Press Release

Excellent Mail and Express performances in TPG's third quarter

Publish Date : 27 October 2003 at 08:00 CET - Good progress in Logistics transformation plan TPG has announced its third quarter 2003 results on the 27th October 2003.


  • Solid improvement in free cash flow
  • Excellent performances in Mail and Express, offset by lower earnings in Logistics
  • Good progress in execution of Logistics transformation plan (TtS)
  • Goodwill impairment charge and asset write downs of €193 million in line with preliminary estimates leading to negative net income for quarter
  • Outlook for 2003 full year unchanged

Peter Bakker, CEO :

“Given the economic background, the results delivered by Mail and Express in the quarter are outstanding achievements. Although the earnings in Logistics are still depressed, underlying performance has been stabilised. Good progress is being made by our new Managing Director Dave Kulik and his team with the implementation of the TtS programme and the actions taken so far have started to provide tangible savings. Despite the one-offs in the quarter, which were in line with previous guidance, the achievement of a healthy improvement in free cash flow is indicative of the underlying strength of the business and the focus of management on increasing shareholder value”. You need Adobe® Acrobat® Reader® software 5.0 version to read pdf files. Click on the button above if you have not already installed Acrobat Reader.

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Page publication date: 27 October 2003 at 08:00 CET