Posti Group Corporation's Financial Statements and Board of Directors' Report for 2015

October-December 2015

  • The Group's net sales decreased by 11.6% to EUR 434.7 (491.7) million in October-December. Comparable net sales, excluding the international freight business, decreased by 6.4%.
  • Net sales decreased by 3.8% in Postal Services, by 19.4% in Parcel and Logistics Services, by 24.5% in Itella Russia, and by 6.0% in OpusCapita. Measured in local currency, Itella Russia's net sales decreased by 10.0%. The comparable net sales of Parcel and Logistics Services decreased by 5.3%.
  • Posti Group's operating result before non-recurring items improved, boosted particularly by Parcel and Logistics Services, to EUR 25.4 (23.5) million, or 5.8% (4.8%) of net sales.
  • The operating result before non-recurring items declined to EUR 24.8 (36.9) million in Postal Services and to EUR -0.9 (2.1) million in Itella Russia. The operating result before non-recurring items improved to EUR -0.4 (-12.6) million in Parcel and Logistics Services and to EUR 3.5 (3.4) million in OpusCapita.
  • The operating result was weighed down by non-recurring items amounting to EUR -15.7 (-12.6) million, which includes provisions related to Itella Russia's warehousing business.
  • The operating result was EUR 9.7 (10.9) million, or 2.2% (2.2%) of net sales.
  • On November 11, 2015, OpusCapita signed an agreement to sell all of its business operations serving the local markets in the Baltic states to BaltCap.
  • In November, the postal industry had no agreement in force after the previous collective agreement expired on October 31, 2015. The strikes during the negotiations had a negative impact on Posti Group's result. The new collective agreement approved on November 30, 2015, eliminated the previous compensation for termination and restrictions on the use of outsourcing, which improves Posti's competitiveness.
  • During the Christmas season, Posti handled more than a million parcels in one week for the first time. The number of parcels Posti delivered to consumers in December increased by 7% from the previous year. Posti recruited 3,350 seasonal assistants for the Christmas season. 

Year 2015

  • Posti Group's net sales decreased by 11.2% to EUR 1,650.3 (1,858.7) million. Comparable net sales, excluding the international freight business, decreased by 6.1%.
  • The total number of parcels delivered by Posti during the year exceeded 33 million. Parcel volume grew by 2.3%.
  • Mail delivery volumes continued to decline as expected. The Finnish logistics market did not see a turn for the better. The situation in Russia deteriorated significantly. The ruble depreciated by 12% compared to the previous year.
  • Net sales decreased by 3.5% in Postal Services, by 17.4% in Parcel and Logistics Services, by 30.9% in Itella Russia, and by 1.2% in OpusCapita. Measured in local currency, Itella Russia's net sales decreased by 7.7%. The comparable net sales of Parcel and Logistics Services decreased by 3.8%.
  • Posti Group achieved 90% of the target of its EUR 75 million performance improvement program, the Group's general expenses were reduced with the help of the ‘Way of Working' program.
  • Posti Group's operating result before non-recurring items was EUR 48.7 (50.8) million, representing 2.9% (2.7%) of net sales.
  • The operating result before non-recurring items improved to EUR 0.6 (-21.7) million in Parcel and Logistics Services. The operating result before non-recurring items declined to EUR 56.4 (66.0) million in Postal Services, to EUR -5.1 (2.5) million in Itella Russia and to EUR 14.5 (20.0) million in OpusCapita.
  • The operating result for 2015 was improved by non-recurring items amounting to EUR 7.2 (-45.0) million, which includes EUR 44.2 million in gains from the sale of real estate, EUR 8.4 million in personnel restructuring costs, and EUR 28.6 million in impairment, provisions and other items.
  • Personnel expenses decreased by EUR 91.3 million, or by 10.8% year-on-year. The Group conducted several cooperation negotiations during the year, and the number of employees decreased by 1,691 year-on-year.
  • The operating result was EUR 55.9 (5.8) million, or 3.4% (0.3%) of net sales.
  • The operating result before taxes was EUR 43.3 (-4.6) million.
  • The Group's cash flow from operating activities decreased to EUR 81.9 (93.2) million.
  • Gearing was -10.5% (17.2%). Equity ratio stood at 47.8% (45.9%).
  • In June, the Board of Directors of Posti Group approved the company's strategic goals for 2015-2017.
  • On April 30, 2015, Posti Group Corporation sold its road freight operations in Sweden, Norway and Denmark, as well as its international freight business in Finland, to the Danish company NTG Nordic Transport Group.
  • Posti launched a renewal of its retail network. Going forward, Posti will operate 21 postal outlets of its own, and services were transferred to partners at 77 outlets.
  • On April 30, 2015, OpusCapita acquired the Swedish companies Kredithanterarna and Svenska Fakturaköp.
  • Vice President of the Operations unit Yrjö Eskola was appointed as a member of the Posti Group Corporation Executive Board as of July 1, 2015.
  • Patrik Sallner was appointed CEO of OpusCapita. Sallner took up his post as CEO on October 5, 2015.
  • The name of the company was changed to Posti Group Corporation on January 1, 2015. From January 1, 2015, the names of the business groups are: Postal Services, Parcel and Logistics Services, Itella Russia and OpusCapita. Since the beginning of 2015, Posti Group Corporation's result is reported on the basis of the new business groups.
  • The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 18.0 million be distributed. 

 Key figures of Posti Group










Net sales, EUR million





Operating result (non-IFRS), EUR million*





  Operating result (non-IFRS), %*





Operating result (EBIT), EUR million





  Operating result (EBIT), %





Result before taxes, EUR million





Result for the period, EUR million





  Return on equity (12 months), %





  Return on invested capital (12 months), %





  Equity ratio, %





  Gearing, %





Gross capital expenditure, EUR million





Average number of employees















*) Non-IFRS = excluding non-recurring items





**) Board of Directors' proposal to the Annual General Meeting







Heikki Malinen, President and CEO:

"The year 2015 was difficult for Posti Group due to the transformation of the communication sector and the weak market situation in our business environment. Our net sales decreased across all business groups. Declining volumes in Posti's core business of delivering letters and publications reduced net sales by nearly EUR 75 million. Domestic freight transport volumes decreased as the total market continued to decline. Itella Russia's net sales were eroded by the weak ruble and the problems of the Russian economy.

In spite of the decrease in net sales, the Group's operating result remained at the previous year's level. This has, however, required many substitution measures and painful decisions. We have had to compensate for the losses through cost savings, efficiency improvements, price increases, and personnel reductions.  

The most significant source of satisfaction was the strong improvement in the result of the Parcel and Logistics Services business group. Its operating result turned to profit on the strength of determined efficiency improvement measures and restructuring. In the previous year, the logistics business recorded a significant loss. Going forward, we expect various logistics services to be the engine of Posti's growth. Posti delivered over 33 million parcels last year, which represents an increase of more than 2%. In the latter part of the year, we unfortunately lost parcel volume to our competitors due to strikes. 

Posti Group's operating result for 2015 showed a significant improvement from the previous year. The improved result is attributable to the positive result of Parcel and Logistics Services as well as a sale and leaseback transaction worth EUR 120 million, which involved Posti selling logistics properties located in Finland. The operating result in the comparison period was weighed down by non-recurring costs of EUR 45 million. 

In Russia, the market situation became bleaker during the year. The substantially weaker national economy, declining consumer purchasing power and the weak ruble are currently complicating the business operations of foreign companies operating in Russia, and Itella Russia is no exception. Unfortunately, the prospects for 2016 involve significant continued uncertainty.

Posti faces unavoidable structural reforms as the volumes of traditional mail decline. Digitalization and intensifying competition give Posti no alternative but to quickly adapt to the changes. At the same time, we will seek new growth, particularly in logistics, warehousing, e-commerce, and new consumer services. We also see significant growth potential in OpusCapita's financial management software, financial processes and automation services.  

Posti must carefully manage its profitability. While Posti's non-IFRS operating result improved from 2.7% to 2.9%, profitability is short of the target level of 5%. It is a concern that the operating result of the company's cornerstone, Postal Services, declined by as much as 15% last year, which represents a decrease of approximately EUR 10 million. The decline in volume has forced Posti to initiate cooperation negotiations.

Securing profitability is crucial for Posti also because we operate without public subsidies. In order for us to develop our operations and invest in growth projects, our operations must have a financially solid foundation. Increasing digitalization is also forcing us to achieve renewal in our operations. To accomplish this, we must allocate more resources to the digitalization of our services and production.Our investments last year amounted to EUR 61 million, which is 75% of depreciation. We must increase our level of investment in the medium term. We cannot fall behind in digitalization." 

Financial Statements Release and the Board of Directors' Report (PDF)
Financial result 2015 presentation (PDF)
Corporate Governance Statement 2015 (PDF) 

Heikki Malinen, President and CEO, and Sari Helander, CFO
Tel. +358 20 452 3366 (MediaDesk)

Key media

Interim Report Q1/2016: April 29, 2016
Interim Report Q2/2016: July 18, 2016
Interim Report Q3/2016: October 31, 2016 



Posti Group is your first choice in postal, logistics and e-commerce services. We manage the flow of commerce and everyday life in nine countries. Our net sales in 2015 amounted to EUR 1,650 million. We employ approximately 22,000 professionals who serve our customers in Finland under the name Posti and in other countries under the name Itella. All of our services in Finland are carbon neutral. www.posti.com