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.

Comparable net sales in euros for 2016 are expected to decrease compared to 2015. The Group’s adjusted operating result is expected to remain on a par with the previous year. There is continued uncertainty related to the development prospects of the result achieved in Russia. The operating result for 2016 will continue to include significant special items. The development of exchange rates, especially the ruble exchange rate, may affect the Group’s net sales, result and balance sheet.

Capital expenditure is expected to increase significantly from 2015.