Ingezonden persbericht
Persbericht Resultaten
derde kwartaal 2008
Resultaten derde kwartaal 2008 - Highlights
Resultaten onder druk in recessionair ondernemingsklimaat in Europa
Express
· Operationele omzetgroei van 5,9%
· Volumes premiumproducten (luchtvervoer) in Europa onder toenemende druk in het kwartaal
· Goede omzetgroei internationale Economy en Special Service producten
· Goede prestatie Opkomende platforms
· Bedrijfsresultaat bij constante wisselkoersen gedaald met 21,5%
· Kostenbesparingsprogramma's worden daadkrachtig geïmplementeerd
Post
· Aanhoudende sterke operationele omzetgroei bij Opkomende Platforms Post & Pakketten
· Operationele winst Post in lijn met vooruitzichten
Groep
· Groep verkeert in sterke financiële positie: de kapitaalbehoefte is in augustus substantieel
geherfinancierd
· Netto kasstroom uit operationele bedrijfsactiviteiten tot en met derde kwartaal gestegen met 8,8%
Vooruitzichten
· Vooruitzichten Express neerwaarts bijgesteld
· Vooruitzichten Post herbevestigd
Als gerapporteerd Tegen vaste koersen
Kerncijfers 3e kwartaal 3e kw.2008 % 3e kw.2007 % 3e kw.2008
mln mln verandering mln verandering mln
Groep
Omzet 2,687
1.5% 2,648 4.3% 2,762
EBITDA 297 -13.7% 344 -12.0% 303
Bedrijfsresultaat (EBIT) 209 -19.0% 258 -18.2% 211
Winst uit gecontinueerde activiteiten 113 -31.9% 166 -31.9% 113
Winst uit gediscontinueerde activiteiten 0 0 0
Winst toekomend aan de aandeelhouders 113 -32.3% 167 -32.3% 113
Netto kasstroom uit operationele bedrijfsactiviteiten 104 -28.8% 146 -20.5% 116
Dividend per share over the year (in cents)
Express
Omzet 1,656 2.3% 1,619 5.9% 1,714
EBITDA 154 -16.8% 185 -13.0% 161
Bedrijfsresultaat (EBIT) 99 -23.8% 130 -21.5% 102
Mail
Omzet 964 -0.2% 966 1.7% 982
EBITDA 147 -11.4% 166 -11.4% 147
Bedrijfsresultaat (EBIT) 116 -14.7% 136 -14.7% 116
Als gerapporteerd Tegen vaste koersen
9 mnd 2008 % 9 mnd 2007 % 9 mnd 2008
Kerncijfers eerste negen maanden mln verandering mln verandering mln
Groep
Omzet 8,219
2.6% 8,013
5.3% 8,439
EBITDA 088
1, -9.0% 1,196
-7.2% 1,110
Bedrijfsresultaat (EBIT) 822 -12.5% 939 -11.2% 834
Winst uit gecontinueerde activiteiten 499 -21.2% 633 -20.2% 505
Winst uit gediscontinueerde activiteiten 0 206 0
Winst toekomend aan de aandeelhouders 497 -40.7% 838 -40.0% 503
Netto kasstroom uit operationele bedrijfsactiviteiten 569 8.8% 523 11.7% 584
Dividend per share over the year (in cents) 77 0 #
Express
Omzet 4,986
4.1% 4,789 7.7% 5,159
EBITDA 523 -7.9% 568 -4.0% 545
Bedrijfsresultaat (EBIT) 358 -12.9% 411 -10.0% 370
Mail
Omzet 3,041
-0.2% 3,047 1.4% 3,089
EBITDA 579 -10.2% 645 -10.1% 580
Bedrijfsresultaat (EBIT) 483 -11.9% 548 -11.7% 484
---
Persbericht
3e kw 2008
Resultaten derde kwartaal 2008 - Highlights
Toelichting Peter Bakker, voorzitter Raad van Bestuur:
"Zoals we in ons persbericht van 16 oktober j.l. reeds hebben aangekondigd zijn de omstandigheden voor onze
Europese Express activiteiten in september en de eerste weken van oktober verslechterd. De volumes van het
luchtvervoer daalden in september met een nog nooit geziene 10%, terwijl de volumes van het wegvervoer licht
groeiden. We verwachten dat deze druk op de volumes nog tenminste in het lopende kwartaal zal voortduren.
Het positieve nieuws is dat de Post activiteiten in lijn met onze vooruitzichten presteren. We hebben in augustus
ook onze kapitaalbehoefte geherfinancierd, nog voor de verergering van de financiële crisis in september en
oktober. Dit, in combinatie met onze sterke kasstroom , zorgt voor een stevige financiële basis van ons bedrijf.
In dergelijke tijden is de focus van het management op de efficiency van onze activiteiten des te belangrijker. Bij
Post vorderen onze Masterplannen succesvol, bij Express wordt het aangekondigde
kostenoptimaliseringsprogramma van 125 miljoen daadkrachtig geïmplementeerd. We focussen ons op het
verbeteren van de efficiency van ons luchtnetwerk, en we richten ons vizier ook op al onze andere kosten. Tijdens
onze analistendag op 4 december 2008 zullen we hierover meer details geven."
Overzicht Groep
Inleiding Samenvatting
De handelsomstandigheden van de Europese De vooruitzichten van TNT voor 2008 zijn
Expressactiviteiten van TNT zijn in september gebaseerd op wisselkoersen ten opzichte van de
aanzienlijk verslechterd. De volumes van het euro op het niveau van 2007. De impact van de
premium-segment International Express versterkte euro ten opzichte van andere valuta
(luchtvervoer) zijn met circa 10% gedaald. De (met name het Britse Pond) op de groepsomzet
volumes Economy Express (wegvervoer) zijn bedroeg 75 miljoen, met een negatief effect van
verder gegroeid, ofschoon in een aanzienlijk lager 2 miljoen op het bedrijfsresultaat.
tempo dan in 2007. De prestaties van Post
De omzet van de Groep is gestegen met 1,5%
bleven robuust.
tot 2.687 miljoen. Bij constante wisselkoersen
De totale activiteitenmix van TNT kende wel een bedroeg de omzetgroei 4,3%. Het
omzetgroei, echter bij een lagere operationele bedrijfsresultaat daalde, bij constante
marge. wisselkoersen, met 47 miljoen.
In het huidige moeilijke economische klimaat Bij Express steeg de operationele omzet bij
heeft TNT de vooruitzichten voor 2008 van constante wisselkoersen met 5,9%, met een
Express International & Domestic daling van de volumes van kernproducten met
neerwaarts bijgesteld, met een `mid single digit' 0,2%. De omzet-yield bedroeg 5,2%, hetgeen
omzetgroei en een operationele marge van circa volledig toe te schrijven is aan de
9%. Voor alle andere business lines worden de brandstoftoeslag. De Opkomende Platforms
vooruitzichten herbevestigd, ondanks het feit dat groeiden operationeel met 13,7% en kenden een
we verwachten dat de omzetgroei bij de verdere verbetering van de marge. De
Opkomende Platforms in Express iets lager, bij operationele marge van de divisie bedroeg, bij
de `mid teens', zal uitkomen. constante wisselkoersen, 6,0% (2007: 8,0%).
Bij Mail steeg de operationele omzet met 1,7%.
De Opkomende Platforms Post & Pakketten
(exclusief EMN Duitsland) groeiden op dezelfde
basis met 16,4%.
Het bedrijfsresultaat van Post daalde van
136 miljoen naar 116 miljoen. Dit is
hoofdzakelijk toe te schijven aan de volumedaling,
in lijn met de vooruitzichten van TNT en
prijs/mix veranderingen, plus het feit dat het
derde kwartaal 2007 profiteerde van een
eenmalige bate van 4 miljoen. De operationele
marge van de divisie bedroeg, bij constante
wisselkoersen, 11,8% (2007: 14,1%).
---
Persbericht
3e kw 2008
Overzicht Groep
Financiële analyse
Kasstroom / financiële
De Overige Netwerken realiseerden een
operationele omzetgroei van 6,0%, met een positie
EBITDA van 5 miljoen en een EBIT van 4 De netto kasstroom uit operationele activiteiten
miljoen. Beide cijfers liggen op hetzelfde niveau daalde met 42 miljoen, van 146 miljoen in het
als in het derde kwartaal van 2007. derde kwartaal van 2007 naar 104 miljoen in
het derde kwartaal van 2008. Dit is met name
De niet-toewijsbare kosten bedroegen 10 toe te schrijven aan de kasstroom uit
miljoen, in lijn met vorig jaar. De netto financiële operationele activiteiten, die met 86 miljoen
lasten bedroegen 42 miljoen, tegen 29 daalde en die slechts deels werd goedgemaakt
miljoen vorig jaar. De stijging van de rentelasten door de daling met 45 miljoen van de betaalde
was het gevolg van de uitgifte van twee nieuwe belastingen. De netto verandering in het totale
obligaties, die respectievelijk in november 2007 werkkapitaal van - 41 miljoen (2007: - 1
en augustus 2008 zijn uitgegeven. De belastingen miljoen) had tevens een negatief effect op de
bedroegen 53 miljoen, tegen 62 miljoen vorig kasstroom. Het bedrijfswerkkapitaal verbeterde
jaar. De effectieve belastingdruk kwam hiermee met 21 miljoen ten opzichte van vorig jaar
op 31,9%, iets hoger dan in het derde kwartaal dankzij de verscherpte focus van TNT op
van 2007 als gevolg van mix-effecten. handelsvorderingen en handelsschulden. Overig
De winst uit gecontinueerde activiteiten bedroeg werkkapitaal had een negatief effect van
in het derde kwartaal 113 miljoen, tegen 166 62 miljoen als gevolg van tijdelijke verschillen.
miljoen in dezelfde periode vorig jaar, dit komt Tot en met het derde kwartaal gezien verbeterde
voornamelijk door een lager bedrijfsresultaat en het werkkapitaal met circa 40 miljoen ten
hogere financieringskosten. opzichte van 2007.
De winst per aandeel uit gecontinueerde Per einde kwartaal bedroeg de nettoschuld
activiteiten bedroeg 31,2 cent. 2.039 miljoen. Vergeleken met de stand per
einde derde kwartaal 2007 steeg de nettoschuld
met 436 miljoen, met name als gevolg van het
Pensioenen aandeleninkoopprogramma van TNT dat eind juni
is afgerond.
De belangrijkste pensioenregeling van TNT in
In augustus maakte TNT bekend met succes een
Nederland is de regeling met gegarandeerde benchmark Eurobond-emissie van £ 450 miljoen
aanspraken waaronder circa 95% van de met einddatum augustus 2018 te hebben
pensioenverplichtingen van TNT vallen. De geplaatst. De opbrengsten van £ 450 miljoen zijn
dekkingsgraad van deze regelingen bedroeg per geconverteerd naar 568miljoen met een
30 september 2008, op basis van de coupon van 7,14%. De einddatum hiervan is
berekeningsrichtlijnen van de Nederlandsche 14 augustus 2018.
Bank, 115%. Als gevolg van de ernstige
verstoring van de financiële en effectenmarkten Dankzij deze emissie was TNT in staat om in
in oktober daalt de dekkingsgraad naar augustus, nog vóór de verergering van de
verwachting tot onder de 105%. Mocht de financiële crisis in september/oktober, de
dekkingsgraad op dit niveau blijven, dan heeft kapitaalbehoeften van de onderneming
TNT de verplichting om de buffers te zijner tijd substantieel te herfinancieren.
aan te vullen. Dit zou kunnen leiden tot een
additionele bijdrage in contanten aan het fonds
van circa 75 miljoen in 2009. De feitelijke
uitkomsten zijn echter primair afhankelijk van de
verdere ontwikkelingen op de effectenmarkten.
---
Persbericht
3e kw 2008
Overzicht Groep
Trading Statement Vooruitzichten
16 oktober 2008 De economische omstandigheden in Europa zijn
in september en oktober aanzienlijk verslechterd.
Dit heeft geleid en zal blijven leiden tot een
Op 16 oktober 2008 heeft TNT een "trading significante afname van de volumes in het
statement" uitgegeven dat hierna wordt
samengevat: premium segment met luchtvervoer in Europa.
"De handelsomstandigheden van de Europese TNT neemt aan dat de economie in de rest van
Expressactiviteiten van TNT zijn in september het jaar onder dezelfde druk zal blijven staan als
aanzienlijk verslechterd en TNT verwacht, gezien de in september en oktober. Onderstaande
volumeontwikkeling in de eerste twee weken van vooruitzichten zijn onder voorbehoud dat deze
oktober, dat deze druk zich in het vierde kwartaal handelsomstandigheden niet verder
zal voortzetten." verslechteren.
"TNT zal bij de publicatie van de derde Express zal naar verwachting een `mid single
kwartaalcijfers 2008 op 27 oktober bijgestelde digit' autonome omzetgroei laten zien in
vooruitzichten afgeven. Op dit ogenblik wordt `International & Domestic', met een operationele
verwacht dat de marges van de business line marge van circa 9% (voorheen: `high single digit'
"International & Domestic'' van Express zich zullen autonome omzetgroei met een `low double digit'
ontwikkelen rond een solide 9% voor het gehele jaar, operationele marge, aan de onderkant van de
bij een iets lagere omzetgroei. bandbreedte). De Opkomende Platforms van
Express zullen naar verwachting een `mid teens'
Analistendag (voorheen `high teens') autonome omzetgroei
leveren, met een `low single digit' operationele
4 december 2008 marge.
TNT zal tijdens de jaarlijkse analistendag een Post zal naar verwachting een `low single digit'
update geven over de voortgang van de strategie autonome omzetgroei laten zien, met een
van de onderneming. Ook zullen daarbij verdere operationele marge van circa 16,5%. De
besparingensdoelstellingen ter sprake komen. Opkomende Platforms Post & Pakketten
(exclusief EMN Duitsland), als onderdeel van
Post, zullen naar verwachting een `low double
digit' autonome omzetgroei, met een `high mid
single digit' operationele marge laten zien.
Overige informatie:
De vooruitzichten van TNT zijn nog steeds gebaseerd
op constante wisselkoersen op het niveau van 2007.
De vooruitzichten voor Express als geheel zijn
exclusief mogelijke kosten in verband met het eerder
aangekondigde besparingsprogramma van 100 -
125 miljoen en mogelijke kosten die betrekking
hebben op verdere herstructuringsacties.
De vooruitzichten voor Post als geheel zijn inclusief
verwachtingen en aannames met betrekking tot
omzetontwikkelingen en operationele marges voor
EMN Duitsland op `ongoing'-basis, en zijn gezien de
huidige juridische en zakelijke context onzekerder
dan gewoonlijk.
De vooruitzichten voor de marge van Post als geheel
zijn exclusief mogelijke verdere
herstructureringskosten in samenhang met de
Masterplannen in Nederland en de besluitvorming
over de toekomst van EMN Duitsland.
---
Persbericht
3e kw 2008
Overzicht persberichten sinds tweede kwartaal
5 augustus 2008 · TNT plaatst succesvol een benchmark Eurobond van £ 450 miljoen
18 augustus 2008 · TNT rond integratie Speedage af
4 september 2008 · TNT blijft leider in Dow Jones Sustainability Indexes
22 september 2008 · TNT legt `can do'-mentaliteit vast in nieuwe strapline: `sure we can'
24 september 2008 · Uitbreiding internationaal expressnetwerk versterkt leidende positie TNT
op het gebied van de diensten tussen China en Europa
24 september 2008 · Wetsontwerp inzake omzetbelasting op de Duitse postmarkt: TNT
verlangt verbeteringen
16 oktober 2008 · TNT geeft `trading statement' uit
23 oktober 2008 · TNT opent nieuwe gateway op Osaka Kansai International Airport:
overkomstduur voor zendingen vanuit China en Vietnam nu één dag
korter
---
Persbericht
3e kw 2008
Overzicht Groep
Group Summary Q3 Q3 2008 Q3 2007 % Change
mil mil Operational Fx Total
Revenues 2,687 2,648 4.3% -2.8% 1.5%
EBITDA 297 344 -12.0% -1.7% -13.7%
Operating income (EBIT) 209 258 -18.2% -0.8% -19.0%
Profit from continuing operations 113 166 -31.9% -31.9%
Profit from discontinued operations
---
Profit attributable to the shareholders 113 167 -32.3% -32.3%
Net cash from operating activities 104 146 -20.5% -8.3% -28.8%
Earnings per share (in cents) 31.2 44.4 -29.7%
Segment Summary Q3 Q3 2008 Q3 2007 Operational Fx Total
Express
Revenues 1,656 1,619 5.9% -3.6% 2.3%
EBITDA 154 185 -13.0% -3.8% -16.8%
Operating income (EBIT) 99 130 -21.5% -2.3% -23.8%
Operating margin 6.0% 8.0%
Mail
Revenues 964 966 1.7% -1.9% -0.2%
EBITDA 147 166 -11.4% -11.4%
Operating income (EBIT) 116 136 -14.7% -14.7%
Operating margin 12.0% 14.1%
Other Networks
Revenues 72 67 6.0% 1.5% 7.5%
EBITDA 5 5
Operating income (EBIT) 4 4
Non-allocated 10)
( 12)
---
Operating income (EBIT) 209 258 -18.2% -0.8% -19.0%
Group Summary YTD Q3 YTD Q3 2008 YTD Q3 2007 % Change
mil mil Operational Fx Total
Revenues 8,219 8,013 5.3% -2.7% 2.6%
EBITDA 1,088 1,196 -7.2% -1.8% -9.0%
Operating income (EBIT) 822 939 -11.2% -1.3% -12.5%
Profit from continuing operations 499 633 -20.3% -0.9% -21.2%
Profit from discontinued operations 206
Profit attributable to the shareholders 497 838 -40.0% -0.7% -40.7%
Net cash from operating activities 569 523 11.7% -2.9% 8.8%
Earnings per share (in cents) 136.1 217.3 -37.4%
Segment Summary YTD Q3 YTD Q3 2008 YTD Q3 2007 Operational Fx Total
Express
Revenues 4,986 4,789 7.7% -3.6% 4.1%
EBITDA 523 568 -4.0% -3.9% -7.9%
Operating income (EBIT) 358 411 -10.0% -2.9% -12.9%
Operating margin 7.2% 8.6%
Mail
Revenues 3,041 3,047 1.4% -1.6% -0.2%
EBITDA 579 645 -10.1% -0.1% -10.2%
Operating income (EBIT) 483 548 -11.7% -0.2% -11.9%
Operating margin 15.9% 18.0%
Other Networks
Revenues 207 193 6.8% 0.5% 7.3%
EBITDA 11 11
Operating income (EBIT) 9 9
Operating margin 4.3% 4.7%
Non-allocated 28)
( 29)
---
Operating income (EBIT) 822 939 -11.2% -1.3% -12.5%
---
Persbericht
3e kw 2008
Express
Highlights
· Operational revenue growth 5.9%
· Premium (air) volumes in Europe under increasing pressure in the quarter
· International Economy and Special Services products good revenue growth
· Good performance Emerging Platforms
· Operating income down 21.5% at constant fx
· Cost savings programmes aggressively being implemented
At constant fx At constant fx
Express Summary Q3 2008 Q3 2007 % Change YTD Q3 2008 YTD Q3 2007 % Change
mil mil mil mil
Revenues 1,714 1,619 5.9% 5,159 4,789 7.7%
EBITDA 161 185 -13.0% 545 568 -4.0%
Operating income (EBIT) 102 130 -21.5% 370 411 -10.0%
Operating margin 6.0% 8.0% 7.2% 8.6%
Express reported 5.9% operational revenue Operating income decreased by 21.5% year on
growth in the third quarter. Revenue growth was year, at constant rates of exchange. Also at
affected by a sharp decline in demand for constant rates of exchange, the operating margin
premium (air) products in Europe, particularly was 6.0%. EBIT was adversely affected by lower
accelerating in September, plus an overall capacity utilisation mainly in the air network;
softening across core markets. Year to date, adjusting that cost base could not keep pace with
operational revenues for the division grew by the rapid deterioration of premium volumes and
7.7%, of which approximately 3% was due to the resulting less favourable price/mix impact, felt
higher fuel surcharges. particularly in September.
Core kilo development in the second quarter The Network Optimisation programme is on
was -0.2%. International Express volumes track. Express performance in the short term will
deteriorated markedly in September. This be supported by further cost control, including
worsening trend was partially seen in more even stricter control over discretionary
customers shifting to economy products. TNT expenditures, headcount freezes and tighter
sees no evidence that it has lost any customers holiday-season operational planning.
during the quarter. The growth rate in economy
The last quarter of 2008 will benefit from various
products remained positive for the quarter,
although below Q3 2007 levels. positive working day effects, such as All Saints'
Day falling on a Saturday, and Christmas and
Revenue yield on core volumes was +5.2% the Boxing day on a Thursday and Friday.
thirty-seventh consecutive positive quarter, fully
attributable to the fuel surcharge. The fuel
surcharge lag reported last quarter has been
recovered.
Volume growth in the economy products was
lower than previously, but with a strong yield.
---
Persbericht
3e kw 2008
Express
At constant fx
Revenue Analysis Q3 Q3 2008 Q3 2007 % Change
mil mil Total Organic Acq
International & Domestic 1,391 1,335 4.2% 4.2% 0.0%
Emerging platforms* 323 284 13.7% 13.0% 0.7%
Express 1,714 1,619 5.9% 5.8% 0.1%
At constant fx
Revenue Analysis YTD YTD Q3 2008 YTD Q3 2007 % Change
mil mil Total Organic Acq
International & Domestic 4,239 4,009 5.7% 5.7% 0.0%
Emerging platforms* 918 780 17.7% 14.9% 2.8%
Express 5,157 4,789 7.7% 7.2% 0.5%
*Apac, India, China, LAM, M EA, Russia, Turkey
International & Domestic revenues grew higher volumes. In Domestic Express, revenue
4.2%, at constant foreign exchange, despite core was 4.4% up on 1.2% lower volumes.
kilos declining by 1.1%.
Emerging platforms achieved operational
Within International & Domestic, the large revenue growth of 13.7%. The margin developed
countries in Europe (UK, France, Benelux, in line with the 2008 outlook.
Germany, Italy) saw moderating revenue growth
on the back of lower volumes. In August and China, the Middle East, Asia Pacific/India
September, international volumes were and Latin America all continued to grow
revenues double digit at constant rates of
particularly weak, though economy products
remained positive in the quarter albeit at lower exchange. TNT's unique economy product in
China performed particularly well which, once
levels than were enjoyed last year.
again, vindicates TNT's emerging platforms
Outside the large countries in Europe, Australia strategy of focusing on developing strong
continues to perform well albeit at sequentially domestic networks, first, and adding international
lower levels. connectivity later.
International Express (premium) revenue and Revenue growth for Express Emerging Platforms
volumes were lower than in the third quarter of for the year is expected to be slightly lower than
2007, down 1.3% and 6.4%, respectively. previously indicated, at mid teens, which reflects
International Economy had relatively strong current trading conditions.
growth, achieving 9.7% revenue growth on 0.4%
---
Persbericht
3e kw 2008
Post
Highlights
· Continued strong operational revenue growth Emerging Mail & Parcels
· Mail operating profit in line with outlook
At constant fx At constant fx
Mail Summary Q3 2008 Q3 2007 % Change YTD Q3 2008 YTD Q3 2007 % Change
mil mil mil mil
Revenues 982 966 1.7% 3,089 3,047 1.4%
EBITDA 147 166 -11.4% 580 645 -10.1%
Operating income (EBIT) 116 136 -14.7% 484 548 -11.7%
Operating margin 11.8% 14.1% 15.7% 18.0%
Overall Mail revenues grew 1.7% at constant agreement (effective 1April2008), not fully
fx. Substantial revenue growth in Emerging compensated by cost reductions, with Master
Mail & Parcels (excluding EMN Germany) of plan savings in the quarter at 13 million.
16.4% operationally offset revenue lost due to
volume declines in Mail Netherlands. Emerging Mail & Parcels showed an increase
in operating income.
The overall decline in Mail Netherlands
addressed volumes was 4.0%, in line with TNT's TNT welcomes the fact that the German
guidance. Bulk mail decreased less than single- Government is revising the VAT regulation in the
item mail because of the success of retaining bulk postal market. This is a necessary step because
mail volumes in the market. the current VAT exemption for Deutsche Post is
contrary to EU law and impedes competition.
Emerging Mail & Parcels (excluding EMN However the present draft bill will not encourage
Germany) achieved operational revenue growth competition in the postal market, as inexact
of 16.4% compared to last year. The Dutch phrasing, that is open to various interpretations,
parcel activities showed revenues up and a good may enable Deutsche Post to maintain its VAT
EBIT development. TNT Post UK showed exemption.
substantial growth with new client volume wins
every month. In the Netherlands, TNT has started the first
negotiations with the unions regarding the
EMN Germany's revenue and operating margin collective labour agreement that will take effect
are developing in line with TNT's outlook. The as of April 2009. The monthly payment of 0.5%,
consolidator Postcon, in particular, performed as agreed in the current collective labour
well with revenue and operating margin agreement, will become a structural increase
improvements. Unaddressed business is under with retroactive effect to 1 April2008 if
pressure. Strong revenue growth and better agreement is reached by no later than 1 April
results were attained in addressed. 2009 on matters relating to market conformity
Overall Mail operating income decreased by going forward.
14.7%, with the operating margin at 11.8%
Mail is developing according to the outlook,
(against 14.1% last year). The decrease in producing a robust operating income and cash
operating income was, on balance, due to the flow for 2008.
revenue decline in Mail Netherlands and the
extra costs of the new collective labour
At constant fx
Revenue Analysis Q3 Q3 2008 Q3 2007 % Change
mil mil Total Organic Acq
Mail 982 966 1.7% 1.8% -0.1%
of which
Emerging Mail & Parcels
(excl. EMN Germany)* 320 275 16.4% 16.8% -0.4%
At constant fx
Revenue Analysis YTD YTD Q3 2008 YTD Q3 2007 % Change
mil mil Total Organic Acq
Mail 3,089 3,047 1.4% 1.6% -0.2%
of which
Emerging Mail & Parcels
(excl. EMN Germany)* 946 815 16.1% 17.0% -0.9% 10
*EMN + parcel activities of Mail in the Benelux Persbericht
3e kw 2008
Informatie Express / Post
YTD Q3 YTD Q3
mil Q3 2008 Q3 2007 % Change % Change
2008 2007
EXPRESS
International & Domestic
Revenues 1,341 1,335 4,106 4,009
Growth % 0.4% 4.7% 2.4% 5.5%
Organic 4.2% 4.8% 5.7% 5.7%
Acquisition / Disposal 0.0% 0.0% 0.0% 0.0%
Fx -3.8% -0.1% -3.3% -0.2%
Emerging platforms
Revenues 315 284 880 780
Growth % 10.9% 105.8% 12.8% 97.5%
Organic 13.0% 34.7% 14.9% 31.9%
Acquisition / Disposal 0.7% 72.5% 2.8% 67.1%
Fx -2.8% -1.4% -4.9% -1.5%
Total Express
Revenues 1,656 1,619 4,986 4,789
Growth % 2.3% 14.6% 4.1% 14.2%
Organic 5.8% 8.0% 7.2% 8.2%
Acquisition / Disposal 0.1% 6.8% 0.5% 6.3%
Fx -3.6% -0.2% -3.6% -0.3%
Operating income (EBIT) 99 130 358 411
Operating margin 6.0% 8.0% 7.2% 8.6%
Other information Express
Working days 64 64 188 188
Core** consignments (mil) 49.0 48.9 0.2% 153.3 151.0 1.5%
Domestic core consignments (mil) 37.7 37.4 0.8% 118.0 116.0 1.7%
International core consignments (mil) 11.3 11.5 -1.5% 35.3 35.0 0.8%
Core** kilos (mil) 986.5 988.3 -0.2% 3,055.8 2,998.7 1.9%
Domestic core kilos (mil) 701.2 703.6 -0.3% 2,167.3 2,132.6 1.6%
International core kilos (mil) 285.3 284.7 0.2% 888.5 866.1 2.6%
Core** revenue quality yield improvement 5.2% 1.0%
** Core excludes Special Services, Hoau, Mercurio and Speedage.
YTD Q3 YTD Q3
mil Q3 2008 Q3 2007 2008 2007
MAIL
Revenues 964 966 3,041 3,047
Growth % -0.2% 4.8% -0.2% 4.3%
Organic 1.8% 4.1% 1.6% 4.7%
Acquisition / Disposal -0.1% 0.8% -0.2% -0.4%
Fx -1.9% -0.1% -1.6% 0.0%
of which Emerging Mail & Parcels (excl Germany)
Revenues 303 275 902 815
Growth % 10.2% 3.4% 10.7% 4.0%
Organic 16.8% -2.3% 17.0% -0.4%
Acquisition / Disposal -0.4% 4.9% -0.9% 4.1%
Fx -6.2% 0.8% -5.4% 0.3%
Operating income (EBIT) 116 136 483 548
Operating margin 12.0% 14.1% 15.9% 18.0%
Other information Mail
Addressed Mail NL volumes
(million pieces) 998 1,040 3,302 3,440
Growth % -4.0% -2.1% -4.0% -3.6%
Working days 65 65 189 190
---
Persbericht
3e kw 2008
Consolidated Interim Financial Statements
General information The accounting policies applied in these interim
financial statements are consistent with those
The interim financial statements have been applied in TNT's consolidated 2007 annual
prepared in accordance with IAS 34 `Interim report.
financial reporting'.
The measure of profit and loss and assets and
TNT N.V. ("TNT" or the "Company"), a public liabilities is based on the TNT Group Accounting
limited liability company with its registered seat Policies which are compliant with IFRS. The
in Amsterdam, the Netherlands, and its head pricing of intercompany sales is done at arm's
office in Amsterdam, the Netherlands, provides length.
businesses and consumers worldwide with an
extensive range of services for their express The information in these interim financial
delivery and mail needs. TNT's services involve statements is unaudited.
the collection, storage, sorting, transport and
distribution of a wide range of items for the Segment information
TNT operates its businesses through three
Company's customers within specific
timeframes, and related data and document reportable segments Express, Mail and Other
networks.
management services.
Basis of preparation The Express business provides on demand door-
to-door express delivery services for customers
The information is reported on a year-to-date sending documents, parcels and freight. The Mail
basis ending 27 September 2008. Where business provides services for collecting, sorting,
material to an understanding of the period transporting and distributing domestic and
starting 1 January 2008 and ending 27 international mail. The Other networks business
September 2008 further information is provides time-critical deliveries to individually
disclosed. agreed service delivery points for business
The interim financial statements were discussed customers during the night.
in and approved by the Board of Management.
The Supervisory Board had mandated certain Revenues and results are impacted by the
members of its committee to approve the seasonality of sales whereby Q4 is the strongest
second quarter results for 2008 and the quarter in the financial year and Q3 is the
accompanying press release. The interim weakest quarter, due to the holiday season.
financial statements should be read in
In the following table a reconciliation is presented
conjunction with TNT's consolidated 2007 of the segment information relating to the income
annual report as published on 18 February statement and total assets of the reportable
2008.
segments for the first three quarters of 2008 and
2007:
Other Inter- Non-
mil Express Mail networks company allocated To tal
YTD 2008 ended at 27 September 2008
Net sales 4,878 013
3,
202 0 8,093
Inter-company sales 4 8
3 15)
( 0
Other operating revenues 104 20
2 126
Total operating revenues 4,986 041
3,
207 (15) 0
8,219
Other income 6 18
1 1 26
Depreciation/impairment property, plant and equipment (127) (69) 2)
( 2)
( 200)
---
Amortisation/impairment intangibles (38) 27)
( 0 1)
( 66)
---
Total operating income 358 483
9 8)
(2 822
Total assets 4,486 630
1,
103 343
1, 7,562
YTD 2007 ended at 29 September 2007
Net sales 4,702 022
3,
190 4 7,918
Inter-company sales 13 6
1 20)
( 0
Other operating revenues 74 19
2 95
Total operating revenues 4,789 047
3,
193 (20) 4
8,013
Other income 6 53
1 0 60
Depreciation/impairment property, plant and equipment (123) (79) 2)
( 1)
( 205)
---
Amortisation/impairment intangibles (34) 18)
( 0 0 52)
---
Total operating income 411 548
9 9)
(2 939
Total assets 4,444 561
1,
96 864 6,965
12
Persbericht
3e kw 2008
Consolidated Interim Balance Sheets
27 Sep 31 Dec
mil 2008 2007
Goodwill 1,830 1,828
Other intangible assets 274 291
1 Intangible assets 2,104 2,119
Land and buildings 814 847
Plant and equipment 346 349
Aircraft 360 387
Other 159 163
Construction in progress 56 39
2 Property, plant and equipment 1,735 1,785
Investments in associates 94 83
Other loans receivable 5 5
Deferred tax assets 203 203
Prepayments and accrued income 32 34
Financial fixed assets 334 325
3 Pension assets 686 594
Total non-current assets 4,859 4,823
Inventory 27 30
Accounts receivable 1,698 1,656
Income tax receivable 40 35
Prepayments and accrued income 297 236
Cash and cash equivalents 632 295
Total current assets 2,694 2,252
Assets held for sale 9 10
Total assets 7,562 7,085
Equity attributable to the equity holders of the parent 1,781 1,931
Minority interests 22 20
Total equity 1,803 1,951
Deferred tax liabilities 318 298
3 Provisions for pension liabilities 379 437
5 Other provisions 171 200
4 Long-term debt 1,844 1,294
Accrued liabilities 6 3
Total non-current liabilities 2,718 2,232
Trade accounts payable 362 336
5 Short term provisions 134 162
Other current liabilities 1,294 1,188
Income tax payable 83 69
Accrued current liabilities 1,168 1,147
Total current liabilities 3,041 2,902
Liabilities related to assets classified as held for sale 0 0
Total liabilities and equity 7,562 7,085
these refer to the notes to these interim financial statements.
13
Persbericht
3e kw 2008
Consolidated Interim Income Statements
mil Q3 2008 Q3 2007 YTD Q3 2008 YTD Q3 2007
Net sales 2,637 2,609 8,093 7,918
Other operating revenues 50
---
3 26
1 95
Total revenues 2,687 2,648 8,219 8,013
Other income 1
---
1 6
2 0
---
Cost of materials (125) (104) (355) (299)
Work contracted out and other external expenses (1,240) (1,193) (3,677)
(3,485)
Salaries and social security contributions (854) (849) 2,634)
( (2,598)
Depreciation, amortisation and impairments (88) (87) (266) (257)
Other operating expenses (172) (175) (491) (495)
Total operating expenses (2,479) (2,408) (7,423)
(7,134)
Operating income 209
58
2 22
8 39
---
Interest and similar income 17
---
2 8
4 0
---
Interest and similar expenses (59) (50) (162) (140)
Net financial (expense)/income (42) (29) 114)
( (60)
Results from investments in associates (1) (1) 2)
( 4
Profit before income taxes 166
28
2 06
7 83
---
Income taxes (53) (62) (207) (250)
Profit from continuing operations 113
---
1 99
4 33
---
Profit from discontinued operations 0
0 0 06
---
Profit for the period 113
---
1 99
4 39
---
Attributable to:
Minority interests 0
(1) 2
---
Shareholders 113
67
1 97
4 38
---
Earnings from continuing operations per share (in cents) 31.2 44.1 136.1 163.9
Earnings from continuing operations per diluted share (in cents) 31.1 43.7 135.5 163.0
Earnings from discontinued operations per share (in cents) 0.0 0.3 0.0 53.4
Earnings from discontinued operations per diluted share (in cents) 0.0 0.4 0.0 53.2
Earnings per share (in cents) 31.2 44.4 136.1 217.3
Earnings per diluted share (in cents) 31.1 44.1 135.5 216.2
Dividend per share overtheyear(incents) 0.0 77.0
* Based on an average number of 365.2 million ordinary shares, including ADS (2007: 385.6 million).
14
Persbericht
3e kw 2008
Consolidated Interim Cash Flow Statements
Q3 2008 Q3 2007 YTD Q3 2008 YTD Q3 2007
mil mil mil mil
CASH FLOWS FROM CONTINUING OPERATIONS
Profit before income taxes 66
1 228 706 883
Adjustments for:
Depreciation, amortisation and impairments 8
8 87 266 257
Share based payments
4 3 12 7
Investment income:
(Profit)/loss on sale of property, plant and equipment
0 18)
( 23)
( 54)
---
Interest and similar income 17)
( 20)
( 48)
( 79)
---
Foreign exchange (gains) and losses
1 6 8 1)
---
Interest and similar expenses
58 43 154 140
Results from investments in associates
1 1 2 4)
---
Changes in provisions:
Pension liabilities 60)
( 52)
( 150)
( 124)
---
Other provisions 13)
( (4)
67)
( 41)
---
Changes in working capital:
Inventory
1 2 1 0
Trade accounts receivable
23 16 39)
( 10)
---
Other accounts receivable (3) 10 13)
( 84
Other current assets
9 26)
( (50)
55)
---
Trade accounts payable (2) 10 21 (4)
Other current liabilities excluding short term financing and taxes 69)
( 13)
( 76 58)
---
Cash generated from operations 87
1 273 856 941
Interest paid 31)
( 30)
( 105)
( 119)
---
Income taxes paid 52)
( 97)
( 182)
( 299)
---
Net cash from operating activities 04
1 146 569 523
Acquisition of group companies (net of cash) 1)
( 10)
( (4)
276)
---
Disposals of group companies and joint ventures
0 0 0 483
Investment in associates 6)
( 5)
( 12)
( 21)
---
Disposals of associates
0 0 0 7
Capital expenditure on intangible assets 17)
( 24)
( 55)
( 67)
---
Capital expenditure on property, plant and equipment 58)
( 56)
( 192)
( 173)
---
Proceeds from sale of property, plant and equipment
2 5 33 50
Other changes in (financial) fixed assets 1)
( 2)
( 2 1)
---
Changes in minority interests
0 1 1 1
Interest received 4
1 16 41 51
Dividends received
0 0 0 13
Net cash used in investing activities (67) 5)
(7 186)
( 67
Repurchases of shares (28) (230) (308)
519)
---
Other equity changes
0 3 1 28
Proceeds from long term borrowings 62
5 1 562 14
Repayments to long term borrowings
0 0 2)
( 18)
---
Proceeds from short term borrowings 1
3 246 166 556
Repayments to short term borrowings 83)
( 0 128)
( 327)
---
Repayments to finance leases 2)
( 1)
( 10)
( 10)
---
Dividends paid 122)
( (115) 324)
( 298)
---
Financing relating to our discontinued operations
0 10)
( 0 17)
---
Net cash used in financing activities 58
3 (106) (43)
591)
---
Changes in cash from continuing operations 95
3 (35)
340 (1)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Changes in cash from discontinued operations
0 0 0 1
TOTAL CHANGES IN CASH
395 (35)
340 0
Cash at beginning of the period 35
2 333 295 326
Cash from divested business
0 0 0 29)
---
Exchange rate differences
2 3)
( 3)
( 2)
---
Total changes in cash 95
3 (35)
340 0
Cash at end of period as reported 32
6 295 632 295
15
Persbericht
3e kw 2008
Consolidated Interim Statement of changes in Equity
Attributable
Issued Additional to equity
share paid in Translatio Hedging Other Retained holders of Minority To tal
mil capital capital n reserve reserve reserves earnings the parent interest equity
Balance at 31 December 2006 203 245
1, (5) 1) 0
(2 561 1,983 25 008
2,
Profit for the period 838 838 1 839
Gains/(losses) on cashflow hedges, net of tax 9 9
---
Currency translation adjustment (36) 36)
( (36)
Total recognised income 0
0 (36) 9 0 838 811 1 812
Final dividend previous year (183) 183)
( (183)
Appropriation of net income 378 (378) 0
---
Interim dividend current year (115) 115)
( (115)
Repurchases and cancellation of shares (15) (113) 385)
( 513)
( (513)
Share based compensation 8 8
---
Other 4 35 39 6)
( 33
Total direct changes in equity (15) (113) 4 0 36 (676) 764)
( )
(6 (770)
Balance at 29 September 2007 188 132
1, (37) 2) 36
(1 723 2,030 20 050
2,
Balance at 31 December 2007 182
982 (82) 2) 0
(2 871 1,931 20 951
1,
Profit for the period 497 497 2 499
Gains/(losses) on cashflow hedges, net of tax (7) 7)
( (7)
Currency translation adjustment (25) 25)
( (25)
Total recognised income 0
0 (25) (7) 0 497 465 2 467
Final dividend previous year (202) 202)
( (202)
Appropriation of net income 669 (669) 0
---
Interim dividend current year (122) 122)
( (122)
Repurchases and cancellation of shares (5) (106) 195)
( 306)
( (306)
Share based compensation 12 12 2
---
Other 0 3 3 0 3
Total direct changes in equity (5) (106) 0 0 489 (993) 615)
( 0 (615)
Balance at 27 September 2008 177
876 (107) 9) 489
(2 375 1,781 22 803
1,
16
Persbericht
3e kw 2008
Notes to the Consolidated Interim Financial Statements
1. Intangible assets 4. Net debt
The movements in the intangible assets are as The net debt is specified in the below table.
follows: 27 Sep 29 Sep
2008 2007
2008 2007 mil mil
mil mil Short term debt 831 640
Balance at 1 January 2,119 ,785
1 Long term debt 1,844 1,286
Additions 62 283 Total interest bearing debt 2,675 1,926
Disposals 0 (2) Cash and other interest bearing assets (636) (323)
(De)consolidations 1 8
---
Exchange rate differences (12) 0 Net debt 2,039 1,603
Amortisation and impaiments (66) (51) * Net debt does not include adjustments for operating leases and pension liabilities that
are incorporated in the definition of total debt used for credit rating purposes.
Balance at end of period 2,104 ,083
---
In the first three quarters of 2008, the net debt
The comparative figures relate to the nine month period
ended 29 September 2007 position increased with 250 million compared
to 31 December 2007 ( 1,789 million). This
The closing balance of the period as at 27 increase was mainly the result of higher long
September 2008 relates to Goodwill for an term debt following the issue of the £ 450 million
amount of 1,830 million and Other intangible bond in August 2008, dividend payments and the
assets of 274 million. No significant acquisitions share repurchases. The net debt position as of
have occurred during Q3 2008. December 2007 included the 650 million bond
which was issued in November 2007.
2. Property, plant and equipment
The movements in property, plant and 5. Provisions
equipment are as follows: The provisions consist of long term and short
2008 2007
mil mil term provisions for restructuring, claims and
Balance at 1 January 1,785 ,678
1 indemnities and other employee benefits. Total
Capital expenditures 193
289 provisions decreased from 362 million as per
Acquisitions 1
---
3 31 December 2007 to 305 million at
Disposals (9) (7)
Exchange rate differences (34) (13) 27 September 2008. The withdrawals of
Depreciation and impairments (200) (206) 86 million mainly relate to restructuring
Transfers to assets held for sale (1) (2)
Balance at end of period 1,735 ,770
1 payments of 27 million within the Mail division
(due to outflow at delivery), settlement of the
The comparative figures re ate to the nine month period
l
Parcelnet Ltd. of the contract underlying the
Capital expenditures of 193million include terminated UK parcel operations of the Mail
expenditures within Express of 147 million and division and payments relating to other employee
within Mail of 42 million. These relate mainly related obligations of 8 million and settlement
to investments in depots and hubs, vehicle of insurance claims with clients of 9 million.
replacements and sorting machinery.
The increase in provisions from
Included in depreciation and impairments are
impairment charges of 7 million relating to the 29 September 2007 to 1 January 2008 relates
impairment of assets of "Postkantoren B.V." as almost entirely to the 110 million Master plan
reported in Q1 2008. provision added in Q4 2007.
2008 2007
mil mil
3. Pensions Balance at 1 January 362 250
Additions 43
---
---
On the balance sheet, the pension assets and Withdrawals (86) (65)
pension liabilities of the various defined benefit (De)consolidations (1) 2
Other/releases (8) (14)
pension schemes have been presented Exchange rate differences (5) 0
separately. The positive net movement in the Balance at end of period 305 226
pension assets of 92 million and pension The comparative figures relate to the nine month period
liabilities of 58 million amounted to ended 29 September 2007
150 million, mainly due to contributions to the
pension fund and contributions for the early
retirement plan.
17
Persbericht
3e kw 2008
Notes to the Consolidated Interim Financial Statements
6. Share repurchases and EPS The average number of full time equivalent
working with TNT Express as at 27 September
The share repurchase programme of 500 2008 was 70.748 being an increase of 372 staff
million as announced on 30 July 2007 has been (0.5%) compared to the same period in 2007.
fully completed in Q3 2008. In Q3 2008, the The highest increases have occurred to support
remaining shares with a total value of 8 million the business growth and expansion.
(340,393 shares) were repurchased. The total
value of shares repurchased in 2008 amounted to The average number of full time equivalents
306 million (12.2 million shares). working with TNT Mail as at 27 September 2008
was 42,284 being an increase of 414, the result
All shares repurchased have already been of a decrease of 565 in Mail NL staff at
cancelled. Operations due to declining volumes and
efficiency improvement in Operations, helped by
Aggregated averages and numbers at period end 27 Sep 29 Sep stimulated outflow at delivery and an increase
(in millions) 2008 2007
Number of issued and outstanding shares 360.0 391.8 due to expansion in EMN Germany and UK.
Shares held by the company to cover share plans 1.1 1.7
Shares held by the company for cancellation 0 12.6 8. Subsequent events
Average number of shares 365.2 385.6
Average number of diluted shares 1.7 2.0
Average number of shares on a fully diluted basis 366.9 On 16 October 2008, TNT issued a trading
387.6 statement: trading conditions in TNT's European
7. Labour force Express business have significantly worsened in
The headcount at the end of the quarter as well September and, based on the volume patterns in
as the average number of full time equivalents is the first two weeks of October, TNT expects
specified in the table below: this pressure to continue in the fourth quarter.
2008 2007
Express 75,521
74,249
Mail 83,526
81,319
Other Networks 1,391 1,406
Non-allocated 262 237
Employees at period end 160,700 157,211
Express 70,748
70,376
Mail 42,284
41,870
Other Networks 1,130 1,237
Non-allocated 255 226
Average FTE's up to and incl. the period 114,417 113,709
18
Persbericht
3e kw 2008
Financiële Agenda & Contactgegevens
Donderdag 4 december 2008
Analistenbijeenkomst
Maandag 16 februari 2009
Bekendmaking cijfers vierde kwartaal en jaarcijfers 2008
Woensdag 8 april 2009
Algemene Vergadering van Aandeelhouders
Maandag 4 mei 2009
Bekendmaking cijfers eerste kwartaal 2009
Maandag 27 juli 2009
Bekendmaking cijfers tweede kwartaal en halfjaarcijfers 2009
Maandag 2 november 2009
Bekendmaking cijfers derde kwartaal 2009
In geval van enige discrepantie tussen dit persbericht en de originele Engelstalige versie
van dit persbericht prevaleert de Engelstalige versie.
Aanvullende informatie is te vinden op
http://group.tnt.com
Investor Relations Group Communications / Published by
Media Relations TNT N.V.
Cees Visser Robin Boon Neptunusstraat 41-63
Director Investor Relations Group Director Communications 2132 JA Hoofddorp
Phone +31 20 500 62 41 Phone +31 20 500 6141 P.O. Box 13000
Email cees.visser@tnt.com Email robin.boon@tnt.com 1100 KG Amsterdam
Phone +31 20 500 6000
Andrew Beh Daphne Andriesse Fax +31 20 500 7000
Deputy Director Investor Relations Senior Press Officer Media Relations Email investorrelations@tnt.com
Phone +31 20 500 8717 Phone +31 20 500 6224
Email andrew.beh@tnt.com Email daphne.andriesse@tnt.com
Yolanda Bolleurs Cyrille Gibot
Manager Investor Relations Senior Press Officer Media Relations
Phone +31 20 500 8514 Phone +31 20 500 6223 19
Email yolanda.bolleurs@tnt.com Email cyrille.gibot@tnt.com Persbericht
3e kw 2008
Warning about forward-looking statements
Some statements in this press release are
"forward-looking statements". 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 that are outside of our
control and impossible to predict and may
cause actual results to differ materially from any
future results expressed or implied. These
forward-looking statements are based on
current expectations, estimates, forecasts,
analyses and projections about the industries in
which we operate and management's beliefs and
assumptions about future events. You are
cautioned not to put undue reliance on these
forward-looking statements, which only speak
as of the date of this press release and are
neither predictions nor guarantees of future
events or circumstances. We do not undertake
any obligation to release publicly any revisions
to these forward-looking statements to reflect
events or circumstances after the date of this
press release or to reflect the occurrence of
unanticipated events, except as may be
required under applicable securities laws.
20
Persbericht
3e kw 2008
---- --