Norbert Dentressangle Announces First Half Revenues

In the first half of 2011, Norbert Dentressangle’s consolidated revenue totalled €1706 million, up 21.9% on a published basis versus H1 2010. The performance resulted from the consolidation of TDG in company's financial statements, effective 1 April 2011, and continued organic growth, with revenue up 6.6% like for like. Transport revenue was up 17.7%, including TDG, and up a satisfactory 8.1% on a like-for-like basis. The impact of higher diesel fuel prices on selling prices was around 2.5%. Logistics revenue grew 21.9% on a published basis thanks to the integration of TDG, thereby increasing its relative contribution weight in Norbert Dentressangle’s revenue stream. On a like-for-like basis, logistics revenue was up 4.3% in H1 2011, continuing the organic growth trend observed in the first quarter.

Norbert Dentressangle’s Chief Executive Officer François Bertreau said: "Our transport and logistics activities in the UK have maintained a very satisfactory growth and profitability trend during this first half year. Since 1 April 2011, former TDG activities are consolidated and the operating integration is on track." Freight forwarding revenue benefited from the combined effect of fast organic growth and the successive consolidations of Schneider Logistics in November 2010 and TDG in April 2011. Furthermore, the company has just signed an agreement to acquire APC Beijing International, active through 16 offices in China, with some €50 million in full-year revenue. APC Beijing International could be consolidated as early as Q4 2011, strengthening Norbert Dentressangle's medium-term prospects for achieving annual freight forwarding sales of €250 million. The strong like-for-like operating performance further improved operating margin in the first 6 months of the year. In accordance with Norbert Dentressangle's sale and leaseback strategy for warehouses in use, some Christian Salvesen assets in the UK were sold on 25th July 2011 for £26 million.

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