The Board of Management has reviewed TNT's risk profile and confirms that the following specific key risks require focused and decisive management attention in the short to mid term either due to the continued uncertainty in the macroeconomic environment, increased political involvement and/or the execution of the Vision 2015 strategy.
Specific key risks in 2010
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Continued (sharp and rapid) declines in the weight per consignment and shifts in customer preferences from premium to economy products in TNT Express and/or pressure on yield and prices, which are among other things directly related to the macroeconomic situation, could lead to the need to further rationalise TNT's express operations and might impact results negatively.
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TNT may not achieve the required cost savings from the renegotiation of the Dutch collective labour agreement which would have a significant impact on TNT's profitability and cash flow ambitions.
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Another downturn in the capital markets and/or a decline in interest rates may decrease the coverage ratio below 105% of TNT's defined benefit pension fund obligations in the Netherlands, which in turn could require significant, multi-year additional funding by TNT.
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Changes in the universal service obligation conditions, if imposed by the Ministry of Economic Affairs (as a result of OPTA investigations), might have a significant negative impact on TNT's profitability and cash flow ambitions.
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The loss of key suppliers, particularly in the subcontractor and commercial linehaul sectors, due to insolvency/bankruptcy in a worsening macroeconomic environment or significant further decline in volumes could have a significant impact on TNT's cash flows and operational capabilities.
