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Investor relations

Traffic, Shanghai

TPG in figures from 2000
  Year ended at 31 December
  2004 2003 2002 2001 2000 1
Mail 3,900 3,915 4,005 3,896 3,706
Express 2 4,696 4,251 4,175 3,910 4,145
Logistics 2 4,081 3,735 3,610 3,353 2,179
Intercompany / Non-allocated (42) (35) (8) 59 (94)
Total operating revenues 12,635 11,866 11,782 11,218 9,936
Salaries /social security contributions 4,305 4,163 4,027 3,836 3,230
Depreciation, amortisation and impairments 533 711 490 437 343
Other expenses 6,623 6,225 6,207 5,928 5,542
Total operating expenses 11,461 11,099 10,724 10,201 9,115
Total operating income 1,174 767 1,058 1,017 821
as % of total operational revenues 9.3% 6.5% 9.0% 9.1% 8.3%
Net income 667 300 599 585 473
Fixed assets 5,083 5,057 5,573 5,587 5,216
Current Assets 3,199 2,858 2,693 2,867 2,380
Total Assets 8,282 7,915 8,266 8,454 7,596
Group Equity 3 2,784 2,986 2,979 2,613 2,199
Provisions 1,237 817 1,036 1,173 1,311
Long-term liabilities 1,646 1,661 1,661 1,789 577
Short-term liabilities 2,615 2,451 2,590 2,879 3,509
Total liabilities and group equity 3 8,282 7,915 8,266 8,454 7,596
Net cash provided by operating activities 1,000 937 1,032 773 572
Net cash used in investing activities (338) (373) (518) (698) (1,242)
Net cash used by financing activities (500) (436) (598) 125 592
Changes in cash and cash equivalents 162 128 (84) 200 (78)
Interest cover (times) 15.2 8.3 9.8 10.9 13.7
Average total capital 8,099 8,091 8,360 8,025 6,909
Return on average total capital 14.5% 9.5% 12.7% 12.7% 11.9%
Return on Assets 14.2% 9.7% 12.8% 12.0% 10.8%
Net return on Equity 3 24.0% 10.0% 20.1% 22.4% 21.5%
Gearing at year end 3 23.6% 26.4% 32.0% 39.8% 37.7%
Capital expenditure on PPE 290 287 398 454 388
Capital expenditures on major fixed assets as % of turnover 2.8% 3.0% 4.0% 4.3% 3.9%
Capital expenditure on investments as % of turnover 1.8% 0.6% 1.2% 2.9% -0.3%
Cash conversion efficiency 7.9% 7.9% 8.8% 6.9% 5.8%
Number of ordinary shares on diluted basis (in millions) 474.0 475.4 475.0 475.1 477.3
Net income per diluted ordinary share (€) 1.41 0.63 1.26 1.23 0.99
Total shareholder return (%) 10.6 23.5 (35.3) (4.3) (8.2)

(in € millions, unless otherwise stated)

  1. Restated to reflect the impact of the changes in accounting principles in 2001.
  2. Restated to reflect the impact of the transfer of Innight services from express to logistics.
  3. Per 1 January 2003 dividends proposed, but not yet declared, are to be presented as a component of equity instead of a liability. The prior year balances are adjusted for comparison purposes.

TPG Annual Report 2004 | top 190

Glossary of terms

Average total capital

The averaged sum of the total assets of two consecutive years.

Cash conversion efficiency

Net cash provided by operating activities as a percentage of total operating revenues.

Gearing at year end

The net debt as percentage of total group equity plus net debt.

Interest cover (times)

Total operating income divided by net financial (expenses)/ income.

Net return on equity

The net income as percentage of the total group equity.

Return on assets

The total operating income as a percentage of the total assets.

Return on average total capital

The total operating income as percentage of the average total capital.

Capital expenditures on major fixed assets as % of turnover

The capital expenditures on property, plant and equipment and other intangibles as percentage of the total operating revenues.

Capital expenditures on investments as % of turnover

The capital expenditures on acquisitions of new or stake increase in existing group and or affiliated companies as percentage of the total operating revenues.

Total shareholder return (source: Bloomberg Professional)

The total share price appreciation (or depreciation) plus return on reinvestment of gross dividend

TPG Annual Report 2004 | top 191