Estimation of Value

The capital value of Norway Post for 2011 was estimated at BNOK 10.1.

Norway Post regularly carries out an estimation of the value of its business operations. The estimation of value is commissioned by Norway Post or its owner (the Ministry of Transport and Communications). The first estimation of value was carried out in 2003. The capital value was then estimated to be BNOK 5.5. Since that time the capital value has increased significantly each year until 2007, when the capital value was estimated to be BNOK 14.4. No estimation of value was carried out in 2008 or 2009. The capital value of Norway Post for 2011 was estimated at BNOK 11.4.

The estimation of value for 2011 is based on methodology that includes cash flow analysis of Norway Post’s two segments, Mail and Logistics, and the market price for Norway Post’s ownership stake in EDB ErgoGroup ASA (now EVRY ASA) as at 31 October 2011.

An important assumption in the analysis is that the government procurement scheme is continued. The capital value of the Norway Post Group was estimated at BNOK 10.1 at the end of October 2011.

According to the aforementioned estimate, Norway Post’s capital value has reduced by 11 per cent since May 2010. Much of this is due to the fact that the stock exchange value of the shares in EDB ErgoGroup in October 2011 is estimated as lower than the value for ErgoGroup in May 2010. The value of the Mail and Logistics segments showed a weak increase during the period. The value of Norway Post’s involvement in EVRY ASA is dependent upon future market development, and whether the company is able to realise the synergy effects of the merger. In 2011, the company realised synergy gains in accordance with the plan.

White Paper 18 (2011-2012) Norway Post’s Operations