tnt express 1Q12 datasheets

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					TNT Express
Selected financial data
Income statement (€m)                              1Q12        1Q11     Var YoY   %chg YoY

Revenue:
Europe & MEA                                      1,147       1,153         (6)       -0.5
Asia Pacific                                        430         419         11         2.6
Americas                                            118         112          6         5.4
Other networks                                      126         113         13        11.5
Eliminations                                         (2)         (1)        (1)        0.0
Total revenue                                     1,819       1,796         23         1.3

Other income                                             1         3        (2)       -66.7
Operating expenses:
Work contracted out and other external expenses   (1,081)     (1,057)      (24)       -2.3
Salaries and social security contributions          (583)       (566)      (17)       -3.0
Depreciation, amortisation and impairments           (48)       (175)      127        72.6
Other                                                (71)        (80)        9        11.3
Total operating expenses                          (1,783)     (1,878)       95         5.1

Operating income                                         37      (79)      116         0.0

Interest and similar income                            4          10        (6)       -60.0
Interest and similar expenses                        (10)        (18)        8         44.4
Net financial (expense)/income                        (6)         (8)        2         25.0

Profit before income taxes                            31         (87)      118         0.0
Income taxes                                         (15)        (19)        4        21.1

Profit for the period                                    16    (106)       122         0.0
Attributable to:
Non-controlling interests                                0         0         0

Equity holders of the parent                             16    (106)       122         0.0


Adjusted income data (€m)
Revenue:
Europe & MEA                                      1,140       1,153        (13)       -1.1
Asia Pacific                                        399         419        (20)       -4.8
Americas                                            117         112          5         4.5
Other networks                                      125         113         12        10.6
Eliminations                                         (1)         (1)         0         0.0
Total revenue                                     1,780       1,796        (16)       -0.9
Note: 2012 at average 2011 currency
Operating income:
Europe & MEA                                          67        106        (39)       -36.8
Asia Pacific                                          (6)       (18)        12         66.7
Americas                                             (23)       (32)         9         28.1
Other networks                                         3          4         (1)       -25.0
Non-allocated                                         (7)       (10)         3         30.0
Total operating income                                34         50        (16)       -32.0

Adjustments to operating income
Foreign exchange
Demerger related
   Pensions                                                        5
   One-offs                                                        4
   Share-based payments
   Profit pooling
Restructuring/one-offs
   Brazil one-offs
   Impairments                                                  120
   Restructuring
   Other one-offs                                    -
Total                                                    0      129
TNT Express
Selected operational data
Operating data                               1Q12     1Q11    Var YoY    %chg YoY

Reported revenue (€m)*
Europe & MEA                                 1,140    1,153       (13)        -1.1
Asia Pacific                                   399      419       (20)        -4.8
Americas                                       117      112         5          4.5

Average consignments per day ('000)
Europe & MEA                                  754      739         15          2.0
Asia Pacific                                  158      173        (15)        -8.7
Americas                                       50       51         (1)        -2.0

Revenue per consignment (€)*
Europe & MEA                                  23.3     24.0     (0.70)        -2.9
Asia Pacific                                  38.8     37.3      1.50          4.0
Americas                                      36.0     33.4      2.60          7.8

Average kilos per day ('000)
Europe & MEA                                14,752   14,625       127          0.9
Asia Pacific                                 9,840   12,573    (2,733)       -21.7
Americas                                     3,078    3,204      (126)        -3.9

Revenue per kilo (€)*
Europe & MEA                                  1.19     1.21     (0.02)       -1.7
Asia Pacific                                  0.62     0.51      0.11        21.6
Americas                                      0.59     0.54      0.05         9.3

Working days                                    65       65

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected operational data
Operating data

Reported revenue (€m)*
Europe & MEA
Asia Pacific
Americas

Average consignments per day ('000)
Europe & MEA
Asia Pacific
Americas

Revenue per consignment (€)*
Europe & MEA
Asia Pacific
Americas

Average kilos per day ('000)
Europe & MEA
Asia Pacific
Americas

Revenue per kilo (€)*
Europe & MEA
Asia Pacific
Americas

Working days

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected financial data
Cashflow statement (€m)                                                1Q12     1Q11     Var YoY      %chg YoY

Profit before income taxes                                              32       (87)       119            0.0
Adjustments for:
Depreciation, amortisation and impairments                              48      175        (127)          -72.6
Amortisation of financial instruments/ Derivatives                       1        0           1
Share-based compensation                                                 0        3          (3)           0.0
Investment income:
  Interest and similar income                                            (4)     (10)            6         60.0
  Foreign exchange (gains) and losses                                     1        1             0          0.0
  Interest and similar expenses                                           9       18            (9)       -50.0
  Results from investments in associates                                  0        0             0
Changes in provisions:                                                                      -
  Pension liabilities                                                    (7)      (1)         (6)          0.0
  Other provisions                                                      (11)       1        (12)           0.0
Cash from/(used for) financial instruments/derivatives                    0        0           0
Changes in working capital:                                                                 -
  Inventory                                                                0       (1)         1           0.0
  Trade accounts receivable                                             (19)     (35)         16          45.7
  Accounts receivable                                                     12       13         (1)         -7.7
  Other current assets                                                  (45)     (42)         (3)         -7.1
  Trade accounts payable                                                (43)     (68)         25          36.8
  Other current liabilities excluding short-term financing and taxes      43       36          7          19.4
Cash generated from operations                                            17        3         14           0.0
Interest paid                                                             (6)      (9)         3          33.3
Income taxes received/(paid)                                            (13)     (18)          5          27.8
Net cash from operating activities                                        (2)    (24)         22          91.7
Interest received                                                          4        4          0           0.0
Acquisition of subsidiairies and joint ventures (net of cash)              0        0          0
Investments in associates                                                 (1)       0         (1)
Disposal of associates                                                     0        0          0
Capital expenditure on intangible assets                                  (4)    (11)          7          63.6
Disposal of intangible assets                                              0        0          0
Capital expenditure on property, plant and equipment                    (16)     (43)         27          62.8
Proceeds from sale of property, plant and equipment                        4        1          3           0.0
Other changes in (financial) fixed assets                                  0        0          0
Changes in non-controlling interests                                       0        0          0
Net cash used in investing activities                                   (13)     (49)         36          73.5
Share-based payments                                                    -        -
Proceeds from long-term borrowings                                         0        1        (1)            0.0
Repayments of long-term borrowings                                        (2)      (2)        0             0.0
Proceeds from short-term borrowings                                       12       35       (23)          -65.7
Repayments of short-term borrowings                                     (14)     (34)        20            58.8
Repayments of finance leases                                              (2)      (2)        0             0.0
Dividends paid                                                             0        0         0
Financing related to PostNL                                                0       73       (73)           0.0
Net cash used in financing activities                                     (6)      71       (77)           0.0

Total changes in cash                                                   (21)      (2)       (19)           0.0
TNT Express
Selected financial data
Balance Sheet (€m)                                        31 Mar   31 Dec
                                                            2012     2011

Assets
Non-current assets
Intangible assets
  Goodwill                                                1,481    1,483
  Other intangible assets                                   138      146
Total                                                     1,619    1,629
Property, plant and equipment
 Land and buildings                                         480      485
 Plant and equipment                                        244      241
 Aircraft                                                    48       50
 Other                                                       94      100
 Construction in progress                                    10       23
Total                                                       876      899
Financial fixed assets
 Investments in associates                                   20       20
 Other loans receivable                                       2        3
 Deferred tax assets                                        246      244
 Other financial fixed assets                                17       17
Total                                                       285      284
Pension assets                                               40       34
Total non-current assets                                  2,820    2,846
Current assets
Inventory                                                    15       15
Trade accounts receivable                                 1,133    1,117
Accounts receivable                                          99      139
Income tax receivable                                        15       29
Prepayments and accrued income                              188      159
Cash and cash equivalents                                   229      250
Total current assets                                      1,679    1,709
Assets classified as held for disposal                      144      146
Total assets                                              4,643    4,701

Liabilities and equity
Equity
Equity attributable to the equity holders of the parent   2,804    2,806
Non-controlling interests                                     6        6
Total equity                                              2,810    2,812
Non-current liabilities
Deferred tax liabilities                                     25       26
Provisions for pension liabilities                           45       46
Other provisions                                             97      101
Long-term debt                                              210      219
Accrued liabilities                                           3        4
Total non-current liabilities                               380      396
Current liabilities
Trade accounts payable                                      391      435
Other provisions                                             79       88
Other current liabilities                                   338      309
Income tax payable                                           27       31
Accrued current liabilities                                 618      630
Total current liabilities                                 1,453    1,493
Total liabilities and equity                              4,643    4,701
TNT Express
Selected financial data                                  2012
Income statement (€m)                              1Q12       %chg YoY

Revenue:
Europe & MEA                                      1,147           -0.5
Asia Pacific                                        430            2.6
Americas                                            118            5.4
Other networks                                      126           11.5
Eliminations                                         (2)           0.0
Total revenue                                     1,819            1.3

Other income                                             1        -66.7
Operating expenses:
Work contracted out and other external expenses   (1,081)         -2.3
Salaries and social security contributions          (583)         -3.0
Depreciation, amortisation and impairments           (48)         72.6
Other                                                (71)         11.3
Total operating expenses                          (1,783)          5.1

Operating income                                         37        0.0

Interest and similar income                            4          -60.0
Interest and similar expenses                        (10)          44.4
Net financial (expense)/income                        (6)          25.0

Results from investments in associates                 0           0.0
Profit before income taxes                            31           0.0
Income taxes                                         (15)         21.1

Profit for the period                                    16        0.0
Attributable to:
Non-controlling interests                                0         0.0

Equity holders of the parent                             16        0.0


Adjusted income data (€m)
Revenue:
Europe & MEA                                      1,140           -1.1
Asia Pacific                                        399           -4.8
Americas                                            117            4.5
Other networks                                      125           10.6
Eliminations                                         (1)           0.0
Total revenue                                     1,780           -0.9
Note: 2012 at average 2011 currency
Operating income:
Europe & MEA                                          67          -36.8
Asia Pacific                                          (6)          66.7
Americas                                             (23)          28.1
Other networks                                         3          -25.0
Non-allocated                                         (7)          30.0
Total operating income                                34          -32.0

Adjustments to operating income
Foreign exchange
Demerger related
    Pensions
    One-offs
    Share-based payments
    Profit pooling
Restructuring/one-offs
    Brazil one-offs
    Impairments
    Restructuring
    Other one-offs                                   -
Total                                                    0         0.0
TNT Express
Selected financial data                                                                          2011
Income statement (€m)                               2011    %chg YoY     4Q11     %chg YoY     3Q11     %chg YoY     2Q11     %chg YoY     1Q11     %chg YoY

Revenue:
Europe & MEA                                      4,525           1.6   1,154          0.5    1,083           0.0   1,135           1.2   1,153          4.8
Asia Pacific                                      1,797           8.5     476          5.3      460           9.0     442           5.2     419         15.7
Americas                                            467          -7.0     123          0.0      116         -11.5     116         -13.4     112         -1.8
Other networks                                      463           3.3     121         11.0      121           1.7     108          -1.8     113          2.7
Eliminations                                         (6)          0.0      (1)        50.0       (3)          0.0      (1)         50.0      (1)         0.0
Total revenue                                     7,246           2.7   1,873          2.3    1,777           1.3   1,800           0.9   1,796          6.6

Other income                                           7        -41.7       (3)        0.0         3         0.0         4        -20.0        3
Operating expenses:
Work contracted out and other external expenses   (4,291)       -5.9    (1,123)       -5.2    (1,064)       -7.6    (1,047)         0.0   (1,057)       -11.5
Salaries and social security contributions        (2,238)       -2.2      (571)       -3.8      (552)       -0.7      (549)         0.5     (566)        -4.8
Depreciation, amortisation and impairments          (494)        0.0      (204)        0.0       (51)        3.8       (64)       -16.4     (175)
Other                                               (335)       23.0       (76)       46.5       (81)       37.7       (98)       -30.7      (80)         9.1
Total operating expenses                          (7,358)       -6.9    (1,974)       -9.1    (1,748)       -1.6    (1,758)        -1.7   (1,878)       -15.4

Operating income                                   (105)         0.0     (104)         0.0       32         -13.5      46         -23.3      (79)

Interest and similar income                           21         -4.5        4        -42.9        4        -33.3        3        -25.0       10
Interest and similar expenses                        (66)       -11.9      (16)         0.0      (15)        -7.1      (17)       -13.3      (18)       -28.6
Net financial (expense)/income                       (45)       -21.6      (12)       -33.3      (11)       -37.5      (14)       -27.3       (8)        11.1

Results from investments in associates              (22)        -29.4     (22)        -29.4        0          0.0        0          0.0        0         0.0
Profit before income taxes                         (172)          0.0    (138)          0.0       21        -27.6       32        -34.7      (87)
Income taxes                                       (100)        -75.4     (36)          0.0      (16)        -6.7      (29)       -45.0      (19)       32.1

Profit for the period                              (272)         0.0     (174)         0.0         5        -64.3        3        -89.7    (106)
Attributable to:
Non-controlling interests                             (2)                   (1)                    0         0.0        (1)                    0         0.0

Equity holders of the parent                       (270)         0.0     (173)         0.0         5        -64.3        4        -84.6    (106)


Adjusted income data (€m)
Revenue:
Europe & MEA                                      4,525           1.6   1,154          0.5    1,083           0.0   1,135           1.2   1,153          4.8
Asia Pacific                                      1,797           8.5     476          5.3      460           9.0     442           5.2     419         15.7
Americas                                            467          -7.0     123          0.0      116         -11.5     116         -13.4     112         -1.8
Other networks                                      463           3.3     121         11.0      121           1.7     108          -1.8     113          2.7
Eliminations                                         (6)          0.0      (1)        50.0       (3)          0.0      (1)         50.0      (1)         0.0
Total revenue                                     7,246           2.7   1,873          2.3    1,777           1.3   1,800           0.9   1,796          6.6
Note: 2012 at average 2011 currency
Operating income:
Europe & MEA                                        380          -1.0       93        -13.1       72         -7.7     109          11.2     106           5.0
Asia Pacific                                        (31)          0.0       (3)         0.0       (8)         0.0      (2)          0.0     (18)          0.0
Americas                                           (123)          0.0      (29)         0.0      (30)         0.0     (32)          0.0     (32)          0.0
Other networks                                       20           5.3        7          0.0        7          0.0       2         -50.0       4         -33.3
Non-allocated                                       (21)         61.8      (10)        47.4        2          0.0      (3)         70.0     (10)         52.4
Total operating income                              225         -30.3       58        -31.8       43        -46.9      74         -14.0      50         -29.6

Adjustments to operating income
Foreign exchange
Demerger related
    Pensions                                         (11)                                                              (16)                    5
    One-offs                                            5                                                                1                     4
    Share-based payments                               14                                                               14
    Profit pooling                                   -
Restructuring/one-offs
    Brazil one-offs                                   12                                                               12
    Impairments                                     285                   153                                          12                   120
    Restructuring                                     25                    9                    11                     5
    Other one-offs                                  -
Total                                               330                   162                    11                    28                   129
TNT Express
Selected financial data                                                                          2010
Income statement (€m)                               2010    %chg YoY     4Q10     %chg YoY     3Q10     %chg YoY     2Q10     %chg YoY     1Q10     %chg YoY

Revenue:
Europe & MEA                                      4,453          7.5    1,148          0.8    1,083          8.5    1,122         10.4    1,100         11.2
Asia Pacific                                      1,656         33.2      452         23.2      422         32.7      420         40.9      362         39.2
Americas                                            502         25.8      123         -1.6      131         22.4      134         41.1      114         58.3
Other networks                                      448          4.2      109         -0.9      119          7.2      110          4.8      110          5.8
Eliminations                                         (6)         0.0       (2)         0.0       (1)         0.0       (2)         0.0       (1)        50.0
Total revenue                                     7,053         13.6    1,830          5.2    1,754         14.4    1,784         17.9    1,685         18.4

Other income                                         12                      3                     3        -40.0        5        66.7         1         0.0
Operating expenses:
Work contracted out and other external expenses   (4,051)       -17.5   (1,067)        -9.4     (989)       -16.1   (1,047)       -25.7     (948)       -20.5
Salaries and social security contributions        (2,190)        -9.1     (550)        -5.2     (548)       -13.0     (552)        -9.1     (540)        -9.5
Depreciation, amortisation and impairments          (209)        11.8      (50)        24.2      (53)        14.5      (55)         0.0      (51)         5.6
Other                                               (435)         4.6     (142)       -14.5     (130)       -31.3      (75)        39.0      (88)        20.0
Total operating expenses                          (6,885)       -12.0   (1,809)        -7.2   (1,720)       -14.8   (1,729)       -14.0   (1,627)       -12.7

Operating income                                    180                    24         -44.2      37          -7.5      60                    59

Interest and similar income                           22        -65.6        7         75.0        6        50.0         4        -76.5        5        -87.2
Interest and similar expenses                        (59)        23.4      (16)       -23.1      (14)       -7.7       (15)        25.0      (14)        54.8
Net financial (expense)/income                       (37)                   (9)         0.0       (8)       11.1       (11)                   (9)

Results from investments in associates              (17)        -30.8      (17)                    0          0.0        0         0.0         0         0.0
Profit before income taxes                          126                     (2)                   29         -3.3       49                    50
Income taxes                                        (57)        -32.6        6                   (15)         6.3      (20)                  (28)       -86.7

Profit for the period                                69                      4        -83.3      14          0.0       29                    22
Attributable to:
Non-controlling interests                              3                     0         0.0         0         0.0         3                     0         0.0

Equity holders of the parent                         66                      4        -83.3      14         27.3       26                    22


Adjusted income data (€m)
Revenue:
Europe & MEA                                      4,453          7.5    1,148          0.8    1,083          8.5    1,122         10.4    1,100         11.2
Asia Pacific                                      1,656         33.2      452         23.2      422         32.7      420         40.9      362         39.2
Americas                                            502         25.8      123         -1.6      131         22.4      134         41.1      114         58.3
Other networks                                      448          4.2      109         -0.9      119          7.2      110          4.8      110          5.8
Eliminations                                         (6)         0.0       (2)         0.0       (1)         0.0       (2)                   (1)        50.0
Total revenue                                     7,053         13.6    1,830          5.2    1,754         14.4    1,784         17.9    1,685         18.4
Note: 2012 at average 2011 currency
Operating income:
Europe & MEA                                        384         16.7      107         -12.3      78          5.4        98        15.3      101
Asia Pacific                                         14                     2                     7                      8                   (3)         80.0
Americas                                            (39)        -62.5      (7)        -75.0      (6)        -20.0      (14)                 (12)        -33.3
Other networks                                       19           0.0       2                     7         -12.5        4        -33.3       6          50.0
Non-allocated                                       (55)         15.4     (19)          5.0      (5)         16.7      (10)        54.5     (21)        -23.5
Total operating income                              323          34.6      85          -9.6      81          11.0       86         38.7      71

Adjustments to operating income
Foreign exchange
Demerger related
    Pensions                                         25                     1                    15                     4                      5
    One-offs                                         45                    18                    13                    14
    Share-based payments
    Profit pooling                                   41                    14                    13                      7                     7
Restructuring/one-offs
    Brazil one-offs                                  20                    20
    Impairments
    Restructuring                                    16                    10                      3                    3
    Other one-offs                                   (4)                   (2)                                         (2)
Total                                               143                    61                    44                    26                    12
TNT Express
Selected financial data                                                      2009                                   2008
Income statement (€m)                               2009    %chg YoY     4Q09        3Q09      2Q09      1Q09          2008

Revenue:
Europe & MEA                                      4,142         -14.5   1,139         998     1,016       989         4,844
Asia Pacific                                      1,243          -1.7     367         318       298       260         1,265
Americas                                            399          18.8     125         107        95        72           336
Other networks                                      430         -11.3     110         111       105       104           485
Eliminations                                         (6)        -50.0      (2)         (1)       (1)       (2)           (4)
Total revenue                                     6,208         -10.4   1,739       1,533     1,513     1,423         6,926

Other income                                                                (8)          5         3       -               9
Operating expenses:
Work contracted out and other external expenses   (3,447)       10.4      (975)       (852)     (833)     (787)      (3,848)
Salaries and social security contributions        (2,007)        4.7      (523)       (485)     (506)     (493)      (2,106)
Depreciation, amortisation and impairments          (237)       12.2       (66)        (62)      (55)      (54)        (270)
Other                                               (456)       -7.3      (124)        (99)     (123)     (110)        (425)
Total operating expenses                          (6,147)        7.6    (1,688)     (1,498)   (1,517)   (1,444)      (6,649)

Operating income                                     61         -78.7      43          40         (1)      (21)        286

Interest and similar income                           64        -60.5        4           4        17        39          162
Interest and similar expenses                        (77)        63.3      (13)        (13)      (20)      (31)        (210)
Net financial (expense)/income                       (13)        72.9       (9)         (9)       (3)        8          (48)

Results from investments in associates               (13)        59.4      (1)          (1)      (11)        0         (32)
Profit before income taxes                            35        -83.0      33           30       (15)      (13)        206
Income taxes                                         (43)        34.8      (9)         (16)       (3)      (15)        (66)

Profit for the period                                 (8)                  24          14        (18)      (28)        140
Attributable to:
Non-controlling interests                              3                     0           3         0           0           0

Equity holders of the parent                         (11)                  24          11        (18)      (28)        140


Adjusted income data (€m)
Revenue:
Europe & MEA                                      4,142         -14.5   1,139         998     1,016       989         4,844
Asia Pacific                                      1,243          -1.7     367         318       298       260         1,265
Americas                                            399          18.8     125         107        95        72           336
Other networks                                      430         -11.3     110         111       105       104           485
Eliminations                                         (6)        -50.0      (2)         (1)       (1)       (2)           (4)
Total revenue                                     6,208         -10.4   1,739       1,533     1,513     1,423         6,926
Note: 2012 at average 2011 currency
Operating income:
Europe & MEA                                        329         -31.9     122          74         85        48         483
Asia Pacific                                        (19)        -11.8      (5)          2         (1)      (15)        (17)
Americas                                            (24)        -33.3      (4)         (5)        (6)       (9)        (18)
Other networks                                       19         -42.4       1           8          6         4          33
Non-allocated                                       (65)          7.1     (20)         (6)       (22)      (17)        (70)
Total operating income                              240         -41.6      94          73         62        11         411

Adjustments to operating income
Foreign exchange
Demerger related
    Pensions                                         24                      7           5         6           6           20
    One-offs
    Share-based payments
    Profit pooling                                   92                    23          23        23            23          35
Restructuring/one-offs
    Brazil one-offs
    Impairments                                      22                    17            5                                 37
    Restructuring                                    37                                          34            3           33
    Other one-offs                                    4                     4
Total                                               179                    51          33        63            32      125
TNT Express
Selected operational data                      2012
Operating data                               1Q12    %chg YoY

Reported revenue (€m)*
Europe & MEA                                 1,140        -1.1
Asia Pacific                                   399        -4.8
Americas                                       117         4.5

Average consignments per day ('000)
Europe & MEA                                  754          2.0
Asia Pacific                                  158         -8.7
Americas                                       50         -2.0

Revenue per consignment (€)*
Europe & MEA                                  23.3        -2.9
Asia Pacific                                  38.8         4.0
Americas                                      36.0         7.8

Average kilos per day ('000)
Europe & MEA                                14,752         0.9
Asia Pacific                                 9,840       -21.7
Americas                                     3,078        -3.9

Revenue per kilo (€)*
Europe & MEA                                  1.19       -1.7
Asia Pacific                                  0.62       21.6
Americas                                      0.59        9.3

Working days                                    65

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected operational data                                                                2011
Operating data                                2011   %chg YoY     4Q11    %chg YoY     3Q11    %chg YoY     2Q11    %chg YoY     1Q11    %chg YoY

Reported revenue (€m)*
Europe & MEA                                 4,525         1.6    1,154        0.5     1,083         0.0    1,135         1.2    1,153        4.8
Asia Pacific                                 1,797         8.5      476        5.3       460         9.0      442         5.2      419       15.7
Americas                                       467        -7.0      123        0.0       116       -11.5       11       -91.8      112       -1.8

Average consignments per day ('000)
Europe & MEA                                  725          1.0     746          2.8     666         -0.3     752         -0.1     739          1.8
Asia Pacific                                  182          0.0     180         -2.7     181         -3.2     193          2.1     173          3.6
Americas                                       54        -11.5      54         -6.9      53        -10.2      56        -17.6      51        -15.0

Revenue per consignment (€)*
Europe & MEA                                  24.3        0.8      23.8        -2.1     25.0        0.0      24.4        1.7      24.0        3.0
Asia Pacific                                  38.5        8.8      40.7         8.2     39.0       12.1      37.0        3.4      37.3       12.0
Americas                                      33.8        6.0      35.0         8.0     33.6       -1.2      33.0        3.4      33.4       14.0

Average kilos per day ('000)
Europe & MEA                                14,661         2.6   15,087         1.7   14,044         1.6   14,901         1.9   14,625         5.3
Asia Pacific                                13,391        -1.7   13,179        -6.3   13,654        -1.0   14,194        -2.5   12,573         3.6
Americas                                     3,289       -18.2    3,504        -7.4    3,118       -16.7    3,333       -23.3    3,204       -24.3

Revenue per kilo (€)*
Europe & MEA                                  1.21        0.0      1.18       -0.8      1.19       -1.7      1.23       -0.8      1.21       -0.8
Asia Pacific                                  0.52       10.6      0.56       14.3      0.52       10.6      0.50        6.4      0.51       10.9
Americas                                      0.55       12.2      0.54        8.0      0.57        5.6      0.56       12.0      0.54       28.6

Working days                                   257                   65                   65                   62                   65

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected operational data                                                                2010
Operating data                                2010   %chg YoY     4Q10    %chg YoY     3Q10    %chg YoY     2Q10    %chg YoY     1Q10    %chg YoY

Reported revenue (€m)*
Europe & MEA                                 4,453        7.5     1,148        0.8     1,083        8.5     1,122       10.4     1,100       11.2
Asia Pacific                                 1,656       33.2       452       23.2       422       32.7       420       40.9       362       39.2
Americas                                       502       25.8       123       -1.6       131       22.4       134       41.1       114       58.3

Average consignments per day ('000)
Europe & MEA                                  718         6.1      726          3.0     668          7.9     753         6.5      726         7.2
Asia Pacific                                  182         7.1      185          6.3     187          8.7     189         5.0      167         7.7
Americas                                       61         0.0       58        -12.1      59        -13.2      68         6.3       60        36.4

Revenue per consignment (€)*
Europe & MEA                                  24.1        0.0      24.3        2.5      25.0        0.8      24.0        0.0      23.3       -2.5
Asia Pacific                                  35.4       23.3      37.6       21.3      34.8       22.5      35.8       29.7      33.3       21.1
Americas                                      31.9       23.2      32.4       17.4      34.0       40.5      31.9       29.1      29.3        7.7

Average kilos per day ('000)
Europe & MEA                                14,288         7.8   14,839         7.1   13,822         9.7   14,623         8.5   13,886        6.5
Asia Pacific                                13,625         5.3   14,061         9.9   13,792        -2.2   14,552         2.0   12,137       15.1
Americas                                     4,023        -2.2    3,786       -20.8    3,741       -16.4    4,346        -0.7    4,235       55.1

Revenue per kilo (€)*
Europe & MEA                                  1.21       -1.6      1.19       -1.7      1.21       -0.8      1.24       -1.6      1.22       -1.6
Asia Pacific                                  0.47       23.7      0.49       16.7      0.47       34.3      0.47       34.3      0.46       15.0
Americas                                      0.49       28.9      0.50       31.6      0.54       45.9      0.50       38.9      0.42       -2.3

Working days                                   257                   65                   65                   62                   65

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected operational data                                             2009                              2008
Operating data                                2009   %chg YoY     4Q09        3Q09     2Q09     1Q09       2008

Reported revenue (€m)*
Europe & MEA                                 4,142       -14.5    1,139        998     1,016     989      4,844
Asia Pacific                                 1,243        -1.7      367        318       298     260      1,265
Americas                                       399        18.8      125        107        95      72        336

Average consignments per day ('000)
Europe & MEA                                  677        -2.3      705         619      707      677       693
Asia Pacific                                  170        -0.6      174         172      180      155       171
Americas                                       61        38.6       66          68       64       44        44

Revenue per consignment (€)*
Europe & MEA                                  24.1       -12.4     23.7        24.8     24.0     23.9      27.5
Asia Pacific                                  28.7        -1.4     31.0        28.4     27.6     27.5      29.1
Americas                                      25.9       -14.8     27.6        24.2     24.7     27.2      30.4

Average kilos per day ('000)
Europe & MEA                                13,251       -9.4    13,857      12,602   13,478   13,044    14,631
Asia Pacific                                12,934       10.2    12,794      14,096   14,260   10,548    11,741
Americas                                     4,114       38.7     4,778       4,474    4,378    2,730     2,966

Revenue per kilo (€)*
Europe & MEA                                  1.23        -5.4     1.21        1.22     1.26     1.24      1.30
Asia Pacific                                  0.38        -9.5     0.42        0.35     0.35     0.40      0.42
Americas                                      0.38       -15.6     0.38        0.37     0.36     0.43      0.45

Working days                                   254                   68          65       60       61       254

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected operational data
Operating data

Reported revenue (€m)*
Europe & MEA
Asia Pacific
Americas

Average consignments per day ('000)
Europe & MEA
Asia Pacific
Americas

Revenue per consignment (€)*
Europe & MEA
Asia Pacific
Americas

Average kilos per day ('000)
Europe & MEA
Asia Pacific
Americas

Revenue per kilo (€)*
Europe & MEA
Asia Pacific
Americas

Working days

* Note: 2012 at average 2011 currency
Operating data based on unrounded figures
TNT Express
Selected financial data                                                 2012
Cashflow statement (€m)                                                1Q12    %chg YoY

Profit before income taxes                                              32          0.0
Adjustments for:
Depreciation, amortisation and impairments                              48         -72.6
Amortisation of financial instruments/ Derivatives                       1
Share-based compensation                                                 0          0.0
Investment income:
  (Profit)/loss of assets held for disposal                               0          0.0
  Interest and similar income                                            (4)        60.0
  Foreign exchange (gains) and losses                                     1          0.0
  Interest and similar expenses                                           9        -50.0
  Results from investments in associates                                  0          0.0
Changes in provisions:
  Pension liabilities                                                    (7)        0.0
  Other provisions                                                      (11)        0.0
Cash from/(used for) financial instruments/derivatives                    0         0.0
Changes in working capital:
  Inventory                                                               0         0.0
  Trade accounts receivable                                             (19)       45.7
  Accounts receivable                                                    12        -7.7
  Other current assets                                                  (45)       -7.1
  Trade accounts payable                                                (43)        0.0
  Other current liabilities excluding short-term financing and taxes     43        19.4
Cash generated from operations                                           17         0.0
Interest paid                                                            (6)       33.3
Income taxes received/(paid)                                            (13)       27.8
Net cash from operating activities                                       (2)       91.7
Interest received                                                         4         0.0
Acquisition of subsidiairies and joint ventures (net of cash)             0         0.0
Investments in associates                                                (1)
Disposal of associates                                                    0          0.0
Capital expenditure on intangible assets                                 (4)        63.6
Disposal of intangible assets                                             0          0.0
Capital expenditure on property, plant and equipment                    (16)        62.8
Proceeds from sale of property, plant and equipment                       4          0.0
Other changes in (financial) fixed assets                                 0          0.0
Changes in non-controlling interests                                      0          0.0
Net cash used in investing activities                                   (13)        73.5
Share-based payments                                                      0          0.0
Proceeds from long-term borrowings                                        0          0.0
Repayments of long-term borrowings                                       (2)         0.0
Proceeds from short-term borrowings                                      12        -65.7
Repayments of short-term borrowings                                     (14)        58.8
Repayments of finance leases                                             (2)         0.0
Dividends paid                                                            0          0.0
Financing related to PostNL                                               0          0.0
Net cash used in financing activities                                    (6)         0.0

Total changes in cash                                                   (21)        0.0
TNT Express
Selected financial data                                                                                            2011
Cashflow statement (€m)                                                2011    %chg YoY    4Q11       %chg YoY    3Q11    %chg YoY    2Q11    %chg YoY    1Q11    %chg YoY

Profit before income taxes                                             (172)        0.0    (138)           0.0     21         -27.6    32         -34.7    (87)
Adjustments for:
Depreciation, amortisation and impairments                             494          0.0    204             0.0     51          -3.8    64         16.4    175
Amortisation of financial instruments/ Derivatives                       1                   1                      0          -        0          -        0          0.0
Share-based compensation                                                19         35.7      0             0.0      0           0.0    16                   3          0.0
Investment income:
  (Profit)/loss of assets held for disposal                              (2)       77.8          1         0.0      0           0.0    (3)        40.0       0         0.0
  Interest and similar income                                           (21)        4.5         (4)       42.9     (4)         33.3    (3)        25.0     (10)
  Foreign exchange (gains) and losses                                     6        50.0          1         0.0      3           0.0     1          0.0       1        -50.0
  Interest and similar expenses                                          60         9.1         15        -6.3     12         -14.3    15         15.4      18         50.0
  Results from investments in associates                                 22        29.4         22        29.4      0           0.0     0          0.0       0          0.0
Changes in provisions:                                                                      -
  Pension liabilities                                                   (31)        0.0      (3)          -50.0    (3)         0.0     (24)                 (1)       50.0
  Other provisions                                                       11         0.0      (8)            0.0    18          0.0       0         0.0       1
Cash from/(used for) financial instruments/derivatives                  (20)               (20)                     0          0.0       0         0.0       0         0.0
Changes in working capital:                                                                -
  Inventory                                                               0          0.0      0             0.0      0          0.0      1                  (1)
  Trade accounts receivable                                             (40)        47.4   (29)             0.0     10          0.0     14                 (35)       -12.9
  Accounts receivable                                                    25         19.0     16             0.0      8          0.0    (12)                 13        -55.2
  Other current assets                                                   20          0.0     56             0.0    (20)         0.0     26                 (42)        39.1
  Trade accounts payable                                                 24          0.0     95             0.0     (6)         0.0      3                 (68)
  Other current liabilities excluding short-term financing and taxes    (37)         0.0   (20)           -25.0    (20)         0.0    (33)                 36
Cash generated from operations                                          359          0.8   189              3.8     70          4.5     97        -11.8      3
Interest paid                                                           (58)       -48.7   (16)             0.0    (11)       -22.2    (22)       -57.1     (9)        0.0
Income taxes received/(paid)                                           (110)       -44.7   (40)            -8.1    (26)       -52.9    (26)       -73.3    (18)
Net cash from operating activities                                      191        -20.7   133             -3.6     33        -19.5     49        -39.5    (24)       -26.3
Interest received                                                        21         61.5      4             0.0      5         25.0      8                   4         33.3
Acquisition of subsidiairies and joint ventures (net of cash)             3          0.0      3             0.0      0          0.0      0          0.0      0          0.0
Investments in associates                                                 0          0.0      0             0.0      0          0.0      0          0.0      0          0.0
Disposal of associates                                                    0          0.0      0             0.0      0          0.0      0          0.0      0          0.0
Capital expenditure on intangible assets                                (38)        24.0   (12)            29.4     (5)        66.7    (10)         0.0    (11)       -37.5
Disposal of intangible assets                                             0          0.0      0             0.0      1          0.0     (1)         0.0      0          0.0
Capital expenditure on property, plant and equipment                   (151)       -24.8   (43)            15.7    (26)         7.1    (39)       -85.7    (43)
Proceeds from sale of property, plant and equipment                       7        -73.1      1           -90.9     (1)         0.0      6                   1        -66.7
Other changes in (financial) fixed assets                                 0          0.0      3             0.0      0          0.0     (3)                  0          0.0
Changes in non-controlling interests                                      0          0.0      0             0.0      0          0.0      0         0.0       0          0.0
Net cash used in investing activities                                  (158)        -5.3   (44)             6.4    (26)        18.8    (39)       13.3     (49)       -88.5
Share-based payments                                                     (9)         0.0      0             0.0      0          0.0     (9)                  0          0.0
Proceeds from long-term borrowings                                        4          0.0     (1)            0.0      9          0.0     (5)                  1
Repayments of long-term borrowings                                      (15)        21.1     (4)           20.0    (10)         0.0      1                  (2)         0.0
Proceeds from short-term borrowings                                     162          0.0     20             0.0     29        -19.4     78                  35         66.7
Repayments of short-term borrowings                                    (171)         0.0   (28)             0.0    (87)         0.0    (22)                (34)       -25.9
Repayments of finance leases                                            (20)        16.7     (7)           30.0     (8)         0.0     (3)        0.0      (2)        33.3
Dividends paid                                                          (14)         0.0      0             0.0    (14)         0.0      0         0.0       0          0.0
Financing related to PostNL                                            (526)         0.0      0             0.0      0          0.0   (599)                 73
Net cash used in financing activities                                  (589)         0.0   (20)             0.0    (81)         0.0   (559)                 71

Total changes in cash                                                  (556)        0.0         69        -63.3    (74)        0.0    (549)                 (2)       92.6
TNT Express
Selected financial data                                                                                        2010
Cashflow statement (€m)                                                2010    %chg YoY    4Q10   %chg YoY    3Q10    %chg YoY    2Q10    %chg YoY    1Q10    %chg YoY

Profit before income taxes                                             126                  (2)                29          -3.3    49                  50
Adjustments for:
Depreciation, amortisation and impairments                             209         -11.8    50        -24.2    53         -13.1    55          -1.8    51          -5.6
Amortisation of financial instruments/ Derivatives                       0           0.0     0          0.0     0           0.0     0           0.0     0           0.0
Share-based compensation                                                14           7.7     4         33.3     4          33.3     3         -25.0     3           0.0
Investment income:
  (Profit)/loss of assets held for disposal                              (9)                (2)                (2)         50.0    (5)                  0           0.0
  Interest and similar income                                           (22)        65.6    (7)       -40.0    (6)        -50.0    (4)         75.0    (5)         87.2
  Foreign exchange (gains) and losses                                     4        -42.9     1                  0           0.0     1         -50.0     2         -33.3
  Interest and similar expenses                                          55        -21.4    16        23.1     14          27.3    13         -23.5    12         -58.6
  Results from investments in associates                                 17         30.8    17                  0           0.0     0           0.0     0           0.0
Changes in provisions:
  Pension liabilities                                                    (6)                (2)                 (1)       85.7      (1)                 (2)
  Other provisions                                                       (1)       95.7     19                  (7)       58.8      (6)                 (7)        0.0
Cash from/(used for) financial instruments/derivatives                    0         0.0      0         0.0       0         0.0       0         0.0       0         0.0
Changes in working capital:
  Inventory                                                              (1)      -150.0    (1)                  0          0.0      0         0.0       0         0.0
  Trade accounts receivable                                             (76)                (4)                (28)       -27.3    (13)                (31)
  Accounts receivable                                                    21                  6                 (13)                 (1)                 29
  Other current assets                                                  (30)                28        -30.0      1                  10                 (69)
  Trade accounts payable                                                 58                 75                  13                   0         0.0     (30)
  Other current liabilities excluding short-term financing and taxes     (3)               (16)                 10        -90.3      9                  (6)
Cash generated from operations                                          356        -14.4   182        -6.2      67        -56.5    110        52.8      (3)        25.0
Interest paid                                                           (39)        40.9    (7)       56.3      (9)       -12.5    (14)       30.0      (9)        59.1
Income taxes received/(paid)                                            (76)               (37)                (17)         5.6    (15)       51.6      (7)        12.5
Net cash from operating activities                                      241        -23.7   138        -31.3     41        -68.0     81                 (19)        44.1
Interest received                                                        13        -40.9     4                   4         33.3      2        -60.0      3        -75.0
Acquisition of subsidiairies and joint ventures (net of cash)           (23)        62.9     0          0.0      0          0.0    (24)         0.0      1
Investments in associates                                                (8)        46.7     0          0.0     (1)        66.7     (5)       -66.7     (2)        60.0
Disposal of associates                                                    8                  0          0.0      2                   6                   0          0.0
Capital expenditure on intangible assets                                (50)       -38.9   (17)       -41.7    (15)       -87.5    (10)       -11.1     (8)       -14.3
Disposal of intangible assets                                             2                  1                   0          0.0      1                   0          0.0
Capital expenditure on property, plant and equipment                   (121)        -0.8   (51)       -27.5    (28)       -33.3    (21)       12.5     (21)        40.0
Proceeds from sale of property, plant and equipment                      26          0.0    11        -15.4      6        -33.3      6         0.0       3          0.0
Other changes in (financial) fixed assets                                 2                  5                  (1)                  0         0.0      (2)         0.0
Changes in non-controlling interests                                      1                  0          0.0      1                   0         0.0       0          0.0
Net cash used in investing activities                                  (150)        18.9   (47)       -11.9    (32)       -68.4    (45)        4.3     (26)        66.2
Share-based payments                                                      0          0.0     0          0.0      0          0.0      0         0.0       0          0.0
Proceeds from long-term borrowings                                        5        -79.2     1                   0          0.0      4                   0          0.0
Repayments of long-term borrowings                                      (19)                (5)                 (2)        60.0    (10)                 (2)
Proceeds from short-term borrowings                                       9        -71.9   (58)                 36                  10                  21        -22.2
Repayments of short-term borrowings                                     (51)        86.5    15                  (8)                (31)       77.4     (27)        51.8
Repayments of finance leases                                            (24)       -14.3   (10)        0.0      (8)                 (3)       57.1      (3)
Dividends paid                                                            0          0.0     0         0.0       0         0.0       0         0.0       0          0.0
Financing related to PostNL                                             (41)               154        10.8     (28)       62.7    (196)                 29        -92.2
Net cash used in financing activities                                  (121)                97                 (10)       84.4    (226)                 18        -94.8

Total changes in cash                                                   (30)               188        79.0      (1)               (190)                (27)
TNT Express
Selected financial data                                                                       2009                           2008
Cashflow statement (€m)                                                2009    %chg YoY    4Q09      3Q09    2Q09    1Q09      2008

Profit before income taxes                                              35         -83.0    33        30      (15)    (13)      206
Adjustments for:
Depreciation, amortisation and impairments                             237         -12.2    66        61      56      54        270
Amortisation of financial instruments/ Derivatives                       0           0.0     0         0       0       0          0
Share-based compensation                                                13           8.3     3         3       4       3         12
Investment income:
  (Profit)/loss of assets held for disposal                               3                  8        (4)      (1)      0        (5)
  Interest and similar income                                           (64)       60.7     (5)       (4)     (16)    (39)     (163)
  Foreign exchange (gains) and losses                                     7                  0         2        2       3         1
  Interest and similar expenses                                          70        -66.7    13        11       17      29       210
  Results from investments in associates                                 13        -59.4     1         0       11       1        32
Changes in provisions:
  Pension liabilities                                                    (3)       57.1       0        (7)     1        3           (7)
  Other provisions                                                      (23)                (13)      (17)    14       (7)          43
Cash from/(used for) financial instruments/derivatives                    0         0.0       0         0      0        0            0
Changes in working capital:
  Inventory                                                               2                   3        0        0     (1)         1
  Trade accounts receivable                                              10        -84.8      9      (22)      13     10         66
  Accounts receivable                                                   (56)                (23)      (1)      13    (45)        35
  Other current assets                                                   19                  40        0        4    (25)        (6)
  Trade accounts payable                                                 66                  24       (1)      23     20         61
  Other current liabilities excluding short-term financing and taxes     87                  35      103      (54)     3         15
Cash generated from operations                                          416        -46.0    194      154       72     (4)       771
Interest paid                                                           (66)        29.8    (16)      (8)     (20)   (22)       (94)
Income taxes received/(paid)                                            (34)        77.6     23      (18)     (31)    (8)      (152)
Net cash from operating activities                                      316        -39.8    201      128       21    (34)       525
Interest received                                                        22        -57.7      2        3        5     12         52
Acquisition of subsidiairies and joint ventures (net of cash)           (62)                  0        0      (24)   (38)         0
Investments in associates                                               (15)       -25.0     (4)      (3)      (3)    (5)       (12)
Disposal of associates                                                    0          0.0      0        0        0      0          0
Capital expenditure on intangible assets                                (36)        30.8    (12)      (8)      (9)    (7)       (52)
Disposal of intangible assets                                             1                   0        1        0      0          0
Capital expenditure on property, plant and equipment                   (120)       40.6     (40)     (21)     (24)   (35)      (202)
Proceeds from sale of property, plant and equipment                      26                  13        9        6     (2)        11
Other changes in (financial) fixed assets                                (1)                 (1)       0        2     (2)         4
Changes in non-controlling interests                                      0         0.0       0        0        0      0          0
Net cash used in investing activities                                  (185)        7.0     (42)     (19)     (47)   (77)      (199)
Share-based payments                                                      0         0.0       0        0        0      0          0
Proceeds from long-term borrowings                                       24                 (13)      32       (5)    10          0
Repayments of long-term borrowings                                       (9)                 (2)      (5)      (1)    (1)        (2)
Proceeds from short-term borrowings                                      32        -91.3     16      (13)    (141)    27        367
Repayments of short-term borrowings                                    (377)               (184)       0     (137)   (56)       (66)
Repayments of finance leases                                            (21)        4.5     (10)      (3)      (7)    (1)       (22)
Dividends paid                                                            0         0.0       0        0        0      0          0
Financing related to PostNL                                             612                 139      (75)     321    370       (382)
Net cash used in financing activities                                   261                 (54)     (64)      30    349       (105)

Total changes in cash                                                  392         77.4    105        45        4    238        221
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data
Cashflow statement (€m)

Profit before income taxes
Adjustments for:
Depreciation, amortisation and impairments
Amortisation of financial instruments/ Derivatives
Share-based compensation
Investment income:
  (Profit)/loss of assets held for disposal
  Interest and similar income
  Foreign exchange (gains) and losses
  Interest and similar expenses
  Results from investments in associates
Changes in provisions:
  Pension liabilities
  Other provisions
Cash from/(used for) financial instruments/derivatives
Changes in working capital:
  Inventory
  Trade accounts receivable
  Accounts receivable
  Other current assets
  Trade accounts payable
  Other current liabilities excluding short-term financing and taxes
Cash generated from operations
Interest paid
Income taxes received/(paid)
Net cash from operating activities
Interest received
Acquisition of subsidiairies and joint ventures (net of cash)
Investments in associates
Disposal of associates
Capital expenditure on intangible assets
Disposal of intangible assets
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Other changes in (financial) fixed assets
Changes in non-controlling interests
Net cash used in investing activities
Share-based payments
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of finance leases
Dividends paid
Financing related to PostNL
Net cash used in financing activities

Total changes in cash
TNT Express
Selected financial data                                   2012
Balance Sheet (€m)                                        31 Mar
                                                            2012

Assets
Non-current assets
Intangible assets
  Goodwill                                                1,481
  Other intangible assets                                   138
Total                                                     1,619
Property, plant and equipment
 Land and buildings                                         480
 Plant and equipment                                        244
 Aircraft                                                    48
 Other                                                       94
 Construction in progress                                    10
Total                                                       876
Financial fixed assets
 Investments in associates                                   20
 Other loans receivable                                       2
 Deferred tax assets                                        246
 Other financial fixed assets                                17
Total                                                       285
Pension assets                                               40
Total non-current assets                                  2,820
Current assets
Inventory                                                    15
Trade accounts receivable                                 1,133
Accounts receivable                                          99
Income tax receivable                                        15
Prepayments and accrued income                              188
Cash and cash equivalents                                   229
Total current assets                                      1,679
Assets classified as held for disposal                      144
Total assets                                              4,643

Liabilities and equity/net investment
Equity/net investment
Equity of entities contributed in kind
Equity attributable to the equity holders of the parent   2,804
Non-controlling interests                                     6
Total equity/net investment                               2,810
Non-current liabilities
Deferred tax liabilities                                     25
Provisions for pension liabilities                           45
Other provisions                                             97
Long-term debt                                              210
Accrued liabilities                                           3
Total non-current liabilities                               380
Current liabilities
Trade accounts payable                                      391
Other provisions                                             79
Other current liabilities                                   338
Income tax payable                                           27
Accrued current liabilities                                 618
Total current liabilities                                 1,453
Total liabilities and equity/net investment               4,643
TNT Express
Selected financial data                                                     2011
Balance Sheet (€m)                                        31 Dec   01 Oct          02 Jul   02 Apr   1 Jan
                                                            2011    2011            2011     2011     2011

Assets
Non-current assets
Intangible assets
  Goodwill                                                1,483    1,578           1,580    1,580    1,703
  Other intangible assets                                   146      149             153      169      189
Total                                                     1,629    1,727           1,733    1,749    1,892
Property, plant and equipment
 Land and buildings                                         485      469             467      459      453
 Plant and equipment                                        241      228             240      245      245
 Aircraft                                                    50      240             245      251      259
 Other                                                      100       98             102      106      108
 Construction in progress                                    23       22              16       14       24
Total                                                       899    1,057           1,070    1,075    1,089
Financial fixed assets
 Investments in associates                                   20       42              42       42       42
 Other loans receivable                                       3        3               3        3        3
 Deferred tax assets                                        244      240             231      222      230
 Other financial fixed assets                                17       20              23       18       19
Total                                                       284      305             299      285      294
Pension assets                                               34       31              22        6        6
Total non-current assets                                  2,846    3,120           3,124    3,115    3,281
Current assets
Inventory                                                    15       14              15       15       15
Trade accounts receivable                                 1,117    1,066           1,072    1,091    1,075
Accounts receivable                                         139      154             161      151      166
Income tax receivable                                        29       25              20       24       26
Prepayments and accrued income                              159      200             172      202      157
Cash and cash equivalents                                   250      179             253      802      807
Total current assets                                      1,709    1,638           1,693    2,285    2,246
Assets classified as held for disposal                      146        3               3        3       4
Total assets                                              4,701    4,761           4,820    5,403    5,531

Liabilities and equity/net investment
Equity/net investment
Equity of entities contributed in kind
Equity attributable to the equity holders of the parent   2,806    2,923           2,912    2,921    3,078
Non-controlling interests                                     6        7               7        7        8
Total equity/net investment                               2,812    2,930           2,919    2,928    3,086
Non-current liabilities
Deferred tax liabilities                                     26      25              31       30       35
Provisions for pension liabilities                           46      45              39       47       49
Other provisions                                            101      84              75       73       77
Long-term debt                                              219     229             226      281      301
Accrued liabilities                                           4       5               5        6        6
Total non-current liabilities                               396     388             376      437      468
Current liabilities
Trade accounts payable                                      435      337             344      340      414
Other provisions                                             88       97              92       94       91
Other current liabilities                                   309      311             391      888      761
Income tax payable                                           31       41              38       32       31
Accrued current liabilities                                 630      657             660      684      680
Total current liabilities                                 1,493    1,443           1,525    2,038    1,977
Total liabilities and equity/net investment               4,701    4,761           4,820    5,403    5,531
TNT Express
Selected financial data                                               2010
Balance Sheet (€m)                                        31 Dec   02 Oct    03 Jul   03 Apr
                                                            2010    2010      2010     2010

Assets
Non-current assets
Intangible assets
  Goodwill                                                1,703    1,688     1,705    1,685
  Other intangible assets                                   189      185       188      184
Total                                                     1,892    1,873     1,893    1,869
Property, plant and equipment
 Land and buildings                                         453      448       457      452
 Plant and equipment                                        245      218       226      223
 Aircraft                                                   259      262       268      273
 Other                                                      108      106       111      115
 Construction in progress                                    24       23        17       13
Total                                                     1,089    1,057     1,079    1,076
Financial fixed assets
 Investments in associates                                   42       58        59       60
 Other loans receivable                                       3        6         6        6
 Deferred tax assets                                        230      234       232      214
 Other financial fixed assets                                19       22        38       21
Total                                                       294      320       335      301
Pension assets                                                6        5         5        4
Total non-current assets                                  3,281    3,255     3,312    3,250
Current assets
Inventory                                                    15       14        15       14
Trade accounts receivable                                 1,075    1,054     1,041    1,005
Accounts receivable                                         166      168       159      156
Income tax receivable                                        26       19        23       21
Prepayments and accrued income                              157      193       199      212
Cash and cash equivalents                                   807      617       616      807
Total current assets                                      2,246    2,065     2,053    2,215
Assets classified as held for disposal                        4        6         9        8
Total assets                                              5,531    5,326     5,374    5,473

Liabilities and equity/net investment
Equity/net investment
Equity of entities contributed in kind                    2,994    2,921     2,978    2,814
Equity attributable to the equity holders of the parent
Non-controlling interests                                     8        8         8        5
Total equity/net investment                               3,002    2,929     2,986    2,819
Non-current liabilities
Deferred tax liabilities                                     35      62        62       56
Provisions for pension liabilities                           49      50        51       51
Other provisions                                             77      69        70       69
Long-term debt                                              301     332       383      416
Accrued liabilities                                           6       5         6        6
Total non-current liabilities                               468     518       572      598
Current liabilities
Trade accounts payable                                      414      325       316      301
Other provisions                                             91       76        79       79
Other current liabilities                                   845      724       678      993
Income tax payable                                           31       48        52       36
Accrued current liabilities                                 680      706       691      647
Total current liabilities                                 2,061    1,879     1,816    2,056
Total liabilities and equity/net investment               5,531    5,326     5,374    5,473
TNT Express
Selected financial data                                               2009                     2008
Balance Sheet (€m)                                        31 Dec   26 Sep    27 Jun   28 Mar   31 Dec
                                                            2009     2009      2009     2009     2008

Assets
Non-current assets
Intangible assets
  Goodwill                                                1,646    1,646     1,651    1,588    1,559
  Other intangible assets                                   207      214       224      207      193
Total                                                     1,853    1,860     1,875    1,795    1,752
Property, plant and equipment
 Land and buildings                                         452      443       451      442      409
 Plant and equipment                                        213      207       221      215      202
 Aircraft                                                   280      286       292      297      303
 Other                                                      119      122       129      125      130
 Construction in progress                                    13       13        19       20       21
Total                                                     1,077    1,071     1,112    1,099    1,065
Financial fixed assets
 Investments in associates                                   58       56        53       61       57
 Other loans receivable                                       3        3         4        3        3
 Deferred tax assets                                        204      201       197      195      187
 Other financial fixed assets                                20       19        19       20       16
Total                                                       285      279       273      279      263
Pension assets                                                4        3         3        3        2
Total non-current assets                                  3,219    3,213     3,263    3,176    3,082
Current assets
Inventory                                                    13       16        16       15       14
Trade accounts receivable                                   953      949       937      930      923
Accounts receivable                                         183      159       159    1,837    1,805
Income tax receivable                                        33       58        61       63       64
Prepayments and accrued income                              130      163       168      161      162
Cash and cash equivalents                                   830      721       677      676      437
Total current assets                                      2,142    2,066     2,018    3,682    3,405
Assets classified as held for disposal                       10       10        15       13       15
Total assets                                              5,371    5,289     5,296    6,871    6,502

Liabilities and equity/net investment
Equity/net investment
Equity of entities contributed in kind                    2,751    3,234     3,259    4,575    4,368
Equity attributable to the equity holders of the parent
Non-controlling interests                                     3        4         1        1        1
Total equity/net investment                               2,754    3,238     3,260    4,576    4,369
Non-current liabilities
Deferred tax liabilities                                     52       56        57       55       51
Provisions for pension liabilities                           53       52        59       58       54
Other provisions                                             69       64        71       78       73
Long-term debt                                              348      379       319      374      348
Accrued liabilities                                          53        5         5        5        5
Total non-current liabilities                               575      556       511      570      531
Current liabilities
Trade accounts payable                                      316      290       297      280      254
Other provisions                                             84      100       110       83       89
Other current liabilities                                   984      439       485      756      689
Income tax payable                                           26        6         6       35       27
Accrued current liabilities                                 632      660       627      571      543
Total current liabilities                                 2,042    1,495     1,525    1,725    1,602
Total liabilities and equity/net investment               5,371    5,289     5,296    6,871    6,502

				
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