Annual Report 2015

Outlook for 2016

The Group’s business is characterized by seasonality. Net sales and operating profit in the business groups are not accrued evenly over the year. In postal services and consumer parcels, the first and fourth quarters are typically strong, while the second and third quarters are weaker.

The development of exchange rates, especially the ruble exchange rate, may affect the Group’s net sales, result and balance sheet.

Comparable net sales in euros for 2016 are expected to decrease compared to 2015. The Group’s operating result before non-recurring items is expected to improve from 2015. There is significant uncertainty related to the development prospects of the result achieved in Russia. The operating result for 2016 will continue to include significant non-recurring items. Changes in the exchange rates, particularly ruble, can affect the Group’s net sales, operating result and balance sheet.

Capital expenditure is expected to increase remarkably from 2015.