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Outlook

Outlook for 2017

The Group’s business is characterized by seasonality. Net sales and operating profit in the segments are not accrued evenly over the year. In postal services, 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.

Net sales in euros for the year are further expected to increase compared to the previous year. The Group’s adjusted operating result is further expected to remain on par with the previous year. The operating result for 2017 will include significant special items.

Capital expenditure excluding possible acquisitions is expected to increase from the previous year.