UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
26 February 2007
Commission file number: 1-14824
TNT N.V.
Neptunusstraat 41-63
2132 JA Hoofddorp
The Netherlands
(address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
FORM 20-F | ý | FORM 40-F o |
(Indicate by check mark whether the registrant by furnishing the information contained in this
form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.)
YES | o | NO ý |
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2 (b): N/A)
Explanatory note
This report Form 6-K contains the following press releases:
'Focus on Networks' strategy successful -TNT full-year revenues up 7.8% and operating income 11.1% higher
26 February 2007
Mary Harris nominated as new member of Supervisory Board of TNT - René Dahan, Victor Halberstadt and Wim Kok nominated for re-appointment as members of Supervisory Board
26 February 2007
26 February 2007
'Focus on Networks' strategy successful -TNT full-year revenues up 7.8% and operating income 11.1% higher
TNT N.V. has published it's 2006 Full Year & Fourth Quarter Results.
• | ‘Focus on Networks’ is working | |
o | 2006 group revenues up 7.8% and operating income 11.1% higher | |
o | Continued strong cash generated from operations - up 14.0% | |
o | Divestment of logistics and freight management activities successfully completed | |
o | New growth platforms in Express emerging markets - India, Brazil and China - and in European Mail Networks | |
o | Over € 1.9 billion of cash distributed to shareholders in 2006 | |
• | Strong results in fourth quarter | |
o | Record margin of 10.7% in Express, with double digit revenue growth | |
o | Continued revenue growth in Mail driven by 28.1% increase in European Mail Networks | |
• | 2006 dividend of € 292 million proposed, 7% higher than in 2005 | |
• | New share repurchase of up to € 400 million announced today, starting after AGM | |
• | Outlook for 2007 aims at further revenue and profit growth | |
Key numbers | |||||||
Q4 2006 | Q4 2005 | % | |||||
€ mil | € mil | Change | |||||
Revenues | 2,767 | 2,571 | 7.6 | % | |||
Operating incomes (EBIT) | 355 | 319 | 11.3 | % | |||
Profit from continuing operations | 236 | 209 | 12.9 | % | |||
Profit/(loss) from discontinued operations | (46 | ) | (100 | ) | |||
Profit/(loss) attributable to the shareholders | 189 | 108 | 75.0 | % | |||
Cash generated from operations | 425 | 366 | 16.1 | % | |||
EPS (in € cents) | 46.1 | 23.8 | 93.7 | % | |||
EPS from continuing operations (in € cents) | 57.3 | 45.8 | 25.1 | % | |||
Key numbers | |||||||
FY 2006 | FY 2005 | % | |||||
€ mil | € mil | Change | |||||
Revenues | 10,060 | 9,329 | 7.8 | % | |||
Operating incomes (EBIT) | 1,276 | 1,148 | 11.1 | % | |||
Profit from continuing operations | 828 | 770 | 7.5 | % | |||
Profit/(loss) from discontinued operations | (157 | ) | (109 | ) | |||
Profit/(loss) attributable to the shareholders | 670 | 659 | 1.7 | % | |||
Cash generated from operations | 1,338 | 1,174 | 14.0 | % | |||
EPS (in € cents) | 159.3 | 145.0 | 9.9 | % | |||
EPS from continuing operations (in € cents) | 196.6 | 169.0 | 16.3 | % | |||
CEO Peter Bakker:
“TNT concludes the first full year of its ‘Focus on Networks’ strategy with good progress on all fronts. Our continuing operations have delivered robust results, with the record operating margin in Express and further cost efficiencies in Mail Netherlands, all leading to a double digit operating income growth. The logistics and freight management activities have been successfully divested. We have accelerated revenue growth in several key areas including Express emerging markets, with important acquisitions in India, Brazil and soon China, as well as in the UK and German Mail businesses. For the first time, TNT has complied with all SarbOx regulations, with no material weaknesses.
I wish to thank everyone in the company for their contribution to making 2006 a very good year for TNT. With the group in good shape, we look forward to the opportunities and challenges of 2007 with enthusiasm.”
![]() |
TNT press release |
![]() |
2006 Full Year & Fourth Quarter Results Highlights |
![]() | 2006 Full Year & Fourth Quarter Results Highlights |
‘Focus on Networks’ strategy successful | ||
![]() | ‘Focus on Networks’ is working | |
![]() | 2006 group revenues up 7.8% and operating income 11.1% higher | |
![]() | Continued strong cash generated from operations - up 14.0% | |
![]() | Divestment of logistics and freight management activities successfully completed | |
![]() | New growth platforms in Express emerging markets - India, Brazil and China - and in European Mail Networks | |
![]() | Over € 1.9 billion of cash distributed to shareholders in 2006 | |
![]() | Strong results in fourth quarter | |
![]() | Record margin of 10.7% in Express, with double digit revenue growth | |
![]() | Continued revenue growth in Mail driven by 28.1% increase in European Mail Networks | |
![]() | 2006 dividend of € 292 million proposed, 7% higher than in 2005 | |
![]() | New share repurchase of up to € 400 million announced today, starting after AGM | |
![]() | Outlook for 2007 aims at further revenue and profit growth | |
Key numbers | ||||||||||||||
Q4 2006 | Q4 2005 | % Change | FY 2006 | FY 2005 | % Change | |||||||||
€ mil | € mil | € mil | € mil | |||||||||||
Revenues | 2,767 | 2,571 | 7.6 | % | 10,060 | 9,329 | 7.8 | % | ||||||
Operating income (EBIT) | 355 | 319 | 11.3 | % | 1,276 | 1,148 | 11.1 | % | ||||||
Profit from continuing operations | 236 | 209 | 12.9 | % | 828 | 770 | 7.5 | % | ||||||
Profit/(loss) from discontinued operations | (46 | ) | (100 | ) | (157 | ) | (109 | ) | ||||||
Profit/(loss) attributable to the shareholders | 189 | 108 | 75.0 | % | 670 | 659 | 1.7 | % | ||||||
Cash generated from operations | 425 | 366 | 16.1 | % | 1,338 | 1,174 | 14.0 | % | ||||||
EPS (in € cents) | 46.1 | 23.8 | 93.7 | % | 159.3 | 145.0 | 9.9 | % | ||||||
EPS from continuing operations (in € cents) | 57.3 | 45.8 | 25.1 | % | 196.6 | 169.0 | 16.3 | % | ||||||
CEO Peter Bakker:
“TNT concludes the first full year of its ‘Focus on Networks’ strategy with good progress on all fronts. Our continuing operations have delivered robust results, with the record operating margin in Express and further cost efficiencies in Mail Netherlands, all leading to a double digit operating income growth. The logistics and freight management activities have been successfully divested. We have accelerated revenue growth in several key areas including Express emerging markets, with important acquisitions in India, Brazil and soon China, as well as in the UK and German Mail businesses. For the first time, TNT has complied with all SarbOx regulations, with no material weaknesses.
I wish to thank everyone in the company for their contribution to making 2006 a very good year for TNT. With the group in good shape, we look forward to the opportunities and challenges of 2007 with enthusiasm.”
Press Release FY & Q4 2006 | Page 1 of 18 |
![]() | Group |
2006 Summary |
TNT reports a year of strong operational performance from its continuing operations: group revenues were up 7.8% and operating income was 11.1% higher. With close attention to the quality of operations and customer care, Express grew revenues by 12.1%, with a record full-year operating margin of 9.6% . In Mail, the Dutch operations achieved € 64 million more masterplan savings in 2006, whilst maintaining 97% next day delivery quality, and European Mail Networks grew revenues 25.5% . In total, Mail revenues were 2.8% higher than last year, at a margin of 18.7%, which was at the high end of our stated outlook. As a result of these strong performances and helped by the share repurchases, earnings per share from continuing operations climbed 16.3% .
The group made strategic progress with the successful divestments of its logistics and freight management operations. New growth platforms were created in Express, with acquisitions in Spain (TG+), India (Speedage), and the signing of the equity transfer agreement for Hoau in China. After the year end, TNT acquired Brazil’s leading domestic express operator, Mercúrio, and launched the Boeing 747 freighter service between China and Europe. In European Mail Networks, capacity growth was accelerated in Germany and the UK, incurring start-up costs. New masterplan initiatives were announced to achieve € 300 million of cost savings in Mail Netherlands over the next few years, on top of the remaining € 72 million from existing initiatives.
Over € 1.9 billion of cash was distributed to shareholders in 2006 (€ 1,656 million in the form of share repurchases and € 282 million in dividends). The € 1 billion share repurchase that commenced with the launch of the Focus on Networks strategy was completed in April 2006 and an additional € 1 billion share repurchase program was launched in November 2006 and completed last month.
On 16 November, TNT and the State of the Netherlands announced the agreement to transfer the special share to TNT. On 20 November, the State disposed of its remaining 10.9% holding of ordinary shares in TNT.
Today, we announce a new share repurchase of up to € 400 million, to start as soon as possible after the Annual General Meeting of shareholders (AGM) on 20 April 2007. This amount represents the majority of the proceeds from the sale of Freight Management.
At the AGM, we will propose cancellation of the repurchased shares and the special share.
2006 Financial review |
Group operating income increased by € 128 million to€ 1,276 million. Express was the main driver of the increase, together with the reduction in non-allocated costs from € 103 million to € 65 million.
The net interest expense was € 47 million (2005: nil), the increase compared with 2005 reflecting the higher gearing of the group. This amount included € 52 million of net interest income from discontinued operations.
The 2006 effective tax rate of 32.3% was an improvement
on last year’s 32.8% . The fourth quarter ETR of 25.6% was substantially lower than last year’s 34.1%, mainly as a result of the tax credit for liquidation losses on French entities, partially off-set by accrual adjustments related to previous years.
The loss from discontinued operations was € 157 million, including an € 87 million loss on the sale of the logistics business (see page 8 for details). The profit attributable to shareholders, after deducting a small minority interest effect, was € 670 million, 1.7% up on last year.
The cash generated from operations was € 1,338 million, € 164 million more than last year.
With increased investment in growth, gross capital expenditure increased from € 310 million to € 520 million (including € 110 million for the Boeing 747 finance lease).
The 2006 proposed dividend amount is € 292 million, which is 7% higher than the prior year. The dividend per share is 73 cents, which is a 15.9% year-on-year increase. About half of this increase is explained by the reduced share count due to past share repurchases.
We have made good progress in resolving the past tax matters. All relevant issues have been investigated and in several jurisdictions we have already reached agreements with those authorities. In the UK, the tax authorities will issue initial assessments before they and we can effectively continue to seek an agreed solution. The amounts raised in such initial assessments could exceed our previous disclosed and unchanged estimated realistic total contingent liability range of €100 - €250 million. However we believe, supported by strong external specialist advice, that it is unlikely that any of these past tax matters will lead to an additional liability beyond what has been accrued to date.
Review of operations in fourth quarter |
Express achieved a record operating margin of 10.7%, with revenue growth of 12.5% or 13.5% excluding Fx, despite one fewer working day. Organic revenue growth was 11.4%, with strong growth in international consignments and a small increase in the average weight per consignment. Both the European road hub and air hub processed record volumes. The top-line growth, coupled with further network optimization, produced a 16.1% increase in operating income and a record quarterly margin of 10.7% .
InMail, revenue growth of 1.8% was driven by EMN (+28.1%), helped by Cross-border (+4.1%) . Mail Netherlands revenues were 2.3% lower than last year affected by the one fewer working day and volume declines due to competition and substitution. The operating margin was 17.4%, 1.4 percentage points lower than last year, broadly in line with our stated outlook. The masterplans added another € 18 million of savings bringing the total to € 298 million. This amount represents over 80% of the full targeted amount of € 370 million, excluding the already announced new initiatives, which target an additional € 300 million of savings.
Further details on fourth quarter on pages 6 and 7.
Press Release FY & Q4 2006 | Page 2 of 18 |
![]() | Group |
2007 Outlook |
InExpress, we expect to achieve revenue growth of around 15%. This represents double-digit organic growth augmented with acquisitions. We expect an operating margin in the range 9% to 10% (this margin is after the allocation of central costs mentioned below and the integration effects of the recent acquisitions).
InMail, we expect total revenue growth in the mid-single-digit range, with an operating margin of around 17% (this margin excludes the effect of any provisions related to the new masterplan initiatives mentioned below). As in 2006, we expect a year-on-year margin reduction related to the increased size of EMN, start up costs in EMN and the pace of masterplan savings compared with volume reductions in the Netherlands. In EMN, we forecast around 25% total revenue growth at a low-single-digit operating margin. For Mail, there will be two fewer working days in the first half of 2007 compared with 2006, as shown on page 14.
Other information:
In 2007, we will allocate certain costs to the Mail and Express divisions that previously were included in the non-allocated category. We are now finalising the allocation approach. The non-allocated cost level for the group is expected to be roughly € 30 million in 2007. We will provide pro forma 2006 figures on the basis of this reallocation approach during our first quarter results announcement, for comparative purposes.
The profit from the sale of the discontinued freight management business of approximately € 190 million will be booked in Q1 2007.
As mentioned in December 2006, we will consider forming provisions during 2007 in Mail in respect of the new masterplan initiatives.
The group net interest expense in the 2007 income statement ceases to benefit from the net interest income from discontinued operations, following the sale of those operations. (For comparison, excluding the net interest income from discontinued operations, the 2006 group net interest expense would have been € 99 million.)
The 2007 effective tax rate will be positively affected by the decrease in the Dutch statutory tax rate from 29.6% to 25.5%, effective from 1 January 2007.
Significant events since third quarter |
10 Oct 06 | ![]() | TNT Post accelerates expansion in Germany with key acquisition – PostCon |
30 Oct 06 | ![]() | Decision to divest Freight Management business unit |
4 Nov 06 | ![]() | Sale of Logistics division completed |
6 Nov 06 | ![]() | Share repurchase program of €1.0 billion started |
8 Nov 06 | ![]() | TNT Express Germany wins European Award for Business Excellence |
16 Nov 06 | ![]() | TNT sells Freight Management to GEODIS |
16 Nov 06 | ![]() | TNT and the State of the Netherlands reach agreement on the transfer of the Special Share |
20 Nov 06 | ![]() | TNT repurchases 18.2 million shares from the State of the Netherlands |
23 Nov 06 | ![]() | TNT’s corporate website ranked number one in Europe |
7 Dec 06 | ![]() | Worldwide coverage for Economy Express started |
20 Dec 06 | ![]() | Boeing delivers first 747-400ER Freighter to TNT |
10 Jan 07 | ![]() | Mercúrio acquisition, the express market leader in Brazil |
31 Jan 07 | ![]() | TNT Wins European Business Award for Customer Focus |
5 Feb 07 | ![]() | Freight Management sale completed |
Press Release FY & Q4 2006 | Page 3 of 18 |
![]() | Group - Fourth Quarter Summary |
Group Summary | Q4 2006 | Q4 2005 | % Change | ||||||||
€ mil | € mil | Operational | Fx | Total | |||||||
Revenues | 2,767 | 2,571 | 8.1 | % | -0.5 | % | 7.6 | % | |||
Operating income (EBIT) | 355 | 319 | 11.6 | % | -0.3 | % | 11.3 | % | |||
Profit from continuing operations | 236 | 209 | 13.9 | % | -1.0 | % | 12.9 | % | |||
Profit/(loss) from discontinued operations | (46 | ) | (100 | ) | 53.0 | % | 1.0 | % | 54.0 | % | |
Profit/(loss) attributable to the shareholders | 189 | 108 | 75.0 | % | 0.0 | % | 75.0 | % | |||
Segment Summary | Q4 2006 | Q4 2005 | % Change | ||||||||
€ mil | € mil | Operational | Fx | Total | |||||||
Express | |||||||||||
Revenues | 1,624 | 1,444 | 13.5 | % | -1.0 | % | 12.5 | % | |||
Operating income (EBIT) | 173 | 149 | 16.8 | % | -0.7 | % | 16.1 | % | |||
Operating margin | 10.7 | % | 10.3 | % | |||||||
Revenues | 1,145 | 1,125 | 1.8 | % | 0.0 | % | 1.8 | % | |||
Operating income (EBIT) | 199 | 212 | -6.1 | % | 0.0 | % | -6.1 | % | |||
Operating margin | 17.4 | % | 18.8 | % | |||||||
Non-allocated | (17 | ) | (42 | ) | 59.5 | % | |||||
Operating income (EBIT) | 355 | 319 | 11.6 | % | -0.3 | % | 11.3 | % | |||
Comparative 2005 figures are adjusted for the impact of the Focus strategy, including: the decision to divest Logistics and Freight Management; the transfers of Innight from Logistics to Express and Cendris UK from Mail to Express.
Press Release FY & Q4 2006 | Page 4 of 18 |
![]() | Group - Full Year Summary |
Group Summary | FY 2006 | FY 2005 | % Change | ||||||||
€ mil | € mil | Operational | Fx | Total | |||||||
Revenues | 10,060 | 9,329 | 8.0 | % | -0.2 | % | 7.8 | % | |||
Operating income (EBIT) | 1,276 | 1,148 | 11.3 | % | -0.2 | % | 11.1 | % | |||
Profit from continuing operations | 828 | 770 | 7.8 | % | -0.3 | % | 7.5 | % | |||
Profit/(loss) from discontinued operations | (157 | ) | (109 | ) | 44.0 | % | 0.0 | % | 44.0 | % | |
Profit/(loss) attributable to the shareholders | 670 | 659 | 1.9 | % | -0.2 | % | 1.7 | % | |||
Segment Summary | FY 2006 | FY 2005 | % Change | ||||||||
€ mil | € mil | Operational | Fx | Total | |||||||
Express | |||||||||||
Revenues | 6,011 | 5,363 | 12.4 | % | -0.3 | % | 12.1 | % | |||
Operating income (EBIT) | 580 | 476 | 22.2 | % | -0.4 | % | 21.8 | % | |||
Operating margin | 9.6 | % | 8.9 | % | |||||||
Revenues | 4,065 | 3,955 | 2.8 | % | 0.0 | % | 2.8 | % | |||
Operating income (EBIT) | 761 | 775 | -1.8 | % | 0.0 | % | -1.8 | % | |||
Operating margin | 18.7 | % | 19.6 | % | |||||||
Non-allocated | (65 | ) | (103 | ) | 36.9 | % | |||||
Operating income (EBIT) | 1,276 | 1,148 | 11.3 | % | -0.2 | % | 11.1 | % | |||
Comparative 2005 figures are adjusted for the impact of the Focus strategy, including: the decision to divest Logistics and Freight Management; the transfers of Innight from Logistics to Express and Cendris UK from Mail to Express.
Press Release FY & Q4 2006 | Page 5 of 18 |
![]() | Express |
FY | ![]() | A year of strong revenue growth, with further margin improvement | ||
Q4 | ![]() | 12.5% revenue growth in fourth quarter | ||
![]() | All-time high margin of 10.7% | |||
![]() | Industry recognition for customer excellence |
Express Summary | Q4 2006 | Q4 2005 | % Change | FY 2006 | FY 2005 | % Change | ||||||||
€ mil | € mil | € mil | € mil | |||||||||||
Revenues | 1,624 | 1,444 | 12.5 | % | 6,011 | 5,363 | 12.1 | % | ||||||
Operating income (EBIT) | 173 | 149 | 16.1 | % | 580 | 476 | 21.8 | % | ||||||
Operating margin | 10.7 | % | 10.3 | % | 9.6 | % | 8.9 | % | ||||||
2005 figures have been adjusted for comparative purposes. | ||||||||||||||
The fourth quarter operating margin of 10.7% was an all-time record. It was achieved with top line growth of 13.5% (excluding the Fx effect), or around 14.5% adjusted for the number of working days. The 11.4% organic revenue growth came from a healthy increase in domestic consignments and double digit growth in cross-border consignments and special services. There was strong customer demand for Express Economy products. TNT Express remained focused on revenue yield, which continued to make a positive contribution to growth.
The 2.1% acquisition effect related mostly to the addition of the Spanish domestic operations (TG+) at the start of
2006, helped by the Speedage acquisition in India that was completed in the third quarter.
The first of the two new Boeing 747 freighters made its inaugural operational flight on 18 January 2007 flying from Shanghai to the TNT European air hub in Liège, with a full payload.
TNT Express continued to win excellence awards, including EFQM Business Excellence Award for TNT Germany and the European Business Award for Customer Focus.
Revenue Analysis | Q4 2006 | Q4 2005 | % Change | % Change | ||||||||||
€ mil | € mil | Organic | Acq | Fx | ||||||||||
Express Europe | 1,311 | 1,160 | 13.0 | % | 10.9 | % | 2.0 | % | 0.1 | % | ||||
Express Rest of the World | 313 | 284 | 10.2 | % | 13.0 | % | 2.8 | % | -5.6 | % | ||||
Express Business Segment | 1,624 | 1,444 | 12.5 | % | 11.4 | % | 2.1 | % | -1.0 | % | ||||
2005 figures have been adjusted for comparative purposes. |
Revenue Analysis | FY 2006 | FY 2005 | % Change | % Change | ||||||||||
€ mil | € mil | Organic | Acq | Fx | ||||||||||
Express Europe | 4,905 | 4,378 | 12.0 | % | 9.7 | % | 2.4 | % | -0.1 | % | ||||
Express Rest of the World | 1,106 | 985 | 12.3 | % | 12.9 | % | 0.8 | % | -1.4 | % | ||||
Express Business Segment | 6,011 | 5,363 | 12.1 | % | 10.3 | % | 2.1 | % | -0.3 | % | ||||
2005 figures have been adjusted for comparative purposes. | ||||||||||||||
InEurope, the best revenue growth performers in the fourth quarter were Germany, Benelux and the UK. In percentage terms, eastern Europe continued to lead, with growth exceeding 20%. International road network volumes were up 17.2% and in the air network volumes were up 10.0%, accompanied by further aircraft payload optimization. The average weight per consignment increased 3%, affected by the relatively higher growth of cross-border flows, which tend to be heavier than domestic, as well as the generally increased demand for heavier consignments.
AllRest of World regions reported good organic growth, particularly the Middle East and Asia. Australia, TNT’s largest and longest established RoW region, continued to make good progress, with high single digit organic revenue growth
Press Release FY & Q4 2006 | Page 6 of 18 |
![]() | |
FY | ![]() | Revenues improved to over € 4 billion, and high margin achieved | ||
Q4 | ![]() | Continued revenue growth, fuelled by EMN | ||
![]() | Large new contracts in EMN UK and increased household coverage in Germany | |||
![]() | 17.4% operating margin in fourth quarter, in line with stated outlook |
Mail Summary | Q4 2006 | Q4 2005 | % Change | FY 2006 | FY 2005 | % Change | ||||||||
€ mil | € mil | € mil | € mil | |||||||||||
Revenues | 1,145 | 1,125 | 1.8 | % | 4,065 | 3,955 | 2.8 | % | ||||||
Operating income (EBIT) | 199 | 212 | -6.1 | % | 761 | 775 | -1.8 | % | ||||||
Operating margin | 17.4 | % | 18.8 | % | 18.7 | % | 19.6 | % | ||||||
2005 figures have been adjusted for comparative purposes. | ||||||||||||||
The Mail division ended 2006 with the ninth consecutive quarter of revenue growth. EMN provided the main impetus with a combination of organic growth and acquisitions, focused on the UK and German addressed mail markets.
The operating margin of 17.4% included the expected
softening against the prior year, affected by EMN growth and one-off items, including re-branding costs. The masterplans added another € 18 million savings in Q4 to reach € 298 million in total, which represents over 80% of the total targeted amount, excluding the new initiatives that we announced in December 2006.
Revenue Analysis | Q4 2006 | Q4 2005 | % Change | % Change | ||||||||||
€ mil | € mil | Organic | Acq | Fx | ||||||||||
Mail Netherlands | 733 | 750 | -2.3 | % | -2.0 | % | -0.3 | % | 0.0 | % | ||||
European Mail Networks | 219 | 171 | 28.1 | % | 12.3 | % | 15.2 | % | 0.6 | % | ||||
Cross-border Mail | 152 | 146 | 4.1 | % | 4.8 | % | 0.0 | % | -0.7 | % | ||||
Data and Document Management | 41 | 58 | -29.3 | % | -8.6 | % | -20.7 | % | 0.0 | % | ||||
1,145 | 1,125 | 1.8 | % | 0.7 | % | 1.1 | % | 0.0 | % | |||||
2005 figures have been adjusted for comparative purposes. | ||||||||||||||
Revenue Analysis | FY 2006 | FY 2005 | % Change | % Change | ||||||||||
€ mil | € mil | Organic | Acq | Fx | ||||||||||
Mail Netherlands | 2,596 | 2,647 | -1.9 | % | -1.7 | % | -0.2 | % | 0.0 | % | ||||
European Mail Networks | 749 | 597 | 25.5 | % | 17.1 | % | 8.2 | % | 0.2 | % | ||||
Cross-border Mail | 534 | 515 | 3.7 | % | 3.7 | % | 0.0 | % | 0.0 | % | ||||
Data and Document Management | 186 | 196 | -5.1 | % | -6.1 | % | 1.0 | % | 0.0 | % | ||||
4,065 | 3,955 | 2.8 | % | 1.6 | % | 1.2 | % | 0.0 | % | |||||
2005 figures have been adjusted for comparative purposes. | ||||||||||||||
Mail Netherlands saw a 2.0% organic decline in revenues in Q4. Addressed domestic mail volumes were 2.4% lower and addressed direct volumes were 5.7% lower, resulting in a total decline of 3.6% (4.8% election adjusted). Fourth quarter volumes in both 2006 and the prior year benefited from special mailings, so the year on year effect was minimal. However, there was one fewer working day in 2006 compared with last year.
InEMN, revenues grew by 27.5%, excluding Fx effects. The growth came mainly from the addressed business (particularly the UK and Germany), which now accounts for more sales than the unaddressed activities. In the UK, important new contracts were signed with Centrica and British Telecom (signed January 2007), together representing annual volumes of some 340 million items.
Germany saw a doubling of addressed volumes compared with the prior year, helped by the acquisition of local delivery companies. TNT now delivers to a fifth of German households, through its own ‘Regioservice’ and covers most of the rest of the country with partners, through TNT Post AG.
TheCross-Border business saw increases in Dutch outbound volumes and international parcels, with stable revenues from the Spring JV, leading to organic growth of almost 5%.
DDM recorded lower revenues due mainly to the divestment of Dutch mailroom activities. The organic decline was also from the divested activities, prior to sale.
Press Release FY & Q4 2006 | Page 7 of 18 |
![]() | Discontinued Operations |
The revenue information on discontinued operations, described below, is excluded from group revenues. The post-tax profit/(loss) from discontinued operations, also described below, is included in the group’s consolidated statement of income on a separate line ‘profit/(loss) from discontinued operations’.
Discontinued operations Summary | Q4 2006 | Q4 2005 | % Change | FY 2006 | FY 2005 | % Change | |||||||
€ mil | € mil | € mil | € mil | ||||||||||
Revenues | 558 | 1,135 | -50.8% | 3,777 | 4,345 | -13.1% | |||||||
Profit/(loss) from discontinued | |||||||||||||
operations | (46 | ) | (100 | ) | (157 | ) | (109 | ) | |||||
2005 figures have been adjusted for comparative purposes.
The sale of the freight management activities was completed on 5 February 2007. The profit arising on the sale, estimated to be € 190 million, and the net cash proceeds of approximately € 450 million will be booked in Q1 2007.
Taking into account the last two years’ net losses from discontinued operations, the estimated profit on the freight management sale and the tax credit for liquidation losses on French entities, the net impact on profits attributable to shareholders is broadly neutral, as indicated already during our 2006 Analysts Meeting.
Press Release FY & Q4 2006 | Page 8 of 18 |
![]() | Consolidated Statements of Income |
Consolidated statements of income | Q4 2006 | Q4 2005 | FY 2006 | FY 2005 | ||||||
€ mil | € mil | € mil | € mil | |||||||
Net sales | 2,745 | 2,552 | 9,948 | 9,274 | ||||||
Other operating revenues | 22 | 19 | 112 | 55 | ||||||
Total revenues | 2,767 | 2,571 | 10,060 | 9,329 | ||||||
Other income | 30 | 12 | 65 | 38 | ||||||
Cost of materials | (115 | ) | (117 | ) | (409 | ) | (408 | ) | ||
Work contracted out and other external expenses | (1,181 | ) | (1,002 | ) | (4,160 | ) | (3,582 | ) | ||
Salaries and social security contributions | (871 | ) | (862 | ) | (3,384 | ) | (3,318 | ) | ||
Depreciation, amortisation and impairments | (92 | ) | (87 | ) | (318 | ) | (303 | ) | ||
Other operating expenses | (183 | ) | (196 | ) | (578 | ) | (608 | ) | ||
Total operating expenses | (2,442 | ) | (2,264 | ) | (8,849 | ) | (8,219 | ) | ||
Operating income | 355 | 319 | 1,276 | 1,148 | ||||||
Interest and similar income* | 40 | 24 | 199 | 117 | ||||||
Interest and similar expenses* | (75 | ) | (26 | ) | (246 | ) | (117 | ) | ||
Net financial (expense)/income | (35 | ) | (2 | ) | (47 | ) | 0 | |||
Results from investments in associates | (3 | ) | 0 | (6 | ) | (2 | ) | |||
Profit before income taxes | 317 | 317 | 1,223 | 1,146 | ||||||
Income taxes | (81 | ) | (108 | ) | (395 | ) | (376 | ) | ||
Profit from continuing operations | 236 | 209 | 828 | 770 | ||||||
Profit/(loss) from discontinued operations | (46 | ) | (100 | ) | (157 | ) | (109 | ) | ||
Profit for the period | 190 | 109 | 671 | 661 | ||||||
Attributable to: | ||||||||||
Minority interests | 1 | 1 | 1 | 2 | ||||||
Shareholders | 189 | 108 | 670 | 659 | ||||||
EPS (in € cents)** | 46.1 | 23.8 | 159.3 | 145.0 | ||||||
Number of employees | 139,222 | 136,300 | ||||||||
Full time equivalent employees | 92,973 | 87,392 | ||||||||
2005 figures have been adjusted for comparative purposes. | |
* | New cash pool arrangements in the FY2006 result in a € 93 million grossing up of the interest income and expenses compared with 2005. |
** | Based on an average number of 420.7 million ordinary shares, including ADS (2005: 454.4 million). |
The total number of shares outstanding as of 31 December, 2006 was 422.8 million, including 30.5 million shares held in treasury. | |
2.9 million shares in treasury were held to cover for option and share incentive programmes, and 27.6 million shares for cancellation. |
Press Release FY & Q4 2006 | Page 9 of 18 |
![]() | Quarterly Information Express |
€ mil | Q4 2006 | Q4 2005 | ||
EXPRESS | ||||
Express Europe | ||||
Revenues | 1,311 | 1,160 | ||
Growth % | 13.0 | % | 2.9 | % |
Organic | 10.9 | % | 1.7 | % |
Acquisition / Disposal | 2.0 | % | 0.2 | % |
Fx | 0.1 | % | 1.0 | % |
Express Rest of the World | ||||
Revenues | 313 | 284 | ||
Growth % | 10.2 | % | 11.4 | % |
Organic | 13.0 | % | 3.2 | % |
Acquisition / Disposal | 2.8 | % | 0.0 | % |
Fx | -5.6 | % | 8.2 | % |
Total Express | ||||
Revenues | 1,624 | 1,444 | ||
Growth % | 12.5 | % | 4.4 | % |
Organic | 11.4 | % | 2.0 | % |
Acquisition / Disposal | 2.1 | % | 0.1 | % |
Fx | -1.0 | % | 2.3 | % |
Working days | 63 | 64 | ||
Core consignments (mil) | 49.3 | 45.4 | ||
Core kilos (mil) | 918.7 | 826.3 | ||
Core revenue quality yield improvement | 1.0 | % | 3.3 | % |
Operating income (EBIT) | 173 | 149 | ||
Operating margin | 10.7 | % | 10.3 | % |
2005 figures have been adjusted for comparative purposes. |
Press Release FY & Q4 2006 | Page 10 of 18 |
![]() | Quarterly Information Mail |
€ mil | Q4 2006 | Q4 2005 | ||
Mail Netherlands | ||||
Revenues | 733 | 750 | ||
Growth % | -2.3 | % | 1.6 | % |
Organic | -2.0 | % | 1.7 | % |
Acquisition / Disposal | -0.3 | % | -0.1 | % |
Fx | 0.0 | % | 0.0 | % |
Addressed mail pieces (millions) | 1,427 | 1,480 | ||
Growth % | -3.6 | % | -5.6 | % |
Working days | 63 | 64 | ||
European Mail Networks | ||||
Revenues | 219 | 171 | ||
Growth % | 28.1 | % | 22.1 | % |
Organic | 12.3 | % | 21.4 | % |
Acquisition / Disposal | 15.2 | % | 0.0 | % |
Fx | 0.6 | % | 0.7 | % |
Cross-border Mail | ||||
Revenues | 152 | 146 | ||
Growth % | 4.1 | % | -5.2 | % |
Organic | 4.8 | % | -7.1 | % |
Acquisition / Disposal | 0.0 | % | 0.0 | % |
Fx | -0.7 | % | 1.9 | % |
Data and Document Management | ||||
Revenues | 41 | 58 | ||
Growth % | -29.3 | % | 13.7 | % |
Organic | -8.6 | % | -3.9 | % |
Acquisition / Disposal | -20.7 | % | 17.6 | % |
Fx | 0.0 | % | 0.0 | % |
Total Mail | ||||
Revenues | 1,145 | 1,125 | ||
Growth % | 1.8 | % | 3.9 | % |
Organic | 0.7 | % | 2.8 | % |
Acquisition / Disposal | 1.1 | % | 0.7 | % |
Fx | 0.0 | % | 0.4 | % |
Operating income (EBIT) | 199 | 212 | ||
Operating margin | 17.4 | % | 18.8 | % |
2005 figures have been adjusted for comparative purposes. |
Press Release FY & Q4 2006 | Page 11 of 18 |
![]() | Consolidated Cash Flow Statements |
Q4 2006 | Q4 2005 | FY 2006 | FY 2005 | |||||||
€ mil | € mil | € mil | € mil | |||||||
Profit before income taxes | 317 | 317 | 1,223 | 1,146 | ||||||
Adjustments for: | ||||||||||
Depreciation, amortisation and impairments | 92 | 87 | 318 | 303 | ||||||
Share based payments | 2 | 2 | 9 | 8 | ||||||
Investment income: | ||||||||||
Profit /loss on sale of property, plant and equipment | (29 | ) | (25 | ) | (61 | ) | (38 | ) | ||
Interest and similar income | (40 | ) | (22 | ) | (199 | ) | (117 | ) | ||
Foreign exchange gains | 0 | 0 | 0 | 1 | ||||||
Interest and similar expenses | 75 | 24 | 246 | 116 | ||||||
Results from investments in associates | 3 | 0 | 6 | 2 | ||||||
Changes in provisions: | ||||||||||
Pension liabilities | (37 | ) | (38 | ) | (124 | ) | (121 | ) | ||
Other provisions | (23 | ) | 31 | 10 | 52 | |||||
Changes in working capital: | ||||||||||
Inventory | (2 | ) | 0 | (5 | ) | (2 | ) | |||
Accounts receivable | (138 | ) | (105 | ) | (170 | ) | (143 | ) | ||
Other current assets | 25 | 29 | (29 | ) | (2 | ) | ||||
Trade payables | 51 | (1 | ) | 80 | (85 | ) | ||||
Other current liabilities excl. short term financing and taxes | 129 | 67 | 34 | 54 | ||||||
Cash generated from operations | 425 | 366 | 1,338 | 1,174 | ||||||
Interest paid** | (92 | ) | (25 | ) | (199 | ) | (80 | ) | ||
Income taxes paid | (109 | ) | (30 | ) | (282 | ) | (125 | ) | ||
Net cash from operating activities | 224 | 311 | 857 | 969 | ||||||
Acquisition of group companies (net of cash) | (24 | ) | (4 | ) | (89 | ) | (35 | ) | ||
Disposals of group companies and joint ventures | 1,355 | (5 | ) | 1,365 | (5 | ) | ||||
Investment in associates | (2 | ) | (1 | ) | (20 | ) | (13 | ) | ||
Disposals of associates | 0 | 0 | 0 | 3 | ||||||
Capital expenditure on intangible assets | (29 | ) | (31 | ) | (103 | ) | (80 | ) | ||
Disposal of intangible assets | 1 | 0 | 2 | 2 | ||||||
Capital expenditure on property, plant and equipment | (64 | ) | (80 | ) | (277 | ) | (230 | ) | ||
Proceeds from sale of property, plant and equipment | 17 | 24 | 65 | 43 | ||||||
Other changes in (financial) fixed assets | 3 | 11 | 7 | 16 | ||||||
Changes in minority interests | 3 | 0 | 7 | (3 | ) | |||||
Interest received** | 57 | 11 | 111 | 40 | ||||||
Net cash used in investing activities | 1,317 | (75 | ) | 1,068 | (262 | ) | ||||
Repurchase of shares | (898 | ) | (214 | ) | (1,747 | ) | (473 | ) | ||
Other equity changes | 11 | 24 | 52 | 16 | ||||||
Net change long term borrowings | (8 | ) | 11 | (51 | ) | 26 | ||||
Net change short term borrowings | (416 | ) | 34 | 162 | (50 | ) | ||||
Net change finance leases | (8 | ) | 2 | (10 | ) | 2 | ||||
Dividends paid | 0 | 0 | (282 | ) | (268 | ) | ||||
Financing relating to our discontinued logistics business | (198 | ) | (57 | ) | (276 | ) | (21 | ) | ||
Net cash used in financing activities | (1,517 | ) | (200 | ) | (2,152 | ) | (768 | ) | ||
Changes in cash | 24 | 36 | (227 | ) | (61 | ) | ||||
Cash as reported in the previous period | 272 | 442 | 559 | 633 | ||||||
Changes in discontinued business | 0 | 0 | (32 | ) | (101 | ) | ||||
Cash at beginning of the period | 272 | 442 | 527 | 532 | ||||||
Adoption of IAS 32/39 per I January 2005* | 0 | 46 | 0 | 46 | ||||||
Exchange rate differences | 1 | 3 | (3 | ) | 10 | |||||
Changes in cash | 24 | 36 | (227 | ) | (61 | ) | ||||
Cash at end of period | 297 | 527 | 297 | 527 | ||||||
2005 figures have been adjusted for comparative purposes. | |
* | On adoption of IAS 32 as of 1 January 2005, bankoverdraft of € 46 million was no longer netted off from cash and cash equivalents. |
** | New cash pool arrangements in 2006 resulted in a respective € 36 million (for the quarter) and € 89 million (for the full year) grossing up impact on both the interest income and expenses when compared with 2005. |
Press Release FY & Q4 2006 | Page 12 of 18 |
![]() | Consolidated Balance Sheets |
31 Dec | 31 Dec | |||||
2006 | 2005 | |||||
€ mil | € mil | |||||
Goodwill | 1,573 | 1,626 | ||||
Other intangible assets | 212 | 212 | ||||
Intangible assets | 1,785 | 1,838 | ||||
Land and buildings | 823 | 805 | ||||
Plant and equipment | 342 | 313 | ||||
Aircraft | 306 | 221 | ||||
Other | 162 | 169 | ||||
Construction in progress | 45 | 44 | ||||
Property, plant and equipment | 1,678 | 1,552 | ||||
Investments in associates | 58 | 47 | ||||
Other loans receivable | 7 | 13 | ||||
Deferred tax assets | 211 | 188 | ||||
Prepayments and accrued income | 38 | 25 | ||||
Financial fixed assets | 314 | 273 | ||||
Total non-current assets | 3,777 | 3,663 | ||||
Inventory | 29 | 29 | ||||
Accounts receivable | 1,561 | 1,471 | ||||
Income tax receivable | 8 | 78 | ||||
Prepayments and accrued income | 227 | 218 | ||||
Cash and cash equivalents | 297 | 559 | ||||
Total current assets | 2,122 | 2,355 | ||||
Assets held for sale | 409 | 2,378 | ||||
Total assets | 6,308 | 8,396 | ||||
Equity attributable to the equity holders of the parent | 1,983 | 3,262 | ||||
Minority interests | 25 | 17 | ||||
Total equity | 2,008 | 3,279 | ||||
Deferred tax liabilities | 240 | 233 | ||||
Provisions for pension liabilities | 23 | 136 | ||||
Other employee benefit obligations | 57 | 49 | ||||
Other provisions | 106 | 105 | ||||
Long-term debt | 1,183 | 1,071 | ||||
Accrued liabilities | 3 | 14 | ||||
Total non-current liabilities | 1,612 | 1,608 | ||||
Trade accounts payables | 308 | 320 | ||||
Short term provisions | 87 | 29 | ||||
Other current liabilities | 731 | 571 | ||||
Income tax payable | 280 | 233 | ||||
Accrued current liabilities | 1,136 | 1,126 | ||||
Total current liabilities | 2,542 | 2,279 | ||||
Liabilities related to assets classified as held for sale | 146 | 1,230 | ||||
Total liabilities and equity | 6,308 | 8,396 | ||||
Press Release FY & Q4 2006 | Page 13 of 18 |
![]() | Additional information |
Capital expenditure on property, plant and equipment and other intangible assets
Q4 2006 | Q4 2005 | FY 2006 | FY 2005 | |||||||
€ mil | € mil | € mil | € mil | |||||||
Express | 178 | 71 | 392 | 194 | ||||||
35 | 36 | 121 | 102 | |||||||
Non-allocated | 3 | 4 | 7 | 14 | ||||||
Total | 216 | 111 | 520 | 310 | ||||||
Capital expenditure includes financial leases, which are non-cash transactions. |
Movement in equity attributable to the equity holders of the parent
Q4 2006 | Q4 2005 | FY 2006 | FY 2005 | |||||||
€ mil | € mil | € mil | € mil | |||||||
Opening balance | 2,636 | 3,354 | 3,262 | 3,057 | ||||||
Profit/(loss) attributable to the shareholders | 189 | 108 | 670 | 659 | ||||||
Foreign exchange effects and other | 14 | (4 | ) | (1 | ) | 19 | ||||
Repurchases of shares | (887 | ) | (231 | ) | (1,736 | ) | (231 | ) | ||
Other reserves | 31 | 35 | 70 | 26 | ||||||
Cash dividend | 0 | 0 | (282 | ) | (268 | ) | ||||
Closing balance | 1,983 | 3,262 | 1,983 | 3,262 | ||||||
Net debt* | ||||||||||
31 Dec | 31 Dec | |||||||||
2006 | 2005 | |||||||||
€ mil | € mil | |||||||||
Short term debt | 383 | 213 | ||||||||
Long term debt | 1,183 | 1,071 | ||||||||
Total interest bearing debt | 1,566 | 1,284 | ||||||||
Cash and other interest bearing assets | (298 | ) | (559 | ) | ||||||
Net debt | 1,268 | 725 | ||||||||
* | Net debt does not include adjustments for operating leases and pension liabilities that are incorporated in the definition of total net debt used for credit rating purposes. |
2005 figures have been adjusted for comparative purposes. |
Working daycount 2005-2007
Q1 | Q2 | Q3 | Q4 | Total | ||||||||
Express | ||||||||||||
2005 | 62 | 63 | 64 | 64 | 253 | |||||||
2006 | 64 | 60 | 64 | 63 | 251 | |||||||
2007 | 64 | 60 | 64 | 63 | 251 | |||||||
2005 | 64 | 63 | 65 | 64 | 256 | |||||||
2006 | 65 | 62 | 65 | 63 | 255 | |||||||
2007 | 64 | 61 | 65 | 63 | 253 | |||||||
Press Release FY & Q4 2006 | Page 14 of 18 |
![]() | US GAAP Reconciliation |
Reconciliation of Profit
FY 2006 | FY 2005 | ||||
€ mil | € mil | ||||
Profit attributable to the shareholders under IFRS | 670 | 659 | |||
Adjustments for: | |||||
Employee benefits | 4 | (16 | ) | ||
Depreciation and amortisation related to our discontinued business | (60 | ) | (8 | ) | |
Impact of US GAAP differences on sale of logistics business | 31 | 0 | |||
Other | 0 | (11 | ) | ||
Tax effect of adjustments | 12 | 8 | |||
Profit attributable to the shareholders under US GAAP | 657 | 632 | |||
of which related to discontinued operations | (173 | ) | (131 | ) | |
of which related to continued operations (including minority interests) | 830 | 763 | |||
Profit per ordinary share /ADS under US GAAP*(in € cents) | 156.2 | 139.1 | |||
Profit per diluted ordinary share /ADS under US GAAP**(in € cents) | 155.0 | 138.5 | |||
* | Based on an average number of 420.7 million ordinary shares, including ADS (2005: 454.4 million). |
** | Based on an average number of 423.9 million diluted ordinary shares, including ADS (2005: 456.4 million). |
Reconciliation of Equity*
31Dec | 31Dec | ||||
2006 | 2005 | ||||
€ mil | € mil | ||||
Total equity | 2,008 | 3,279 | |||
Minority interest | (25 | ) | (17 | ) | |
Equity for the equity holders of the parent under IFRS | 1,983 | 3,262 | |||
Adjustments for: | |||||
Employee benefits | (5 | 18 | |||
Other long lived intangible assets | 147 | 43 | |||
Other intangible assets amortisation | (7 | ) | (10 | ) | |
Pension liability | (539 | ) | (587 | ) | |
Depreciation and amortisation related to our discontinued logistics business | 0 | (8 | ) | ||
Other | (1 | ) | (6 | ) | |
Deferred taxes on adjustments | (7 | ) | 45 | ||
Equity for the equity holders of the parent under US GAAP | 1,571 | 2,757 | |||
* | As at 31 December 2006 the minimum pension liability is no longer recorded as a consequence of the adoption of FAS 158. In 2006 the pension liability was increased by € 500 million (net of tax) due to the adoption of this pronouncement. |
The impact of FAS 158 within equity was offset by an overall reduction in the pension liability, primarily due to an increase in the discount rate from 4.3% to 4.7% . The comparative figures have not been adjusted for this. | |
2005 figures have been adjusted for comparative purposes. |
Press Release FY & Q4 2006 | Page 15 of 18 |
![]() | Financial Calendar |
Friday | 20 April, 2007 | Annual General Meeting |
Tuesday | 24 April, 2007 | Ex-final dividend date |
Wednesday | 2 May, 2007 | Payment of final dividend |
Thursday | 3 May, 2007 | Publication of 2007 first quarter results |
Monday | 30 July, 2007 | Publication of 2007 second quarter results |
Monday | 29 October, 2007 | Publication of 2007 third quarter results |
Press Release FY & Q4 2006 | Page 16 of 18 |
![]() | Contact Information |
Additional information available at http://group.tnt.com | |
Mike Richardson | |
Director Investor Relations | |
Phone | +31 20 500 62 41 |
Fax | +31 20 500 7515 |
mike.richardson@tnt.com | |
David van Hoytema | |
Manager Investor Relations | |
Phone | +31 20 500 65 97 |
Fax | +31 20 500 7515 |
david.van.hoytema@tnt.com | |
Sabine Post – de Jong | |
Manager Investor Relations | |
Phone | +31 20 500 6242 |
Fax | +31 20 500 7515 |
sabine.post@tnt.com | |
Pieter Schaffels | |
Director Media Relations | |
Phone | +31 20 500 6171 |
Fax | +31 20 500 7520 |
pieter.schaffels@tnt.com | |
Daphne Andriesse | |
Senior Press Officer Media Relations | |
Phone | +31 20 500 6224 |
Fax | +31 20 500 7520 |
daphne.andriesse@tnt.com | |
Cyrille Gibot | |
Senior Press Officer Media Relations | |
Tel. | +31 20 500 6223 |
Fax | +31 20 500 7520 |
cyrille.gibot@tnt.com | |
Published by: | |
TNT N.V. | |
Neptunusstraat 41-63 | |
2132 JA Hoofddorp | |
P.O. Box 13000 | |
1100 KG Amsterdam | |
Phone | +31 20 500 6000 |
Fax | +31 20 500 7000 |
investorrelations@tnt.com | |
Internet | www.tnt.com/group |
Press Release FY & Q4 2006 | Page 17 of 18 |
![]() | Warning about forward-looking statements |
Some statements in this press release are “forward-looking statements” within the meaning of U.S. federal securities laws. We intend that these statements be covered by the safe harbors created under these laws. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. In addition to the assumptions specifically mentioned in this press release, important factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, the results and the timing of the conclusion of our tax investigations and our discussions or disagreements with other tax authorities and the other factors discussed in our annual report on Form 20-F and our other reports filed with the US Securities and Exchange Commission. Given these uncertainties, no assurance can be given as to our future results and achievements. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this press release and are neither predictions nor guarantees of future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Press Release FY & Q4 2006 | Page 18 of 18 |
26 February 2007
Mary Harris nominated as new member of Supervisory Board of TNT - René Dahan, Victor Halberstadt and Wim Kok nominated for re-appointment as members of Supervisory Board
TNT N.V. today announced that the Supervisory Board will propose to the Annual General Meeting of Shareholders on 20 April 2007 (AGM) to appoint Mrs. M. (Mary) Harris (1966) as new member of the Supervisory Board.
Mrs. Harris (British) worked at the beginning of her career at a media venture capital firm. Subsequently she worked at Pepsi Beverages and Goldman Sachs, and most recently was a partner at McKinsey & Company in Amsterdam. She has extensive international experience having worked in London, China and South East Asia.
Mr. Hommen, Chairman of the Supervisory Board, said: “I am delighted that Mary Harris is nominated to be appointed as new member of the Supervisory Board. Her 20 years of experience in multinational businesses will be of great value to TNT. With her nomination we will also make further steps to a more diversified composition of the Supervisory Board.”
Messrs. Dahan and Kok, members of the Supervisory Board since 2003, and Mr. Halberstadt, a member of the Supervisory Board since 1998, have been nominated to be re-appointed.
Mr. J.M.T. Cochrane, a member of the Supervisory Board since 1998 and vice-chairman since November 2001, will resign as per 31 July 2007. The Supervisory Board is grateful for his advice and wisdom and his dedication over the years.
TNT N.V.
TNT provides businesses and consumers worldwide with an extensive range of services for their mail and express delivery needs. Headquartered in the Netherlands, TNT offers efficient network infrastructures in Europe and Asia and is expanding operations worldwide to maximize its network performance. TNT serves more than 200 countries and employs around 127,000 people. In the first nine months of 2006, TNT reported € 7.3 billion in revenues and € 921 million EBIT from continuing operations. TNT N.V. is publicly listed on the stock exchanges of Amsterdam and New York. TNT recognizes its social responsibility, and has formed partnerships with the United Nations World Food Programme and the United Nations Environmental Programme to fight hunger and pollution in the world. More information about TNT can be found on its websitehttp://group.tnt.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TNT N.V. | |
By: /s/ Pieter Schaffels | |
Name: Pieter Schaffels | |
Title: Group Media Relations Director |
Date:26 February 2007