PostNL 2Q Loss From Continuing Operations EUR340 Million, Upgrades Guidance

Dutch mail company PostNL NV (PNL.AE) Monday reported a loss from continuing operations for the second quarter due to an impairment charge on its 29.9% stake in TNT Express (TNTE.AE) and said underlying cash operating income for the full year will be in the top half of the previously guided range.

MAIN FACTS:

- Second quarter revenues increased year on year by 3.2% to EUR1,024 million, and reported operating income increased to EUR93 million,

- 2Q underlying revenues up 4.1% to EUR1.033 billion

- 2Q underlying cash operating income EUR25 million

- 29.9% stake in TNT Express initially recognised at EUR1.583 billion; impairment EUR397 million (as prescribed by accounting standards)

- Net profit from continuing operations came in at a loss of EUR340 million for the second quarter

- Net profit attributable to holders of PostNL was EUR1.76 billion, including the impact of the demerger from TNT Express that resulted in a net book gain of EUR2.086 billion.

- The one-offs in Q2 2011 are resizing (EUR7 million) in International, and the book gain on the sale of De Belgische Distributiedienst (EUR38 million profit), demerger costs (EUR23 million) and rebranding costs (EUR4 million) in Mail other.

- PostNL expects underlying cash operating income to be at the top half of the guided range of EUR130 -EUR170 million in 2011.

- Due to ongoing substitution and competition, in this second year after full liberalisation, the expected decline in addressed volumes in 2011 in the Netherlands is 8 - 10%.

- Master plan savings of EUR50 - EUR60 million are targeted for the year.

- The Board of Management of PostNL has decided, with the approval of the Supervisory Board, to declare an interim dividend 2011 of €0.214 (of which €0.017 relates to the dividend receivable from TNT Express )

- By Amsterdam Bureau, Dow Jones Newswires; amsterdam@dowjones.com

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