April - June 2012
- Net sales totaled SEK 9,487m (9,711).
- Operating profit totaled SEK -179m (211).
- Operating profit before restructuring costs and nonrecurring items totaled SEK 127m (290).
- Net profit totaled SEK -151m (154).
- Operating margin was -1.9 (2.2) %.
- Adjusted operating margin was 1.3 (3.0) %.
January - June 2012
- Net sales totaled SEK 19,480m (19,743).
- Operating profit totaled SEK 114m (631).
- Operating profit before restructuring costs and nonrecurring items totaled SEK 769m (804).
- Net profit totaled SEK 59m (498).
- Operating margin was 0.6 (3.2) %.
- Adjusted operating margin was 3.9 (4.1) %.
Message from the CEO, Lars Idermark:
PostNord’s net sales were down 2 percent during the second quarter of 2012, chiefly due to the anticipated and continued high level of substitution to digital alternatives to mail. The development was positively affected by acquisitions made in line with group strategy.
Our group is going through a major conversion phase during 2012 and 2013, aimed at securing future profitability for the mail businesses and developing the logistics business. We are currently making major rationalizations and investments in many areas of the business. Second quarter operating profits were therefore charged with significant restructuring costs, totaling over SEK 300m. The group’s operating margin before restructuring costs and non-recurring items was nearly 4 percent for the first half of 2012, despite a challenging market marked by macroeconomic uncertainty and substitution.
The mail business was characterized by an aggregate 7 percent decline in mail volumes for the quarter. The decline in each market was in line with expectations. The development confirms the need for continued cost reductions to secure profitability.
Strålfors is now reporting a positive operating profit, including and excluding restructuring costs. The actions we have taken to streamline and rationalize within Strålfors have produced results.
Within the logistics business we continue to implement our strategy to create end-to-end solutions and cross-border capacity and to grow with profitability. The group’s logistics business in Norway is growing steadily and the Swedish business is also developing well. Our parcel volumes are increasing, however we continue to be challenged by tough competition in Denmark. In other areas of the logistics business, we have strengthened our position within third-party logistics with the completed acquisition of one of the Nordic region’s largest third-party logistics operators.
We also established new funding sources during the quarter in the form of a commercial paper program and a bond program, providing us with increased flexibility to finance changes and continued acquisitions.
PostNord was formed in 2009 through the merger of Post Danmark A/S and Posten AB. The group offers communication and logistics solutions to, from and within the Nordic region, with sales of approximately SEK 40 billion and over 40,000 employees. Operations are managed in business areas Breve Danmark (mail), Meddelande Sverige (mail) and Logistics, and in Strålfors. The parent company is a Swedish public company headquartered in Solna, Sweden. Read more about PostNord at www.postnord.com.