April 23, 2014: Norbert Dentressangle reports sustained business volumes in the 1st quarter of 2014, with revenues of €1,078 million compared with €949 million in the 1st quarter of 2013, i.e. an increase of 13.6%, and of 5.5% at like for like and constant exchange rate.

Hervé Montjotin, Chairman of the Executive Board, made the following comments on the Group's first quarter 2014 performance: "The growth recorded by Norbert Dentressangle illustrates robust momentum across all its business areas, Transport, Logistics, and Freight Forwarding, primarily driven by sustained sales growth and a few targeted acquisitions. This growth is in line with the company's development model, which is based on both boosting its commercial positions and increasing its market share, and on an active external growth strategy. The performance in the first t quarter enables us to be confident about the outlook for the year in terms of business volumes".

Norbert Dentressangle's consolidated revenues amounted to €1,078 million in the first quarter of 2014, an increase of 13.6% compared with the same period last year. Like-for-like growth was 5.5%.The percentage of revenues generated outside France amounted to 61% of the Group's total business volumes.

Performance by division

With revenues of €527 million in the first quarter of 2014, or an increase of 5.5% over the same period in 2013 on a reported basis, and of 4.1% on a like-for-like basis, Transport confirmed the recovery in business volume growth observed in the last quarter of 2013, which reflects a more positive trend in the European business environment. Norbert Dentressangle seized the opportunity to consolidate its position on the United Kingdom bulk tanker transport market via the acquisition of Hopkinson, which generates annual revenues of £4 million.

Buoyed by the growth that it had experienced in 2013, Logistics continued to make progress, generating revenues of €522 million over the first quarter of 2014, a reported increase of 19.8% compared with the same period in 2013, and of 8.4% on a like-for-like basis

Freight Forwarding Air & Sea generated revenues of €48 million over the period, i.e. an increase of 47.6% compared with 31 March 2013, primarily as a result of the full-year effect of the operations acquired from Daher. Our ongoing policy of improving profitability on customer contracts in China, , affected organic growth, although the prospect of revenues of over €200 million for the full year was confirmed.

Profitability outlook

Given that the first quarter was in line with expectations, and with the renewed market optimism, Norbert Dentressangle is confident regarding its prospects for 2014.