Press Release

TPG first quarter profits surge on strong Mail and Express performances, Logistics turns the corner

Publish Date : 26 April 2004 at 08:00 CET - TPG has today announced its 2004 Q1 results.

Full details are contained below.


  • Earnings from operations up by almost 12%
    • Improved operating margins in Mail and Express
    • Logistics ahead of previous year
  • Net income up 16%
    • Lower financing cost and effective tax rate
  • Strong free cash flow
  • Confident outlook for 2004
Key numbers
Q1 2004 €mil Q1 2003 €mil % Change
Revenues 2,985 2,917 2.3%
Earnings from operations 324 290 11.7%
EBITA 310 292 6.2%
Operating income (EBIT) 274 254 7.9%
Net income 163 140 16.4%
Free cash flow 241 281 -14.2%
Earnings per share (€ cents) 34.3 29.5 16.4%

CEO Peter Bakker:

"This was a good quarter for TPG. The Mail and Express businesses both delivered very good results, which are all the more pleasing given the difficult economic conditions which continue in the Netherlands and other key markets in Europe . Probably the most satisfying development however is that there is first evidence of a turnaround in the Logistics business. Building on this encouraging start to the year, we are confident that good improvements in earnings will be achieved in 2004."

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'conference call'
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'conference call'
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Page publication date: 26 April 2004 at 08:00 CET