Press Release


Solid 2003 reflected in record cash flow for TPG - New TPG strategy focuses on China and group synergies

Publish Date : 19 February 2004 at 08:00 CET - TPGhas published it's 2003 Full Year & Fourth Quarter Results.

Highlights:

Ü Record free cash flow

§ dividend increased by 20%

Ü Solid underlying growth in line with outlook

§ strong Mail and Express performances

§ restructuring costs and savings in Logistics in line with previously announced levels

Ü New corporate strategy launched

§ TPG-1 aims to capture group synergies of €200-300 million per year

Ü Accelerated growth in China from current platforms

§ investments up to €200 million

§ top team appointed; up to 150 managers to be deployed

Ü Confident outlook for 2004

Ü Audited financial statements expected in a matter of weeks

§ audited results delayed pending Audit
Committee investigation

UNAUDITED

2003

2002

% Change

€mil

€mil

Revenues

11,866

11,782

0.7%

Operating income (EBIT)

767

1,058

-27.5%

Net income

359

599

-40.1%

Underlying net income from continuing operations*

616

585

5.3%

Page publication date: 19 February 2004 at 08:00 CET



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