Press Release


TPG publishes audited 2003 financial statements and annual report

Publish Date : 19 March 2004 at 08:00 CET - Mail, Express and Logistics company TPG N.V. today announces the publication of its 2003 audited financial statements and the availability of its 2003 annual report. This follows the publication of unaudited results on 19 February.

Financial statements and audit for 2003 completed

The completion of TPG's financial statements and audit for 2003 follows the conclusion of an independent investigation conducted by TPG's Audit Committee, on behalf of the Supervisory Board, regarding representations made to the UK Inland Revenue and to TPG's auditors, PricewaterhouseCoopers, with respect to certain UK tax matters originally arising in the late nineties relating to one of our UK subsidiaries. In addition to this investigation, the Audit Committee, with the assistance of independent tax advisors, conducted a review of other UK tax matters that arose from the same period.

Conclusions of the investigations have been acted upon

The investigations conducted by the Audit Committee, with the assistance of independent legal counsel, concluded that not all relevant details of certain tax matters were adequately disclosed to the UK Inland Revenue and PricewaterhouseCoopers. The Audit Committee has directed the Board of Management to make organisational and personnel changes with respect to certain UK subsidiaries. TPG will also formalise and strengthen internal lines of communication and the monitoring of the tax and financial reporting functions around the group. These changes are being implemented, and the Audit Committee will continue to monitor progress.

Additional tax charge of € 59 million

In response to the findings of these investigations, TPG has taken an additional tax charge of € 59 million in the 2003 results to cover its updated estimate of total liability to the UK Inland Revenue relating to these tax matters. This charge is € 19 million higher than the previously communicated estimate of management.

CEO Peter Bakker said: “Now is the time for TPG to resolve all outstanding UK tax issues, for which purpose we shortly are submitting a report to the UK Inland Revenue. Upon completion of the ongoing discussions with the UK Inland Revenue, the actual liability will be settled.”

Annual report available on website, AGM as planned on 7 April

For further information about TPG's 2003 financial statements, reference is made to our 2003 annual report now available on our website www.tpg.com .

TPG will hold its Annual General Meeting of Shareholders as scheduled on Wednesday 7 April.

Warning about forward-looking statements

Except for historical statements and discussions, statements contained 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, 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 operate, management's beliefs and assumptions made by management about future events. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including, but not limited to, those described in our 2003 annual report. 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.

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