Norbert Dentressangle SA - 1st Quarter Results

1st quarter 2014 revenues up 13.6% to €1,078 million

Strong momentum across all business activities

  * Sustained business volumes in the 1st quarter of 2014, with revenues of
    €1,078 million compared with €949 million in the 1st quarter of 2013, i.e.
    an increase of 13.6%, and of 5.5% at constant consolidation scope and
    exchange rates.

  * +5.5% increase in the Transport business' revenues to €527 million

  * Sharp 19.8% increase in the Logistics business' revenues to €522 million

  * Full-year effect of the acquisition of the Daher Freight Forwarding Air &
    Sea operations, including quarterly revenues of €48 million.

Hervé Montjotin, Chairman of the Executive Board, made the following comments
on the Group's performance in the 1stquarter of 2014:"The growth recorded by
Norbert Dentressangle shows the company's momentum across all its business
areas,namely Transport, Logistics, and Air & Sea Freight Forwarding, which were
driven by sustained sales growth and a few targeted acquisitions.This growth
rate is in line with Norbert Dentressangle's development model, which is based
both on an ongoing desire to boost its commercial positions and to increase its
market share, and on an active external growth strategy.The performance in the
1stquarter enables us to be confident about the outlook for the year in terms
of business volumes".

Revenues                 Q1 2014     Q1 2013   Like-for-like   Like-for-like
                                                                   change
In €m

Transport                  527         500         +5.5%           +4.1%

Logistics                  522         436        +19.8%           +8.4%

Freight forwarding Air     48          33         +47.6%           -15.1%
& Sea

Inter-division            (20)        (20)          n/a             n/a

Consolidated Total        1,078        949        +13.6%           +5.5%

Norbert Dentressangle's consolidated revenues amounted to €1,078 million in the
1st quarter of 2014, an increase of 13.6% compared with the same period last
year. Like-for-like growth was 5.5%.

The percentage of revenues generated outside France amounted to 61% of the
Group's total business volumes.

Performance by division

With revenues of €527 million in the 1st quarter of 2014, or an increase of
5.5% over the same period in 2013 on a reported basis, and of 4.1% on a
like-for-like basis, Transport confirmed the recovery in business volume growth
observed in the last quarter of 2013, which reflects a more positive trend in
the European business environment. Norbert Dentressangle seized the opportunity
to consolidate its position on the United Kingdom bulk tanker transport market
via the acquisition of Hopkinson, which generates annual revenues of £4
million.

Buoyed by the growth that it had amassed in 2013, Logistics continued to make
progress, generating revenues of €522 million over the 1st quarter of 2014, a
reported increase of 19.8% compared with the same period in 2013, and of 8.4%
at constant consolidation scope and exchange rates.

Freight Forwarding Air & Sea generated revenues of €48 million over the period,
i.e. an increase of 47.6% compared with 31 March 2013, primarily as a result of
the full-year effect of the operations acquired from Daher. Our ongoing policy
of being more selective on customer contracts in China, which is aimed at
improving profitability, affected organic growth, although the prospect of
revenues of over €200 million for the year as a whole was confirmed.

Profitability outlook

Given that the 1st quarter was in line with its operating schedule, and the
renewed optimism on the markets, Norbert Dentressangle is confirming its
confidence regarding its prospects for 2014.

Forthcoming diary dates

  * The General Meeting of Shareholders will be held at 5.30 pm on 21 May 2014
    at the Hôtel Sofitel, 20 Quai Docteur Gailleton, 69002 Lyon, France.
    Shareholders who wish to attend the General Meeting will need to submit a
    request to their financial advisor within the legal timeframe.

  * 2014 first half results:31 July 2014 before the Stock Market opening

About Norbert Dentressangle:

Norbert Dentressangle is an international transport, logistics and freight
forwarding company, with annual turnover of €4 billion in 2013. Norbert
Dentressangle develops high added value solutions in its three sectors, across
Europe, America and Asia, and places sustainable development at the heart of
all its activities. It is established in 26 countries, employs 37,700 people
and generates 60% of its turnover outside France. Norbert Dentressangle whose
CEO is Hervé Montjotin is listed on the CAC Small & CAC All Tradable.

NYSE Euronext Paris (category B) / NYSE Euronext London, Code GND - Isin FR0000052870

www.norbert-dentressangle.com

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