TPG Year-End Financial Results

TPG NV said it expects net income from continuing operations to grow 5-10 pct in 2002 due to a ‘challenging’ economic climate. In 2001, sales rose 12.9 pct to 11.218 bln eur from 9.936 bln in 2000 and operating income increased to 1.128 bln eur from 979 mln. Net profit from continuing operations, i.e. excluding the profit on the sale of non-core business, up 21.2 pct to 555 mln eur from 458 mln. This equates to an EPS of 1.23 eur compared to 0.99 a year earlier. The rise in net is in line with analysts expectations and TPG’s own previous forecast for a rise in full-year 2001 net income from continuing operations of ‘at least’ 20 pct. At Mail, 2001 sales increased due to international acquisitions and improved organic business development, despite a decline in addressed mail volumes in the Netherlands. Sales rose 5.1 to 3.896 bln eur and EBITA income was up 9.5 pct to 781 mln, resulting in an increased operating margin of 20.0 pct from 19.2 pct in 2000. Fourth quarter sales grew by 8.4 pct, of which 4.0 pct was organic, the company said. Express sales were down 0.1 pct to 4.139 bln eur from 4.145 bln, reflecting a combination of unfavourable foreign exchange differences and an adverse acquisition impact. Excluding Australia, sales increased by 2.2 pct and organic growth was 3.4 pct. EBITA rose 7.1 pct to 167 mln eur from 156 mln and the operating margin edged up to 4.0 pct from 3.8 pct in 2000. In the second half of the year, performance was negatively impacted by the slowdown in European economies and more stringent aviation regulations in the US, TPG said. Sales at Logistics climbed 43.4 pct to 3.125 bln eur from 2.179 bln, of which 34.5 pct was due to acquisitions. EBITA was up 63.6 pct to 180 mln eur from 110 mln. Consequently, the operating margin improved to 5.8 pct from 5.0 pct. TPG said it intend to pay a final dividend of 0.24 eur, resulting in a full year cash dividend of 0.38 eur per share.