Press Release

4Q12 results: European performance subdued, Asia Pacific improves

Publish Date : 18 February 2013 08:00 CET -

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Hoofddorp, The Netherlands

  • Reported revenues €1,864m (-0.5%); reported operating income €(71)m (4Q11: €(104)m)
  • Adjusted revenues (at constant FX) €1,835m (-2.0%); adjusted operating income (at constant FX and excluding one-offs) €47m (4Q11: €58m)
  • Net cash from operating activities €168m, net cash used in investing activities €66m and net cash €139m (4Q11: €7m net debt)
  • €50m indirect cost savings programme launched in May 2011 fully realised; nearly two thirds of re-scoped €100m further cost savings programme realised in 2012
  • €120m business one-offs, including China and India Domestic impairments and value adjustment of 747s
  • Proposed pro forma dividend of €0.03, in line with dividend guideline


Further announcements:

  • Full strategy update scheduled 25 March 2013; AGM 10 April 2013
  • Divestment opportunities sought for Brazil; outcome of China Domestic divestment process to be known in 1Q13

TNT Express’ 4Q12 continued the trends seen in previous quarters.

Europe & MEA volumes grew but yields declined in challenging trading conditions. Cost control lessened negative impact on profitability.

In Asia Pacific, revenue declined due to termination of low margin customers and services and continuing weak demand. Operating income however increased because of improvements in the business portfolio and cost reduction measures.

Brazil’s losses declined as turnaround actions start to take hold.


Commenting on this quarter’s developments, Bernard Bot, interim CEO said:
‘The fourth quarter continued to be challenging, with our European results under pressure from weak economic conditions. Our market position in Europe however remains strong, with healthy volume growth and positive customer churn. Asia Pacific showed solid year-on-year improvements, with positive results for the quarter and the year as a whole. TNT Express’ strengths are the foundation of the strategy update that we are currently undertaking. There are many positive actions we can take to improve profitability and we look forward to providing a full update on 25 March 2013. Divestment opportunities for our domestic activities in Brazil and China are being secured. The outcome for China Domestic will soon be known.

2013 preliminary guidance:

  • Challenging trading conditions foreseen in 2013 with related continued negative development of operating results in Europe & MEA
  • Asia Pacific and Other Americas expected to perform in line with prior year
  • Other Networks profitability affected by discontinuation of major Fashion contract
  • Brazil expected to reduce losses
  • Given the challenging trading environment, management is developing a comprehensive profit improvement plan. This plan, including outlook, will be presented on 25 March 2013.

Download full Press release (pdf)
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Download datasheets (xls)


For more information and inquiries, please contact:


Andrew Beh

Phone: +31 88 393 9500


Ernst Moeksis
Phone: +31 88 393 9323
Mobile: +31 6 5118 9384 

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