[PDF] Annual General Meeting of Shareholders Algemene Vergadering van Aandeelhouders 2012

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Annual General Meeting of Shareholders 2012 Algemene Vergadering van Aandeelhouders 2012

Agenda item 1 Opening and announcements Opening en mededelingen

Agenda item 2 Presentation on the 2011 results Presentatie over de resultaten in 2011

2011 Performance Herna Verhagen, CEO Jan Bos, CFO

Highlights 2011 Herna Verhagen Reorganisation Mail NL Results Jan Bos Offer UPS for TNT Express Conclusion and outlook 2012

Herna Verhagen

PostNL is the leading European postal operator Services & Solutions Services & Solutions Mail

Parcels

Interational

Mail

Parcels

International

Growth Returns

• Manage decline • Balance volumes and pricing

• Grow Parcels whilst improving profitability • Grow in adjacent markets

Capture network and sales synergies 6

Returns Growth

• Improve profitability international networks • Broker model and International sales channel for cross border parcels

Capture sales synergies

Mail in the Netherlands – operational summary Better development in volumes than expected Highlights • Addressed mail volumes -7.2%, better than expected • Revenues down 4.3% to €2,429 million • Underlying cash operating income €154 million (2010: € 288 million) • Service quality 96.1% • Master plan programme on track in 2011 • Plans announced by government to amend Postal Act to end legal requirement of Monday delivery • New e-commerce initiative: Folders.nl

• Last old style post office closed, last step in ending joint venture based post offices • CLA agreement for mail deliverers • Everything in place to assist employees from work to work

Mail in the Netherlands – new services

• • • •

Extend coverage of leaflets Extra service to consumers Open platform

MijnPost • Access to virtual letter box • Portal for business clients

• •

Start your own web shop Easy to use Integrated PostNL delivery

FiNBOX • Digital invoicing • One platform for all channels

Mail in the Netherlands – regulation

Secretary of State announced he will end the legal requirement of the Monday delivery: • Amendment is expected to be sent to Parliament around summer 2012 • A majority in Parliament realises that USO modernisation is necessary, but wants more information on Monday volumes and possible impact on employment Majority in Parliament wants more supervisory controls, also on non-USO part of market: • Parliament is of the opinion that market liberalisation has not brought the desired results and is concerned that PostNL may abuse its market position • Secretary of State announced he will make a proposal and considers introducing a Significant Market Power framework in the postal market • PostNL views more supervision as unnecessary Regulatory agenda uncertain due to recent political developments 9

Parcels – operational summary Good growth in volumes, revenues and results Highlights • Volumes up 6.0% • Underlying revenues up 7.8% to €608 million • Underlying cash operating income up 13.6% to €92 million (2010: €81 million)

• New client wins • Successful summer and December shopping period • New commercial initiatives such as MijnPakket.nl

Good overall progress Parcels

Business highlights • Acquisition and integration of distribution TWI (travel catalogues) • Important new customers

Expand strong position • Higher quality with new logistics infrastructure • Increase market share both organically and via partnerships / small acquisitions • Shop logistics through verticals (Media, Pharma and Fashion) 11

New logistics infrastructure implementation on track • New depots Waddinxveen, Elst started successfully • Den Bosch and Hengelo operational Q2 2012 • Strong operational savings, efficiency still improving • Construction: Breda, Sittard and Amersfoort • Land acquired Den Haag, Leeuwarden and Goes

International – operational summary First positive bottom line results Highlights • Volume growth, underlying revenues growth of 7.8% (organic) • Underlying cash operating income €5 million (2010: - €24 million) • First signs of effect of economic turbulence, while total markets decline

• UK: higher addressed volumes

• Revenues down, partly due to closures

• Both regional sales and large contract wins

• Positive effect of resizing on underlying operating income

• Italy: continued strong growth Formula Certa

UK Commercial positioning on track, E2E innovative operation

Positive start pilot London with customers and mailing houses • Incentive scheme for mailing houses • 45 of top 65 national customers to join the pilot (expected volume exceeds target)

Innovative operation • Initial routes created using Routesmart • Economic & environmental friendly transport solution ready • Lean delivery units • Scanning equipment sourced

Packets & Parcels • Continue to convert strong pipeline and grow business • Strong sales team in place

OfCom • Access mandated April 2012 • Price caps only on USO • VAT to be challenged

Germany Turnaround to break-even 2013 on track 2011 • Ridas / HQ Regioservice closed • Hamburg / ABL sold • Entrepreneurial model in place • Around €7 million savings achieved • Price attack DPAG continues

Smart combinations and new initiatives • Implementation PostCon Parcel, PostCon International, last-mile sorting and sales co-operation • Carbon neutral product • Mail Alliance continues to expand • Cooperation with Deutsche Telekom in De-Mail

Italy Continued growth Formula Certa growing ▪

Significantly increase drop-off points network to support registered mail volumes via ACI/Buffetti

Hybrid office mail: Formula Ibrida • New online activation system • Prepaid account recharge via credit card

Improved customer experience • New dashboard widgets for certified and registered mail • New enterprise portal

Continued focus on registered mail

Corporate responsibility performance

2011

2010*

Employee engagement

56%

55%

Customer satisfaction

89%

91%

Absenteeism

5.4%

CO2 efficiency index

64.5

70.4

Dow Jones Sustainability Index

* Restated according to organisational scope 2011

Supersector Leader in group “Industrial Goods and Services”

FY performance versus outlook

Underlying cash operating income / margin

Underlying revenues € million

Outlook

Mail in NL

- mid single digit

Parcels

+ mid single digit

International

+ mid double digit

Mail Other Total

stable

Actual

Outlook

Actual

+ 7.8% + 14%

3 to 5%

6.3%

13 to 15%

15.1%

0 to 1%

0.3%

130 to 170

220

2 to 4%

5.1%

- 4.3%

+ 0.3%

Note: underlying figures are at constant currency and exclude the impact of restructuring costs and other one-offs

Reconciliation underlying cash operating income

€ million

Decrease of €154 million in underlying operating income 341

(137) 8

Underlying cash operating income 2010 18

Mail in NL

Parcels

International

(53)

Mail Other

Change in pension liabilities

(10)

Change in provisions

220

Underlying cash operating income 2011

Highlights 2011 Reorganisation Mail NL Results Offer UPS for TNT Express Conclusion and outlook 2012

Necessity and impact reorganisation Mail NL

External necessity – market developments

Big impact • Competitive pricing when delivered on Tuesday,

Commercial proposition Changing customer demand Price pressure Growing competition

Declining market Increasing costs

Heavy substitution

Regulation

• Basic / day certain • New locations retail / postal boxes • New pricing model and discounts

Reorganisation

Clients

Thursday and Saturday • Temporary impact of reorganisation on service levels

Operations • Peak / off-peak model for all parts of operations • Re-design of total logistics process

Logistical operations • • • •

Preparation centralisation Part-time postal deliverers Flexible capacity usage Lower labour costs

• From full time to part time organisation; no more Employees

‘mailmen’ • Mobility programme from work to work

Restructuring unavoidable Impact on clients and employees 20

Start implementation large reorganisation in Q1 2012

Bottlenecks

Adjustment of logistic processes to peak / off-peak model January Country-wide reorganisation 6 sorting centres 18 March

Roll-out 2 Central Preparation Locations (Utrecht and Den Bosch) 18 March

Full roll-out new Basic product for business clients

Changes since 1 January 2012

Further roll-out Auto unit (full time jobs)

Further roll-out Postal boxes in Retail locations

Closing locations Waalwijk, Den Bosch, Weert, Culemborg, Woerden and Elst 18 March Closing locations Ede and Houten 16 January

Peak in number of changes in Q1

Start roll-out Central Preparation Location (Nieuwegein) 16 January

• Cohesion in logistics chain makes it necessary to implement changes in sorting, preparation and delivery simultaneously Chain effect – delay in one link has impact on next

• Peak in delays in sorting has had 3 weeks effect on preparation and delivery

Impact reorganisation higher than expected

Reorganisation six sorting centres in March

Reasons

Main changes

• Volume decline • Changes in process due to

• Change in day/evening/night schedule • Bringing activities to other parts of process • Needing fewer people to do the work available

new business model

Peak delays March

Employees • ~2,000 employees accepted new contracts • 50% in new functions • average size of contract reduced • ~300 employees redundant due to mismatch in hours and • •

working times Vacancies (now temp workers) Temporarily extra people to reach service levels

3,0%

• Transport issues • Learning curve

Also impact power failure in sorting centre Amsterdam

2,5% 2,0%

employees

1,5%

• Peak in delay

1,0%

eliminated; no more country-wide issues

0,5% 0,0% 5

Learning curve in complex change process 22

Roll-out Central Preparation Locations and closing locations Phased roll-out Central Preparation Locations •

Moving from 171 bag level sortation locations to 9 Central Preparation Locations Q1: Opening Utrecht and Den Bosch

•

Issues at start new Central Preparation Locations • • • •

Development complaints delayed mail •

Start Utrecht and Den Bosch

Peak in delays at start

0,07% 0,06%

Start Nieuwegein

0,05% 0,04% 0,03% 0,02% 0,01% 0,00% 3

Nieuwegein (va. 16 jan) en Utrecht (va. 18 m rt) Den Bosch (va. 18 mrt)

Rolling effect delays in sorting since 18 March 85% new people in CPLs; 15% from internal recruitment/ job offer process Despite education, not enough experience; learning curve takes longer than expected Working methodologies not yet fully as expected

Status CPL as of 17 April 2012 • No more delays • Regular process deals with nearly all mail to be processed • Quality of filled bag for postal deliverers needs attention • Number of complaints decreasing • Target productivity not yet reached

Approach next steps

Postpone further roll-outs • Postpone start CVL Bleiswijk and postpone next batches of roll-out Den Bosch

•

Formulate improved approach together with WC and testing in Utrecht and Den Bosch before decision for further roll-out Savings targets remain unchanged

Customers • Phased migration with regard to impact for • •

customers Country-wide communication action to inform consumers about reorganisation Regional communication at moment local roll-out

Employee • Reorganisation continues • More uncertainty, asking for more flexibility • Appeal to mailmen to be employed longer • More time for mobility from work to work

Migration under control, improvements still required Temporary delay further roll-outs 24

Highlights 2011 Reorganisation Mail NL Results Offer UPS for TNT Express Conclusion and outlook 2012

Summary results PostNL

In € million

2011

2010

Revenues

4,297

4,293

Operating income

417

480

Underlying cash operating income

220

341

1,736

351

144

Net profit Underlying net cash income

Results per segment FY

Reported operating revenues € million

Mail in NL

FY 2010

FY 2011

FY 2010

Underlying operating income FY 2011

FY 2010

Underlying cash operating income FY 2011

FY 2010

2,429

2,538

234

188

242

379

154

288

608

564

International Mail Other / intercompany

1,467

1,294

(9)

(29)

(24)

(207)

(103)

104

241

145

(31)

(4)

Total PostNL

4,297

4,293

417

480

426

580

220

341

Parcels

FY 2011

Reported operating income

Focus on two pension issues PostNL

Top-up payments Coverage ratio main pension fund at 100% at Q4 2011, below the minimum required level

Pension arrangements Proposed changes • Own contribution employees • Decrease accrual rate • Postpone start date soft pensions

• Necessity top-up payments disputed by PostNL and not sustainable in current and future financial position • Pension fund has been invited to discuss, mediation proposed • Arbitrage announced by pension funds

• Dialogue with unions started 14 February

Development consolidated equity 2011 - 2013

€ million 238

1,564

2,424

636

Equity PostNL 1 Jan 2011

FY11 net result PostNL

Net results Cash dividend Express Jan - May

Impact demerger Express

Net Other comp. impairment Income Express stake Express

Other

400

Equity PostNL Net income 31 Dec 2011 2012

IAS19 pensions 1-1-2013

Projected equity PostNL 1 Jan 2013

New framework financial statements Differences in equity and net income Consolidated financial statements • P&L includes results from investments as net result attributable to shareholders • Retained Express stake revalued after demerger with impairment to market value

Corporate financial statements • P&L includes results from investments as dividend income received • Investments accounted for at cost, with initial revaluation Mail investments only as from 1 January 2010

Differences in demerger gain due to different valuation Express at time of demerger

• Consolidated reporting continued, no change in future publications to income figures 30

• Equity expected to remain positive after IAS 19 adjustment in 2013, enabling distribution of (stock) dividend

Development revised corporate equity 2010 – 2013

€ million 525 1,549

2,154

2,060

1,918

Restricted Distributable Corporate equity Dutch GAAP 1/1/2010

Impact accounting change

Equity movements 2010 / 2011*

Dividend income

Net impact demerger Express

Corporate equity IFRS 01/01/2012

Equity movements 2012*

Corporate equity 31/12/2012

* Dividend received from investments, other net income, cash dividends, SBP & other direct equity movements

Net impact IAS 19 pension adjustment

Corporate equity 01/01/2013

Proposed dividend 2011

PostNL dividend

Dividend received from TNT Express

Interim dividend Final dividend Final dividend • 50% of €150 million • 50% of €150 million • €0.004 per share TNTE • €0.197 per share • €0.191 per share • €0.002 per share

• • • • •

€0.193 per share including pass-through of TNTE dividend Fully in ordinary shares Subject to approval by AGM 24 April 2012 Ex-dividend 26 April 2012 Record date 30 April 2012 Payable as from 8 May 2012

Interim dividend • €0.040 per share TNTE • €0.017 per share

Highlights 2011 Reorganisation Mail NL Results Offer UPS for TNT Express Conclusion and outlook 2012

Offer UPS for TNT Express

19 March 2012 10.00

UPS and TNT Express • UPS and TNT Express entering into a Merger Protocol • All-cash public offer by UPS for all TNT Express shares • Offer price €9.50 per share

8.00

6.00

4.00

2.00

PostNL and UPS • Irrevocable undertaking for all shares held by it under UPS’s offer • Expected proceeds around €1,540 million, €700 million to be put in escrow 34

0.00 25 2 2 2 2 2 2 2 2 2 2 /05 5/06 5/07 5/08 5/09 5/10 5/11 5/12 5/01 5/02 5/03 /20 /20 /20 /20 /20 /20 /20 /20 /2 /2 /2 11 11 11 11 12 12 012 11 011 11 011

PostNL

TNTE

Use of expected proceeds from stake TNT Express 1. Debt reduction according to its financial policy 2. Restore cash dividend according to its dividend policy 3. Investment in further portfolio extension 4. De-risking pensions and/or distributing excess to shareholders according to its dividend policy

Highlights 2011 Reorganisation Mail NL Results Offer UPS for TNT Express Conclusion and outlook 2012

Milestones 2012

Mail in NL • Roll out new delivery setup • Expansion product portfolio Parcels • Roll out infrastructure • Further expansion network services International • End-to-end trials UK • Progress Germany towards profitability • Next phase cross border solutions

Regulatory • Progress on USO simplification Pensions • New CLA with sustainable pension solution Stake TNT Express • Adequate solution to stake in TNT Express

Outlook 2012

Underlying revenues 2012

2011

2012

- low single digit

6.3%

1 to 3%

608

+ high single digit*

15.1%

13 to 15%

International

1,475

+ high single digit

0.3%

1 to 2%

Total

4,305

+ low single digit

220

110 to 160

5.1%

2 to 4%

€ million Mail in NL Parcels

2011

Underlying cash operating income / margin

2,429

Note: underlying figures are at constant currency and exclude the impact of restructuring costs and other one-offs * Due to shift registered mail from Mail in NL to Parcels

Agenda item 2 Presentation on the 2011 results Presentatie over de resultaten in 2011

Agenda item 3 Annual Report 2011 Jaarverslag 2011

Agenda item 4 Discussion of the Corporate Governance chapter in the Annual Report 2011, chapter 16 Bespreking van het corporate governance hoofdstuk in het jaarverslag 2011, hoofdstuk 16

Remuneratiebeleid PostNL

Remuneratiebeleid TNT/PostNL

TNT beleid t/m 2009

TNT 2010/2011

PostNL 2011/2012

Aanpassingen in het remuneratiebeleid: • In 2008: ▪ Veranderingen in “peer group”: internationaal – nationaal ▪ Afschaffen Bonus Matching Plan • In 2010: Nieuw remuneratiebeleid: ▪ Nieuwe peer group ▪ Variabele beloning is nooit hoger dan de vaste beloning ▪ Verschuiving van financiële focus bredere maatschappelijke focus 43

Totale maximale beloning daalt met ~30%

Totale beloning TNT/PostNL t.o.v. de benchmark

• Jaarlijks wordt de peer group geanalyseerd en zorgvuldig vastgesteld op basis van:

– – – – – –

Nederlandse origine Omzet Aantal medewerkers Totale activa Marktkapitalisatie Geografische focus

• De actuele totale beloning van zowel de CEO als RvB leden ligt onder het gemiddelde beloningsniveau van de peer group

Totale beloning t.o.v. de benchmark

C E O B e n c h m a rk P o stN L

€ 3 .5 00 .0 0 0 € 3 .0 00 .0 0 0 € 2 .5 00 .0 0 0

7 5 th

€ 2 .0 00 .0 0 0

5 0 th

€ 1 .5 00 .0 0 0

T N T / P o stN L

€ 1 .0 00 .0 0 0 2008

2009

2010

2011

2012 *

R v B B e n c h m a rk € 2.000.000

P o stN L 7 5 th

€ 1.500.000

5 0 th € 1.000.000

T N T / P o stN L

€ 500.000 2008

2009

2010

2011

2012 * *

* In de grafiek wordt de maximale 2012 beloning weergegeven

Remuneratiebeleid TNT Remuneratiebeleid PostNL Door de splitsing van PostNL en TNT Express eigen remuneratiebeleid voor PostNL • In lijn met de “ Code” bestaat de helft van de beloning uit een vaste beloning, de andere helft kan verdiend worden op basis van vastgestelde prestaties • Uitbetaling van variabele beloning 50% in cash en 50% in aandelen

Wijzigingen t.o.v. van TNT beleid: • Nieuwe samenstelling peer group • Nieuwe benchmark voor totale beloning RvB totale beloning daalt • Verandering in verhouding financiële/niet-financiële targets:

▪

50%-50% wordt 60%-40%

Variabele beloning

Definitie van Bonus: • iets dat men extra krijgt, uitkering van bijzondere aard Binnen PostNL is er sprake van variabele beloning als onderdeel van de totale beloning

Totale beloning RvB Vaste beloning

Variabele beloning

Prestatiecriteria: -60% financieel 47

-40% niet-financieel

Variabele beloning – 2011 prestatiecriteria Financiële targets (60%) Underlying Cash Operating Income

Management ontwikkeling

Adj. Net Cash from Oper. Act.

Ziekteverzuim

Successful demerger

Werknemertevredenheid

▪ agreed separation agreement

Klanttevredenheid score

▪ positive analyst opinions

CO2 reductie PostNL

Specifieke individuele projecten

Niet-financiële targets (40%)

Specifieke individuele projecten

• Koorstra

€528.281

78,75%

• Bos

€191.407

93,75%

• Verhagen

€188.344

78,75%

• Aben

€163.334

80%

Remuneratiebeleid PostNL

PostNL is zich bewust van de diverse groepen stakeholders: • • • • • •

Medewerkers Klanten Aandeelhouders Vakbonden/medezeggenschap Maatschappelijke omgeving Wetgeving (Corporate Governance Code)

Al deze stakeholders hebben eigen -vaak tegengestelde- belangen In de heroverweging van het remuneratiebeleid zullen vanzelfsprekend de diverse belangen van de verschillende stakeholders worden meegenomen

Remuneratie agenda 2012

Analyse peer group

Benchmark beloning

Evaluatie beleid

Aanpassingen remuneratiebeleid 2013 • Acceptabele verhouding vaste/variabele beloning • Verhouding korte en lange termijn prestatiecriteria • Belangen diverse stakeholders 50

Insert smart card Smart card invoeren Insert the card with the gold chip pointing toward you Voer de kaart in met de gouden chip naar u toe

Insert smart card Smart card invoeren

When the card is inserted well a welcome message will appear on the display Als de kaart goed is ingevoerd, verschijnt een welkomstboodschap op het scherm

Insert smart card Smart card invoeren

Should the card not be inserted well a warning message will appear on the display Als de kaart niet goed is ingevoerd, verschijnt een waarschuwing op het scherm

Voting Stemmen When the agenda item is opened the display will show three choices Als het agendapunt aan de orde komt, verschijnen drie keuzes op het scherm

Voting Stemmen

To vote you press 1, 2 or 3. For example press 1 if you’re in favour of the item. The display will confirm your vote Kies 1, 2 of 3 om te stemmen. Kies bijvoorbeeld 1 om vóór te stemmen. Uw stem wordt op het scherm bevestigd 55

Voting Stemmen You can change your vote at any time. Press the C button to cancel your vote. Then make a new choice U kunt uw keuze veranderen. Druk op de C-toets om uw stem te annuleren. Stem dan opnieuw

Voting Stemmen Please leave the keypad and the smart card with the hostesses when leaving the room Lever alstublieft het stemkastje en de kaart in bij de hostessen bij het verlaten van de zaal

Agenda item 5 Adoption of the 2011 financial statements (Resolution) Vaststelling van de jaarrekening over het boekjaar 2011 (Besluit)

Agenda item 6 Dividend a. b.

Discussion of the Reserves and Dividend guidelines Behandeling van het reserverings- en dividendbeleid Appropriation of profit (Resolution) Winstbestemming (Besluit)

Agenda item 7 Release from liability of the members of the Board of Management (Resolution) Het verlenen van kwijting aan de leden van de Raad van Bestuur (Besluit)

Agenda item 8 Release from liability of the members of the Supervisory Board (Resolution) Het verlenen van kwijting aan de leden van de Raad van Commissarissen (Besluit)

Agenda item 9 Supervisory Board Raad van Commissarissen a. b.

Announcement of vacancies in the Supervisory Board Kennisgeving van vacatures in de Raad van Commissarissen Opportunity for the General Meeting to make recommendations for the (re)appointment of members of the Supervisory Board Gelegenheid tot het doen van aanbevelingen door de Algemene Vergadering voor de (her)benoeming van leden van de Raad van Commisarissen Announcement by the Supervisory Board of the persons nominated for (re) appointment Kennisgeving door de Raad van Commissarissen van de voor (her)benoeming voorgedragen personen

Agenda item 10 Proposal to reappoint Mr P.C. Klaver as a member of the Supervisory Board (Resolution) Voorstel tot herbenoeming van de heer P.C. Klaver tot lid van de Raad van Commissarissen

Agenda item 11 Proposal to appoint Mr F. Rövekamp as a member of the Supervisory Board (Resolution) Voorstel tot benoeming van de heer F. Rövekamp tot lid van de Raad van Commissarissen (Besluit)

Agenda item 12 Announcement of vacancies in the Supervisory Board as per the close of the Annual General Meeting of Shareholders in 2013 Mededeling over vacatures in de Raad van Commissarissen die na afloop van de Algemene Vergadering van Aandeelhouders in 2013 zullen ontstaan

Agenda item 13 Extension of the designation of the Board of Management as authorised body to issue ordinary shares (Resolution) Verlenging van de aanwijzing van de Raad van Bestuur als bevoegd orgaan tot het uitgeven van gewone aandelen (Besluit)

Agenda item 14 Extension of the designation of the Board of Management as authorised body to limit or exclude the pre-emptive right upon the issue of ordinary shares (Resolution) Verlenging van de aanwijzing van de Raad van Bestuur als bevoegd orgaan tot het beperken of uitsluiten van het voorkeursrecht bij uitgifte van gewone aandelen (Besluit)

Agenda item 15 Authorisation of the Board of Management to have the company acquire its own shares (Resolution) Machtiging van de Raad van Bestuur tot het verkrijgen van eigen aandelen door de vennootschap (Besluit)

Agenda item 16 Questions Vragen

Agenda item 17 Close Sluiting

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References