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TNT improves prior to FedEx takeover

AMSTERDAM: February 16, 2016. TNT Express has reported a 3.5 percent increase in revenue of €6.9 billion for 2015 and a turnaround in operating income from -€86 million to +€38 million year-on-year. The company also reduced its net loss 74.4 percent from -€195 million to -€50 million during the period.

Fourth quarter revenue rose 4.1 percent to €1.86 billion and the operating income of €57 million contrasted with an operating loss of €53 million in Q4 2014. The result coincides with an announcement that a third party has objected to Brazil’s economic regulator approving the TNT/FedEx merger.

TNT Express resultsTex Gunning, TNT’s CEO Tex Gunning said he was “very pleased” with the Q4 results and noted accelerated growth in the company’s international Europe express business as well a 5.1 percent increase in 12-month revenue from its SME target group: “We expect further year-on-year improvements in adjusted operating income in full year 2016. Good progress has also been made towards closing of the FedEx offer to acquire TNT. Pre-integration planning is well on track and we are all looking forward to a bright future with FedEx,” he added.

During the year, TNT invested €309 million to modernize its transport and IT infrastructure, compared to €190 million in the prior year. The company also launched new road and air connections, expanded network coverage and reported an improvement in its on-time delivery performance.

Revenue from its largest business segment - international Europe – rose 4.4 percent in 2015 to €2.86 billion; Asia Middle East and Africa (AMEA) increased 10.6 percent to just over a €1.0 billion; and intra-country revenue (“Domestics”) rose 1.3 percent to €2.58 billion compared to the previous year.

AMEA produced the highest operating income margin of 6.4 percent compared to 5.5 percent the previous year, and was followed by Europe with 2.4 percent – an increase from 1.1 percent in 2014. The “Domestics” margin continued to decline from -0.3 to -0.5 percent during the period.

The company said it expects to achieve structural improvements from this year onwards; continued economic volatility in Brazil; restructuring charges of €10 million in the first quarter; and its acquisition by FedEx to close in the first half of 2016.

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