Ok. Dit zegt Koning Zandzak over Q421:
Let’s look at the phasing over the quarters. Clearly, you see the comparison. In the fourth quarter of 2020, we had an extraordinarily large impact driven by non-recurring Covid, which was in that quarter roughly speaking EUR 47 million, EUR 26 million of which at Parcels and EUR 20 million at Mail. We have three working days less than in 2020. Obviously, it is still an acceleration of Digital Next and some additional costs for the start-up of new facilities. That is already in Q3 and obviously will continue in the fourth quarter. Higher pension costs and additional cost inflation in comparison to last year but, as said, also an expected step-up in volumes from Q3 to Q4 on the back of the expectations of both our clients and ourselves.
Still a bit of an uncertainty around the impact of the value added tax changes as to the level of growth. Obviously, we need to monitor closely whether or not Covid-19 has implications on the last quarter as well.
The outlook for the free cash flow of EUR 250 million – EUR 280 million, taking into account tax effects, change in trade-off capex/leases and acceleration of capex in relation to digitalisation. These are basically the key take-outs for the fourth quarter.
Q420 was dus 140 mln. Nu zandzakt hij er DN, pensioenen en BTW kosten in zonder extra lockdown inkomsten.
Die gaan dus makkelijk over de 100 mln heen. We hebben iig al een outlook-verhoging te pakken in jan/feb 22. We gaan ook weer gezellig met ze allen kaartjes sturen, dat wordt weer een klapper. En wat denk je van de relatiegeschenken, die gaan ook allemaal met de post. Dus 5 dagen na zijn low-ball spreekbeurt zou hij eigenlijk al een PB kunnen sturen. Die 2 blijven mij vaccineren.