SIGNIFICANT CASH FLOW GENERATION SUPPORTING VERY HIGH LEVEL OF
INVESTMENTS IN THE BUSINESS
-
Full-year 2016 sales down
-2.7%, organic sales growth down -2.1%[1]
-
Q4 2016 sales up +0.6%, up
+0.2% on an organic basis
-
18.6% current operating margin
in 2016[2]
-
Net attributable income: €118
million
-
Cash flow after capital
expenditure: €147 million
-
Proposed dividend per share:
€1.70
MEDIUM-TERM AMBITIONS
CONFIRMED
Paris, March 28, 2017
Neopost, a global leader in
digital communications, shipping and mail solutions, today
announced its 2016 annual results (for the financial year ended on
January 31, 2017) and fourth-quarter 2016 sales. These financial
statements were reviewed and approved by the Board of Directors at
its meeting on Monday, March 27, 2017.
In full-year 2016, the Group
generated sales of €1,159 million, down -2.7% year-on-year, and
down -1.3% excluding currency effects, with organic change of
-2.1%. Sales in fourth-quarter 2016 came out at €323 million, up
+0.6%, or +1.1% excluding currency effects, compared with the same
period in 2015, giving an organic growth of +0.2%.
2016 current operating income
before acquisition-related expense was €216 million, down from €234
million in 2015. The Group's current operating margin before
acquisition-related expense was 18.6% of sales in 2016 versus 19.7%
in 2015.
Net attributable income stood at
€118 million. The net margin[3] division
was down from 11.2% of sales in 2015 to 10.2%. Cash flow after
capital expenditure grew strongly to €147 million.
Denis Thiery, Chairman and Chief
Executive Officer of Neopost, commented: "2016 saw us invest heavily in our transformation and
achieve steady growth in our new businesses. Our Enterprise Digital
Solutions division consolidated its leadership position, and was
named as a leader by research firm Gartner for the fourth year in a
row. Neopost Shipping is the only worldwide operator positioned
across every aspect of the logistics chain. We are developing a
range of digital communication and shipping solutions in our SME
Solutions division to mitigate the decline in our legacy
businesses. We are also continuing to control costs.
A particular source of satisfaction is the stabilization of
our current operating margin2 in the SME
Solutions division and strong cash flow generation across the
Group.
All in all, our performance in 2016 proves the value of our
strategic choices. Looking forward, we confirm our medium-term
objectives of returning to organic sales growth, maintaining a
current operating margin2 above 18.0%,
rising above 20.0% in the longer term."
INCOME STATEMENT
€ million |
2016 |
2015 |
Change |
Sales |
1,159 |
1,190 |
-2.7% |
Current operating income before acquisition-related
expense |
216 |
234 |
|
% of sales |
18.6% |
19.7% |
|
Current
operating income |
203 |
222 |
-8.5% |
Net attributable income |
118 |
134 |
-11.5% |
% of sales |
10.2% |
11.2% |
|
Earnings
per share[4] |
3.17 |
3.72 |
-14.8% |
Diluted earnings per share |
2.97 |
3.57 |
-16.8% |
SALES BY DIVISION
To allow a better understanding of
the evolution of its activities, Neopost now details the
performance of its divisions Enterprise Digital Solutions and
Neopost Shipping separately. Prior to this, they were included
under Communication & Shipping Solutions Dedicated Units. There
is no change to the scope of SME Solutions. Historic quarterly data
for 2016 and 2015 are given in the appendices.
€ million |
2016 |
2015 |
Change |
Change at constant exchange rates |
Organic
change1 |
Enterprise Digital Solutions (EDS) |
137 |
116 |
+17.4% |
+19.4% |
+11.2% |
Neopost Shipping* |
53 |
50 |
+6.6% |
+9.7% |
+7.8% |
SME Solutions |
991 |
1,043 |
-5.0% |
-3.8% |
-3.8% |
Eliminations |
(22) |
(19) |
- |
- |
- |
Total |
1,159 |
1,190 |
-2.7% |
-1.3% |
-2.1% |
* Including €4.5 million in sales
generated by the CVP-500 automated packing solution.
€ million |
Q4 2016 |
Q4 2015 |
Change |
Change at constant exchange rates |
Organic
change[5] |
EDS |
43 |
35 |
+21.3% |
+22.3% |
+12.9% |
Neopost Shipping* |
16 |
14 |
+17.9% |
+20.3% |
+20.3% |
SME Solutions |
271 |
278 |
-2.5% |
-2.2% |
-2.2% |
Eliminations |
(7) |
(6) |
- |
- |
- |
Total |
323 |
321 |
+0.6% |
+1.1% |
+0.2% |
* Including €1.7 million in sales
generated by the CVP-500 automated packing solution.
Enterprise Digital Solutions
(EDS)
Enterprise Digital Solutions
posted a 19.4% increase in sales in full-year
2016 at constant exchange rates. Restated for the scope effects
of the acquisition of icon Systemhaus, sales grew +11.2% on an
organic basis.
Strong growth continued in
Customer Communication Management, while more
modest growth rates were recorded in Data Quality now fully
integrated.
Fourth-quarter
2016 sales for Enterprise Digital Solutions were up +22.3%, at
constant exchange rates. Restated for the scope effects of the
acquisition of icon Systemhaus, sales grew +12.9% on an organic
basis.
Neopost Shipping
In full-year
2016, Neopost Shipping's sales increased +9.7% at constant
exchange rates. Restated for the scope effects of the acquisition
of Temando, sales grew +7.8% on an organic basis. In 2015, Neopost
had the benefit of a significant contract to deploy an RFID
solution for the French Army (Direction générale de l'armement).
Restated for this factor, growth in Neopost Shipping was 15% in
2016.
Fourth-quarter
2016 sales in Neopost Shipping were up +20.3% on an organic
basis, lifted by the sale of two CVP-500 automated packing
solutions in the United States.
SME Solutions
SME Solutions' sales for full-year 2016 were down -5.0% to €991 million, and
were down -3.8% at constant exchange rates.
Within this division, sales
generated by Communication & Shipping Solutions were up by
+2.1%, excluding currency effects. This limited growth is linked to
an adverse business cycle in graphic activities. Excluding graphic
activities, growth generated by digital communications and shipping
solutions was +12% in 2016.
Sales of Mail Solutions decreased
-4.6%, excluding currency effects, in persistently tough market
conditions. However, the decline is less acute than the -5.3%
decrease recorded in 2015. The decline in Mail Solutions was more
contained in North America, and steeper in Europe.
In fourth-quarter
2016, sales in the SME Solutions division were down -2.2%,
excluding currency effects, compared with the same period in 2015.
This moderate decline was due primarily to a better performance in
equipment and license sales.
Neopost Group
Communication & Shipping
Solutions accounted for 26% of total Group
sales in 2016, up from 23% in 2015. The percentage was 28% of
sales in Q4 2016.
Acquisitions and
Partnerships
Neopost made the following
operations in 2016:
-
April 2016: Temando-Magento partnership.
Magento, the leading e-commerce platform in the world, chose
Temando as its shipping partner to provide its 250,000 clients with
a multi-carrier shipping module;
-
May 2016: joint venture with Yamato Transport
signed to operate an open network of secure automated parcel
lockers for parcel delivery in Japan;
-
July 2016: acquisition of icon Systemhaus,
leader in the German market for Customer Communications Management
(CCM).
CURRENT OPERATING INCOME
Current operating margin by
segment
|
|
|
|
2016 |
|
€ million |
EDS |
Neopost
Shipping* |
SME
Solutions |
Total excluding Temando & Innovation |
Temando |
Innovation** |
Total |
|
|
Current operating income before acquisition-related
expense |
21 |
4 |
214 |
239 |
(11) |
(12) |
216 |
|
|
Current operating margin before acquisition-related
expense |
15.6% |
8.8% |
21.6% |
20.8% |
n/a |
n/a |
18.6% |
|
|
|
|
|
|
2015 |
|
€ million |
EDS |
Neopost
Shipping* |
SME
Solutions |
Total excluding Temando & Innovation |
Temando |
Innovation** |
Total |
|
|
Current operating income before acquisition-related
expense |
18 |
3 |
227 |
248 |
(5) |
(9) |
234 |
|
|
Current operating margin before acquisition-related
expense |
15.5% |
8.1% |
21.7% |
21.0% |
n/a |
n/a |
19.7% |
|
|
*Excluding Temando
** Innovation include the costs of developing a
web-based platform and applications for small businesses, as well
as the CVP-500 sales and related expense.
Before acquisition-related
expense, the current operating margin for the Enterprise Digital
Solutions division remained practically unchanged. It came out at
15.6% compared with 15.5% of sales in 2015.
Current operating margin before
Temando and acquisition-related expense for the Neopost Shipping
division was slightly up at 8.8% of sales in 2016 versus 8.1% in
2015.
Current operating margin before
acquisition-related expense for the Neopost SME Solutions division
was almost stable at 21.6% of sales in 2016 versus 21.7% in 2015.
Our new digital communications and shipping businesses are not
dilutive and we are continuing to see results from our programs to
reduce costs and optimize our organization to adapt to difficult
market conditions. During the 2016 fiscal year, the SME Solutions
division's net operating expenses were lower by €23 million,
following the €13 million reduction in 2015. In the space of two
years, Neopost reduced the cost base of this division by €36
million, on course to meet the target of cutting costs by €50
million[6] by the end
of 2017.
Before investments in innovation
and Temando, the Group's operating margin stabilized at 20.8% in
full-year 2016, from 21.0% one year earlier.
Innovation-related expenditure
concerned the development of the CVP-500 automated packing system
and the development of a web distribution platform and digital
applications for small enterprises. The total spent in 2016 was €12
million, including sales of the CVP-500, from €9 million in
2015.
The Group's current operating
income before acquisition-related expense came out at €216 million
in fiscal year 2016, from €234 million in 2015. Current operating
margin before acquisition-related expense was 18.6% of sales,
versus 19.7% in 2015.
Acquisition-related expense
totaled €13 million in 2016, versus €12 million one year
earlier.
2016 current operating income came
out at €203 million, compared with €222 million in 2015.
Non-current items
As announced during our 2014
annual results presentation, the Group recognized structural
optimization expenses in the amount of €15 million in 2016.
Neopost took the decision in 2016
to change its distribution model in some secondary markets in its
SME Solutions division with resulting asset disposals in 2016, and
disposals scheduled for 2017. A €7 million charge was booked in
2016. The change in distribution model will have a non-material
negative impact on 2017 sales.
After these non-current items,
operating income totaled €181 million on January 31, 2017, versus
€208 million one year earlier.
Net income
The Group's net attributable
income came in at €118 million from €134 million in 2015, which
represents a net margin of 10.2%, compared with 11.2% at year-end
2015. Net income per share4 was €3.17,
down from €3.72 in the previous year.
The net cost of debt was down to
-€30 million from -€33 million in 2015. The coupon on the ODIRNANE
bonds[7] is not
recognized in the income statement, in accordance with IFRS rules.
Interest on the bonds amounted to -€9 million in 2016, versus -€6
million in 2015.
The Group also recorded -€1
million in foreign exchange losses and other financial items in the
2016 financial year, compared with a loss of -€4 million in 2015.
Net financial income amounted to -€31 million in 2016, compared
with -€37 million in 2015.
The Group's tax rate in 2016 was
25.1%, compared with 24.0% one year earlier, primarily due to a
larger share of Group profits in high-tax countries.
STRONG CASH FLOW
GENERATION
EBITDA[8] was €295
million in 2016, versus €310 million in 2015.
The -€9 million reduction in the
working capital requirement was due in particular to the increase
in trade accounts receivable. In 2015, the -€37 million change was
attributable to a VAT payment in the United Kingdom.
The leasing portfolio and other
financing services were down -1.8%, at constant exchange rates to
€798 million on 31 January 2017, from €814 million on January 31,
2016.
Investments in tangible and
intangible fixed assets amounted to €82 million, 4% lower than in
2015.
In total, cash generated by
Neopost was higher than in 2015 at €147 million, before
acquisitions and dividends, even when restated for the VAT payment,
i.e. €101 million.
In terms of external growth,
Neopost invested €24 million in acquisitions, mainly for icon
Systemhaus, compared with the €28 million spent in 2015, which was
primarily for the 55% stake in Temando.
The strong cash flow generation
brought net debt down significantly to €763 million on January 31,
2017, from €814 million on January 31, 2016. Neopost points out
that its net debt is fully backed by future cash flow expected from
its rental and leasing activities.
On January 31, 2017, shareholders'
equity was €1,139 million, up from €1,069 million for the previous
year.
As such, gearing came out at 67%
of shareholders' equity compared with 76% on January 31, 2016. The
leverage ratio (net debt/EBITDA) remained stable at 2.6 on January
31, 2017. All banking covenants are met.
Capital allocation policy: DIVIDEND of €1.70 per
share
According to the capital
allocation policy announced in September 2015, the Board of
Directors will submit its proposed dividend of €1.70 per share in
respect of fiscal year 2016, for the approval of the Annual General
Meeting on June 30, 2017. If approved, the balance of €0.90 per
share will be paid on August 8, 2017, following payment of an
interim dividend of €0.80 per share on February 7, 2017. The final
2016 dividend will be paid entirely in cash, as was the interim
dividend.
In September 2015, the Group
committed to the dividend payment of €1.70 per share for fiscal
2015, 2016, and 2017.
MEDIUM-TERM AMBITIONS
CONFIRMED
The transformation of Neopost
continues:
-
in the Enterprise Digital Solutions division,
the Group continues to invest to firmly anchor its leadership
position and will benefit from icon Systemhaus' complementary
range. The Group is targeting growth in excess of 10% per year and
improved profit margins;
-
in Neopost Shipping division, the Group's offering is now established and will be
rolled out to generate significant organic growth and improve
profitability;
-
in SME Solutions division, the Group is
accelerating the roll-out of digital and shipping solutions to
mitigate the decline in sales of mail solutions. Meanwhile, Neopost
will continue to lower net costs by at least €50 million6
by January 31, 2018 in order to stabilize its operating margin
around 22%;
-
in addition, the Group will carry on investing
in innovation with an annual average budget of €10 million.
This strategy is designed to
return Neopost to organic sales growth in the medium term. It will
also ensure the Group maintains a current operating margin, before
acquisition-related expense, above 18.0% throughout the period of
transformation, and return it to above 20.0% (before
acquisition-related expense) in the long-term.
The Group also intends to hold
sufficient cash flow to sustain growth, meet its dividend
distribution commitments and maintain a solid balance sheet
structure.
Meeting webcast
Neopost
has scheduled a meeting in Paris on March 29, 2017 which will be
webcast simultaneously starting at 9 a.m. Paris time/8 a.m. London
time. The meeting will be held in English. To join the webcast, go
to http://www.neopost.com/fr/finance. Please
go to the site 15 minutes ahead of time to register for the webcast
and download and install the audio software as required. The
recording of the webcast meeting will be available for a period of
one year.
CALENDAR
First-quarter 2017 sales will be
published on June 1st, 2017 after
market close.
ABOUT NEOPOST
NEOPOST is a global leader in digital
communications, shipping and mail solutions. Its mission is to
guide and support organizations in how they send and receive
communications and goods, helping them better connect with their
business environment through hardware, software and services.
Neopost supplies innovative user-friendly solutions for physical
and digital communications management for large enterprises and
SMEs, as well as shipping processes for supply-chain and e-commerce
players. With a strong local presence in 31 countries and over
6,000 employees, Neopost works closely with a network of partners
in order to market its solutions in more than 90 countries. In
2016, Neopost reported sales of €1.2 billion. Neopost is listed in
Compartment A of Euronext Paris and belongs notably to the SBF 120
index. |
For more information, please
contact:
Gaële Le Men, Neopost |
FTI Consulting |
Financial, External, & Internal
Communications Director |
Arnaud de
Cheffontaines
Cosme Julien-Madoni |
Tel: +33
(0)1 45 36 31 39 |
Tel: +33
(0)1 47 03 68 19 |
E-mail: g.le-men@neopost.com |
E-mail: neopost@fticonsulting.com |
Or visit our website:
www.neopost.com
Appendices:
Glossary
- Enterprise
Digital Solutions (EDS): division offering Customer
Communication Management and Data Quality solutions for large
companies
- Neopost
Shipping: division offering management solutions for shipping
and delivery; tracking of goods and merchandise for players in
e-commerce, distribution and carriers
- SME
Solutions: division offering Mail Solutions products and
services for small and mid-sized enterprises, the Group's
long-standing customers. This division also delivers digital,
shipping and graphic solutions for the same customer base
- Mail Solutions: mailing systems, document
management systems (folder/inserters for office and mailroom; other
mail room equipment) and related services
- Communication & Shipping Solutions: digital
solutions software (customer communication management and data
quality software), shipping and graphic solutions
Change in sales by
activities
€ million |
Q4 2016 |
Q4
2015 |
Change |
Change at
constant exchange rates |
Organic
Change5 |
|
2016 |
2015 |
Change |
Change at
constant exchange rates |
Organic
change1 |
Mail solutions |
234 |
240 |
-2.8% |
-2.3% |
-2.3% |
|
859 |
912 |
-5.9% |
-4.6% |
-4.6% |
Communication & Shipping
Solutions |
89 |
81 |
+10.8% |
+11.4% |
+7.5% |
|
300 |
278 |
+7.9% |
+9.7% |
+6.1% |
Total |
323 |
321 |
+0.6% |
+1.1% |
+0.2% |
|
1,159 |
1,190 |
-2.7% |
-1.3% |
-2.1% |
Change in sales by region
€ million |
Q4 2016 |
Q4
2015 |
Change |
Change at
constant exchange rates |
Organic
Change5 |
|
2016 |
2015 |
Change |
Change at
constant exchange rates |
Organic
change1 |
North
America |
142 |
138 |
+2.4% |
+0.8% |
+0.8% |
|
516 |
516 |
-0.1% |
+0.2% |
+0.2% |
Europe |
159 |
161 |
-0.8% |
+2.2% |
+0.4% |
|
558 |
591 |
-5.6% |
-2.9% |
-4.3% |
Asia-Pacific
and others |
22 |
22 |
+0.0% |
-4.7% |
-4.6% |
|
85 |
83 |
+2.2% |
+1.3% |
+0.3% |
Total |
323 |
321 |
+0.6% |
+1.1% |
+0.2% |
|
1,159 |
1,190 |
-2.7% |
-1.3% |
-2.1% |
Change in sales by revenue
type
€ million |
Q4 2016 |
Q4
2015 |
Change |
Change at
constant exchange rates |
Organic
Change5 |
|
2016 |
2015 |
Change |
Change at
constant exchange rates |
Organic
change1 |
Equipment
and license sales |
117 |
114 |
+2.3% |
+3.1% |
+2.9% |
|
382 |
408 |
-6.6% |
-5.1% |
-5.8% |
Recurring
revenue |
206 |
207 |
-0.3% |
+0.0% |
-1.3% |
|
777 |
782 |
-0.6% |
+0.7% |
-0.1% |
Total |
323 |
321 |
+0.6% |
+1.1% |
+0.2% |
|
1,159 |
1,190 |
-2.7% |
-1.3% |
-2.1% |
2016
Consolidated income
statement
|
2016
(year ending January 31, 2017) |
2015
(year ending January 31, 2016) |
€ million |
|
% |
|
% |
Sales |
1,159 |
100.0% |
1,190 |
100.0% |
Cost of sales |
(294) |
-25.3% |
(300) |
-25.2% |
Gross margin |
865 |
74.7% |
890 |
74.8% |
R&D expenses |
(52) |
-4.5% |
(44) |
-3.7% |
Sales and marketing expenses |
(293) |
(25.4)% |
(312) |
-26.2% |
Administrative expenses |
(197) |
-17.0% |
(196) |
-16.4% |
Service and other operating expenses |
(107) |
-9.2% |
(101) |
-8.5% |
Employee profit-sharing and share-based payments |
0 |
0.0% |
(3) |
-0.3% |
Current operating income before
acquisition-related expense |
216 |
18.6% |
234 |
19.7% |
Acquisition-related expense |
(13) |
-1.1% |
(12) |
-1.1% |
Current operating income |
203 |
17.5% |
222 |
18.6% |
Proceeds from asset disposals |
0 |
0,0% |
0 |
0,0% |
Structure optimization expenses |
(15) |
-1.3% |
(14) |
-1.1% |
Other operating expense |
(7) |
-0.6% |
- |
- |
Operating income |
181 |
15.6% |
208 |
17.5% |
Financial income/(expenses) |
(31) |
-2.6% |
(37) |
-3.1% |
|
Income before taxes |
150 |
13.0% |
171 |
14.4% |
|
Income taxes |
(37) |
-3.3% |
(41) |
-3.5% |
|
Share of results of associated companies |
1 |
0.1% |
1 |
0.1% |
|
Net income |
114 |
9.8% |
131 |
11.0% |
|
Minority interests |
4 |
0.4% |
3 |
0.2% |
|
Net attributable income |
118 |
10.2% |
134 |
11.2% |
|
2016
Summary
consolidated balance sheet
Assets
€ million |
January 31, 2017 |
January
31, 2016 |
Goodwill |
1,121 |
1,096 |
Intangible assets |
223 |
214 |
Fixed assets |
132 |
135 |
Other non-current financial assets |
53 |
56 |
Leasing receivables |
798 |
814 |
Other non-current receivables |
3 |
4 |
Deferred tax assets |
17 |
14 |
Inventories |
72 |
76 |
Trade receivables |
269 |
249 |
Other current assets |
100 |
110 |
Financial instruments |
0 |
0 |
Cash and cash equivalents |
96 |
75 |
Assets discontinuing activities |
2 |
- |
TOTAL ASSETS |
2,886 |
2,843 |
Liabilities
€ million |
January 31, 2017 |
January
31, 2016 |
Shareholders' equity |
1,139 |
1,069 |
Long term provisions |
28 |
26 |
Non-current financial debt |
753 |
776 |
Other non-current liabilities |
50 |
65 |
Current financial debt |
106 |
113 |
Deferred tax liabilities |
197 |
186 |
Non-current financial instruments |
0 |
1 |
Deferred income |
217 |
214 |
Current financial instruments |
1 |
0 |
Other current liabilities |
395 |
393 |
TOTAL LIABILITIES |
2,886 |
2,843 |
2016
Simplified cash
flow statement
€ million |
2016
(year ending January 31, 2017) |
2015
(year ending January 31, 2016) |
EBITDA |
295 |
310 |
Other elements |
(20) |
(16) |
Cash flow before net cost of debt and
tax |
275 |
294 |
Change in the working capital requirement |
(9) |
(37) |
Net change in leasing receivables |
15 |
(22) |
Cash flow from operating activities |
281 |
235 |
Interest and tax paid |
(52) |
(85) |
Net cash flow from operating
activities |
229 |
150 |
Capital expenditure |
(82) |
(86) |
Net cash flow after investing
activities |
147 |
64 |
Acquisition of shares and granting of loans |
(24) |
(28) |
Disposals of assets and other |
3 |
0 |
Net cash flow after acquisitions and
disposals |
126 |
36 |
Capital increase |
0 |
0 |
Dividends paid |
(59) |
(134) |
Change in debt and other |
(51) |
(220) |
Net cash flow from financing
activities |
(110) |
(354) |
Impact of exchange rates on cash |
11 |
(15) |
Change in net cash position |
27 |
(333) |
REVIEW IN CHANGE
IN SALES BY DIVISION AND BY QUARTER
€ million |
Q1 2016 |
Q1 2015 |
Change |
Change at constant exchange rates |
Organic
change[9] |
EDS |
27 |
24 |
+11.3% |
+15.0% |
+15.0% |
Neopost Shipping * |
11 |
12 |
-4.3% |
-1.4% |
-8.5% |
SME Solutions |
239 |
254 |
-6.0% |
-4.0% |
-4.0% |
Eliminations |
(4) |
(4) |
- |
- |
- |
Total |
273 |
286 |
-4.7% |
-2.5% |
-2.8% |
*Including €0.1 million in sales
generated by the CVP-500 automated packing solution.
€ million |
Q2 2016 |
Q2 2015 |
Change |
Change at constant exchange rates |
Organic
change[10] |
EDS |
32 |
28 |
+11.6% |
+14.6% |
+11.4% |
Neopost Shipping * |
13 |
13 |
+4.5% |
+7.8% |
+7.9% |
SME Solutions |
245 |
264 |
-7.2% |
-5.6% |
-5.6% |
Eliminations |
(6) |
(5) |
- |
- |
- |
Total |
284 |
300 |
-5.4% |
-3.5% |
-3.8% |
*Including €1.3 million in sales
generated by the CVP-500 automated packing solution.
€ million |
Q3 2016 |
Q3 2015 |
Change |
Change at constant exchange rates |
Organic
change[11] |
EDS |
35 |
28 |
+23.3% |
+24.3% |
+6.2% |
Neopost Shipping* |
13 |
12 |
+6.5% |
+10.6% |
+10.8% |
SME Solutions |
237 |
248 |
-4.3% |
-3.4% |
-3.4% |
Eliminations |
(5) |
(4) |
- |
- |
- |
Total |
280 |
284 |
-1.5% |
-0.4% |
-2.1% |
* Including €1.4 million in sales
generated by the CVP-500 automated packing solution.
€ million |
Q4 2016 |
Q4 2015 |
Change |
Change at constant exchange rates |
Organic
change5 |
EDS |
43 |
35 |
+21.3% |
+22.3% |
+12.9% |
Neopost Shipping* |
16 |
14 |
+17.9% |
+20.3% |
+20.3% |
SME Solutions |
271 |
278 |
-2.5% |
-2.2% |
-2.2% |
Eliminations |
(7) |
(6) |
- |
- |
- |
Total |
323 |
321 |
+0.6% |
+1.1% |
+0.2% |
* Including €1.7 million in sales
generated by the CVP-500 automated packing solution.
[1] 2016 sales
are compared with 2015 sales, with the addition of €9.5 million
which accounts for sales generated by Temando and Icon
Systemhaus.
[2] Excluding
acquisition-related expense
[3] Net margin
= Net attributable income / total sales.
[4] Earnings
per Share are computed after deduction of dividends paid to
Ordinane bonds holders.
[5] Q4 2016
sales are compared with Q4 2015 sales, with the addition of €3.0
million which accounts for sales generated by Icon Systemhaus.
6 Relative to the 2014 cost base
7 ODIRNANE = convertible perpetual bond issue
recognized in equity in accordance with IFRS accounting rules
8 EBITDA = current operating income + provisions
for depreciation of tangible and intangible fixed assets
9 Q1 2016 sales are compared with Q1 2015 sales,
with the addition of €0.9 million which accounts for sales
generated by Temando
10 Q2 2016 sales are compared with Q2 2015 sales,
with the addition of €0.8 million which accounts for sales
generated by icon Systemhaus
11 Q3 2016 sales are compared with Q4 2015 sales,
with the addition of €4.8 million which accounts for sales
generated by Icon Systemhaus
PDF
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: NEOPOST via Globenewswire