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Amsterdam, The Netherlands, 28 April 2014

– Reported operating income €17m (1Q13: €219m, including €200m UPS termination fee), reported revenues €1,608m (-6.6%)

– Higher adjusted operating income €51m (1Q13: €21m), adjusted revenues €1,673m (-2.8%)

– Revenues lower because of negative foreign exchange movements, disposal China Domestic and contract pruning

– Substantially better results in combined Europe Main and Europe Other & Americas, AMEA and Brazil; Pacific under pressure

– Outlook on track: savings €30m achieved in the quarter

– Sale Dutch operations of TNT Fashion announced – closing expected in 2Q14

– Period end net cash €402m (4Q13: €469m)


– Europe Main: Overall better performance, with support from savings initiatives

– Europe Other & Americas: Strong adjusted operating profit growth

– Pacific: Persisting challenges, recovery plans in place

– AMEA: Higher operating profit in all units

– Brazil Domestic: Recovery continues with break-even quarter (1Q13: €(10)m)


– 1Q13 figures include China Domestic (€54m revenues and €(3)m operating income); sale completed 4Q13

– Application of IFRS 11 ‘Joint Arrangement’: 1Q14 adjusted operating income impact €(2)m (adjustment 1Q13: €(2)m)


– 1Q14 savings €30m

– 1Q14 restructuring-related charges €14m; implementation costs €5m

– Investments in Liège Eurohub and road infrastructure

– Further details about Outlook will be provided in 2H14

Commenting on this quarter’s developments, Tex Gunning, CEO said:

‘TNT Express’ performance improved this quarter. I am particularly pleased with the profit recovery in our core European segments and in Asia Middle East & Africa as a result of the restructuring initiatives taken since last year. The Brazilian team deserves special mention, with excellent progress made on the turnaround resulting in a break-even result for the quarter.

To realise our 2015 ambitions, we target further improvements in our top and bottom line through the roll out of our Outlook strategy. As significant progress has been made in restructuring our businesses, we are now increasingly focusing on growth in our target segments.

Finally, we look forward to welcoming our new CFO, Maarten Jan de Vries and we announced new management teams for International Europe and Domestics, which will support the realisation of our strategy.’

2014 guidance

– Trading conditions remain volatile and uncertain; risk of continued negative FX impact

– Assuming continued improving external trend:

Combined Europe Main and Europe Other & Americas operating results to show positive development

Asia Middle East & Africa and Brazil Domestic operating results to be significantly better than prior year

Pacific operating results to remain under pressure

Unallocated around €(30)m

– Business as usual capex (excluding Outlook investments) up to around 3% of revenues

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