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Operating environment and business performance in 2009

Net assets and financial position group

Overview

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  2009 variance %   2008
Balance sheets        
Non-current assets 4,879 3.2   4,730
Current assets 2,789 14.8   2,430
Assets classified as held for sale 27 8.0   25
Total assets 7,695 7.1   7,185
Equity 2,080 18.4   1,757
Non-current liabilities 2,778 0.8   2,756
Current liabilities 2,837 6.2   2,672
Total liabilities and equity 7,695 7.1   7,185
Net return on equity1 (%) 13.5     31.6
Equity as % of total liabilities and equity 27.0     24.5
         
Cash flow statements        
Net cash from operating activities 1,016 10.1   923
Net cash used in investing activities (256) 0.4   (257)
Net cash used in financing activities (348) 24.0   (458)
Changes in cash and cash equivalents from continuing operations 412 98.1   208
(in millions, except percentages)
1 -
The profit attributable to the shareholders as a percentage of the total equity.

Off-balance sheet items

TNT has no off-balance arrangements other than those disclosed in note 27 of the consolidated financial statements of TNT N.V. Cash and cash equivalents totalled €910 million at 31 December 2009 (2008: 497).

Cash flow data

Liquidity and capital resources

TNT's capital resources include funds provided by TNT's operating activities and capital raised in the financial markets.

The following table provides a summary of cash flows from continuing operations.

Summary of cash flows

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Year ended at 31 December 2009 variance % 2008
Cash generated from operations 1,093 (17.8) 1,330
Interest paid (160) 12.1 (182)
Income taxes paid 83 136.9 (225)
Net cash from operating activities 1,016 10.1 923
Net cash for other investing activities 26 (60.0) 65
Net cash used for acquisitions and disposals (77) (327.8) (18)
Net cash used for capital investments and disposals (205) 32.6 (304)
Net cash used in investing activities (256) 0.4 (257)
Net cash used for dividends and other changes in equity (32) 94.9 (631)
Net cash from debt financing activities (316) (282.7) 173
Net cash used in financing activities (348) 24.0 (458)
       
Changes in cash and cash equivalents 412 98.1 208
(in millions, except percentages)
     

Net cash from operating activities

Net cash from operating activities increased by €93 million from €923 million in 2008 to €1,016 million in 2009, which is amongst others due to significantly lower tax payments in 2009 and a strong working capital control offsetting lower earnings.

Cash generated from operations decreased by €237 million due to a lower profit before tax adjusted for non-cash movements of €241 million, partially compensated by an improvement of working capital. In 2009, the net working capital improved with €251 million (2008: 132).

The total cash outflow for interest paid in 2009 is €160 million. In 2009 interest paid mainly includes interest on TNT's long term borrowings of €107 million, interest payments of €48 million relating to short term debt, realised interest on foreign currency hedges of €19 million.

Cash flow for income taxes was positive, mainly due to a preliminary tax refund of €175 million received from the Dutch tax authorities and to lower preliminary tax payments in several countries.

Net cash used in investing activities

The total net cash used in investing activities amounts to -€256 million (2008: -257).

Net cash used for other investment activities mainly relates to interest received (€29 million).

Net cash used for acquisitions and disposals of €77 million mainly relates to acquisitions of Expresso Araçatuba and LIT Cargo in the Express division.

Net cash used for capital investments and disposals relates to capital expenditures on property, plant and equipment of €193 million (2008: 271) and intangible assets of €62 million (2008: 74) and proceeds obtained from the sale of buildings and equipment in 2009 of €48 million (2008: 40). The net expenditures on property, plant and equipment relate mainly to investments in depots, fleet replacements and investments in TNT's network.

Net cash used in financing activities

In 2009, dividends of €34 million (2008: 324) was paid as an interim cash dividend over 2009. The net cash from debt financing activities amounted to €314 million and mainly relates to the repayments on short term borrowings of €377 million.

Information on capital expenditures and proceeds

Capital expenditures and proceeds Year ended at 31 December

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  2009 variance % 2008
Property, plant and equipment 193 (28.8) 271
Other intangible assets 62 (16.2) 74
       
Cash out 255 (26.1) 345
       
Proceeds from sale of property, plant and equipment 48 20.0 40
Disposals of other intangible assets 2 100.0 1
       
Cash in 50 22.0 41
       
Netted total 205 (32.6) 304
(in millions)
     

Capital expenditures projection for 2010

The total projected 2010 capital expenditures on property, plant and equipment and other intangible assets for TNT's divisions is estimated to be around €400 million. This capital expenditure is expected to be spent on similar types of property, plant and equipment and other intangible assets as in 2009. TNT believes that the net cash provided by its operating activities will be sufficient to fund these capital expenditures.

Free cash flow and net debt

The Free Cash Flow of the group, as defined in Company strategy and general business context, amounts to €840 million (2008: 683). Of the €840 million, an amount of €34 million was distributed as 2009 interim cash dividend.

The 2009 free cash flow was positively impacted by taxes received of €83 million (2008: taxes paid €225 million) and lower capital expenditures of €100 million compared to 2008.

The net debt, defined as total interest bearing debt (long and short term) minus cash and other interest bearing assets per the end of the year, amounts to €1,106 million (2008: 1,744).

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