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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.16 | 2.17% | 7.52 | 7.42 | 7.60 | 7.52 | 7.46 | 7.46 | 4,450 | 16:35:59 |
RNS Number:3442R TPG N.V. 27 October 2003 Excellent Mail and Express performances in TPG's third quarter Good progress in Logistics transformation plan TPG has today announced its third quarter 2003 results Highlights: * Solid improvement in free cash flow * Excellent performances in Mail and Express, offset by lower earnings in Logistics * Good progress in execution of Logistics transformation plan (TtS) * Goodwill impairment charge and asset write downs of Euro193 million in line with preliminary estimates leading to negative net income for quarter * Outlook for 2003 full year unchanged Q3 2003 Q3 2002 Euromil Euromil Revenues 2,829 2,805 0.9% Operating income (EBIT) (16) 191 (1(108.4%) Net income (88) 99 (1(188.9%) Underlying net income* 117 99 18.2% Underlying earnings per share* 24.6 20.8 18.2% Free cash flow 186 122 52.5% *before pension increase and one-off costs (see page 2) Peter Bakker, CEO : "Given the economic background, the results delivered by Mail and Express in the quarter are outstanding achievements. Although the earnings in Logistics are still depressed, underlying performance has been stabilised. Good progress is being made by our new Managing Director Dave Kulik and his team with the implementation of the TtS programme and the actions taken so far have started to provide tangible savings. Despite the one-offs in the quarter, which were in line with previous guidance, the achievement of a healthy improvement in free cash flow is indicative of the underlying strength of the business and the focus of management on increasing shareholder value". Group Summary Q3 2003 Q3 2002 % Change Third quarter Reported One-offs * Underlying Operational FX Total Euromil Revenues 2,829 2,829 2,805 3.9% -3.0% 0.9% EBITA 202 24 226 230 4.4% -6.1% -1.7% Operating (16) 207 191 191 7.3% -7.3% 0.0% Income (EBIT) Net income (88) 199 111 99 17.2% -5.1% 12.1% Earnings per (18.5) 23.3 20.8 12.1% share (euro cents) Net income (82) 199 117 99 23.3% -5.1% 18.2% from continuing operations excluding pension increase (see note 3 page 19) Group Summary YTD 2003 YTD % Change 2002 Nine months Reported One-offs * Underlying Operational FX Total Euromil Revenues 8,682 8,682 8,602 5.1% -4.2% 0.9% EBITA 786 37 823 818 3.4% -2.9% 0.6% Operating 491 220 711 703 3.8% -2.7% 1.1% Income (EBIT) Net income 195 207 402 387 6.0% -2.1% 3.9% Earnings per 41.0 84.6 81.4 3.9% share (euro cents) Net income 213 207 420 387 10.6% -2.1% 8.5% from continuing operations excluding pension increase (see note 3 page 19) Divisional Q3 2003 Q3 2002 % Change EBITA Summary Third quarter Reported One-offs * Underlying Operational FX Total Euromil Mail 163 163 144 16.0% -2.8% 13.2% Express 47 47 37 45.9% -18.9% 27.0% Logistics 1 24 25 41 -31.7% -7.3% -39.0% Non allocated (9) (9) 8 EBITA 202 24 226 230 4.4% -6.1% -1.7% Divisional YTD 2003 YTD % Change EBITA Summary 2002 Nine months Reported One-offs * Underlying Operational FX Total Euromil Mail 593 593 557 6.5% 0.0% 6.5% Express 165 165 139 26.6% -7.9% 18.7% Logistics 42 37 79 129 -29.5% -9.3% -38.8% Non allocated (14) (14) (7) EBITA 786 37 823 818 3.4% -2.8% 0.6% Q3 YTD *One-offs (Euromil) Gross Net Gross Net (before tax) (after tax) (before tax) (after tax) TtS costs 14 9 27 17 Asset 10 7 10 7 write-downs Logistics 24 16 37 24 one-off costs Goodwill 183 183 183 183 impairment costs Total 207 199 220 207 one-offs Third quarter group overview A strong performance in the third quarter of 2003 has again demonstrated the overall resilience of the TPG business model. The underlying economic conditions in the quarter remained weak and the relative strength of the euro continues to adversely impact comparisons to the previous year. Group revenues increased by 0.9% to Euro2,829 million, equivalent to a growth of 3.9% at constant exchange rates. Mail and Express earnings continue to be strong and the execution of the Logistics transformation plan (TtS) is on track. Euro14 million of TtS one-off costs were incurred in the quarter as well as a Euro10 million asset write-down. Excluding the after tax impact of the Logistics one-off costs and the goodwill impairment, net income increased by 12.1%. Net income from continuing operations, excluding the one-offs and a year on year pension increase of Euro9 million, was 18.2% higher (23.3% at constant exchange rates). Strong free cash flow generation of Euro186 million in the quarter represents a 52% increase compared to the third quarter of last year and was fuelled by further working capital savings and tight controls over capital expenditure. Review of operations Mail continued to perform strongly in the third quarter, significantly increasing its earnings by 13.2%, despite an increase in the rate of decline in Dutch volumes compared to the first half year and higher pension costs. The main driver of this is the continuing good progress in the roll out of the Cost Flexibility programme, together with ongoing productivity measures and tight cost control. Express also had an excellent quarter with earnings increasing by 27% and the operating margin rising to 4.6% from 3.7% last year. On like for like exchange rates the earnings increase was over 45% and the third quarter margin was 5.1%. Revenue quality yields have now been positive for four full years and the very clear and persistent focus provided by our Express strategy continues to pay off. Logistics operational performance has stabilised but continues to be affected by the three business units France, Italy non-automotive and Germany. The main focus in the third quarter was the implementation of the TtS programme and many of the required actions have now been taken. Year to date, one-off costs of Euro27 million have been incurred as part of TtS, including Euro14 million in the third quarter. Total TtS one-off costs are still expected to be around Euro65 million, with most of the remaining cost actions expected in the final quarter of this year. Financial Review A goodwill impairment charge of Euro183 million and an asset write-down of Euro10 million were made in the third quarter. The sum of these two items (Euro193 million) is in line with the preliminary estimate announced at the half year stage. No further charges for goodwill impairment or asset write-downs are anticipated. The impairments are in respect of France, Italy non-automotive, Germany and the Nordics in Logistics and UK Data and Document Management in Mail. Net financial expense was some 25% lower than last year mainly as a result of lower net debt and a higher proportion of variable rate debt. The underlying effective tax rate in the quarter improved to 33.9% compared to 37.5% last year, mainly due to a favourable European ruling on the tax deductibility of interest expense in respect of foreign subsidiaries. Prospects The Board of Management does not expect any significant change in underlying economic conditions in the final quarter of the year and reiterates its previous outlook statement for the full 2003 year : Growth in net income from continuing operations, excluding additional pension costs, one-off costs in Logistics and goodwill impairment, is expected to be around 5% at constant rates of exchange. Update of events in 3rd Quarter 2003 to date August 28 Express adds Naples and Florence to European air network September 10 TPG Post obtains favourable court decision on the delivery of tax forms September 18 Logistics contract with NACCO in Europe and North America announced September 23 Acquisition of Full Service, an Italian print and mail company October 2 OPTA compliments TPG on service quality and postal location policy October 16 Euro600 million standby credit facility signed * Very strong third quarter performance * Improvement driven by Cost Flexibility and other efficiency savings * Netherlands volumes decline higher than first half year * Further positive developments in European Mail Networks Summary Q3 2003 Q3 2002 % Change YTD 2003 YTD 2002 % Change Euromil Euromil Euromil Euromil Revenues 897 918 -2.3% 2,863 2,887 -0.8% EBITA 163 144 13.2% 593 557 6.5% Operating margin 18.2% 15.7% 20.7% 19.3% Mail revenues fell by 2.3% in the third quarter mainly due to lower revenues in the Netherlands and Cross Border. Revenues from European Mail Networks and Data & Document Management (Cendris) both grew significantly, partly through acquisitions. Third quarter earnings increased by 13.2% to Euro163 million and the operating margin improved significantly from 15.7% last year to 18.2%. The increase in earnings is driven by Mail Netherlands together with continuing positive developments in the European Mail Networks. The main contributor to this excellent performance is the Cost Flexibility programme in Mail Netherlands which delivered a further Euro16 million savings in the quarter. Year to date Cost Flexibility savings are now Euro52 million (cumulative Euro78 million from the start of the programme). Reduced sick leave, and lower costs of materials and services also contributed to the enhanced performance. An additional Euro9 million in pension costs has been absorbed in the quarter compared to last year (Euro26 million on a year to date basis). The preliminary assessment of the quality of next day delivery in the Netherlands in the quarter is 96.4%, well ahead of the government target of 95%. Revenue Analysis Third Quarter Q3 2003 Q3 2002 % Change Org% Acq% FX% Euromil Euromil Mail Netherlands 604 634 -4.7% -3.6% -1.1% 0.0% Cross Border 142 155 -8.4% -5.8% 0.0% -2.6% European Mail Networks 100 85 17.6% 14.1% 5.9% -2.4% Data & Document Management 51 44 15.9% -4.5% 22.7% -2.3% Mail 897 918 -2.3% -2.3% 0.8% -0.8% Nine Months YTD 2003 YTD 2002 % Change Org% Acq% FX% Euromil Euromil Mail Netherlands 1,967 2,015 -2.4% -2.2% -0.2% 0.0% Cross Border 447 474 -5.7% -1.9% 0.0% -3.8% European Mail Networks 297 258 15.1% 10.8% 6.2% -1.9% Data & Document Management 152 140 8.6% 0.7% 10.0% -2.1% Mail 2,863 2,887 -0.8% -0.8% 0.9% -0.9% Mail Netherlands revenues fell by 4.7% in the quarter. Organic revenues declined by 3.6% of which 2.0% was caused by lower Post Office and other revenues. Domestic and direct mail revenues combined had a 1.6% negative impact on Mail Netherlands revenues with positive price and mix effects only partially compensating for lower volumes. Total addressed mail volumes declined by 3.4% in the quarter (a decline of 2.0% year to date). This compares to a decline of 1.3% in the first half year. Domestic mail volumes fell by 1.3% (a fall of 0.3% year to date compared to a positive 0.1% in the first half year) mainly due to a 2% decline in letterbox mail and lower parcels volumes. Direct mail volumes declined by 6.6% in the quarter ( a fall of 4.4% year to date compared to a 3.4% fall in the first half year). Most of this decline is due to lower printed matter volumes caused by cost saving programmes at key accounts. Cross Border revenues fell by 8.4% in the quarter. Organic growth was a negative 5.8%, due to the Spring business where revenues were under pressure, particularly in Europe. Revenues from the TPG Post brand were stable. European Mail Networks again had strong revenue growth with total revenues increasing by 17.6% in the quarter. The organic growth rate was 14.1% with most countries showing good organic growth, especially Italy and the UK. Acquisitions in the current year, including Full Service in Italy and Fischer and Blitzpunkt in Germany, added a further 5.9% to revenue growth. Data & Document Management revenues increased by 15.9% in the quarter. Acquisitions of DocVision in the Netherlands earlier this year and Dimar in the Czech Republic at the end of last year contributed a 22.7% growth in revenues. Organic growth was under pressure in the quarter mainly due to the economic climate which has caused many of our customers to focus on reducing costs and has also resulted in long lead times for attracting new customers. * Impressive increase in third quarter earnings * Further margin improvement driven by strongly positive revenue quality yield * Profit improvements in almost all business units * Good organic revenue growth Summary Q3 2003 Q3 2002 % Change YTD 2003 YTD 2002 % Change Euromil Euromil Euromil Euromil Revenues 1,032 1,012 2.0% 3,105 3,071 1.1% EBITA 47 37 27.0% 165 139 18.7% Operating margin 4.6% 3.7% 5.3% 4.5% Express revenues grew organically by 5.6% in the third quarter. Nominal revenue growth was reduced to 2.0% as a result of adverse foreign exchange translation effects due to the stronger euro. Third quarter earnings of Euro47 million showed an impressive 27% increase, even after incurring a Euro7 million negative foreign exchange impact, pushing up the operating margin to 4.6% ( or 5.1% at constant exchange rates) compared to 3.7% in the same quarter last year. Revenue quality yield was again strongly positive and was the major contributor to the overall profit performance. Positive revenue quality yields were achieved in almost all business units. The implementation of standard commercial policies that concentrate the efforts of the sales force on winning profitable customers in the target business to business market segment is a continuing key factor in achieving the improvement in profitability. Almost all business units achieved solid year on year profit improvements, most significantly in France, Germany, Benelux, Australia, Eastern Europe, Spain and Austria. European air network utilisation was managed to a satisfactory level in the quarter which avoided the need to seek further short term capacity. Further network improvements are expected from the introduction in the third quarter of two new airports in Italy. Revenue Analysis Third Quarter Q3 2003 Q3 2002 % Change Org% Acq% FX% Euromil Euromil Express Europe 826 822 0.5% 3.4% 0.1% -3.0% Express ROW 206 190 8.4% 14.7% 0.0% -6.3% Express 1,032 1,012 2.0% 5.6% 0.1% -3.7% Nine Months YTD 2003 YTD 2002 % Change Org% Acq% FX% Euromil Euromil Express Europe 2,529 2,503 1.0% 4.5% -0.2% -3.3% Express ROW 576 568 1.4% 12.7% 0.0% -11.3% Express 3,105 3,071 1.1% 6.1% -0.2% -4.8% Organic revenue growth in Europe was 3.4% in the third quarter although this was offset by a 3.0% adverse foreign exchange impact. Total core kilos carried increased by 5.1% compared to the same quarter last year with core consignments growing by 2.5%. Revenue quality yield was again strongly positive at 2.8%. In terms of the bigger countries, increased volumes were seen in Germany and the UK although the volume of consignments carried in France, Benelux and Italy fell, partly due to a continued economic slowdown but also as a result of a strong focus on uprating or discarding lower yielding customers. Revenues in the Rest of the World increased by 8.4%, with organic revenue growth an impressive 14.7%, fuelled by strong growth in Australia, Asia and the Middle East. * Operational performance stabilised * Implementation of TtS actions on track: further one-off costs booked in the quarter * Majority of operational shortfall caused by three problem business units * Good organic revenue growth and stable pipeline Summary Q3 2003 Q3 2002 % Change YTD 2003 YTD 2002 % Change Euromil Euromil Euromil Euromil Revenues 909 882 3.1% 2,738 2,663 2.8% EBITA 1 41 -97.6% 42 129 -67.4% Operating margin 0.1% 4.6% 1.5% 4.8% Operating margin excl one-off costs 2.8% 4.6% 2.9% 4.8% Logistics revenues increased organically by 7.5% in the third quarter. An adverse foreign exchange translation impact of 4.4% reduced nominal revenue growth to 3.1%. Earnings in the quarter were significantly affected by the incidence of Euro24 million of one-off charges. Costs of Euro14 million were incurred in respect of specific actions taken in the quarter to implement the Transformation through Standardisation (TtS) programme. These costs related to warehouse closures, contract terminations and overhead restructuring. In addition, a write down of assets of Euro10 million was booked in the quarter as a consequence of the goodwill impairment review. Total one-off costs incurred so far this year are Euro37 million, consisting of Euro27 million costs under the TtS programme and Euro10 million asset write downs. Underlying third quarter earnings, excluding these one-off costs, were Euro25 million, equivalent to an operating margin of 2.8%. Eliminating the adverse impact of foreign exchange rate translation (Euro3 million) results in an operating margin of 3.0% at constant rates compared to 4.6% in the same quarter last year. Most business units continue to be affected by low volumes as a result of the continuing weak economic climate especially in Europe. The majority of the operational shortfall in earnings in the third quarter however were again attributable to France, Italy non-automotive and Germany. Earnings in France and Italy non-automotive have fallen year on year mainly due to operational difficulties on various contracts and increased overheads which could not be completely passed on to the customer. Despite good revenue growth in Germany from new contracts, earnings in that country have also declined partly due to lower volumes in the Innight business which has a relatively high fixed cost base. All of these operational issues are being addressed by the TtS plan. The adverse impact from these three business units has been offset to some extent by continuing good performances in other countries, particularly the UK and North America, through good commercial management and cost controls. Revenue Analysis Third Quarter Q3 2003 Q3 2002 % Change Org% Acq% FX% Euromil Euromil Logistics Europe 678 659 2.9% 5.6% 0.0% -2.7% Logistics North America 154 155 -0.6% 9.7% 0.0% -10.3% Logistics ROW 77 68 13.2% 20.6% 0.0% -7.4% Logistics 909 882 3.1% 7.5% 0.0% -4.4% Nine Months YTD 2003 YTD 2002 % Change Org% Acq% FX% Euromil Euromil Logistics Europe 2,038 1,936 5.3% 4.2% 3.9% -2.8% Logistics North America 483 537 -10.1% 8.7% -2.8% -16.0% Logistics ROW 217 190 14.2% 37.9% 0.0% -23.7% Logistics 2,738 2,663 2.8% 7.4% 2.3% -6.9% The net organic revenue growth of 7.5% achieved in the third quarter came from new contracts (+12.3%) and a positive volume and price impact (+0.8%), offset by terminated contracts (-5.6%). New contract wins in the third quarter have an annualised revenue of Euro110 million. Contract renewals provided further annualised revenues of Euro65 million. Contract terminations amounted to annualised revenues of Euro41 million. The business development pipeline remains at Euro1.4 billion with the higher certainty portion stable at around Euro200 million. Organic growth in Europe was a healthy 5.6% fuelled by recent new contract wins and the commencement of the sole operator project at Fiat in Italy. North America organic revenue growth was 9.7% again mainly due to the impact of new contracts. In the Rest of the World, organic revenues grew by 20.6%. with particularly high growth achieved in Asia and South America. Euro Million Q3 2003 Q2 2003 Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001 Group Revenues 2,829 2,936 2,917 3,180 2,805 2,899 2,898 3,013 2,642 2,787 2,776 Earnings 211 299 290 382 222 305 298 363 210 278 277 from operations Non-allocated (9) (7) 2 12 8 (10) (5) (41) 4 (22) 87 items EBITA 202 292 292 394 230 295 293 322 214 256 364 Goodwill (218) (39) (38) (39) (39) (38) (38) (37) (34) (35) (33) amortisation Operating (16) 253 254 355 191 257 255 285 180 221 331 Income (EBIT) Financial (23) (23) (24) (25) (31) (25) (27) (8) (29) (26) (30) income and expenses Income (49) (84) (87) (115) (60) (81) (85) (104) (56) (70) (105) taxes Results (1) (3) (1) (1) (1) (3) (1) 2 (2) from affiliates Minority 1 (2) (2) (3) (3) interests Net Income (88) 143 140 212 99 145 143 169 97 123 196 Net profit (14) 3 (5) (28) on sale of non-core business Net Income (88) 143 140 198 99 145 143 172 97 118 168 from continuing operations Average 475.1 475.1 475.0 475.0 475.0 475.0 475.0 475.0 475.0 478.0 475.3 number of shares (mil) Earnings (18.5) 30.1 29.5 44.6 20.8 30.5 30.1 35.6 20.4 25.9 41.2 per share (euro cents) Net cash 277 74 324 227 214 337 254 256 161 34 322 provided by operating activities Capital (94) (72) (60) (152) (111) (130) (79) (147) (155) (114) (65) expenditure on property, plant and equipment and other intangible assets Disposals 3 14 17 23 19 16 5 21 36 27 7 of property, plant and equipment and other intangible assets Free cash 186 16 281 98 122 223 180 130 42 (53) 264 flow Number of 161,079 160,536 150,155 150,365 148,285 143,097 141,463 138,563 139,065 135,539 131,426 employees Full time 120,387 119,946 114,348 113,444 113,711 112,751 112,261 109,589 111,976 106,782 103,270 equivalent employees Euro Million Q3 2003 Q2 2003 Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001 Mail Mail Netherlands Revenues 604 663 700 780 634 666 715 801 624 657 688 Growth % -4.7% -0.5% -2.1% -2.6% 1.6% 1.4% 3.9% 3.9% 4.5% 0.0% 1.5% Organic -3.6% -1.0% -2.1% -2.6% 1.6% 1.4% 3.9% 3.9% 4.5% 0.0% 1.5% Acquisition -1.1% 0.5% 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% 0.0% 0.0% Addressed mail 1,160 1,297 1,411 1,575 1,201 1,333 1,412 1,618 1,225 1,328 1,393 pieces (mil) Working days 65 61 64 63 65 61 64 63 65 61 64 Cross Border Revenues 142 148 157 176 155 157 162 178 157 158 161 Growth % -8.4% -5.7% -3.1% -1.1% -1.3% -0.6% 0.6% 4.1% 1.3% -2.5% -3.0% Organic -5.8% -1.9% 1.8% 1.1% 0.6% -1.8% -4.5% 2.8% -0.6% -1.4% -4.1% Acquisition 0.0% 0.0% 0.0% 0.0% 0.0% 3.7% 3.9% -0.6% 3.2% 0.0% 0.0% Fx -2.6% -3.8% -4.9% -2.2% -1.9% -2.5% 1.2% 1.9% -1.3% -1.1% 1.1% European Mail Networks Revenues 100 105 92 100 85 88 85 96 74 78 57 Growth % 17.6% 19.3% 8.2% 4.2% 14.9% 12.8% 49.1% 45.5% 42.3% 39.3% 3.6% Organic 14.1% 12.5% 5.9% 8.4% -1.3% 3.2% 16.9% 0.2% 0.2% 8.6% -5.5% Acquisition 5.9% 9.1% 3.5% -4.2% 16.2% 10.1% 31.8% 45.8% 43.2% 30.7% 9.1% Fx -2.4% -2.3% -1.2% 0.0% 0.0% -0.5% 0.4% -0.5% -1.2% 0.0% 0.0% Data & Doc Management Revenues 51 51 50 62 44 48 48 48 45 42 32 Growth % 15.9 6.3% 4.2% 29.2% -2.2% 14.3% 50.0% 71.4% 60.7% 23.5% 6.7% Organic -4.5% 0.1% 6.3% 6.3% -6.6% 1.0% 8.1% 34.6% 14.3% -1.0% 6.7% Acquisition 22.7% 8.3% 0.0% 25.0% 4.4% 13.3% 41.9% 36.8% 46.4% 24.5% 0.0% Fx -2.3% -2.1% -2.1% -2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Mail Revenues 897 967 999 1,118 918 959 1,010 1,123 900 935 938 Growth % -2.3% 0.8% -1.1% -0.4% 2.0% 2.6% 7.7% 8.4% 8.2% 2.9% 1.0% Organic -2.3% 0.2% -0.4% -0.7% 0.7% 1.0% 3.5% 4.3% 4.0% 0.3% 0.3% Acquisition 0.8% 1.6% 0.3% 0.7% 1.6% 2.1% 4.0% 3.8% 4.9% 2.8% 0.5% Fx -0.8% -1.0% -1.0% -0.4% -0.3% -0.5% 0.2% 0.3% -0.7% -0.2% 0.2% EBITA 163 212 218 247 144 195 218 240 144 189 208 Operating 18.2% 21.9% 21.8% 22.1% 15.7% 20.3% 21.6% 21.4% 16.0% 20.2% 22.2% margin Goodwill (28) (10) (7) (9) (6) (8) (7) (6) (4) (5) (4) amortisation Operating 135 202 211 238 138 187 211 234 140 184 204 income (EBIT) Euro Million Q3 2003 Q2 2003 Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001 Express Express Europe Revenues 826 847 856 899 822 845 836 825 747 780 783 Growth % 0.5% 0.2% 2.4% 9.0% 10.0% 8.3% 6.8% -2.5% 1.4% 3.2% 5.5% Organic 3.4% 3.8% 6.3% 8.4% 7.3% 7.7% 2.8% -2.2% 3.5% 4.1% 5.8% Acquisition 0.1% -0.2% -0.5% 1.8% 2.8% 1.9% 3.0% -0.1% -1.1% -1.3% 0.6% Fx -3.0% -3.4% -3.4% -1.2% -0.1% -1.3% 1.0% -0.2% -1.0% 0.4% -0.9% Core 31.0 33.7 33.8 35.2 30.2 33.8 32.9 33.0 28.8 31.6 32.0 consignments (mil) Core kilos 519.5 527.3 523.3 566.4 494.3 522.5 519.8 550.2 487.3 505.8 521.8 (mil) Core revenue 2.8% 4.5% 3.3% 4.3% 2.8% 2.4% 2.0% 2.2% 2.8% 5.7% 7.5% quality yield improvement Express ROW Revenues 206 189 181 205 190 195 183 195 192 198 186 Growth % 8.4% -3.1% -1.1% 5.1% -1.0% -1.5% -1.6% -11.8% -13.1% -3.4% -4.6% Organic 14.7% 10.3% 13.3% 14.9% 7.4% 5.0% -4.8% -7.1% -4.6% 1.2% 1.0% Acquisition 0.0% 0.0% 0.0% 0.0% 0.5% 0.0% 0.5% 0.1% 0.2% 0.0% 0.0% Fx -6.3% -13.4% -14.4% -9.8% -8.9% -6.5% 2.7% -4.8% -8.7% -4.6% -5.6% Total Express Revenues 1,032 1,036 1,037 1,104 1,012 1,040 1,019 1,020 939 978 969 Growth % 2.0% -0.4% 1.8% 8.2% 7.8% 6.3% 5.2% -4.4% -2.0% 1.8% 3.4% Organic 5.6% 5.1% 7.6% 9.4% 7.2% 7.1% 1.4% -3.2% 1.6% 3.4% 4.8% Acquisition 0.1% -0.2% -0.4% 1.6% 2.4% 1.5% 2.5% -0.1% -0.9% -1.0% 0.5% Fx -3.7% -5.3% -5.4% -2.8% -1.8% -2.3% 1.3% -1.1% -2.7% -0.6% -1.9% Working days 65 60 63 62 65 61 62 62 65 60 63 EB1TA 47 66 52 107 37 61 41 69 19 35 34 Operating 4.6% 6.4% 5.0% 9.7% 3.7% 5.9% 4.0% 6.8% 2.0% 3.6% 3.5% margin Goodwill (13) (13) (13) (13) (14) (13) (12) (12) (14) (12) (13) amortisation Operating 34 53 39 94 23 48 29 57 5 23 21 Income (EBIT) Euro Million Q3 2003 Q2 2003 Q1 2003 Q4 2002 Q3 2002 Q2 2002 Q1 2002 Q4 2001 Q3 2001 Q2 2001 Q1 2001 Logistics Logistics Europe Revenues 678 703 657 707 659 651 626 Growth % 2.9% 8.0% 5.0% 19.4% 26.5% 18.8% 32.6% Organic 5.6% 6.3% 0.5% 3.7% 4.1% 6.0% 19.3% Acquisition 0.0% 4.3% 7.5% 8.6% 11.3% 4.4% 0.4% Fx -2.7% -2.6% -3.0% 7.1% 11.1% 8.4% 12.9% Logistics North America Revenues 154 166 163 168 155 192 190 Growth % -0.6% -13.5% -14.2% -5.6% -11.9% -9.9% -5.0% Organic -3.7% 11.5% 5.3% 6.2% -3.4% -1.9% -9.5% Acquisition 0.0% -7.8% 0.0% 0.0% 0.0% 0.0% 0.0% Fx -10.3% -17.2% -19.5% -11.8% -8.5% -8.0% 4.5% Logistics ROW Revenues 77 75 65 72 68 65 57 Growth % 13.2% 15.4% 14.0% 24.1% 21.4% 6.6% 14.0% Organic 20.6% 41.5% 54.4% 53.4% 44.6% 18.0% 18.0% Acquisition 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fx -7.4% -26.1% -40.4% -29.3% -23.2% -11.4% -4.0% Total Logistics Revenues 909 944 885 947 882 908 873 885 814 878 778 Growth % 3.1% 4.0% 1.4% 7.0% 8.4% 3.4% 12.2% 9.8% 39.4% 72.7% 62.8% Organic 7.5% 9.9% 5.0% 7.7% 6.1% 0.6% 3.3% 1.9% 6.8% 11.5% 11.2% Acquisition 0.0% 1.4% 5.4% 4.8% 6.3% 6.9% 7.1% 7.7% 36.2% 61.5% 53.6% Fx -4.4% -7.3% -9.0% -5.5% -4.0% -4.1% 1.8% 0.2% -3.6% -0.3% -2.0% Revenues by sector: Automotive 345 345 336 347 316 356 361 Tyres 50 43 58 68 58 47 46 FMCG 156 163 151 195 179 150 131 Hi-tech 126 117 119 125 103 109 109 electronics Publishing / 65 48 56 66 57 57 56 media Other 167 228 165 146 169 189 170 EB1TA 1 21 20 28 41 49 39 55 46 53 36 Operating 0.1% 2.2% 2.3% 3.0% 4.6% 5.4% 4.5% 6.2% 5.7% 6.0% 4.6% margin Goodwill (177) (17) (17) (18) (17) (18) (19) (18) (17) (18) (16) amortisation Operating Income(176) 4 3 10 24 31 20 37 29 35 20 (EBIT) Q3 2003 Q3 2002 YTD 2003 YTD 2002 Euromil Euromil Euromil Euromil Net sales 2,811 2,777 8,622 8,525 Other operating revenues 18 28 60 77 Total operating revenues 2,829 2,805 8,682 8,602 Cost of materials (119) (133) (390) (382) Work contracted out and other external expenses (1,218) (1,165) (3,637) (3,559) Salaries and social security contributions (1,048) (971) (3,093) (2,994) Depreciation, amortisation and impairments (327) (119) (573) (355) Other operating expenses (133) (226) (498) (609) Total operating expenses (2,845) (2,614) (8,191) (7,899) Operating income (16) 191 491 703 Interest and similar income 5 3 13 24 Interest and similar expenses (28) (34) (83) (107) Financial income and expenses (23) (31) (70) (83) Income before income taxes (39) 160 421 620 Income taxes (49) (60) (220) (226) Results from investments in affiliated companies (1) (1) (5) (4) Net income before minority interests (89) 99 196 390 Minority Interests 1 0 (1) (3) Net income (88) 99 195 387 Net income per ordinary share and per ADS (1) (in euro cents) (18.5) 20.8 41.0 81.5 (1)Based on the average amount of 475.1 million ordinary shares, including ADS (2002: 475.0 million). Before proposed appropriation of net income Q3 2003 Q3 2002* YTD 2003 YTD 2002* Euromil Euromil Euromil Euromil Net income (88) 99 195 387 Depreciation, amortisation and impairments 327 119 573 355 Changes in working capital: -inventory 3 (3) 3 (5) -accounts receivable 162 97 123 244 -other current assets (38) (25) (75) (127) -trade payables (56) (52) (15) 21 -current liabilities excl.short term financing (19) 14 (61) 12 Changes in provisions 9 12 (4) 25 Changes in pensions (58) (47) (167) (118) Changes in deferred taxes 35 0 103 11 Net cash provided by operating activities 277 214 675 805 Acquisition of group companies (16) (13) (43) (118) Disposals of group companies 0 0 6 4 Acquisition of affiliated companies (4) (3) (12) (10) Disposals of affiliated companies 0 2 1 26 Capital expenditure on other intangibles (8) (18) (19) (18) Disposals of intangibles (6) 1 3 2 Capital expenditure on property, plant & equipment (86) (93) (207) (302) Disposals of property, plant and equipment 9 19 31 40 Changes in financial fixed assets 11 9 (8) (3) Changes in minority interests 6 0 6 2 Net cash used in investing activities (94) (96) (242) (377) Changes in shareholders' equity (87) (70) (207) (185) Long-term liabilities acquired 2 20 58 30 Long-term liabilities repaid (10) (18) (44) (69) Changes in short-term bank debt (15) (62) (76) (363) Net cash provided by financing activities (110) (130) (269) (587) Changes in cash and cash equivalents 73 (12) 164 (159) Cash and cash equivalents at beginning of period 437 292 357 451 Exchange differences on cash items 1 (1) (6) (14) Cash and cash equivalents from acquisition and disposal of group 0 6 (4) 7 companies Change in cash and cash equivalents 73 (12) 164 (159) Cash and cash equivalents at end of period 511 285 511 285 *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 30 Sept At 31 Dec 2003 2002 Euromil Euromil ASSETS Fixed assets Goodwill 2,365 2,668 Other intangible assets 93 98 Total intangible assets 2,458 2,766 Land & buildings 983 996 Plant & equipment 482 500 Other property, plant & equipment 497 567 Construction in progress 53 67 Total property, plant and equipment 2,015 2,130 Investments in affiliated companies 98 95 Loans receivable from affiliated companies 1 2 Other loans receivable 131 96 Repayments & accrued income 443 484 Total financial fixed assets 673 677 Total fixed assets 5,146 5,573 Current assets Inventory 52 56 Accounts receivable 1,826 1,922 Prepayments and accrued income 432 358 Cash and cash equivalents 511 357 Total current assets 2,821 2,693 Total assets 7,967 8,266 LIABILITIES AND GROUP EQUITY Group equity Shareholders' equity 2,892 2,961 Minority interests 19 18 Total group equity 2,911 2,979 Provisions Retirement schemes 25 35 Deferred tax liabilities 129 133 Other provisions 135 126 Total provisions 289 294 Pension liabilities 575 742 Long term liabilities Long term debt 1,512 1,523 Accrued liabilities 194 138 Total long term liabilities 1,706 1,661 Current liabilities Trade accounts payable 690 673 State loans 72 72 Other current liabilities 606 702 Accrued current liabilities 1,118 1,143 Total current liabilities 2,486 2,590 Total liabilities and group equity 7,967 8,266 Divisional Summary Third quarter Euromil Q3 2003 Euromil Euromil Q3 2002 Euromil EBITA Euromil Operating EBITA Euromil Operating Goodwill income Goodwill income amortisation amortisation Mail 163 (28) 135 144 (6) 138 Express 47 (13) 34 37 (14) 23 Logistics 1 (177) (176) 41 (17) 24 211 (218) (7) 222 (37) 185 Non-allocated (9) 0 (9) 8 (2) 6 items 202 (218) (16) 230 (39) 191 Nine months Euromil YTD2003 Euromil Euromil YTD 2002 Euromil EBITA Euromil Operating EBITA Euromil Operating Goodwill income Goodwill income amortisation amortisation Mail 593 (45) 548 557 (21) 536 Express 165 (39) 126 139 (39) 100 Logistics 42 (211) (169) 129 (55) 74 800 (295) 505 825 (115) 710 Non-allocated (14) 0 (14) (7) 0 (7) items 786 (295) 491 818 (115) 703 Capital expenditure on property, plant and equipment and other intangible assets Q3 2003 Q3 2002 YTD 2003 YTD 2002 Euromil Euromil Euromil Euromil Mail 22 28 61 79 Express 46 41 105 123 Logistics 24 42 56 118 Corporate 2 0 4 0 Total 94 111 226 320 Movement in shareholders' equity YTD 2003 YTD 2002 Euromil Euromil Opening balance at 1 January 2,961 2,600 Net income for the period 195 387 Foreign exchange effects (56) (22) Cash dividend (208) (185) Balance at 30 September 2,892 2,780 Net Income YTD 2003 YTD 2002 Euromil Euromil Net income under Dutch GAAP 195 387 Adjustments for: Employment schemes & group reorganisation (10) (9) Stock based compensation expense (2) 0 Goodwill amortisation 113 113 Goodwill impairment (159) 0 Depreciation on restoration of previously recognised impairments 3 3 Depreciation of capitalised software 0 (6) Financial instruments 4 (15) Long term contract incentive payments 1 0 Pension curtailment gain 0 2 Real estate sale (3) 0 Tax effect of adjustments 51 8 Net Income under US GAAP 193 483 Net income per ordinary share and per ADS 1 (in Euro cents) 40.6 101.7 (1) Based on the average amount of 475.1 million ordinary shares, including ADS (2002: 475.0 million) Shareholders' Equity YTD 2003 YTD 2002 Euromil Euromil Shareholders' equity under Dutch GAAP 2,892 2,780 Adjustments for: Employment schemes & group reorganisation 142 155 Stock based compensation (3) 0 Goodwill 44 50 Other intangible assets (2) 0 Financial instruments (6) (26) Real estate sale (19) 0 Sale and leaseback transaction (4) 0 Restoration of previously recognised impairments, net of depreciation (8) (12) Long-term contract incentive payment (5) 0 Capitalised software 0 4 Pension curtailment gain 2 2 Deferred taxes on adjustments 15 (46) Shareholders' equity under US GAAP 3,048 2,907 1. Accounting policies Accounting policies have remained unchanged in the nine months to 30 September 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. Prior year revenues for Mail lines of business have been restated to reflect a more accurate elimination of internal transactions. In accordance with the Dutch Council for Annual Reporting directive RJ160 , prior year shareholders' equity has been restated to reflect that the appropriation of results for the year be recorded as a dividend upon shareholder approval and not upon declaration by management. 3. Increase in pension costs 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. As a result of this, net income excluding pension increase will be separately identified in 2003. Additional pension costs charged in the income statement compared to the previous year are as follows: Q3 YTD Gross Net Gross Net (before tax) (after tax) (before tax) (after tax) Euromil Euromil Euromil Euromil Pension costs in 2003 11 7 32 20 Pension costs in 2002 (2) (1) (4) (2) Increase in pension costs 9 6 28 18 4. Composition of the Group There have been no material changes in the composition of the Group during the nine months to 30 September 2003. 5. Employees Total number of employees at 30 September 2003 was 161,079 compared to 150,365 at 31 December 2002. 6. Net debt At 30 Sept At 31 Dec 2003 2002 Euromil Euromil Short term debt 191 238 Long term debt 1,512 1,523 Total interest bearing debt 1,703 1,761 Cash and cash equivalents (511) (357) Net debt 1,192 1,404 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 Monday 26 April Publication of 2004 first quarter results Monday 2 August Publication of 2004 first half year results Wednesday 4 August Ex-dividend listing of TPG shares Wednesday 11 August Payment of interim dividend Monday 25 October Publication of 2004 third quarter results 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", "estimate", "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 expressed or implied in the forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts, projections about the industries in which TPG operates, management's beliefs and assumptions made by management about future events. 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; TPG's ability to increase our fuel surcharge in response to rising fuel prices due to competitive pressures; 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; changes to the international conventions regarding the limitation of liability for the carriage of goods; significant changes in the volumes of shipments transported through our network, the mix of services purchased by our customers or the prices we obtain for our services; market acceptance of our new service and growth initiatives; changes in customer demand patterns; the impact of technology developments on our operations and on demand for our services; disruptions to our technology infrastructure, including our computer systems and Web site; TPG's ability to maintain aviation rights in important international markets; and adverse weather conditions. 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. As a result of these and other factors, no assurance can be given as to TPG's future results and achievements. You are cautioned not to put undue reliance on these forward-looking statements, which are neither predictions nor guarantees of future events or circumstances. TPG disclaims any obligation to publicly update or revise these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. This information is provided by RNS The company news service from the London Stock Exchange END QRTBSBDGRBDGGXR
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