Net sales and operating result in 2015
The Group’s net sales in 2015 were EUR 1,650.3 (1,858.7) million. Net sales decreased by 11.2%. The decline in net sales was due to the divestment of the Scandinavian freight business, the weak market situation and exchange rate development in Russia, as well as the decrease in domestic delivery and freight volumes in Finland. In local currencies, the decline in net sales was 8.8%. Comparable net sales, excluding the international freight business, decreased by 6.1%.
Net sales decreased in all business groups. Net sales declined by 5.2% in Finland and by 32.4% in other countries. The decrease in net sales was particularly attributable to the divestment of international freight operations and the substantial depreciation of the ruble. International operations accounted for 16.8% (22.0%) of net sales.
The operating result before non-recurring items was EUR 48.7 (50.8) million, or 2.9% (2.7%) of net sales.
Non-recurring items totaled EUR 7.2 (-45.0) million in 2015. Posti Group sold several properties during the financial year, recording a total sales gain of EUR 44.2 million. The most significant of these transactions took place on April 22, 2015, when Posti Group sold and leased back its postal centers in Tampere, Kuopio and Oulu, as well as its warehouse in Tuusula. The transaction price was EUR 120 million. The selling of warehouses in Scandinavia was related to the divestment of Scandinavian freight operations. The non-recurring items also include EUR 8.4 million in personnel restructuring costs and EUR 28.6 million in impairment, provisions, and other items. The non-recurring items of the business groups are described in more detail below, in connection with the results analysis specific to each business group.
The operating result was EUR 55.9 (5.8) million, or 3.4% (0.3%) of net sales.
The Group’s net financing costs amounted to EUR 12.5 (10.4) million.
The Group’s result for the period was EUR 36.0 (-4.4) million.
Return on equity stood at 6.1 percent (-0.7 per cent).
As of the beginning of 2015, services that fall under the universal service obligation exist both in Postal Services and Parcel and Logistics Services. Operations under the universal service obligation amounted to EUR 154.8 (147.1) million in 2015, which was 9.4% of the entire Group’s net sales.