PostNL N.V. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net sales of EUR 952 million against EUR 1,003 million a year ago. Total operating revenue was EUR 955 million against EUR 1,007 million a year ago. Operating income was EUR 129 million against EUR 150 million a year ago. Profit before income taxes was EUR 116 million against EUR 129 million a year ago. Profit from continuing operations was EUR 84 million or 18.8 cents diluted per share against EUR 90 million or 20.3 cents diluted per share a year ago. Profit for the period attributable to equity holders of the parent was EUR 84 million or 18.8 cents diluted per share against EUR 101 million or 22.8 cents diluted per share a year ago. Net cash from operating activities was EUR 150 million against EUR 177 million a year ago. Capital expenditure on intangible assets was EUR 11 million against EUR 16 million a year ago. Capital expenditure on property, plant and equipment was EUR 27 million against EUR 18 million a year ago. Underlying cash operating income was EUR 110 million against EUR 147 million a year ago. Underlying operating income was EUR 138 million against EUR 156 million a year ago.

For the year, the company reported net sales of EUR 3,403 million against EUR 3,449 million a year ago. Total operating revenue was EUR 3,413 million against EUR 3,461 million a year ago. Operating income was EUR 291 million against EUR 340 million a year ago. Profit before income taxes was EUR 335 million against EUR 260 million a year ago. Profit from continuing operations was EUR 280 million or 62.9 cents diluted per share against EUR 183 million or 41.4 cents diluted per share a year ago. Profit for the period attributable to equity holders of the parent was EUR 279 million or 62.9 cents diluted per share against EUR 149 million or 33.7 cents diluted per share a year ago. Net cash from operating activities was EUR 110 million against EUR 214 million a year ago. Capital expenditure on intangible assets was EUR 31 million against EUR 36 million a year ago. Capital expenditure on property, plant and equipment was EUR 64 million against EUR 55 million a year ago. Underlying cash operating income was EUR 245 million against EUR 303 million a year ago. Underlying operating income was EUR 324 million against EUR 358 million a year ago.

The company provided earnings guidance for the full year of 2017 and revised earnings guidance for the full year of 2020. For the year 2017, outlook underlying cash operating income is adjusted to EUR 220 million – EUR 260 million, reflecting impact from additional implementation costs related to increased cost saving plans.

Accelerated transformation is expected to deliver improved results for 2020; ambition underlying cash operating income 2020 increased to between EUR 310 million - EUR 380 million against previous guidance of EUR 285 million – EUR 355 million.