Press Release


Good third quarter builds on first half year trends

Publish Date : 25 October 2004 at 08:00 CET - TPG has today announced its 2004 third quarter results.

Highlights:

  • Double digit net income growth
  • 20th consecutive quarter of positive revenue yield in Express
  • Logistics continues to improve its margin
  • Another solid quarter from Mail
  • Wilsonacquisition completed and integration started
  • Operating cash flow up €59 million to €336 million
  • €409 million share repurchase as part of State sell-down
Key numbers
Q3 2004 Q3 2003 % Change YTD 2004 YTD 2003 % Change
€mil €mil €mil €mil
Revenues 2,977 2,829 5.2% 9,020 8,682 3.9%
Operating income (EBIT) 220 (16) Nm 825 491 68.0%
Net income 125 88) Nm 476 195 144.1%
Underlying net income* 125 111 12.6% 476 402 18.4%
Operating cash flow 336 277 21.3% 762 675 12.9%
Earnings per share (€ cents) 26.3 (18.5) Nm 100.2 41.0 144.4%
*before one-off costs, including impairments, in 2003

Nm – not meaningful

Operating margin
Q3 2004 Q3 2003 YTD 2004 YTD 2003
Mail 17.6% 18.2% 22.2% 20.7%
Express 6.4% 4.6% 7.1% 5.3%
Logistics 4.1% 0.1% 3.6% 1.5%
Logistics underlying* 4.1% 2.8% 3.6% 2.9%
*before one-off costs in 2003: €24 million in Q3 and €37 million YTD

CEO Peter Bakker:

“I am pleased that several important positive trends we saw in the first six months of 2004 are continuing in the third quarter. Express achieved a record third quarter margin, Logistics made further progress on its path of margin improvement, and Mail put in another solid performance. With these strong results, I remain confident in the divisional outlooks.”

Press conference call

  • Audio webcast Press [archived version]

Analysts conference call

Page publication date: 25 October 2004 at 08:00 CET