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Combined financial statements

Combined statement of financial position

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At 31 DecemberNotes2010 variance % 2009
Assets            
Non-current assets            
Intangible assets (1)          
Goodwill   1,703       1,646
Other intangible assets   189       207
Total   1,892   2.1   1,853
Property, plant and equipment (2)          
Land and buildings   453       452
Plant and equipment   245       213
Aircraft   259       280
Other   108       119
Construction in progress   24       13
Total   1,089   1.1   1,077
Financial fixed assets (3)          
Investments in associates   42       58
Other loans receivable   3       3
Deferred tax assets (22) 230       204
Other financial fixed assets   19       20
Total   294   3.2   285
Pension assets (10) 6       4
Total non-current assets   3,281   1.9   3,219
Current assets            
Inventory (4) 15       13
Trade accounts receivable (5) 1,075       953
Accounts receivable (5) 166       183
Income tax receivable (22) 26       33
Prepayments and accrued income (6) 157       130
Cash and cash equivalents (7) 807       830
Total current assets   2,246   4.9   2,142
Assets classified as held for sale (8) 4       10
Total assets   5,531   3.0   5,371
             
Liabilities and net investment            
Net investment (9)          
Equity of entities contributed in kind   2,994       2,751
Non-controlling interests   8       3
Total   3,002   9.0   2,754
Non-current liabilities            
Deferred tax liabilities (22) 35       52
Provisions for pension liabilities (10) 49       53
Other provisions (11) 77       69
Long term debt (12) 301       348
Accrued liabilities   6       53
Total   468   (18.6)   575
Current liabilities            
Trade accounts payable   414       316
Other provisions (11) 91       84
Other current liabilities (13) 845       984
Income tax payable (22) 31       26
Accrued current liabilities (14) 680       632
Total   2,061   0.9   2,042
Total liabilities and net investment   5,531   3.0   5,371
(in € millions, except percentages)

The accompanying notes form an integral part of the financial statements.

Combined income statement

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Year ended at 31 DecemberNotes2010 variance % 2009
Net sales (15) 6,945       6,109
Other operating revenues (16) 108       99
Total revenues   7,053   13.6   6,208
Other income (17) 12       -
Cost of materials   (401)       (290)
Work contracted out and other external expenses   (3,650)       (3,157)
Salaries and social security contributions (18) (2,190)       (2,007)
Depreciation, amortisation and impairments (19) (209)       (237)
Other operating expenses (20) (435)       (456)
Total operating expenses   (6,885)   (12.0)   (6,147)
Operating income   180   195.1   61
Interest and similar income   22       64
Interest and similar expenses   (59)       (77)
Net financial (expense)/income (1) (37)   (184.6)   (13)
Results from investments in associates (3) (17)       (13)
Profit before income taxes   126   260.0   35
Income taxes (22) (57)       (43)
Profit/(loss) for the period   69   962.5   (8)
Attributable to:            
Non-controlling interests   3   -   3
Equity holders of the parent   66   700.0   (11)
(in € millions, except percentages and per share data)

The accompanying notes form an integral part of the financial statements.

Combined statement of comprehensive income

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Year ended at 31 December 2010 variance % 2009
Profit/(loss) for the period   69       (8)
Gains/(losses) on cashflow hedges, net of tax   (7)       13
Currency translation adjustment net of tax   105       65
Other comprehensive income for the period   98   25.6   78
Total comprehensive income for the period   167   138.6   70
Attributable to:            
Non-controlling interests   3       3
Equity of entities contributed in kind   164   144.8   67
(in € millions, except percentages)

The charges set out above are not necessarily representative of those that would be incurred by Express under separate ownership.

Earnings per share information has not been presented as Express, prior to the demerger, does not have a defined capital structure yet, that is consistent across all of its constituent businesses.

The 2010 tax impact on the cash flow hedges included in our continued operations is €3 million (2009: -7). The 2010 tax impact on the cash flow hedges included in our discontinued operations is €-1 million (2009: 6). There is no tax impact on the currency translation adjustment.

Combined statement of cash flows

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Year ended at 31 DecemberNotes2010 variance % 2009
Profit before income taxes   126       35
Adjustments for:            
Depreciation, amortisation and impairments   209       237
Share based payments   14       13
Investment income:            
(Profit)/loss of assets held for sale (8) (9)       3
Interest and similar income   (22)       (64)
Foreign exchange (gains) and losses   4       7
Interest and similar expenses   55       70
Results from investments in associates   17       13
Changes in provisions:            
Pension liabilities   (6)       (3)
Other provisions   (1)       (23)
Changes in working capital:            
Inventory   (1)       2
Trade accounts receivable   (76)       10
Accounts receivable   21       (56)
Other current assets   (30)       19
Trade accounts payable   58       66
Other current liabilities excluding short term financing and taxes   (3)       87
Cash generated from operations   356   (14.4)   416
Interest paid   (39)       (66)
Income taxes received/(paid)   (76)       (34)
Net cash from operating activities (23) 241   (23.7)   316
Interest received   13       22
Acquisition of subsidiairies and joint ventures (net of cash)   (23)       (62)
Investments in associates   (8)       (15)
Disposal of associates   8        
Capital expenditure on intangible assets   (50)       (36)
Disposal of intangible assets   2       1
Capital expenditure on property, plant and equipment   (121)       (120)
Proceeds from sale of property, plant and equipment   26       26
Other changes in (financial) fixed assets   2       (1)
Changes in non-controlling interests   1       -
Net cash used in investing activities (24) (150)   18.9   (185)
Proceeds from long term borrowings   5       24
Repayments of long term borrowings   (19)       (9)
Proceeds from short term borrowings   9       32
Repayments of short term borrowings   (51)       (377)
Repayments of finance leases   (24)       (21)
Financing related to TNT   (41)       612
Net cash used in financing activities (25) (121)   (146.4)   261
Total changes in cash   (30)       392
(in € millions, except percentages)

The accompanying notes form an integral part of the financial statements.

Combined statement of changes in net investment

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Year ended at 31 DecemberNet investment Translation reserve Hedging reserve Equity of enitities contributed in kind Non-controlling interests Total net investment
Balance at 31 December 2008 4,615   (219)   (28)   4,368   1   4,369
Total comprehensive income (11)   65   13   67   3   70
Captial contributions/reductions 723           723       723
Dividends (2,664)           (2,664)       (2,664)
Other 257           257   (1)   256
Total movement in TNT N.V. investments (1,684)   0   0   (1,684)   (1)   (1,685)
Balance at 31 December 2009 2,920   (154)   (15)   2,751   3   2,754
Total comprehensive income 66   105   (7)   164   3   167
Captial contributions/reductions 96           96       96
Other (17)           (17)   2   (15)
Total movement in TNT N.V. investments 79   0   0   79   2   81
Balance at 31 December 2010 3,065   (49)   (22)   2,994   8   3,002
(in € millions)

See the accompanying note 9 for further details regarding changes in net investment.

The capital structure set out above is not necessarily representative of the capital structure of Express under separate ownership.

The line ‘other’ reflects the consideration paid for acquired investments of TNT which have been assigned to Express.

Notes to the combined financial statements