Press Release

3Q11 results: Europe resilient, focus on recovering profitability Asia-Pacific and Americas

Publish Date : 31 October 2011 08:00 at CET -

Hoofddorp, the Netherlands

  • Reported revenues €1,777m (+1.3%); adjusted revenues (at constant FX) €1,788m (+1.9%)
  • Reported operating income €32m (-13.5%); adjusted operating income (at constant FX and excluding one-offs) €43m (-46.9%)
  • Brazil operational KPIs continue to improve; strong pipeline but revenue not yet sufficient to cover past loss of major customers
  • Deadlines reiterated: 2H12 for Brazil turnaround and 2013 for profitability China domestic
  • Net cash from operating activities €33m and net cash used in investing activities €26m
  • Net debt €104m (2Q11: €107m)
  • First phase of €50m indirect cost savings successfully implemented; approximately €20m annualised savings to be realised in 2011, with €11m of associated costs in 3Q11 (€28m year to date)
  • Additional operational cost savings and improvement measures, including significant flexibilisation of Asia-Europe capacity, currently being identified

The 3Q11 revenue development reflects the combination of muted growth in EMEA, continuing growth in Asia Pacific and lower revenues in Americas (Brazil). Year on year, operating income was down mostly because of larger losses in Americas (Brazil) and in Asia-Pacific. Non-allocated was positive as a result of lower overhead and project-related costs, charge out to business units and beneficial phasing of certain costs.


Commenting on the results, Marie-Christine Lombard, CEO said:

‘During the quarter, the performance in our European home market was resilient, benefiting from our broad product portfolio, customer focus and cost control. Our €50m indirect cost savings programme is proceeding to plan, with a significant share of the initiatives now implemented. Further operational improvements are being identified to secure profitability in an uncertain economic environment, such as reducing network costs and increasing the flexibility of our Asia-Europe capacity. Meanwhile, we are taking all measures to ensure our emerging platforms meet near-term deadlines.’

2011 aims

Given its challenging trading environment, TNT Express’ aims for the year are:

  • Europe & MEA revenue to achieve muted growth, with an underlying operating margin of 8-9%
  • Asia Pacific’s 2H11 operating result to continue 1H11 trend; focus on optimising intercontinental capacity exposure
  • Americas’ continuing negative performance being addressed through a full range of corrective measures
  • Other networks to perform somewhat below the prior year
  • Cash flow to be supported by tight cash capex and working capital management
  • Annualised ~€50m cost savings, with expected related charges and write-offs of €45-65m. Implementation is underway.


Full press release (PDF)
Datasheets (xls)

For more information and inquiries, please contact:

Media Relations

Ernst Moeksis
Director External Communication
Phone: +31 88 393 9323
Mobile: +31 651 189 384
Investor Relations

Andrew Beh

Director Investor Relations
Phone : +31 88 393 9500
Email :

TNT Express N.V.
Taurusavenue 111, 2132 LS Hoofddorp
P.O. Box 13000, 1100 KG Amsterdam
The Netherlands

Phone   +31 88 393 9000
Fax       +31 88 393 3000


Page publication date: 31 October 2011 08:00 at CET