- Transaction to sell and lease back five sorting centre locations in the Netherlands completed
- Proceeds of €150 million improve 2020 free cash flow
- Positive effect total transaction on adjusted net debt position and leverage ratio
- Intention to resume dividend over FY 2020 confirmed
PostNL today announced that it has completed the sale-and-leaseback transaction with Urban Industrial relating to four mail sorting centres in the Netherlands, located in Amsterdam, Rotterdam, Zwolle, ‘s-Hertogenbosch and the international sorting centre in The Hague. The transaction was previously announced on 6 October 2020. Through this transaction, PostNL strengthens its balance sheet and releases value for the company and its stakeholders.
PostNL receives proceeds of €150 million from the sale-and-lease-back transaction. The related book gain of around €61 million will be labelled as a one-off result in Q4 2020 and as such will not impact normalised EBIT and normalised comprehensive income. The net proceeds improve the free cash flow for 2020. Taking into account the long-term lease arrangements related to this transaction, the impact on the adjusted net debt position will be approximately €97 million, improving the leverage ratio.
The improved financial position allows PostNL to accelerate the digitalisation of its activities in a number of key areas as part of the transformation. PostNL reconfirms its intention to resume dividend for FY 2020, based on this transaction and the strong business performance in 2020. The dividend over FY 2020 will be proposed to shareholders at the Annual General Meeting, which will be held in April 2021.