Press Release


Excellent Execution Drives Strong TPG Operating Income Growth

Publish Date : 2 August 2004 at 08:00 CET - TPG has today announced its 2004 second quarter results.

Highlights

  • Operating income up 30.8% in second quarter
    • Record second quarter margins in Mail and Express
    • Logistics turnaround on track
  • Net income up 31.5%
  • Free cash flow up € 39 million
  • Interim dividend up 11% to € 0.20 per share
  • Express and Mail outlook raised
  • TPG-1 initiative taking shape
  • First major step into Freight Forwarding
Key numbers
Q2 2004 Q2 2003 % Change HY 2003 HY 2003 % Change
€mil €mil €mil €mil
Revenues 3,058 2,936 4.2% 6,043 5,853 3.2%
Operating income (EBIT) 331 253 30.8% 605 507 19.3%
Net income 188 143 31.5% 351 283 24.0%
Underlying net income* 188 151 24.5% 351 291 20.6%
Free cash flow 55 16 243.8% 296 297 -0.3%
Earnings per share (€ cents) 39.6 30.1 31.6% 73.9 59.6 24.0%

*before one-off TtS costs in 2003

Operating margin
Q2 2004 Q2 2003 HY 2004 HY 2003
Mail 24.5% 21.9% 24.3% 21.9%
Express 8.8% 6.4% 7.5% 5.7%
Logistics 4.3% 2.2% 3.3% 2.2%
Logistics underlying* 4.3% 3.6% 3.3% 3.0%

*before one-off TtS costs in 2003

CEO Peter Bakker:

"I am pleased with the increase of almost 31% in operating income over the second quarter as it underlines excellent execution in our businesses. These strong results are achieved in economic conditions that are getting better but are still mixed, looking at our different geographical markets and sectors. With an improved outlook in Mail and Express, TPG is able to reiterate with increasing confidence that good improvements in operating and net income will be achieved in 2004. "

Page publication date: 2 August 2004 at 08:00 CET