Second quarter 2011: Newly listed TNT Express reports stronger EMEA profitability
- Reported revenues €1,800m (+0.9%); adjusted revenues (at constant rates of FX) €1,835m (+2.9%)
- Reported operating income €46m (-23.3%); adjusted operating income (at constant rates of FX and excluding business and demerger-related one-offs) €79m (-8.1%)
- Due to strong EMEA performance, aggregate adjusted operating income excluding Americas was +12.0%
- Brazil turnaround on track to meet 2H12 deadline, though short term challenging
- Net cash from operating activities €49m and net cash used in investing activities €39m
- Net debt €107m
- Interim 2011 dividend of €0.04/share declared – represents 43% of 1H11 normalised net income and shareholders can choose to receive the dividend in stock or cash
- Implementation of ~ €50m indirect cost savings programme started
Commenting on the results, Marie-Christine Lombard, CEO said:
‘Europe’s performance was once again solid and is evidence of the strength of our intra-European network, wide product offering and clear customer focus. Demand from Asia to Europe has been volatile and we are optimising our capacity accordingly. The turnaround in Brazil is on track and although the short term will be challenging, we confirm our second-half 2012 deadline. Finally, our indirect cost optimisation programme has started, en route to the annualised ~ €50m targeted in 2012. The Express team’s focus is on the successful implementation of the strategy as outlined during our May 2011 Capital Markets Day, which we will revisit at the next CMD in the first quarter of 2012.’
The full press release is available at: http://www.tnt.com/corporate/en/data/press/2011/08/q2_2011_newly_listed_tntexpress_reports_stronger_emea_profitability.html