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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| The Platform Group AG | TG:TPG | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.04 | -0.51% | 7.80 | 7.70 | 7.90 | 7.78 | 7.72 | 7.78 | 2,026 | 22:50:03 |
Hot Features
Premium
RNS Number:3732K
TPG N.V.
25 April 2003
TPG reports steady first quarter 2003 results
TPG has today reported its first quarter 2003 results
Financial highlights
*Net income excluding pension increase up 2.8% (4.2% at constant exchange rates)
*Revenue growth of 0.7% (5.7% at constant exchange rates)
*Record cash flow performance: free cash flow up 56.1%
*Strong Mail performance due to tight cost control
*Record first quarter result in Express
*Pressure on Logistics margin continues
CEO Peter Bakker:
" TPG's performance in the first quarter of 2003 again demonstrates that we deliver solid results despite difficult
economic circumstances. The like for like growth in net income was in line with our expectations and our free cash
flow has improved to record levels. Mail and Express continue to perform strongly. There are a number of key issues
to tackle in Logistics and therefore we have launched an urgent transformation programme to address the margin
erosion. Provided there is no further deterioration in global economic conditions, TPG is well positioned to progress
in line with the targets we have set ourselves."
Group Summary Q1 2003 Q1 2002 % Change
euro mil euro mil Operational FX Total
Revenues 2,917 2,898 5.7% -5.0% 0.7%
EBITA 292 293 1.4% -1.7% -0.3%
Operating Income (EBIT) 254 255 1.6% -2.0% -0.4%
Net income 140 143 -0.7% -1.4% -2.1%
Net income excluding pension increase (see note 3) 147 143 4.2% -1.4% 2.8%
Earnings per share (euro cents) 29.5 30.1 -2.0%
Net cash provided by operating activities 324 254 27.6%
Free cash flow 281 180 56.1%
Divisional summary euro mil Q1 2003 euro mil euro mil Q1 2002 euro mil
EBITA euro mil Operating EBITA euro mil Operating
Goodwill income Goodwill income
amortisation amortisation
Mail 218 (7) 211 218 (6) 212
Express 52 (13) 39 41 (12) 29
Logistics 20 (17) 3 39 (19) 20
290 (37) 253 298 (37) 261
Non-allocated items 2 (1) 1 (5) (1) (6)
292 (38) 254 293 (38) 255
Group overview
TPG has delivered a steady performance in the first quarter of 2003 despite continuing tough economic conditions in
all three business areas.
The weakening of a number of currencies against the euro, particularly the UK pound and US dollar, has had a negative
impact on the first quarter's results. Group revenues increased year on year by 0.7% to euro2,917 million, equivalent
to a growth of 5.7% at constant exchange rates. Excluding the after tax impact of higher pension costs (euro7
million), net income grew by 2.8% or 4.2% at constant exchange rates. Net income for the quarter at constant exchange
rates and after absorbing the additional pension costs was at a similar level to last year.
Operating cash flow was again strong at euro324 million, an increase of 27% on the same quarter last year. In
addition, net capital expenditure was reduced by 42% from last year's level, leaving free cash flow some 56% higher
than last year at a record level of euro281 million.
Review of operations
Mail has had another solid quarter with a robust performance in the Netherlands operation accompanied by high organic
growth in the expansion areas of European Mail Networks and Data & Document Management. The underlying rate of
decline in Dutch mail volumes slowed down in the first quarter to 1.3% and there was the added benefit of more
election mail. Tight cost control together with an increasing cost flexibility has enabled margins to be maintained
despite euro9 million higher pension costs.
Express has again achieved strong earnings growth. This is the result of a consistent and focussed strategy
universally applied throughout the division. A strongly positive revenue quality yield was again the key driver of
earnings and margin improvements supported by the fastest and most reliable service in the industry. All Express
business units are winning and keeping profitable small to medium size customers by selling simplified no discount
contract rate agreements through a proven sales territory management system.
In Logistics our customers still suffer from low volumes giving us performance issues which have resulted in a
further decline in margins in the quarter. In addition, the performances of some operations in European countries
which have grown rapidly through acquisition are significantly below group standard. To tackle these issues the
Logistics division has embarked on an urgent programme of actions called "Transformation Through Standardisation".
The key thrust of this programme is to drive cost savings through standardisation in all processes and systems.
A number of cost saving initiatives have already been launched. A first assessment of the benefits from the
transformation programme together with the associated costs will be presented in the second quarter.
On the positive side, a high level of new contract wins has boosted the level of organic growth in the quarter, and
the new business pipeline continues to be very healthy.
Financial analysis
Non-allocated items in the quarter amounted to a net gain of euro2 million mainly due to a euro9 million insurance
provision release. The same quarter last year had a net non-allocated cost of euro5 million. Net financial expense
was 11% lower than last year due to the reduced level of net debt. The effective tax rate increased slightly from
37.3% to 37.8% compared to last year.
Prospects
The Board of Management reiterates its previous outlook statement for 2003 despite the continuing weak economic
climate. We expect medium to high single digit growth in net income from continuing operations excluding the
additional pension costs, barring any further deterioration in global economic conditions and assuming stable foreign
exchange rates. This translates to low single digit net income growth taking into account the additional pension
costs.
Significant events in 1st Quarter 2003
Jan 17 Sponsorship of World Press Photo announced
Jan 24 Acquisition of Werbeagentur Fischer in German unaddressed mail
Feb 3 Contract for outsourcing of KPN logistics activities completed
Feb 12 Logistics contract with Pirelli in Germany signed
Feb 17 Logistics contract for new Volkswagen Touran in Germany announced
Feb 19 Collective labour agreement for new mail deliverers agreed with unions
Mar 5 Logistics contract with Telecom Italia signed
Significant events after 31st March 2003
Apr 1 Wim Kok and Rene Dahan appointed as members of Supervisory Board
Apr 2 Positive Standard & Poors credit rating review outcome announced
Apr 3 Acquisition of blitzpunkt in German unaddressed mail
*Stable operating margin despite higher pension costs
*Continued tight cost control in Mail Netherlands
*High organic growth in international expansion areas
Q1 2003 Q1 2002 % Change Org% Acq% FX%
euro mil euro mil
Revenues 999 1,010 -1.1% -0.4% 0.3% -1.0%
EBITA 218 218 0% -0.5% 0% 0.5%
Operating margin 21.8% 21.6%
*Mail revenues fell by 1.1% compared to the same quarter last year. However, at constant foreign exchange rates and
excluding the revenues obtained last year from the one-off Euro coins distribution project (euro16 million), revenues
increased by 1.5%.
*Earnings were stable year on year despite absorbing an additional euro9 million of defined benefit pension plan costs
in the quarter. The operating margin improved from 21.6% to 21.8% due to further productivity improvements in the
distribution and sorting activities of the Mail Netherlands operation.
*Start up costs in European Mail Networks and Data & Document Management were euro3 million in the quarter (2002:
euro2 million).
*The quality of next day mail delivery in the Netherlands was approximately 96%, above the government target of 95%.
Revenue Analysis
Q1 2003 Q1 2002 % Change Org% Acq% FX%
euro mil euro mil
Mail Netherlands 695 712 -2.4% -2.4% 0% 0%
Cross Border 157 163 -3.7% 1.2% 0% -4.9%
European Mail Networks 93 85 9.4% 7.1% 3.5% -1.2%
Data & Document Management 54 50 8.0% 10.0% 0% -2.0%
Mail 999 1,010 -1.1% -0.4% 0.3% -1.0%
*Mail Netherlands revenues fell by 2.4% in the quarter. However, excluding last year's one-off revenues from the Euro
coins project, revenues were flat year on year. Total addressed mail volumes declined by 0.1%. As was the case last
year, the quarter benefited from election mail volumes. Fully eliminating the impact of elections, total addressed
mail volumes declined by 1.3%, similar to the underlying decline in the first quarter of last year. Price and mix
effects were broadly neutral.
*Domestic letter mail volumes increased by 1.8%. Excluding election mail, domestic mail volumes declined by 0.2%.
Direct mail volumes declined by 2.9% due to the reduced level of advertising expenditures in the Netherlands.
*Cross Border revenues grew organically by 1.2% in the quarter. However, nominal revenues fell by 3.7% due to a
negative 4.9% foreign exchange impact.
*Revenues from European Mail Networks increased by 9.4%, including a 3.5% acquisition effect. Organic revenue growth
was 7.1%. Outside Belgium, where local environmental taxes still negatively affect volumes, revenues increased by 17%.
*Organic growth in Data & Document Manage-ment (Cendris) revenues was 10.0% despite a continuing depressed economic
environment in Europe.
*Record first quarter profits
*Significant margin improvement again
*Continued positive revenue quality yields
*Strong organic revenue growth
Q1 2003 Q1 2002 % Change Org% Acq% FX%
euro mil euro mil
Revenues 1,037 1,019 1.8% 7.6% -0.4% -5.4%
EBITA 52 41 26.8% 29.2% 0% -2.4%
Operating margin 5.0% 4.0%
*Express earnings increased by 26.8% compared to the first quarter last year. The operating margin improved from 4.0%
to 5.0% Additional defined benefit pension plan costs of euro2 million have been charged in the quarter.
Almost all business units produced year on year profit improvements with significant margin enhancements achieved in
Germany, Benelux, Eastern Europe, Scandinavia and Australia.
*The timing of the Easter holiday resulted in an additional working day in the first quarter but this was offset by
one less effective working day at the beginning of the year compared to last year.
*The In-night business was transferred from Express to Logistics at the beginning of the quarter and therefore the
prior year revenues and earnings of both Express and Logistics have been restated for consistency.
Revenue Analysis
Q1 2003 Q1 2002 % Change Org% Acq% FX%
euro mil euro mil
Express Europe 856 836 2.4% 6.3% -0.5% -3.4%
Express ROW 181 183 -1.1% 13.3% 0% -14.4%
Express 1,037 1,019 1.8% 7.6% -0.4% -5.4%
*Express organic revenue growth in the quarter was 7.6%. Foreign exchange translation negatively impacted revenues by
5.4% due to the weakening of all major currencies against the Euro.
*Organic revenue growth in Europe was 6.3% with strong growth achieved in the UK, France and Southern Europe. Growth
in European core revenues was driven by a revenue quality yield improvement of 3.3%. Core consignments grew by 2.9%
and core kilos carried increased by 0.7%.
*In the Rest of the World organic revenues grew by 13.3%. Double digit organic growth was achieved in Australia, Asia,
the Americas and the Middle East.
*Pressure on earnings and margin continues
*Significant new contract wins achieved
*Stable business development pipeline
Q1 2003 Q1 2002 % Change Org% Acq% FX%
euro mil euro mil
Revenues 885 873 1.4% 5.0% 5.4% -9.0%
EBITA 20 39 -48.7% -30.8% -5.1% -12.8%
Operating margin 2.3% 4.5%
*Logistics earnings were significantly lower than the same quarter last year. This is explained by three main factors:
the continuing economic decline, performance issues in several countries, and adverse foreign exchange movements. The
majority of the shortfall in earnings is attributable to a small number of countries: France, Italy non-automotive,
Germany and Spain.
*Volumes on existing business have declined due to the continuing depressed economic climate. This has led to an
under-utilisation of warehouse capacity, particularly in France and Spain.
*Some of the recent acquisitions in France, Italy and Germany are still not operating up to group standards and this
has been exacerbated by the current difficult trading conditions.
Revenue Analysis
*Adverse foreign exchange movements in the quarter, mainly in the UK and the Americas, reduced earnings on conversion
to Euros by euro5 million.
*New contracts with an annualised revenue of euro220 million were won in the first quarter compared to euro148 million
in the same quarter last year. This represents 39% of all contract wins in the full 2002 year. Significant contracts
were gained with Telecom Italia, KPN, Pirelli and Volkswagen. Contract terminations amounted to euro53 million of
annualised revenues.
*The business development pipeline remains stable at euro1.6 billion, although the higher certainty element has
temporarily fallen to euro0.2 billion as a result of the high level of contract wins in the quarter.
Q1 2003 Q1 2002 % Change Org% Acq% FX%
euro mil euro mil
Logistics 885 873 1.4% 5.0% 5.4% -9.0%
*Logistics organic revenue growth in the quarter was 5.0%. New contracts added 11.8% to revenue growth, offset by a
loss of 6.2% from terminated contracts and a negative impact of 0.6% from declining volumes on existing contracts,
net of price and mix effects.
*Foreign exchange translation effects in the Americas, Australasia and the UK had a negative impact on revenue growth
of 9.0%. The acquisitions of Transports Nicolas and TNT DFDS Transport in the second quarter of 2002 contributed 5.4%
to revenue growth.
*Revenues in Europe increased by 8.0% at constant foreign exchange rates. North American organic revenue growth was
5.3%. Organic revenue growth in the rest of the world was over 50%, mainly due to strong growth in China as a result
of the commencement of the Anji joint venture.
Euro Million Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001
Group
Revenues 2,917 3,180 2,805 2,899 2,898 3,013 2,642 2,787 2,776
Earnings from operations 290 382 222 305 298 363 210 278 277
Non-allocated items 2 12 8 (10) (5) (41) 4 (22) 87
EBITA 292 394 230 295 293 322 214 256 364
Goodwill amortisation (38) (39) (39) (38) (38) (37) (34) (35) (33)
Operating Income (EBIT) 254 355 191 257 255 285 180 221 331
Financial income and (24) (25) (31) (25) (27) (8) (29) (26) (30)
expenses
Income taxes (87) (115) (60) (81) (85) (104) (56) (70) (105)
Results from affiliates (1) (1) (1) (3) (1) 2 (2)
Minority interests (2) (2) (3) (3)
Net Income 140 212 99 145 143 169 97 123 196
Net profit on sale of (14) 3 (5) (28)
non-core business
Net Income from 140 198 99 145 143 172 97 118 168
continuing operations
Average number of shares 475.0 475.0 475.0 475.0 475.0 475.0 475.0 478.0 475.3
(mil)
Earnings per share (euro 29.5 44.6 20.8 30.5 30.1 35.6 20.4 25.9 41.2
cents)
Net cash provided by 324 227 214 337 254 256 161 34 322
operating activities
Capital expenditure on (60) (152) (111) (130) (79) (147) (155) (114) (65)
property, plant and
equipment and other
intangible assets
Disposals of property, 17 23 19 16 5 21 36 27 7
plant and equipment and
other intangible assets
Free cash flow 281 98 122 223 180 130 42 (53) 264
Number of employees 150,155 150,365 148,285 143,097 141,463 138,563 139,065 135,539 131,426
Full time equivalent 114,348 113,444 113,711 112,751 112,261 109,589 111,976 106,782 103,270
employees
Euro Million Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001
Mail
Mail Netherlands
Revenues 695 777 631 665 712 803 620 655 685
Growth % -2.4% -3.2% 1.8% 1.5% 3.9% 4.7% 4.4% 0.2% 1.5%
Organic -2.4% -3.2% 1.8% 1.5% 3.9% 4.7% 4.4% 0.2% 1.5%
Acquisition 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fx 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Addressed mail pieces 1,411 1,575 1,201 1,333 1,412 1,618 1,225 1,328 1,393
(mil)
Working days 64 63 65 61 64 63 65 61 64
Cross Border
Revenues 157 177 155 156 163 175 160 158 161
Growth % -3.7% 1.1% -3.1% -1.3% 1.2% 2.3% 3.2% -2.5% -3.0%
Organic 1.2% 3.4% -1.2% -2.5% -3.9% 1.1% 1.3% -1.4% -4.1%
Acquisition 0.0% 0.0% 0.0% 3.7% 3.9% -0.6% 3.2% 0.0% 0.0%
Fx -4.9% -2.3% -1.9% -2.5% 1.2% 1.8% -1.3% -1.1% 1.1%
European Mail Networks
Revenues 93 100 86 88 85 96 74 78 57
Growth % 9.4% 4.2% 16.2% 12.8% 49.1% 45.5% 42.3% 39.3% 3.6%
Organic 7.1% 8.4% 0.0% 3.0% 16.9% 0.3% 0.2% 8.6% -5.5%
Acquisition 3.5% -4.2% 16.2% 10.1% 31.8% 45.8% 43.2% 30.7 9.1%
Fx -1.2% 0.0% 0.0% -0.3% 0.4% -0.6% -1.1% 0.0% 0.0%
Data & Doc Management
Revenues 54 64 46 50 50 49 46 44 35
Growth % 8.0% 30.6% 0.0% 13.6% 42.9% 53.1% 48.4% 18.9% 6.1%
Organic 10.0% 8.1% -4.3% 0.9% 4.6% 10.3% 6.4% -3.6% 6.1%
Acquisition 0.0% 24.5% 4.3% 12.7% 38.3% 42.8% 42.0% 22.5% 0.0%
Fx -2.0% -2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Mail
Revenues 999 1,118 918 959 1,010 1,123 900 935 938
Growth % -1.1% -0.4% 2.0% 2.6% 7.7% 8.4% 8.2% 2.9% 1.0%
Organic -0.4% -0.7% 0.7% 0.9% 3.5% 4.0% 4.0% 0.3% 0.3%
Acquisition 0.3% 0.7% 1.6% 2.1% 4.0% 4.1% 4.9% 2.8% 0.5%
Fx -1.0% -0.4% -0.3% -0.4% 0.2% 0.3% -0.7% -0.2% 0.2%
Earnings from operations 218 247 144 195 218 240 144 189 208
Operating margin 21.8% 22.1% 15.7% 20.3% 21.6% 21.4% 16.0% 20.2% 22.2%
Goodwill amortisation (7) (9) (6) (8) (7) (6) (4) (5) (4)
Operating income (EBIT) 211 238 138 187 211 234 140 184 204
Euro Million Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001
Express
Express Europe
Revenues 856 899 822 845 836 825 747 780 783
Growth % 2.4% 9.0% 10.0% 8.3% 6.8% -2.5% 1.4% 3.2% 5.5%
Organic 6.3% 8.4% 7.3% 7.7% 2.8% -2.2% 3.5% 4.1% 5.8%
Acquisition -0.5% 1.8% 2.8% 1.9% 3.0% -0.1% -1.1% -1.3% 0.6%
Fx -3.4% -1.2% -0.1% -1.3% 1.0% -0.2% -1.0% 0.4% -0.9%
Core consignments (mil) 33.8 35.2 30.2 33.8 32.9 33.0 28.8 31.6 32.0
Core kilos (mil) 523.3 566.4 494.3 522.5 519.8 550.2 487.3 505.8 521.8
Core revenue quality 3.3% 4.3% 2.8% 2.4% 2.0% 2.2% 2.8% 5.7% 7.5%
yield improvement
Express ROW
Revenues 181 205 190 195 183 195 192 198 186
Growth % -1.1% 5.1% -1.0% -1.5% -1.6% -11.8% -13.1% -3.4% -4.6%
Organic 13.3% 14.9% 7.4% 5.0% -4.8% -7.1% -4.6% 1.2% 1.0%
Acquisition 0.0% 0.0% 0.5% 0.0% 0.5% 0.1% 0.2% 0.0% 0.0%
Fx -14.4% -9.8% -8.9% -6.5% 2.7% -4.8% -8.7% -4.6% -5.6%
Total Express
Revenues 1,037 1,104 1,012 1,040 1,019 1,020 939 978 969
Growth % 1.8% 8.2% 7.8% 6.3% 5.2% -4.4% -2.0% 1.8% 3.4%
Organic 7.6% 9.4% 7.2% 7.1% 1.4% -3.2% 1.6% 3.4% 4.8%
Acquisition -0.4% 1.6% 2.4% 1.5% 2.5% -0.1% -0.9% -1.0% 0.5%
Fx -5.4% -2.8% -1.8% -2.3% 1.3% -1.1% -2.7% -0.6% -1.9%
Working days 63 62 65 61 62 62 65 60 63
Earnings from operations 52 107 37 61 41 69 19 35 34
Operating margin 5.0% 9.7% 3.7% 5.9% 4.0% 6.8% 2.0% 3.6% 3.5%
Goodwill amortisation (13) (13) (14) (13) (12) (12) (14) (12) (13)
Operating Income (EBIT) 39 94 23 48 29 57 5 23 21
Euro Million Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001
Logistics
Revenues 885 947 882 908 873 885 814 878 778
Growth % 1.4% 7.0% 8.4% 3.4% 12.2% 9.8% 39.4% 72.7% 62.8%
Organic 5.0% 7.7% 6.1% 0.6% 3.3% 1.9% 6.8% 11.5% 11.2%
Acquisition 5.4% 4.8% 6.3% 6.9% 7.1% 7.7% 36.2% 61.5% 53.6%
Fx -9.0% -5.5% -4.0% -4.1% 1.8% 0.2% -3.6% 0.3% -2.0%
Revenue by geography:
Europe 657 695 658 667 626 648 581 604 527
North America 163 182 155 177 190 178 175 213 200
ROW 65 70 69 64 57 59 58 61 51
Revenues by sector:
Automotive 336 347 316 356 361
Tyres 58 68 58 47 46
FMCG 151 195 179 150 131
Hi-tech electronics 119 125 103 109 109
Publishing / media 56 66 57 57 56
Other 165 146 169 189 170
Earnings from operations 20 28 41 49 39 55 46 53 36
Operating margin 2.3% 3.0% 4.6% 5.4% 4.5% 6.2% 5.7% 6.0% 4.6%
Goodwill amortisation (17) (18) (17) (18) (19) (18) (17) (18) (16)
Operating Income (EBIT) 3 10 24 31 20 37 29 35 20
Q1 2003 Q1 2002
euro mil euro mil
Net sales 2,898 2,884
Other operating revenues 19 14
Total operating revenues 2,917 2,898
Salaries and social security contributions (1,019) (1,014)
Depreciation, amortisation and impairments (123) (117)
Other operating expenses (1,521) (1,512)
Total operating expenses (2,663) (2,643)
Operating income 254 255
Financial income and expenses (24) (27)
Income before income taxes 230 228
Income taxes (87) (85)
Results from investments in affiliated companies (1)
Minority Interests (2)
Net income 140 143
Effective tax rate 37.8% 37.3%
Net income per ordinary share and per ADS 1(in euro cents) 29.5 30.1
1) Based on the average amount of 475,024,262 ordinary shares, including ADS (Q1 2002: 475,013,529)
Before proposed appropriation of net income
Q1 2003 Q1 2002*
euro mil euro mil
Net income 140 143
Depreciation, amortisation and impairments 124 117
Changes in pension liabilities (50) (32)
Changes in other provisions (16) (16)
Changes in deferred taxes 85 5
Changes in working capital 41 37
Net cash provided by operating activities 324 254
Acquisition/disposal of group companies (8) (33)
Acquisition/disposal of affiliated companies (3) 27
Capital expenditure on property, plant and equipment (52) (79)
Capital expenditure on intangible assets (8)
Disposals of property, plant and equipment 14 3
Disposals of intangible assets 3 2
Changes in other financial fixed assets (7) (14)
Changes in minority interests 1 2
Net cash used in investing activities (60) (92)
Long-term liabilities acquired 19 9
Long-term liabilities repaid (23) (4)
Changes in short-term bank debt (11) (65)
Net cash used by financing activities (15) (60)
Changes in cash and cash equivalents 249 102
Cash and cash equivalents at beginning of period 357 451
Exchange rate differences on cash items (4)
Cash and cash equivalents from acquisition and (1)
disposal of group companies
Changes in cash and cash equivalents 249 102
Cash and cash equivalents at end of period 601 553
* Reclassifications have been made to increase comparability with current year presentation of other
intangible assets separate from property, plant and equipment.
Before proposed appropriation of net income
At 31 March At 31 Dec 2002
2003 euro mil
euro mil
Assets
Fixed assets
Intangible assets 2,707 2,766
Property plant and equipment 2,060 2,130
Financial fixed assets 625 677
Total fixed assets 5,392 5,573
Current assets
Inventory 55 56
Accounts receivable/prepayments 2,282 2,280
Cash and cash equivalents 601 357
Total current assets 2,938 2,693
Total assets 8,330 8,266
Group equity
Shareholders' equity 2,949 2,842
Minority interests 15 18
Total group equity 2,964 2,860
Provisions
Retirement schemes 28 35
Deferred tax liabilities 130 133
Other provisions 116 126
Total provisions 274 294
Pension liability 692 742
Liabilities
Interest bearing liabilities 1,727 1,761
Non Interest bearing liabilities 2,673 2,609
Total liabilities 4,400 4,370
Total liabilities and group equity 8,330 8,266
Capital expenditure on property, plant and equipment and other intangible assets
Q1 2003 Q1 2002
euro mil euro mil
Mail 16 20
Express 26 39
Logistics 16 20
Corporate 2 0
Total 60 79
Movement in shareholders' equity
Q1 2003 Q1 2002
euro mil euro mil
Opening balance at 1 January 2,842 2,486
Net income for the period 140 143
Foreign exchange effects (33) (16)
Balance at 31 March 2,949 2,613
Net Income
Q1 2003 Q1 2002
euro mil euro mil
Net income under Dutch GAAP 140 143
Adjustments for:
Employment schemes & group reorganisation (3) (3)
Goodwill amortisation 38 38
Financial instruments (1) (2)
Real estate sale 1
Depreciation on restoration of previously recognised impairments 1 1
Depreciation of capitalised software (2)
Pension curtailment gain 2
Tax effect of adjustments 1 1
Net Income under US GAAP 177 178
Net income per ordinary share and per ADS 1 (in Euro) 0.37 0.37
1) Based on the average amount of 475,024,262 ordinary shares, including ADS (Q1 2002: 475,013,529)
Shareholders' Equity
Q1 2003 Q1 2002
euro mil euro mil
Shareholders' equity under Dutch GAAP 2,949 2,613
Adjustments for:
Employment schemes & group reorganisation 149 161
Dividend 119 114
Goodwill 129 (25)
Other intangible assets amortisation (2)
Financial instruments (17) (4)
Real estate sale (15)
Sale and leaseback transaction (4)
Restoration of previously recognised impairments, net of depreciation (10) (14)
Long-term contract incentive payment (6)
Capitalised software 8
Pension curtailment gain 2 2
Deferred taxes on adjustments (40) (53)
Shareholders' equity under US GAAP 3,254 2,802
1. Accounting policies
Accounting policies have remained unchanged in the three months to 31 March 2003.
2. Restatement of prior year numbers
The prior year numbers of Express and Logistics have been restated for consistency to reflect the transfer of the
In-night business from Express to Logistics at the beginning of 2003.
3. Pension increase
An additional gross pension cost of euro37 million (euro24 million net of tax) will be charged in the income
statement in 2003 compared to the previous year in respect of defined benefit schemes. Additional pension costs
charged in the first quarter 2003 income statement compared to the previous year are as follows:
Gross Net
(before tax) (after tax)
euro mil euro mil
Pension costs in Q1 2003 11 7
Pension costs in Q1 2002 1 -
Increase in pension costs 10 7
As a result of this development, net income excluding pension increase will be separately identified in 2003.
4. Composition of the Group
There have been no material changes in the composition of the Group during the three months to 31 March 2003.
5. Employees
Total number of employees at 31 March 2003 was 150,155 compared to 150,365 at 31 December 2002.
Financial Calendar 2003
Monday 4 August Publication of 2003 first half year results
Wednesday 6 August Ex-dividend listing of TPG shares
Wednesday 13 August Payment of interim dividend
Monday 27 October Publication of 2003 third quarter results
Financial Calendar 2004
Thursday 19 February Publication of 2003 full year results
Wednesday 7 April Annual General Meeting of Shareholders
Tuesday 13 April Ex-dividend listing of TPG shares
Wednesday 21 April Payment of final dividend
Jon Downing
Director of Investor Relations
Contact:
Phone +31 20 500 62 41
Fax +31 20 500 75 15
Email jon.downing@tpg.com
Emilie de Weert
Manager of Investor Relations
Contact:
Phone +31 20 500 62 42
Fax +31 20 500 75 15
Email emilie.de.weert@tpg.com
Tanno Massar
Director of Media Relations
Contact:
Phone +31 20 500 61 71
Fax +31 20 500 75 20
Email tanno.massar@tpg.com
Published by:
TPG N.V.
Neptunusstraat 41-63
2132 JA Hoofddorp
P.O. Box 13000
1100 KG Amsterdam
Phone +31 20 500 60 00
Fax +31 20 500 70 00
Email tpg.communication@tpg.com
Internet www.tpg.com
Responsible for content and editing:
TPG Investor Relations
Forward-looking statements warning - Safe Harbour Statement under the US Private Securities Litigation Reform Act of
1995
Except for historical statements and discussions, statements contained in this press release are forward-looking
statements. Forward-looking statements generally can be identified by the use of terms such as "ambition", "may",
"will", "expect", "intend", "anticipate", "believe", "plan", "seek", "continue" or similar terms. By their nature,
forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and
other factors, many of which are outside of our control, that may cause actual results to differ materially from any
future results expresses or implied in the forward-looking statements. In addition to the assumptions specifically
mentioned in this press release, there are a number of other factors that could cause actual results and developments
to differ materially from those expressed or implied by these forward-looking statements. These factors include, but
are not limited to: substitution of alternative methods for delivering information for TPG's Mail and Express
services; regulatory developments and changes, including with respect to the levels of tariffs, the scope of
mandatory and reserved services, quality standard, liberalisation in the Dutch and European postal markets and the
outcome of pending regulatory proceedings; competition in the mail, express and logistics businesses; decisions of
competition authorities regarding proposed joint ventures or acquisitions; costs of complying with governmental
regulations; general economic conditions, government and regulatory policies and business conditions in the markets
served by us, including adverse effects of terrorist attacks, anthrax incidents, war or the outbreak of hostilities;
higher costs of insurance coverage for future claims caused by acts of war, terrorism, sabotage, hijacking or other
similar perils; the effect of the current economic downturn and other risks and trends in the world economy and the
timing, speed and magnitude of any economic recovery; our ability to achieve cost savings and realise productivity
improvements and the success of investments, joint ventures and alliances; fluctuations in fuel costs; changes in
currency and interest rates; increased price transparency resulting from the adoption of the euro; changes in TPG's
credit rating and their impact on TPG's financing costs and requirements; changes in TPG's relationship with the
State of the Netherlands; disruptions at key sites; incidents resulting from the transport of hazardous materials;
mismatches between TPG's investment in infrastructure (aircraft, depots and trucks) and our actual capacity needs;
strikes, work stoppages and work slowdowns and increases in employee costs; costs of completing acquisitions or
divestitures and integrating newly acquired businesses; and changes to the international conventions regarding the
limitation of liability for the carriage of goods. These factors and other factors that could affect these
forward-looking statements are described in TPG's annual report on Form 20-F and TPG's other reports filed with the
US Securities and Exchange Commission. You are cautioned not to put undue reliance on these forward-looking
statements. TPG disclaims any obligation to publicly update or revise these forward-looking statements, whether to
reflect new information or future events or circumstances or otherwise.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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