TNT NV reported announced consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported operating income of 128 million, including one-off charges mainly non cash of 191 million, compared to 160 million in fourth quarter of 2008. The company reported underlying operating income at 322 million improves for the first time since second quarter of 2008, year-on-year. The company reported net cash from operating activities strong at 352 million compared to 354 million for the same period last year. Net cash from operating activities decreased slightly, this is on balance due to lower interest 26 million and tax payments 14 million offset by lower cash earnings and provision expenditures. The company reported profit attributable to shareholders of 25 million, EBITDA of 361 million on revenues of 2,947 million compared to profit attributable to shareholders of 59 million, EBITDA of 293 million on revenues of 2,933 million for the same period last year. The decrease of operating income and profit attributable were impacted by significant one-offs and impairments. On underlying basis, the company reported profit attributable to shareholders of 163 million, EBITDA of 410 million, operating income of 322 million on revenues of 2,954 million compared to profit attributable to shareholders of 223 million, EBITDA of 408 million, operating income of 312 million on revenues of 2,933 million for the same period last year. Net debt decreased from approximately 1.4 billion at the end of third quarter of 2009 to approximately 1.1 billion. Net debt decreased by 263 million due to net payments on borrowings of 173 million and an increase in cash of 110 million being partially offset by various non-cash debt increases of 20 million. The company reported profit before income taxes of 78 million on net sales of 2,918 million compared to profit before income taxes of 96 million on net sales of 2,890 million for the same period last year. The company reported capital expenditure on intangible assets of 23 million and property, plant and equipment of 19 million compared to capital expenditure on intangible assets of 63 million and property, plant and equipment of 79 million for the same period last year. The company reported net capital expenditure of 71 million compared to 90 million for the same period last year. For the full year, the company reported operating income 648 million, including one-off charges mainly non cash of 222 million, compared to 982 million in full year of 2008. The company reported underlying operating income 896 million compared to 1,141 million in 2008. The company reported net cash from operating activities at 1,016 million compared to 923 million for the same period last year and net debt reduced by 638 million to 1,106 million. The company reported EBITDA of 1,137 million, profit attributable to the shareholders of 281 million or earnings per share of 76.7 cents on the revenues of 10,402 million compared to EBITDA of 1,381 million, profit attributable to the shareholders of 556 million or earnings per share of 152.9 cents on the revenues of 11,152 million for the same period last year. On underlying basis, the company reported EBITDA of 1,241 million, profit attributable to the shareholders of 465 million or earnings per share of 126.9 cents on the revenues of 10,566 million compared to EBITDA of 1,496 million, profit attributable to the shareholders of 725 million or earnings per share of 199.4 cents on the revenues of 11,152 million for the same period last year. Over 2009, the group reported revenues decreased by 6.7%, and EBIT decreased by 34.0%, mainly as a result of the various one-offs and impairments. The company reported profit before income taxes of 468 million on net sales of 10,278 million compared to profit before income taxes of 802 million on net sales of 10,983 million for the same period last year. The company reported capital expenditure on intangible assets of 62 million and property, plant and equipment of 193 million compared to capital expenditure on intangible assets of 74 million and property, plant and equipment of 271 million for the same period last year. The company proposed total distribution to shareholders of 0.53 per share, pay-out ratio of ~40% of normalized net income by 0.18 already paid by way of interim dividend, optional in cash or shares and 0.35 as final dividend, optional in cash or shares. The ex-dividend date will be April 12, 2010, the record date April 14, 2010 and the dividend will be payable as from April 29, 2010. For the fiscal 2010, the company sees early signs of a somewhat improving trend in the economy, but remains cautious on a continuation of the economic recovery. Express volumes, revenues and results are expected to be above 2009 levels. Mail volumes and results are expected to be below 2009 levels. A continuous focus on cost and cash remains essential. The company expects the capital expenditure around 400 million for the fiscal 2010. The company announced the underlying figures over 2009 are at constant currency and exclude the impact of restructuring and impairment charges in Express of 21 million and Mail of 170 million for the fourth quarter of 2009. The underlying figures over 2008 exclude the impact of restructuring and impairment charges Express of 70 million and Mail of 82 million for the fourth quarter of 2008.

The CEO of TNT NV, Peter Bakker was cited as saying in the Dutch media on February 22 that the company is looking at reviewing all alternatives for its mail units in Italy, Germany and the UK in the next months. No possible conclusion could be ruled out, according to Bakker, who said if the company is satisfied with the risks in each of the units it would retain it but otherwise some of the foreign mail operations might be divested.

TNT NV announced on December 4, 2009 that it is willing to sell various mail units in Europe in the coming years. The group decided, thus, to focus in the coming years on its Express division and the Dutch mail activities. It will remain active in countries where it has a good mail network, including Belgium and Germany.