Tpg Inc. · NASDAQ:TPG
Tpg — H1 2001 Earnings Presentation
35 slides from Tpg's earnings presentation, Aug 9, 2001
Slide 1: 2001 First Half Results
2001 First Half Results 9 August 2001
Slide 2: Agenda
Agenda ò Overview Ad Scheepbouwer ò Detailed Financial Review Peter Bakker ò Q&A Page 2 9 August, 2001
Slide 3: Strong Half Year
Strong Half Year H1 2001 H1 2000 € mln € mln Growth Revenues 5,563 4,687 18.7% EBITA 620 452 37.2% EBIT 552 411 34.3% Net income 319 249 28.1% EPS* 0.67 0.52 28.8% Cash EPS* 0.81 0.61 32.8% * Based on average amount of 478,928,401 ordinary shares (incl. ADS) Page 3 9 August, 2001
Slide 4: Solid Financial Performance
Solid Financial Performance ò Net Income growth of 28.1% ò Underlying Net Income growth of 22.2% ò Revenue growth of 18.7% ò Growth in Earnings from Operations of 19.6% ò Increased margins in all three businesses ò Restatement and one-off income effects impact comparison to 2000 ò Value Based Manage
Slide 5: Impressive Business Performance
Impressive Business Performance ò Excellent Mail performance ò Continued positive yield in Express ò Strong organic growth in Logistics Page 5 9 August, 2001
Slide 6: Systematic Strategic Progress
Systematic Strategic Progress ò Sale of old Amsterdam sorting centre Jan 31 ò Sale of 43% stake in Mail2000 Feb 2 ò 20% stake in Albateam (CAT) Mar 27 ò Acquisition of CD Marketing Services in UK May 4 ò Acquisition of ALS in Italy May 11 ò Acquisition of Lason UK Group completed May 18 ò Sale of Fr
Slide 7: Mail
Page 7 9 August, 2001
Slide 8: Excellent Performance
Excellent Performance Cross Border European 17% Networks 7% Data & Document Mail NL Mgmt 72% 4% € mln H1 2001 H1 2000 Revenues 1,873 1,838 1.9% Earnings from operations 397 365 8.8% Operating margin 21.2% 19.9% Page 8 9 August, 2001
Slide 9: Outlook 2001: as planned
Outlook 2001: as planned ò Total revenue growth of 4% to 5% ò Organic revenue growth ± 2% ò Margin ± 20% ò Higher growth in Direct Mail in H2 2001 ò Increased growth from Data & Document Management ò Overall positive volume growth in Mail Netherlands for FY 2001 Page 9 9 August, 2001
Slide 10: Express
Page 10 9 August, 2001
Slide 11: Resilient Performance
Resilient Performance Asia Australia Asia Australia 5% 12% 5% 10% Americas Americas 2% 2% Rest of Rest of World World 2% 1% Europe Europe 81% 80% € mln H1 2001 H1 2000 Revenues 2,060 2,003 2.8% Earnings from operations 73 57 28.1% Page Operating margin 3.5% 2.8% 11 9 August, 2001
Slide 12: Outlook 2001
Outlook 2001 ò Organic revenue growth of 4% to 5% ò Margin 4-5% ò Margin 6% excluding Australia ò H1 2001 levels of volume growth will continue in H2 2001 ò Further yield improvements in H2 2001 Page 12 9 August, 2001
Slide 13: Logistics
Page 13 9 August, 2001
Slide 14: Strong organic growth
Strong organic growth N-America 27% Asia Pacific Asia Pacific N-America 6% 4% 12% Rest of Rest of World World 4% 4% Europe Europe 65% 78% € mln H1 2001 H1 2000 Revenues 1,544 903 71.0% Earnings from operations 85 42 102.4% Operating margin 5.5% 4.7% Page 14 9 August, 2001
Slide 15: Impressive Contract Wins
Impressive Contract Wins € 453 million annualised revenues Top Wins Country Starting Date General Motors USA Jul Rugby Cement UK Jan NHS Logistics Authority UK Jul LandRover UK Apr B&Q UK Feb Ford USA/Brazil Mar Yamaha USA Jul Fiat Italy May CNH Brazil Jul HP Foods UK Apr Pirelli Spain Apr Michelin
Slide 16: Outlook 2001: as planned
Outlook 2001: as planned ò Organic revenue growth of 13 - 15% ò Margin 6% ò Continued focus on potential acquisitions in targeted countries and industry sectors ò North American slowdown continues Page 16 9 August, 2001
Slide 17: Strategic Issues
Strategic Issues § Consolidation update § Liberalisation status § Performance comparison against peers Page 17 9 August, 2001
Slide 18: TPG Outlook 2001 confirmed
TPG Outlook 2001 confirmed ò Net income growth from continued operations of 20% to 25% off a base restated for changes in Dutch accounting rules Page 18 9 August, 2001
Slide 19: Detailed Financial Review
Detailed Financial Review
Slide 20: New Accounting Policies
New Accounting Policies All H1 2000 comparatives have been restated for the impact of the new accounting policies in respect of provisions and pensions. Page 20 9 August, 2001
Slide 21: Strong Half Year
Strong Half Year H1 2001 H1 2000 € mln € mln Growth Revenues 5,563 4,687 18.7% EBITA 620 452 37.2% EBIT 552 411 34.3% Net income 319 249 28.1% EPS* 0.67 0.52 28.8% Cash EPS* 0.81 0.61 32.8% * Based on average amount of 478,928,401 ordinary shares (incl. ADS) Page 21 9 August, 2001
Slide 22: Net Income
Net Income H1 2001 H1 2000 Growth € mln € mln Net Income from continued operations 286 234 22.2% Sale of non-core business 33 15 Net Income 319 249 28.1% Page 22 9 August, 2001
Slide 23: Group Revenues
Group Revenues H1 2001 H1 2000 Ameri- Asia Asia cas Pacific Pacific Europe Ameri- 10% 7% cas 9% Europe 82% 85% 5% Rest of Rest of World World 1% 1% Growth H1 2001 Organic 5.9% Acquisition 13.5% FX (0.7%) Page 23 9 August, 2001
Slide 24: Split by Business
Split by Business Revenues Earnings from Operations 5,563 +18.7% In € mln 4,687 Logistics 1,544 555 +19.6% +71.0% 28.2% 903 19.0% 85 +102.4% 464 15.3% 42 73 9.1% 13.2% +28.1% 57 Express 2,060 +2.8% 2,003 12.3% 37.6% 42.2% 397 365 +8.8% 71.5% 78.6% Mail 1,873 +1.9% 1,838 34.2% 38.8% 1H01 1H00 1H01 1H
Slide 25: Excellent Performance
Excellent Performance Cross Border European 17% Networks 7% Data & Document Mail NL Mgmt 72% 4% € mln H1 2001 H1 2000 Revenues 1,873 1,838 1.9% Earnings from operations 397 365 8.8% Operating margin 21.2% 19.9% Page 25 9 August, 2001
Slide 26: Resilient Performance
Resilient Performance Asia Australia Asia Australia 5% 12% 5% 10% Americas Americas 2% 2% Rest of Rest of World World 2% 1% Europe Europe 81% 80% € mln H1 2001 H1 2000 Revenues 2,060 2,003 2.8% Earnings from operations 73 57 28.1% Page Operating margin 3.5% 2.8% 26 9 August, 2001
Slide 27: Strong organic growth
Strong organic growth N-America 27% Asia Pacific Asia Pacific N-America 6% 4% 12% Rest of Rest of World World 4% 4% Europe Europe 65% 78% € mln H1 2001 H1 2000 Revenues 1,544 903 71.0% Earnings from operations 85 42 102.4% Operating margin 5.5% 4.7% Page 27 9 August, 2001
Slide 28: Statement of Income
Statement of Income H1 2001 H1 2000 Growth € mln € mln Revenues 5,563 4,687 18.7% Salaries and social security (1,909) (1,612) Depreciation (142) (108) Operating expenses (2,957) (2,503) Earnings from operations 555 464 19.6% Exceptional items 65 (12) EBITA 620 452 37.2% Goodwill amortisation (68) (
Slide 29: Statement of Income
Statement of Income H1 2001 H1 2000 Growth € mln € mln EBIT 552 411 34.3% Fin. income & expenses (56) (23) Income taxes (175) (137) Results from affiliates (1) (1) Minorities (1) (1) Net income 319 249 28.1% Effective tax rate 35.3% 35.3% Page 29 9 August, 2001
Slide 30: Net Income growth
Net Income growth adjusted for profit on sale of non-core business 59 286 -27 -33 234 -39 91 z z z z n es ns s s 01 00 st io xe ns ti o co at 20 20 Ta pe tis a g er 1 1 ex rin or H H op e/ Am r cu m m re o co fr - in on gs l N ia in nc rn Ea na Fi Page 30 9 August, 2001
Slide 31: Cash Flow Overview
Cash Flow Overview H1 2001 H1 2000 € mln € mln Net Cash provided by 356 248 operating activities Net Cash used in (324) (40) investing activities Net Cash used (100) (193) in financing activities Net Cash Flow (68) 15 Page 31 9 August, 2001
Slide 32: Key Ratios
Key Ratios Jun. 30 Dec 31 2001 2000 Return on capital employed 14.2% 12.4% Gearing 79.1% 66.2% Solvency 27.8% 26.6% Page 32 9 August, 2001
Slide 33: TPG Outlook 2001
TPG Outlook 2001 Outlook statement for 2001 reconfirmed ò Net income growth from continued operations of 20% to 25% off a base restated for changes in Dutch accounting rules Page 33 9 August, 2001
Slide 34: Dividend
Dividend ò Dividend policy unchanged - pay-out ratio of 30 to 35% expected ò 2001 interim dividend - cash payment of €0.14 per share Page 34 9 August, 2001
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