Financials

Mail

• Liberalisation. The pace at which mail markets deregulate can influence our growth. In the Netherlands, competition is increasing its volumes on the back of liberalisation. We expect to have lost around 30% of Dutch addressed mail volume between 2000 and 2012. However, in our European business, liberalisation will be a key driver for growth. We expect to grow 18% CAGR until 2012 in our European Mail Networks business.
• GDP. GDP growth has a positive correlation with especially our Direct Mail business, which includes a lot of advertising mail.
• Substitution. This is the replacement of mail by other media such as internet, e-mail, radio and television.    

Express

• Global GDP and trade growth.
• New markets. We are expanding in Asia and other emerging markets (e.g. acquisition of Speedage in India, Mercurio in Brazil and Hoau in China). Our primary focus is road based Express in these countries.
• Market share gains. We believe we can gain market share from other players in Europe. Compared to the US, Europe is still more fragmented market, which benefits larger players from a market share potential perspective. In Asia (road express), markets are scattered. We play a leading role in the development of Express there.
• New products and special services. Product innovation and special services form an integral part of our strategy, and will be important contributors to growth.
• Customer service. We see this as a key differential in growing our business.
• Acquisitions. We could fill white spots with acquisitions (e.g. TG+ in Spain in January 2006). We also might acquire companies to fulfil our Focus strategy.