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TNT Q3 Results: Sharp Focus On Cost And Cash Continues To Pay Off - November 2, 2009
[Press Release.]
Highlights:

Group
" Cash flow remains strong; full-year cost-savings targets reaffirmed
" Profit from continuing operations 102 million euro, 10% blow Q3 2008
Express
" Quarter-on-quarter improvement in Express volumes and weight per consignment
" Continuing success in achieving cost savings: 128 million euro in Q3 2009, 368 million euro year to date
" Underlying operating income of 77 million euros (99 million euros in Q3 2008)
Mail
" Addressed mail volume decline in the Netherlands 4.8% i line with trend
" Strong Master plan savings of 24 million euros in the quarter
" Operating income in line with Q3 2008
CEO Peter Bakker comments: In this quarter the trading environment has stabilised further with some early signs of positive underlying developments. With Q3 being the low volume season, the EBIT of both our divisions is at a satisfactory level.
The rate of decline of Express volumes has modestly improved. In particular, the average weight per consignment developed positively for the first time in a year, while price pressure remained. At the same time, our people continue to deliver on cost.
Mail achieved a solid result helped by strong Master plan savings in the quarter. Discussions with our unions to find ways of achieving necessary cost savings are ongoing.
TNT is optimally positioned to take advantage of a possible economic upturn but also needs to be prepared for continued harsh economic conditions and therefore remains focused on achieving its aggressive cost and cash control targets.