited liability company with work in its corporate fi nancial statements from Dutch its registered seat and head offi ce in ’s-Gravenhage, GAAP to IFRS-EU. the Netherlands. Following the approval of the PricewaterhouseCoopers Accountants N.V. has been shareholders of TNT N.V. at the Extraordinary General appointed as the external independent auditor of and receiving” Meeting of Shareholders on 25 May 2011, the name PostNL’s fi nancial statements. of TNT N.V. has been changed to PostNL N.V. on PostNL has engaged PricewaterhouseCoopers 31 May 2011 and the demerger has become eff ective Accountants N.V. to provide reasonable assurance on as per 31 May 2011. PostNL N.V. is listed on the NYSE its corporate responsibility statements. This assurance Euronext in Amsterdam. work is performed in accordance with the Assurance Unless otherwise specified or the context so requires, Standard 3410N ‘Assurance Engagements Relating to ‘PostNL’, the ‘company’, the ‘Group’, ‘it’ and ‘its’ refer Sustainability Reports’ as drawn up by the professional to PostNL N.V. and all its group companies as defined body of Dutch Accountants (Royal NIVRA). in article 24b, book 2 of the Dutch Civil Code. With regard to the GRI Application Levels System, PostNL is domiciled in the Netherlands, which is one PostNL was assessed at the GRI A+ level. A detailed of the Member States of the European Union (EU) overview of the G3 core indicators is provided in that has adopted the euro as its currency. Accordingly, Annex 1. For a full description of the scope of the PostNL has adopted the euro as its reporting currency. reported CR data and the assurance obtained please In this annual report the euro is also referred to as ‘€’. refer to chapter 20. PostNL Annual Report 2011 Annual Report 2011 PostNL brand vision In a world where digital applications are playing an network in delivery and retail. With smart combina- ever greater role in our daily lives, there are more and tions with digital applications we can off er valuable more opportunities to send and receive messages. solutions to our customers. These opportunities are unlimited, but often still unknown. That calls for an inventive and reliable That is why PostNL is an essential link in the market organisation, that knows the way between sender for sending and receiving. We help our customers to and receiver like no other. make use of all opportunities in post, parcels and e-commerce. That organisation is PostNL. Because we know that way, with the highest quality and most intricate “The essential link Introduction and fi nancial As required by EU regulation, as of 2005 the consoli- and corporate responsibility highlights in the market dated financial statements of PostNL N.V. have been This is PostNL’s annual report for the fi nancial year prepared in accordance with International Financial ended 31 December 2011, prepared in accordance Reporting Standards (IFRS) as adopted by the EU. with Dutch regulations. In 2011, PostNL has changed the accounting frame- for sending PostNL N.V. is a public limited liability company with work in its corporate fi nancial statements from Dutch its registered seat and head offi ce in ’s-Gravenhage, GAAP to IFRS-EU. the Netherlands. Following the approval of the PricewaterhouseCoopers Accountants N.V. has been shareholders of TNT N.V. at the Extraordinary General appointed as the external independent auditor of and receiving” Meeting of Shareholders on 25 May 2011, the name PostNL’s fi nancial statements. of TNT N.V. has been changed to PostNL N.V. on PostNL has engaged PricewaterhouseCoopers 31 May 2011 and the demerger has become eff ective Accountants N.V. to provide reasonable assurance on as per 31 May 2011. PostNL N.V. is listed on the NYSE its corporate responsibility statements. This assurance Euronext in Amsterdam. work is performed in accordance with the Assurance Unless otherwise specified or the context so requires, Standard 3410N ‘Assurance Engagements Relating to ‘PostNL’, the ‘company’, the ‘Group’, ‘it’ and ‘its’ refer Sustainability Reports’ as drawn up by the professional to PostNL N.V. and all its group companies as defined body of Dutch Accountants (Royal NIVRA). in article 24b, book 2 of the Dutch Civil Code. With regard to the GRI Application Levels System, PostNL is domiciled in the Netherlands, which is one PostNL was assessed at the GRI A+ level. A detailed of the Member States of the European Union (EU) overview of the G3 core indicators is provided in that has adopted the euro as its currency. Accordingly, Annex 1. For a full description of the scope of the PostNL has adopted the euro as its reporting currency. reported CR data and the assurance obtained please In this annual report the euro is also referred to as ‘€’. refer to chapter 20. Publisher At a glance PostNL N.V. P.O. Box 25250 Revenue per segment Total operating revenues 1 Volumes Financial performance against outlook 2500 GG The Hague (in € millions) Mail in NL Parcels International Mail other (in € millions) (in € millions, except percentages) Underlying revenues Netherlands 4,500 4,293 4,297 2011 Variance in % 2010 (in € millions, except percentages) 4,000 285 345 +0.1% Mail in NL 3,777 –7.2 4,070 Chamber of Commerce number Haaglanden 27124700 3,500 Performance Outlook • Single items 870 –7.5 941 2011 2011 2010 3,000 1,294 • Bulk mail 2,907 –7.1 3,129 Mail in NL – 4.3% – mid single 2,538 Telephone +31 88 939 868 61 61 1,467 2,500 2,000 Parcels 106 6.0 100 Parcels 7.8% + mid single 564 International 13.4% + mid double 1,294 Design 2011 2,429 2010 2,538 1,500 1,000 Mail other – 103 C&F Report Amsterdam B.V. 500 Debt cash outfl ows (including interest) PostNL – 0.3% stable 4,293 0 (in € millions) Print coordination 564 2010 2011 608 < 1 yr 1 – 3 yr 3 – 5 yr > 5 yr Cendris Print Management 1 Including adjustments for intercompany revenues. Euro bonds 90 181 565 1,294 Underlying cash operating income/margin Other loans 31 7 (in percentages) Print Employees per segment Operating income Financial leases 2 2 Prezco printing media Performance Outlook (in € millions) Short-term 2011 2011 2010 bank debt 31 Mail in NL 6.3% 3 – 5% 11.3% 1,202 1,875 600 5,777 Total 154 190 565 1,294 Parcels 15.1% 13 – 15% 14.4% 15,803 2,907 480 International 0.3% 0 – 1% – 1.9% 450 417 PostNL 5.1% 2 – 4% 7.9% –13.1% 300 2011 3,068 2010 150 Corporate responsibility performance 2011 20101 2010 Visiting address 0 55,622 56,409 CO2 emissions (in ktonnes) 74 77 83 Prinses Beatrixlaan 23 2010 2011 CO2 effi ciency index 64.5 70.4 70.4 2595 AK The Hague Fatal accidents 3 11 The Netherlands Absenteeism 5.4% 5.4% 5.6% Underlying operating income Underlying operating income 1 Net profi t from continued operations 1 Customer satisfaction 2 (in € millions) (in € millions) (in € millions) (overall Mail in NL) 89% 91% 91% © PostNL 2012 300 282 Employee engagement 56% 55% 54% 600 580 240 1 92 145 213 Restated to refl ect the operational scope 2011. 450 426 180 2 See for scope chapter 19, note 15. –26.6% 4 300 120 2011 – 24 2010 150 60 88 80 0 0 242 379 2010 2011 2010 2011 1 Operating income minus non-recurring items. 1 Profi t for equity holders of the parents adjusted for discontinued operations and impairment TNT Express stake. Underlying cash operating income Underlying cash operating income 1 Dividend per share Interim Second interim 2010 (in € millions) (in € millions) (in € cents) Final 400 100 – 31 – 24 – 4 341 85 320 80 55 5 73 71 47 37 81 240 60 57 220 53 –35.5% 29 160 40 35 40.7 2011 2010 19.3 34 80 20 30 26 28 21.4 92 18 0 0 154 288 2010 2011 2006 2007 2008 2009 2010 2011 1 Underlying operating income minus changes for pensions and provisions. Publisher At a glance PostNL N.V. P.O. Box 25250 Revenue per segment Total operating revenues 1 Volumes Financial performance against outlook 2500 GG The Hague (in € millions) Mail in NL Parcels International Mail other (in € millions) (in € millions, except percentages) Underlying revenues Netherlands 4,500 4,293 4,297 2011 Variance in % 2010 (in € millions, except percentages) 4,000 285 345 +0.1% Mail in NL 3,777 –7.2 4,070 Chamber of Commerce number Haaglanden 27124700 3,500 Performance Outlook • Single items 870 –7.5 941 2011 2011 2010 3,000 1,294 • Bulk mail 2,907 –7.1 3,129 Mail in NL – 4.3% – mid single 2,538 Telephone +31 88 939 868 61 61 1,467 2,500 2,000 Parcels 106 6.0 100 Parcels 7.8% + mid single 564 International 13.4% + mid double 1,294 Design 2011 2,429 2010 2,538 1,500 1,000 Mail other – 103 C&F Report Amsterdam B.V.