Amsterdam, The Netherlands, 29 July 2013
Reported revenues €1,702m (-3.1%), reported operating income €(280)m (2Q12: €94m)
Adjusted revenues €1,736m (-1.1%), adjusted operating income €71m (2Q12: €97m)
Adjustments to operating income include €296m goodwill impairments and €53m fair value adjustments
Solid period end net cash position of €287m (1Q13: €280m)
Strong focus on operational improvements with Deliver! gaining momentum; accelerated reorganisation Italy announced
Brazil sales process on course, turnaround measures successful
Interim pro forma 2013 dividend of €0.022 per share declared representing 40% pay-out of 1H13 normalised net income; shareholders may choose to receive the dividend in stock or cash
Trading conditions continued to reflect generally challenging economic conditions
Europe Main (Benelux, France, Germany, Italy and UK/Ireland) profit decline as a result of pricing pressure, mitigated by volume growth and savings
Good performance Europe Other & Americas as a whole, but mixed picture by country, mostly depending on local economic conditions
Pacific (mostly Australia and New Zealand) operating income below prior year. Strong consignment growth but significantly lower weight per consignment and higher input costs
Asia Middle East & Africa profitability higher, despite weaker economic growth and negative effect introduction of VAT in China
Deliver ! update
TNT Express’ Deliver! programme was launched on 25 March 2013 and runs through 2015. The programme is built around four priorities: reshape the portfolio, focus on TNT Express’ distinctive service, execute better and invest in infrastructure and IT. Highlights in the quarter include:
Closing of sale China Domestic expected in 2H13; sale process Brazil Domestic started – adjusted operating income losses reduced to €(5)m in 2Q13
Streamlined company-wide functions being established; consultation with employee representatives initiated
Start of implementation various operational improvement projects
Savings realised from central air linehaul optimisation
Accelerated reorganisation in Italy announced in June 2013