Pim over H221:
Then we go to slide 29 to show the quarter-by-quarter comparison. As said, on normalised EBIT we do not expect within Parcels any non-recurring Covid-19 anymore for the remainder of the year and only very limited Covid-19 impact at Mail in the Netherlands, a little bit in Q3. A very strong Q4 2020, that was driven by a very big non-
recurring Covid-19 part.
Important to note that here, we have explained the 2020 non-recurring Covid-19 impact at EUR 77 million, applying the same methodology on the non-recurring Covid-19 impact that we have seen in Spring and Logistics, as we talked about it in the first quarter of this year.
On cash flow, we look at an outlook of EUR 250 million to EUR 280 million, where the first half year had a very strong contribution to that full year number. What changes in the second part of the year is will not have the impact of the sale of Cendris anymore. We will see a step-up in CapEx for the second year, quite considerably in comparison to the first half year, and there are some more tax effects in the second part of the year. All in all, a very good cash flow for the full year is expected.
We are looking at a very strong half year result. We are looking at a step-up of profit for the full year, which turns into a higher comprehensive income and as such, leads to a dividend of about EUR0.40 per share. The underlying improvement of
performance very significantly if you compare that with 2020. From 2021 to 2022, there will be a small step down, basically half the size of the non-recurring Covid-19 part with a big step-up towards 2024 in terms of normalised EBIT, EBITDA, which for us is a very, very attractive perspective.
The additional investments do not come at once. We are flexible in the way we will take those investment decisions, and those will not have a significant impact on the leverage ratio.