TPG announces unaudited 2003 results and new corporate strategy
Solid 2003 reflected in record cash flow for TPG
New TPG strategy focuses on China and group synergies
TPG has announced its unaudited full year 2003 results and a new corporate strategy
Highlights:
Record free cash flow
– dividend increased by 20%
– Solid underlying growth in line with outlook
– strong Mail and Express performances
– restructuring costs and savings in Logistics in line with previously announced levels
New corporate strategy launched
– TPG-1 aims to capture group synergies of EUR200-300 million per year
Accelerated growth in China from current platforms
– investments up to EUR200 million
– top team appointed; up to 150 managers to be deployed
Confident outlook for 2004
Audited financial statements expected in a matter of weeks
– audited results delayed pending Audit Committee investigation
CEO Peter Bakker:
“Our performance in 2003 again demonstrated TPG’s ability to deliver solid cash returns in a tough economic environment. Mail and Express have both performed very well. The restructuring in Logistics announced at the half year stage is now well advanced and has led to savings and one-off costs in line with expectations. As we now move forward, there are some exciting growth opportunities for the group. Harnessing the collective power of our three businesses will enable us to grasp opportunities which have up to now been out of reach. I am also very excited about the prospects of achieving a leading position in the rapidly developing mail, express and logistics markets in China.
I am confident that, built on top of our existing strong business base, the new TPG strategy outlined today will lead to significant value creation for shareholders.”
TPG N.V., with its two brands TNT and Royal TPG Post, is a global provider of mail, express and logistics services. The group employs over 163,000 people in 62 countries and serves over 200 countries. For 2003 the company reported
sales of EUR11.9 billion, an increase of 0,7% over the previous year. TPG N.V. is publicly listed on the stock exchanges of Amsterdam, New York, London and Frankfurt.
