01
Introduction
TO GUIDE YOUR READING OF THIS DOCUMENT,
PLEASE FIND BELOW A SUMMARY OF EACH CHAPTER’S
CONTENTS.
CHAPTER 1 contains a letter from our CEO Peter Bakker to
his fellow shareholders and all other readers discussing – among
other things – why we at TPG take our work personally.
CHAPTER 2 presents some high-level information on our
company, including a group financial review and prospects.
CHAPTERS 3 THROUGH 5 deal with our mail, express and
logistics divisions, respectively. Each chapter contains a business
overview, the division’s strategy, an operational overview and a
financial overview. Chapter 3 on mail also gives a summary of
the regulatory environment in which our mail business operates.
(More comprehensive information on the regulatory environment
can be found in Chapter 13.)
CHAPTER 6 discusses corporate governance, an area where we
have been very active in 2004. This chapter gives an overview of
our procedures and the checks and balances that govern the way
we manage our company.
CHAPTER 7 contains the report of our Supervisory Board.
CHAPTER 8 sets out our remuneration report. It comprises our
remuneration policy and the detailed compensation plan for our
Board of Management and Supervisory Board.
CHAPTER 9 deals with corporate social responsibility. Here our
code of business principles, as well as our sustainability policy and
humanitarian efforts, are outlined.
CHAPTER 10 cautions against forward-looking statements and
presents an overview of risk factors concerning our business.
CHAPTER 11 gives some other financial information on the
company, in particular with regard to cash flow, liquidity, capital
resources and critical accounting policies.
CHAPTER 12 holds our financial statements and other
information as required by article 392, part 9, book 2 of the
Dutch Civil Code.
CHAPTER 13 deals with our regulatory environment.
CHAPTER 14 contains various pieces of additional information,
including our relationship with the State of the Netherlands and a
description of the rights attached to our shares.
CHAPTER 15 provides information of interest to our shareholders, including with respect to the performance of our
shares.
FINALLY, CHAPTER 16 contains a cross-reference table
specifying where the various items required by Form 20-F can be
found in this document.