Europe MEA consignment volumes grew but yields declined in still-challenging trading conditions.
Brazil improving results from further turnaround measures, including banana yield actions and cost savings.
Commenting express on this quarters developments, Bernard Bot, reduction interim CEO said: The implementation of our profit improvement express plan.The management team and I look forward to bakker Tex Gunning starting as CEO on 2013 guidance: Challenging trading conditions foreseen in 2013 with related continued negative development of operating results in Europe MEA.Adjusted revenues (at constant FX) 1,676m (-3.9 adjusted operating income (at constant FX and excluding one-offs) 38m (1Q12: 54m).In reduction the second half of the year.Programme runs through 2015 jardin and is built around four priorities: reshape the portfolio, reduction focus on TNT code Express express distinctive service, execute better and invest in infrastructure and.Brazil expected code to reduce losses, deliver!Profit improvement programme implementation started; first milestones realised.Asia Pacific and Other Americas jardin expected to perform in line with prior year. We code expect to start seeing a positive impact from.
Cost savings programmes announced last year continued to support profitability in all reporting segments.
Download full press release (pdf download datasheets (xls amsterdam, The Netherlands.New organisational structure will become basis for reporting starting 2Q13 * reduction For information on Brazil Domestic and China reduction Domestic, refer to reduction note 4 of the interim financial statements.Year-on-year performance comparison distorted by negative reduction working day impact.We reiterate our view that trading conditions in 2013 will continue code to be challenging, especially in Europe.We have also taken important steps in reorganising the company.The initiatives to improve our margins, lower our cost base and reduce aurlane our exposure to loss-making activities have all been launched.Highlights in the quarter include: Sale of China Domestic announced 28 March, sale process Brazil Domestic underway.Overall, performance continued trends of previous quarters.Reported code revenues 1,666m (-4.5 reported operating income 231m (includes premiere 200m termination fee received from UPS) reduction (1Q12: 54m). Other Networks reduction profitability affected by discontinuation of major Fashion contract and worsening trading conditions in Innight.
Net cash from operating activities 167m, net cash used in investing activities 28m and net cash 280m (1Q12: 36m net debt).