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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.08 | -1.03% | 7.72 | 7.70 | 7.88 | 7.74 | 7.70 | 7.70 | 2,977 | 16:36:09 |
Hot Features
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RNS Number:7345H
TPG N.V.
20 February 2003
TPG delivers solid set of results in 2002
TPG has today reported its full year 2002 results
Financial highlights
* Growth of 5.4% in net income from continuing operations, in line with
outlook
* Net income of Euro599 million (2001: Euro585 million)
* Operating cash flow of Euro1,032 million, an increase of 33% over 2001
* Earnings from operations up 7% on revenue growth of 5%
* Dividend of Euro0.40 per share, up 5.3% from the previous year
CEO Peter Bakker:
"TPG has again been able to deliver an improved profit performance within our
guidance range, notwithstanding the depressed economic climate which persisted
throughout the year. Even more importantly, we have generated a significant
increase in operating cash flow. 2003 is likely to be another challenging year
and, including the impact of additional pension costs, a low single digit net
income growth is expected. Excluding the additional pension costs, we expect net
income from continuing operations to show medium to high single digit growth.
Our longer term double digit growth target remains."
TPG 2002 2001 %
Change
Euro mil Euro mil
Revenues 11,782 11,218 5.0%
Earnings from operations 1,207 1,128 7.0%
EBITA 1,212 1,156 4.8%
Operating Income (EBIT) 1,058 1,017 4.0%
Net income from continuing operations 585 555 5.4%
Net profit on sale of non-core business 14 30 -53.3%
Net income 599 585 2.4%
Net cash provided by operating activities 1,032 773 33.5%
Net debt (see note 3) 1,404 1,729 -18.8%
Earnings per share (Euro) 1.26 1.23 2.4%
Dividend per share (Euro) 0.40 0.38 5.3%
2002 2001
Euro mil Euro mil Euro mil Euro mil
Divisional summary Euro mil Operating Euro mil Operating
EBITA income EBITA income
Goodwill Goodwill
amortisation amortisation
Mail 804 (30) 774 781 (19) 762
Express 253 (59) 194 167 (57) 110
Logistics 150 (65) 85 180 (63) 117
*1,207 (154) 1,053 *1,128 (139) 989
Non-allocated items 5 - 5 28 - 28
(see note 2)
1,212 (154) 1,058 1,156 (139) 1,017
* Earnings from operations
Group overview
TPG has delivered a solid set of results in 2002 which show growth in net income
from continuing operations of 5.4%, within the guidance range that was
consistently maintained throughout the year. Earnings from operations
(aggregated EBITA of the three divisions) grew by 7% on a total revenue growth
of 5%.
A record operating cash flow of Euro1,032 million was generated in the year, an
increase of 33% over 2001, with almost two thirds of the extra cash coming from
improved working capital management. In addition we were able to hold capital
expenditure at last year's level. This cash performance has enabled net debt to
be reduced by almost 19% to Euro1.4 billion and an increased dividend to be
declared.
Review of operations
Mail has delivered a strong performance in 2002 in a difficult business
environment. The decline in addressed mail volumes in the Netherlands in the
latter part of the year has developed in line with our expectations. The
underlying decline in the year of 3% was due in part to substitution by
electronic media, but it was accelerated by reduced demand for direct mail and
data management services as a result of the slow economy. This trend was seen
not only in the Netherlands but also across most other European countries. We
expect demand for these services to pick up when the economy recovers. Despite
these volume trends, the overall operating margin has been maintained and even
slightly improved through rigorous and focussed cost management. This is the
third consecutive year that our highly efficient cost management approach has
overcome the decline in volumes and a modest pricing environment to enable
margins to be improved.
The Cost Flexibility programme remains firmly on track. The first of the three
main components, the Commercial programme, which involves the rationalisation of
commercial activities and the retail post office network, is now in roll out
phase and already delivering savings. Automated house number sortation, the
catalyst for many of the savings in sorting and distribution, has now been
agreed with the first new machines to be installed later this year. Agreement
with the unions on the third main component, the new labour conditions for the
new-style mail deliverers has now been satisfactorily concluded.
The international business continues to expand at a steady pace. In the last two
years good progress has been made with the European Mail Networks and Data and
Document Management (Cendris) revenues together growing by over half to almost
Euro0.6 billion. In recent months we have expanded our networks in Germany, the
Czech Republic and Slovakia and have received a full long term licence to
deliver bulk mail in the UK.
Express has achieved record earnings and significant operating margin
enhancement in the year, which is all the more remarkable given the wider
depressed economic conditions particularly in Europe. Our success is
attributable to an unrelenting focus on providing the fastest and most reliable
service together with a consistent commercial policy universally applied across
the division. This strategy has produced profit improvements in all business
units in 2002 with the best results coming from those units that have the
highest revenue quality yield improvements. The fourth quarter of 2002 was the
thirteenth consecutive quarter of positive revenue quality yields. This trend is
expected to continue in 2003 and produce further improvements in margins, helped
by the return to full year profitability in Australia.
Logistics has had a difficult year, marked by a slowdown in the global logistics
market as production volumes declined across many sectors. The economic
uncertainty has caused outsourcing decisions to take longer or be postponed and
has put pressure on our own margins. Despite this difficult background, we
achieved a 5.4% organic growth in revenues and have maintained a steady flow of
new contract wins and a healthy new business development pipeline.
The programme of cost reduction and efficiency initiatives which was put in
place at the end of 2002 to improve margins has been drilled down into all
logistics business units with central support teams appointed for each
initiative to ensure the actions are implemented.
Demand for outsourced logistics services remains strong and high single digit
growth in the market is expected in the coming years. TPG is well positioned to
benefit from this growth by leveraging our global footprint and sector expertise
and delivering a consistent and innovative service offering.
Financial analysis
Net income includes a profit of Euro14 million on the disposal of non-core
business, mainly TPG's shares in TKP, the administrator of TPG pensions in the
Netherlands. The profit on disposal has therefore been deducted in arriving at
net income from continuing operations in line with previous practice, once more
emphasing the quality of our 2002 results.
Amortisation of goodwill increased by 10.8% to Euro154 million mainly as a result
of acquisitions made last year. Net financial expense rose by 16.1% mainly due
to higher interest rates on the Eurobond issued at the end of 2001 and a number
of smaller one-off items. The effective tax rate improved from 36.3% to 35.9%.
The significant improvement in cash generation is largely attributable to our
value based management programme which, for the first time in 2002, focussed
performance measurement on value creation as measured by improvements in
economic profit.
Dividend
TPG intends to pay a final dividend for 2002 of Euro0.25, resulting in a full year
cash dividend of Euro0.40 per ordinary share. This represents an increase of 5.3%
over the previous year and a pay-out ratio of 31.7%, in line with the current
policy range of 30 - 35%.
Pension costs
Income Statement
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 and early retirement schemes. This is due to the
deterioration in the capital markets in 2002, and a lower assumed long-term rate
of return on pension assets. This additional cost is more favourable than the
guidance given at the time of the third quarter results announcement due to
lower benefit obligations coming out of the year end actuarial calculations and
a slightly improved market value of pension plan assets.
Balance sheet
The funded status at the end of 2002 for all defined benefit and early
retirement pension schemes is a net underfunding of Euro473 million compared to
Euro206 million at the end of 2001. This consists of an unfunded liability for
early retirement schemes of Euro486 million and a positive funded status of Euro13
million for the defined benefit pension schemes.
Cash flow
TPG's Dutch pension funds have reduced the weight of equity investments during
2002 to 35%. Nevertheless due to the current low coverage ratio and stricter
guidelines issued by the pensions regulator in the Netherlands, there is an
estimated additional cash funding requirement of Euro110 million in 2003.
Prospects
TPG's performance in 2002 has demonstrated the resilience of its business model
and further performance enhancements are again targeted. The economic climate
however remains uncertain and there are as yet few signs that a rebound from the
current difficult trading environment will happen in the short term. It is
expected therefore that 2003 will continue to be challenging.
We expect medium to high single digit growth in 2003, in terms of net income
from continuing operations and excluding the additional pension costs, barring
any further deterioration in global trading conditions. We expect low single
digit net income growth in 2003 taking into account the additional pension
costs. Our longer term double digit net income growth target remains.
Significant events in 4th Quarter 2002
Oct 3 Agreement on international express delivery
products signed with Portuguese Post Office
Oct 16 Pre-arrival TNT Express customs clearance
system (PACS) unveiled
Oct 23 North American Express services enhanced
Nov 4 Direct door to door air express delivery
service to and from China launched
Nov 8 Acquisition of majority stake in the Dimar
Group in Czech Republic and Slovakia
Nov 18 Tariff decision of Ministry of Economic
Affairs announced
Dec 19 Partnership signed with World Food
Programme
Dec 23 UK long term mail licence received
Significant events after year end 2002
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
* Strong overall performance with stable operating margin
* Cost management again outweighs Dutch volume decline
* Quality of delivery maintained at high level
* International expansion continues at steady pace
2002 2001 % Change
Euro mil Euro mil
Revenues 4,005 3,896 2.8%
EBITA 804 781 2.9%
Operating margin 20.1% 20.0%
* Mail revenues and earnings grew by 2.8% and 2.9% respectively in the year
despite a decline in volumes in the Netherlands. The resulting operating
margin improved slightly to 20.1% from 20.0% last year.
* Continuing tight cost controls in Mail Netherlands' operations and the
first cost savings from the Commercial part of the Cost Flexibility
programme (approximately Euro7million) have enabled the operat-ing margin to be
stabilised year on year.
* Start-up costs in the year in European Mail Networks and Data and Document
Management were Euro13 million. Provisions made in respect of the Commercial
Cost Flexibility programme were more than offset by the impact of successful
negotiations on cross border terminal dues.
* The fourth quarter operating margin improved to 22.1% from 21.4% in the
same period last year mainly due to cost savings from the Commercial Cost
Flexibility programme and from changes in the parcels organisation.
* The quality of next day mail delivery in the Netherlands remained stable
at above 95% for the full year, in line with the government target.
Revenue Analysis
2002 2001 % Change Org% Acq% FX%
Euro mil Euro mil
Mail Netherlands 2,785 2,763 0.8% 0.8% 0% 0%
Cross Border 651 654 -0.5% -0.9% 1.8% -1.4%
European Mail Networks 359 305 17.7% 6.6% 11.1% 0%
Data & Document Management 210 174 20.7% 2.3% 19.0% -0.6%
Mail 4,005 3,896 2.8% 1.1% 2.0% -0.3%
* Mail Netherlands revenues grew in the year by 0.8%. Total addressed mail
volumes declined by 0.7% but were more than offset by positive price and mix
effects and the successful euro coin distribution project. Addressed mail
volumes benefited in the year from the impact of elections and one-off new
business. Excluding these two items, addressed mail volumes showed a 3.0%
underlying decline.
* Domestic letter mail volumes fell by 1.2% due to the ongoing decline in
letterbox mail and customised bulk mail mainly driven by cost cutting and
automation programmes at large clients such as banks.
* Direct mail volumes remained flat year on year despite an overall decline
in printed media expenditures in the Netherlands. Excluding one-off new
business, direct mail volumes declined by 4.1%.
* Other revenues in Mail Netherlands were lower than the previous year due
to a reduced level of income from sale of properties.
* Cross Border revenues fell by 0.5% in the year. The strong position of the
euro against the US dollar caused a negative foreign exchange conversion
impact of 1.4%. The Spring joint venture achieved organic growth of 6.5%
driven primarily by increased European business.
* Revenues from European Mail Networks increased by 17.7% in the year, of
which 11.1% was contributed by acquisitions. Organic growth was negatively
impacted by local environmental taxes on unaddressed mail in Belgium.
Excluding Belgium, organic revenues grew by 15.5% despite the depressed
economic conditions in Europe affecting expenditures on direct mail.
* Revenues from Data and Document Manage-ment (brand name Cendris) grew by
20.7% fuelled by acquisitions including Dimar in the Czech Republic. Data
management activities have been affected by depressed direct marketing
expenditures in Europe, whereas mailroom revenues continue to show good
growth.
* Significant earnings and operating margin enhancements
* Positive revenue quality yields in all business units
* Fourth quarter profit in Australia
* Record levels of on-time delivery performance
2002 2001 % Change
Euro mil Euro mil
Revenues 4,398 4,139 6.3%
EBITA 253 167 51.5%
Operating margin 5.8% 4.0%
* Express finished the year strongly, delivering a 6.3% growth in revenues
and a 51.5% increase in earnings in the year. The resulting operating margin
of 5.8% is a significant improvement from the 4.0% margin recorded last
year. Excluding Australia, the operating margin was 6.5% compared to 5.2%
last year. All business units achieved solid year on year earnings growth,
driven in every case by strong positive revenue quality yields.
* The fourth quarter operating margin of 9.1% was a significant improvement
over the 6.5% margin reported in the same quarter last year.
* The recovery in the Australia business continues with an overall profit
being achieved in the fourth quarter due to reduced costs and improved
operational performance. Operating losses for the year were cut back to Euro10
million compared to Euro28 million in the previous year.
* The significant increase in earnings and operating margin is largely due
to deployment everywhere of a sensible commercial policy that is focused on
winning and keeping profitable small to medium size customers by selling
simplified no discount contract rate agreements through a proven sales
territory management system.
* Record levels of on-time delivery performance were achieved in the year
and these have provided the foundations for solid profit growth.
* Capacity in the European air network was increased by approximately 15% in
the year whilst average costs remained at a similar level to the previous
year. Average fleet utilisation levels were optimised and this has helped to
produce better service quality.
Revenue Analysis
2002 2001 % Change Org% Acq% FX%
Euro mil Euro mil
Express Europe 3,625 3,368 7.6% 5.6% 2.4% -0.4%
Express ROW 773 771 0.3% 5.7% 0.3% -5.7%
Express 4,398 4,139 6.3% 5.7% 2.0% -1.4%
* Total Express year on year organic revenue growth was 5.7%. The strongest
organic revenue growth areas were France, Asia, the Americas and the Middle
East. Revenues obtained from acquisitions (mainly the Bleckmann fashion
retail business) added a further 2.0% to revenue growth. This was partly
offset by a negative foreign exchange impact of 1.4% arising mainly from the
weakening of the UK pound, and various South American and Asian currencies,
against the euro.
* Organic revenue growth in Europe was 5.6% fuelled by a year on year
improvement in revenue quality yield of 2.9%. Core consignments grew by 5.3%
and core kilos carried increased by 1.8% over the previous year.
* In the Rest of the World, organic revenue growth was 5.7%. Excluding
Australia, where revenues declined year on year, organic growth was 21.4%.
* Improved organic revenue growth particularly in the second half year
* Lower earnings due to economic conditions and one-off issues
* Action plan in place for short term margin protection
* Healthy business development pipeline maintained
2002 2001 % Change
Euro mil Euro mil
Revenues 3,389 3,125 8.4%
EBITA 150 180 -16.7%
Operating margin 4.4% 5.8%
* Logistics revenues grew by 8.4% in the year fuelled by the commencement of
new contracts. Earnings however fell by 16.7% due to the combined impact of
the economic slowdown, delays in contract start-ups, various specific
operational difficulties, and adverse foreign exchange movements.
* The depressed economic conditions in 2002 have resulted in a decline in
volumes on existing business in many countries, especially the UK, France
and Italy. In multi-user environments, this has led to an under-utilisation
of warehouse capacity and lower margins.
* New contracts with an annualised revenue of ++563 million were won in 2002
compared to ++600 million in the previous year. This slightly lower level of
contract wins has mainly resulted from delayed customer outsourcing
decisions due to the economic climate. Contract renewals in the year had an
annualised revenue of ++460 million. Contract terminations amounted to
annualised revenues of ++195 million.
* Operational difficulties in the start-up phase of several contracts in the
UK have resulted in the non-recovery of certain costs. These problems have
now been resolved and tariff structures successfully renegotiated.
Integration issues in France, now largely overcome, have also added to the
pressure on margins.
* Adverse foreign exchange movements reduced earnings on conversion to euros
by Euro8 million in the year.
* The fourth quarter operating margin declined to 3.3% partly due to the
incidence of some of the one-off costs mentioned above together with a high
level of contract start-up costs in North America.
* Due to the continued pressure on margins, a detailed action plan has been
instigated consisting of a series of cost and business development
initiatives designed to improve margins in the short term. These include
overhead reduction programmes, best practice implementation and improvements
in key account and sector management structures.
* The value of the total business development pipeline at the end of the
year remains healthy at ++1.75 billion, similar to the position at the end
of the third quarter. The higher certainty element of the pipeline has
increased to ++0.4 billion from just under ++0.3 billion at the end of the
third quarter.
Revenue Analysis
2002 2001 % Change Org% Acq% FX%
Euro mil Euro mil
Logistics 3,389 3,125 8.4% 5.4% 6.1% -3.1%
* Organic revenue growth in the year was 5.4% with the second half ending
more strongly with organic growth of over 8% in line with expectations. New
contracts added 10.9% growth and the volume/mix effect from existing
business added a further 1.3%. This was offset by a loss of 6.8% from
terminated contracts.
* Acquisitions (primarily Transports Nicolas in France and TNT DFDS
Transport in the Nordic region) contributed 6.1% to the total revenue
growth. Adverse foreign exchange movements reduced overall revenue growth by
3.1%.
* Revenues in Europe increased by 13.9 %. North America revenues fell by
8.1% due to a negative foreign exchange conversion to Euros and the impact
of the termination of a joint venture in the first half year. Strong growth
in revenues was achieved in the rest of the world, particularly China, Asia
and Australia.
Euro Million Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002
Group
Revenues 2,776 2,787 2,642 3,013 2,898 2,899 2,805 3,180
Earnings from operations 277 278 210 363 298 305 222 382
Non-allocated items (note 2) 87 (22) 4 (41) (5) (10) 8 12
EBITA 364 256 214 322 293 295 230 394
Goodwill amortisation (33) (35) (34) (37) (38) (38) (39) (39)
Operating Income (EBIT) 331 221 180 285 255 257 191 355
Financial income and expenses (30) (26) (29) (8) (27) (25) (31) (25)
Income taxes (105) (70) (56) (104) (85) (81) (60) (115)
Results from affiliates (2) 2 (1) (3) (1) (1)
Minority interests (3) (3) (2)
Net Income 196 123 97 169 143 145 99 212
Net profit on sale of non-core (28) (5) 3 (14)
business (note 3)
Net Income from continuing 168 118 97 172 143 145 99 198
operations
Average number of shares (mil) 475.3 478.0 475.0 475.0 475.0 475.0 475.0 475.0
Earnings per share (Euro) 0.41 0.26 0.20 0.35 0.30 0.31 0.21 0.45
Net cash provided by operating 322 34 161 256 254 337 214 227
activities
Capital expenditure on (65) (114) (155) (147) (79) (130) (111) (152)
property, plant and equipment
and other intangible assets
Disposals of property, plant 7 27 36 21 3 18 19 23
and equipment and other
intangible assets
Free cash flow 264 (53) 42 130 178 225 122 98
Number of employees 131,426 135,539 139,065 138,563 141,643 143,097 148,285 150,365
Full time equivalent employees 103,270 106,782 111,976 109,589 112,261 112,751 113,711 113,444
Euro Million Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002
Mail
Mail Netherlands
Revenues 685 655 620 803 712 665 631 777
Growth % 1.5% 0.2% 4.4% 4.7% 3.9% 1.5% 1.8% -3.2%
Organic 1.5% 0.2% 4.4% 4.7% 3.9% 1.5% 1.8% -3.2%
Acquisition 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%
Addressed mail pieces (mil) 1,393 1,328 1,225 1,618 1,412 1,333 1,201 1,575
Working days 64 61 65 63 64 61 65 63
Cross Border
Revenues 161 158 160 175 163 156 155 177
Growth % -3.0% -2.5% 3.2% 2.3% 1.2% -1.3% -3.1% 1.1%
Organic -4.1% -1.4% 1.3% 1.1% -3.9% -2.5% -1.2% 3.4%
Acquisition 0.0% 0.0% 3.2% -0.6% 3.9% 3.7% 0.0% 0.0%
Fx 1.1% -1.1% -1.3% 1.8% 1.2% -2.5% -1.9% -2.3%
European Networks
Revenues 57 78 74 96 85 88 86 100
Growth % 3.6% 39.3% 42.3% 45.5% 49.1% 12.8% 16.2% 4.2%
Organic -5.5% 8.6% 0.2% 0.3% 16.9% 3.0% 0.0% 8.4%
Acquisition 9.1% 30.7% 43.2% 45.8% 31.8% 10.1% 16.2% -4.2%
Fx 0.0% 0.0% -1.1% -0.6% 0.4% -0.3% 0.0% 0.0%
Data & Doc Management
Revenues 35 44 46 49 50 50 46 64
Growth % 6.1% 18.9% 48.4% 53.1% 42.9% 13.6% 0.0% 30.6%
Organic 6.1% -3.6% 6.4% 10.3% 4.6% 0.9% -4.3% 8.1%
Acquisition 0.0% 22.5% 42.0% 42.8% 38.3% 12.7% 4.3% 24.5%
Fx 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -2.0%
Total Mail
Revenues 938 935 900 1,123 1,010 959 918 1,118
Growth % 1.0% 2.9% 8.2% 8.4% 7.7% 2.6% 2.0% -0.4%
Organic 0.3% 0.3% 4.0% 4.0% 3.5% 0.9% 0.7% -0.7%
Acquisition 0.5% 2.8% 4.9% 4.1% 4.0% 2.1% 1.6% 0.7%
Fx 0.2% -0.2% -0.7% 0.3% 0.2% -0.4% -0.3% -0.4%
Earnings from operations 208 189 144 240 218 195 144 247
Operating margin 22.2% 20.2% 16.0% 21.4% 21.6% 20.3% 15.7% 22.1%
Goodwill amortisation (4) (5) (4) (6) (7) (8) (6) (9)
Operating income (EBIT) 204 184 140 234 211 187 138 238
Euro Million Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002
Express
Express Europe
Revenues 839 837 810 882 892 900 881 952
Growth % 5.8% 3.3% 1.6% -2.3% 6.3% 7.5% 8.8% 7.9%
Organic 6.1% 4.2% 3.7% -2.0% 2.3% 6.9% 6.1% 7.3%
Acquisition 0.6% -1.3% -1.1% -0.1% 3.0% 1.9% 2.8% 1.8%
Fx -0.9% 0.4% -1.0% -0.2% 1.0% -1.3% -0.1% -1.2%
Core consignments (mil) 32.0 31.6 28.8 33.0 32.9 33.8 30.2 35.2
Core kilos (mil) 521.8 505.8 487.3 550.2 519.8 522.5 494.3 566.4
Core revenue quality yield 7.5% 5.7% 2.8% 2.2% 2.0% 2.4% 2.8% 4.3%
improvement
Express ROW
Revenues 186 198 192 195 183 195 190 205
Growth % -4.6% -3.4% -13.1% -11.8% -1.6% -1.5% -1.0% 5.1%
Organic 1.0% 1.2% -4.6% -7.1% -4.8% 5.0% 7.4% 14.9%
Acquisition 0.0% 0.0% 0.2% 0.1% 0.5% 0.0% 0.5% 0.0%
Fx -5.6% -4.6% -8.7% -4.8% 2.7% -6.5% -8.9% -9.8%
Total Express
Revenues 1,025 1,035 1,002 1,077 1,075 1,095 1,071 1,157
Growth % 3.7% 2.0% -1.6% -4.2% 4.9% 5.8% 6.9% 7.4%
Organic 5.1% 3.6% 2.0% -3.0% 1.1% 6.6% 6.3% 8.6%
Acquisition 0.5% -1.0% -0.9% -0.1% 2.5% 1.5% 2.4% 1.6%
Fx -1.9% -0.6% -2.7% -1.1% 1.3% -2.3% -1.8% -2.8%
Working days 63 60 65 62 62 61 65 62
Earnings from operations 34 39 24 70 42 65 41 105
Operating margin 3.3% 3.8% 2.4% 6.5% 3.9% 5.9% 3.8% 9.1%
Goodwill amortisation (14) (14) (15) (14) (14) (15) (15) (15)
Operating Income (EBIT) 20 25 9 56 28 50 26 90
Euro Million Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002
Logistics
Revenues 722 822 752 829 818 852 822 897
Growth % 69.1% 72.7% 43.5% 10.2% 13.3% 3.6% 9.3% 8.2%
Organic 17.5% 11.5% 10.9% 2.3% 4.4% 0.8% 7.0% 8.9%
Acquisition 53.6% 61.5% 36.2% 7.7% 7.1% 6.9% 6.3% 4.8%
Fx -2.0% -0.3% -3.6% 0.2% 1.8% -4.1% -4.0% -5.5%
Revenue by geography:
Europe 471 548 519 592 569 611 598 645
North America 200 213 175 178 190 177 155 182
ROW 51 61 58 59 59 64 69 70
Revenues by sector:
Automotive 337 331 291 325
Tyres 46 46 58 69
FMCG 131 150 179 195
Hi-tech electronics 94 94 86 110
Publishing / media 56 57 57 68
Other 154 174 151 130
Earnings from operations 35 50 42 53 38 45 37 30
Operating margin 4.8% 6.1% 5.6% 6.4% 4.7% 5.3% 4.5% 3.3%
Goodwill amortisation (15) (16) (16) (16) (17) (16) (16) (16)
Operating Income (EBIT) 20 34 26 37 21 29 21 14
2002 2001
Euro mil Euro mil
Net sales 11,662 10,979
Other operating revenues 120 239
Total operating revenues 11,782 11,218
Salaries and social security contributions (4,027) (3,836)
Depreciation, amortisation and impairments (490) (437)
Other operating expenses (6,207) (5,928)
Total operating expenses (10,724) (10,201)
Operating income 1,058 1,017
Financial income and expenses (108) (93)
Income before income taxes 950 924
Income taxes (341) (335)
Results from investments in affiliated companies (5) (1)
Minority Interests (5) (3)
Net income 599 585
Effective tax rate 35.9% 36.3%
Net income per ordinary share and per ADS (1) (in 1.26 1.23
++)
Net income per diluted ordinary share and per ADS 1.26 1.23
(2) (in ++)
1) Based on the average amount of 475,021,075 ordinary shares, including ADS
(2001: 475,008,754)
2) Based on the average amount of 475,022,482 diluted ordinary shares, including
ADS (2001: 475,084,174)
After proposed appropriation of net income
2002 2001*
Euro mil Euro mil
Net income 599 585
Depreciation, amortisation and impairments 490 437
Changes in pension liabilities (111) (92)
Changes in other provisions (14) (89)
Changes in deferred taxes (16) 4
Changes in working capital 84 (72)
Net cash provided by operating activities 1,032 773
Acquisition of group companies (128) (229)
Disposal of group companies 4
Acquisition of affiliated companies (11) (101)
Disposal of affiliated companies 10 5
Capital expenditure on property, plant and equipment (398) (454)
Capital expenditure on intangible assets (74) (27)
Disposals of property, plant and equipment 53 91
Disposals of intangible assets 10 59
Changes in other financial fixed assets 12 (47)
Changes in minority interests 4 5
Net cash used in investing activities (518) (698)
Changes in shareholders' equity (189) (184)
Long-term liabilities acquired 63 1,247
Long-term liabilities repaid (67) (65)
Changes in short-term bank debt (405) (873)
Net cash used by financing activities (598) 125
Changes in cash and cash equivalents (84) 200
Cash and cash equivalents at beginning of period 451 250
Exchange rate differences on cash items (18)
Cash and cash equivalents from acquisition and
disposal of group companies 8 1
Changes in cash and cash equivalents (84) 200
Cash and cash equivalents at end of period 357 451
* Reclassifications have been made to increase comparability with current year
presentation of other
intangible assets separate from property, plant and equipment.
After proposed appropriation of net income
2002 2001*
Euro mil Euro mil
Assets
Fixed assets
Intangible assets 2,766 2,847
Property plant and equipment 2,130 2,117
Financial fixed assets 677 623
Total fixed assets 5,573 5,587
Current assets
Inventory 56 56
Accounts receivable/prepayments 2,280 2,360
Cash and cash equivalents 357 451
Total current assets 2,693 2,867
Total assets 8,266 8,454
Group equity
Shareholders' equity 2,842 2,486
Minority interests 18 13
Total group equity 2,860 2,499
Provisions
Retirement schemes 35 46
Deferred tax liabilities 133 147
Other provisions 126 111
Total provisions 294 304
Pension liability 742 869
Liabilities
Interest bearing liabilities 1,761 2,180
Non Interest bearing liabilities 2,609 2,602
Total liabilities 4,370 4,782
Total liabilities and group equity 8,266 8,454
* Reclassifications have been made to increase comparability with current year
presentation of other
intangible assets separate from property, plant and equipment.
Capital expenditure on property, plant and equipment and other intangible assets
2002 2001
Euro mil Euro mil
Mail 127 137
Express 183 190
Logistics 159 152
Corporate 3 2
Total 472 481
Movement in shareholders' equity
2002 2001
Euro mil Euro mil
Opening balance at 1 January 2,486 2,082
Net income for the period 599 585
Cash dividend (190) (181)
Stock dividend 30
Foreign exchange effects (54) (33)
Repurchase of shares 3
Other 1
Balance at 31 December 2,842 2,486
Net Income
2002 2001
Euro mil Euro mil
Net income under Dutch GAAP 599 585
Adjustments for:
Employment schemes (12) (80)
Goodwill amortisation 154 3
Other intangible assets amortisation (2) -
Financial instruments (11) -
Real estate sale (16) -
Sale and leaseback transaction (4) -
Depreciation on restoration of previously recognised 4 4
impairments
Depreciation of capitalised software (10) (12)
Long-term contract incentive payment (6) -
Pension curtailment gain 2 -
Tax effect of adjustments 19 (16)
Net Income under US GAAP 717 484
Net income per ordinary share and per ADS 1 (in Euro) 1.51 1.02
Net income per diluted ordinary share and per ADS 2 (in 1.51 1.02
Euro)
1) Based on the average amount of 475,021,075 ordinary shares, including ADS
(2001: 475,008,754)
2) Based on the average amount of 475,022,482 diluted ordinary shares,
including ADS (2001: 475,084,174)
Shareholders' Equity
At 31 December
2002 2001
Euro mil Euro mil
Shareholders' equity under Dutch GAAP 2,842 2,486
Adjustments for:
Employment schemes 152 164
Dividend 119 114
Goodwill (63)91 (63)
Other intangible assets amortisation (2) -
Financial instruments (20) -
Real estate sale (16) -
Sale and leaseback transaction (4) -
Restoration of previously recognised impairments, net of (11) (15)
depreciation
Capitalised software - 10
Long-term contract incentive payment (6) -
Pension curtailment gain 2 -
Deferred taxes on adjustments (37) (56)
Shareholders' equity under US GAAP 3,110 2,640
1. Accounting policies
Accounting policies have remained unchanged in the year to 31 December 2002.
2. Non-allocated items
The amount of profit (loss) relating to non-allocated items is as follows:
2002 2001
Euro mil Euro mil
Profit on sale of non-core business 14 26
Sale of exceptional real estate - 78
Australia restructuring - (30)
Other non-allocated costs (9) (46)
Total non-allocated items 5 28
3. Net debt
Net debt is calculated as follows:
2002 2001
Euro mil Euro mil
Interest bearing liabilities 1,761 2,180
Cash and cash equivalents (357) (451)
Net debt 1,404 1,729
4. Composition of the Group
There have been no material changes in the composition of the Group during the
year to 31 December 2002.
5. Employees
Total number of employees at 31 December 2002 was 150,365 compared to 138,563 at
31 December 2001.
Financial Calendar 2003
Tuesday 1 April Annual General Meeting of Shareholders
Thursday 3 April Ex-dividend listing of TPG shares
Friday 11 April Payment of final dividend
Friday 25 April Publication of 2003 first quarter results
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
Designer:
Gary P. Hartmann
Forward-looking statements warning and safe harbour statement under the Private
Securities Litigation Reform Act of 1995
Certain information contained in this press release is forward looking. 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. 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. Although not exhaustive, the following factors could cause such
differences: substitution of alternative methods for delivering information for
TPG's Mail and Express services; regulatory changes leading to further
liberalisation in the Dutch and European postal markets, including changes
resulting from pending proceedings with the Dutch regulator; intensifying
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 impacts of terrorist attacks, anthrax incidents
and war or the outbreak of hostilities on the world and the U.S. economies and
TPG's Mail, Express and Logistics businesses and potentially higher operating
costs; higher costs of insurance coverage for future claims caused by acts of
war, terrorism, sabotage, hijacking and other similar perils; impact of the
current economic downturn and other risks and trends in the world economy and
the timing, speed and magnitude of any economic recovery; 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; limited back-up facilities in the event of major disruptions
at key sites; incidents resulting from the transport of hazardous materials;
mismatches between TPG's investment in infrastructure (aircraft, depots and
trucks) and actual market growth or increases in market share) or between
infrastructure requirements and capacity; 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 United States Securities and Exchange
Commission. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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