Excellent mail and express performances in TPG’s third quarter
Good progress in Logistics transformation plan
Highlights
– Solid improvement in free cash flow
– Excellent performances in Mail and Express, offset by lower earnings in
Logistics
– Good progress in execution of Logistics transformation plan (TtS)
– Goodwill impairment charge and asset write downs of €193 million in line with preliminary estimates leading to negative net income for quarter
– Outlook for 2003 full year unchanged
Peter Bakker, CEO: “Given the economic background, the results delivered by Mail and Express in the quarter are outstanding achievements. Although the earnings in Logistics are still depressed, underlying performance has been stabilised. Good progress is being made by our new Managing Director Dave Kulik and his team with the implementation of the TtS programme and the actions taken so far have started to provide tangible savings. Despite the one-offs in the quarter, which were in line with previous guidance, the achievement of a healthy improvement in free cash flow is indicative of the underlying
strength of the business and the focus of management on increasing
shareholder value”.
