ANNUAL REPORT 2014

Introduction and financial and corporate responsibility highlights 
 
 
 
 
 
 
 
 
 
 
 
 
INTRODUCTION AND FINANCIAL AND CORPORATE 
RESPONSIBILITY HIGHLIGHTS  
 
This is the Annual Report of TNT Express N.V. for the financial year ended 31 December 2014, 
prepared in accordance with Dutch regulations. The preceding Annual Report of TNT Express N.V. for 
the financial year 2013, was issued on 18 February 2014. 
 
Unless otherwise speciﬁed or the context so requires, ‘TNT’, the ‘company’, ‘it’ and ‘its’ refer to TNT 
Express N.V. and all its Group companies as deﬁned in article 24b of Book 2 of the Dutch Civil Code.  
 
TNT is domiciled in the Netherlands, which is one of the Member States of the European Union (EU) 
that has adopted the euro as its currency. Accordingly, TNT has adopted the euro as its reporting 
currency. In this annual report the euro is also referred to as ‘€’. 
 
As required by EU regulation, the consolidated ﬁnancial statements of TNT have been prepared in 
accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. 
 
PricewaterhouseCoopers Accountants N.V. has been appointed as the external independent auditor of 
the financial statements of TNT, and has been engaged to provide reasonable assurance on certain 
metrics and limited assurance on other metrics of CR.  
 
Enquiries related to this annual report may be addressed to Investor Relations and Corporate 
Communications to the attention of Mr Gerard Wichers (gerard.wichers@tnt.com).

At a glance 
 
 
 
 
 
 
AT A GLANCE 
 
Financial1
Corporate responsibility1,3
Revenue
Lost-time accidents per 100 FTEs
2013
6,904
                        
2013
2.71
                         
2014
6,680
                  
2014
2.69
                  
Operating income
Fatal accidents (own and subcontracted)
2013
9
                               
2013
15
                            
2014
(86)
                      
2014
23
                     
Adjusted operating income (non-GAAP)2
Absenteeism
2013
174
                           
2013
3.4%
2014
209
                     
2014
3.6%
Profit/(loss) for the period
Orange Experience Score
2013
(122)
                          
2013
37
                            
2014
(190)
                    
2014
40
                     
Net cash from operating activities
CO2e emissions (own operations: scope 1 and 2) (ktonnes)
2013
360
                           
2013
1,284
                       
2014
106
                     
2014
1,315
                
Capital expenditures
Euro 4, 5 & 6 all PUD and linehaul vehicles in EU countries
2013
133
                           
2013
83%
2014
190
                     
2014
85%
Net cash
01 January 2014
469
                           
31 December 2014
449
                     
1For comparative purposes, 2013 numbers have been restated to reflect the impact of changes in accounting policies and discontinued operations.
(in €  millions)
2Refer to page 6 for more information on the calculation of the non-GAAP measures.
 
 
Segment information
International 
Europe
International 
AMEA Domestics Unallocated
Total
Revenue
2013
2,722
                    
1,061
                     
2,566
                
555
                      
6,904
                
2014
2,743
              
906
                  
2,547
           
484
                
6,680
           
Adjusted operating income (non-GAAP)
2013
120
                       
24
                         
51
                     
(21)
                       
174
                   
2014
118
                 
51
                    
66
                
(26)
                 
209
              
Employees
01 January 2014
15,296
                  
9,528
                     
29,377
              
5,842
                   
60,043
              
31 December 2014
15,205
            
9,260
               
27,864
         
5,963
             
58,292
         
(in € millions)

Table of contents 
 
 
 
 
 
 
 
TABLES OF CONTENTS  
 
CHAPTER 1 OVERVIEW 2014 AND STRATEGY 
I.  
LETTER TO STAKEHOLDERS  
 
 
 
 
 
 
   2 
II.  REPORT OF THE EXECUTIVE BOARD  
 
 
 
 
 
   4 
III.  EXECUTIVE BOARD COMPLIANCE STATEMENT  
 
 
 
 
 10 
IV.  STRATEGY  
 
 
 
 
 
 
 
 
 11 
CHAPTER 2 BUSINESS PERFORMANCE 
I.  
GENERAL MARKET AND BUSINESS PROFILE  
 
 
 
 
 15 
II.  OVERVIEW   
 
 
 
 
 
 
 
 
 16 
III.  INTERNATIONAL EUROPE 
 
 
 
 
 
 
 
 19 
IV.  INTERNATIONAL AMEA 
 
 
 
 
 
 
 
 19 
V.  DOMESTICS  
 
 
 
 
 
 
 
 
 20 
VI.  UNALLOCATED 
 
 
 
 
 
 
 
 
 21 
CHAPTER 3 CORPORATE RESPONSIBILITY PERFORMANCE  
I.  
CORPORATE RESPONSIBILITY FRAMEWORK  
 
 
 
 
 23 
II.  HEALTH AND SAFETY 
 
 
 
 
 
 
 
 25 
III.  ENVIRONMENT  
 
 
 
 
 
 
 
 
 27 
IV.  SOCIAL & ENGAGEMENT 
 
 
 
 
 
 
 
 30 
CHAPTER 4 GOVERNANCE 
I.  
MESSAGE FROM THE CHAIRMAN 
 
 
 
 
 
 
 33 
II.  REPORT OF THE SUPERVISORY BOARD 
 
 
 
 
 
 34 
III.  CORPORATE GOVERNANCE  
 
 
 
 
 
 
 41 
IV. REMUNERATION REPORT 
 
 
 
 
 
 
 
 54 
V.  RISK MANAGEMENT  
 
 
 
 
 
 
   
 60 
CHAPTER 5 STATEMENTS 
I.  
FINANCIAL STATEMENTS 
 
 
 
 
 
 
               68 
II.  CORPORATE RESPONSIBILITY STATEMENTS  
 
 
 
             149 
CHAPTER 6 INVESTOR RELATIONS AND SHARE PRICE PERFORMANCE 
I.  
INTERACTING WITH THE CAPITAL MARKETS   
 
 
 
             169 
II.  OUTSTANDING SHARES 
 
 
 
 
 
 
             169 
III.  SHARE PRICE PERFORMANCE 
 
 
 
 
 
             169 
IV.  DIVIDEND 
 
 
 
 
 
 
 
 
             170 
V.  MAJOR SHAREHOLDERS 
 
 
 
 
 
 
             170 
VI.  CREDIT RATING 
     
 
 
 
 
                
             171 
ANNEXES 
ANNEX 1 GLOBAL COMPACT AND GRI G4 INDEX  
 
 
 
             173 
ANNEX 2 GLOSSARY 
 
 
 
 
 
 
 
             177
 
 
 
 
 
 
 
177

Cautionary note 
 
 
 
 
 
 
 
CAUTIONARY NOTE WITH REGARD TO “FORWARD-LOOKING STATEMENTS” 
 
Some statements in this annual report are “forward-looking statements”. By their nature, forward-looking 
statements involve risk and uncertainty because they relate to events and depend on circumstances that 
will occur in the future. These forward-looking statements involve known and unknown risks, 
uncertainties and other factors that are outside of TNT’s control and impossible to predict and may 
cause actual results to differ materially from any future results expressed or implied. These forward-
looking statements are based on current expectations, estimates, forecasts, analyses and projections 
about the industries in which TNT operates and TNT management’s beliefs and assumptions about 
future events.  
 
You are cautioned not to put undue reliance on these forward-looking statements, which only speak as 
of the date of this annual report and are neither predictions nor guarantees of future events or 
circumstances. TNT does not undertake any obligation to release publicly any revisions to these 
forward-looking statements to reflect events or circumstances after the date of this annual report or to 
reflect the occurrence of unanticipated events, except as may be required under applicable securities 
laws. 
 
Except where you are a shareholder, the material in this report is provided for information purposes only 
and is not, in particular, intended to confer any legal rights on you.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
1
CHAPTER 1 OVERVIEW 2014 AND STRATEGY 
 
I.  
LETTER TO STAKEHOLDERS 
2 
II.  REPORT OF THE EXECUTIVE BOARD 
4 
III.  EXECUTIVE BOARD COMPLIANCE STATEMENT 
10 
IV.  STRATEGY 
11

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
2
I. LETTER TO STAKEHOLDERS 
 
Dear Stakeholders, 
 
In the first half of 2014, TNT announced its 
Outlook 
strategy 
and 
appointed 
a 
new 
management team comprising of experienced 
industry leaders and corporate turnaround 
professionals with a clear brief to create a 
sustainable future for the company in the next 
three to five years.  
The Outlook strategy is built around three 
strategic pillars: focus on profitable growth; 
invest in operational excellence; and organise to 
win; and it builds on TNT’s strengths – namely 
our European Road Network and European Air 
Network with excellent connections to the rest of 
the world, a large base of loyal customers and 
TNT’s people who are always willing to go the 
‘Extra Mile’. 
The Outlook strategy acknowledges that small 
and medium-sized enterprise (SME) customers 
are an important part of the global economy and 
are particularly interested in TNT’s product/ 
service proposition as it provides a one-stop 
solution to their customer service needs. TNT is 
in a unique position to provide combined parcel and pallet deliveries, express and economy express 
services as well as domestic and international services to the B2B markets. TNT has what it takes to be 
an integral part of an SMEs own customer’s service proposition.  
TNT also excels in serving industry specific needs of large global customers in the industrial, 
automotive, high-tech and healthcare industries. Specialised Industry Service Propositions (ISP) 
address very specific needs that are of great value to the supply chains of these customer groups. TNT 
is particularly proud of its 24/7 Global Control Towers that are fully dedicated to the express needs of 
our large global customers. 
To realise profitable and sustainable growth, Outlook recognises the need to invest in operational 
excellence to deliver a reliable service at competitive cost. Comprehensive service, productivity and 
efficiency plans have been developed and are in full execution mode. Strengthening of TNT’s European 
Road Network and European Air Network delivering both express as well as economy express services 
to more destinations is a key priority. A total overhaul of our IT support systems is underway and 
investments in depot and hub automation should deliver higher levels of productivity, lower cost and 
improve service. We are convinced that our European Road Network and European Air Network with 
excellent connections to the rest of the world are of great value to our customers and that further 
investments will only enhance our unique position.  
The 3rd pillar of our Outlook strategy is ‘organise to win’. Our multi-local international express 
organisation in Europe has been integrated into one European express organisation with one Profit and 
Loss account. This will enable improved service to our international customers and unified performance 
management. Since our domestic businesses face different competitive dynamics and are currently 
underperforming, we have created a focused business group supported by a global leadership team of 
turnaround and transformation experts to oversee this part of the business. Moreover, TNT will create a 
customer-centric organisation in all its operating units supported by Global Business Services (GBS), 
Global Networks and Operations (GNO) and a Global Strategic Accounts Organisation (GSO). The new 
organisation will help us to create focus on better serving our customers, whilst realising global 
competencies and efficiencies in our support functions.  
To accelerate change and to increase our capacity to compete, a complete overhaul of our top 
leadership has been implemented. Industry experts with over 600 years of experience have been 
carefully selected to bring outside-in expertise into TNT. The top leadership teams have also been 
strengthened with functional and corporate transformation expertise. 
Outlook also addresses our CR agenda. The reduction of TNT’s environmental footprint will continue to 
be a priority. We have stepped up our efforts to create a safe and healthy working environment for all 
our employees and subcontractors.  
Though execution of Outlook is in full swing, it should be noted that there are no quick fixes. We are re-
building the company investing in our people, processes, IT support systems and institutional

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
3
competencies, whilst we are facing stiff competition in adverse trading conditions, particularly in Western 
Europe. These investments take time and are all pre-conditions for gaining back market share.  
In 2014, we made significant progress in service-quality measured by on-time performance. The results 
of TNT’s customer experience survey (Orange Experience Score) were the highest since many years. 
The launch of new services to Hanover and Venice, the coverage expansion of our premium 12:00 pm 
express product in Germany, and the reduction of road transit times to Turkey and Southern Europe are 
all tangible examples of service improvements in our core European network, with more to follow.  
In 2014, we had to take significant restructuring provisions and one-off charges. These charges testify to 
the scale of the transformation that needs to happen and to the determination of the new management 
team to do whatever it takes to bring TNT back to its old glory. In 2014, we did not yet realise quality  
revenue growth and profitability. We are still in a stage of improving the quality of our revenue base and 
winning back customers that were lost over the last few years.  
But with service-quality improving in our unique European Road Network and European Air Network and 
the benefits of newly recruited leadership, we should be able to reverse any negative trends and 
achieve profitable growth. 
Outlook is supported by a four-year investment programme (2014 to 2017) to realise superior service at 
competitive cost. We are investing in our highly competitive European Road Network, expanding 
destinations and modernising our hubs and depots. A major overhaul in our air-hub in Liege should be 
finalised in 2016 and will benefit our service capability in and out of Europe. At the end of 2014, we 
contracted three global IT service providers to help simplify and transform our IT infrastructure. Capital 
expenditure for the full year 2014 was €190 million. 
The Outlook strategy was launched in 2014. The strategy is clear and builds on TNT’s core strengths. 
Our confidence to realise the full benefits of Outlook in the next three to five years is based on the 
orange spirit of TNT’s people, the loyalty of TNT’s customers and our unique European Road Network 
and European Air Network. The newly appointed management teams are competent and experienced 
turnaround leaders and are committed to go the ‘Extra Mile’ to create value for all our stakeholders. 
We thank you for your confidence now and in the future. 
 
 
Tex Gunning 
Chief Executive Officer

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
4
II. REPORT OF THE EXECUTIVE BOARD1 
 
 
 
FINANCIAL HIGHLIGHTS1,2 
Financial highlights
Year ended at 31  December
2014
variance %
2013
2014
variance %
2013
Total revenues
6,680
  
(3.2)
6,904
   
Other income
17
       
208
      
Operating income/(loss)
(86)
      
0.0
9
          
209
      
20.1
174
      
Net financial expense
(24)
      
(9.1)
(22)
      
Income taxes
(87)
      
33.6
(131)
    
Results from investments in associates and joint ventures
7
         
22
        
Profit/(loss) for the period
(190)
    
(55.7)
(122)
    
Attributable to:
Non-controlling interests
5
         
#DIV/0!
0
          
Equity holders of the parent
(195)
    
(59.8)
(122)
    
Cash generated from operations
246
     
(48.1)
474
      
Net cash from operating activities
106
     
(70.6)
360
      
Net cash used in investing activities
(117)
    
(26)
      
Net debt/(cash)
(449)
    
(469)
    
(in €  millions, except percentages)
Adjusted (non-GAAP)
Reported
 
 
2014 PERFORMANCE HIGHLIGHTS 
 
2014 was a challenging year. TNT is in the midst of a significant transformation process, with high 
restructuring costs and other one-off charges, which has thus affected profitability. However, the 
investments made this year have already benefited TNT’s customers as service-quality increased, 
evidenced by a higher customer satisfaction score.  
 
Overall, revenues decreased by 3.2% to €6,680 million, though adjusted operating income increased by 
20.1% to €209 million. In International Europe, the results were affected by the restructuring of the 
operating units in France and the United Kingdom, as well as continued pressure on prices, coupled 
with investments in future growth. International AMEA performed significantly better than last year. The 
segment more than doubled its adjusted operating income to €51 million. The Domestics segment 
experienced further improvements, notably in the performance of the domestic businesses in Italy, Brazil 
and Chile, despite continued negative mix effects in the United Kingdom, France, Australia and New 
Zealand.  
 
At the end of 2014, net cash decreased by 4.3% to €449 million (2013: 469). With available cash and 
cash equivalents of €652 million and an undrawn committed facility of €600 million, TNT’s financial 
position is sound, as reflected in its credit ratings of BBB+ (Stable) by S&P and Baa2 (Negative) by 
Moody’s. 
 
During 2014, as part of Deliver!, €115 million of savings were achieved by year-end, and approximately 
1,450 FTE reductions occurred, which was regretful but unavoidable.  
 
REVIEW OVER THE FINANCIAL YEAR ENDED 31 DECEMBER 2014 
 
The following analyses provide more detail on TNT’s financial results and should be read in conjunction 
with the rest of the annual report. 
                                                           
1Adjusted operating income is calculated as operating income after adjusting for one-offs and is prepared by management to analyse 
the results, excluding non-recurring items for a better understanding of the business performance. The calculation of adjusted 
operating income has been updated to reflect respective foreign exchange rates. The presentation and disclosure of adjusted 
operating income does not conform to IFRS. 
2For comparative purposes, 2013 numbers have been restated to reflect the impact of changes in accounting policies and 
discontinued operations. 
♦Revenue decline: 3.2%
♦Adjusted operating income: €209 million
♦Reported operating loss: €(86) million
♦
♦Reported loss for the period: €(190) million
♦Total dividend: €0.08 per share 
♦Net cash: €449 million
Net cash from operating activities: €106 
million

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
5
Total operating revenues 
In 2014, overall revenues declined by 3.2% due to a mix of factors: the sale of China Domestic in 
November 2013 and TNT Fashion Group B.V. (TNT Fashion) in May 2014 (4.1%); and negative foreign 
exchange movements (0.9%). Most currencies in countries in which TNT operates outside the eurozone 
weakened against the euro. At a comparable scope and constant foreign exchange rates, revenue 
increased by 1.8%, primarily as a result of growth in International Europe and International AMEA.  
 
Revenues in International Europe increased by 0.8% to €2,743 million, reflecting lower revenues in a 
number of large markets, offset by growing revenues from SMEs and improved revenue growth in parts 
of Europe. In International AMEA, revenues decreased by 14.6% to €906 million, due to the sale of 
China Domestic. In Domestics, revenues decreased by 0.7% to €2,547 million, due to negative foreign 
exchange movements, the rationalisation of loss-making customers in Italy and pressure on prices. 
 
Other income/(loss)  
Other income in 2014 included the profit on the sale of TNT Fashion of €7 million, €2 million related to 
other assets held for disposal and miscellaneous items of €8 million. 
 
Operating expenses  
Total reported operating expenses decreased to €6,783 million (2013: 7,103). When adjusted for one-
offs (€302 million), the adjusted operating expenses were €6,481 million (2013: 6,737). 
 
Operating expenses
Year ended at 31  December
2014
variance %
2013
Cost of materials
407
(8.3)
444
Work contracted out and other external expenses
3,623
(2.7)
3,724
Salaries and social security contributions
2,126
(5.9)
2,259
Other operating expenses
417
72.3
242
Operating expenses excluding depreciation, 
amortisation and impairments
6,573
(1.4)
6,669
Depreciation, amortisation and impairments
210
(51.6)
434
Total operating expenses
6,783
7,103
(in €  millions, except percentages)
 
 
Cost of materials 
Cost of materials decreased by €37 million mainly due to lower fuel expenses and changes in the 
business portfolio.  
 
Work contracted out and other external expenses 
Work contracted out and other external expenses include fees paid for subcontractors, external 
temporary staff, rent and leases. These costs decreased by €101 million (2.7%) compared to 2013, due 
to the sale of China Domestic in 2013 and the sale of TNT Fashion in 2014, in addition to cost saving 
initiatives, which compensated for inflation and the cost of handling increased volumes. 
Salaries and social security contributions 
Salaries and social security contributions decreased by €133 million to €2,126 million (5.9%) in 2014 
compared to 2013. The increase in salary costs from annual salary inflation, pension and restructuring 
costs was more than offset by the reduction in headcount from restructuring activities, and changes in 
the business portfolio. Average FTEs decreased from 60,384 in 2013 to 57,485 in 2014.  
 
In 2014, salary costs included €159 million in restructuring costs related to Outlook. Pension costs in 
2014 of €50 million were lower than in 2013 (€70 million), mainly due to the sobering of the Dutch 
pension plans as a result of new regulations.  
 
Other operating expenses 
Other operating expenses consisted of government legal fees, marketing, consulting, shared-service 
costs and auditors’ fees. Other operating expenses increased by €175 million in 2014 compared to 
2013, due to an increase in consulting fees related to the transformation of TNT, as well as marketing 
costs incurred relating to the re-launch of TNT. 
 
Total operating expenses excluding depreciation, amortisation and impairments, decreased by €96 
million (1.4%) to €6,573 million (2013: 6,669).

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
6
Total depreciation, amortisation and impairment costs 
Total depreciation, amortisation and impairment costs decreased by €224 million due to €259 million 
less impairment charges.  
 
In 2013, the impairment of intangibles was related to goodwill impairment of €296 million. Refer to 
chapter 5 for more information. 
 
Adjusted operating income for the financial years ended 31 December 2014 and 2013 
In 2014, total reported operating loss was €86 million. TNT calculates an adjusted operating income by 
adjusting for one-offs. These figures were prepared by management to analyse the results excluding 
non-recurring items for a better understanding of the business performance. The presentation and 
disclosure of the adjusted operating income is not in conformity with IFRS and is unaudited. 
 
The adjusted operating income should not be considered in isolation or as a substitute for analysis of 
TNT’s operating results, including its income statement and consolidated statement of cash flow, as 
reported under IFRS. 
 
The following table sets out the unaudited adjusted operating income per segment for the financial years 
ended 31 December 2014 and 2013. 
 
Adjusted operating income
Year ended at 31  December
Reported 
2014
One-offs
Adjusted
2014
Adjusted
2013
One-offs
Reported 
2013
International Europe
30
         
88
          
118
         
120
        
60
          
60
           
International AMEA
50
         
1
            
51
           
24
          
(30)
        
54
           
Domestics
(8)
          
74
          
66
           
51
          
263
        
(212)
        
Unallocated
(158)
      
132
        
(26)
          
(21)
         
(128)
      
107
         
Operating income/(loss)
(86)
        
295
        
209
         
174
        
165
        
9
             
(in €  millions)
 
 
Significant contributors to TNT’s 2014 and 2013 performance include miscellaneous one-offs, which are 
discussed below. 
 
In 2014, one-offs included amongst others: 
 In International Europe: restructuring costs of €56 million and goodwill impairment of €32 million in 
CGU Spain. 
 In Domestics: restructuring costs of €65 million and impairment and depreciation of €9 million in 
Brazil. 
 In Unallocated: €50 million implementation costs related to Deliver!, €50 million provision related to 
the French competition case, restructuring costs of €37 million, profit related to the sale of TNT 
Fashion of €-7 million, and software impairment of €2 million. 
 
The adjusted 2013 figures have been restated, due to the change in reportable segments, and changes 
in accounting policies relating to joint ventures and PIS/COFINS (refer to chapter 2 for more 
information).  
 
In 2013, one-offs included amongst others: 
 In International Europe: restructuring costs of €58 million, goodwill impairment of €2 million in CGU 
Benelux, €4 million catch-up depreciation of the two Boeing 747 freighters, and €-4 million related to 
a claim settlement. 
 In International AMEA: reversal of impairments and fair value adjustments of the two Boeing 747 
freighters of €-56 million, fair value adjustment for China Domestic classified as asset held for 
disposal of €15 million, €8 million catch-up depreciation of the two Boeing 747 freighters, and 
restructuring costs of €3 million. 
 In Domestics: goodwill impairment of €236 million and restructuring costs of €26 million. 
 In Unallocated: €-200 million UPS termination fee, goodwill impairment of €58 million in the former 
CGU Other Networks, restructuring costs of €9 million, and UPS offer-related costs of €5 million.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
7
Net financial expense
Year ended at 31  December
2014
variance %
2013
Interest and similar income
12
            
(14.3)
14
            
Interest and similar expenses
(36)
          
0.0
(36)
          
Net financial expense
(24)
          
(9.1)
                  
(22)
          
(in €  millions, except percentages)
 
 
Net financial expense results mainly from long-term borrowings (primarily finance leases) and net 
interest expense on foreign currency hedges. The expenses are only partially offset by interest income 
on cash positions. While centralised cash is significant, it only generated marginal interest due to the 
current low interest rates in the market.  
 
Net financial expense increased by €2 million, mainly due to €2 million lower interest income on foreign 
currency hedges.    
 
Income taxes
Year ended at 31  December
2014
variance %
2013
Current tax expense/(income)
50
            
(60.3)
126
          
Deferred tax expense/(income)
37
            
640.0
5
              
Total income taxes
87
            
(33.6)
              
131
          
(in €  millions, except percentages)
 
 
In 2014, the tax expense amounted to €87 million (2013: 131) on income before taxes of €-103 million 
(2013: 9), and resulted in an effective tax rate of -84.5% (2013: 1,455.6%). 
 
The current tax expense was €50 million compared to €126 million in 2013. The difference between the 
total income taxes in the income statement and the current tax expense is due to movements in 
deferred tax assets and deferred tax liabilities. Refer to chapter 5 for more information.  
 
Results from investments in associates and joint ventures 
At 31 December 2014, investments in associates and joint ventures were valued at €17 million (2013: 
16). 
 
Condensed consolidated cash flow statement
Year ended at 31  December
2014
variance %
2013
Cash generated from operations
246
            
(48.1)
                  
474
            
Interest paid
(31)
            
11.4
                     
(35)
            
Income taxes received/(paid)
(109)
          
(38.0)
                 
(79)
            
Net cash from/(used in) operating activities
106
            
(70.6)
                 
360
            
Net cash from other investing activities
19
              
 
7
                
Net cash from acquisitions and disposals
38
              
(56.8)
                 
88
              
Net cash used in capital investments and disposals
(174)
          
(43.8)
                 
(121)
          
Net cash from/(used in) investing activities
(117)
          
 
(26)
            
Net cash used in dividends and other changes in equity
(21)
            
(16.7)
                  
(18)
            
Net cash used in debt financing activities
(12)
            
0
                         
(12)
            
Net cash from/(used in) financing activities
(33)
            
(10.0)
                  
(30)
            
Changes in cash and cash equivalents
(44)
            
 
304
            
(in €  millions, except percentages)
 
 
Net cash from operating activities  
In 2014, cash generated from operations decreased by €228 million to €246 million. Net cash from 
operating activities decreased by €254 million to €106 million. 
  
Trade working capital, calculated as trade accounts receivable minus trade accounts payable as a 
percentage of revenue, increased from 7.2% in 2013 (restated) to 7.4% in 2014. 
 
Net cash used in investing activities 
Net cash used in investing activities increased to €117 million.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
8
Capital expenditure on property, plant and equipment and intangible assets  
 
Net capital expenditure
Year ended at 31  December
2014
variance %
2013
Property, plant and equipment
147
             
36
                  
108
             
Intangible assets
43
               
72
                  
25
               
Cash out
190
             
43
                  
133
             
Proceeds from sale of property, plant and equipment
14
               
17
                   
12
               
Disposals of intangible assets
2
                 
0
                 
Cash in
16
               
33
                  
12
               
Total net capital expenditure
174
             
44
                  
121
             
(in €  millions, except percentages)
 
 
Capital expenditure on property, plant and equipment and intangible assets (excluding finance leases) 
totalled €190 million (2013: 133). Capital expenditure on property, plant and equipment is mainly related 
to construction-related activities at a number of depots, and investments in vehicles, IT equipment and 
depot equipment. The capital expenditure on intangible assets is mainly related to purchased software 
and software development projects. 
 
Net capital expenditure by segment
Year ended at 31  December
2014
variance %
2013
International Europe
20
               
(20)
                
25
               
International AMEA
15
               
 
(1)
                
Domestics
65
               
44
                  
45
               
Unallocated
74
               
42
                  
52
               
Total net capital expenditure
174
             
44
                  
121
             
(in €  millions, except percentages)
 
 
Net capital expenditure amounted to 2.6% of reported revenues (2013: 1.8%). 
 
Proceeds from sale of property, plant and equipment 
Proceeds from the sale of property, plant and equipment in 2014 amounted to €14 million (2013: 12), 
which was mainly related to the sale of vehicles and depot equipment.   
 
Net cash used in financing activities 
In 2014, net cash used in financing activities of €33 million, increased by €3 million compared with 2013. 
This was mainly due to net proceeds from long-term borrowings, repayments of finance leases and 
dividend payments. 
  
In 2013, net cash used in financing activities of €30 million, mostly pertained to the total net repayments 
on long-term borrowings, local bank debt, short-term borrowings, repayments of finance leases, 
discontinued operations and dividend payments. 
 
Net cash 
On 31 December 2014, net cash was €449 million. Cash used in investment activities, the sale of TNT 
Fashion, and the continued focus on working capital contributed to this year-end position. The net cash 
position as per 1 January 2014 was €469 million.  
 
Borrowings 
In November 2014, TNT successfully entered into a €600 million multi-currency revolving credit facility. 
This facility has replaced the former €570 million multi-currency revolving credit facility, which was 
originally due for re-financing in 2016. The new facility secures access to committed future financing 
capacity for a period of five years plus two one-year extension options at reduced financing costs and 
updated terms and conditions. The facility can be used for general funding purposes and includes a 
€300 million liquidity back-up for TNT's euro commercial paper programme. 
The facility bears interest at the applicable interbank rate plus a margin depending on TNT’s credit 
rating. The facility does not contain financial covenants and cannot be accelerated in case of a rating 
downgrade, but does contain a change of control clause and other common market practice clauses. 
 
On 6 December 2006, TNT Airways N.V./S.A., an indirectly wholly-owned subsidiary of TNT, entered 
into agreements for the lease of two Boeing 747 freighters, which are guaranteed by TNT. The 
outstanding debts at 31 December 2014 under these finance leases with maturities of December 2016 
and May 2017 were US$89 million and US$95 million, respectively.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
9
The annual amortisation included in the lease term is approximately US$15 million per year. The leases 
bear interest at the six-month interbank dollar-rate plus a credit charge, which depends on TNT’s credit 
rating. The finance leases do not include financial covenants and cannot be accelerated in case of a 
rating downgrade, but do contain a change of control clause and other common market practice 
clauses. The floating interest payments in the lease are fixed via interest rate swaps for the remaining 
life of the leases. 
  
Dividend proposal 
The Executive Board of TNT has decided, with the approval of the Supervisory Board, to propose to 
compensate the loss out of the distributable part of the shareholders' equity and to pay a pro forma 
dividend out of the distributable part of the shareholders’ equity. The proposed final dividend is €0.031 
per share. The €0.049 per share interim dividend together with the proposed final dividend, (€0.08 per 
share in total), represents a payout of 40% of normalised net income (‘profit attributable to equity 
holders of the parent’ adjusted for significant one-off and exceptional items) over the full year 2014, in 
line with the dividend guidelines. The final dividend is payable, at the shareholder’s election, either 
wholly in ordinary shares or wholly in cash. The election period is from 10 April 2015 to 6 May 2015, 
inclusive.  
To the extent that the final dividend is paid in shares, it will be paid free of withholding tax and it will be 
sourced from the additional paid-in capital that is recognised for Dutch dividend withholding tax 
purposes. The cash dividend will be paid out of the remaining additional paid-in capital. The ratio of the 
value of the stock dividend to that of the cash dividend will be determined on 6 May 2015, after the close 
of trading on Euronext Amsterdam, based on the volume-weighted average price (‘VWAP’) of all TNT 
shares traded on Euronext Amsterdam over a four trading day period from 30 April 2015 to 6 May 2015, 
inclusive. The value of the stock dividend, based on this VWAP, will, subject to rounding, be targeted at 
but not lower than 3% above the cash dividend. There will be no trading in the stock dividend rights.  
 
The ex-dividend date will be 10 April 2015, the record date is 14 April 2015 and the dividend will be 
payable as of 13 May 2015.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
10 
III. EXECUTIVE BOARD COMPLIANCE STATEMENT 
 
The 2014 annual report of TNT Express N.V. has been prepared in accordance with International 
Financial Reporting Standards (IFRS) as adopted by the European Union, and additional Dutch 
disclosure requirements for annual reports. 
 
The Executive Board is responsible for establishing and maintaining adequate internal control over 
TNT’s financial reporting. Consequently, the Executive Board has implemented a wide range of 
complementary processes and procedures designed to provide control over the company’s operations. 
TNT has embedded the Committee of Sponsoring Organisations of the Treadway Commission (COSO) 
Enterprise Risk Management (ERM) – Integrated Framework (2004) as the foundation of its risk 
management, internal control, integrity and compliance framework. TNT’s policies and key controls that 
direct business and reporting processes are built upon this framework. A dedicated organisation 
supports the development and implementation of these policies and controls. These processes and 
procedures facilitate the discharge of statutory and fiduciary obligations. 
 
The Supervisory Board, the Audit Committee and other designated committees perform an oversight 
role. TNT’s internal audit, risk management, internal control and integrity functions, together with the 
findings from TNT’s independent external auditors, support the Executive Board and the Supervisory 
Board in monitoring the effectiveness and efficiency of the risk management, internal control, integrity 
and compliance framework. 
 
DIRECTORS’ 
RESPONSIBILITY 
STATEMENT 
UNDER 
DUTCH 
CORPORATE 
GOVERNANCE CODE 
The Executive Board confirms that in addition to adequately functioning internal controls, it is 
responsible for TNT’s risk management, integrity and compliance systems, and has reviewed the 
operational effectiveness of all these systems for the year ended 31 December 2014. The outcome of 
this review and analysis has been shared with the Audit Committee and the Supervisory Board and has 
been discussed with TNT’s external auditors. 
 
TNT’s risk management, internal control, integrity and compliance framework is aimed at providing a 
reasonable level of assurance over the identification and management of those significant risks facing 
TNT, and ensuring that the Executive Board meets its operational and financial objectives in compliance 
with applicable laws and regulations. Refer to chapter 4 for a detailed description of the risk 
management, internal control over finance reporting and other compliance processes.  
The Executive Board believes to the best of its knowledge, based on the outcome of TNT’s specific 
approach to risk management, internal control, integrity and compliance, that TNT’s risk management 
and internal control over financial reporting have worked effectively over the year ended 31 December 
2014 and provide a reasonable assurance that the financial reporting is free from material inaccuracies 
or misstatements. 
 
The above does not imply that TNT can provide certainty as to the realisation of business and financial 
strategic objectives, nor can TNT’s approach to internal control over financial reporting be expected to 
prevent or detect all misstatements, errors, fraud or violation of law or regulations. In view of the above, 
the Executive Board believes that it is in compliance with best practice provisions II.1.4 and II.1.5 of the 
Dutch Corporate Governance Code.  
 
DIRECTORS’ RESPONSIBILITY STATEMENT UNDER DUTCH FINANCIAL MARKETS 
SUPERVISION ACT 
The Executive Board confirms to the best of its knowledge that: 
 the 2014 financial statements for the year ended 31 December 2014 give a true and fair view of the 
assets, liabilities, financial position and profit and loss of TNT Express N.V. and its consolidated 
companies; 
 the additional management information disclosed in the 2014 annual report gives a true and fair view 
of TNT Express N.V. and its related companies at 31 December 2014 and the state of affairs during 
the financial year to which the report relates; and 
 the 2014 annual report describes the main risks facing TNT Express N.V. These are described in 
detail in chapter 4.  
 
Hoofddorp, 17 February 2015  
 
Tex Gunning  
 
 
 
 
 
 
 
Maarten de Vries  
 
Chief Executive Officer  
 
 
 
 
 
 
Chief Financial Officer

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
11 
IV. STRATEGY 
 
TNT is in a unique position to provide combined parcel and pallet deliveries, express and economy 
express services to the business-to-business (B2B) markets. TNT’s customers range from 
multinationals to small and medium-sized enterprises (SME). TNT excels in serving the industry-specific 
needs of large global customers in the industrial, automotive, high-tech and healthcare industries. TNT’s 
specialised Industry Service Propositions (ISP) address specific requirements and are of great value to 
the supply chains of these customers. SMEs are an important part of the global economy and are 
particularly interested in TNT’s product/service proposition, as it provides a one-stop solution to their 
customer service needs.  
 
In February 2014, TNT introduced the Outlook strategy, a comprehensive turnaround and 
transformation programme. A new management team, comprising of experienced industry leaders and 
corporate turnaround professionals was appointed, with a clear mandate to create a sustainable future 
for the company in the next three to five years. 
 
OUTLOOK 
The Outlook strategy builds on TNT’s strengths, particularly its European Road Network and European 
Air Network with excellent connections to the rest of the world, its large base of loyal customers and its 
people who are always willing to go the ‘Extra Mile’. 
 
Outlook targets substantial improvements in performance to meet TNT’s stakeholders’ needs: 
 Competitive products and services, delivered perfectly at competitive prices for customers 
 A secure and meaningful future for employees 
 Improving results and a solid return on investment for shareholders 
 
To realise these objectives, Outlook has three priorities: focus on profitable growth; invest in operational 
excellence; and organise to win. 
 
 Focus on profitable growth 
To realise profitable growth, TNT focuses on the services and priority industries, where it can truly be 
competitive and deliver the most value. Comprehensive service, productivity and efficiency plans 
have been developed and are in full execution mode. Strengthening the European Road Network to 
‘move more by road’ and deliver both express as well as economy express services to even more 
destinations is a key priority. In addition, particular attention is given to improving profitability in 
TNT’s domestic operations in France, Italy, the United Kingdom, Brazil, Australia and New Zealand. 
 
 Invest in operational excellence 
Realising the ‘Perfect Transaction’ is at the core of the company’s drive to improve end-to-end 
processes and to realise a step-change in service and reliability. The aim is to be the ‘fastest and 
most reliable’ and to provide an easy, hassle-free customer experience. Increased service reliability 
will also reduce avoidable costs. Alongside the ‘Perfect Transaction’, the company is working to 
optimise operational efficiency and productivity through process improvements and investments in 
automation and infrastructure. Transforming the IT function and expanding the scope of global 
business service centres will help drive productivity. A disciplined revenue management function will 
be developed, to optimise pricing and capacity usage. Finally, regarding corporate responsibility, 
priority will be given to employees and subcontractor health and safety, with the accelerated roll-out 
of recognised industry best practices. 
 
 Organise to win  
TNT has integrated its multi-local international express organisation in Europe into one European 
express organisation with one Profit and Loss account. This will enable improved service to 
international customers and unified performance management. TNT will create a customer-centric 
organisation in all its operating units supported by Global Business Services (GBS), Global Networks 
and Operations (GNO) and a Global Strategic Accounts Organisation (GSO). This new organisation 
will allow TNT to focus on improving service to its customers, whilst realising global competencies 
and efficiencies in support functions. 
 
The transformation of TNT will be based upon the Orange spirit of its people, the loyalty of its customers 
and the unique European network with good connections to the rest of the world. The building blocks 
have been put in place in 2014. Comprehensive productivity and efficiency plans have been developed 
and are in full execution mode. 2015 will be a year of transition and TNT expects to achieve year-on-
year improvements from 2016 onwards. The full benefits of Outlook will be unlocked in the coming three 
to five years with the ambition to double TNT's adjusted operating income margin percentage per 
segment by 2018/19.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
12 
FINANCIAL STRATEGY 
TNT's financial strategy targets optimal and sustainable performance of the following aspects: 
 Asset efficiency 
 Capital structure 
 Dividend policy 
 Risk management 
 
Asset efficiency 
TNT secures asset efficiency through stringent investment and working capital policies. A rigorous 
process is in place to maintain capital expenditure at approximately 3% to 5% of turnover, during the 
2015 to 2017 period, with higher outlays linked to major investments. Cash and liquidity are centrally 
managed (centralised funding and surplus cash concentration) and supported by working capital 
initiatives to ensure that trade working capital is minimised. 
 
Capital structure 
TNT aims to optimise the cost of capital while preserving the company’s financial stability and flexibility. 
Internal and external funding is structured to optimise the cost of capital, within long-term sustainable 
targets. The strength of TNT’s capital structure is also relevant to customers who rely on a long-term 
strategic service. TNT has set an investment grade target rating of BBB+ by S&P and Baa1 by Moody’s. 
These credit ratings account for off-balance sheet liabilities, not just net debt, to give a more 
representative view of the company’s level of leverage. The company is currently rated BBB+ (Stable) 
by S&P and Baa2 (Negative) by Moody’s. Liquidity is ensured through the availability of a €600 million 
committed facility of which it is intended to use a maximum amount of €200 million for operational 
purposes. 
 
Dividend policy 
TNT aims to meet shareholders’ return requirements in the short term through dividends and ad hoc, 
through tax-exempt share repurchases or other returns of excess cash. TNT's intention is to pay a 
dividend that develops in line with the development of its operational performance. TNT intends to pay a 
dividend of around 40% of normalised net income. Normalised net income is defined as profit 
attributable to equity holders of the parent adjusted for significant one-offs and exceptional items. TNT 
aims to pay interim and final dividends annually in cash and/or in stock. Furthermore, cash and/or stock 
may be offered as part of an optional dividend. 
 
Risk management 
TNT is exposed to market risks (interest, currency and commodity risks), which are partly hedged 
through a combination of primary and derivative financial instruments (swaps, forward transactions and 
cross-currency swaps) and contractual terms (fuel surcharge). Operational risks are covered through 
business continuity planning and a comprehensive insurance policy, which includes a mix of self 
insurance, reinsurance and direct external insurance. 
 
TNT operates integrated risk management systems of which the scope includes: 
 internal control and compliance (refer to chapter 4); 
 financial risk management and risk insurance structures (refer to chapter 5); and 
 an aligned legal and funding structure. 
   
CORPORATE RESPONSIBILITY STRATEGY 
Corporate responsibility (CR) is an integral part of TNT’s business strategy and is embedded in its 
business and operational activities.  
 
As part of its strategic agenda, TNT aims to create value for customers by: 
 ensuring a healthy and safe working environment for employees, subcontractors and business 
partners to guarantee the delivery of improved quality of service;  
 minimising environmental impact on the supply chain of the customer and of TNT’s activities in the 
world; and 
 continuous development and engagement of employees to ensure that customers are dealing with 
knowledgeable and dedicated employees.

Overview 2014 and strategy 
Chapter 1 
 
 
 
 
 
 
13 
2015 GUIDANCE 
 For 2015, TNT expects the continuation of adverse trading conditions, particularly in Western 
Europe.  
 TNT expects 2015 to be a challenging year of transition marked by the progressive ramp-up of new 
and upgraded facilities and other transformation projects, such as the outsourcing of IT. 
 TNT anticipates restructuring charges between €10 million and €15 million in the first quarter of 
2015. 
 
ASSUMPTIONS UNDERLYING THE EXECUTION OF OUTLOOK 
 Revenue growth at a minimum in line with GDP growth from 2016 onwards. 
 The plans assume no major adverse economic developments going forward. 
 
OUTLOOK AGENDA AND GUIDANCE FOR THE PERIOD 2018 - 2019 
 The adjusted operating income margin percentage guidance per segment for 2018/19: 
 
International Europe: 8% to 10% 
 
International AMEA: 8% to 10% 
 
Domestics: 4% to 5% 
 
Unallocated: approximately -0.5 % (of Group revenue) 
 
 €800 million to €900 million of capital expenditure investments during the period 2015 to 2017.  
 €250 million of cost reductions to be realised by 2018 (versus baseline 2014), achieving a net cost 
reduction of €125 million by 2018. 
 €250 million to €300 million planned restructuring charges for 2015 to 2017. 
 Manage a positive net cash position. 
 Maintain current dividend policy: TNT aims to pay a dividend of around 40% of normalised net 
income.

Business performance 
 
Chapter 2 
 
 
14 
CHAPTER 2 BUSINESS PERFORMANCE 
 
I.  GENERAL MARKET AND BUSINESS PROFILE 
15 
II.  OVERVIEW 
16 
III.  INTERNATIONAL EUROPE 
19 
IV. INTERNATIONAL AMEA 
19 
V.  DOMESTICS 
20 
VI. UNALLOCATED 
21

Business performance 
 
Chapter 2 
 
 
15 
I. GENERAL MARKET AND BUSINESS PROFILE 
 
MARKET OVERVIEW 
TNT operates in the Courier, Express and Parcel (CEP) market and collects, transports and delivers 
documents, parcels and palletised freight on a day-definite or time-definite basis. Its services are 
primarily classified by the speed, distance, weight and size of consignments. Whereas the majority of its 
shipments are between businesses (B2B), TNT also offers business-to-consumer (B2C) services to 
select key customers.  
 
Within the CEP market, TNT provides Express and Economy Express services. The Express services 
are day-definite and delivered next-day or fastest-by-air for distances for which next-day is not possible. 
The Economy Express services are also day-definite and are delivered fastest-by-road, except for 
intercontinental deliveries which depend on air. For both Express and Economy Express services TNT  
has time-definite options for customers requiring delivery before a certain time (e.g. 12:00 pm). TNT  
also provides specialised or extremely urgent deliveries which include products such as same-day, 
value-added and non-standard freight services. Geographically, TNT differentiates between domestic, 
intra-regional and intercontinental shipments. It also differentiates between parcels and freight, with a 
cut-off point at 30 kilogrammes per consignment. 
 
There are two types of express players: global integrators – so called due to their worldwide integrated 
networks and door-to-door delivery capability – and local/regional express operators. Four global 
integrators – DHL Express, FedEx, UPS and TNT – have the largest share of the intra-regional and 
intercontinental segments. Local/regional operators are often well positioned in their respective domestic 
or regional markets. As for the European economy parcels market, which is mainly domestic, larger 
competitors are DPD, a subsidiary of France’s La Poste’s GeoPost, and General Logistics Systems, a 
Royal Mail-owned parcel delivery group.  
 
Competition in the express market focuses on network coverage, speed, reliability, quality of customer 
service and price. New entrants into the express market may come from the parcel and freight sectors, 
where companies might improve their range of services by including day-definite products.  
 
MARKET DYNAMICS 
 
The CEP market, in particular the express business, is highly cyclical. An important development over 
the last two decades has been the emergence of end-to-end global supply chains, which is 
strengthening the relationship between express delivery and trade flows. Due to the close relationship 
between trade flows and economic development, a strong correlation exists between the development 
of the express delivery industry and real GDP (Gross Domestic Product) development. The growth of 
the global economy remained weak in 2014. 
 
Other key factors that affect TNT’s performance are: 
– Demand for Express and Economy Express  
– Customer mix 
– E-commerce 
– Base price and surcharges 
– Wage and input-cost inflation 
– Fuel prices 
– Operational efficiency and productivity 
– Foreign currency volatility 
 
BUSINESS PROFILE 
 
Originally, founded in 1946 and headquartered in Hoofddorp, the Netherlands, TNT employs over 
58,000 people worldwide. With own operations in 61 countries, TNT picks up and delivers documents, 
parcels and palletised freight through its operations, subcontractors and agents which are connected by 
road and air networks. The road networks are operated in Europe, the Middle East, Asia, Australia and 
South America. TNT’s unique European Road Network, connects more than 41 countries through 19 
road hubs and over 540 depots. Its international air network has a central air hub in Liège, Belgium, and 
a fleet of 54 aircraft connecting 74 airports globally. In addition, TNT utilises acquired capacity on 
commercial airlines to destinations worldwide, allowing for service to more than 200 countries.  
 
TNT’s customers range from multinationals to small enterprises and are concentrated in the industrial, 
automotive, high-tech and healthcare industries. SMEs are an important part of TNT’s customer base. 
These customers have broadly distributed geographic (domestic, intra-Europe and intercontinental)

Business performance 
 
Chapter 2 
 
 
16 
service demand. TNT’s sector-specific value propositions and products, born from meeting the needs of 
larger customers, are also marketed to SMEs alongside more standardised products. 
 
With more than two-thirds of its revenues generated in Europe, TNT has a robust position in the 
domestic and intra-European express market. TNT’s market share in both markets is estimated to have 
decreased in 2014 on the back of intense competition, and lack of investments in productivity and 
service capabilities. 
 
EXTERNAL RECOGNITION 
 
In January, TNT won two awards for its exemplary customer service. The ‘Contact Centre Accessibility’ 
award was presented by The House of Contact Centers (THoCC) to TNT Benelux for the prompt 
support offered to customers by its customer care centres. The second award, a special jury prize, was 
received by TNT Italy from Customer Management Multimedia Competence (CMMC), for its customer 
service app, TNT Italia. The app, which allows smartphone users to track shipments and re-arrange 
deliveries, has been downloaded approximately 50,000 times since November 2011. 
 
In April, TNT received the ‘Express Logistics provider of the Year’ award at the Supply Chain and 
Transport Awards (SCATA) ceremony in Dubai. This is the second year in a row TNT has received the 
recognition. TNT also received an award for its 'Outstanding Achievement' within the industry. 
 
In May, TNT Services UK & Ireland became the first operator in the transport and logistics industry to be 
awarded the ‘Carbon Trust Standard for Waste’ for its notable actions taken to reduce waste within its 
operations.   
 
In November, TNT was recognised at the Supply Chain Global Awards ceremony as the winner of the 
‘Aftermarket Parts Logistics’ category, for its outstanding contribution to the supply chain and logistics 
sector in the global automotive industry. Also in November, TNT Services UK & Ireland won the 
‘Environment Award’ at the 2014 Global Freight Awards ceremony organised by Lloyd’s Loading 
List.com, for demonstrating leadership in efforts to reduce energy consumption, emissions, noise 
pollution and environmental impact. At the Eye for Transport European 3PL award reception in 
Amsterdam, TNT won the 3PL award for Hi-Tech and Electronics. 
 
II. OVERVIEW  
 
As part of the Deliver! improvement programme, in 2013 a new management structure was 
implemented, which led to a change in operating segments and subsequently to a change in reportable 
segments: Europe Main, Europe Other & Americas, Pacific, AMEA (Asia, Middle East and Africa) and 
Unallocated.  
 
In February 2014, as part of Outlook, and its Organise to Win initiative, TNT announced that the 
management structure would be updated to create focused and accountable units. This led to a further 
change in operating units and subsequently to a change in reportable segments to: International 
Europe, International AMEA, Domestics and Unallocated, effective 1 October 2014. 
 
– The International Europe reportable segment is centrally led with integrated responsibility across 
Europe.  
– The International AMEA reportable segment is managed separately but operates in close 
cooperation with International Europe.   
– The Domestics reportable segment includes the domestic operations in France, Italy and the United 
Kingdom, as well as Brazil, Chile, Australia and New Zealand. The domestic entity creates a 
dedicated focus on domestic operations, whilst keeping the synergies with the international activities.  
– The Unallocated reportable segment continues to consist of Other Networks (TNT Innight), Central 
Networks (European Road Network and European Air Network), IT, Global Business Services (GBS) 
and the TNT Head Office.  
 
BRAZIL DOMESTIC 
 
In 2013, Brazil Domestic was reported as a discontinued operation following the announcement earlier 
that year that the unit would be sold. On 30 January 2014, TNT announced that it would retain Brazil 
Domestic. Therefore, as of 2014, Brazil Domestic is no longer reported as a discontinued operation but 
is incorporated in the Domestics reportable segment.

Business performance 
 
Chapter 2 
 
 
17 
In Brazil, the social integration (Programa de Integração Social [PIS]) and the social contribution on 
billing (Contribuição para o Financiamento da Seguridade Social [COFINS])  programmes, levy taxes 
which are highly regulated and represent a significant share of the overall Brazilian tax collection. 
 
PIS is conceived as a means to share business profits with the employees, through a mandatory 
national savings programme, financed by monthly deposits collected as a percentage of gross sales.  
COFINS was created to finance special social programmes enforced by the Federal Government 
through the collection of a social contribution, which is a percentage of revenues. Previously, in the 
absence of clear guidance under IFRS, TNT accounted for these taxes as taxes on profit, since and 
although the tax is levied as a percentage of revenues, certain cost credits are to be taken into account 
to arrive at the taxes due.  
 
However, it is now more customary to account for PIS/COFINS taxes as an adjustment of revenue and 
affected cost. As a result, TNT has decided to change its accounting regarding PIS/COFINS, as such a 
change is deemed to result in the financial statements providing more reliable and relevant information 
about the effects of its financial performance. 
 
SEGMENT OVERVIEW 
 
Adjusted operating income is calculated as operating income after adjusting for one-offs and is prepared 
by management to analyse the results excluding non-recurring items for a better understanding of the 
business performance. The presentation and disclosure of adjusted operating income does not conform 
to IFRS. 
 
The following tables provide a reconciliation of revenues and adjusted operating income between the old 
and new reportable segments for the full year 2014, taking into account the change in the accounting 
policy for PIS/COFINS, and the change from constant foreign exchange rates to respective foreign 
exchange rates.  
 
Reconciliation of 2014 revenue from old to new segments
Year ended at 31  December
Europe
Un-
Europe
Other &
allocated
New segmentation
Main
Americas
Pacific
AMEA
Brazil
& Elim.
Total
Total revenue @avg13 FX1
3,205
            
1,183
          
643
             
918
             
342
             
484
                
6,775
             
FX / Accounting change2
50
                
(48)
              
(32)
              
(12)
              
(53)
              
-
                 
(95)
                 
Total revenue @avg14 FX1
3,255
            
1,135
          
611
             
906
             
289
             
484
                
6,680
             
International Europe
1,690
            
1,053
          
-
              
-
              
-
              
-
                 
2,743
             
International AMEA
-
               
-
              
-
              
906
             
-
              
-
                 
906
                
Domestics
1,565
            
82
               
611
             
-
              
289
             
-
                 
2,547
             
Unallocated
-
               
-
              
-
              
-
              
-
              
484
                
484
                
Total
3,255
            
1,135
          
611
             
906
             
289
             
484
                
6,680
             
1FX: Foreign exchange rate.
2Related to reporting of PIS/COFINS taxes in Brazil.
(in €  millions)
Old segmentation
 
Reconciliation of 2014 adjusted operating income from old to new segments
Year ended at 31  December
Europe
Un-
Europe
Other &
allocated
New segmentation
Main
Americas
Pacific
AMEA
Brazil
& Elim.
Total
Operating income @avg13 FX1
25
                
23
               
4
                 
59
               
(3)
                
(166)
               
(58)
                 
One-offs
106
               
41
               
5
                 
1
                 
10
               
132
                
295
                
Adjusted operating income @avg13 FX1
131
               
64
               
9
                 
60
               
7
                 
(34)
                 
237
                
FX / Accounting change2
5
                  
(11)
              
(1)
                
(2)
                
(16)
              
(3)
                   
(28)
                 
Adjusted operating income @avg14 FX1
136
               
53
               
8
                 
58
               
(9)
                
(37)
                 
209
                
International Europe
92
                
50
               
-
              
-
              
-
              
(24)
                 
118
                
International AMEA
-
               
-
              
-
              
58
               
-
              
(7)
                   
51
                  
Domestics
44
                
3
                 
8
                 
-
              
(9)
                
20
                  
66
                  
Unallocated
-
               
-
              
-
              
-
              
-
              
(26)
                 
(26)
                 
Total  
136
               
53
               
8
                 
58
               
(9)
                
(37)
                 
209
                
1FX: Foreign exchange rate.
2Related to reporting of PIS/COFINS taxes in Brazil.
(in €  millions)
Old segmentation

Business performance 
 
Chapter 2 
 
 
18 
The following table presents revenue and (adjusted) operating income per reportable segment for the 
financial years ended 31 December 2014 and 2013. The 2014 and comparative 2013 figures have been 
restated to reflect the new reportable segments in accordance with IFRS.   
 
Revenue and operating income by segment, reported and adjusted
Revenues
2014
variance %
2013
One-offs
2014
variance %
2013
International Europe
2,743
              
0.8
                   
2,722
            
International AMEA
906
                 
(14.6)
                
1,061
            
Domestics
2,547
              
(0.7)
                  
2,566
            
Unallocated
496
                 
(12.7)
                
568
               
Elimination
(12)
                 
7.7
                   
(13)
                
Total
6,680
(3.2)
                  
6,904
            
Operating income (€m)
International Europe1
30
                   
(50.0)
                
60
                 
88
             
118
               
(1.7)
                
120
             
International AMEA2
50
                   
(7.4)
                  
54
                 
1
               
51
                 
 
24
               
Domestics3
(8)
                   
96.2
                 
(212)
              
74
             
66
                 
29.4
               
51
               
Unallocated4
(158)
               
 
107
               
132
           
(26)
                
(23.8)
              
(21)
              
Total
(86)
                 
 
9
                   
295
           
209
               
20.1
               
174
             
Operating income margin (%)
International Europe
1.1
                  
2.2
                
4.3
                
4.4
              
International AMEA
5.5
                  
5.1
                
5.6
                
2.3
              
Domestics
(0.3)
                
(8.3)
               
2.6
                
2.0
              
Total
(1.3)
                
0.1
                
3.1
                
2.5
              
Notes: Non-GAAP adjustments
1FY14: €56m restructuring and restructuring-related charges, and €32m goodwill impairments.
1FY13: €58m restructuring and restructuring-related charges, €4m catch-up depreciation Boeing 747 freighters, €2m goodwill impairments 
and €(4)m claim settlement.
2FY14: €1m restructuring and restructuring-related charges.
2FY13: €3m restructuring and restructuring-related charges, €8m catch-up depreciation Boeing 747 freighters, €(56)m reversal of impairments 
and fair value adjustments of two Boeing 747 freighters, €15m fair value adjustments of China Domestic.
3FY14: €65m restructuring and restructuring-related charges, and €9m impairment and depreciation of Brazil Domestic.
3FY13: €26m restructuring and restructuring-related charges, €236m goodwill impairments and €1m fixed asset impairments.
4FY14: €37m restructuring and restructuring-related charges, €50m implementation cost, €2m software impairments, €50m provision related to 
the French competition case and €(7)m profit on sale of TNT Fashion Group B.V.
4FY13: €9m restructuring and restructuring-related charges, €58m goodwill impairments, €(200)m UPS termination fee and €5m UPS offer-related cost.
(in €  millions, except percentages)
Reported
Adjusted (non-GAAP)
 
In 2014, overall revenues declined by 3.2% due to a mix of factors: the sale of China Domestic in 
November 2013 and TNT Fashion in May 2014 (4.1%); and negative foreign exchange movements 
(0.9%). At a comparable scope and constant foreign exchange rates, revenue increased by 1.8%, 
primarily as a result of growth in International Europe and International AMEA.  
 
TNT recorded an operating loss of €86 million in 2014 compared to operating income of €9 million in 
2013. Contributing to this loss position, were the significant efforts undertaken in 2014 to transform the 
business, which resulted in total restructuring and restructuring-related expenses of €159 million. Total 
impairments amounted to €38 million, and included goodwill impairment of €32 million in Spain, due to 
the updated management structure, which resulted in a revised structure of cash-generating units 
(CGUs).  
 
A provision of €50 million was recognised, relating to an investigation of alleged anti-competitive 
behaviour in the French parcels delivery sector by the French Competition Authorities (FCA), while a 
profit of €7 million was recognised relating to the sale of the TNT Fashion activities in the Netherlands.   
 
In 2014, the negative impact of foreign exchange movements on operating income was €11 million. 
Compared to 2013, adjusted operating income increased by 20.1% or €35 million, despite a decline in 
International Europe (€2 million), as this was compensated by improved adjusted operating income in 
International AMEA (€27 million) and Domestics (€15 million), predominantly driven by positive 
developments in Brazil.  
 
Commentary on the performance in each of TNT’s reportable segments is provided below.

Business performance 
 
Chapter 2 
 
 
19 
III. INTERNATIONAL EUROPE 
 
GENERAL 
 
The International Europe segment comprises of all TNT operations in Europe with the exception of the 
domestic businesses in France, Italy and the United Kingdom. These operations provide TNT with a 
strong position in the European international express market. The segment also includes TNT’s 
operations in North America and Israel. 
 
2014 PERFORMANCE 
 
International Europe
Year ended at 31  December
2014
variance %
2013
Revenues
2,743
0.8
2,722
Adjusted operating income
118
(1.7)
120
Average consignments per day ('000)
239
(1.6)
243
Revenue per consignment (€)1
45.4
3.7
43.8
Average kilogrammes per day ('000)
8,184
1.9
8,034
Revenue per kilogramme (€)1
1.32
(0.8)
1.33
1Based on reported revenues @avg13 rates.
(in €  millions, except percentages)
 
 
International Europe’s revenues increased by 0.8% or 1.5% at constant foreign exchange rates. TNT 
exited a number of express customers with low yields, this resulted in a reduction in consignment 
volumes. Revenue per consignment improved by 3.7%, as pressure on prices was compensated by an 
increased average consignment weight and stronger growth in International Europe’s international 
products. Growth in the SME customer segment improved during the year. 
 
In the latter part of 2014, €13 million was invested in the re-launch of TNT. In addition, significant 
investments were made to improve service levels in TNT’s core European market, to support future 
growth. While many operating units experienced healthy profit developments, the performance of the 
segment was lower, due to lower revenues in UK International and France International, and the 
economic situation in Russia.  
 
Investments made in the European Road Network and to a lesser extent in the European Air Network, in 
order to drive future growth and productivity, positively impacted International Europe’s service coverage 
and capacity.  
 
International Europe’s service levels improved by the end of the year, as evidenced by the results of 
customer satisfaction surveys. 
 
IV. INTERNATIONAL AMEA 
 
GENERAL 
 
The AMEA segment constitutes the businesses in Asia, the Middle East and Africa with fully owned 
subsidiaries in 21 countries. It operates express services within the AMEA region and provides 
intercontinental services mainly to and from Europe and the United States. Its dedicated intercontinental 
air fleet serves Shanghai, Hong Kong, Singapore and Dubai. In Asia, it operates domestic and 
international regional road networks connecting more than 126 cities and provides an attractive 
alternative to air and sea transport.

Business performance 
 
Chapter 2 
 
 
20 
2014 PERFORMANCE 
 
International AMEA
Year ended at 31  December
2014
variance %
2013
Revenues
906
(14.6)
1,061
Adjusted operating income
51
 
24
Average consignments per day ('000)
60
(33.3)
90
Revenue per consignment (€)1
59.6
29.3
46.1
Average kilogrammes per day ('000)
1,167
(82.6)
6,708
Revenue per kilogramme (€)1
3.09
 
0.62
1Based on reported revenues @avg13 rates.
(in €  millions, except percentages)
 
 
In 2014, International AMEA experienced an acceleration of revenue growth throughout the year. Year-
on-year revenue growth, corrected for the sale of China Domestic in November 2013, was 6.0% or 7.4% 
at constant foreign exchange rates. The sale of China Domestic contributed to the 82.6% reduction in 
average kilogrammes per day shipped, as well as the increase in the revenue per kilogramme from 
€0.62 to €3.09. Excluding the effect of the sale of China Domestic, average kilogrammes shipped per 
day showed an increase year-on-year. 
 
All operating units experienced revenue growth, including Greater China, which is International AMEA’s 
largest and key operating unit. In the first quarter, TNT launched the ‘enhanced liability’ option for 
customers in East Asia and Greater China, which generated an additional €10 million revenue. 
 
Adjusted operating income margin improved to 5.6% in 2014 from 2.3% in 2013, supported by the 
growth in higher margin import products, which is a key strategic focus area for International AMEA. The 
improvement was also supported by higher volumes on intercontinental aircraft in and out of China, 
which experienced an 18% growth in volumes year-on-year.  
 
Indirect costs remained flat in euro terms despite fairly high levels of salary inflation in a number of 
certain key markets. This was achieved by a focus on cost reduction, underpinned by the Deliver! 
improvement programme, launched in 2013, which continued throughout 2014, and included the 
centralisation of billing for East Asia into a billing centre in Bangalore, India. 
 
V. DOMESTICS 
 
GENERAL 
 
The Domestics segment comprises of the domestic businesses in France, Italy and the United Kingdom, 
as well as Brazil, Chile, Australia and New Zealand. These businesses provide TNT with a strong 
position in the domestic express markets in the respective countries. 
 
2014 PERFORMANCE 
 
Domestics
Year ended at 31  December
2014
variance %
2013
Revenues
2,547
(0.7)
2,566
Adjusted operating income
66
29.4
51
Average consignments per day ('000)
634
(1.2)
642
Revenue per consignment (€)1
15.9
1.3
15.7
Average kilogrammes per day ('000)
13,343
0.1
13,336
Revenue per kilogramme (€)1
0.76
1.3
0.75
1Based on reported revenues @avg13 rates.
(in €  millions, except percentages)
 
 
Revenues for the segment decreased by 0.7%, of which 1.1% was due to the negative impact of foreign 
exchange movements. Heavy competition in the European domestic markets, combined with 
rationalisation of loss-making customers in Italy could not be fully offset by healthy growth in Brazil. 
 
Revenue per consignment remained relatively flat due to yield improvements in Brazil and Chile, and an 
overall improved customer mix in Italy, which compensated for the general price pressure in the 
European domestic markets. Revenues in the SME customer segment started to pick-up in the second 
half of 2014.

Business performance 
 
Chapter 2 
 
 
21 
Year-on-year performance in Brazil and Italy improved, while performance in Chile remained reasonably 
flat. Despite the growth in average consignments per day in the United Kingdom, France, Australia and 
New Zealand, performance in these markets was weaker due to pressure on prices and service 
investments. 
 
In 2014, €9 million was invested in the re-launch of TNT. Service levels within the Domestics segment 
significantly improved, with a renewed focus on compliance; additional investments in equipment, fleet 
and infrastructure; and the roll-out of various operational excellence programmes, such as Perfect 
Depot.  
 
VI. UNALLOCATED 
 
GENERAL 
 
The Unallocated segment consists of Other Networks (TNT Innight and TNT Fashion activities in the 
Netherlands, until its disposal date), Central Networks (European Road Network and European Air 
Network), IT, Global Business Services (GBS) and the TNT Head Office. As part of its strategy to focus 
on core express delivery services, on 11 March 2014, TNT announced its intention to sell its specialist 
fashion supply chain business in the Netherlands, TNT Fashion Group B.V. (TNT Fashion). The sale to 
a consortium of Belspeed and Netlog Group was completed on 16 May 2014.  
 
Revenues in the Unallocated segment are generated by TNT Innight, TNT Fashion (until its disposal 
date) and the air cargo sales made by Central Networks to optimise air capacity utilisation.  
 
The Unallocated segment costs are shown net of recovery charges allocated to individual geographic 
and business segments. The segment also includes specific one-offs and expenses.  
 
2014 PERFORMANCE 
 
Unallocated
Year ended at 31 December
2014
variance %
2013
Other Networks
305
             
305
             
Non-allocated
179
             
(28.4)
250
             
Total reported revenues
484
             
(12.8)
555
             
Other Networks
(16)
              
71.9
(57)
              
Non-allocated
(142)
            
164
             
Total reported operating income/(loss)
(158)
            
 
107
             
Software impairments
2
                 
Goodwill impairments
58
               
Restructuring-related
37
               
9
                 
Implementation cost
50
               
UPS termination fee
(200)
            
UPS offer-related cost
5
                 
Profit on the sale of TNT Fashion Group B.V.
(7)
                
Provision related to the French competition case
50
               
Adjusted operating income/(loss)
(26)
              
(23.8)
(21)
              
(in €  millions, except percentages)
 
 
The year-to-date revenue and operating income for TNT Fashion, until disposal date, was €40 million 
and €1 million, respectively. As a result of the sale, a profit of €7 million was recognised. The net cash 
proceeds of €39 million were received in full in the second quarter. 
 
On 16 July 2014, TNT announced that it had received a Statement of Objections (SO) from the FCA 
with respect to an investigation of alleged anti-competitive behaviour in the French parcels delivery 
sector. TNT has cooperated with the investigation since it started in 2010, and has subsequently 
entered into a settlement with the FCA. The settlement will include a reduction percentage to the fine, 
the absolute amount of which the authorities are not expected to determine before the end of 2015. As 
such, TNT made a provision of €50 million in the third quarter.

Corporate responsibility performance 
Chapter 3 
 
 
 
 
22 
 
CHAPTER 3 CORPORATE RESPONSIBILITY PERFORMANCE  
 
I.  CORPORATE RESPONSIBILITY FRAMEWORK 
23 
II.  HEALTH AND SAFETY 
25 
III.  ENVIRONMENT 
27 
IV.  SOCIAL AND ENGAGEMENT 
30

Corporate responsibility performance 
Chapter 3 
 
 
 
 
23 
 
I. CORPORATE RESPONSIBILITY FRAMEWORK 
 
STRATEGY 
 
Corporate responsibility (CR) is an integral part of TNT’s business strategy and is embedded in its 
business and operational activities.  
 
As part of its strategic agenda, TNT aims to create value for customers by: 
 ensuring a healthy and safe working environment for employees, subcontractors and business 
partners, to guarantee the delivery of improved quality of service;  
 minimising environmental impact on the supply chain of the customer and of TNT’s activities in the 
world; and 
 continuous development and engagement of employees to ensure that customers are dealing with 
knowledgeable and dedicated employees. 
 
GOVERNANCE 
 
The Executive Board is the owner of the CR agenda. A central CR Steering Committee advises and 
assists the Executive Board in developing, executing and monitoring the performance of TNT’s CR 
strategy and its associated policies and procedures. The committee is chaired by the CEO and 
comprises relevant functional directors. The corporate CR department supports the committee and 
coordinates global CR activities and performance. Annually, the Supervisory Board evaluates the 
company’s CR approach and performance. 
 
MATERIALITY ASSESSMENT 
 
TNT reports on CR data and information in accordance with the Global Reporting Initiative (GRI) G4 
reporting criteria and guidelines. TNT has prepared the 2014 annual report in accordance with G4’s core 
option. Core reports include the majority of the General Standard Disclosures, generic Disclosures on 
Management Approach (DMA) for only material aspects and at least one indicator related to each 
identified material aspect. In compliance with G4, TNT explains how it manages each material aspect 
and reports relevant indicators over time.  
 
To identify the CR-related aspects that are most relevant for TNT, an annual online survey is conducted 
with the six main stakeholder groups as defined by TNT: customers, employees, subcontractors, 
suppliers, investors and civil society organisations. Civil society organisations are selected based on 
apparent interest in TNT, while all other stakeholder groups are selected to ensure diverse geographical 
coverage. In addition, TNT systematically engages with (individual) stakeholders to obtain their 
perspectives, input and feedback on its business and operational activities. The survey outcome and 
stakeholder feedback provide guidance for developing and improving TNT’s CR strategy and activities. 
 
The 2014 survey was sent to approximately 4,000 stakeholders globally, with a response rate of 10%. 
The survey polled stakeholders on the CR-related aspects included in the G4 guidelines, which are 
relevant for TNT. The stakeholders identified and prioritised the aspects they deemed most important for 
TNT. The sixteen highest ranking CR-related aspects are reflected in the following matrix. The 
horizontal axis reflects the “relative importance according to the stakeholders”. The CR Steering 
Committee subsequently also assessed and prioritised these aspects. This prioritisation is reflected in 
the vertical axis “relative importance according to the company”. The aspects shown in the top-right 
hand area are important and material to both stakeholders and the company, and are covered in this 
annual report.

Corporate responsibility performance 
Chapter 3 
 
 
 
 
24 
 
TNT’s 2014 CR Materiality Matrix  
 
Environmental 
investment
Human rights
Energy
Climate change
Relative importance according to the company
Social
Health & safety
Relative importance according to the stakeholders
Anti-corruption
Economic 
performance
Emissions
Materials
Customer satisfaction
Economic
Environmental
Customer privacy
Labour
Compliance
Market presence
Training
Supplier assessment
low
high
medium
medium
high
low
 
 
CORPORATE RESPONSIBILITY RISK MANAGEMENT AND MONITORING 
 
TNT applies continuous, formal and structured CR risk management, and a CR reporting system. It 
identifies CR-related risks, linked to business and operational activities, and works to reduce these 
through the implementation of risk management controls. Where possible, global best practices are 
implemented to monitor, reduce and mitigate these risks. The main CR-related risks are linked to: safety 
incidents and accidents; CO2 emission rights; regulations related to environment and climate change; 
and restrictions on the use of vehicles. Refer to section V of chapter 4 for more information. 
 
The principal monitoring and control processes for CR are:  
 a global reporting and consolidation system that tracks CR data, supported by a dedicated CR 
reporting function under the responsibility of the CFO; 
 a non-financial letter of representation with CR-related questions, with sign-off by senior 
management to confirm the reliability of provided data and the compliance with policies; 
 a review of control processes based on the Internal Control for CR (ICCR) framework; and 
 an independent examination performed by the external auditors (including reliance on an objective 
assurance review performed by the internal auditors).  
 
On a monthly basis, TNT uses a monitoring and reporting system to measure progress on relevant key 
performance indicators (KPI). CR targets and KPIs are integral to TNT’s performance management 
framework.

Corporate responsibility performance 
Chapter 3 
 
 
 
 
25 
 
II. HEALTH AND SAFETY 
 
MANAGEMENT AND PERFORMANCE  
 
TNT manages health and safety via a systems-based approach. The health and safety policies and 
management framework are based on the international OHSAS 18001 standard. All operating units are 
required to achieve and maintain external certification to this standard as a minimum, in addition to 
national and local regulatory standards. 
 
Health and safety risks associated with operational activities are identified and assessed, and 
subsequently managed and controlled to acceptable levels by implementing effective risk controls within 
operational processes. Each operating unit has a documented risk assessment process in place to 
control this particular risk at a local level.  
 
TNT monitors its performance through a set of performance metrics. The main KPI for safety is the lost-
time accident (LTA) ratio. The LTA ratio is defined as the number of employees that are absent from 
work as a result of a work-related workplace or road traffic accident, for at least one working day in the 
reporting period, excluding the day the accident occurred, per 100 FTE. Annual targets are set to drive 
performance improvements. TNT’s health and safety performance is included in the performance 
management framework and is subject to quarterly reviews. 
 
TNT acknowledges the safety record of its entire operation, a significant part of which is executed by 
subcontractors. Where possible, subcontractors are involved in improvement initiatives and training 
programmes. 
 
Preventive measures 
TNT uses the ‘safe vehicle, safe driver, safe journey’ approach to identify and implement effective risk 
mitigation measures for road safety. TNT pursues continuous improvement in each of these areas, in 
addition to subcontractor management. The main challenge in reducing road accidents is to ensure 
consistent application of this approach, particularly in less-developed countries, and to ensure that 
subcontractors adopt corresponding standards in practice. Where applicable, TNT promotes the 
improvement of the quality of public infrastructure, which is another relevant factor in enhancing road 
safety. 
  
Health and safety performance KPIs
Year ended at 31  December
2014
variance %
2013
OHSAS 18001 (% of total FTE)
81%
(3.6)
84%
Workplace fatal accidents
♦
0
0
Road traffic fatal accidents (own blameworthy and non-blameworthy)
♦
5
150.0
2
Subcontractor road traffic fatal accidents
18
38.5
13
Lost-time accidents per 100 FTE
♦
2.69
(0.7)
2.71
Blameworthy road traffic incidents/collisions per 100,000 kilometres
0.73
(6.4)
0.78
Absenteeism (% of total standard working hours)
♦
3.6
5.9
3.4
Figures with a (♦) fall within the reasonable assurance scope
 
 
TNT regrets to report that the overall number of fatal accidents (including subcontractors) increased in 
2014. TNT regrets any accident, including one for which it has no blame. In 2014, only one own 
blameworthy fatal accident occurred in Brazil (2013: one in Chile). TNT reviews the performance of its 
subcontractors. Since blameworthiness in accidents involving subcontractors cannot currently be 
officially established by TNT, all fatal accidents, irrespective of blameworthiness are reported.  
 
The improvement of the LTA ratio in 2014 is supported by continued focus on safety enhancement.  
 
KEY INITIATIVES 
 
Health and safety initiatives  
These initiatives include health assessments, injury rehabilitation, screening for medical conditions, 
safety training (drivers and workplace), driver recognition programmes, road safety charters and safe 
driving competitions, for employees and subcontractors. Example initiatives are:  
 Back-track device: The back-track device is a wearable device introduced in the United Kingdom in 
2014. The objective of the device is to reduce the risk of injury (back, knee, ankle, sprain or strain). 
The device detects poor manual handling technique and encourages correct manual handling

Corporate responsibility performance 
Chapter 3 
 
 
 
 
26 
 
behaviour. People wearing the device are three times less likely to have back, knee, ankle, sprain or 
strain injuries compared to people not wearing the device. 
 Vehicle camera system: In the United Kingdom, all new pick-up and delivery (PUD) vehicles were 
fitted with forward facing cameras, in addition to the reversing cameras, to reduce the number of 
avoidable collisions with a vehicle in front. In 2015, nearside cameras will be fitted in all PUD 
vehicles, to enable the driver to see any cyclists moving along the nearside of the vehicle. 
 Road safety charter: France instituted a new Driver Road Safety Charter, to demonstrate continued 
commitment to improving road safety performance. Each driver has signed the charter and 
committed to the 12 golden rules for driving safely.  
 Pill a day: This initiative has been rolled out in the Middle East. Daily, during the debrief session, one 
health, safety or environmental topic is discussed and provided as a take-away for the PUD drivers 
and depot/warehouse workers.  
 Check Stop: This is a new road safety campaign implemented in Italy, which offers free service to 
check both the state of alertness, sleepiness and fatigue of drivers, and the primary features of their 
vehicles. 
 
Safety culture initiatives 
To complement safety standards, controls and tools, TNT continues to strengthen its safety culture. This 
is done by addressing the attitudes, beliefs, perceptions and values of employees and subcontractors 
with regards to safety. TNT promotes a safety culture in which management exhibits leadership and 
commitment to safety, and all employees assume responsibility for the health and safety of themselves 
and others.  
 
The TNT hub in Liège, Belgium, rolled out a three-year programme designed to reinforce its safety 
culture and improve its LTA ratio by 50%. This target was achieved three months prior to the completion 
of the programme. Several behaviour-based safety tools and best-practice techniques are being 
applied, including extensive training and coaching. 
 
OUTLOOK AND COMMITMENTS 
Health and safety is an integral part of realising the Perfect Transaction, and will help to integrate health 
and safety behaviour in daily operations. 
 
TNT’s most relevant overall safety target is the reduction of LTAs. The objective is to realise 2.0 LTA per 
100 FTE by 2015, compared to 2.69 in 2014. In support of this target, in 2014, TNT adopted a health 
and safety action plan based on recognised industry best practices. The action plan has ten focus 
areas, as shown below. The development and deployment of the action plan is led by TNT health and 
safety professionals from the operating units and head office. Successful deployment at subcontractors 
is a high priority.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OHSAS 18001
Maintain 
compliance to 
the standard
Best practices
Identify & 
implement 
global best 
practices to 
manage key 
road, workplace 
& health risks
Global H&S 
management 
system
Develop an updated 
group H&S 
management 
system
Objectives 
& Plans
Define annual 
H&S action 
plans
Incident reporting 
& investigation
Review and refine 
incident reporting & 
investigation 
processes
Subcontractor 
management
Incorporate H&S 
requirements into 
functional 
business 
processes
Functional 
expertise
Utilise functional 
expertise to 
develop sustainable 
improvements
Behaviour-based
safety
Identify, develop 
& implement 
appropriate 
safety culture
improvement 
tools
Communication
Introduce a H&S 
campaign to increase 
awareness & promote 
achievements
Training 
& competence
Identify & 
implement core 
H&S 
competencies 
and training 
programmes
Health and safety
action plan
OHSAS 18001
Maintain 
compliance to 
the standard
Best practices
Identify & 
implement 
global best 
practices to 
manage key 
road, workplace 
& health risks
Global H&S 
management 
system
Develop an updated 
group H&S 
management 
system
Objectives 
& Plans
Define annual 
H&S action 
plans
Incident reporting 
& investigation
Review and refine 
incident reporting & 
investigation 
processes
Subcontractor 
management
Incorporate H&S 
requirements into 
functional 
business 
processes
Functional 
expertise
Utilise functional 
expertise to 
develop sustainable 
improvements
Behaviour-based
safety
Identify, develop 
& implement 
appropriate 
safety culture
improvement 
tools
Communication
Introduce a H&S 
campaign to increase 
awareness & promote 
achievements
Training 
& competence
Identify & 
implement core 
H&S 
competencies 
and training 
programmes
Health and safety
action plan

Corporate responsibility performance 
Chapter 3 
 
 
 
 
27 
 
III. ENVIRONMENT 
 
MANAGEMENT AND PERFORMANCE 
 
TNT considers energy and carbon efficiency to be a priority. Therefore, TNT is committed to mitigating 
its environmental impact, with a focus on three areas: 
 Operations: improve CO2e efficiency and air quality of activities, including subcontractors 
 Customers: provide CO2e information to customers and help them reduce their emissions 
 People: encourage awareness and train employees and subcontractors in environmental 
management 
 
TNT manages its environmental footprint via a systems-based approach. Its environmental policies and 
management framework are based on the international ISO 14001 standard. All operating units are 
required to achieve and maintain external certification to this standard as a minimum, in addition to 
national and local regulatory standards. 
 
TNT’s environmental management system is used to plan, implement, monitor, manage and improve 
the environmental impact of its activities. TNT includes environmental requirements in its capital 
expenditure and procurement review process. The environmental impact of TNT’s fleet and 
infrastructure at each important juncture (planning, acquisition and operation) are managed. In addition, 
guidelines for subcontractors and suppliers are in place to ensure they meet TNT’s environmental 
requirements.  
 
TNT benchmarks its energy and carbon approach and performance against its peers via the Carbon 
Disclosure Project. In 2014, TNT scored 89 out of a possible 100 in the Carbon Disclosure Project 
(2013: 88).  
 
In the 2013 annual report, medium-term targets were disclosed on global initiatives related to TNT’s own 
fleet, with the objective to improve CO2 efficiency. The following table highlights TNT’s progress in 
attaining these targets. Where possible, subcontractors will continue to be involved in initiatives to 
reduce TNT’s overall CO2 footprint. 
  
Global initiatives
Year ended at 31 December
2014
medium-term targets
Own drivers trained in eco-driving (% of total own drivers)
♦
26%
100%
Own vehicles in the European Union > Euro 4 standard (% of total own vehicles)
♦
85%
90%
Own vehicles applied with telematics (% of total vehicles)
♦
12%
50%
Own linehaul vehicles/trailers equipped with aerodynamics (% of total vehicles/trailers)
♦
59%
100%
BAe 146 aircraft replaced
19%
100%
Figures with a (♦) fall within the reasonable assurance scope
 
 
Progress has been made in attaining these medium-term targets, and at the end of 2014, most of TNT’s 
own vehicles in the European Union have at least the Euro 4 standard. The reported percentage of own 
drivers trained in eco-driving is only based on the number of drivers that were trained in 2014. Drivers 
are trained regularly, however not on an annual basis. 
 
Environmental performance is measured through KPIs related to energy, absolute CO2 emission and 
CO2 efficiency.  
 
In 2014, TNT adopted the European Standard, EN 16258. This standard establishes a common 
methodology for the calculation and declaration of energy consumption and greenhouse gas (GHG) 
emissions related to transport services. This is a change compared to the disclosures in the 2013 
annual report. The environmental KPI’s will reflect the adoption of EN 16258 by disclosing the energy 
and GHG emissions using the EN 16258 default emissions factors, thus, presenting CO2 equivalent 
(CO2e) emissions instead of only CO2. In addition, CO2e will be presented as well-to-wheel emissions 
instead of tank-to-wheel. Vehicle fleet will now be aligned with operations, and segmented into PUD and 
linehaul vehicles instead of small trucks and vans and large trucks.  
 
The adoption of EN 16258 has not impacted the collection process of data via the operating units and 
the methodology for estimating the subcontractor CO2e emissions.

Corporate responsibility performance 
Chapter 3 
 
 
 
 
28 
 
Environmental performance KPIs
Year ended at 31  December
2014
variance %
2013
ISO 14001 (% of total FTE)
82%
(2.4)
84%
CO2e emissions absolute of own operations (Scope 1 and 2) (ktonnes)
♦
1,315
2.4
1,284
CO2e emissions absolute of subcontracted operations (Scope 3) (ktonnes)
1,600
2.5
1,561
CO2e efficiency network flights (European Air Network + domestic) (g CO2e/tonnes.km)
♦
1,828
(5.9)
1,943
CO2e efficiency long haul air (g CO2e/tonnes.km)
♦
512
1.4
505
CO2e efficiency PUD vehicles (g CO2e/km)
♦
549
(1.4)
557
CO2e efficiency linehaul vehicles (g CO2e/km)
♦
943
(0.6)
949
CO2e efficiency buildings (kgCO2e/m2)
♦
22.8
(7.7)
24.7
Figures with a (♦) fall within the reasonable assurance scope
 
 
In 2014, the total CO2e emissions of TNT’s own and subcontractor operations (Scope 1, 2 and 3 of the 
GHG Protocol) increased by 2.5% to 2,915 ktonnes. The CO2e emissions of TNT’s own operations 
(Scope 1 and 2) increased in absolute terms by 2.4% to 1,315 ktonnes (2013: 1,284) as a result of 
higher air and road linehaul operation activity levels. CO2e emissions of subcontractor operations 
(Scope 3) increased by 2.5% to 1,600 ktonnes. In 2014, 55% of total CO2e emissions was related to 
subcontractor operations.  
 
The CO2e efficiency of TNT’s air operations in Europe, measured in CO2e per freight tonne kilometre, 
improved in 2014, due to the transition to more fuel-efficient aircraft and improved load factors. The 
CO2e efficiency of PUD vehicles and linehaul vehicles, measured in CO2e per kilometre, improved, due 
to the transition to newer fuel-efficient vehicles and increased focus on driver behaviour. The relatively 
warm winter in Europe in the beginning of 2014 led to the reported improvement of the CO2e efficiency 
of TNT’s buildings.  
 
KEY INITIATIVES 
 
Operations 
 
Road 
In all major operating units, electric and low-carbon emitting vehicles and electric-assisted tricycles 
continue to be tested and deployed, particularly for city deliveries. Fuel-efficient innovations such as 
telematics, double-deck trailers, alternative fuel vehicles, multi-modal shipments and aerodynamic 
vehicle equipment, were also tested by additional operating units. To ensure maximum impact and 
scalability, best practices are shared, and, where possible, replicated on a larger scale, including 
subcontractors. 
 
TNT is constantly optimising the configuration of its network, which has an impact on its CO2e footprint. 
A number of projects have been rolled out, including:  
 the Road Operations Supply Chain Optimisation (ROSCO) project, which aims to re-design the 
network, by maintaining full capacity of its trucks, as well as implementing different loading 
techniques, such as loose loading; and 
 the Infrastructure project, which aims to identify the optimal local configuration of depots leading to 
the lowest overall costs and minimal CO2e impact of the total supply chain.  
 
Air 
TNT aims to constantly improve the fuel efficiency of its aircraft operations by applying best practices in 
network and flight planning, take-off, in-flight procedures and ground processes. In 2014, TNT rolled out 
paperless cockpits across its worldwide fleet of 54 aircraft, following approval from the Belgian Civil 
Aviation Authority to use iPad Air tablets as electronic flight bags. 
 
In 2014, TNT increased its capacity utilisation on its European Air Network, resulting in a significant 
reduction in CO2e/tonnes.km, through better planning, load quality and daily monitoring of load factors. 
This initiative will continue in 2015. 
 
In the years leading up to 2017, a significant number of short haul aircraft will be replaced by younger, 
more fuel-efficient aircraft types.  
 
Supply chain and innovation platforms 
At the industry level, TNT participated in several of the European Union’s 7th Framework Programme for 
Research (FP7) programmes (CITYLOG, STRAIGHTSOL, FREVUE), which aim to generate ‘zero-

Corporate responsibility performance 
Chapter 3 
 
 
 
 
29 
 
emission’ solutions for deliveries to city centres. In the FREVUE programme, TNT has committed to 
partner with the cities of Amsterdam, Madrid and Rotterdam, in the deployment of electric freight 
vehicles. 
 
TNT is also co-founder of the Green Freight Europe (GFE) sector initiative which aims, amongst others, 
to reduce carbon emissions of the transportation sector by supporting its members through a standard 
methodology for monitoring and reporting on carbon emissions. In 2014, TNT was awarded with the first 
Green Freight Europe ‘leaf’; an award that recognises TNT’s commitment to report and reduce CO2e 
emissions from freight transport. 
 
Customers 
TNT’s CO2 Services enable customers to pro-actively address the environmental impact of their 
business. TNT’s portfolio of CO2 Services include:  
 CO2 Report: tracks and analyses CO2 footprint 
 CO2 Neutral: mitigates the CO2 impact  of consignments 
 CO2 Quote: predicts future CO2 emissions 
 CO2 Scenario: models and optimises CO2 emissions in the transport supply chain 
 
In 2014, TNT extended its portfolio of CO2 Services, these services will be rolled out in key European 
countries. In January 2015, as part of its extended offering, TNT launched CO2 Neutral domestic 
express delivery in Germany at no additional charge. 
 
People 
Driver behaviour has a major impact on vehicle fuel efficiency. Therefore, TNT’s drivers are trained in 
driving behaviour, which helps to improve fuel efficiency and safety. Eco-driving is included as a 
standard requirement in driving courses in various locations and is also offered to subcontractors, where 
possible. In 2014, the 8th “Drive Me Challenge” edition was held at Millbrook Proving Ground in 
Bedfordshire, England. TNT’s drivers and subcontractors from operating units worldwide competed in 
fuel efficiency, safety and customer experience.  
 
OUTLOOK AND COMMITMENTS 
 
In the coming years, TNT will continue to work on the evolvement of its methodology and process of 
recording, monitoring and reporting CO2 efficiency information, and will strive to unify the customer, 
management and investor disclosure.  
 
In 2015, TNT will further refine its reporting and continue to roll-out its extended CO2 Services. In 
addition, TNT will launch programmes to educate operational management on the process of effectively 
managing and reducing environmental emissions.  
 
TNT’s current efficiency indicator for vehicles, CO2e per kilometre, does not reflect all improvement 
efforts, such as improved network optimisation and positive changes in capacity load factors, and 
excludes subcontractor performance.  
 
In 2014, TNT initiated a project in operational excellence to increase efficiency and productivity in its 
operations, and developed a new CO2e efficiency KPI to: 
 gain additional insight for operational management for strategic purposes and day-to-day operations; 
 comply with new industry standards on reporting TNT’s footprint; 
 embed environmental considerations in all operational and network optimisation initiatives; and 
 serve all customers, investors and management information needs, through a unified disclosure 
system. 
 
As a result, in 2015, TNT will amend its efficiency indicator to the number of kilogrammes of CO2e that is 
emitted to transport one metric tonne (1,000 kg) of cargo over a distance of one kilometre (kg 
CO2e/tonnes.km), to incorporate load factors. The revised KPI will allow monitoring of CO2e efficiency 
against previous years and has been added to the performance management framework for senior 
management.  
 
The project will enable publication of the CO2e efficiency performance for all TNT’s activities, including 
subcontractors in the 2015 annual report.

Corporate responsibility performance 
Chapter 3 
 
 
 
 
30 
 
IV. SOCIAL AND ENGAGEMENT 
 
Social and engagement performance KPIs
Year ended at 31  December
2014
variance %
2013
Investors in People (% of total headcount)
79%
(2.5)
81%
Employee engagement
nd1
67%
1A survey was not conducted in 2014, as such no data is available. 
 
 
THE PEOPLE NETWORK 
 
TNT has hard-working people in every corner of the world, who take pride in what they do; helping 
customers and each other succeed. This resilient, reliable network is the heart of the company, and is 
valued by customers. TNT employees rely on and support each other, to continuously strengthen each 
touch point in the TNT global network, and to realise the Perfect Transaction for its customers. As of 29 
September 2014, TNT - The People Network became an official part of TNT’s identity.  
 
Within The People Network framework, TNT aims to continue to nurture the orange spirit and cultivate a 
strong sense of engagement with employees and customers. TNT strives to create a network where 
communities of practice are stimulated, knowledge is shared abundantly and people enjoy growth whilst 
fulfilling their personal need to be in community with others.  
 
HUMAN RESOURCES 
 
TNT uses the Investors in People (IiP) standard to provide a consistent and structured approach to 
people management. The standard requires TNT to identify and communicate clear business objectives 
to all employees, and to provide performance feedback, development plans and adequate training. The 
objective is to achieve and maintain IiP certification for all operations. In 2014, 79% of employees were 
working at IiP-certified sites (2013: 81%).  
 
Training and other development actions are undertaken at all levels within the organisation. All global 
training-related development activities are centrally managed to ensure alignment with the company's 
values and strategic priorities. Implementation takes place at local level to ensure local cultures and 
languages are taken into account and to minimise cost of travel. 
 
TNT places particular focus on identifying, recognising and developing employees with the potential to 
become leaders. Employees are encouraged to join talent pools to develop leadership capabilities and 
to ensure succession planning. Annual performance calibration and succession and talent reviews are 
conducted to discuss and assess employee performance results, and to guarantee succession planning 
of talents.  
 
In 2014, with the roll-out of Outlook and its strategic priorities, the global engagement survey, VOICE 
was not conducted. A revised survey that is closely aligned to The People Network will be conducted in 
2015.  
 
CUSTOMERS 
 
TNT has an increased focus on service improvement as part of the Outlook strategy and customers 
benefit from that. TNT measures customer satisfaction and obtains a deeper insight into the needs of 
customers through the Orange Experience Score survey. In 2014, the Orange Experience Score 
increased from 37 in 2013 to 40. Refer to chapter 5 for more details. 
 
HUMAN RIGHTS 
 
The TNT Business Principles provide clarity and detail on specific TNT human rights aspects related to 
labour and employment. The TNT Business Principles are aligned with the UN Guiding Principles for 
Business and Human Rights.  
 
SOCIAL RESPONSIBILITY 
 
TNT provides expertise and capacity to a number of charitable initiatives, often at the local level with a 
close link to the company’s expertise, culture, employees and customers. TNT uses its supply chain 
management skills to support non-profit organisations in their logistical operations. For example, in 
Germany and Austria, TNT offered its surplus capacity on its linehaul routes to distribute donated

Corporate responsibility performance 
Chapter 3 
 
 
 
 
31 
 
grocery to underprivileged people; while in the Middle East, TNT employees donated and distributed 
food packages.  
 
These activities serve to engage and develop employees, while delivering safe and efficient supply 
chain solutions for people in need.

Governance 
Chapter 4 
 
 
32 
CHAPTER 4 GOVERNANCE 
 
I. MESSAGE FROM THE CHAIRMAN 
33 
II. REPORT OF THE SUPERVISORY BOARD 
34 
III. CORPORATE GOVERNANCE 
41 
IV. REMUNERATION REPORT 
  54 
V. RISK MANAGEMENT 
   60

Governance 
Chapter 4 
 
 
33 
I. MESSAGE FROM THE CHAIRMAN  
 
Dear Stakeholders, 
 
The Supervisory Board is pleased to report that TNT took critical first steps in 2014 towards recovery, 
despite tough trading conditions. The company, under the leadership of its new management team, is 
executing a clear strategy to focus on its competitive advantages, operational excellence and 
shareholder value.   
 
In particular, much emphasis in 2014 was placed on improving customer experience, as this is what will 
truly differentiate TNT from its peers. Continuously improving service is the starting point for the new 
strategy. To achieve this, the company is optimising its processes and investing in infrastructure and IT. 
More automation and standardisation will not only benefit customers, but also improve efficiency and 
reduce costs, another management priority.  
 
The Supervisory Board worked very closely with management in 2014 to implement the necessary 
changes to turn the company around. Of course, there are still many challenges to overcome. Yet the 
Supervisory Board has every confidence in the strategy and in management’s ability and commitment to 
improve performance and create a basis for sustainable profitable growth. 
 
On behalf of the Supervisory Board, I would like to thank management and employees for their hard 
work in 2014 – it is their efforts that make TNT - The People Network. I would also like to thank our 
shareholders and other stakeholders for their continued commitment to our business. 
 
 
Kind regards,   
 
 
 
Antony Burgmans 
Chairman of the Supervisory Board of TNT Express N.V.

Governance 
Chapter 4 
 
 
34 
II. REPORT OF THE SUPERVISORY BOARD 
 
INTRODUCTION 
 
In 2014, the Supervisory Board advised the Executive Board on strategic and operational processes, 
governance, corporate responsibility and developments. This report provides an overview of the events 
and challenges the Supervisory Board dealt with throughout the year. 
 
SUPERVISION BY THE SUPERVISORY BOARD 
 
Achievement of company goals  
In 2014, TNT continued to operate under challenging trading conditions, which resulted in significant 
provisions and one-off charges. These challenges testified to the scale of transformation required, which 
the Supervisory Board acknowledged would not occur overnight. The Supervisory Board played a 
significant role in the evolvement of Outlook, as well as the selection of the new management team and 
the development of the new organisational structure. The Supervisory Board is confident that Outlook 
will create a sustainable future for TNT and all its stakeholders, and provided the Executive Board with 
its full support.  
 
Strategy and risks 
During the year, the Supervisory Board together with the Executive Board discussed initiatives to 
reinforce the company’s performance, synthesising the strategic features and processes. TNT’s 
strategic agenda continued to evolve around the strength of the European Road Network, the large base 
of SMEs and its dedication to customer service. In February, the Supervisory Board decided to extend 
the dissolution date of its ad hoc Strategy Committee, from April to the end of 2014, to provide support 
to the Executive Board throughout the year in the further development of the strategy’s key levers, which 
include IT transformation, service improvement, organisation transformation and the re-launch of TNT.  
 
Risk management  
In 2014, the Supervisory Board was informed regularly, promptly and comprehensively on risks and risk 
management. The outcome of TNT’s risk management process, the risks identified and the mitigation 
plans were discussed in detail with the Audit Committee, and between the Supervisory Board and the 
Executive Board. The Supervisory Board strongly supports the allocation of risk ownership at 
Management Board level, facilitating the monitoring process and execution of action plans throughout 
the company. Refer to section V for more information on the risk management process and the 
strategic, operational, financial and compliance risks facing TNT.  
 
Financial reporting  
In 2014, members of the Supervisory Board received comprehensive financial reporting updates on a 
regular basis. This included the 2013 annual report with the consolidated financial statements, drawn up 
in accordance with IFRS; the proposal for a pro forma (interim) dividend from the distributable part of the 
shareholders’ equity; the quarterly consolidated financial statements; PricewaterhouseCoopers (PwC)’s 
specified procedures report on TNT’s half-yearly statements; PwC’s hard close report; and PwC’s year-
end audit findings. The Audit Committee and Supervisory Board dealt extensively with these reports. 
The external auditor attended all meetings of the Audit Committee.  
 
Compliance 
The Supervisory Board believes in a strong compliance framework. It advocates a corporate culture that 
values integrity and commitment to external and internal rules and regulations as well as fair treatment 
of business partners, employees and other stakeholders. In 2014, the Supervisory Board was informed 
on compliance-related topics and ascertained the legality and proper conduct of management activities.  
 
Investor relations 
The Supervisory Board was updated on investor relations activities and investor sentiment at least every 
quarter. Following the publication of the (quarterly) results, the Supervisory Board was informed in 
writing on trading updates, share price developments, market reactions and enquiries by investors and 
analysts. Refer to chapter 6 for more information on TNT’s investor relations activities.

Governance 
Chapter 4 
 
 
35 
Corporate responsibility  
The Supervisory Board acknowledged the continued integration of corporate responsibility into TNT’s 
overall business strategy and operations. The Supervisory Board considers corporate responsibility to 
be an essential condition for long-term success. In 2014, the Supervisory Board paid particular attention 
to safety. Regretfully, TNT, including subcontractors, was involved in 23 road traffic fatal accidents. This 
is a significant increase from the prior year (15). Together with management the Supervisory Board 
encourages the reduction in the number of incidents and accidents, and strives to gain more insight in 
the root cause of the accidents, to be able to take specific mitigating actions. Refer to chapter 3 for more 
information. 
 
MEETINGS OF THE SUPERVISORY BOARD 
 
In 2014, the Supervisory Board held six regular meetings and two ad hoc meetings. The Executive 
Board attended most of the meetings. Agenda items included: business performance and market 
developments; strategic, governance and regulatory updates; and corporate responsibility items. The ad 
hoc meetings took place in January to discuss the decision to retain Brazil Domestic and in September 
to discuss the trading update and the announcement of the settlement with the French Competition 
Authorities (FCA).  
 
All members of the Supervisory Board attended nearly all Supervisory Board meetings (refer to page 38 
for an attendance overview). Between meetings, the chairman of the Supervisory Board held frequent 
discussions with the CEO, both in person and by phone. The Executive Board kept the entire 
Supervisory Board informed of important developments on a regular basis. 
 
In February, the main topics of discussion were the Outlook strategy, the 2013 annual results, including 
the fourth-quarter and full-year results, the year-end report by the external auditor (PwC) and the risk 
environment report. The Supervisory Board approved the 2013 annual report, the final 2013 dividend 
proposal, the agenda for the Annual General Meeting of Shareholders on 9 April 2014 and the 
infrastructure investments in Australia and in the hub in Liege, Belgium.  
 
In April, the Supervisory Board held two regular meetings: the first to prepare for the Annual General 
Meeting of Shareholders; and the second to discuss the progress of Outlook and the first-quarter 
results.  
 
In July, the Supervisory Board discussed the half-year and second-quarter results as well as the outlook 
for the remainder of 2014. It also reviewed the progress of Outlook as well as the proposal for 
substantial investments in the European Road Network in the next few years. The Supervisory Board 
approved an investment in depot automation in Italy and the agenda for the Extraordinary General 
Meeting of Shareholders on 18 September 2014, where the appointment of Mr De Vries as CFO was 
proposed to shareholders.  
 
In October, the third-quarter results as well as updates on the main parts of the business and service 
improvement were discussed. The Supervisory Board approved infrastructure investments in France 
and the United Kingdom. Other items discussed included updates on IT transformation, the hub in 
Liege, Belgium and the marketing campaign. 
 
In December, the Supervisory Board discussed and approved the budget for 2015. Other topics 
discussed included: general business updates; the progress of Outlook; updates on customer service, IT 
transformation, organisation transformation, and safety; and planning for the Capital Markets Day. The 
Supervisory Board approved three IT outsourcing contracts.  
 
Transactions of particular significance or requiring Supervisory Board approval were discussed with the 
Executive Board in Supervisory Board committee meetings prior to decisions being taken. In between 
regular meetings, members of the Supervisory Board were informed on an ad hoc basis of urgent plans 
and projects arising. 
 
COMMITTEES OF THE SUPERVISORY BOARD  
 
The Supervisory Board has four committees: the Audit Committee, the Chairman’s & Nominations 
Committee, the Remuneration Committee, and the Strategy Committee. These committees help prepare 
the Supervisory Board for its decision-making responsibility and provide advisory input. During 2014, 
each committee reported its ﬁndings and conclusions to the entire Supervisory Board on a regular basis, 
both verbally and in writing.

Governance 
Chapter 4 
 
 
36 
Audit Committee 
The Audit Committee comprises three members and is chaired by Mr Levy. In 2014, the Audit 
Committee met five times, with all committee members present. All meetings were attended by the CFO, 
the director of internal audit, risk and control services, the director of financial reporting, consolidation & 
accounting and PwC.  
 
The Audit Committee dedicated significant attention to the periodic financial reports, external auditor’s 
reports, TNT’s control framework and internal audit reports. The committee reviewed press releases, 
developments on pensions and internal control over financial reporting on a regular basis.  
 
In February, the Audit Committee discussed the 2013 annual results, the year-end report by PwC, the 
risk management process and the 2013 final dividend. Furthermore, it discussed the internal audit and 
internal control reports, TNT’s business ethics programme and the letter of representation. Other topics 
discussed were the full-year claims and litigation report, updates on the divestment process of TNT 
Fashion, IT transformation, Brazil and on the financial impact of Outlook.  
 
In April, the Audit Committee discussed the first-quarter results. Updates on internal audit, internal 
control, pensions, tax, the financial impact of Outlook, and the business principles were presented.  
 
In July, the second-quarter and half-year results were discussed as well as updates on business ethics, 
export control, internal control, internal audit and risk management. PwC presented their half-year 
specified procedures report and the 2014 audit plan. Furthermore updates on claims and litigation, 
pensions, IT transformation, infrastructure investments in Australia and the financial impact of Outlook 
were presented.  
 
In October, the third-quarter results and the quarterly internal audit and internal control reports were 
reviewed. The Audit Committee requested that a dashboard be provided in future meetings, showing 
clearly open and recurring audit action items. Updates on pensions, IT transformation, the financial 
impact of Outlook, and a preview of the 2015 budget were discussed.  
 
In December, the Audit Committee discussed the 2015 budget and the 2015 internal audit, risk and 
control services plan, and the findings from PwC’s hard close report. In addition, updates on risk 
management, internal control, pensions, France, IT transformation, dividend evolution, and the 2014 
annual report process were discussed. 
 
The chairman of the Audit Committee met with PwC in a private session prior to every Audit Committee 
meeting. In February 2015, the other Audit Committee members convened with PwC in the annual 
private session. 
 
Chairman’s & Nominations Committee 
The Chairman’s & Nominations Committee held meetings in February, April, July, October and 
December. Agenda items at each meeting included the composition and performance of the Supervisory 
Board, the Executive Board and the Management Board. Other issues discussed included the 
organisation and division of responsibilities between the Supervisory Board committees, corporate 
governance developments and the selection of training topics and company visits.  
 
Remuneration Committee 
Chaired by Ms Harris, the Remuneration Committee has four members. The committee held four 
meetings throughout the year. External advisors as well as internal advisors from the Human Resources 
department advised the committee on several topics.  
 
The committee addressed a number of issues and prepared a proposal for amendments to the 
Executive Board remuneration policy that were adopted during the Annual General Meeting of 
Shareholders on 9 April 2014. Refer to section IV for the 2014 remuneration report and the 
remuneration policy. 
 
Strategy Committee 
The ad hoc Strategy Committee was established in July 2013 to assist the Executive Board in 
developing the company’s strategy. The committee has three members and is chaired by Ms Harris. In 
2014, meetings were held in January, April, June, September and the committee’s final meeting in 
November. In the meetings, the Strategy Committee reviewed the overall progress of Outlook and had 
in-depth discussions with management on the key levers of the strategy, which include IT 
transformation, service improvement, organisation transformation, as well as, the re-launch of TNT.

Governance 
Chapter 4 
 
 
37 
The members discussed and challenged the further development and implementation of the company’s 
strategy with special focus on opportunities, the competitive landscape, coherence with market trends 
and impact on financial performance. In January, the Strategy Committee visited UK International & 
Ireland, where local management presented a detailed analysis of UK International & Ireland’s business 
and strategy, followed by a meeting with customers and a depot visit.  
 
INTERNAL ORGANISATION  
 
Evaluation 
In 2014, the Supervisory Board conducted a self-assessment with the support of an external consultant.  
Each member of the Supervisory Board completed a questionnaire with questions regarding the 
functioning of the board including topics such as composition, competencies, decision-making process, 
effectiveness, communication and culture. Based on the completed questionnaires, personal interviews 
were conducted with the Supervisory Board members. In addition, interviews with the members of the 
Executive Board were conducted by the external facilitator. Based on the questionnaires and interviews, 
an evaluation report was drafted which was discussed in a plenary Supervisory Board session, with the 
facilitator present. Overall, the Supervisory Board was positive about its functioning and culture. A few 
improvement points were formulated including a stronger focus on the company’s KPIs and ensuring 
sufficient time in the meetings for discussion on key items such as the current IT environment.  
 
The Supervisory Board intends to use an external facilitator for the evaluation process at least once 
every three years.  
 
Composition 
In 2014, the Supervisory Board of TNT consisted of six members. Refer to page 41 for the names and 
biographies of the members of the Supervisory Board. A detailed overview of their diversity and 
competences is provided on the following page. During the Annual General Meeting of Shareholders on 
9 April 2014, Mr King was re-appointed as member of the Supervisory Board for four years.  
 
Conflict of interest 
No transaction involving a conflict of interest between TNT and a member of the Supervisory Board or 
the Executive Board was reported in 2014.  
 
Induction and training 
In April, the members of the Supervisory Board visited TNT’s hub in Liege, Belgium, where they were 
briefed by senior local management on the hub’s processes, plans and projects. In addition they were 
informed on TNT’s preparedness for crises or disasters.  
 
External advice  
In 2014, the Supervisory Board obtained independent professional advice on the search and selection of 
candidates for the position of CFO and on remuneration-related matters.  
 
Competences and Diversity 
During 2014, each member of the Supervisory Board was capable of assessing the broad outline of the 
tasks and responsibilities of the Supervisory Board. In their designated roles, each member had specific 
expertise to fulfil the duties assigned to him or her. Collectively, the Supervisory Board covered all 
required expertise, skills and competences to fulfil its duties. The competencies and diversity overview 
on the following page, provides more detailed information.

Governance 
Chapter 4 
 
 
38 
Supervisory Board competencies and diversity overview 
 
General competencies
Mr Burgmans
3
3
2
Ms Harris
1
3
2
Mr King
3
3
3
Mr Levy
3
3
2
Ms Scheltema
3
3
1
Mr Vollebregt
3
2
3
1 - Working knowledge  2 - Solid experience and knowledge  3 - Professional/expert level
Executive skills/
experience
International 
experience
Knowledge/
experience in logistics
 
 
Functional competencies
Marketing
& Sales
IT
Operational 
Business 
Processes
Finance
Legal 
& Tax
Corporate 
Goverance
Social/ 
CR
M&A/
Investor 
Relations
Mr Burgmans
3
1
2
2
2
3
3
2
Ms Harris
3
1
3
2
1
2
3
3
Mr King
2
2
2
3
1
3
1
3
Mr Levy
3
2
3
3
2
3
2
3
Ms Scheltema
2
2
2
3
3
3
3
1
Mr Vollebregt
              3 
1
3
2
1
2
1
3
1 - Working knowledge  2 - Solid experience and knowledge  3 - Professional/expert level
 
 
Diversity
Mr Burgmans
68
Male
Dutch
Ms Harris
48
Female
British
Mr King
74
Male
American
Mr Levy
67
Male
French
Ms Scheltema
60
Female
Dutch
Mr Vollebregt
60
Male
Dutch
Age
Gender
Nationality
 
 
Supervisory Board attendance  
 
Overview
Supervisory 
Board meetings
Audit 
Committee 
meetings
Remuneration 
Committee 
meetings
Strategy 
Committee 
meetings
Chairman's and 
Nominations 
Committee 
meetings
Additional 
ad hoc 
Supervisory 
Board meetings
EGM1
AGM2
Mr Burgmans
6/6
4/4
5/5
2/2
1/1
1/1
Ms Harris
6/6
5/5
4/4
5/5
5/5
2/2
1/1
1/1
Mr King
6/6
4/4
5/5
2/2
0/1
1/1
Mr Levy
6/6
5/5
4/4
5/5
2/2
0/1
1/1
Ms Scheltema
6/6
5/5
5/5
5/5
1/2
0/1
1/1
Mr Vollebregt
6/6
5/5
5/5
1/2
1/1
1/1
Total % attendance
100%
100%
100%
100%
100%
83%
50%
100%
2AGM: Annual General Meeting of Shareholders
1EGM: Extraordinary General Meeting of Shareholders.
 
Throughout 2014, each member of the Supervisory Board was able to secure sufficient time for the 
proper performance of his/her duties. This was confirmed by the very high attendance rate, as shown in 
the table above. 
 
All members were independent in accordance with principle III.2 of the Dutch Corporate Governance 
Code. With four male (67%) and two female (33%) members, the composition of the Supervisory Board 
complied with the gender diversity rules of the Dutch Management and Supervision Act (‘Wet Bestuur 
en Toezicht’).  
 
The members represented four different nationalities. Their average age at the end of 2014 was 63, with 
ages ranging from 48 to 74. Most of the members possess a university degree or equivalent. Functional 
expertise covers finance and general management, and business experience ranges geographically 
from Europe and North America to Asia. 
 
In 2014, TNT complied with the requirement of the Dutch Corporate Governance Code stipulating that a 
Supervisory Board member may not hold more than ﬁve memberships in supervisory boards of Dutch 
listed companies (including TNT), a chairmanship counting twice.

Governance 
Chapter 4 
 
 
39 
Matters pertaining to the Executive Board 
 
CFO succession 
On 4 April 2014, TNT announced that Mr Bot would not seek re-appointment as member of the 
Executive Board. To select a successor to Mr Bot, the Supervisory Board drew up a list of selection 
criteria and engaged a professional executive search firm to perform an international search for a new 
CFO. Among the possible candidates, Mr De Vries was found to be the strongest with regards to his 
knowledge and experience in finance, IT, procurement and supply chain management. His extensive 
experience in driving organisational change and implementing transformation programmes were also 
considered as highly valuable to the company. Pending shareholder approval, Mr De Vries was 
assigned as CFO as of 1 July 2014. 
 
During the selection procedure for the new CFO, the Supervisory Board acknowledged the importance 
of a balanced composition of the Executive Board. With the appointment of Mr De Vries, the 
composition of the Executive Board in 2014, did not comply with the gender diversity rules 
recommended by the Dutch Management and Supervision Act (‘Wet Bestuur en Toezicht’).  
 
Contract  
In compliance with the Dutch Management and Supervision Act (‘Wet Bestuur en Toezicht’), which took 
effect in January 2013, TNT concluded a service agreement with Mr Gunning and Mr De Vries. Mr Bot’s 
employment agreement remained unaffected as it already existed at the effective date of the Act. Mr 
Bot’s employment agreement was for an indefinite period and ended as of 30 June 2014.

Governance 
Chapter 4 
 
 
40 
FINANCIAL STATEMENTS AND PROFIT APPROPRIATION 
 
The 2014 (consolidated) financial statements as included in the annual report has been audited by 
PricewaterhouseCoopers Accountants N.V. (PwC) and presented to the Supervisory Board in the 
presence of the Executive Board and the external auditor. Refer to pages 139 to 146 of chapter 5 for 
PwC’s report. 
 
Members of the Supervisory Board have signed the financial statements pursuant to their statutory 
obligation under article 2:101(2) of the Dutch Civil Code (‘Burgerlijk Wetboek’). Members of the 
Executive Board have signed the financial statements pursuant to their statutory obligation under article 
2:101(2) of the Dutch Civil Code and article 5:25c (2)(c) of the Dutch Financial Markets Supervision Act 
(‘Wet op het financieel toezicht’). Refer to page 10 of chapter 1. 
 
The Supervisory Board recommended that the Annual General Meeting of Shareholders, to be held on 8 
April 2015, adopts the 2014 consolidated financial statements of TNT. The Annual General Meeting of 
Shareholders will be asked to release the members of the Executive Board and of the Supervisory 
Board from liability in the exercise of their duties. Refer to page 148 of chapter 5 for the appropriation of 
results as approved by the Supervisory Board. 
 
The Supervisory Board endorsed the Executive Board’s view on 2014. The Supervisory Board approved 
the decision of the Executive Board to propose to compensate the loss out of the distributable part of the 
shareholders' equity and to pay a pro forma dividend out of the distributable part of the shareholders’ 
equity. The proposed final dividend is €0.031 per share. The €0.049 per share interim dividend, together 
with the proposed final dividend, (€0.08 per share in total), represents a payout of 40% of normalised 
net income (‘profit attributable to equity holders of the parent’ adjusted for significant one-off and 
exceptional items) over the full year 2014, in line with the dividend guidelines.  
 
COMPLIANCE WITH BY-LAWS 
 
In 2014, no decision was taken by the Supervisory Board that did not comply with its by-laws. 
 
A WORD OF THANKS 
 
The Supervisory Board wishes to thank the Executive Board and all employees of TNT for their 
contributions in 2014.  
 
Supervisory Board  
Antony Burgmans 
Mary Harris 
Roger King 
Shemaya Levy 
Margot Scheltema 
Sjoerd Vollebregt 
 
Hoofddorp, 17 February 2015

Governance 
Chapter 4 
 
 
41 
III. CORPORATE GOVERNANCE 
 
The Supervisory Board of TNT currently consists of six members. 
 
 
 
Sj. S. (Sjoerd) Vollebregt 
(1954, Dutch) 
Initial appointment 2013 
Current term of office 2013-2017 
  
Former chairman and chief executive officer of Fokker Technologies B.V., previously held positions 
as chairman of the board of management and CEO of Stork B.V., executive board member and 
deputy chief executive Freight Forwarding & Technology Division America-Europe of Exel plc. 
(London) and as regional chief executive Central & Eastern Europe, member of the Logistics board 
of Ocean plc. (London). 
–  Member of the Chairman’s & Nominations Committee and Strategy Committee 
M. (Margot) Scheltema 
(1954, Dutch)  
Initial appointment 2011 
Current term of office 2013-2017 
  
Non-executive director of Lonza plc. (Switzerland); vice-chairman of the supervisory board of Triodos 
Bank; member of the audit committee and supervisory board of ASR Verzekeringen; member of the 
supervisory boards of Schiphol Group, Stichting Rijksmuseum and Warmtebedrijf Rotterdam N.V.; 
chairman of the Monitoring Committee of the Code of Pension Funds; member of the board of World 
Press Photo; treasurer of Onze Taal Association; and council at the Enterprise Chamber of the Court 
of Appeal. 
–  Member of the Audit Committee, Chairman’s & Nominations Committee and Strategy Committee 
R. (Roger) King 
(1940, American) 
Initial appointment 2011 
Current term of office 2011-2018 
  
Non-executive director of Orient Overseas International Ltd.; former member of the Supervisory 
Board of TNT N.V.; former president and CEO of Sa Sa International Holdings Ltd.; former chairman 
and CEO of ODS System-Pro Holdings Ltd.; former MD and COO of Orient Overseas International 
Ltd.; former non-executive director of Arrow Electronics, Inc.; Honorary Consul for the Republic of 
Latvia for HKSAR; and Adjunct Professor of Finance at Hong Kong University of Science and 
Technology.  
–  Member of the Remuneration Committee and Chairman’s & Nominations Committee 
M. E. (Mary) Harris 
(1966, British) 
Initial appointment 2011 
Current term of office 2011-2015 
  
Independent supervisory board member of Scotch & Soda B.V.; non-executive director at Reckitt 
Benckiser Group plc, J. Sainsbury plc. and ITV plc.; member of the supervisory board of Unibail-
Rodamco; and former member of the supervisory board of TNT N.V. 
–  Chairman of the Remuneration Committee and Strategy Committee  
–  Member of the Audit Committee and Chairman’s & Nominations Committee  
A. (Antony) Burgmans 
(1947, Dutch) Chairman 
Initial appointment 2011 
Current term of office 2011-2015 
  
Non-executive board member of BP plc. (UK); chairman of the supervisory board of AkzoNobel N.V.; 
member of the supervisory boards of SHV Holdings N.V. and Jumbo Supermarkten B.V.; and former 
chairman and CEO of Unilever N.V. and plc.  
–  Chairman of the Chairman’s & Nominations Committee  
–  Member of the Remuneration Committee 
S. (Shemaya) Levy 
(1947, French) Vice-Chairman 
Initial appointment 2011 
Current term of office 2013-2017 
  
Member of the supervisory boards of Segula Technologies Group, AEGON N.V. and the PKC Group 
(Finland); former member and vice-chairman of the supervisory board of TNT N.V.; former member 
of the supervisory boards of Nissan and Renault Finance, Renault Spain and Safran; and former 
CEO of Renault Industrial Vehicles Division and executive vice-president and CFO of Renault Group. 
–  Chairman of the Audit Committee  
–  Member of the Remuneration Committee and Chairman’s & Nominations Committee

Governance 
Chapter 4 
 
 
42 
INTRODUCTION 
 
TNT aspires to high standards of corporate governance. Over the last years, it has sought to 
continuously enhance and improve its corporate governance standards and framework, emphasising 
transparency, in accordance with applicable laws and regulations. 
 
This section contains an overview of the corporate governance of TNT, including the information and 
statements that must be provided according to the Dutch governmental decree of 20 March 2009 (Stb. 
2009, 154). The overview provides a selection of the relevant rules and regulations. Refer to the 
corporate website of TNT (www.tnt.com/corporate) to view the full text of the internal regulations of TNT, 
including the Articles of Association. 
 
Corporate governance changes, compared to 2013, included the creation of focused and accountable 
units and the formation of a new nine-member Management Board. 
 
Supervisory Board
Supervisory Board
Committees
Shareholders
Executive Board
External auditors
International
Europe
International
AMEA
Customer
Experience
Domestics
–
Articles of Association
–
Business Principles
–
By-laws Supervisory Board
–
By-laws Executive Board
–
COSO – ERM3
–
Key controls/CWC4
–
Company policies
–
Corporate responsibility standards
External regulations, including:
–
Dutch Corporate Governance Code
–
Dutch Civil Code
–
Dutch Financial Markets Supervision Act
–
NYSE Euronext listing rules
Internal regulations, policies and processes, including:
Management Board
Networks and
Operations
Human
Resources
Legal
Reportable segments
Key functions
 
 
General45 
TNT Express N.V. is a public limited liability company incorporated in the Netherlands, with its registered 
seat in Amsterdam, and governed by Dutch law. TNT is organised in a two-tier system, comprising an 
Executive Board and a Supervisory Board. The Executive Board has ultimate responsibility for 
establishing the mission, vision and strategy for TNT and is charged with overall management and 
performance. The Supervisory Board supervises and advises the Executive Board. Certain important 
resolutions made by the Executive Board are subject to approval by the Supervisory Board. The two 
boards are independent of each other and are accountable to the Annual General Meeting of 
Shareholders. 
 
As illustrated in the diagram above, the Executive Board is supported by a Management Board. Refer to 
page 49 for a description of the composition of the Management Board.  
 
TNT’s corporate governance structure and processes are based on external regulations (including the 
Dutch Corporate Governance Code, Dutch Civil Code, Dutch Financial Markets Supervision Act, and 
                                                           
3COSO – ERM: Committee of Sponsoring Organisations of the Treadway Commission (COSO) Enterprise Risk Management (ERM). 
4Company Wide Controls.

Governance 
Chapter 4 
 
 
43 
NYSE Euronext listing rules) complemented by its Articles of Association, Business Principles, by-laws, 
controls and policies based on external legal and regulatory obligations, and internationally recognised 
corporate responsibility standards. 
 
SUPERVISORY BOARD 
 
General 
The Supervisory Board supervises the policies and performance of the Executive Board and the general 
course of affairs of TNT. The Supervisory Board also advises the Executive Board. At least once a year, 
the Executive Board must inform the Supervisory Board of the main aspects of the strategic policy, 
general and financial risks, corporate responsibility policy and the management and auditing systems of 
TNT. A number of important resolutions of the Executive Board are subject to approval by the 
Supervisory Board pursuant to the Articles of Association of TNT.  
 
In fulfilling its role, the Supervisory Board is required to act in the interest of TNT and the enterprise 
connected therewith. The Supervisory Board shall take into account the relevant interests of the 
company’s stakeholders and, to that end, consider all appropriate interests associated with the 
company. Members of the Supervisory Board perform their duties without mandate and are independent 
of any particular interest in the business of the company. The Supervisory Board is responsible for the 
quality of its own performance and therefore annually reviews its performance. The responsibility for 
proper performance of its duties is vested in the Supervisory Board as a whole. The members of the 
Supervisory Board are not authorised to represent TNT in dealings with third parties, except if 
determined otherwise by the Supervisory Board in events where one or more members of the Executive 
Board have a conflict of interest.  
 
Each member of the Supervisory Board must be capable of assessing the broad outline of the tasks and 
responsibilities of the Supervisory Board. Collectively, the Supervisory Board needs to cover all required 
expertise, skills and competencies to fulfil its duties with each member having the specific expertise 
required to fulfil the duties assigned to his/her designated roles. Each member should secure sufficient 
time available for the proper performance of their duties and ensure independence in accordance with 
principle III.2 of the Dutch Corporate Governance Code.  
 
Composition of the Supervisory Board 
TNT’s Articles of Association stipulate that the Supervisory Board consists of a minimum of three 
members. The Supervisory Board has discretion on the number of its members. The Supervisory Board 
has prepared a profile, which is evaluated annually, of its size and composition, taking into account the 
nature of TNT’s business and activities and the desired expertise and background of the members of the 
Supervisory Board. The profile is attached to the by-laws of the Supervisory Board which can be viewed 
on TNT’s corporate website (www.tnt.com/corporate).  
 
The Dutch Management and Supervision Act (‘Wet Bestuur en Toezicht’), which came into effect as of 
2013, requires that large legal entities should strive to have a balanced distribution on its Executive 
Board and Supervisory Board, with at least 30% of the seats occupied by women, and at least 30% by 
men. 
 
Conflict of interest 
If a member of the Supervisory Board becomes aware of any significant (potential) conflict of interest, 
the member must report this immediately to the chairman, providing all relevant information. If the 
(potential) conflict concerns the chairman, he must report to the vice-chairman. A decision to enter into a 
transaction involving such a conflict of interest requires the approval of the Supervisory Board. 
 
External advice  
Members of the Supervisory Board are permitted to obtain independent professional advice at the 
expense of TNT. 
 
Appointment and removal 
The members of the Supervisory Board are appointed by the general meeting of shareholders. The 
Supervisory Board will nominate one or more candidates for each vacant seat. A resolution of the 
general meeting of shareholders to appoint a member of the Supervisory Board in accordance with a 
nomination by the Supervisory Board can be adopted with an absolute majority of the votes cast. If the 
nomination by the Supervisory Board with respect to a vacant seat consists of a list of two or more 
candidates, this list is binding. The vacant seat must be filled by electing a person from this list. A 
resolution of the general meeting of shareholders to appoint a member of the Supervisory Board other

Governance 
Chapter 4 
 
 
44 
than in accordance with a nomination by the Supervisory Board, or to deprive a binding list of 
candidates from its binding character, requires an absolute majority of votes representing at least one-
third of the issued share capital.  
 
A member of the Supervisory Board must resign no later than at the end of the general meeting of 
shareholders held four years after his/her last appointment. The members of the Supervisory Board 
must resign periodically in accordance with a rotation plan drawn up by the Supervisory Board. The 
rotation plan is attached to the by-laws of the Supervisory Board which can be viewed on TNT’s 
corporate website (www.tnt.com/corporate). A resigning member of the Supervisory Board may be re-
appointed. A member of the Supervisory Board may be appointed for a maximum of three four-year 
terms. The general meeting of shareholders may suspend or remove any member of the Supervisory 
Board at any time. A resolution of the general meeting of shareholders to suspend or remove a member 
of the Supervisory Board other than in accordance with a proposal of the Supervisory Board requires an 
absolute majority of votes representing at least one-third of the issued share capital. 
 
Chairman and Corporate Secretary 
The chairman of the Supervisory Board determines the agenda and presides over meetings of the 
Supervisory Board. The chairman is responsible for the proper functioning of the Supervisory Board and 
its committees. The Supervisory Board is assisted by TNT’s corporate secretary. The corporate 
secretary is appointed as secretary to both the Supervisory Board and the Executive Board.  
 
Committees of the Supervisory Board 
To facilitate its functioning, the Supervisory Board may appoint standing and/or ad hoc committees from 
among its members. The responsibilities and composition of any committee are determined by the 
Supervisory Board. The Supervisory Board must, in any event, appoint an Audit Committee, a 
Remuneration Committee, and a Nominations Committee. The powers of the committees are based on 
a mandate from the Supervisory Board and do not include the right to decision making. The Supervisory 
Board shall remain collectively responsible for decisions prepared by its committees. The Supervisory 
Board has currently formed an Audit Committee, a Remuneration Committee, a Strategy Committee, 
and a Chairman’s & Nominations Committee. The terms of reference of these committees can be 
viewed on TNT’s corporate website (www.tnt.com/corporate).  
 
Audit Committee 
The Audit Committee is charged with assisting the Supervisory Board in monitoring and advising on: the 
integrity of TNT’s financial and corporate responsibility reporting and reporting processes; its ﬁnancing 
and ﬁnance-related strategies; its system of internal control and financial reporting and its system of risk 
management. The Audit Committee reviews the independence of the external auditor and the 
functioning of internal audit, tax planning and compliance with relevant primary and secondary 
legislation and codes of conduct. The Audit Committee has the authority to retain independent advisors 
as it deems appropriate. The Audit Committee consists of at least three members of which each must be 
financially literate. At least one member must have an accounting background or related financial 
management expertise.  
 
Remuneration Committee 
The Remuneration Committee is tasked with the preparation of the Executive Board and Supervisory 
Board remuneration policy, which policies are submitted by the Supervisory Board to the general 
meeting of shareholders for adoption. The committee also makes proposals to the Supervisory Board for 
the remuneration of the individual members of the Executive Board. In addition, the committee prepares 
the allocation of rights to shares in TNT’s share capital to other senior management within TNT. This 
allocation is effectuated by the CEO and is subject to approval by the Supervisory Board. 
 
Strategy Committee 
The Strategy Committee is an ad hoc committee of the Supervisory Board. Its purpose is to assist the 
Executive Board in developing and implementing the strategy of the company, by acting as a sounding 
board, including debating and challenging the approach, findings and risks of strategies developed by 
the Executive Board. The formulation of the strategy remains the exclusive responsibility of the 
Executive Board, and approval of the strategy and the assessment of the associated risks rest with the 
Supervisory Board. The Strategy Committee commenced in July 2013 and was effective until the end of 
2014.

Governance 
Chapter 4 
 
 
45 
Chairman’s & Nominations Committee 
The Chairman’s & Nominations committee develops selection criteria and appointment procedures for 
members of the Supervisory Board and the Executive Board. It establishes procedures to secure 
adequate succession of members of the Executive Board and to assess such candidates as well as the 
size and composition of the Executive Board and the Supervisory Board. It also creates proposals for 
the profile of the Supervisory Board, reviews the functioning of individual members of the Executive 
Board and the Supervisory Board. It reports its findings to the Supervisory Board. The committee also 
makes proposals for nominations, appointments and re-appointments. At least on an annual basis, the 
size and composition of the Executive Board and the Supervisory Board and the functioning of their 
individual members are assessed by the committee and discussed by the Supervisory Board. In addition 
to the above, the Chairman’s & Nominations Committee provides a platform for members of the 
Supervisory Board to give an opinion on any relevant matter or to bring any appropriate issue to the 
attention of the chairman. The Chairman’s and Nominations committee consists of all six members of 
the Supervisory Board and is chaired by the chairman of the Supervisory Board.

Governance 
Chapter 4 
 
 
46 
EXECUTIVE BOARD AND MANAGEMENT BOARD 
 
 
 
 
 
 
Top row, from left to right: Ian Clough, Tex Gunning, Tjeerd Wassenaar. Bottom row, from left to right: Joost Otterloo, Marco van Kalleveen, Chris Goossens, 
Martin Södergård, Maarten de Vries and Michael Drake. 
 
 
 
Executive Board  
 
Tex Gunning (1950, Dutch) 
Chief Executive Officer (CEO) and Chairman of the Executive Board and Management Board 
 
Mr Gunning was appointed and designated as member of the Executive Board and CEO as per 1 June 2013. He was a member of the 
Supervisory Board of TNT from 31 May 2011 until 25 February 2013.  
 
Prior to joining TNT, Mr Gunning was a member of the Board of Management and the Executive Committee of Akzo Nobel N.V. Prior 
to this, he was Chairman and CEO of Vedior N.V. His career also includes more than 25 years with Unilever N.V. and plc.  
 
Mr Gunning brings a wealth of international business experience in executive management positions to TNT. He has a strong track 
record in successfully turning around businesses and delivering results. In addition to his restructuring experience, he has managed to 
grow businesses successfully in many markets. Throughout his career, Mr Gunning has been a strong advocate of bringing together 
the interests of business, society and the environment. 
 
Maarten de Vries (1962, Dutch)  
Chief Financial Officer (CFO) and member of the Executive Board and Management Board 
  
Mr De Vries was appointed and designated as member of the Executive Board and CFO as per 18 September 2014. Responsibilities 
include IT, Purchasing and GBS. 
 
Prior to joining TNT, Mr De Vries was CEO of TP Vision Holding B.V., a joint venture between TPV Technology Limited and 
Koninklijke Philips N.V. Prior to this, he held various CFO roles as well as Chief Information Officer and Chief Supply Officer at Group 
Management Committee level in Koninklijke Philips N.V. 
 
Mr De Vries has broad international business experience and a strong background in finance. He has significant business experience 
in Asia where he worked for ten years in Taiwan, both for Koninklijke Philips N.V. and on the Board of Directors of TPV Technology 
Limited. With extensive experience in leading organisational change and transformation programmes, Mr De Vries is results oriented 
and takes personal interest in developing people and building diverse teams.

Governance 
Chapter 4 
 
 
47 
 
 
 
Additional members of the Management Board 
 
Ian Clough (1967, British)  
Member of the Management Board and Managing Director of International Europe 
 
Mr Clough joined TNT as Managing Director of International Europe in April 2014. Prior to joining TNT, Mr Clough worked for DHL for 
20 years, most recently as CEO of DHL Express USA.  
 
Mr Clough has successfully led major business turnarounds and brings broad general management and industry experience to his 
role in TNT.  
 
Michael Drake (1963, British) 
Member of the Management Board and Managing Director of International AMEA 
  
Mr Drake was nominated Managing Director of International AMEA in February 2014. Mr Drake has worked for TNT throughout Asia 
since 1993, occupying numerous senior roles.   
 
At TNT, Mr Drake has engaged and federated employees across borders to work successfully together by building a strong, cohesive 
leadership organisation. He has managed key transitions in complex areas of TNT’s core business and has hands-on experience in all 
aspects of TNT’s industry.  
 
Marco van Kalleveen (1969, Dutch) 
Member of the Management Board and Managing Director of Domestics 
 
Mr van Kalleveen joined TNT as Managing Director of Domestics and Chief Transformation Officer in February 2014. Prior to joining 
TNT, Mr van Kalleveen was a Partner at McKinsey & Company, and Senior Vice President at Bain Capital, LLC.  
 
Mr van Kalleveen has extensive experience in developing and delivering the transformation of organisations ranging from Silicon 
Valley start-ups to Fortune 500 companies.  
 
Chris Goossens (1962, Belgian) 
Member of the Management Board and Managing Director of Customer Experience  
 
Ms Goossens was nominated Managing Director of Customer Experience in October 2013. Ms Goossens has worked for TNT since 
1988 and has held global management positions in Sales, Customer Experience, Communications and Network Operations. 
 
At TNT, Ms Goossens has championed meeting the expectations of customers in all activities. She brings a wealth of operational and 
commercial experience to her current role, where she leads a dedicated Customer Experience team responsible for perfecting the 
service TNT offers to customers from order to delivery. 
 
Martin Södergård (1959, Swedish) 
Member of the Management Board and Managing Director of Global Network Operations 
 
Mr Södergård joined TNT as Group Director of Global Networks in November 2013. He was named Managing Director of Global 
Network Operations in March 2014. Prior to joining TNT, he was Senior Vice President at Swissport Cargo Services and had enjoyed 
a successful career with DHL where he held a variety of key network-related roles such as Director Hubs & Gateways Europe, 
Managing Director DHL Network Operations Europe and Managing Director Express Nordics. 
 
Mr Södergård has extensive experience in international management in the aviation and logistics industries.  
 
Joost Otterloo (1968, Dutch) 
Member of the Management Board and Chief People Officer  
 
Mr Otterloo joined TNT as Chief People Officer in August 2014. Prior to joining TNT, Mr Otterloo was CEO of the Dutch lottery 
organisation, De Lotto and held several senior roles at CSM and Unilever.  
 
Mr Otterloo has a financial background and extensive international experience in human resources.  
 
Tjeerd Wassenaar (1969, Dutch) 
Member of the Management Board and General Counsel 
  
Mr Wassenaar joined TNT as General Counsel in December 2014. Prior to joining TNT, Mr Wassenaar was Global Director Legal 
Affairs & Corporate Secretary at Vopak, and had been legal director at Koninklijke Ahold N.V. He started his career at the law firm 
Loeff Claeys Verbeke and later at De Brauw (London). 
 
Mr Wassenaar has gained experience in large and complex projects and merger and acquisition activity internationally as well as a 
wide variety of legal topics including legal risk management, compliance, regulatory and competition matters. 
 
 
 
 
 
EXECUTIVE BOARD  
 
General 
The Executive Board is entrusted with the day-to-day management of TNT, which includes: deploying its 
strategy; managing its operations, risk profile and financing; achieving its objectives; and addressing 
compliance and corporate responsibility issues. The Executive Board may perform all acts it deems

Governance 
Chapter 4 
 
 
48 
necessary or useful for achieving the corporate purposes of TNT, except for those expressly attributed 
to the general meeting of shareholders or the Supervisory Board as a matter of Dutch law or pursuant to 
the Articles of Association. The members of the Executive Board have joint powers and responsibilities, 
and share responsibility for all decisions and acts of the Executive Board and for the acts of each 
individual member of the Executive Board. The Executive Board may only adopt resolutions with an 
absolute voting majority. 
 
The Executive Board has formed several bodies to ensure compliance with applicable internal and 
external regulations. The Disclosure Committee advises and assists the Executive Board in ensuring 
that the disclosures of TNT in all reports are full, fair, accurate, timely and understandable, and that they 
fairly present the condition of TNT in all material respects. The Ethics Committee advises and assists 
the Executive Board in developing and implementing policies and procedures aimed at enhancing 
integrity and ethical behaviour and preventing fraud throughout TNT worldwide, in monitoring 
compliance with integrity and ethical behaviour standards, and in deciding upon remedial actions in case 
of violations. The CR Steering Committee advises and assists the Executive Board in developing, 
executing and monitoring the performance of TNT’s CR strategy and its associated policies and 
procedures. The CR Steering Committee is chaired by the CEO.  
 
Appointment and removal 
The Executive Board consists of two or more members. In the event a seat is becoming vacant, the 
Supervisory Board will nominate one or more candidates for each vacant seat. A resolution of the 
general meeting of shareholders to appoint a member of the Executive Board in accordance with a 
Supervisory Board nomination can be adopted with an absolute majority of the votes cast. If the 
Supervisory Board nomination, with respect to a vacant seat, consists of a list of two or more 
candidates, then this list is binding and the vacant seat must be filled by electing a person from this list. 
A resolution of the general meeting of shareholders to appoint a member of the Executive Board other 
than in accordance with a Supervisory Board nomination, or to deprive a binding list of candidates from 
its binding character, requires an absolute majority of votes representing at least one-third of the issued 
share capital of TNT.  
 
The general meeting of shareholders may suspend or remove any member of the Executive Board. A 
resolution of the general meeting of shareholders to suspend or remove a member of the Executive 
Board other than pursuant to a proposal by the Supervisory Board requires an absolute majority of votes 
representing at least one-third of the issued share capital of TNT. The Supervisory Board may also 
suspend any member of the Executive Board. The general meeting of shareholders may terminate a 
suspension by the Supervisory Board at any time. 
 
Conflict of interest 
If a member of the Executive Board becomes aware of any significant (potential) conflict of interest, he 
must report this immediately to the chairman of the Supervisory Board and to the other members of the 
Executive Board, providing all relevant information. If a conflict of interest is established, TNT will be 
represented by another member of the Executive Board or by a member of the Supervisory Board 
appointed by the Supervisory Board for this purpose. A decision to enter into a transaction involving a 
conflict of interest with a member of the Executive Board that is of (material) significance to TNT or to 
the relevant member, requires the approval of the Supervisory Board. No such transactions were 
entered into in 2014.  
 
Contract  
The legal relationship between TNT and the members of the Executive Board is to be classified as an 
agreement to provide services under civil law, which exists in addition to their relationship under 
company law. This agreement is a contract for a definite period of four years and may be terminated 
during its term with due observance of a notice period of three months for the executive and six months 
for the company. The Executive Board member does not enjoy protection under employment law, such 
as the right to compensation in case of dissolution or unfair dismissal. 
 
Issuance of shares 
At the Annual General Meeting of Shareholders, held on 9 April 2014, the Executive Board was 
designated as competent body to issue ordinary and preference shares and to grant rights to subscribe 
for ordinary and preference shares until 9 October 2015. The authority of the Executive Board as 
regards the issuance of ordinary shares is restricted to a maximum of 10% of the total issued and 
outstanding share capital at the time of issuance plus a further issuance up to 10% of the total issued 
and outstanding share capital at the time of issuance in case an issue occurs as part of a merger or 
acquisition. The authority to issue preference shares and to grant rights to subscribe for preference

Governance 
Chapter 4 
 
 
49 
shares is not limited and concerns all preference shares which are not yet issued from the authorised 
capital as it will read from time to time. 
In addition, at the Annual General Meeting of Shareholders, held on 9 April 2014, the Executive Board 
was designated as competent body to restrict or exclude pre-emptive rights upon issuance of ordinary 
shares (including the granting of rights to subscribe for ordinary shares) until 9 October 2015. A 
resolution of the Executive Board to issue ordinary or preference shares, or to grant rights to subscribe 
to shares, is subject to the approval of the Supervisory Board. 
 
Acquisition of own shares 
At the Annual General Meeting of Shareholders, held on 9 April 2014, the Executive Board was 
authorised to acquire fully paid-up ordinary shares in the capital of the company through a purchase on 
the stock exchange or otherwise for a term of 18 months until 9 October 2015, up to 10% of the nominal 
amount of its total issued and outstanding share capital. The acquisition can take place for a price per 
share of at least the nominal value and at most the quoted ordinary share price plus 10%. The quoted 
share price is the average of the closing prices of an ordinary share according to the ’Official Price List 
of Euronext Amsterdam N.V.’ for a period of five trading days prior to the day of repurchase. A resolution 
of the Executive Board relating to the acquisition of own shares is subject to the approval of the 
Supervisory Board. 
 
MANAGEMENT BOARD 
 
The Management Board of TNT supports the Executive Board in its oversight of operations and 
implementation of the company’s strategy. The Management Board currently has nine members: the 
CEO, the CFO, and seven members drawn from the three reportable segments (International Europe; 
International AMEA; and Domestics), and key functions (customer experience; network operations; 
human resources; and legal) to ensure that TNT is managed as an integrated global business.  
 
PREVENTION OF INSIDER TRADING 
 
Members of the Executive Board, the Supervisory Board, and other senior management of TNT are 
subject to the TNT Policy on Prevention of Insider Trading. This policy sets forth rules of conduct to 
prevent trading in financial instruments of TNT when in possession of inside information. Transactions in 
TNT shares carried out by members of the Executive Board or Supervisory Board are notified to the 
Dutch Authority for Financial Markets (‘AFM’) in accordance with Dutch law.  
 
The Supervisory Board has adopted a policy concerning the ownership of transactions in securities, 
other than financial instruments of TNT, by the Executive Board and the Supervisory Board. This policy 
is incorporated in the by-laws of the Executive Board and the Supervisory Board and requires that each 
member of the Executive Board and Supervisory Board give periodic notice of any changes in his/her 
holding of securities in Dutch listed companies. A member of the Executive Board or the Supervisory 
Board who invests exclusively in listed investment funds or who has transferred the discretionary 
management of his/her securities portfolio to an independent third party by means of a written mandate, 
is exempted from compliance with these internal notification requirements.  
 
As for members of the Executive Board, no member holds ordinary shares in TNT as of 31 December 
2014. This excludes any granted rights on (phantom) shares allocated to members of the Executive 
Board under any of TNT’s equity plans and/or any participation in the Executive Board’s variable 
compensation scheme. 
 
As for members of the Supervisory Board, only Mr Vollebregt holds shares in TNT. As of 31 December 
2014, the total number of shares held was 10,052. 
 
FOUNDATIONS OF THE CORPORATE GOVERNANCE OF TNT 
  
The Executive Board is committed to a high standard of corporate governance, information and 
disclosure, in line with the Dutch Corporate Governance Code and with regulatory requirements. The 
Executive Board’s compliance statement relative to the Dutch Corporate Governance Code and the 
Dutch Financial Markets Supervision Act (‘Wet op het financieel toezicht’) can be found on page 10.

Governance 
Chapter 4 
 
 
50 
Internal Control  
The Executive Board used elements of former obligations under the Sarbanes-Oxley Act in establishing 
the company’s governance and internal controls over financial reporting (ICFR). Furthermore, the ICFR 
framework established by the Executive Board has a wider scope than would be mandatory according to 
the Sarbanes-Oxley Act, as it includes a number of smaller entities.  
 
In addition, the approach is based on the principles outlined in Auditing Standards (AS) 2 and takes into 
account certain elements of the AS 5 as promulgated by the Public Companies Accounting Oversight 
Board (PCAOB). However, TNT’s approach to ICFR does not imply an assessment of the adequacy and 
effectiveness of TNT’s internal control and risk management processes over financial reporting under 
section 404 of the Sarbanes-Oxley Act, nor is there an assessment by TNT’s external auditor to that 
effect. 
 
Throughout 2014, TNT documented and evaluated the design of ICFR. In addition, TNT continued a 
comprehensive programme of testing the operational effectiveness of its ICFR. Further initiatives on 
entity-level controls were undertaken, including integrity awareness and training and reinforcement of 
policies and procedures. The findings identified by each of the entities included in the ICFR programme, 
including the findings raised by the external auditor, were reported to the Executive Board and the Audit 
Committee of the Supervisory Board. 
 
Risk Management  
TNT has a continuous, formal and structured risk management and reporting system in place. Refer to 
section V for more information.  
 
Business Ethics 
The Business Ethics function manages the policies, procedures and cases related to ethics issues and 
integrity such as conflicts of interest, gifts and entertainment, fraud, corruption, bribery, whistleblowing 
and disciplinary actions. Guidance on business ethics is set out in the TNT Business Principles and 
related policies and procedures. The Business Principles are embedded in the strategic and operational 
decision-making processes and in customer and supplier contracts. To promote compliance, 
communication and training are being rolled out in all operating units globally. The procedure on 
whistleblowing is a crucial complement to this framework. The Business Principles can be viewed on 
TNT’s corporate website (www.tnt.com/corporate). 
 
Internal Audit 
The Internal Audit function of TNT operates under the responsibility of the Executive Board and is 
subject to monitoring by the Supervisory Board, assisted by the Audit Committee. The Internal Audit 
function provides assurance and advice on the quality of governance, risk management and control 
processes company-wide. The external auditor and the Audit Committee are aligned in defining the 
tasks and plans of the Internal Audit function. 
 
EXTERNAL AUDITOR  
 
The external auditor of TNT, PricewaterhouseCoopers Accountants N.V. (PwC), is appointed at the 
Annual General Meeting of Shareholders. The Audit Committee has the authority, subject to 
confirmation by the Supervisory Board, to recommend to the Annual General Meeting of Shareholders 
the appointment or replacement of the external auditor. The Audit Committee is directly responsible for 
overseeing the work of the external auditor on behalf of the Supervisory Board. 
 
In some instances, TNT may use its external auditor to provide assurance-related services where these 
services do not conflict with the external auditor’s independence. Recent legislation and the TNT Policy 
on Auditor Independence and Pre-Approval governs how and when TNT may engage its external 
auditor. Refer to TNT’s corporate website (www.tnt.com/corporate) for more information.  
 
The Audit Committee is required to pre-approve, supported by the director of internal audit, risk and 
control services, all services to be provided by the external auditor, in order to assure that these do not 
impair the auditor’s independence from TNT.  
 
Once every three years, the Audit Committee and the Executive Board are required to conduct a 
thorough assessment of the functioning of the external auditor. The last assessment was conducted in 
2013. The lead engagement partner is present at the general meeting of shareholders and may be 
questioned with regard to his issued opinion on the financial statements. The lead engagement partner, 
other key audit partners, and the quality (review) partner of the external auditor are rotated after a

Governance 
Chapter 4 
 
 
51 
maximum period of seven years. From 2011, the lead engagement partner of PwC in charge of the TNT 
account is Mr Dekkers.  
 
DUTCH CORPORATE GOVERNANCE CODE 
 
By applying the best practice provisions and explaining deviations, TNT complies with the Dutch 
Corporate Governance Code. An explanation is given below for those instances in which TNT does not 
fully comply with the best practice provisions of the Code. The full text of the Code and TNT’s Articles of 
Association and other relevant internal regulations can be viewed in the Corporate Governance section 
on TNT’s corporate website (www.tnt.com/corporate).  
 
Best practice provision II.2.8  
This provision stipulates that the remuneration of a member of the board of management, in the event of 
dismissal, may not exceed one year’s compensation (the ‘fixed’ remuneration component), or, if the one 
year’s compensation would be manifestly unreasonable in case of a dismissal during the first term of 
office, a maximum of twice the annual compensation. TNT deviates from this best practice by awarding 
the current members of the Executive Board a severance payment, in case of a change of control, 
equalling the sum of the last annual base compensation and pension contribution plus the average 
bonus received over the last three years, multiplied by a maximum of two. TNT believes that such 
payment is reasonable taking into account the special position of members of the Executive Board in a 
change of control situation. Also, in such an event, the Supervisory Board may decide that performance 
shares vest in whole or in part.  
 
Best practice provision IV.1.1 
This provision stipulates that a company’s general meeting may pass a resolution to set aside the 
binding nature of a nomination for the appointment of a member of the board of management or of the 
supervisory board and/or a resolution to remove a member of the board of management or of the 
supervisory board by an absolute majority of the votes cast, which majority may be required to represent 
a proportion of the issued capital which proportion may not exceed one-third; if this proportion of the 
capital is not represented at the meeting, but an absolute majority is in favour of any such resolution, a 
new meeting may be convened at which the resolution may be passed by an absolute majority of the 
votes cast regardless of the proportion of the capital represented at the meeting.  
 
TNT applies this best practice provision, except for a minor deviation: for a resolution to appoint a 
member of the Executive Board or of the Supervisory Board other than in accordance with a nomination 
by the Supervisory Board, there is no second meeting allowed in which the requirement of one-third of 
the capital can be set aside. TNT deviates from this best practice provision for reasons of stability and 
continuity. 
 
SHAREHOLDERS 
 
General meetings of shareholders 
The Annual General Meeting of Shareholders must be held within six months following the end of each 
financial year. Typical agenda items are: discussion on the annual report with respect to the general 
state of affairs and the auditor’s report; adoption of the annual accounts; approval of the profit allocation; 
and granting of discharge to members of the Executive Board and the Supervisory Board.  
 
The Annual General Meeting of Shareholders must be convened by the Executive Board or the 
Supervisory Board. Notice of the meeting must be given no later than the 42nd day prior to the date of 
the meeting or, if allowed by law, on a shorter period at the discretion of the Executive Board. The 
meetings must be held in Amsterdam, the Hague, Hoofddorp or the municipality of Haarlemmermeer, all 
in the Netherlands. The notice of a general meeting of shareholders is given on TNT’s corporate website 
(www.tnt.com/corporate), with the availability of the notice, published via a press release. The notice 
includes the requirements for admission to the meeting and an agenda indicating the items for 
discussion. 
 
Other general meetings of shareholders are held as often as the Executive Board or the Supervisory 
Board deems necessary. In addition, one or more shareholders may be authorised by the court in 
interlocutory proceedings of the district court to convene a general meeting of shareholders. These 
shareholders should jointly represent at least one-tenth of TNT’s issued share capital.  
 
On 18 September 2014, an Extraordinary General Meeting of Shareholders was held, to appoint Mr De 
Vries as a member of the Executive Board of TNT in the position of CFO. Mr Bot was granted full and

Governance 
Chapter 4 
 
 
52 
final release and discharge from liability as member of the Executive Board of TNT, until and including 
30 June 2014. 
 
Agenda 
Shareholders representing solely or jointly at least 1% of TNT’s issued share capital have a right to 
request the Executive Board and the Supervisory Board to include items on the agenda of the general 
meeting of shareholders. The Executive Board and the Supervisory Board must agree to these requests 
if received at least 60 days prior to the date of the general meeting of shareholders, provided that the 
reasons for the request are stated and the request – or proposed resolution – is received in writing by 
the chairman of the Executive Board or the Supervisory Board. 
 
In the event a request is made by one or more shareholders, either to convene a meeting or to place an 
item on the agenda of a general meeting of shareholders that may result in a change in the company's 
strategy, the Executive Board may invoke a reasonable period in which to respond, such period not to 
exceed 180 days.  
 
Admission to and voting rights at the meeting 
Each shareholder and each pledgee or usufructuary of shares is entitled to attend and address the 
general meeting of shareholders, and, as applicable, to exercise the voting attached to the shares, 
either in person or by proxy. Recognised as persons entitled to take part in, and vote at a general 
meeting of shareholders, are those persons who hold those rights on the record date set for that 
meeting, which pursuant to the law will be the 28th day prior to the date of the meeting. Shareholders 
and other persons entitled to attend the meeting, and who wish to attend the meeting in person or by 
proxy, must notify the Executive Board of this in writing by the date set out for that purpose in the notice 
of the meeting (which will be a date not earlier than the 7th day prior to the date of the meeting). 
 
Each shareholder may cast one vote per share held. The general meeting of shareholders may adopt 
resolutions by a simple majority of the votes cast, except where a larger majority is prescribed by law or 
by TNT’s Articles of Association. Members of the Executive Board and of the Supervisory Board may 
attend a general meeting of shareholders in an advisory capacity. 
 
Dissolution and liquidation 
A resolution of the general meeting of shareholders to dissolve TNT may only be taken upon proposal 
by the Executive Board with the approval of the Supervisory Board. The resolution to dissolve TNT may 
be taken by the general meeting of shareholders with an absolute majority of the votes, irrespective of 
the part of the issued share capital represented. In the event of the dissolution of TNT, pursuant to such 
a resolution, the members of the Executive Board will be charged with the liquidation of the business of 
TNT and the Supervisory Board with the supervision thereof. From the balance of the property of TNT 
remaining after payment of all debts and the costs of the liquidation, first a distribution is made to the 
holders of the preference shares, if any. This will be the nominal amount paid up on these preference 
shares and any amounts still owed by way of dividend, to which these preference shares are entitled, in 
so far as this has not been distributed in previous years. If the balance is not sufficient to make this 
distribution, the distribution must be made in proportion to the amounts paid up on those preference 
shares. The remainder must be distributed to the holders of ordinary shares in proportion to the 
aggregate nominal value of their ordinary shares. 
 
Change to the rights of shareholders 
Rights of shareholders may change pursuant to an amendment of the Articles of Association, a statutory 
merger or demerger in accordance with Book 2 of the Dutch Civil Code or dissolution of TNT. A 
resolution of the general meeting of shareholders is required to effect these changes. Under TNT’s 
Articles of Association, such a resolution may only be adopted upon a proposal by the Executive Board 
that has been approved by the Supervisory Board. 
 
Major shareholders 
The Dutch Financial Markets Supervision Act (‘Wet op het financieel toezicht’) imposes a duty on 
shareholders to disclose substantial percentage holdings in the capital and/or voting rights in a company 
when such holdings reach, exceed or fall below: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 
75% and 95%. Such disclosure must be made to the AFM without delay. As per 31 December 2014, the 
register of the AFM disclosed that Blackrock Inc.; UBS Group AG; Artisan Investments GP LLC; 
Tweedy, Browne Company LLC; Franklin Templeton Investment Funds; Investec Asset Management 
Limited; MacKenzie Financial Corporation; First Eagle Global Fund; PostNL N.V.; Arnhold and S. 
Bleichroeder Holdings, Inc., B. Rosenstein; and Her Majesty the Queen in right of Alberta have a 
substantial percentage holding in TNT Express N.V. exceeding 3%.

Governance 
Chapter 4 
 
 
53 
FOUNDATION  
 
‘Stichting Continuïteit TNT Express’ (the ‘Foundation’) was established to promote the interests of TNT, 
the enterprise affiliated with TNT and all stakeholders involved. These objects include protecting TNT as 
much as possible from influences that are contrary to those interests and could jeopardise the 
continuity, independence or identity of those interests. The Foundation must endeavour to achieve these 
objects by acquiring and holding preference shares, and by exercising the rights attached to those 
preference shares. The objects of the Foundation do not entail the sale or encumbrance or other 
disposal of shares, with the exception of the sale to TNT or to another company assigned by and 
affiliated in a group with it, as well as the assistance in the repayment or withdrawal of preference 
shares. 
 
The Foundation is an independent legal entity in the sense of section 5:71 paragraph 1 sub c of the 
Dutch Financial Markets Supervision Act.  
 
To enable the Foundation to perform its duties, TNT has granted it a call option. When exercising the 
call option, the Foundation is entitled to subscribe to preference shares, consisting of the right to 
repeatedly subscribe for preference shares, up to a maximum corresponding with one hundred percent 
(100%) of the issued share capital in the form of ordinary shares as outstanding immediately prior to the 
exercise of the subscribed rights, less one preference share and minus any shares already held by the 
Foundation. The Foundation has the right to exercise the call option at any time either wholly or partly. 
 
The Foundation may exercise the call option for certain reasons, including:  
– to prevent, slow down or otherwise complicate an unsolicited takeover bid for, and an unsolicited 
acquisition of ordinary shares by means of an acquisition at the stock market or otherwise; 
– to prevent and countervail concentration of voting rights in the general meeting of stakeholders; and 
– to resist unwanted influence by and pressure from shareholders to amend the strategy of TNT;  
and with respect to the foregoing, to give TNT the opportunity to consider and to explore possible 
alternatives and, if required, to work these out and to implement them, in the event an actual or 
threatening concentration of voting rights arises among the shareholders, which, according to the 
(provisional) judgment of the Executive Board and the Supervisory Board and the board of the 
Foundation, is considered to be unsolicited and not in the interest of TNT and its enterprise, and to 
enable TNT to do so by (temporarily) neutralising such concentration of voting rights.  
 
As from six months after the issuance of the preference shares to the Foundation, the Foundation may 
require TNT to convene a general meeting of stakeholders to propose cancellation of the preference 
shares against repayment of the paid amount. If preference shares are issued, TNT must convene a 
general meeting of stakeholders, to be held no later than 12 months after the date on which the 
preference shares were issued for the first time or 60 days after the Foundation has demanded the 
cancellation of its preference shares. The agenda for that meeting of stakeholders must include a 
proposal for a resolution relating to the repurchase or cancellation of the preference shares.  
 
TNT has granted the Foundation the right to file an application for an inquiry into the policy and the 
course of events of TNT with the Enterprise Chamber of the Amsterdam Court of Appeal 
(‘Ondernemingskamer’). TNT believes that this may be a useful option, amongst others, in the period 
before the issuance of preference shares as it does not cause a dilution of the rights of other 
shareholders. To enable the Foundation to function properly, the Executive Board holds meetings with 
the board of the Foundation on a regular basis. 
 
The members of the board of the Foundation are Mr Bouw (chairman), Mr Tiemstra and Ms Tonkens-
Gerkema. All members are independent from TNT. The Foundation has its official seat in Amsterdam, 
the Netherlands, with its address at Taurusavenue 111, 2132 LS Hoofddorp, the Netherlands.

Governance 
Chapter 4 
 
 
54 
IV. REMUNERATION REPORT 
 
REMUNERATION GOVERNANCE  
The Supervisory Board proposes the remuneration policy for adoption by the general meeting of 
shareholders. The contracts of the members of the Executive Board are drawn up by the Supervisory 
Board in accordance with this policy. The Remuneration Committee is responsible for assessing and 
preparing the remuneration policy of the Executive Board. The committee prepares its proposals 
independently, after careful consideration. 
 
TNT’s remuneration policy complies with all relevant Dutch legal requirements and the Dutch Corporate 
Governance Code. The single deviation from the best practice provisions of the Code relates to a 
change of control and is explained on page 51. In preparing the remuneration policy, the Remuneration 
Committee takes into account the difference between the highest paid and the lowest paid employee, 
and the remuneration of senior management reporting to the Executive Board in order to ensure a 
consistent and aligned remuneration practice within TNT. 
 
2014 REMUNERATION POLICY  
The objective of the remuneration policy is to retain, motivate and attract qualified and high calibre 
members of the Executive Board, with an international mindset and background essential for the 
successful leadership and effective management of a large international company. The remuneration 
policy aligns the objectives of all stakeholders, is performance-based and aims to stimulate well-
balanced long-term management behaviour. The remuneration policy of other senior management 
aligns with the remuneration policy of the Executive Board.   
 
At the 2014 Annual General Meeting of Shareholders, the new TNT remuneration policy for members of 
the Executive Board was approved. The remuneration structure for members of the Executive Board is 
designed to balance short-term operational performance with the long-term objectives of TNT and value 
creation for its shareholders. The remuneration package consists of: 
– base compensation; 
– variable income: direct and deferred compensation (dependent on performance relative to preset 
company targets); and  
– contribution to pension provisions. 
 
In order to provide a consistent review of the total level and structure of remuneration, the components 
of the remuneration package, and the total compensation of the members of the Executive Board are 
benchmarked every three years against a European reference group (refer to the following table), with 
an additional assessment against a Dutch peer group, unless the Supervisory Board decides otherwise.  
 
European reference group1
1. Adecco SA
11. Kuehne + Nagel International AG
12. Marks and Spencer Plc
2. Atlantia SpA
15. Rentokil Initial Plc
13. National Express Group Plc
14. Österreichische Post AG
18. Serco Group Plc
17. Securitas AB
1Companies included in the peer group of the 2013 benchmark.
3. Belgacom SA
10. Kering SA
20. TUI AG
16. SAS AB
19. Swisscom AG
4. Bunzl Plc
8. G4S Plc
9. International Airlines Group SA
5. Group Delhaize SA
6. DSV A/S
7. FirstGroup Plc
 
 
The Dutch peer group consisted of all AEX-listed companies, excluding the two largest and two smallest 
companies as well as companies in the financial sector. The last benchmark test was performed in 2013 
by an external party. A new benchmark test will occur before the end of 2016. 
 
Base compensation  
The base salary component of the remuneration package is set at a median level when compared to the 
peer group benchmark data. The base salary policy permits the adjustment of salaries annually in line 
with the average increase in the collective labour agreements applicable to employees of the larger TNT 
entities in Europe.

Governance 
Chapter 4 
 
 
55 
Variable income  
The variable income policy comprises the following instruments: 
– short-term incentive;  
– voluntary bonus/matching plan (equity) linked to short-term incentive proceeds; and 
– equity-based long-term incentive (the ‘TNT performance share plan’) to ensure alignment with long-
term value creation and the interest of shareholders (through the development of share price and 
dividend payments).   
 
The 2014 short-term and long-term incentive plans for members of the Executive Board are aligned with 
the variable income programmes for senior management.  
 
Short-term incentive  
The annual short-term incentive opportunity amounts to 100% of the annual base compensation for an 
‘on target’ performance. The reward of the short-term incentive will be delivered as follows: 50% in cash 
and 50% rights to shares (locked-in for three years). 
 
At the beginning of each year, the Supervisory Board sets the targets for the short-term incentive. 
The short-term incentive targets could consist of financial and non-financial focus areas. Results relating 
to the targets lead independently to a short-term incentive payout. 
 
In order to qualify for the short-term incentive scheme, a member of the Executive Board is required to 
be in service on 31 December of the relevant year.  
 
Bonus/matching plan 
A member of the Executive Board may participate on a voluntary basis in the bonus/matching plan by 
investing a maximum of 50% of the gross payout of the short-term incentive of the previous year in 
shares. However, the investment in shares cannot be more than the net proceeds of the cash part of the 
bonus. After a three-year holding period, these shares will be matched on a one-to-one basis. 
 
The matching of bonus shares occurs under the condition of continued employment and if at least 50% 
of the bonus shares is retained during the holding period. 
 
Long-term incentive 
The Supervisory Board can award conditional rights to shares to members of the Executive Board under 
the TNT performance share plan. The award is based on a value of 50% of the annual base 
compensation. The actual number of rights to shares granted is determined by dividing the available 
amount (50% annual base compensation) by the fair value of the right to a share according to IFRS.  
 
The performance shares vest after a three-year period. The actual number of shares that vest depends 
on the performance of the following performance measures: 
– 50% financial target: the total shareholder return (TSR) performance of the company will be 
measured on a three-year basis against a peer group of AEX companies (50% weighting) and of 
TNT’s three main direct competitors (Deutsche Post DHL, FedEx and UPS) (50% weighting). During 
the three-year vesting period, the TSR data and risk profiles are compiled and reported as an index 
by an external data provider. After three years, the final performance of the company over the three-
year period compared to the final performance of the peer group determines the number of shares to 
be vested as presented in the following table. 
 
% difference 
TNT's
performance vs index
% of total allocation 
of performance
shares that vest
-20%
0.00%
-15%
6.25%
-10%
12.50%
-5%
18.75%
0%
25.00%
5%
31.25%
10%
37.50%
15%
43.75%
20%
50.00%
TSR performance vesting table

Governance 
Chapter 4 
 
 
56 
The performance schedule (sliding scale) is designed such that a TSR performance of the company 
at index level (0% difference) leads to a vesting of half of the maximum of granted rights to shares. 
– 50% non-financial target(s): consisting of target(s) considered most relevant for the company during 
the three-year vesting period. 
 
The maximum number of shares that can vest under the plan amounts to 100% of the base allocation.  
 
The Remuneration Committee advises the Supervisory Board on the actual number of performance 
shares that vest, which will be determined by the TSR performance over the three-year vesting period 
and the performance on the non-financial targets over three calendar years preceding the vesting date. 
 
In compliance with the Dutch Corporate Governance Code, members of the Executive Board may not 
sell their matching shares or performance shares prior to the earlier of five years from the date of grant 
or the end of employment. However, any sale of shares with the intent of using the proceeds to pay for 
the tax relating to the grant of these shares is exempted.  
 
Pension   
The remuneration policy provides for a pension provision for members of the Executive Board in line 
with the local practice on the labour market.   
 
Severance  
The contractual severance payments for members of the Executive Board are summarised as follows: 
– The TNT remuneration policy provides that severance payment other than related to a change of 
control is equal to one year’s base compensation or a maximum of two years’ base compensation in 
the first four-year term if one year is considered unreasonable. 
– In the contracts of the members of the Executive Board, the severance payment for situations other 
than a change of control is limited to a maximum of one year’s base compensation. For each of 
them, severance payment in the case of a change of control is equal to the sum of the last annual 
base compensation and pension contribution, plus the average bonus received over the last three 
years, multiplied by a maximum of two.  
 
Other  
The contracts of the members of the Executive Board include a ‘claw-back’ clause which will apply in 
case of an erroneous variable remuneration payout.  
 
The Supervisory Board has the discretionary authority to decide on one-off payments to members of the 
Executive Board in special circumstances. Such payments will always be motivated and disclosed.  
 
The Supervisory Board also has the discretionary authority to adjust the value of variable income 
components originally awarded, if the outcome proves to be unfair due to exceptional circumstances 
during the performance period. 
 
TNT does not grant loans or guarantees, including mortgage loans, to members of the Executive Board. 
 
TOTAL REMUNERATION – 2014 
In 2014, members of the Executive Board received a base compensation, a variable component (short-
term incentive and long-term incentive), other periodic compensation, and contributions to pension 
provisions.  
 
The reported 2014 remuneration of Mr De Vries represents income received as of 1 July 2014, the 
starting date of his assignment as CFO. Mr Bot’s reported remuneration represents income received 
during his term as CFO, which ended on 30 June 2014. Refer to note 19 in chapter 5 for more 
information. 
 
The following table highlights the elements of the 2014 remuneration for the individual members of the 
Executive Board:

Governance 
Chapter 4 
 
 
57 
Total remuneration - Executive Board
Financial year
Base 
compensation
Temporary 
allowance1
Other
periodic paid 
compensation2
Pension 
costs
Accrued for
short-term
incentive
Accrued
 for long-term 
incentive
Termination 
benefits3
One-off 
employer
tax4
Total
Current members
Tex Gunning
2014
750,000
45,529
187,500
100,147
1,083,176
Tex Gunning5
2013
437,500
20,099
109,375
65,593
632,567
Maarten de Vries6
2014
250,000
11,103
62,500
34,754
358,357
Former members
Bernard Bot7
2014
250,000
40,986
75,374
6,141
21,293
1,524,000
1,917,794
Bernard Bot8
2013
500,000
104,167
59,385
168,363
40,466
40,149
89,045
1,001,575
Jeroen Seyger9
2013
100,540
112,071
14,582
23,707
3,739
30,586
23,282
308,507
(in € )
7As of 30 June 2014, Mr Bot resigned from the company. For Mr Bot, the accrued costs for short-term incentive consist of costs taken in 2014 for awards in the period 2011-2013.
3The termination benefits for Mr Bot include: severance payment of one year's base compensation, compensation for the 6 months notice period and the estimate for additional wagetax of €596,000 subject to article 
32bb Dutch Wage Tax Act 1964.
2Other periodic paid compensation includes company costs related to tax and social security, company car and other costs.
4According to Dutch tax law, a one-off employer tax was applied in 2013. 
6As of 1 July 2014, Mr De Vries was assigned as CFO.
8Mr Bot was CEO ad interim from 1 January 2013 through 31 May 2013, after his resignation as CEO ad interim Mr Bot remained CFO.
9Mr Seyger was CFO ad interim from 1 January 2013 through 31 May 2013, the reported amounts relate to his income as CFO ad interim. 
5As of 1 June 2013, Mr Gunning was assigned as CEO.
1A temporary quarterly allowance is paid for the duration of the interim appointment of Mr Bot as CEO ad interim and Mr Seyger as CFO ad interim.
 
Base compensation  
The remuneration policy for members of the Executive Board permits the base compensation to be 
adjusted in line with the average increase in the collective labour agreements adopted by the larger TNT 
entities in Europe. Although the developments in the collective labour agreements allowed for an 
increase of the base compensation, the Supervisory Board decided that the annual base compensation 
for members of the Executive Board remained unchanged. The base compensation of members of the 
Executive Board has remained unchanged since 2011.  
 
The 2014 annual base fee for Mr Gunning was €750,000 and the annual base fee for Mr De Vries 
amounted to €500,000. Due to his assignment as CFO as of 1 July 2014, Mr De Vries received a total 
base compensation of €250,000. 
 
Variable income  
 
Short-term incentive  
The 2014 short-term incentive focuses entirely on financial targets comprising: 
– 70% company results  
– 30% net cash flow 
 
The reward for ‘at target’ performance amounts to 100% of the annual base compensation.  
 
The Supervisory Board has assessed and scored the 2014 performance against the set targets and 
objectives, and determined that the targets were not met, therefore, no short-term incentive payout will 
occur.  
 
Bonus/matching plan  
In 2014, due to the fact that both Mr Gunning and Mr Bot fully waived their 2013 short-term incentive 
entitlements, they were not eligible to participate in the bonus/matching plan.  
 
Long-term incentive 
On 29 April 2014, the Supervisory Board awarded conditional rights to shares to members of the 
Executive Board under the TNT performance share plan. 
 
The 2014 performance shares vest after a three-year period. The actual number of shares that vest 
depends on the performance of the following performance measures: 
– 50% financial target: (for further information, refer to the remuneration policy above) 
– 50% non-financial target(s), for 2014: a customer satisfaction target  
 
The Supervisory Board has assessed the performance on the non-financial target and determined that 
performance exceeded the set target level.  
 
Mr De Vries was not a member of the Executive Board at the time of the annual grant, therefore his 
2014 award of performance shares has been prorated (94%) for his time in service during the three 
years vesting period (29 April 2014 - 1 May 2017). This grant took place on 28 October 2014.

Governance 
Chapter 4 
 
 
58 
Pension  
Members of the Executive Board receive a gross pension allowance as a contribution to their individual 
pension provision. For Mr Gunning and Mr De Vries, a monthly gross pension allowance of 25% of their 
monthly base compensation is made available. Mr Gunning and Mr De Vries do not participate in the 
TNT pension scheme.  
 
Severance  
The contractual severance payments for both Mr Gunning and Mr De Vries are in line with the 
remuneration policy. Mr Bot received a severance payment equal to one year's annual base 
compensation, according to the remuneration policy. 
 
Other  
According to the remuneration policy, the contracts of Mr Gunning and Mr De Vries include a ‘claw-back’ 
clause which will apply in case of an erroneous variable remuneration payout.  
 
TNT does not grant loans or guarantees, including mortgage loans, to members of the Executive Board. 
There are no loans outstanding. 
 
2015 REMUNERATION POLICY  
In 2015, following the request of various stakeholders, the Supervisory Board will introduce shareholding 
guidelines, under which executives are required to build up a minimum ownership of company shares. In 
order to facilitate such guidelines the Supervisory Board will propose amendments to the 2014 
Remuneration Policy. The amendments will consist of the following changes to the existing 
bonus/matching plan: 
– renaming the plan from bonus/matching plan to investment/matching plan; and 
– allowing executives to participate in the investment/matching plan, with shares purchased from their 
own funds. Matching of shares that are purchased from the executive's own funds will be subject to 
a maximum as per the shareholding guidelines. Thereafter, the matching will be limited to the 
proceeds of the short-term incentive.  
 
All other characteristics of the existing bonus/matching plan, such as the one-to-one matching and the 
three-year holding period will remain unchanged. 
 
The Supervisory Board will take into account the overall performance of the company, when it decides 
on the vesting of rights to matching shares relating to the investment/matching plan.  
 
The amendment of the remuneration policy will be submitted for approval to the Annual General Meeting 
of Shareholders on 8 April 2015.  
 
REMUNERATION – SUPERVISORY BOARD  
According to the TNT remuneration policy, the remuneration of members of the Supervisory Board 
comprises base pay and meeting fees. For meetings of the committees of the Supervisory Board, 
members receive a fee per attended meeting. Members of the Supervisory Board do not receive 
meeting fees for regular Supervisory Board meetings. However, meeting fees are paid for Supervisory 
Board meetings over and above the usual business calendar in order to compensate for the additional 
workload. The meeting fee for an additional meeting amounts to €2,500 for the chairman and €1,500 for 
the other members of the Supervisory Board.  
 
In 2014, the level of the remuneration of the Supervisory Board remained unchanged. The 
compensation of the members of the Supervisory Board will be benchmarked every three years. A 
benchmark test will be executed at the end of 2016, synchronous with the benchmark of the 
compensation of the members of the Executive Board. The 2014 remuneration for the Supervisory 
Board is set out in the following table:

Governance 
Chapter 4 
 
 
59 
Remuneration - Supervisory Board
Base fee
Additional 
meeting fee
Chairman
60,000
2,500
Member
45,000
1,500
Committees
Regular 
meeting fees
Audit 
Chairman
2,500
Remuneration
Member
1,500
Strategy (ad hoc)
Chairman's and Nomination
Chairman
1,500
Member
1,000
(in € )
 
 
The fixed travel allowance for intercontinental travel by any member of the Supervisory Board domiciled 
outside Europe is €2,500 for every meeting attended. For members domiciled in Europe, outside the 
Netherlands, the travel allowance is €1,500 for every meeting attended. 
 
Members of the Supervisory Board do not receive any compensation related to performance and/or 
equity and do not accrue any pension rights with TNT. Members of the Supervisory Board do not 
receive any severance payments in the event of termination or removal by the general meeting of 
shareholders. TNT does not grant loans, including mortgage loans or guarantees, to any member of the 
Supervisory Board. Refer to note 19 in chapter 5 for more information.

Governance 
Chapter 4 
 
 
60 
V. RISK MANAGEMENT 
Doing business inherently involves taking risks. By managing these risks, TNT strives to secure a 
sustainable performance. Therefore, TNT operates a risk management framework that allows 
management to tolerate risks in a controlled manner, which is an essential element of its corporate 
governance and strategy development. 
 
The Executive Board, supported by senior management and dedicated risk management employees, is 
responsible for identifying, prioritising and mitigating risks and for the establishment and maintenance of 
a robust risk management system.  
 
RISK MANAGEMENT FRAMEWORK 
 
TNT has embedded the Committee of Sponsoring Organisations of the Treadway Commission (COSO) 
Enterprise Risk Management (ERM) – Integrated Framework (2004) as the foundation of its risk 
management framework. Through the company’s risk management framework and control systems (as 
described in section III), the Executive Board aims to provide reasonable assurance that strategic and 
business objectives can be achieved. The Executive Board reviews the risk management framework 
and the company’s main risks on a regular basis. For those risks deemed to be material, comprehensive 
mitigating action plans are developed and reviewed on a quarterly basis to ensure that these are 
relevant and sufficient. At least annually, the Executive Board discusses its risk management framework 
and company risks with the Audit Committee and the Supervisory Board as well as with the external 
auditor. 
 
Risk appetite 
The Executive Board formalised the risk appetite of TNT using the COSO-ERM risk categories and 
determined that the risk appetite varies between zero and moderate depending on the risk category: 
 
Risk appetite table 
Risk category  
Category description 
Risk appetite 
Strategic risk 
Risk relating to prospective earnings and capital 
arising from strategic changes in the business 
environment and from adverse strategic business 
decisions. 
Moderate 
Operational risk 
Risk relating to current operational and financial 
performance and capital arising from inadequate or 
failed internal processes, people and systems or 
external events.   
Low - moderate 
Financial risk 
Risk relating to financial loss due to the financial 
structure, cash flows and financial instruments of the 
business (including capital structure, insurance and 
fiscal structure) which may impair its ability to provide 
an adequate return. 
Low 
Compliance risk 
Risk of non-compliance with relevant laws and 
regulations (including health and safety), internal 
policies and procedures. 
Zero - low tolerance 
 
 
Throughout 2014, the company reviewed its risk profile on a regular basis. As input, the Executive 
Board used the outcome of all risk assessments, representing input from members of the Management 
Board, all functional areas, entities and key strategic projects. 
 
Risk factors 
This section describes the main risks facing the execution of TNT’s strategy as outlined in section IV of 
chapter 1. Risks have been classified by the COSO-ERM risk categories and divided into specific and 
inherent risks. Specific risks are risks that the Executive Board believes could negatively impact short–
term to medium-term objectives. Inherent risks are risks that are constantly present in the business 
environment and are considered sufficiently material to require disclosure and management.

Governance 
Chapter 4 
 
 
61 
Summary of main risks 
Specific risks 
Inherent risks 
Strategic risks 
– Risks related to execution of strategy,  
– Deterioration of economic conditions 
 
restructuring or other change 
– Changing customer preferences or  
 
management programmes 
 shipping patterns 
– Risks related to closure or disposal 
– Intensifying competition in the CEP market 
 
of certain businesses 
 
– Negative operational impact of a  
 
 
takeover bid 
 
 
 
Operational risks 
– Inaccurate forecasting of infrastructure  
– Increase in security requirements 
 
requirements 
– Volatility in fuel prices and energy costs 
– Loss of or unavailability of suitable  
 
 
key suppliers or subcontractors 
 
– Failures in key infrastructures and 
 
 
networks 
 
– Potential impact of accidents and 
 
 
incidents 
 
 
 
Financial risks 
– Proportionate but significant influence 
– Volatility in the financial market 
 
of major shareholders 
 
– Inadequate insurance coverage 
 
 
 
Compliance risks 
 
– Negative exposure from (changes in)  
 
 regulatory, political and other  
 
 environments, especially in emerging  
 
 
markets 
 
– Non-compliance with company policies,  
 
 and/or external laws and regulations 
 
– Negative outcome of various claims and  
 
 lawsuits 
 
 
 
TNT assesses risks according to their impact, net of the related mitigating actions. The resulting impact 
could comprise a material direct or indirect adverse effect on TNT’s business, operations, volumes, 
financial condition and performance, reputation and/or other interests.  
 
The risks listed are not exhaustive, and additional risks and uncertainties not presently known to TNT or 
that it currently deems immaterial, may also have or develop a material adverse effect on its business, 
operations, financial condition or performance, or other interests. Similarly, the mitigating actions 
mentioned are not exhaustive, may be ineffective and may be adjusted from time to time, and their 
inclusion in this section does not create any legal obligation for the company. The sequence in which 
these risks and mitigating actions are presented in no way reflects any order of importance, chance or 
materiality.

Governance 
Chapter 4 
 
 
62 
Strategic risks 
Risk description 
Mitigating action 
Risks associated with the execution of strategy, 
restructuring or other change management 
programmes 
Identified risks: 
 
– 
Reduced benefits due to design failures or 
– 
Involving senior management and qualified 
 
inaccurate estimates of revenue benefits 
 
personnel in all major projects 
 
and/or cost savings 
– 
Closely monitoring restructuring programmes 
– 
Reduced investments compared  to  
 
 
by a dedicated programme office that tracks 
 
plan, impacting the overall (revenue) 
 
progress and plans resources which  
 
benefits and/or cost savings 
 
enables timely adjustments 
– 
Negative staff or supplier reactions 
– 
Proactively involving employee representative 
 
(including strikes and work stoppages) 
 
bodies at an early stage 
– 
Management distraction due to 
– 
Developing employee engagement, investing  
 
organisational and other changes 
 
in professional learning and 
– 
Failure to retain and attract key employees 
 
development programmes  
– 
Inadequate IT capacity and capability 
– 
Utilising structured succession planning  
– 
Deficiencies in the control 
 
and developing future leaders 
 
environment 
– 
Increasing investments in IT and  
 
 
diversification of the IT supply base (including 
 
 
development of alternative providers) 
 
 
Risks associated with closure or disposal of certain 
businesses 
Identified risks: 
 
– 
Unexpected costs (including impairment of 
– 
Carefully analysing, planning and executing 
 
intangible or tangible assets), liabilities and 
 
closure or divestment proposals 
 
cash outflows 
– 
Monitoring execution by senior management 
– 
Business disruption 
– 
Maintaining ongoing communication with  
– 
Loss of key relationships 
 
key customers and suppliers 
– 
Loss of management and staff in affected 
– 
Maintaining transparent and frequent  
 
businesses 
 
communication with management and staff 
– 
Inability to sell business held for sale 
– 
Paying continued attention to business  
 
 
performance during the disposal process 
 
 
Negative operational impact of a takeover bid for TNT or 
speculations about such a bid 
Identified risks: 
 
– 
Loss of customers, supplier contracts, 
– 
Establishing comprehensive corporate 
 
business opportunities and employees 
 
 
procedures to handle a bid situation 
– 
Management distraction 
– 
Providing adequate and timely information 
 
 
to internal and external stakeholders 
 
 
Deterioration of the economy, either globally or in 
specific geographies 
Identified risks: 
 
– 
High volatility and/or prolonged downturns 
– 
Closely monitoring all market developments 
 
in regions in which TNT operates,  
– 
Implementing profit improvement  
 
causing decline in demand for express  
 
programmes and other cost reducing  
 
volumes and/or significant changes in 
 
initiatives 
 
product mix 
– 
Further expanding TNT’s flexible 
– 
Customers’ or suppliers’ solvency  
 
cost base 
 
problems 
– 
Diversifying suppliers and subcontractors 
 
– 
Actively monitoring customers’ and suppliers’ 
 
 
solvency 
 
– 
Striving for a solid capital structure reflected 
 
 
in a long-term credit rating target of BBB+  
 
 
by S&P and Baa1 by Moody’s

Governance 
Chapter 4 
 
 
63 
Strategic risks (continued) 
Risk description 
Mitigating action 
Changing customer preferences or shipping patterns 
Identified risks: 
 
– 
Further shift in volumes, for example from 
– Monitoring trends and shipping patterns 
 
express to economy express or from B2B 
– Maintaining close contact with customers 
 
to B2C services 
– Flexibility to adjust network and local  
– 
Inability to realise the targeted customer 
 
operations to meet new service requirements 
 
mix 
– Operating a company-wide service delivery 
– 
Loss of customers if service offering no  
 
improvement programme 
 
longer matches their demands 
– Enhancing the company’s economy express 
– 
Inadequate cover of changing trade lanes 
 
service offering  
 
– Building a selective service offering for B2C 
 
– Developing and maintaining access to 
 
 
third-party suppliers with complementary 
 
 
capabilities 
Intensifying competition in the CEP market may put 
downward pressure on volumes and prices 
Identified risk: 
 
– 
Targeted actions by global or low-cost 
– Monitoring markets and competitors 
 
competitors 
– Implementing cost reductions to increase  
 
competitiveness  
– Introducing innovative pricing standards 
– Focusing on yield improvement activities 
 
 
 
Operational risks 
Risk description 
Mitigating action 
Inaccurate forecasting of infrastructure requirements, such 
as road and air hubs, aircraft, vehicles, depots and IT 
Identified risks: 
 
– 
Cost of excess capacity 
– Forecasting volumes for short, medium 
– 
Opportunity costs of capacity constraints  
 
and long term 
 
(growth constraints, operational  
– Developing alternative uses for capacity 
 
disruptions, inability to meet contractual  
– Maintaining consistent, cross-functional  
 
commitments, contingencies) 
 
budgeting and forecasting cycles 
– 
Inadequate airport slots, air traffic control  
– Sourcing from multiple suppliers locally and  
 
slots, and operating flexibility 
 
globally 
 
– Working with subcontractors and other  
 
 
third-party suppliers that have the ability to  
 
 
adjust their capacity in the short term 
 
– Executing network planning as core  
 
 
competency, with designated managers  
 
 
on a global and regional level  
Loss of or the unavailability of key suppliers and 
subcontractors could impact TNT’s ability to deliver 
Identified risks: 
 
– 
Dependency on a key supplier or  
– Sourcing from multiple suppliers 
 
subcontractor who turns insolvent or  
– Implementing contingency plans to enable 
 
bankrupt 
 
seamless transfer to alternative suppliers 
– 
Asymmetric negotiations with a key  
– Screening and monitoring suppliers closely 
 
supplier due to dependency 
– Utilising longer-term contractual  
 
 
arrangements where appropriate 
TNT’s services are time-critical. Network and IT 
disruptions in key infrastructure facilities may lead to its 
inability to deliver according to customer expectations 
and contractual obligations  
Identified risks: 
 
– 
Disruption or breakdown of concentrated 
– Actively monitoring and identifying 
 
(hub) infrastructure facilities, owned or  
 
potentially disruptive events  
 
third party 
– Investing in preventive measures 
– 
Disruption in subcontractor operations 
– Implementing business continuity plans 
– 
Failure of IT infrastructure and applications  
– Maintaining a global and local crisis response  
 
 
organisation including back-up facilities 
 
 
and networks

Governance 
Chapter 4 
 
 
64 
Operational risks (continued) 
Risk description 
Mitigating action 
Accidents and incidents resulting in fatalities, injuries or 
damages could negatively impact TNT  
Identified risks: 
 
– 
Road traffic accidents 
– 
Investing in fleet, systems, procedures and 
– 
Aircraft accidents  
 
training relating to health and safety 
– 
Incidents from the transport of (hazardous) 
– 
Complying with external and internal health  
 
materials 
 
and safety rules and policies 
– 
Loss of consignments 
– 
Reporting and analysing all accidents and 
 
 
incidents; ensuring continuous improvement 
 
– 
Executing a company-wide health and safety 
 
 
 
improvement programme and promoting a  
 
 
safety culture 
A terrorist attack or increased security requirements 
could negatively affect TNT  
Identified risks: 
 
– 
Staff or third-party injuries or fatalities due  
– 
Strictly adhering to security policies,  
to terrorist attack 
 
processes, procedures and systems  
– 
Costs or operating restrictions due to 
 
(including supporting training, monitoring 
 
additional or changing rules and  
 
and auditing) 
 
regulations for the transportation industry 
– 
Investing in security personnel and  
– 
Criminal acts against TNT which puts staff, 
 
equipment 
 
property or customer consignments at risk 
– 
Maintaining a continuous dialogue with 
 
 
authorities and participating in industry 
 
 
associations on changes in security rules 
 
– 
Adding a security surcharge to mitigate  
 
 
cost impact 
Volatility in the price of fuel, energy or CO2 emission 
rights may adversely affect TNT  
Identified risk: 
 
– 
Large dependency on air and road 
– 
Implementing company-wide fuel and  
 
transportation can result in a potentially 
 
energy efficiency measures 
 
significant impact  
– 
Ensuring application of fuel surcharges to  
 
 
mitigate cost impact  
 
 
 
Financial risks 
Risk description 
Mitigating action 
Major owners of TNT’s ordinary shares could exercise 
proportionate but significant influence, affecting the 
course of the company or the trading volume and share 
price  
Identified risk: 
 
– 
Concentration of voting power at the  
– 
Regularly engaging with major shareholders 
 
general meeting of shareholders 
– 
Ensuring visibility of TNT with target  
 
 
investors to promote a diversified investor 
 
 
base by geography and investor style 
 
– 
Maintaining a corporate governance  
 
 
framework including Foundation call option  
 
 
(refer to page 53) 
 
– 
Ensuring compliance to the Relationship 
 
 
Agreement with PostNL (refer to TNT’s 
 
 
corporate website: www.tnt.com/corporate) 
Inadequate insurance coverage 
Identified risk: 
 
– 
Size and scope of insurance policy is 
– 
Utilising an in-house captive insurance 
 
inadequate to meet nature or size  
 
company for additional coverage 
 
of damage claims 
– 
Insuring ‘catastrophe exposures’ externally 
 
– 
Retaining several external insurers with a  
 
 
rating of A or higher

Governance 
Chapter 4 
 
 
65 
Financial risks (continued) 
Risk description 
Mitigating action 
 
Volatility and unfavourable movements of the financial 
markets may have a negative impact on TNT’s ability to 
fund and cost of funding  
Identified risks: 
 
– 
Fluctuations in exchange rates and interest 
– 
Monitoring of capital investments in context  
 
rates 
 
of capital structure 
– 
Downgrade of TNT’s credit ratings 
– 
Maintaining hedging arrangements to  
– 
Break-up of or change of eurozone 
 
limit intragroup and external financial 
 
and its currency  
 
currency and interest exposures. Operational 
 
 
foreign currency cash flow exposures are  
 
 
mostly not hedged 
 
– 
Maintaining headroom under committed 
 
 
longer-term revolving credit facilities 
 
– 
Striving for a solid capital structure  
 
 
reflected in a long-term credit rating target of 
 
 
BBB+ by S&P and Baa1   
 
 
by Moody’s 
 
– 
Refer to note 29 in chapter 5  
 
 
 
 
 
 
 
Compliance risks 
Risk description 
Mitigating action 
TNT’s global presence exposes it to a variety of 
regulatory, political and other environments which may 
affect its business and operations, especially in 
emerging markets where the legal systems are in 
varying stages of development 
Identified risks: 
 
– 
Changes in regulatory requirements,  
– Monitoring and adapting to relevant 
 
practices and procedures, in 
 
(changes in) rules and regulations 
 
areas such as transportation, trade, 
– Maintaining a dialogue with authorities and 
 
anti-trust, labour, data protection, business 
 
participating in industry associations 
 
licensing, foreign ownership, health and  
– Implementing a company-wide compliance 
 
safety, taxes, limited liability for loss, export 
controls, sanctions, customs and security 
 
system, including training and reporting 
procedures 
– 
Unfavourable policies and regulations  
 
 
related to environment and climate change 
 
– 
Restrictions on the use of vehicles during 
 
 
parts of the day or week 
 
– 
Underdeveloped judiciary and legal 
 
 
infrastructure in specific emerging markets 
 
 
 
Non-compliance with internal policies and/or external 
laws and regulations by employees, subcontractors or 
third-party suppliers could result in financial losses, 
loss of customers, sanctions or reputational damage  
Identified risks: 
 
– 
Unwanted involvement in anti-competitive  
– Maintaining company-wide business 
 
actions  
 
principles, control frameworks, compliance  
– 
Non-compliance with applicable social 
 
policies, guidelines and integrity programmes  
 
security or fiscal regulations 
 
including representations and training, audits 
– 
Classification of subcontractors or their 
 
and complaints procedures 
 
employees as employees of TNT 
– Communicating and implementing business  
 
 
principles and related guidelines towards  
 
 
subcontractors and third-party suppliers 
 
– Maintaining a global whistleblower procedure

Governance 
Chapter 4 
 
 
66 
Compliance risks (continued) 
Risk description 
Mitigating action 
The nature of its business exposes TNT to the potential 
for claims and litigations in a wide variety of areas  
Identified risks: 
 
– 
Claims from/litigations by partners or third 
– 
Maintaining company-wide business 
 
parties in relation to partnerships or 
 
principles, legal and other control frameworks, 
 
potential partnerships, acquisitions or 
 
compliance policies, guidelines and integrity  
 
divestments 
 
programmes including representations and  
– 
Customers claiming contractual obligations  
 
training, audits and complaints procedures 
 
have not been met 
– 
Reporting quarterly material contracts and 
– 
Claims from public authorities and other 
 
claims and litigations 
 
third parties in relation to TNT’s local 
– 
Centrally involving senior management in 
 
operations 
 
claim and litigation resolution 
– 
TNT may be held liable for PostNL 
 
 
obligations outstanding at the date of the 
 
 
demerger of TNT N.V. in 2011

67 
CHAPTER 5 STATEMENTS 
  
I. 
FINANCIAL STATEMENTS 
68 
II. 
CORPORATE RESPONSIBILITY STATEMENTS 
149

Statements 
Chapter 5 
 
68   
I. FINANCIAL STATEMENTS 
 
Consolidated statement financial position 
69 
Consolidated income statement 
70 
Consolidated statement of comprehensive income 
70 
Consolidated statement of cash flows 
71 
Consolidated statement of changes in equity 
72 
Notes to the Consolidated financial statements 
73 
 
Notes to the Consolidated statement of financial position 
90 
1 Intangible assets 
90 
2 Property, plant and equipment 
92 
3 Financial fixed assets 
93 
4 Inventory 
94 
5 (Trade) accounts receivable 
94 
6 Prepayments and accrued income 
95 
7 Cash and cash equivalents 
95 
8 Assets held for disposal 
95 
9 Equity 
96 
10 Pension assets 
97 
11 Other provisions 
101 
12 Long-term debt 
102 
13 Other current liabilities 
102 
14 Accrued current liabilities 
103 
 
Notes to the Consolidated income statement 
104 
15 Net sales 
104 
16 Other operating revenue 
104 
17 Other income/(loss) 
104 
18 Salaries and social security contributions 
104 
19 Remuneration of members of the Supervisory Board and Executive Board 
108 
20 Depreciation, amortisation and impairments 
112 
21 Other operating expenses 
112 
22 Net financial (expense)/income 
113 
23 Income taxes 
113 
 
Notes to the Consolidated statement of cash flows 
116 
24 Net cash from operating activities 
116 
25 Net cash used in investing activities 
116 
26 Net cash used in financing activities 
117 
27 Reconciliation to cash and cash equivalents 
117 
 
Additional notes 
118 
28 Commitments and contingencies 
118 
29 Financial risk management 
120 
30 Financial instruments 
123 
31 Earnings per share 
125 
32 Disclosure on interest in other entities 
126 
33 Related party transactions and balances 
127 
34 Segment information 
130 
35 Subsequent events 
133 
36 Fiscal unity in the Netherlands 
133 
 
TNT Express N.V. Corporate balance sheet/Corporate income statement 
134 
Notes to the Corporate balance sheet and income statement 
135 
37 Total financial fixed assets 
135 
38 Equity 
136 
39 Provision for pension liabilities 
136 
40 Wages and salaries 
137 
41 Commitments not included in the balance sheet 
137 
42 Subsidiaries and associated companies at 31 December 2014 
138 
 
Other information 
139

Statements 
Chapter 5  
 
 
69   
Consolidated statement of financial position
Notes
31 December 
2014
variance %
31 December 
20131
Assets
.
Non-current assets
Intangible assets 
(1)
Goodwill
1,007
1,039
Other intangible assets
110
98
Total
1,117
(1.8)
               
1,137
Property, plant and equipment
(2)
Land and buildings
441
447
Plant and equipment
204
161
Aircraft
156
182
Other
87
79
Construction in progress
50
19
Total
938
5.6
                
888
Financial fixed assets 
(3)
Investments in associates and joint ventures
17
16
Other loans receivable 
2
3
Deferred tax assets
(23)
198
198
Other financial fixed assets
14
12
Total
231
0.9
                
229
Pension assets
(10)
4
3
Total non-current assets
2,290
1.5
                
2,257
Current assets
Inventory
(4)
11
9
Trade accounts receivable 
(5)
968
930
Accounts receivable
(5)
127
101
Income tax receivable
(23)
46
28
Prepayments and accrued income
(6)
182
120
Cash and cash equivalents
(7)
652
696
Total current assets
1,986
5.4
                
1,884
Assets held for disposal
(8)
1
100
Total assets
4,277
0.8
                
4,241
Liabilities and equity
Equity  
(9)
Equity attributable to the equity holders of the parent
2,180
2,413
Non-controlling interests
12
7
Total equity
2,192
(9.4)
               
2,420
Non-current liabilities
Deferred tax liabilities
(23)
10
15
Provisions for pension liabilities
(10)
222
93
Other provisions
(11)
94
68
Long-term debt
(12)
166
175
Accrued liabilities
4
3
Total non-current liabilities
496
40.1
              
354
Current liabilities
Trade accounts payable
471
430
Other provisions
(11)
218
120
Other current liabilities 
(13)
290
292
Income tax payable
(23)
52
94
Accrued current liabilities
(14)
558
470
Total current liabilities
1,589
13.0
              
1,406
Liabilities related to assets held for disposal
(8)
0
61
Total liabilities and equity
4,277
0.8
                
4,241
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions, except percentages)
 
 
The accompanying notes form an integral part of the financial statements.

Statements 
Chapter 5  
 
 
70   
Consolidated income statement
Year ended at 31 December
Notes
2014ii
variance %
20131
Net sales
(15)
6,472
              
6,713
              
Other operating revenues
(16)
208
                 
191
                 
Total revenues
6,680
              
(3.2)
                    
6,904
              
Other income/(loss)
(17)
17
                   
208
                 
Cost of materials
(407)
                
(444)
               
Work contracted out and other external expenses
(3,623)
             
(3,724)
            
Salaries and social security contributions
(18)
(2,126)
             
(2,259)
            
Depreciation, amortisation and impairments
(20)
(210)
                
(434)
               
Other operating expenses
(21)
(417)
                
(242)
               
Total operating expenses
(6,783)
             
4.5
                     
(7,103)
            
Operating income/(loss)
(86)
                  
9
                    
Interest and similar income
12
                   
14
                  
Interest and similar expenses
(36)
                  
(36)
                 
Net financial (expense)/income
(22)
(24)
                  
(9.1)
                    
(22)
                 
Results from investments in associates and joint ventures
  (3)
7
                     
22
                  
Profit/(loss) before income taxes
(103)
                
9
                    
Income taxes
(23)
(87)
                  
(131)
               
Profit/(loss) for the period
(190)
                
(55.7)
                  
(122)
               
Attributable to:
Non-controlling interests
5
                     
0
                    
Equity holders of the parent
(195)
                
(59.8)
                  
(122)
               
Earnings per ordinary share (in € cents)2
(35.7)
                    
(22.4)
                   
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies and discontinued operations.
(in € millions, except percentages and per share data)
2Based on an average of 546,396,949 outstanding ordinary shares (2013: 544,171,809). Refer to note 31.
 
 
The accompanying notes form an integral part of the financial statements. 
 
Consolidated statement of comprehensive income
Year ended at 31 December
2014
variance %
20131
Profit/(loss) for the period
(190)
            
(55.7)
               
(122)
            
Other comprehensive income that will not be reclassified to the income 
statement
Pensions: Actuarial gains/(losses), before income tax
(146)
            
19
               
Income tax on pensions
37
               
(6)
                
Other comprehensive income items that are or may be reclassified to the 
income statement
Gains/(losses) on cash flow hedges, before income tax
7
                 
11
               
Income tax on gains/(losses) on cash flow hedges
(2)
                
(4)
                
Currency translation adjustment, before income tax
84
               
(79)
              
Income tax on currency translation adjustment
0
                 
Other comprehensive income for the period net of tax
(20)
              
66.1
                
(59)
              
Total comprehensive income for the period
(210)
            
(16.0)
               
(181)
            
Attributable to:
Non-controlling interests
5
                 
0
                 
Equity holders of the parent
(215)
            
(18.8)
               
(181)
            
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies and discontinued operations.
(in € millions, except percentages)

Statements 
Chapter 5  
 
 
71   
Consolidated statement of cash flows
Year ended at 31 December
Notes
2014
variance %
20131
Profit/(loss) before income taxes
(103)
            
9
                 
Adjustments for:
Depreciation, amortisation and impairments
210
             
434
             
Amortisation of financial instruments/derivatives
2
                 
2
                 
Share-based compensation
5
                 
2
                 
Investment income:
(Profit)/loss of assets held for disposal
(17)
(7)
                
(2)
                
(Profit)/loss on sale of Group companies
(7)
                
Interest and similar income
(12)
              
(14)
              
Foreign exchange (gains) and losses
5
                 
2
                 
Interest and similar expenses
31
               
34
               
Results from investments in associates and joint ventures
(7)
                
(22)
              
Changes in provisions:
Pension liabilities
(10)
              
(7)
                
Other provisions
89
               
58
               
Changes in working capital:
Inventory
0
                 
1
                 
Trade accounts receivable
(2)
                
16
               
Accounts receivable
(16)
              
(6)
                
Other current assets
(28)
              
(2)
                
Trade accounts payable
29
               
19
               
Other current liabilities excluding short-term financing and taxes
67
               
(50)
              
Cash generated from operations
246
             
(48.1)
               
474
             
Interest paid
(31)
              
(35)
              
Income taxes received/(paid)
(109)
            
(79)
              
Net cash from/(used in) operating activities
(24)
106
             
(70.6)
               
360
             
Interest received
12
               
14
               
Acquisition of subsidiaries and joint ventures
(1)
                
Disposal of subsidiaries and joint ventures
39
               
61
               
Disposal of associates
0
                 
27
               
Capital expenditure on intangible assets
(43)
              
(25)
              
Disposal of intangible assets
2
                 
Capital expenditure on property, plant and equipment
(147)
            
(108)
            
Proceeds from sale of property, plant and equipment
14
               
12
               
Cash from financial instruments/derivatives
19
               
(15)
              
Other changes in (financial) fixed assets
(17)
              
(1)
                
Dividends received
5
                 
8
                 
Other
0
                 
1
                 
Net cash from/(used in) investing activities
(25)
(117)
            
(350.0)
             
(26)
              
Proceeds from long-term borrowings
12
               
0
                 
Repayments of long-term borrowings
0
                 
(2)
                
Proceeds from short-term borrowings 
40
               
66
               
Repayments of short-term borrowings
(44)
              
(61)
              
Repayments of finance leases
(20)
              
(15)
              
Dividends paid
(21)
              
(18)
              
Net cash from/(used in) financing activities
(26)
(33)
              
(10.0)
               
(30)
              
Total changes in cash
(27)
(44)
              
(114.5)
             
304
             
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies and discontinued operations.
(in € millions, except percentages)
 
The accompanying notes form an integral part of the financial statements.

Statements 
Chapter 5  
 
 
72   
Consolidated statement of changes in equity
Issued
share
capital
Additional
paid-in
capital
Legal
reserves
Other
reserves
Retained 
earnings
Total
equity
Balance at 31 December 2012
43
               
2,749
          
(4)
                
(92)
              
(86)
              
2,610
          
7
                 
2,617
          
Profit/(loss) for the period
(122)
            
(122)
            
0
(122)
            
Other comprehensive income/(loss)
(72)
              
13
               
(59)
              
(59)
              
Total comprehensive income/(loss)
(72)
              
13
               
(122)
            
(181)
            
(181)
            
Final dividend previous year
(11)
              
(11)
              
(11)
              
Interim dividend
(7)
                
(7)
                
(7)
                
Compensation retained earnings
(83)
              
83
               
0
0
Legal reserves reclassifications
(8)
                
8
                 
0
0
Share-based payments
2
                 
2
                 
2
                 
Stock dividend
1
                 
(1)
                
0
0
Total direct changes in equity
1
                 
(102)
            
(8)
                
10
               
83
               
(16)
              
0
(16)
              
Balance at 31 December 20131
44
               
2,647
          
(84)
              
(69)
              
(125)
            
2,413
          
7
                 
2,420
          
Profit/(loss) for the period
(195)
            
(195)
            
5
                 
(190)
            
Other comprehensive income/(loss)
89
               
(109)
            
(20)
              
(20)
              
Total comprehensive income/(loss)
89
               
(109)
            
(195)
            
(215)
            
5
                 
(210)
            
Final dividend previous year
(7)
                
(7)
                
(7)
                
Interim dividend
(15)
              
(15)
              
(15)
              
Compensation retained earnings
(125)
            
125
             
Legal reserves reclassifications
7
                 
(7)
                
Share-based payments
5
                 
5
                 
5
                 
Stock dividend
0
                 
(0)
                
0
                 
0
                 
Other
(1)
                
(1)
                
(1)
                
Total direct changes in equity
0
                 
(147)
            
7
                 
(3)
                
125
             
(18)
              
(18)
              
Balance at 31 December 2014
44
               
2,500
          
12
               
(181)
            
(195)
            
2,180
          
12
               
2,192
          
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions)
Attributable to 
equity holders of 
the parent
   Non-
controlling 
interests
 
 
Refer to the accompanying notes 9 and 38 for further details on equity.

Statements 
Chapter 5  
 
 
73   
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
GENERAL INFORMATION AND DESCRIPTION OF THE BUSINESS 
 
TNT Express N.V. is a public limited liability company domiciled in Amsterdam, the Netherlands. The 
consolidated financial statements include the financial statements of TNT Express N.V. and its 
consolidated subsidiaries (hereafter referred to as ‘TNT’, ‘Group’ or ‘the company’). The company was 
incorporated under the laws of the Netherlands and is listed on Euronext Amsterdam.  
 
For purposes of these consolidated financial statements, ‘TNT’ refers to the company and its 
subsidiaries. 
 
TNT operates in the Courier, Express and Parcel (CEP) market and collects, transports and delivers 
documents, parcels and palletised freight on a day-definite or time-definite basis. Its services are 
primarily classified by the speed, distance, weight and size of consignments. Whereas the majority of its 
shipments are between businesses (B2B), TNT also offers business-to-consumer (B2C) services to 
select key customers.  
 
The consolidated financial statements have been authorised for issue by TNT’s Executive Board and 
Supervisory Board on 17 February 2015 and are subject to adoption by the Annual General Meeting of 
Shareholders on 8 April 2015. 
 
Segment information 
As part of the Deliver! improvement programme, in 2013 a new management structure was 
implemented, which led to a change in operating segments and subsequently to a change in reportable 
segments: Europe Main, Europe Other & Americas, Pacific, AMEA (Asia, Middle East and Africa) and 
Unallocated.  
In February 2014, as part of Outlook, and its Organise to Win initiative, TNT announced that its 
management structure would be further updated to create focused and accountable units, as such this 
led to a change in operating segments and subsequently to a change in reportable segments to: 
International Europe, International AMEA, Domestics and Unallocated, effective 1 October 2014. 
 
 The International Europe reportable segment is centrally led with integrated responsibility across 
Europe.  
 The International Asia, Middle East, Africa reportable segment is managed separately but operates 
in close cooperation with International Europe.  
 The Domestics reportable segment includes the domestic operations in France, Italy and the United 
Kingdom, as well as Brazil, Chile, Australia and New Zealand. The domestic entity creates a 
dedicated focus on domestic operations, whilst keeping the synergies with the international activities.  
 The Unallocated segment continues to consist of Other Networks (TNT Innight), Central Networks 
(European Road Network and European Air Network), IT, Global Business Services (GBS) and the 
TNT Head Office.  
 
In 2013, Brazil Domestic was reported as a discontinued operation, following the announcement earlier 
that year that the unit would be sold. On 30 January 2014, TNT announced that it would retain Brazil 
Domestic. Therefore, as of 2014, Brazil Domestic is no longer reported as a discontinued operation but 
is incorporated in the Domestics reportable segment. 
 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
The significant accounting policies applied in the preparation of these consolidated financial statements 
are set out below. These policies have been consistently applied to all the years presented, unless 
otherwise stated. All amounts included in the financial statements are presented in euro, unless 
otherwise stated. 
 
Basis of preparation 
The consolidated financial statements of TNT have been prepared in accordance with International 
Financial Reporting Standards (IFRS), as adopted by the European Union. IFRS includes the 
application of International Financial Reporting Standards and International Accounting Standards (IAS), 
related Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and 
Interpretations of the Standing Interpretations Committee (SIC). The consolidated financial statements 
have been prepared under the historical cost convention except for financial instruments and assets 
held for disposal.

Statements 
Chapter 5  
 
 
74   
The preparation of financial statements in conformity with IFRS requires the use of certain critical 
accounting estimates. It also requires management to exercise its judgment in the process of applying 
TNT’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas 
where assumptions and estimates are significant to the consolidated financial statements, are disclosed 
in the ‘Critical accounting estimates and judgments in applying TNT’s accounting policies’ section. 
 
The International Accounting Standards Board (IASB) has issued certain International Financial 
Reporting Standards or amendments thereon and the IFRIC has issued certain interpretations. The 
impact of changes, when adopted by the European Union, on TNT’s consolidated financial statements 
has been assessed. 
 
Changes in accounting policies and disclosures 
 
In Brazil, the social integration (Programa de Integração Social [PIS]) and the social contribution on 
billing (Contribuição para o Financiamento da Seguridade Social [COFINS]) programmes, levy taxes 
which are highly regulated and represent a significant share of the overall Brazilian tax collection. 
 
PIS is conceived as a means to share the business profits with employees, through a mandatory 
national savings programme, financed by monthly deposits collected as a percentage on the gross 
sales.  COFINS was created to finance special social programmes enforced by the Federal Government 
through the collection of a social contribution as a percentage of revenues. 
 
Previously, in the absence of clear guidance under IFRS, TNT had accounted for these taxes as taxes 
on profit since and although the tax is levied as a percentage of revenues, certain cost credits are to be 
taken into account to arrive at the taxes due. 
 
However, it is now more customary to account for the PIS/COFINS taxes as an adjustment of revenue 
and affected cost. As a result, TNT has decided to change its accounting for the PIS/COFINS, since 
such a change will result in the financial statements providing more reliable and relevant information 
about the effects of its financial performance. 
 
The impact on the 2014 reported figures of this change results in €33 million lower revenue, €17 million 
lower operating income and €17 million lower income tax with no impact on the profit for the period nor 
the equity position of the Group. 
 
a) New and amended standards adopted by TNT 
 
 IFRS 10, ‘Consolidated Financial Statements’, builds on existing principles by identifying the concept 
of control as the determining factor in whether an entity should be included within the consolidated 
financial statements of the parent company. The standard provides additional guidance to assist in 
the determination of control where this is difficult to assess. As of 1 January 2014, TNT has adopted 
IFRS 10. This did not have a material impact on the consolidated financial statements. 
 
 IFRS 11, ‘Joint Arrangements’, replaces IAS 31 ‘Interests in Joint Ventures’ and deals with how a 
joint arrangement in which two or more parties have joint control should be classified. Under IFRS 
11, joint ventures are required to be accounted for using the equity method of accounting, whereas 
under IAS 31, jointly controlled entities can be accounted for using either the equity method of 
accounting or proportionate consolidation method. As of 1 January 2014, TNT has adopted IFRS 11. 
The impact is disclosed in the paragraph hereafter.  
 
 IFRS 12, ‘Disclosures of Interests in Other Entities’, includes the disclosure requirements for all 
forms of interests in other entities, including joint arrangements, associates, special purpose entities 
and other off-balance sheet vehicles. As of 1 January 2014, TNT has adopted IFRS 12. This did not 
have a material impact on the consolidated financial statements. 
 
b) New standards, amendments and interpretations not yet adopted 
 
A number of new standards, amendments and interpretations have been issued but are not yet effective 
for the financial year beginning 1 January 2014 and are not early adopted by TNT. The items applicable 
are presented below: 
 
 IFRS 9, ‘Financial Instruments’, addresses the classification, measurement and recognition of 
financial assets and financial liabilities. The complete version of IFRS 9 was issued in July 2014. It 
replaces the guidance in IAS 39 that relates to the classification and measurement of financial 
instruments. IFRS 9 retains but simplifies the mixed measurement model and establishes three 
primary measurement categories for financial assets: amortised cost, fair value through other 
comprehensive income and fair value through profit or loss. The basis of classification depends on

Statements 
Chapter 5  
 
 
75   
the entity’s business model and the contractual cash flow characteristics of the financial asset. 
Investments in equity instruments are required to be measured at fair value through profit or loss 
with the irrevocable option at inception to present changes in fair value in other comprehensive 
income not recycling. There is now a new expected credit losses model that replaces the incurred 
loss impairment model used in IAS 39. For financial liabilities there were no changes to classification 
and measurement except for the recognition of changes in own credit risk in other comprehensive 
income, for liabilities designated at fair value through profit or loss. IFRS 9 relaxes the requirements 
for hedge effectiveness by replacing the bright line hedge effectiveness tests. It requires an 
economic relationship between the hedged item and hedging instrument and for the ‘hedged ratio’ to 
be the same as the one management actually uses for risk management purposes. 
Contemporaneous documentation is still required but is different to that currently prepared under IAS 
39. The standard is effective for accounting periods beginning on or after 1 January 2018. Early 
adoption is permitted. TNT is yet to assess IFRS 9’s full impact. 
 
There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to 
have a material impact on the Group. 
 
Adoption of IFRS 11 
TNT has joint control over the following entities: 
 
 TNT Swiss Post AG; 
 TNT Express Luxembourg SA; 
 PNG Air Charter Services Limited; and 
 X-Air Services NV/SA. 
 
These investments have been classified as joint ventures under IFRS 11 and therefore the equity 
method of accounting has been used in the consolidated financial statements. Prior to the adoption of 
IFRS 11, TNT applied proportionate consolidation, and recognised its investment in the joint ventures at 
the beginning of the earliest period presented (1 January 2013), as the total of the carrying amounts of 
the assets and liabilities previously proportionately consolidated by the Group. Upon transition to the 
equity method of accounting, this is the deemed cost of the Group’s investment in the joint ventures. 
 
The effect of this change is shown in the following tables. There is no impact on equity, comprehensive 
income, net result and earnings per share.

Statements 
Chapter 5  
 
 
76   
Consolidated statement of financial position
31 December 2013
before adoption
of IFRS111
Equity
accounting
joint ventures
31 December 2013
after adoption
of IFRS11
1 January 2013
before adoption
of IFRS11
Equity
accounting
joint ventures
1 January 2013
after adoption
of IFRS11
Assets
Non-current assets
Intangible assets 
Goodwill
1,039
0
1,039
1,340
0
1,340
Other intangible assets
98
0
98
117
0
117
Total
1,137
0
1,137
1,457
0
1,457
Property, plant and equipment
Land and buildings
448
(1)
                  
447
482
(1)
                  
481
Plant and equipment
163
(2)
                  
161
207
(2)
                  
205
Aircraft
182
0
182
40
0
40
Other
79
0
79
87
(1)
                  
86
Construction in progress
19
0
19
20
0
20
Total
891
(3)
                  
888
836
(4)
                  
832
Financial fixed assets 
Investments in associates and joint ventures
1
15
16
10
19
29
Other loans receivable 
3
0
3
3
0
3
Deferred tax assets
198
0
198
243
0
243
Other financial fixed assets
14
(2)
                  
12
15
(1)
                  
14
Total
216
13
229
271
18
289
Pension assets
3
0
3
1
0
1
Total non-current assets
2,247
10
2,257
2,565
14
2,579
Current assets
Inventory
10
(1)
                  
9
13
(1)
                  
12
Trade accounts receivable 
942
(12)
                
930
1,026
(12)
                
1,014
Accounts receivable
100
1
                   
101
88
2
                   
90
Income tax receivable
28
0
28
14
0
14
Prepayments and accrued income
123
(3)
                  
120
129
(3)
                  
126
Cash and cash equivalents
700
(4)
                  
696
397
(4)
                  
393
Total current assets
1,903
(19)
                
1,884
1,667
(18)
                
1,649
Assets held for disposal
100
0
100
235
0
235
Total assets
4,250
(9)
                  
4,241
4,467
(4)
                  
4,463
Liabilities and equity
Equity  
Equity attributable to the equity holders of the parent
2,413
0
2,413
2,610
0
2,610
Non-controlling interests
7
0
7
7
0
7
Total equity
2,420
0
2,420
2,617
0
2,617
Non-current liabilities
Deferred tax liabilities
15
0
15
31
0
31
Provisions for pension liabilities
93
0
93
124
0
124
Other provisions
69
(1)
                  
68
106
(1)
                  
105
Long-term debt
176
(1)
                  
175
191
(1)
                  
190
Accrued liabilities
3
0
3
3
0
3
Total non-current liabilities
356
(2)
                  
354
455
(2)
                  
453
Current liabilities
Trade accounts payable
440
(10)
                
430
439
(11)
                
428
Other provisions
121
(1)
                  
120
66
0
66
Other current liabilities 
279
13
                 
292
297
17
                 
314
Income tax payable
96
(2)
                  
94
44
(2)
                  
42
Accrued current liabilities
477
(7)
                  
470
504
(6)
                  
498
Total current liabilities
1,413
(7)
                  
1,406
1,350
(2)
                  
1,348
Liabilities related to assets held for disposal
61
0
61
45
0
45
Total liabilities and equity
4,250
(9)
                  
4,241
4,467
(4)
                  
4,463
12013 comparative numbers have been restated to reflect other changes not related to the adoption of IFRS11.
(in € millions)

Statements 
Chapter 5  
 
 
77   
Consolidated income statement
Year ended at 31 December
2013 before
adoption
of IFRS112
Equity 
accounting
joint ventures
2013 after
adoption
of IFRS11
Net sales
6,787
           
(74)
                
6,713
          
Other operating revenues
177
              
14
                 
191
             
Total revenues
6,964
           
(60)
                
6,904
          
Other income/(loss)
208
              
0
                   
208
             
Cost of materials
(447)
             
3
                   
(444)
            
Work contracted out and other external expenses
(3,744)
          
20
                 
(3,724)
         
Salaries and social security contributions
(2,284)
          
25
                 
(2,259)
         
Depreciation, amortisation and impairments
(435)
             
1
                   
(434)
            
Other operating expenses
(246)
             
4
                   
(242)
            
Total operating expenses
(7,156)
          
53
                 
(7,103)
         
Operating income
16
                
(7)
                  
9
                 
Interest and similar income
14
                
0
                   
14
               
Interest and similar expenses
(36)
               
0
                   
(36)
              
Net financial (expense)/income
(22)
               
0
                   
(22)
              
Results from investments in associates and joint ventures
17
                
5
                   
22
               
Profit before income taxes
11
                
(2)
                  
9
                 
Income taxes
(133)
             
2
                   
(131)
            
Profit/(loss) for the period
(122)
             
0
                   
(122)
            
Attributable to:
Non-controlling interests
0
0
                   
0
Equity holders of the parent
(122)
             
0
                   
(122)
            
Earnings per ordinary share (in € cents)1
(22.4)
(22.4)
(in € millions, except per share data)
1Based on an average of 544,171,809 outstanding ordinary shares.
22013 comparative numbers have been restated to reflect other changes not related to the adoption of IFRS11.

Statements 
Chapter 5  
 
 
78   
Consolidated statement of cash flows
Year ended at 31 December
2013 before
adoption
of IFRS111
Equity 
accounting
joint ventures
2013 after
adoption
of IFRS11
Profit before income taxes
11
                
(2)
                  
9
                 
Adjustments for:
Depreciation, amortisation and impairments
435
              
(1)
                  
434
             
Amortisation of financial instruments/derivatives
2
                  
2
                 
Share-based compensation
2
                  
2
                 
Investment income:
(Profit)/loss of assets held for disposal
(2)
                
(2)
                
Interest and similar income
(14)
               
(14)
              
Foreign exchange (gains) and losses
2
                  
2
                 
Interest and similar expenses
34
                
34
               
Results from investments in associates and joint ventures
(17)
               
(5)
                  
(22)
              
Changes in provisions:
Pension liabilities
(7)
                
(7)
                
Other provisions
58
                
58
               
Changes in working capital:
Inventory
1
                  
1
                 
Trade accounts receivable
14
                
2
                   
16
               
Accounts receivable
(6)
                
(6)
                
Other current assets
(2)
                
(2)
                
Trade accounts payable
19
                
19
               
Other current liabilities excluding short-term financing and taxes
(45)
               
(5)
                  
(50)
              
Cash generated from operations
485
              
(11)
                
474
             
Interest paid
(35)
               
(35)
              
Income taxes received/(paid)
(81)
               
2
                   
(79)
              
Net cash from/(used in) operating activities
369
              
(9)
                  
360
             
Interest received
14
                
14
               
Disposal of subsidiaries and joint ventures
61
                
61
               
Disposal of associates
27
                
27
               
Capital expenditure on intangible assets
(25)
               
(25)
              
Capital expenditure on property, plant and equipment
(109)
             
1
                   
(108)
            
Proceeds from sale of property, plant and equipment
12
                
12
               
Cash from financial instruments/derivatives
(15)
               
(15)
              
Other changes in (financial) fixed assets
(1)
                
(1)
                
Dividends received
0
                  
8
                   
8
                 
Other
1
                  
1
                 
Net cash from/(used in) investing activities
(35)
               
9
                   
(26)
              
Proceeds from long-term borrowings
0
                  
0
                 
Repayments of long-term borrowings
(2)
                
(2)
                
Proceeds from short-term borrowings 
66
                
66
               
Repayments of short-term borrowings
(61)
               
(61)
              
Repayments of finance leases
(15)
               
(15)
              
Dividends paid
(18)
               
0
(18)
              
Net cash from/(used in) financing activities
(30)
               
0
                   
(30)
              
Total changes in cash
304
              
0
                   
304
             
12013 comparative numbers have been restated to reflect other changes not related to the adoption of IFRS11.
(in € millions)
 
 
Consolidation 
The consolidated financial statements include the financial numbers of TNT Express N.V. and its 
subsidiaries, associates and joint ventures and have been prepared using uniform accounting policies 
for similar transactions and other events in similar circumstances. All significant intercompany 
transactions, balances and unrealised gains on transactions have been eliminated on consolidation. 
Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset 
transferred. A complete list of subsidiaries, associates and joint ventures included in TNT’s consolidated 
financial statements is filed for public review at the Chamber of Commerce in Amsterdam. This list has

Statements 
Chapter 5  
 
 
79   
been prepared in accordance with the provisions of article 379 (1) and article 414 of Book 2 of the Dutch 
Civil Code. 
 
As the financial statements of TNT Express N.V. are included in the consolidated financial statements, 
the corporate income statement is presented in an abridged form (article 402 of Book 2 of the Dutch 
Civil Code). 
 
Subsidiaries, associates and joint ventures 
Subsidiaries are all entities (including structured entities) over which TNT has control. TNT controls an 
entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has 
the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated 
from the date on which control is transferred to TNT. They are deconsolidated from the date that control 
ceases.  
An associate is an entity that is neither a subsidiary nor an interest in a joint venture, over which 
commercial and financial policy decisions TNT has significant influence. Significant influence is the 
power to participate in financial and operating policy decisions of an entity but is not control or joint 
control over those policies. TNT’s share of results of all significant associates is included in the income 
statement using the equity method. The carrying value of TNT’s share in associates includes goodwill 
on acquisition and changes to reflect TNT’s share in net earnings of the respective companies, reduced 
by dividends received. TNT’s share in non-distributed earnings of associates is included in net 
investment. When TNT’s share of any accumulated losses exceeds the acquisition value of the shares 
in the associates, the book value is reduced to zero and the reporting of losses ceases, unless TNT is 
bound by guarantees or other undertakings in relation to the associate.  
 
A joint venture is a contractual arrangement whereby TNT and one or more other parties undertake an 
economic activity subject to joint control. Joint ventures in which TNT participates with other parties are 
accounted for in the same manner as associates, using the equity method.  
 
Business combinations 
TNT applies the acquisition method to account for business combinations. The consideration transferred 
for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the 
former owners of the acquiree and the equity interests issued by the Group. The consideration 
transferred includes the fair value of any asset or liability resulting from a contingent consideration 
arrangement. Identfiable assets acquired and liabilities and contingent liabilities assumed in a business 
combination are measured initially at their fair values at the acquisition date.  
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, 
either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of 
the acquiree’s identifiable net assets.  
Acquisition-related costs are expensed as incurred.  
 
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s 
previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any 
gains or losses arising from such remeasurement are recognised in profit or loss.  
 
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition 
date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an 
asset or liability is recognised in accordance with IAS 39 either in profit or loss or as a change to other 
comprehensive income. Contingent consideration that is classified as equity is not remeasured, and its 
subsequent settlement is accounted for within equity.  
 
The excess of the consideration transferred over the fair value of TNT’s share of the identifiable net 
assets of the subsidiary is recorded as goodwill. If the cost of acquisition is less than the fair value of 
TNT’s share of the net assets of the subsidiary acquired, the difference is recognised directly in the 
income statement.  
 
TNT treats transactions with non-controlling interests as transactions with equity owners. For purchases 
from non-controlling interests, the difference between any consideration paid and the relevant share 
acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on 
disposals to non-controlling interests are also recorded in equity.  
 
When TNT ceases to have control or significant influence, any retained interest in the entity is 
remeasured to its fair value, with the change in carrying amount recognised in income statement. The 
fair value is the initial carrying amount for the purposes of subsequent accounting for the retained 
interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised 
in other comprehensive income in respect of that entity, are accounted for as if TNT had directly

Statements 
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80   
disposed of the related assets or liabilities. This could lead to a reclassification of amounts previously 
recognised in other comprehensive income to the income statement. 
 
Losses applicable to the non-controlling interest in excess of its share of the subsidiary’s equity are 
allocated against TNT’s interests, except to the extent that the non-controlling interest has a binding 
obligation and is able to make an additional investment to cover the losses. Subsidiaries’ accounting 
policies have been changed where necessary to ensure consistency with TNT’s accounting policies.  
 
Functional currency and presentation currency 
Items included in the financial statements of all TNT’s entities are measured using the currency of the 
primary environment in which the entity operates (‘the functional currency’). The consolidated financial 
statements are presented in euro, which is the functional and presentation currency of TNT. 
 
Foreign currency transactions and balances 
Foreign currency transactions are translated into the functional currency using the exchange rates 
prevailing at the date of the transactions. Monetary assets and liabilities in foreign currencies are 
translated to the functional currency using year-end exchange rates.  
 
Foreign currency exchange gains and losses resulting from the settlement of foreign currency 
transactions and balances and from the translation at year-end exchange rates are recognised in the 
income statement, except for qualifying cash flow hedges and qualifying net investment hedges that are 
directly recognised in equity. 
 
Foreign operations 
The results and financial position of all TNT entities (none of which has the currency of a 
hyperinflationary economy) with a functional currency different from the presentation currency are 
translated into the presentation currency as follows:  
 
 assets and liabilities are translated at the closing exchange rate; 
 income and expenses are translated at average exchange rates; and 
 the resulting exchange differences based on the different ways of translation between the statement 
of financial position and the income statement are recognised as a separate component of equity 
(translation reserve).  
 
Foreign currency exchange differences arising from the translation of the net investment in foreign 
entities and of borrowings and other currency instruments designated as hedges of such investments 
are recognised in the translation reserve. When a foreign operation is sold, such exchange differences 
are recognised in the income statement as part of the gain or loss on the sale.  
 
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets 
and liabilities of the foreign entity and are translated at the closing exchange rate. 
 
Intangible assets 
 
Goodwill 
Goodwill represents the excess of the cost of acquisition over the fair value of the share of the 
identifiable net assets acquired by TNT. Goodwill on acquisitions of subsidiaries is included in intangible 
assets. Goodwill on acquisition of associates and joint ventures is included in the carrying amount of 
investments in associates.  
 
Goodwill is recognised as an asset and, although it is not amortised, it is reviewed for impairment 
annually and whenever there is a possible indicator of impairment. Any impairment is recognised 
immediately in the income statement and is not subsequently reversed. Goodwill is carried at cost less 
accumulated impairment losses. On disposal of an entity any residual amount of goodwill is included in 
the determination of the profit or loss on disposal. 
 
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous 
historical values, as no adjustment was required on transition. These have also been subject to 
impairment tests at that date and will continue to be, at least, annually.

Statements 
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81   
Other intangible assets 
Costs related to the development and installation of software for internal use are capitalised at historical 
cost and amortised, using the straight-line method, over the estimated useful life. Apart from software, 
other intangible assets mainly include customer relationships, assets under development, licences and 
concessions. Other intangible assets acquired in a business combination are recognised at fair value at 
the acquisition date. 
 
An asset under development is reclassified when it is ready for use and is subsequently amortised using 
the straight-line method over its estimated useful life. Other intangible assets are valued at the lower of 
historical cost less amortisation and impairment.  
 
Property, plant and equipment 
Property, plant and equipment are valued at historical cost using a component approach, less 
depreciation and impairment losses. In addition to the costs of acquisition, the company also includes 
costs of bringing the asset to its working condition, handling and installation costs and the non-
refundable purchase taxes. Under the component approach, each component of an item of property, 
plant and equipment with a cost that is significant in relation to the total cost of the item shall be 
depreciated separately.  
 
Depreciation is calculated using the straight-line method based on the estimated useful life, taking into 
account any residual value. The asset’s residual value and useful life is reviewed and adjusted if 
appropriate, at each balance sheet date. Subsequent costs are included in the asset’s carrying amount 
or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits 
associated with the item will flow to the company and the cost of the item can be measured reliably.  
 
Land is not depreciated. System software is capitalised and amortised as a part of the tangible asset for 
which it was acquired to operate, because the estimated useful life is inextricably linked to the estimated 
useful life of the associated asset. 
 
Leases of property, plant and equipment are classified as finance leases if the company bears 
substantially all the risks and rewards of ownership. Finance leases are capitalised at the lease’s 
inception at the lower of the fair value of the leased property and the present value of the minimum 
lease payments. The corresponding rental obligations, net of finance charges, are included in long-term 
debt. Property, plant and equipment acquired under finance leases are depreciated over the shorter of 
the asset’s useful life and the lease term.  
 
Impairment of goodwill, intangible assets and property, plant and equipment 
 
Goodwill 
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an 
indication that the asset might be impaired.  
 
For the purposes of assessing impairment, assets are grouped by cash-generating unit (CGU), the 
lowest level at which there are separately identifiable cash flows. For impairment testing of goodwill, the 
group of CGUs is defined as the lowest level where goodwill is monitored for internal purposes. This 
level may be higher than the level used for testing other assets, but is not at a higher level than an 
operating segment. 
 
If the recoverable value of the CGU is less than the carrying amount, the impairment loss is allocated 
first to reduce the carrying amount of the goodwill allocated to the unit and then to other assets of the 
unit pro rata on the basis of the carrying amount of each asset in the unit. The recoverable amount is the 
higher of the fair value less cost to sell and value in use. In assessing the value in use, the estimated 
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current 
market assessments of the time value of money and the asset specific risks. For the purpose of 
assessing impairment, corporate assets are allocated to specific CGUs before impairment testing. The 
allocation of corporate assets is based on the contribution of those assets to the future cash flows of the 
CGU under review. Goodwill following the acquisition of associates and joint ventures is not separately 
recognised or tested for impairment. 
 
Impairment losses recognised for goodwill are not reversed in a subsequent period. 
 
Finite-lived intangible assets and property, plant and equipment 
At each balance sheet date, TNT reviews the carrying amount of its finite-lived intangible assets and 
property, plant and equipment to determine whether there is an indication that those assets have 
suffered an impairment loss. If any indication exists, the recoverable amount of the assets is estimated

Statements 
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82   
in order to determine the extent, if any, of the impairment loss. An asset is impaired if the recoverable 
amount is lower than the carrying value. The recoverable amount is defined as the higher of an asset’s 
fair value less costs to sell and its value in use.  
 
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying 
amount of the asset is reduced to its recoverable amount. Any impairment loss is recognised 
immediately in the income statement. Impairment losses recognised in prior periods shall be reversed 
only if there has been a change in the estimates used to determine the asset’s recoverable amount 
since the last impairment loss was recognised. The recoverable amount shall not exceed the carrying 
amount that would have been determined had no impairment loss been recognised in prior years. A 
reversal of an impairment loss is recognised immediately in the income statement.  
 
Financial assets and liabilities 
TNT classifies financial assets and liabilities into the following categories:  
 financial assets and liabilities at fair value through profit or loss; 
 loans and receivables; 
 held-to-maturity investments; 
 available-for-sale financial assets; and  
 financial liabilities measured at amortised cost. 
 
The classification depends on the purpose for which the financial asset or liability was acquired. 
Management determines the classification of TNT’s financial assets and liabilities at initial recognition.  
 
Financial assets and liabilities at fair value through profit or loss 
Financial assets and financial liabilities at fair value through profit or loss include derivatives and other 
assets and liabilities that are designated as such upon initial recognition. 
 
Measurement at fair value requires disclosure of measurement methods based on the following fair 
value measurement hierarchy: 
 Level 1: Quoted prices (unadjusted) in active markets 
 Level 2: Inputs other than quoted prices that are observable either directly (prices) or indirectly 
(derived from prices) 
 Level 3: Inputs not based on observable market data 
 
Financial assets and financial liabilities at fair value through profit or loss are initially recorded at fair 
value and subsequently remeasured at fair value in the statement of financial position. TNT designates 
certain derivatives as: hedges of the fair value of recognised assets and liabilities of a firm commitment 
(fair value hedge); hedges of a particular risk associated with a recognised asset or liability or a highly 
probable forecasted transaction (cash flow hedge); or hedges of a net investment in a foreign operation 
(net investment hedge).  
 
If a derivative is designated as a cash flow or net investment hedge, changes in its fair value are 
considered to be effective and recorded in a separate component of equity (hedge reserve) until the 
hedged item is recorded in income. Any portion of a change in the fair value of a derivative that is 
considered to be ineffective, or is excluded from the measurement of effectiveness, is immediately 
recorded in the income statement.  
 
At the inception of the transaction, TNT documents the relationship between hedging instruments and 
hedged items, as well as its risk management objective and strategy for undertaking various hedge 
transactions. The company also documents the assessment, both at hedge inception and on an ongoing 
basis, of whether the derivatives used in hedging transactions are highly effective in offsetting changes 
in fair values or cash flows of hedged items.  
 
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are 
recorded in the income statement, together with any changes in the fair value of the hedged asset or 
liability that are attributable to the hedged risk.  
 
Unrealised gains and losses arising from changes in the fair value of financial assets and liabilities 
classified at fair value through profit or loss are directly recorded in the income statement.  
 
Amounts accumulated in equity are recycled in the income statement in the periods when the hedged 
item will affect the income statement (for example, when the forecasted sale that is hedged takes place). 
However, when the forecasted transaction that is hedged, results in the recognition of a non-financial 
asset, the gains and losses previously deferred in equity are transferred from equity and included in the 
initial measurement of the asset or liability.

Statements 
Chapter 5  
 
 
83   
When a hedging instrument expires or is sold, or when the hedge no longer meets the criteria for hedge 
accounting, any cumulative gains or losses existing in equity at that time, remain in equity until the 
forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction 
is no longer expected to occur, the cumulative gains or losses that were reported in equity are 
immediately transferred to the income statement.  
 
Loans and receivables 
Loans granted and receivables are non-derivative financial assets with fixed or determinable payments 
that are not quoted in an active market and for which TNT has no intention of trading. Loans and 
receivables are included in trade and other receivables in the statement of financial position, except for 
maturities greater than 12 months after the balance sheet date. These are classified as non-current 
assets.  
 
Loans and receivables are carried at amortised cost using the effective interest method.  
 
Held-to-maturity investments 
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments 
and fixed maturities where TNT has the positive intention and ability to hold to maturity.  
 
Held-to-maturity investments are carried at amortised cost using the effective interest method. 
 
Available-for-sale financial assets  
Available-for-sale financial assets are non-derivative financial assets that are either designated in this 
category or not classified in any of the other categories of financial assets. They are included in non-
current assets unless management intends to dispose of the investment within 12 months of the balance 
sheet date.  
 
Available-for-sale financial assets are carried at fair value. Unrealised gains and losses arising from 
changes in the fair value of financial assets classified as available for sale are recognised in other 
comprehensive income. When financial assets classified as available for sale are sold or impaired, the 
accumulated fair value adjustments are included in the income statement as a gain or a loss. 
 
The fair values of quoted investments are based on current bid prices. If the market for a financial asset 
is not active (and for unlisted securities), TNT establishes fair value by using valuation techniques. 
These include the use of recent arm’s-length transactions, reference to other instruments that are 
substantially the same and discounted cash flow analysis refined to reflect the issuer’s specific 
circumstances.  
 
Financial liabilities measured at amortised cost 
Financial liabilities measured at amortised cost are recognised initially at fair value net of transaction 
costs incurred and are subsequently stated at amortised cost; any difference between the proceeds (net 
of transaction costs) and the redemption value is recognised in the income statement over the period of 
the financial liability using the effective interest method. 
 
Impairment of financial assets 
TNT assesses at each balance sheet date whether there is objective evidence that a financial asset or a 
group of financial assets is impaired. In the case of equity securities classified as available-for-sale, a 
significant or prolonged decline in the fair value of the security below its cost is considered in 
determining whether the securities are impaired. If any such evidence exists for available-for-sale 
financial assets, the cumulative loss – measured as the difference between the acquisition cost and the 
current fair value, less any impairment loss on that financial asset previously recognised in income 
statement – is removed from equity and recognised in the income statement. Impairment losses on 
equity instruments recognised in the income statement are not reversed through equity.  
 
Inventory 
Inventories of raw materials and finished goods are valued at the lower of historical cost or net realisable 
value. Historical cost is based on weighted average prices.  
 
Accounts receivable 
Accounts receivable are recognised initially at fair value and subsequently measured at amortised cost 
using the effective interest method, less allowance for doubtful debt. An allowance for doubtful debt is 
established when there is objective evidence that the company will not be able to collect all amounts 
due according to the original terms of the receivables. The amount of the allowance is the difference

Statements 
Chapter 5  
 
 
84   
between the asset’s carrying amount and the present value of estimated future cash flows, discounted 
at the effective interest rate. The amount of the loss is recognised in the income statement. Any reversal 
of the impairment loss is included in the income statement at the same line as where the original 
expense has been recorded. 
 
The risk of uncollectibility of accounts receivable is primarily estimated based on prior experience with, 
and the past due status of, doubtful debtors, while large accounts are assessed individually based on 
factors that include ability to pay, bankruptcy and payment history. In addition, debtors in certain 
countries are subject to a higher collectability risk, which is taken into account when assessing the 
overall risk of uncollectability. The assumptions and estimates applied for determining the valuation 
allowance are reviewed periodically. 
 
Cash and cash equivalents 
Cash and cash equivalents are carried in the statement of financial position at fair value. Cash and cash 
equivalents include cash at hand, bank account balances, bills of exchange and cheques (only those 
which can be cashed in the short term). All highly liquid investments with an original maturity of three 
months or less at date of purchase are considered to be cash equivalents. Bank overdrafts are not 
netted off from cash and cash equivalents. 
 
Assets (or disposal groups) held for disposal and discontinued operations  
Assets (or disposal groups) held for disposal are stated at the lower of their carrying amount and fair 
value less costs to sell if their carrying amount is recovered principally by means of disposal rather than 
through continuing use. Assets held for disposal are no longer amortised or depreciated from the time 
they are classified as such.  
 
Assets held for disposal are available for immediate disposal in its present condition, and are considered 
as highly probable. 
 
Operations that represent a separate major line of business or geographical area of operations, or that 
are part of a single coordinated plan to dispose of a separate major line of business or geographical 
area of operations or is a subsidiary acquired exclusively with a view to resale and either have been 
disposed of or have been classified as held for disposal, are presented as discontinued operations in 
TNT’s financial statements.  
 
Equity  
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new 
shares or options are presented in equity as a deduction, net of tax, from the proceeds.  
 
Where any Group company purchases TNT’s equity share capital (treasury shares), the consideration 
paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity 
until the shares are cancelled, re-issued or disposed of. Where such shares are subsequently sold or re-
issued, any consideration received, net of any directly attributable incremental transaction costs and the 
related income tax effects are included in equity.  
 
Provisions for pension liabilities 
The obligation for all pension and other post-employment benefit plans that qualify as defined benefit 
plans is determined by calculating the present value of the defined benefit obligation and deducting the 
fair value of the plan assets. TNT uses actuarial calculations (projected unit credit method) to measure 
the obligations and the costs. For the calculations, actuarial assumptions are made about demographic 
variables (such as employee turnover, mortality and disability) and financial variables. The discount rate 
is determined by reference to high-quality corporate bonds that are denominated in the currency in 
which the benefits will be paid.  
 
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions 
are charged or credited to equity in other comprehensive income in the period in which they arise.  
 
Past-service costs, if any, are recognised immediately in the income statement.  
 
Gains or losses on the curtailment or settlement of a defined benefit plan are recognised at the date of 
the curtailment or settlement.  
 
Pension costs for defined contribution plans are expensed in the income statement when incurred or 
due.

Statements 
Chapter 5  
 
 
85   
Other provisions 
Provisions are recognised when there is a present obligation as a result of a past event, it is probable 
that an outflow of resources embodying economic benefits will be required to settle the obligation and a 
reliable estimate can be made of the amount of the obligation. Provisions are measured at the present 
value of management’s best estimate of the expenditure required to settle the present obligation at the 
balance sheet date. The discount rate used to determine the present value reflects current market 
assessments of the time value of money and the risks specific to the liability. The gross up of the 
provision following the discounting of the provision is recorded in the income statement as interest 
expense. 
 
Provisions are recorded for employee benefit obligations, restructuring, onerous contracts and other 
obligations.  
 
Provisions for employee benefit obligations include long-service leave or sabbatical leave, jubilee or 
other long-service benefits, long-term disability benefits and, if they are not payable wholly within 12 
months after the end of the period, profit-sharing, bonuses and deferred compensation. The expected 
costs of these benefits are recognised over the period of employment. Actuarial gains and losses and 
changes in actuarial assumptions are charged or credited to income in the period in which such gain or 
loss occurs. Related service costs are recognised immediately.  
 
Provisions recorded for restructuring largely relate to termination benefits. Termination benefits are 
payable when employment is terminated before the normal retirement date or whenever an employee 
accepts voluntary redundancy in exchange for these benefits. TNT recognises termination benefits 
when the company has committed to terminate the employment of current employees according to a 
detailed formal plan without possibility of withdrawal or to provide termination benefits as a result of an 
offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance 
sheet date are discounted to their present value.  
 
Provisions for onerous contracts are recorded when the unavoidable costs of meeting the obligation 
under the contract exceed the economic benefits expected to arise from that contract, taking into 
account impairment of tangible assets first.  
 
The provision for other obligations relates to legal and contractual obligations and received claims. 
 
Trade accounts payable 
Trade accounts payable are recognised initially at fair value and subsequently measured at amortised 
cost using the effective interest method. 
 
Income taxes 
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income 
statement, except to the extent that it relates to items recognised directly in other comprehensive 
income. 
 
The amount of income tax included in the income statement is determined in accordance with the rules 
established by the taxation authorities, based on which income taxes are payable or recoverable.  
 
Deferred tax assets and liabilities, arising from temporary differences between the carrying amounts of 
assets and liabilities and the tax base of assets and liabilities, are calculated using the substantively 
enacted tax rates expected to apply when they are realised or settled. Deferred tax assets are 
recognised if it is probable that they will be realised. Deferred tax assets and liabilities where a legally 
enforceable right to offset exists and within the same tax group are presented net in the statement of 
financial position.  
 
Revenue recognition 
Revenue is recognised when services are rendered, goods are delivered or work is completed. Revenue 
is the gross inflow of economic benefits during the current year that arise from ordinary activities and 
result in an increase in equity, other than increases relating to contributions from equity participants.  
Revenue from delivered goods and services is recognised when: 
 the company has transferred to a buyer the significant risks and rewards of ownership of the goods 
and services;  
 the company retains neither continuing managerial involvement to the degree usually associated 
with ownership nor effective control of the goods and services sold;  
 the amount of revenue can be measured reliably;  
 it is probable that the economic benefits associated with the transaction will flow to the company;  
 the costs to be incurred in respect of the transaction can be measured reliably; and

Statements 
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 the stage of completion of the transaction at the balance sheet date can be measured reliably. 
 
Revenue is measured at the fair value of the consideration received or receivable. 
 
Amounts received in advance are recorded as accrued liabilities until services are rendered to 
customers or goods are delivered. 
 
Net sales 
Net sales represent the revenue from the delivery of goods and services to third parties less discounts, 
credit notes and taxes levied on sales. Accumulated experience is used to estimate and provide for the 
discounts and returns. 
 
Other operating revenue 
Other operating revenue relates to the sale of goods and rendering of services not related to the normal 
trading activities of TNT and mainly includes sale of unutilised air cargo space to third parties, operation 
of aircraft for third parties (including charters and wet leases), custom clearance services and 
administration services. 
 
Other income 
Other income includes net gains or losses from fair value adjustments relating to assets held for 
disposal, the sale of property, plant and equipment and other gains and losses. Costs are recognised on 
the historical cost convention and are allocated to the reporting year to which they relate. 
 
Operating expenses 
Operating expenses represent the direct and indirect expenses attributable to sales, including cost of 
materials, cost of work contracted out and other external expenses, personnel expenses directly related 
to operations, and depreciation, amortisation and impairment charges.  
 
Salaries  
Salaries, wages and social security costs are charged to the income statement when due, in accordance 
with employment contracts and obligations.  
 
Profit-sharing and bonus plans 
TNT recognises a liability and an expense for cash-settled bonuses and profit-sharing when the 
company has a legal or constructive obligation to make such payments as a result of past performance 
and when a reliable estimate of the obligation can be made. 
 
Share-based payments 
Share-based payment transactions are transactions in which TNT receives benefits from its employees 
in consideration for equity instruments or for amounts of cash that are based on the price of equity 
instruments of the company. The fair value of the equity-settled share-based transactions is recognised 
as an expense (part of the employee costs) and a corresponding increase in equity over the vesting 
period. The fair value of payments of share-based payment plans, based on market conditions is 
calculated using the Monte Carlo model. The fair value of payments of share-basement plans based on 
non-market conditions are based on the share price on the date the grant is made, corrected for a 
dividend yield. The equity instruments granted do not vest until the employee completes a specific 
period of service.  
 
Interest income and expense 
Interest income and expense are recognised on a time proportion basis using the effective interest 
method. Interest income comprises interest income on lendings, changes in the fair value of financial 
assets at fair value through profit or loss, foreign currency gains and gains on hedged items. Interest 
expenses comprise interest expense on borrowings, unwinding of the discount on provisions, foreign 
currency losses, changes in the fair value of financial assets at fair value through profit or loss, 
impairment losses recognised on financial assets and losses on hedged items. 
 
All borrowing costs are recognised in the income statement using the effective interest method, except 
to the extent that they are capitalised as part of the cost of the qualifying asset. 
 
Grants 
Grants are recognised initially as income when there is reasonable assurance that they will be received 
and TNT has complied with the conditions associated with the grant. Grants that compensate TNT for

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expenses incurred are recognised in the income statement on a systematic basis in the same period in 
which the expenses are recognised. Grants that compensate TNT for the cost of an asset are deducted 
from the historical value of the asset and recognised in the income statement on a systematic basis over 
the useful life of the asset. 
 
Operating leases 
Leases where the lessor retains substantially all the risks and rewards of ownership are classified as 
operating leases. Payments made under operating leases (net of any incentives received from the 
lessor) are charged to the income statement on a straight-line basis over the period of the lease.  
 
Dividend distribution 
Dividend distribution to TNT’s shareholders is recognised as a liability in the statement of financial 
position in the year in which the dividends are approved by the shareholders. If TNT offers its 
shareholders dividends in additional shares, the additionally issued shares are recognised at their 
nominal amount. 
 
Consolidated statement of cash flows  
The consolidated statement of cash flows is prepared using the indirect method. Cash flows in foreign 
currencies are translated at average exchange rates. Exchange rate differences affecting cash items are 
shown separately in the consolidated statement of cash flows. Receipts and payments with respect to 
taxation on profits are included in cash flows from operating activities. Interest payments are included in 
cash flows from operating activities while interest receipts are included in cash flows from investing 
activities. The cost of acquisition of subsidiaries, associates and investments, insofar as it was paid for 
in cash, is included in cash flows from investing activities. Acquisitions of subsidiaries are presented net 
of cash balances acquired. Cash flows from derivatives are recognised in the consolidated statement of 
cash flows in the same category as those of the hedged item.  
 
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING TNT’S 
ACCOUNTING POLICIES 
 
The preparation of financial statements requires management to make judgments, estimates and 
assumptions in the application of accounting policies that affect the reported amounts of assets, 
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and 
judgments are continuously evaluated and are based on historical experience and other factors, 
including expectations of future events that are believed to be reasonable. Revisions to accounting 
estimates are recognised in the period in which the estimate is revised and in any future period affected. 
The critical accounting estimates, judgments and assumptions that have a significant risk of causing a 
material adjustment to the carrying amounts of assets and liabilities within the next financial year are 
discussed below.  
 
Business combinations  
TNT accounts for all its business combinations applying the acquisition method. The assets acquired 
and the liabilities assumed are recognised and measured on the basis of their fair values at the date of 
acquisition. To determine fair values of assets acquired and liabilities assumed, TNT must make 
estimates and use valuation techniques when a market value is not readily available. Any excess of the 
cost of an acquisition over the fair value of the net identifiable assets acquired represents goodwill.  
 
For purposes of preparation of the consolidated financial statements, internal reorganisations or transfer 
of businesses between TNT companies were accounted for at predecessor carrying amounts. These 
transactions did not give rise to goodwill. 
 
Segment reporting 
TNT reports separate information about each operating segment or results from aggregating two or 
more operating segments that meet the criteria of similar economic characteristics consistent with the 
core principle of IFRS when operating segments are similar in respect of: 
 the nature of products and services; 
 the nature of the production process; 
 the type or class of customers for their products and services; 
 the method used to distribute their products or provide their services; and 
 if applicable, the nature of the regulatory environment. 
 
Operating segments are reported in a manner consistent with the internal reporting provided to the chief 
operating decision-maker function. The chief operating decision-maker function is performed by the 
Management Board whom receives operational and financial information on a monthly basis for the

Statements 
Chapter 5  
 
 
88   
operating segments. Operating segments have been aggregated into reportable segments by a process 
that involves managements’ judgment in respect of the aggregation criteria. Operating segments where 
the majority of activities relate to the International business activities are allocated to either the 
International Europe or International AMEA reportable segment. Furthermore the domestic businesses 
are allocated to the Domestics reportable segment. 
 
The reportable segments consist of the following operating segments: 
 International Europe: Benelux, Eastern Europe, Germany, Nordics, South East Europe & Turkey, 
France International, Spain, Portugal, Italy International,  Austria, UK International & Ireland, and 
North America 
 International AMEA: Greater China, East Asia, Middle East and Africa 
 Domestics: France Domestic, Italy Domestic, UK Domestic, Brazil, Chile, Australia and New Zealand 
 Unallocated: Other Networks, Central Networks, IT, GBS and TNT Head Office 
 
Impairment of assets 
In determining impairments of intangible assets including goodwill, property, plant and equipment and 
financial fixed assets, management must make significant judgments and estimates to determine 
whether the fair value of the cash flows generated by those assets is less than their carrying value. 
Determining cash flows requires the use of judgments and estimates that have been included in the 
strategic plans and long-range forecasts of TNT. The data necessary for executing the impairment tests 
are based on management estimates of future cash flows, which require estimating revenue growth 
rates and profit margins. Refer to note 1 for applied sensitivities on intangible assets. 
 
Depreciation and amortisation of property, plant and equipment and intangible assets 
Property, plant and equipment and intangible assets, except for goodwill, are depreciated or amortised 
at historical cost using a straight-line method based on the estimated useful life, taking into account any 
residual value. The asset’s residual value and useful life are based on TNT’s best estimates and are 
reviewed, and adjusted if required, at each balance sheet date.  
 
Impairment of receivables 
The risk of uncollectability of accounts receivable is primarily estimated based on prior experience with, 
and the past due status of, doubtful debtors, while large accounts are individually assessed based on 
factors that include ability to pay, bankruptcy and payment history. In addition, debtors in certain 
countries are subject to a higher collectability risk, which is taken into account when assessing the 
overall risk of uncollectability. Should the outcome differ from the assumptions and estimates, revisions 
to the estimated valuation allowances would be required.  
 
Restructuring 
Restructuring charges mainly result from restructuring operations, including combinations and/or 
relocations of operations, changes in TNT’s strategic direction, or managerial responses to declining 
demand, increasing costs or other market factors. Restructuring provisions reflect many estimates, 
including those pertaining to separation costs, reduction of excess facilities, contract settlements and 
tangible asset impairments. Actual experience has been and may continue to be different from these 
estimates. 
 
Income taxes 
The company is subject to income taxes in numerous jurisdictions. Significant judgment is required in 
determining the worldwide provision and liability for income taxes. There are many transactions and 
calculations where the ultimate tax determination is uncertain during the ordinary course of business. 
TNT recognises liabilities for tax issues based on estimates of whether additional taxes will be due, 
based on its best interpretation of the relevant tax laws and rules. Where the final tax outcome of these 
matters is different from the amounts that were initially recorded, such differences will impact the income 
tax and deferred tax provisions in the period in which such determination is made.  
 
TNT recognises deferred tax assets to the extent that it is probable that future taxable profits will allow 
the deferred tax asset to be recovered. This is based on estimates of taxable income by jurisdiction in 
which the company operates and the period over which deferred tax assets are recoverable. In the 
event that actual results differ from these estimates in future periods, and depending on the tax 
strategies that the company may be able to implement, changes to the recognition of deferred tax 
assets could be required, which could impact TNT’s financial position and net profit.

Statements 
Chapter 5  
 
 
89   
Accounting for assets held for disposal 
Accounting for assets held for disposal requires the use of significant assumptions and estimates, such 
as the assumptions used in fair value calculations as well as the estimated costs to dispose. 
 
Pension benefits 
The present value of the pension obligation depends on a number of factors that are determined on an 
actuarial basis using a number of assumptions. Any change in these assumptions will impact the 
carrying amount of pension obligations. The assumptions used in determining the net pension 
expense/(income) include the discount rate, which is based on the long-term yield of high-quality 
corporate bonds. Other key assumptions for pension obligations are based in part on current market 
conditions. TNT reviews the assumptions at the end of each year. Refer to note 10 for more information. 
 
Contingent liabilities 
Legal proceedings covering a range of matters are pending against the company in various jurisdictions. 
Due to the uncertainty inherent in such matters, it is often difficult to predict the final outcome. Cases 
and claims against the company often raise difficult and complex factual and legal issues that are 
subject to many uncertainties and complexities, including but not limited to the facts and circumstances 
of each particular case and claim, the jurisdiction and the differences in applicable law. In the normal 
course of business, TNT consults with legal counsel and certain other experts on matters related to 
litigations.  
 
TNT accrues a liability when it is determined that an adverse outcome is probable and the amount of the 
loss can be reasonably estimated. In the event an adverse outcome is possible or an estimate is not 
determinable, the matter is disclosed as a contingent liability.

Statements 
Chapter 5  
 
 
90   
NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
1 Intangible assets: 1,117 million (2013: 1,137) 
 
Statement of changes
Goodwill
Software
Other intangibles
Total
Amortisation percentage
10%-35%
0%-35%
Historical cost
1,908
             
443
                  
100
                   
2,451
              
Accumulated amortisation and impairments
(568)
               
(340)
                 
(86)
                   
(994)
                
Balance at 31 December 20121
1,340
             
103
                  
14
                     
1,457
              
Changes in 2013
Additions
-
                 
7
                      
18
                     
25
                   
Disposals at historical cost
-
                 
(6)
                     
(2)
                     
(8)
                    
Disposals accumulated depreciation
-
                 
6
                      
2
                      
8
                     
Internal transfers/reclassifications at historical cost
-
                 
14
                    
(14)
                   
0
                     
Internal transfers/reclassifications accumulated depreciation
-
                 
-
                   
-
                   
0
                     
Amortisation
-
                 
(38)
                   
(1)
                     
(39)
                  
Impairments
(296)
               
-
                   
-
                   
(296)
                
Transfers (to)/from assets held for disposal historical cost
(232)
               
(14)
                   
(59)
                   
(305)
                
Transfers (to)/from assets held for disposal amortisation and impairments
232
                
11
                    
59
                     
302
                 
Exchange rate differences at historical cost
(10)
                   
(6)
                     
(16)
                  
Exchange rate differences accumulated depreciation
(5)
                   
8
                      
6
                      
9
                     
Total changes
(301)
               
(22)
                   
3
                      
(320)
                
Historical cost
1,676
             
434
                  
37
                     
2,147
              
Accumulated amortisation and impairments
(637)
               
(353)
                 
(20)
                   
(1,010)
             
Balance at 31 December 20131
1,039
             
81
                    
17
                     
1,137
              
Changes in 2014
Additions
11
                    
32
                     
43
                   
Disposals at historical cost
(11)
                   
2
                      
(9)
                    
Disposals accumulated depreciation
10
                    
(1)
                     
9
                     
Internal transfers/reclassifications at historical cost
17
                    
(17)
                   
0
                     
Internal transfers/reclassifications accumulated depreciation
0
                     
Amortisation
(36)
                   
(1)
                     
(37)
                  
Impairments
(32)
                 
-
                   
(32)
                  
Transfers (to)/from assets held for disposal historical cost
157
                
8
                      
58
                     
223
                 
Transfers (to)/from assets held for disposal amortisation and impairments
(157)
               
(6)
                     
(58)
                   
(221)
                
Exchange rate differences at historical cost
14
                    
5
                      
19
                   
Exchange rate differences accumulated depreciation
(11)
                   
(4)
                     
(15)
                  
Total changes
(32)
                 
(4)
                     
16
                     
(20)
                  
Historical cost
1,833
             
473
                  
117
                   
2,423
              
Accumulated amortisation and impairments
(826)
               
(396)
                 
(84)
                   
(1,306)
             
Balance at 31 December 2014
1,007
             
77
                    
33
                     
1,117
              
1For comparative purposes 2012 and 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions)
 
 
Goodwill 
Goodwill is allocated to TNT’s CGUs and tested for impairment. The introduction of the revised 
management structure that was announced in February 2014 and was implemented in the fourth 
quarter, resulted in a revised operating segment and subsequently a revised structure of CGUs for the 
allocation of goodwill. 
 
Previously, the CGUs carrying goodwill balances were Germany, France, Other Europe, Other South 
Americas, the Pacific and AMEA. Following the revised organisational structure, the CGUs for goodwill 
impairment testing purposes have changed into Germany, France Domestic, Nordics, Eastern Europe, 
South East Europe & Turkey, Spain, Portugal, Austria, Chile, the Pacific and AMEA. The relevant 
goodwill was re-allocated to the new CGUs based on the relative value of the CGUs which were part of 
the former CGUs, unless directly allocated to the specific CGU if it originated from a prior acquisition 
relating to the CGU. 
 
Subsequent to the revised allocation of goodwill in 2014, the goodwill balances were tested for 
impairment. As a result of this test, it was concluded that an amount of €32 million of goodwill allocated 
to CGU Spain was impaired. 
 
The total goodwill balance at 31 December 2014, which amounted to €1,007 million (2013: 1,039), was 
allocated to: Germany (€161 million), France Domestic (€125 million), Nordics (€53 million), Eastern 
Europe (€224 million), South East Europe & Turkey (€120 million), Portugal (€10 million), Austria (€21 
million), Chile (€24 million), the Pacific (€20 million) and AMEA (€249 million).

Statements 
Chapter 5  
 
 
91   
The annual goodwill impairment test did not result in additional impairment charges. More information is 
disclosed in the following sections. 
 
Goodwill impairment testing 
As part of its goodwill impairment test, TNT performed a detailed review of the recoverable amount of 
each CGU. The recoverable amount is the higher of the fair value less cost to sell and the value in use. 
Fair value less cost to sell represents the best estimate of the amount TNT would receive if it were to 
sell the CGU. The value in use is estimated on the basis of the present value of future cash flows. The 
subsequent impairment test is based on the the value in use. 
 
For mature markets, the estimated future net cash flows are based on a five-year forecast and business 
plan. For emerging markets where no steady state has been achieved to date, a ten-year forecast has 
been applied to estimate the future net cash flows. The cash flow projections were based on 
management's latest estimates.  
 
Projected gross margins are based on past performance and expectations for market development. The 
applied growth rates do not exceed the long-term average growth rate of the related operations and 
markets and are consistent with forecasts included in industry reports. The discount rates used vary 
from 7.3% to 11.9% post-tax (8.7% to 13.6% pre-tax) to reflect specific risks relating to each CGU.  
 
Key assumptions used to determine the recoverable values of all CGUs are: 
 maturity of the underlying market, market share and volume development to determine the revenue 
mix and growth rate; 
 level of capital expenditure in network related assets that may affect the further roll-out of the 
network; 
 level of operating income largely impacted by revenue and cost development taking into account the 
nature of the underlying costs, potential economies of scale; and 
 discount rate to be applied following the nature of the underlying cash flows and foreign currency 
and inflation-related risks. 
 
Management has carried out an impairment test and concluded that the recoverable amount, based on 
value in use of the individual CGUs (with the exception of CGU Spain) is higher than the carrying 
amount. A sensitivity analysis has been applied for all CGUs (with the exception of CGU Spain). This 
sensitivity analysis included the individual impact of the following items which are considered to be the 
most critical when determining the recoverable value: 
 increase of the discount factor by 1% and 2%;  
 increase of capital expenditure by 5% per year; and 
 decrease of operating income by 5% per year.  
 
Based on the impairment test, management concluded that the recoverable amount, based on value in 
use of CGU Spain was below the carrying amount. As a result of which, an impairment has been 
recognised for an amount of €32 million. 
 
In 2013, management concluded that the recoverable amount, based on value in use of the former 
CGUs Southern Europe & MEA, Northern Europe and Other Networks, was below the carrying amount 
for a total amount of €296 million.  
 
 Goodwill allocated to the former CGU Southern Europe & MEA (€571 million) was impaired by €159 
million, due to weaker performances in France and Italy, and the higher granularity of the new CGUs 
as a result of which compensating developments could no longer be taken into account.  
 Goodwill allocated to the former CGU Northern Europe (€659 million) was impaired by €79 million, 
as a result of the worsened economic climate and the higher granularity of the new CGUs. 
 Goodwill allocated to Other Networks (€58 million) was fully impaired, as a result of the 
discontinuation of an important fashion contract and the decline in the results of TNT Innight 
activities.  
 
Software and other intangible assets 
At 31 December 2014, the software balance of €77 million (2013: 81) included internally generated 
software with a book value of €57 million (2013: 66). The addition to software of €11 million is related to 
purchased software. An amount of €17 million was reclassified to software, related to finalised IT 
projects.  
 
At 31 December 2014, the other intangible assets balance of €33 million (2013: 17) is related to 
customer relationships of €3 million (2013: 5) and software under construction of €30 million (2013: 12). 
The addition to other intangibles of €32 million is mainly related to software development projects.

Statements 
Chapter 5  
 
 
92   
The estimated amortisation expenses for software and other intangibles for the subsequent five years 
are as follows: 2015: €30 million; 2016: €30 million; 2017: €24 million; 2018: €13 million; 2019: €11 
million; and thereafter: €3 million. Besides software development, TNT does not conduct significant 
research and development and therefore does not incur research and development costs. 
 
In 2014, the transfers (to)/from assets held for disposal relate to the reclassification of Brazil Domestic 
from assets held for disposal and discontinued operations to continuing operations. 
 
2 Property, plant and equipment: 938 million (2013: 888) 
 
Statement of changes
Land and 
buildings
Plant and 
equipment
Aircraft
Other
Construction in 
progress
Total
Depreciation percentage
0%-10%
4%-33%
4%-10%
7%-25%
0%
Historical cost
742
             
621
             
317
             
468
             
20
               
2,168
          
Accumulated depreciation and impairments
(261)
            
(416)
            
(277)
            
(382)
            
0
(1,336)
         
Balance at 31 December 20121
481
             
205
             
40
               
86
               
20
               
832
             
Changes in 2013
Capital expenditure in cash
4
                 
15
               
2
                 
16
               
61
               
98
               
Capital expenditure in financial leases/other
0
0
0
0
7
                 
7
                 
Disposals
0
(1)
                
0
(1)
                
0
(2)
                
Exchange rate differences
(16)
              
(6)
                
0
(2)
                
(1)
                
(25)
              
Depreciation
(28)
              
(40)
              
(33)
              
(36)
              
0
(137)
            
Impairments
0
0
39
               
(1)
                
0
38
               
Transfers (to)/from assets held for disposal
(1)
                
(53)
              
134
             
(3)
                
0
77
               
Internal transfers/reclassifications
7
                 
41
               
20
               
(68)
              
0
Total changes
(34)
              
(44)
              
142
             
(7)
                
(1)
                
56
               
Historical cost
698
             
525
             
521
             
459
             
19
               
2,222
          
Accumulated depreciation and impairments
(251)
            
(364)
            
(339)
            
(380)
            
0
(1,334)
         
Balance at 31 December 20131
447
             
161
             
182
             
79
               
19
               
888
             
Changes in 2014
Capital expenditure in cash
3
                 
27
               
5
                 
20
               
92
               
147
             
Capital expenditure in financial leases/other
9
                 
9
                 
Disposals
(5)
                
(21)
              
(3)
                
(1)
                
(30)
              
Exchange rate differences
11
               
6
                 
2
                 
3
                 
22
               
Depreciation
(25)
              
(47)
              
(28)
              
(37)
              
(137)
            
Impairments
(4)
                
(4)
                
Transfers (to)/from assets held for disposal
40
               
3
                 
43
               
Internal transfers/reclassifications
10
               
42
               
(3)
                
23
               
(72)
              
0
Total changes
(6)
                
43
               
(26)
              
8
                 
31
               
50
               
Historical cost
715
             
620
             
454
             
480
             
50
               
2,319
          
Accumulated depreciation and impairments
(274)
            
(416)
            
(298)
            
(393)
            
(1,381)
         
Balance at 31 December 2014
441
             
204
             
156
             
87
               
50
               
938
             
1For comparative purposes 2012 and 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions)
 
 
Land and buildings mainly relate to depots, hubs and other production facilities. TNT does not hold 
freehold office buildings for long-term investments or for long-term rental income purposes. Land and 
buildings of €8 million (2013: 3) are pledged as security to third parties. 
 
Plant and equipment primarily relate to investments in vehicles, sorting machinery and other depot 
equipments. Plant and equipment of €5 million (2013: 11) are pledged as security to third parties. Other 
property, plant and equipment mainly relate to furniture, fittings, IT equipment and other office 
equipment. 
 
Aircraft and (spare) engines are depreciated on a straight-line basis over the shorter of the asset’s 
useful life and the lease term to estimated residual values. Spare parts are depreciated to their 
estimated residual value on a straight-line basis over the remaining estimated useful life of the 
associated aircraft or engine type.  
 
In 2014, the transfers (to)/from assets held for disposal relate to the reclassification of Brazil Domestic 
from assets held for disposal and discontinued operations to continuing operations.  
 
In 2013, of the €77 million transfers from assets held for disposal, €-57 million is related to Brazil 
Domestic (transfer to assets held for disposal) and €134 million is related to the reclassification of the 
two Boeing 747 freighters (transfer from assets held for disposal). Refer to note 8 for more information.

Statements 
Chapter 5  
 
 
93   
Finance leases included in the property, plant and equipment balance at 31 December 2014 are: 
 
Finance leases 
At 31 December
Land and 
buildings
Plant and 
equipment
Aircraft
Other
Total 
2014
Total 
2013
Total
5
8
130
143
163
International Europe
5
5
7
International AMEA
0
0
Domestics
3
3
7
Unallocated
5
130
135
149
(in € millions)
 
 
Included in land and buildings under finance leases are leasehold rights and ground rent. The book 
value of the leasehold rights and ground rent is €5 million (2013: 8), comprising a historical cost of €15 
million (2013: 26), with accumulated depreciation of €10 million (2013: 18).  
 
Leasehold rights and ground rents expiring:  
 within one year amount to €1 million (2013: 1);  
 between one and five years amount to €3 million (2013: 5); and 
 between five and 20 years amount to €1 million (2013: 2).  
 
There are no leasehold rights and ground rents contracts with indefinite terms. Leasehold rights and 
ground rent for land and buildings located in Belgium amounted to €5 million (2013: 6) and in France to 
€0 million (2013: 2). 
 
There was no material temporarily idle property, plant and equipment at 31 December 2014 (2013: 0).  
 
3 Financial fixed assets: 231 million (2013: 229) 
 
Investments in
associates and
joint ventures
Financial
fixed assets
at fair value
Other prepayments
and accrued 
income
Total
Balance at 31 December 20121
29
                  
3
                 
243
               
1
                        
13
                      
289
             
Changes in 2013
Acquisitions/additions
29
                 
29
               
Disposals/decreases
(9)
                   
(74)
                
0
(83)
              
Result from investments in associates and joint ventures
5
                    
5
                 
Impairments and other value adjustments
(1)
                   
(1)
                       
(2)
                
Withdrawals/repayments
(1)
                       
(1)
                
Dividend received
(8)
                   
(8)
                
Total changes
(13)
                 
0
(45)
                
0
(2)
                       
(60)
              
Balance at 31 December 20131
16
                  
3
                 
198
               
1
                        
11
                      
229
             
Changes in 2014
Acquisitions/additions
123
               
2
                        
125
             
Disposals/decreases
(123)
              
(123)
            
Result from investments in associates and joint ventures
7
                    
7
                 
Impairments and other value adjustments
(1)
                   
1
                        
0
Withdrawals/repayments
(1)
                
(1)
                       
(2)
                
Dividend received
(5)
                   
(5)
                
Total changes
1
                    
(1)
                
0
1
                        
1
                        
2
                 
Balance at 31 December 2014
17
                  
2
                 
198
               
2
                        
12
                      
231
             
1For comparative purposes 2012 and 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions)
Statement of changes
Other loans 
receivable 
Deferred tax 
assets
Other financial fixed assets
 
Investments in associates and joint ventures 
At 31 December 2014, investments in associates and joint ventures are valued at €17 million (2013: 16) 
and relate mainly to TNT Swiss Post AG. The investments in associates and joint ventures balance 
does not include goodwill (2013: 0). 
 
In 2013, TNT’s investment fund Logispring sold its 14.3% equity interest in Apriso. The cash proceeds to 
TNT were €25 million. The book value amounted to €9 million. The profit of €16 million was recorded as 
a result from investments in associates and joint ventures. Logispring also sold its investment in 
Datatrac for an amount of €2 million. The book value amounted to nil. The profit of €2 million was 
recorded as a result from investments in associates and joint ventures.  
 
Deferred tax assets 
Deferred tax assets are further explained in note 23.

Statements 
Chapter 5  
 
 
94   
4 Inventory: 11 million (2013: 9) 
 
Specification of inventory
At 31 December
2014
2013
Raw materials and supplies
10
9
Finished goods
1
0
Total
11
9
(in € millions)
 
Total inventory of €11 million (2013: 9) was valued at historical cost for an amount of €15 million (2013: 
13) and was stated net of provisions for obsolete items amounting to €4 million (2013: 4). There were no 
inventories pledged as security for liabilities at 31 December 2014 (2013: 0). In 2014 and 2013, no 
material write-offs relating to inventories occurred. The balance of inventories that were expected to be 
recovered after 12 months is nil (2013: 0).  
 
Inventory of €0 million (2013: 1) is included in assets held for disposal. 
 
5 (Trade) accounts receivable: 1,095 million (2013: 1,031) 
 
Specification of (trade) accounts receivable
At 31 December
2014
2013
Trade accounts receivable - total
1,041
          
999
             
Allowance for doubtful debt
(73)
              
(69)
              
Trade accounts receivable
968
             
930
             
VAT receivable
19
               
13
               
Accounts receivable from associates
1
              
1
                 
Other accounts receivable
107
             
87
               
Accounts receivable 
127
             
101
             
(in € millions)
 
At 31 December 2014, the total trade accounts receivable amounted to €1,041 million (2013: 999), of 
which €395 million (2013: 343) were past due but not individually impaired. Refer to the following table. 
The balance of trade accounts receivable that is expected to be recovered after 12 months is €0 million 
(2013: 0). The standard payment term for customers of TNT is around seven days.  
 
Ageing analyses of trade accounts receivable
At 31 December
2014
2013
Up to 1 month
262
251
1-3 months
83
57
3-6 months
32
18
Over 6 months
18
17
Total
395
343
(in € millions)
 
 
The total allowance for doubtful debt amounted to €73 million (2013: 69) of which €38 million (2013: 37) 
is related to trade accounts receivable that were individually impaired for the notional amount. The 
remainder of the allowance is related to a collective loss component in respect to losses that have been 
incurred but not yet identified as such. This collective loss component is largely based on the ageing of 
the trade receivables and is reviewed periodically.  
 
The movements in the allowance for doubtful debt of trade accounts receivables are as follows: 
 
Allowance for doubtful debt
2014
2013
Balance at 1 January 
69
               
63
               
Transfers (to)/from assets held for disposal
4
                 
(5)
                
Provided for during financial year 
23
               
31
               
Receivables written off during year as uncollectible
(23)
              
(20)
              
Unused amounts reversed
0
                 
0
                 
Balance at 31 December
73
               
69
               
(in € millions)

Statements 
Chapter 5  
 
 
95   
The fair value of accounts receivable approximates its carrying value. Other accounts receivable mainly 
includes receivables from insurance companies, deposits and various other items. The balance of other 
accounts receivable that is expected to be recovered after 12 months is €0 million (2013: 0). The 
maximum exposure to credit risk at the balance sheet date is the carrying value of each class of 
receivables mentioned above. TNT does not hold collateral as security for the outstanding balances. 
The concentration of the accounts receivable per customer is limited. The top ten trade receivables of 
TNT accounted for 5% of the outstanding trade receivables at 31 December 2014 (2013: 2%). The 
concentration of the trade accounts receivable portfolio over the different segments can be summarised 
as follows: International Europe: €411 million (2013: 396); International AMEA: €162 million (2013: 138); 
Domestics: €354 million (2013: 335) and Unallocated: €41 million (2013:61). For the non-trade accounts 
receivables no allowance for doubtful debt was required.  
 
Trade accounts receivable of €0 million (2013: 30) and accounts receivable of €0 million (2013: 12) are 
included in assets held for disposal. 
 
6 Prepayments and accrued income: 182 million (2013: 120)  
Prepayments and accrued income include amounts paid in advance to cover costs that will be charged 
against income in future years and net revenues not yet invoiced. At 31 December 2014, total 
prepayments amounted to €82 million (2013: 60). The balance of prepayments and accrued income that 
is expected to be recovered after 12 months is €1 million (2013: 1).  
 
Prepayments and accrued income include a balance of unbilled trade receivables of €48 million (2013: 
51). 
 
Prepayments and accrued income also include outstanding short-term foreign exchange forward 
contracts that amounted to €4 million (2013: 5) and short-term cross-currency swaps that amounted to 
€15 million (In 2013 the cross-currency swap was recorded as liability in long-term debt: 17). The fair 
value of these financial instruments has been calculated at the relevant (forward) market rates at 31 
December 2014. Refer to note 30 for the notional principal amount of the outstanding foreign exchange 
forward contracts and the outstanding cross-currency swaps. 
 
Prepayments and accrued income of €0 million (2013: 5) are included in assets held for disposal. 
 
7 Cash and cash equivalents: 652 million (2013: 696)  
Cash and cash equivalents comprise of cash at bank and cash in hand of €99 million (2013: 74) and 
short-term bank deposits of €553 million (2013: 622). The effective interest rate during 2014 on short-
term bank deposits was -0.01% (2013: 0.01%) and the average outstanding amount was €455 million 
(2013: 395). The individual deposits have an average maturity of 1.7 days (2013: 1.5). Included in cash 
and cash equivalents is €0 million (2013: 0) of restricted cash. The fair value of cash and cash 
equivalents approximates the carrying value.  
 
Cash and cash equivalents of €0 million (2013: 0) are included in assets held for disposal. 
 
8 Assets held for disposal: 1 million (2013: 100) and Liabilities related to assets held 
for disposal: 0 million (2013: 61) 
The assets classified as held for disposal amounted to €1 million (2013: 100), of which €0 million (2013: 
100) is related to Brazil Domestic. 
 
The liabilities related to assets classified as held for disposal amounted to €0 million (2013: 61), of which 
€0 million (2013: 61) is related to Brazil Domestic. 
 
Brazil Domestic 
In March 2013, as part of Deliver!, TNT announced the commencement of preparations for the sale of its 
domestic operations in Brazil. The company carried out a comprehensive process to secure the best 
outcome for shareholders, customers and employees.  
 
On 30 January 2014, TNT announced it had terminated discussions with potential bidders. Interest in 
the business existed, but ultimately offers were determined by management to be unacceptable.  
As of 2014, Brazil Domestic was no longer reported as a discontinued operation and asset held for 
disposal. Consequently, amortisation and depreciation has been continued. The unrecognised 
depreciation and amortisation in 2013 amounted to €5 million and the unrecognised impairment (relating 
to vehicles held for disposal) in 2013 amounted to €4 million. This was recognised as a loss in Brazil 
Domestic in the first quarter of 2014.

Statements 
Chapter 5  
 
 
96   
9 Equity: 2,192 (2013: 2,420)  
At 31 December 2014, equity consisted of equity attributable to equity holders of TNT Express N.V. of 
€2,180 million (2013: 2,413) and non-controlling interests of €12 million (2013: 7). Equity attributable to 
the equity holders of TNT Express N.V. consists of the following items: 
 
Issued share capital 
At 31 December 2014, issued share capital amounted to €44 million (2013: 44). The number of 
authorised, issued and outstanding shares by class of share is presented in the following table: 
 
Authorised, issued and outstanding shares
Before proposed appropriation of profit
2014
2013
Authorised by class
Ordinary shares
750,000,000
750,000,000
Preference shares
750,000,000
750,000,000
Total authorised
1,500,000,000
1,500,000,000
Issued and outstanding
Per 1 January of the reported year
544,957,426
543,272,474
Issued for stock dividend
3,250,800
1,684,952
Per 31 December of the reported year
548,208,226
544,957,426
Issued and outstanding per 31 December by class
Ordinary shares
548,208,226
544,957,426
 
 
Authorised share capital 
On 30 May 2011, the Articles of Association were amended by deed. As of that date, the company’s 
authorised share capital amounted to €120 million, divided into 750,000,000 ordinary shares with a 
nominal value of €0.08 each and 750,000,000 preference shares with a nominal value of €0.08 each.  
 
Form of shares 
The ordinary shares are in bearer or in registered form. Ordinary shares in bearer form are represented 
by a global note held by the Dutch clearing system Euroclear Netherlands (formerly known as 
NECIGEF) and are transferable through Euroclear Netherlands’ book entry system. ADRs represent 
ordinary shares in bearer form, held by the depositary, which are represented by the note held by 
Euroclear Netherlands. Ordinary shares in registered form are transferred by means of a deed of 
transfer and TNT’s written acknowledgement of the transfer. TNT does not have share certiﬁcates for 
ordinary shares represented by the global note.  
 
Incentive scheme 
For administration and compliance purposes, a foundation (‘Stichting Bewaarneming Aandelen TNT’) 
legally holds shares under (former) incentive schemes which are beneficially owned by the employees. 
At 31 December 2014, the number of TNT shares held by the foundation amounted to 534,690 with a 
nominal value of €0.08 per share. 
 
Additional paid-in capital 
Additional paid-in capital amounted to €2,500 million on 31 December 2014 as the total dividend for 
2013 of €7 million was distributed in May 2014 and a 2014 interim dividend of €15 million was 
distributed in August 2014. In 2014, a stock dividend of nominal €260,000 was distributed relating to 
2013 for an amount of €82,000 and relating to the 2014 interim dividend for an amount of €178,000. The 
amount of paid-in capital recognised for Dutch dividend withholding tax purposes was €768 million. In 
2014, the Executive Board decided, with the approval of the Supervisory Board, to compensate the 
losses out of the distributable part of the shareholders’ equity. Refer to appropriation of profit as per the 
2014 annual report. Consequently, retained earnings at 31 December 2013 of €122 million were 
compensated out of additional paid-in capital. 
 
Legal reserve 
Legal reserves include translation, hedge and other legal reserves. At 31 December 2014, the legal 
reserves amounted to €12 million (2013: -84).  
 
At 31 December 2014, the translation reserve amounted to €-44 million (2013: -128). The translation 
reserves reflect the movement in exchange rate differences on converting foreign subsidiaries of TNT

Statements 
Chapter 5  
 
 
97   
Express N.V. into euros. These differences are charged or credited to the translation reserve, net of 
taxation.  
 
At 31 December 2014, the hedge reserve amounted to €-20 million (2013: -25) and mainly contained the 
fair value timing difference of US$184 million (2013: US$199) of interest rate swaps and US$412 million 
(2013: US$412) of forward starting interest rate swaps that were unwound in 2011. The outstanding US 
dollar interest rate swaps have been entered into to mitigate the cash flow interest rate risk relating to 
the Boeing 747 freighters financial lease contracts which have variable interest conditions. The unwound 
forward starting swaps were entered into to hedge the interest rate risk on three Boeing 777 freighter 
operational lease contracts with a 12-year lease term up to the period until delivery of the aircraft when 
the interest component in the lease was fixed.  
 
Movements in the cash flow hedge reserve, net of taxation, amounted to €-5 million (2013: -7) of which 
€-5 million (2013: -7) is related to the outstanding and unwound interest rate swaps and the remainder 
to foreign exchange cash flow hedges.  
 
The net cash payments relating to the unwinding of these swaps will be recycled from equity to the 
income statement or to investments based on the duration of the underlying hedged items. In 2014, an 
amount of €-2 million (2013: -2) was recycled from the hedge reserve to the income statement. Refer to 
note 30 for more information. 
 
Other legal reserves mainly relate to self-produced software, revaluation reserves and reserves required 
by local legislation, reclassified from other reserves in 2011. 
 
Legal reserves cannot be distributed to the equity holders of the company. 
 
Other reserves 
At 31 December 2014, the other reserves amounted to €-181 million (2013: -69), a decrease of €112 
million. This decrease is largely related to actuarial losses on pensions (net of tax) of €109 million; a 
reclassification of €7 million to the legal reserves, mainly following the amortisation of self-produced 
software; and share-based payments of €5 million. 
 
Retained earnings 
At 31 December 2014, retained earnings amounted to €-190 million, relating to the result for the period. 
Refer to additional paid-in capital. 
 
10 Pension assets: 4 million (2013: 3) and provisions for pension liabilities: 222 million 
(2013: 93) 
TNT operates a number of post-employment benefit plans around the world. Most of TNT’s post-
employment benefit plans are defined contribution plans. The most relevant defined benefit plans are in 
place in the Netherlands, the United Kingdom, Germany, Australia, Italy and Belgium. 
 
Defined benefit plans in the Netherlands 
In the Netherlands, TNT employees participate in one of two different defined benefit plans. The first 
pension plan, a career average plan, covers the employees who are subject to the collective labour 
agreement and employees with a personal labour agreement arranged as from 2007. The second 
pension plan covers employees with a personal labour agreement arranged before 2007. For both 
schemes the expected future adjustment level of the accrued entitlements to inflation have an ambition 
level of 80%. The plans are externally funded in ‘Stichting Pensioenfonds TNT Express’ and ‘Stichting 
Ondernemingspensioenfonds TNT’ respectively. PostNL N.V. is the co-sponsoring employer of 
‘Stichting Ondernemingspensioenfonds TNT’. Refer to note 28 for more information. As a result of 
revised fiscal regulations applying to Dutch pension plans as from 1 January 2014, the retirement age of 
the plan changed from 62.5 years to 67 years.  
 
Some of the employees covered by the pension plans also participate in defined benefit transitional 
plans. These defined benefit transitional plans consist of an early retirement scheme and additional 
arrangements that have been agreed between the company and the employees following the revised 
fiscal regulations applying to Dutch pension plans in 2006.  
 
Defined benefit plans in the United Kingdom 
In the United Kingdom, TNT contributes to a closed defined benefit plan, externally funded in a pension 
fund governed by a trustee. The pension entitlements are based on years of service within the plan until 
1 July 2006 and final (average) salary at that time, with the pensions being revalued from then to 
retirement in accordance with legislation.

Statements 
Chapter 5  
 
 
98   
Defined benefit plans in Germany 
In Germany, TNT employees participate in one of two pension plans. The first plan is a defined benefit 
plan closed for new entries as of 1 January 2005. The defined benefit plan provides lump sum benefits 
based on years of service and final salary. The defined benefit plan is funded via direct insurance with 
an external insurance company. The second plan, applicable to new hires as from 1 January 2005, is a 
defined contribution plan with a minimum return guarantee. The contributions of the defined contribution 
plan are invested in public investment funds administered by an external party. The risk for death and 
disability benefits within the defined contribution plan is directly insured with an external insurance 
company. 
 
Defined benefit plans in Australia 
In Australia, TNT contributes to several superannuation funds. With the exception of the TNT Group 
Superannuation Plan (TNT GSP), a fund with both defined benefit and defined contribution sections, all 
other payments are made to defined contribution plans. The TNT GSP was established under a master 
trust as a sub-plan of the Mercer Superannuation Trust. The defined benefit section of TNT GSP 
provides lump sum benefits based on years of service and final average salary. The defined contribution 
section receives fixed contributions from Group companies and the Group’s obligation is limited to these 
contributions. 
 
Defined benefit plans in Italy 
In Italy, in accordance with Italian law, employers have to pay to employees, upon the termination of 
employment, a lump sum indemnity (‘Trattamento di Fine Rapporto’, ‘TFR’), equivalent to the total 
(annually revalued) benefits accrued over the years of service. Until 31 December 2006, this was an 
unfunded defined benefit plan whereby employers were obliged to accrue for this termination benefit. 
Starting from 1 January 2007, due to legislation change, TFR is no longer accrued by the employer but 
by external providers, mainly the National Social Security Institute. Employers contribute to the fund the 
equivalent of the accrued TFR. Therefore, the TFR liability for TNT consists of the unfunded benefits 
accrued up to 31 December 2006 and of the obligation reflecting the annual revaluation of these 
accrued benefits.  
 
Defined benefit plans in Belgium 
In Belgium, in accordance with Belgium law, employers have to guarantee a minimal return on persion 
contributions paid to external insurance companies, which qualifies the plan as a defined benefit plan. 
The contributions to the plan are held and administered with the external insurance companies. 
 
At 31 December 2014, the defined benefit plans described above covered approximately 97% of the 
TNT Group obligation for post-employment benefits and approximately 98% of the TNT Group plan 
assets. 
   
Defined benefit pension costs recognised in the income statement 
The valuation of the pension obligation of TNT and the determination of its pension cost are based on 
key assumptions that include employee turnover, mortality rates and retirement ages, discount rates, 
pension increases and future wage increases, which are updated on an annual basis at the beginning of 
each financial year. Actual circumstances may vary from these assumptions giving rise to a different 
pension liability at year-end. The difference between the projected pension liability based on the 
assumptions and the actual pension liability at year-end are reflected in the statement of financial 
position as part of actuarial gains and losses.  
 
In 2014, TNT’s expense for post-employment benefit plans was €16 million (2013: 29), and benefited 
from a past service cost gain of €12 million (2013: 3) due to the sobering of the Dutch pension plans. 
Total cash contribution for post employment benefit plans in 2014 amounted to €34 million (2013: 41), of 
which €0 million (2013: 1) is related to recovery payment for the defined benefit plan in the Netherlands. 
Total cash contribution for 2015 is estimated to be around €34 million. 
 
Specification of changes in net pension asset/(liability)
Balance at
31  December 2013
Employer
pension expense
Contributions /
Other
Net actuarial 
gains/losses
Balance at
31  December 2014
Provision for pension liabilities
(90)
                      
(16)
                   
34
                   
(146)
                
(218)
                    
of which pension and transitional plans in the Netherlands
(53)
                      
(13)
                   
28
                   
(124)
                
(162)
                    
of which other pension plans in Europe
(34)
                      
(2)
                     
6
                     
(22)
                  
(52)
                      
of which pension plans outside Europe
(3)
                        
(1)
                     
0
                     
0
                     
(4)
                        
Total post-employment benefit plans
(90)
                      
(16)
                   
34
                   
(146)
                
(218)
                    
(in € millions)
 
 
The total net pension liability of €218 million at 31 December 2014 (net pension liability in 2013: 90) 
consisted of a pension asset of €4 million (2013: 3) and a pension liability of €222 million (2013: 93).

Statements 
Chapter 5  
 
 
99   
The funded status of TNT’s post-employment benefit plans at 31 December 2014 and 2013 and the 
employer pension expense for 2014 and 2013 are presented in the following table: 
 
Pension disclosures
2014
2013
Change in benefit obligation
Benefit obligation at beginning of year
(641)
                    
(682)
                 
Service costs
(26)
                      
(28)
                   
Interest costs
(24)
                      
(26)
                   
Past service cost
12
                       
3
                      
Other movements
18
                       
0
                      
Foreign currency effects
(2)
                        
4
                      
Actuarial (loss)/gain
(222)
                    
70
                     
Benefits paid
14
                       
18
                     
Curtailment
3
                         
0
                      
Benefit obligation at end of year
(868)
                    
(641)
                 
Change in plan assets
Fair value of plan assets at beginning of year
551
                     
559
                   
Actual return on plan assets
97
                       
(29)
                   
Contributions 
34
                       
41
                     
Other movement/adminstation cost
(1)
                        
(1)
                     
Other movements
(19)
                      
2
                      
Foreign currency effects
2
                         
(3)
                     
Benefits paid
(14)
                      
(18)
                   
Fair value of plan assets at end of year
650
                     
551
                   
Funded status at 31 December
Funded status
(218)
                    
(90)
                   
Pension assets/liabilities
(218)
                    
(90)
                   
Net pension asset/(liability)
(218)
                    
(90)
                   
Components of employer pension expense
Service costs
(26)
                      
(28)
                   
Interest costs
(24)
                      
(26)
                   
Expected return on plan assets
21
                       
23
                     
Past service cost
12
                       
3
                      
Curtailment
3
                         
0
                      
Other costs/administration cost
(2)
                        
(1)
                     
Employer pension expense
(16)
                      
(29)
                   
Other post employment benefit plan expenses
0
                         
0
                      
Total post employment benefit expense
(16)
                      
(29)
                   
Weighted average assumptions as at 31 December
Discount rate
2.3%
3.9%
Expected return on plan assets
2.3%
3.9%
Rate of compensation increase
2.0%
2.1%
Rate of benefit increase
1.3%
1.6%
(in € millions, except percentages)
 
 
TNT’s pension expense is affected by the discount rate used to measure pension obligations. 
Management reviews these and other assumptions every year. Measurement date for TNT’s post-
employment benefits is 31 December. Changes in assumptions may occur as a result of economic and 
market conditions. If actual results differ from those assumed, this will generate actuarial gains or 
losses.  
 
IAS 19, ‘Employee Benefits’, requires an entity to determine the rates used to discount employee benefit 
obligations with reference to market yields on high-quality corporate bonds. The first step of the process 
is to identify a set of bonds that accurately reflects the relationship between yield and remaining time to 
maturity for high-quality corporate bonds. For this, TNT uses the iBoxx AA-rated corporate bond 
universe. Using the bond selection, regression analysis is used to find the best-fitting curve that states 
yield-to-maturity as a function of remaining time to maturity. The Nelson-Siegel model is applied to fit the 
curve towards TNT’s 30-year duration. The resulting discount rate per 31 December 2014 was 2.3% 
(2013: 3.9%).  
 
The expected return on plan assets equals the used discount rate.

Statements 
Chapter 5  
 
 
100 
  
Assumptions regarding future mortality are based on advice, published statistics and experience per 
country. The average life expectancy of men after retiring at the average age of 67 is 22 years (2013: 
20). The equivalent life expectancy for women is 25 years (2013: 22). 
 
Funded status defined benefit plans 
The following table reconciles the opening and closing balances of the present value of the defined 
benefit obligation and the fair value of plan assets with the provision for post-employment benefit plans. 
Included in the provision for pension liabilities is the unfunded defined benefit TFR plan in Italy of €29 
million (2013: 25).  
 
Statement of financial position calculations 
At 31 December
2014
2013
Present value of funded benefit obligations
(796)
                    
(576)
                 
Fair value of plan assets
650
                     
551
                   
(Un)funded status
(146)
                    
(25)
                   
Present value of unfunded benefit obligations 
(72)
                      
(65)
                   
Net pension asset/(liability)
(218)
                    
(90)
                   
of which included in pension assets
4
                         
3
                      
of which included in provisions for pension liabilities
(222)
                    
(93)
                   
(in € millions)
 
 
The following table shows the sensitivity of the employer pension expense to deviations in assumptions: 
 
Sensitivity of assumptions
% Change in 
assumptions
Change 
in employer
pension expense
Employer pension expense 2014
(16)
                   
Discount rate
+ 0.5%
(7)
                     
Rate of compensation increase
+ 0.5%
(3)
                     
Rate of benefit increase
+ 0.5%
1
                      
Employer pension expense 2014
(16)
                   
Discount rate
- 0.5%
2
                      
Rate of compensation increase
- 0.5%
(3)
                     
Rate of benefit increase
- 0.5%
(7)
                     
(in € millions, except percentages)
 
 
The following table shows the defined benefit obligation, fair value of plan assets and experience 
adjustments thereon for the current annual period and previous annual period. The experience 
adjustment is the difference between the expected and actual position at the end of the year. 
 
Status of funding
At 31 December
2014
2013
Funded and unfunded defined benefit obligation
(868)
                    
(641)
                 
Experience adjustment gain/(loss)
34.4%
9.2%
Fair value of plan assets
650
                     
551
                   
Experience adjustment gain/(loss)
13.4%
(8.4%)
(Un)funded status
(218)
                    
(90)
                   
(in € millions, except percentages)
0
                         
0
                      
 
 
The following table shows the expected future benefit payments per year related to TNT’s main defined 
benefit plans for the coming five years. The benefits include all expected payments by these plans to the 
pensioners. 
 
Expected benefit payments
Year
Amounts
2015
12
2016
11
2017
11
2018
12
2019
13
(in € millions)

Statements 
Chapter 5  
 
 
101 
  
11 Other provisions: 312 million (2013: 188) 
 
Specification of other provisions
Other employee
benefit
obligations
Restructuring
Claims and 
indemnities
Other
Total
Balance at 31 December 2013
47
                         
63
                         
36
               
42
               
188
             
of which included in other provisions (non-current)
34
                         
1
                           
20
               
13
               
68
               
of which included in other provisions (current)
13
                         
62
                         
16
               
29
               
120
             
Changes in 2014
Additions
10
                         
131
                       
60
               
21
               
222
             
Withdrawals
(7)
                          
(69)
                        
(14)
              
(14)
              
(104)
            
Exchange rate differences
2
                           
0
                           
1
                 
1
                 
4
                 
Other/releases
0
                           
(8)
                          
(2)
                
(9)
                
(19)
              
Transfer to liabilities held for sale
0
                           
0
                           
0
                 
21
               
21
               
Total changes 
5
                           
54
                         
45
               
20
               
124
             
Balance at 31 December 2014
52
                         
117
                       
81
               
62
               
312
             
of which included in other provisions (non-current)
38
                         
2
                           
17
               
37
               
94
               
of which included in other provisions (current)
14
                         
115
                       
64
               
25
               
218
             
(in € millions)
 
 
At 31 December 2014, other employee benefit obligations consisted of provisions relating to jubilee 
payments of €16 million (2013: 18), long-service benefits of €8 million (2013: 11) and other employee 
benefits of €28 million (2013: 18). Short-term employee benefits, such as salaries, profit-sharing and 
bonuses are discussed in note 18. 
 
At 31 December 2014, the restructuring provision amounted to €117 million (2013: 63), of which €46 
million (2013: 46) is related to restructuring in International Europe, €0 million (2013: 0) is related to 
restructuring in International AMEA, €44 million (2013: 14) is related to restructuring in Domestics, and 
€27 million (2013: 3) is related to restructuring in Unallocated. 
 
The total additions to restructuring provisions for 2014 amounted to €131 million (2013: 89), of which 
€46 million (2013: 51) is related to restructuring in International Europe, €0 million (2013: 2) is related to 
restructuring in International AMEA, €55 million (2013: 27) is related to restructuring in Domestics, and 
€30 million (2013: 8) is related to restructuring in Unallocated. 
 
The withdrawals from the restructuring provision of €69 million (2013: 30) were related to settlement 
payments following restructuring programmes of which €46 million (2013: 6) is related to restructuring in 
International Europe, €0 million (2013: 2) is related to restructuring in International AMEA, €19 million 
(2013: 14) is related to restructuring in Domestics and €4 million (2013: 8) is related to restructuring in 
Unallocated. 
 
In 2014, approximately 1,450 FTEs (2013: approximately 1,500) were made redundant as part of 
Deliver!.  
 
On 16 July 2014, TNT announced that it had received a Statement of Objections (SO) from the French 
Competition Authorities (FCA) with respect to an investigation of alleged anti-competitive behaviour in 
the French parcels delivery sector. TNT has cooperated with the investigation since it started in 2010, 
and has subsequently entered into a settlement with the FCA. The settlement will include a reduction 
percentage to the fine, the absolute amount of which the authorities are not expected to determine 
before the end of 2015. As such, TNT has made a financial provision of €50 million in the third quarter 
included in the provision for claims and indemnities. 
 
In addition, included in the provision for claims and indemnities are provisions for claims from third 
parties, mainly customers, with respect to the ordinary business activities of TNT. At 31 December 2014, 
provision for claims and indemnities was €4 million (2013: 7) in International Europe, €0 million (2013: 0) 
in International AMEA, €25 million (2013: 25) in Domestics and €2 million (2013: 5) in Unallocated. 
 
Other provisions consist of provision for legal obligations, dilapidation, onerous contracts and other risks 
incurred in the course of normal business operations. 
 
The estimated utilisation is €220 million in 2015, €24 million in 2016, €10 million in 2017 and in 2018 
and beyond €58 million.

Statements 
Chapter 5  
 
 
102 
  
12 Long-term debt: 166 million (2013: 175) 
 
Specification of long-term debt
At 31 December
Carrying
amount
Fair 
value
Carrying
amount
Fair 
value
Finance leases
142
                    
143
              
139
             
141
             
Other loans
12
                      
12
                
2
                 
2
                 
Derivatives
12
                      
12
                
34
               
34
               
Total long-term debt
166
                    
167
              
175
             
177
             
(in € millions)
2014
2013
 
 
In the table above, the fair value of long-term interest-bearing debt, net of its current portion, has been 
determined by calculating the discounted value of the future cash flows (redemption and interest) using 
the interbank zero coupon curve. The carrying amounts of the current portion of long-term debt 
approximate their fair value. 
 
The following table sets forth the carrying amounts of interest-bearing long-term liabilities (including the 
current portion) during each of the following five years and thereafter:  
 
Total borrowings
Finance
leases
Other
loans
Derivatives
Short-term 
bank debt
Total
2015
20
                      
2
                  
0
                 
28
               
50
               
2016
76
                      
3
                  
5
                 
0
                 
84
               
2017
66
                      
3
                  
7
                 
0
                 
76
               
2018
0
                        
3
                  
0
                 
0
                 
3
                 
2019
0
                        
2
                  
0
                 
0
                 
2
                 
Thereafter
0
                        
1
                  
0
                 
0
                 
1
                 
Total borrowings
162
                    
14
                
12
               
28
               
216
             
of which included in long-term debt
142
                    
12
                
12
               
0
                 
166
             
of which included in other current liabilities
20
                      
2
                  
0
                 
28
               
50
               
(in € millions)
 
 
Refer to notes 29 and 30 for underlying details of the financial instruments. 
 
13 Other current liabilities: 290 million (2013: 292) 
 
Specification of other current liabilities
At 31 December
2014
2013
Short-term bank debt
28
                         
28
                         
Other short-term debt
22
                         
17
                         
Total current borrowings
50
                         
45
                         
Taxes and social security contributions
110
                       
112
                       
Expenses to be paid
22
                         
21
                         
Other 
108
                       
114
                       
Total
290
                       
292
                       
(in € millions)
 
 
Total current borrowings 
Other short-term debt includes short-term bank facilities of €2 million (2013: 1) and the current portion of 
outstanding finance lease liabilities of €20 million (2013: 16). There were no balances as of 31 
December 2014 expected to be settled after 12 months (2013: 0).  
 
Other includes outstanding short-term foreign exchange forward contracts amounting to €6 million 
(2013: 8), liabilities related to salaries and wages of €13 million (2013: 13), agent and supplier 
refundable deposits of €7 million (2013: 13), liability for import duties of €15 million (2013: 13), cash on 
delivery collections on behalf of customers of €10 million (2013:10), liabilities for employee 
redundancies of €1 million (2013: 8) and other miscellaneous items of €56 million (2013: 49). 
 
The fair value of outstanding short-term foreign exchange forward contracts has been calculated at the 
relevant (forward) market rates at 31 December 2014. Refer to note 30 for the notional principal amount 
of outstanding foreign exchange forward contracts. 
 
Other current liabilities of €0 million (2013: 9) were included in liabilities related to assets held for 
disposal.

Statements 
Chapter 5  
 
 
103 
  
14 Accrued current liabilities: 558 million (2013: 470) 
 
Specification of accrued liabilities
At 31 December
2014
2013
Amounts received in advance
16
                         
14
                         
Expenses to be paid
363
                       
316
                       
Vacation days/vacation payments
77
                         
71
                         
Other accrued current liabilities
102
                       
69
                         
Total
558
                       
470
                       
(in € millions)
 
 
Of the total, an amount of €6 million is expected to be settled after 12 months (2013: 5). 
 
Accrued current liabilities of €0 million (2013: 10) were included in liabilities related to assets held for 
disposal.

Statements 
Chapter 5  
 
 
104 
  
NOTES TO THE CONSOLIDATED INCOME STATEMENT 
 
15 Net sales: 6,472 million (2013: 6,713) 
The net sales of TNT relate to the trading activities of the reportable segments, arising from rendering of 
services. Net sales allocated by geographical area in the country or region in which the entity records 
sales is detailed in note 34.  
 
16 Other operating revenue: 208 million (2013: 191) 
Other operating revenue is related to the tendering of services not related to TNT’s core trading 
activities, and includes the sale of unutilised air cargo space to third parties of €105 million (2013: 109), 
operation of aircraft for third parties (including charters and wet leases) of €74 million (2013: 58) and 
other services including customs clearance, maintenance and ground handling of €29 million (2013: 24). 
 
17 Other income/(loss): 17 million (2013: 208)  
In 2014, other income related to a profit on the sale of TNT Fashion Group B.V. (TNT Fashion) of €7 
million, other assets held for disposal of €2 million, and miscellaneous items of €8 million.  
 
TNT announced on 11 March 2014 its intention to sell TNT Fashion, its specialist fashion supply chain 
business in the Netherlands, as part of its strategy to focus on core express delivery services, and 
completed the sale on 16 May 2014, to a consortium of Belspeed and Netlog Group. Until completion 
date, the year-to-date revenue for TNT Fashion was €40 million and operating income was €1 million as 
included in the income statement. The net cash proceeds of €39 million were received in full in the 
second quarter. 
 
In 2013, other income included the receipt of the UPS termination fee of €200 million, an amount of €4 
million relating to the settlement of a claim, the reversal of the 2012 fair value adjustment of the two 
Boeing 747 freighters of €17 million and miscellaneous items of €2 million, partly offset by a fair value 
adjustment of €-15 million relating to China Domestic. 
 
18 Salaries and social security contributions: 2,126 million (2013: 2,259) 
 
Specification of salaries and social security contributions
Year ended at 31 December
2014
2013
Salaries
1,771
1,851
Share-based compensation
5
                           
2
Pension charges:
Defined benefit plans
16
29
Defined contribution plans
34
41
Social security charges
300
336
Total
2,126
2,259
(in € millions)
 
 
Refer to note 10 for additional information on the defined benefit plans expense of €16 million. 
 
Labour force
2014
2013
Employees1
International Europe
15,205
15,296
International AMEA
9,260
9,528
Domestics
27,864
29,377
Unallocated2
5,963
5,842
Total at year-end
58,292
60,043
External agency staff at year-end
5,688
12,731
Average full-time equivalents (FTEs)1
International Europe
13,708
14,312
International AMEA
9,514
10,170
Domestics
28,649
30,622
Unallocated2
5,614
5,280
Total year average
57,485
60,384
1Including temporary employees on TNT payroll.
2Including employees and FTEs in Head Office and Global IT Support Centre.

Statements 
Chapter 5  
 
 
105 
  
The average number of FTEs working in TNT during 2014 was 57,485, which decreased by 2,899 
compared to 2013, year-to-date. This was mainly due to the impact of the Deliver! improvement 
programme in a number of countries and the sale of TNT Fashion B.V. 
 
The 2013 figures have been restated for comparative purposes. The presented figures exclude joint 
ventures.  
 
The average number of FTEs at joint ventures was 652 (2013: 892), while the number of employees 
was 757 (2013: 994).  
 
Hereafter relevant incentive schemes and costs recognised for senior management are further 
disclosed.  
 
Senior management 
A selected group of senior managers may participate in variable share-based schemes. Participation 
and application of the variable share-based schemes for senior management is dependent on the 
decision of the Executive Board. The related costs recognised in the income statement for 2014 
amounted to €4.8 million (2013: 1.9). 
 
The figures disclosed in the following tables exclude the amounts related to the members of the 
Executive Board which are disclosed in note 19.  
 
Bonus/matching plan  
In 2014, appointed members of a selected group of managers could on a voluntary basis participate in 
the bonus/matching plan by investing a maximum of 50% of the gross payout of the short-term incentive 
of the previous year. However, the investment in TNT shares cannot be more than the net proceeds of 
the bonus. After a three-year holding period, these shares will be matched on a one-to-one basis and 
settled in shares. 
 
The company sees the bonus/matching plan as part of the remuneration package for the members of its 
senior management, and it is particularly aimed at further aligning the objectives of senior management 
with the interests of shareholders and long-term value creation.  
 
Grants are made in accordance with the bonus/matching plan, which was approved by the Supervisory 
Board. For the 2014 grant, the matching rights comprise shares. In 2011, the matching rights comprised 
phantom shares, so that after three years, in 2014, the rights under this plan were settled in cash. 
 
The significant aspects of the bonus/matching plans are: 
 Bonus shares are purchased from the participant’s net proceeds. For the 2014 grant, using 25% or 
50% of the gross bonus amount; and for the 2011 grant, using 25% of the gross bonus amount. The 
matching right is granted upon the purchase of the bonus shares. 
 From the net proceeds, the bonus shares are purchased on Euronext Amsterdam (3 June 2014: 
average purchase price of €6.44/share; 6 June 2011: average purchase price of €9.47/share). 
 The rights to (phantom) shares are granted for zero costs and the number of (phantom) shares is 
equal to the number of bonus shares (matching on a one-to-one basis). 
 After a holding period of three years after the grant, the shares are delivered. For the 2011 grant the 
value at vesting of the phantom shares is delivered in cash. 
 For each bonus share that is sold within three years, the associated right to one matching (phantom) 
share lapses. If more than 50% of the bonus shares is sold within three years, the entire right to 
matching (phantom) shares lapses with immediate effect. 
 When a participant leaves the company for certain reasons (retirement, certain reorganisations, 
disability or death) the matching right will vest immediately and he/she receives shares/cash on a pro 
rata basis. 
 A participant loses the matching right with immediate effect in case he/she leaves the company for 
reasons other than those mentioned above. 
 
In 2012, due to the intended merger with UPS, there was no grant of bonus/matching shares. In 2013, 
the Executive Board decided not to provide for a bonus/matching share grant for senior management.

Statements 
Chapter 5  
 
 
106 
  
The following table shows the number of shares comprising the matching rights of the 2014 
bonus/matching plan: 
 
Outstanding
31 December 
2013
Granted
during
2014
Vested or 
forfeited
during 2014
Outstanding
31  December 
2014
Senior management
183,173
12,865
170,308
Total
183,173
12,865
170,308
2014 Bonus/matching plan
Bonus/matching plan:
Number of matching rights to shares
 
 
The costs incurred for the plan in 2014 amount in total to €222,001, and are based on the fair value per 
share and the assumption that the holding period criterium will be fully met, taking into account the 
relevant period lapsed (7 months) from the total three-year vesting period.  
 
The fair value per share of €6.30 is derived from the share price on Euronext Amsterdam at the grant 
date (3 June 2014: €6.40), corrected for a dividend yield for the three-year vesting period. 
 
The table below shows the number of phantom shares comprising the matching rights of the 2011 
bonus/matching plan: 
 
Outstanding
31 December 
2013
Granted
during 
2014
Vested or 
forfeited
during 2014
Outstanding
31  December 
2014
Senior management
64,215
64,215
0
Total
64,215
64,215
0
2011 Bonus/matching plan
Bonus/matching plan:
Number of matching rights to phantom shares
 
 
The costs incurred in 2014 for the 2011 bonus/matching plan amount to €32,788. 
One-off investment/matching plan 
In 2011, prior to the demerger of the express activities, in order to align the objectives of members of the 
Executive Board and (senior) management with long-term value creation and the interests of 
shareholders, the Supervisory Board of TNT decided to apply a voluntary one-off investment/matching 
plan in which the cash proceeds from the unwinding of the TNT bonus/matching plan, performance 
share plan and option plan could - post demerger - be invested in TNT shares. The participants in these 
plans could elect to invest from their net proceeds an amount equal to 25% or 50% of their total gross 
unwinding-related sum (but not more than the net proceeds thereof) in TNT shares. On the same date 
these shares (in the plan called: investment shares) were purchased, the participant received, free of 
charge, a matching right on phantom shares, representing the value in cash of half of the number of 
investment shares (matching on a 1: 0.5 basis). This matching right will vest and the cash value of the 
phantom shares comprising the matching right will be paid after three years, provided that the 
participant has remained an employee throughout and still owns at least 50% of his/her investment 
shares. If prior to vesting the participant sold more than half of his/her investment shares, the matching 
right will forfeit in full, and, if the participant sold 50% or fewer of his/her investment shares, the number 
of phantom shares comprising the matching right will be reduced proportionally.  
 
From the cash sum invested, the shares are purchased on Euronext Amsterdam (2 August 2011: 
average purchase price of €7.68/share).  
 
The following table shows the number of phantom shares granted to senior management.  
 
One-off investment/matching plan
Outstanding
31 December 
20131
Vested or
forfeited 
during 2014
Outstanding
31 December
2014
Senior management
55,686
55,686
0
Total
55,686
55,686
0
Investment/matching plan:
Number of matching rights to phantom shares
1As of 2014, Mr Seyger is part of senior management. For comparative purposes, his 2,275 matching rights are included in the 2013 figures.
 
 
The total costs incurred for the plan in 2014 were €16,673.

Statements 
Chapter 5  
 
 
107 
  
Performance share plan  
 
2014 Grant 
On 29 April 2014, the annual grant under the TNT performance share plan occurred for a selected group 
of senior managers. The maximum number of shares comprised in the share award reflects the position 
that the participant holds and management’s assessment of his/her future contribution to the company. 
 
The performance shares vest after a three-year period, upon continued employment. The actual number 
of shares that vest depends on the performance of the following performance measures: 
 50% financial target: the total shareholder return (TSR) performance of the company measured on a 
three-year basis against a peer group of AEX companies (50% weighting) and of TNT’s three main 
direct competitors (Deutsche Post DHL, FedEx and UPS) (50% weighting); and 
 50% non-financial target: customer satisfaction measured on an annual basis. 
 
The actual number of 2014 performance shares that will vest at the vesting date will be determined by 
the TSR performance over the period 2014 to 2017 and the performance on the non-financial target 
over the three calendar years preceding the vesting date. 
 
The maximum number of shares that can vest under the plan amounts to 100% of the base allocation.  
 
The total costs incurred in 2014 for the 2014 grant, amount in total to €2,855,440 and are based on a 
fair value of €4.81 per share as the average of the fair value of €3.25 per share for the TSR and €6.37 
per share for the non-financial elements. These total costs are based on the assumption of a 97% 
average probability of meeting the non-financial targets. 
 
The fair value of the 50% TSR portion has been measured using the Monte Carlo fair value 
measurement method. The fair value of the 50% non-financial portion is derived form the share price on 
Euronext Amsterdam at the grant date (29 April 2014: €6.51), corrected for the dividend yield for the 
three-year vesting period. Significant assumptions used in the calculations are as follows: 
 
Assumptions
2014
Share price (in €)
6.51
Volatility (%)
22.33
Vesting period (in years)
3
Risk free rate (%)
0.62
Dividend yield (%)
0.73  
 
2013 Grant 
The actual number of 2013 performance shares that vest depends on the performance of the following 
performance measures: 
 50% financial target: the TSR performance of the company measured on a three-year basis against 
a peer group of companies (full AEX); and 
 50% non-financial targets: (customer, employees and sustainability) measured on an annual basis. 
 
The total costs incurred in 2014 for the 2013 grant, amount in total to €1,030,581 and are based on a 
fair value of €4.49 per share as the average of the fair value of €3.23 per share for the TSR and €5.75 
per share for the non-financial elements. These total costs are based on the assumption of a 32% 
average probability of meeting the non-financial targets. 
 
2012 Compensation grant 
Due to the intended merger with UPS, the 2012 grant of performance shares did not take place. In 2013, 
the Supervisory Board decided to provide for a limited 2012 compensation grant by excluding the 50% 
grant value, related to the TSR performance of the company. As a result, the grant value of this 
compensation grant is only based on the value (50%) that in the regular grant is related to the 
performance of the company on the non-financial targets.  
 
For the 2012 compensation grant the following specific rules apply: 
 the regular three-year vesting period is shortened to two years; 
 the actual number of awarded compensation shares is adjusted for the 2012 achievement of the 
non-financial targets, being 66.67%; and 
 the vesting of the awarded compensation shares is contingent on continued employment at the 
vesting date.

Statements 
Chapter 5  
 
 
108 
  
The total costs incurred in 2014 for the 2012 compensation grant amount in total to €610,640 and are 
based on a fair value of €5.78 per share. The fair value is based on the share price on Euronext 
Amsterdam at the grant date (30 April 2013: €5.83), corrected for the dividend yield for the two-year 
vesting period.  
 
The following table shows the number of rights to performance shares related to the 2014 and 2013 
grant and to the 2012 compensation grant for senior management:  
 
Rights to performance shares
Year
Outstanding
31 December 
20131
Granted
during
2014
Vested 
during
2014
Forfeited 
during
2014
Outstanding
31 December 
2014
Remaining 
years in 
contractual 
life2
Senior management 
2014ii
2,284,864
533
169,997
2,114,334
2.3
20133
1,816,336
68,587
312,180
1,435,569
1.3
Total
1,816,336
2,284,864
69,120
482,177
3,549,903
Number of rights to performance shares
2This column shows the remaining years per grant. For the 2013 grant 1.3 years remain, for the 2012 compensation grant 0.3 years remain.
1As of 2014, Mr Seyger is part of senior management. For comparative purposes, his 32,052 performance shares are included in the 2013 figures.
3The 2013 grant of performance shares includes both the regular 2013 grant and the 2012 compensation grant. 
 
 
Settlement of obligations under the equity-settled schemes 
TNT manages the obligations the company has under the existing share plans by purchasing shares on 
the market the moment such obligation arises. At 31 December 2014, the company held no shares for 
the purpose of covering any obligations under the existing plans (2013: 0 shares).  
 
19 Remuneration of members of the Supervisory Board and Executive Board  
 
Remuneration of members of the Supervisory Board 
For the year 2014, the remuneration of the members of the Supervisory Board amounted to €452,000.  
 
The remuneration of individual members of the Supervisory Board is set out in the following table: 
   
Remuneration of the Supervisory Board
Base
fee1
Additional
 meetings fee2
Other
payments3
Total
remuneration
2014
Total
remuneration
2013
Mr Burgmans4
60,000
5,000
15,000
80,000
82,500
Mr Gunning5
15,780
Ms Harris
45,000
3,000
35,000
83,000
82,000
Mr King
45,000
3,000
26,000
74,000
78,000
Mr Levy
45,000
3,000
31,000
79,000
84,500
Ms Scheltema 
45,000
1,500
20,000
66,500
67,500
Mr Vollebregt6
45,000
1,500
23,000
69,500
41,610
Total
285,000
17,000
150,000
452,000
451,890
(in €  )
6M r Vollebregt was appointed member of the Supervisory Board as of 10 April 2013.
1Base fees include payments for membership of the Supervisory Board.  
2Payments relating to attended Supervisory Board meetings over and above the usual business calendar.
3Payments relating to the number of attended committee meetings, including travel allowance for foreign members. 
5M r Gunning resigned from the Supervisory Board on 25 February 2013 in view of his potential nomination as CEO.
4Other payments for  M r Burgmans include the fee for his attendance at a remuneration committee meeting in 2013.
 
 
No equity was granted to members of the Supervisory Board and none of the members of the 
Supervisory Board accrued any pension rights with the company. Moreover, the members of the 
Supervisory Board do not receive any severance payments in the event of termination nor will they be 
entitled to a contractual severance payment in the event of removal by the general meeting of 
shareholders. 
TNT does not grant loans, including mortgage loans, or provide guarantees to any member of the 
Supervisory Board.  
 
Remuneration of members of the Executive Board 
In 2014, the total remuneration of the Executive Board consisted of: 
 base compensation;  
 other periodic paid compensation;  
 pension; and 
 variable compensation (accrued short-term and long-term incentive). 
 
In the paragraphs below, the 2014 values of each of these remuneration elements are reported per 
member of the Executive Board.

Statements 
Chapter 5  
 
 
109 
  
Total remuneration 
Effective 1 July 2014, Mr De Vries joined the company in the position of CFO, and as of 30 June 2014, 
Mr Bot resigned from the company.  
 
For the members of the Executive Board in charge per ultimo 2014, the total remuneration, including 
base compensation, other periodic paid costs, long-term incentive and pension costs amounted to 
€1,441,533. The total remuneration costs in 2013 for members of the Executive Board in charge per 
ultimo 2013, being Mr Gunning and Mr Bot, amounted to €1,634,142 (including a one-off employer tax 
for Mr Gunning and Mr Bot of €65,593 and €89,045 respectively). 
 
The 2014 remuneration of the individual members of the Executive Board is set out in the following 
table. In this table the costs are specified per remuneration component.  
 
Remuneration of the Executive Board
Base 
compensation
Other 
periodic paid
compensation
Pension
costs
Accrued for
short-term 
incentive
Accrued for 
long-term 
incentive
Termination 
benefits1
Total 2014
Total 20132
Tex Gunning3
750,000
45,529
187,500
100,147
1,083,176
632,567
Maarten de Vries4
250,000
11,103
62,500
34,754
358,357
Total current members
1,000,000
56,632
250,000
134,901
1,441,533
632,567
Bernard Bot5
250,000
40,986
75,374
6,141
21,293
1,524,000
1,917,794
1,001,575
Jeroen Seyger6
308,507
Total former members
250,000
40,986
75,374
6,141
21,293
1,524,000
1,917,794
1,310,082
(in € )
1The termination benefits for M r Bot include: severance payment of one year's base compensation, compensation for the 6 months notice period and the estimate 
for additional wagetax of €596,000 subject to article 32bb Dutch Wage Tax Act 1964.
6In 2013, M r Seyger was CFO ad interim from 1 January  through 31 M ay. The reported amounts relate to his income as CFO ad interim.
2The total 2013 remuneration costs include a one-off employer tax according to Dutch tax law.
3As of 1 June 2013, M r Gunning was assigned as CEO.  
4As of 1 July 2014, M r De Vries was assigned as CFO.
5As of 30 June 2014, M r Bot resigned from the company. For M r Bot, the accrued  costs for short-term incentive consist of costs taken in 2014 for awards in the 
period 2011-2013.
 
 
TNT does not grant loans, including mortgage loans, or provide guarantees to any member of the 
Executive Board.  
 
Base compensation 
The total base fee paid to Mr Gunning and Mr De Vries, amounted to €750,000 and €250,000, 
respectively. The total base salary paid to Mr Bot amounted to €250,000.  
 
Other periodic paid compensation 
The other periodic paid compensation includes company costs related to tax and social security, 
company car and other costs.  
 
Pension 
Mr Gunning and Mr De Vries receive a monthly gross pension allowance of 25% of their monthly base 
compensation as a contribution to their individual pension provision.  
 
The pension costs for Mr Bot consist of the service costs in a career average defined benefit scheme.  
 
Variable compensation 
The following table shows the total accrued variable compensation in 2014 for the members of the 
Executive Board:  
 
Accrued for 
short-term
incentive
Accrued for 
long-term
incentive
Total variable 
compensation 
2014
Tex Gunning
100,147
100,147
Maarten de Vries
34,754
34,754
Total current members
134,901
134,901
Bernard Bot
6,141
21,293
27,434
Total former member
6,141
21,293
27,434
(in € )
Total variable compensation

Statements 
Chapter 5  
 
 
110 
  
 
 
Accrued short-term incentive 
The accrued short-term incentive consists of: the accrued bonuses for the performance of the year 
reported, paid in cash in the next year; the 2014 costs relating to the bonus/matching plan; and the costs 
of the one-off investment/matching plan, launched after the demerger of TNT N.V.  
 
The 2014 accrued short-term incentive amounts for the Executive Board are as set out in the following 
table: 
 
Accrued for 
2014 bonus
Accrued 
for bonus  
matching shares
Accrued  for 
investment 
matching shares
Accrued for 
short-term 
incentive 2014  
Bernard Bot
5,408
733
6,141
Total former member
5,408
733
6,141
(in € )
Total short-term incentive
 
 
For the current members of the Executive Board, due to the performance on the short-term incentive 
targets, there is no entitlement to a 2014 short-term incentive payment.  
 
Bonus/matching share plan 
Members of the Executive Board could on a voluntary basis participate in the bonus/matching plan by 
investing a maximum of 50% of the gross payout of the short-term incentive of the previous year. 
However, the investment in TNT shares cannot be more than the net proceeds of the bonus. Under the 
2014 remuneration policy, these shares will be matched on a one-to-one basis and settled in shares, 
after a three-year holding period,   
 
Additionally, the following applies for the bonus/matching shares granted in 2013. In the event that the 
company results’ target is met every year during the three-year holding period, a maximum additional 
match will be made on a one-to-two basis, resulting in a total award of three matching shares. If the 
performance is below the company results’ target, there is no delivery of additional matching shares for 
that specific year. 
 
The matching of bonus shares occurs under the condition of continued employment and if at least 50% 
of the bonus/matching shares is retained during the holding period.  
 
Mr Gunning and Mr Bot decided to fully waive any of their 2013 short-term incentive entitlements, and 
as a result there was no grant of bonus/matching shares in 2014.  
 
The following table summarises the number of outstanding bonus/matching shares per member of the 
Executive Board: 
 
Bonus/matching plan
Outstanding
31 December 
2013
Granted
during 
2014
Vested or
forfeited
during 2014
Outstanding
31  December 
2014
Bernard Bot
24,420
24,420
0
Total former member
24,420
24,420
0
(in €)
Bonus/matching plan: 
Number of matching rights to shares
 
 
The accrued costs for bonus/matching shares consist of the costs for the bonus/matching shares 
granted in 2013 to Mr Bot only. The costs incurred for the plan in 2014 amount in total to €5,408 (2013: 
€33,906) and are based on the costs accrued until the termination of Mr Bot’s contract and on the fair 
value per share of €5.78.   
 
One-off investment/matching plan 
In 2011, before the demerger of the express activities, the Supervisory Board of TNT N.V. decided to 
apply a voluntary one-off investment/matching plan in which the cash proceeds from the unwinding of 
the TNT N.V. bonus/matching plan, performance share plan and option plan could – post-demerger – be 
invested in TNT shares in order to align the objectives of members of the Executive Board and (senior) 
management with long-term value creation and the interests of shareholders. Refer to note 18 for details 
of the one-off investment/matching plan. 
 
The following table shows the number of phantom shares, comprising the matching rights, granted to 
the members of the Executive Board under the one-off investment/matching plan:

Statements 
Chapter 5  
 
 
111 
  
 
One-off investment/matching plan
Outstanding
31 December
2013
Vested or
forfeited
during 2014
Outstanding
31 December 
2014
Bernard Bot
4,656
4,656
0
Total former member
4,656
4,656
0
Investment/matching plan: 
Number of matching rights to phantom shares
 
 
The total costs incurred for the plan in 2014 are €733 (2013: €10,299). Refer to note 18 for details of the 
calculation of the costs of the one-off investment/matching plan. 
 
Accrued long-term incentive 
 
Costs of the long-term incentive 
 
2014 grant 
On 29 April 2014, the grant under the TNT performance share plan occurred. Refer to note 18 for details 
of the performance share plan including assumptions used for valuation. 
 
The 2014 grant of performance shares for the members of the Executive Board was based on a value of 
50% of their annual base compensation. The actual number of rights to shares granted is determined by 
dividing the available amount (50% of the annual base compensation) by the fair value of the right to a 
share according to IFRS.  
 
Mr De Vries joined the company on 1 July 2014, therefore his 2014 award of performance shares has 
been prorated (94%) for his time in service during the three years vesting period (29 April 2014 - 1 May 
2017). This grant took place on 28 October 2014. The fair value per share amounts to €2.53 and is 
derived from the share price on Euronext Amsterdam at the grant date (28 October 2014: €4.49), 
corrected for a dividend yield for the vesting period. 
 
2012 Compensation grant 
Due to the intended merger with UPS, the 2012 grant of performance shares did not take place. In 2013, 
the Supervisory Board decided to provide for a limited 2012 compensation grant by excluding the grant 
value related to the TSR performance of the company (50% weighting). The grant value of this 
compensation grant was therefore only based on the value that related to the performance of the 
company on non-financial targets (50% weighting). For the 2012 compensation grant specific rules 
apply, refer to note 18 for more details. This resulted in a grant of 10% of the annual base compensation 
for each of the members of the Executive Board (30% annual base compensation x 50% grant value 
related to non-financial targets x 2012 performance score on non-financial targets of 66.67%). The 
actual number of rights to shares granted is determined by dividing the available amount (10% of the 
annual base compensation) by the fair value of the right to a share according to IFRS.  
 
Both Mr Gunning and Mr De Vries were not eligible for this compensation award since they joined the 
company after 2012.  
 
The following table summarises the status of the rights awarded in 2014 and 2013 under the 
performance share plan and the 2012 compensation grant to the members of the Executive Board: 
 
Rights to performance shares
Outstanding
31 December 
2013
Granted 
during
2014
Vested 
during
2014
Forfeited
during
2014
Outstanding
31 December 
2014
Remaining 
years in 
contractual 
life1
Tex Gunning
77,946
77,946
2.3
Maarten de Vries
49,024
49,024
2.3
Total current members
126,970
126,970
2.3
Bernard Bot
42,073
9,414
32,659
0
Total former member
42,073
9,414
32,659
0
Number of rights to performance shares
1This column shows the remaining years of the 2014 grant.
 
 
The following table shows the costs of the rights on performance shares related to the 2014 and 2013 
grant and to the 2012 compensation grant for Mr Bot.

Statements 
Chapter 5  
 
 
112 
  
Performance share plan costs
Costs in 2014
from performance
shares granted in 
2014
Costs in 2014 
from performance 
shares granted in 
2013
Costs in 2014 
from 2012 
compensation 
grant, granted in 
2013
Accrued
for  
long-term 
incentive 
Tex Gunning
100,147
100,147
Maarten de Vries
34,754
34,754
Total current members
134,901
134,901
Bernard Bot
12,959
8,334
21,293
Total former member
12,959
8,334
21,293
(in € )
 
 
The costs incurred in 2014 for the 2014 grant amount in total to €134,901.  
 
The costs incurred in 2014 for the 2013 grant amount in total to €12,959 (2013: €51,158). 
 
The costs incurred in 2014 for the 2012 compensation grant amount in total to €8,334 (2013: €19,577). 
Refer to note 18 for details of the calculation of the costs of the 2014 grant, 2013 grant and the 2012 
compensation grant under the performance share plan. 
 
Vesting of the long-term incentive 
Based on the interim TSR percentage available and the realised performance on the non-financial 
target, both applicable for the 2014 performance share grant, the following table shows the pro forma 
vesting of the unvested performance shares, as if the performance period ended at 31 December 2014. 
 
Performance share plan
Year
Vesting
% of 
grant
Vesting 
as if per 31
December 2014
Tex Gunning
2014
16.67
12,994
Maarten de Vries
2014
16.67
8,173
Total current members
21,167
(in € )
Performance shares
 
 
In compliance with the Dutch Corporate Governance Code, the members of the Executive Board may 
not sell their bonus/matching shares, performance shares and compensation shares prior to the earlier 
of five years from the date of grant, or the end of employment, although any sale of shares for the 
purpose of using the proceeds to pay for the tax relating to the delivery of these shares is exempted.  
 
20 Depreciation, amortisation and impairments: 210 million (2013: 434) 
 
Specification of depreciation, amortisation and impairments
Year ended at 31 December
2014
2013
Amortisation of intangible assets
35
                         
39
Depreciation of property, plant and equipment
137
                       
137
Impairment of intangible assets
34
                         
296
Impairment of property, plant and equipment
4
                           
1
Reversal of impairment on aircraft
(39)
                        
Total
210
434
(in € millions)
 
 
The amortisation of intangible assets of €35 million (2013: 39) was related to software for €34 million 
(2013: 38) and other intangibles for €1 million (2013: 1).  
 
The impairment of intangible assets in 2014 was related to goodwill impairment of €32 million and 
software impairments of €2 million. Refer to note 1.  
 
21 Other operating expenses: 417 million (2013: 242) 
The other operating expenses consisted of government legal fees, marketing, consulting and shared 
services cost and auditors fees. 
 
In 2014, fees for audit services included the audit of TNT’s annual financial statements, procedures on 
interim financial statements, statutory audits, employee benefit plan audits, audits of corporate 
sustainability reports and internal control reviews.

Statements 
Chapter 5  
 
 
113 
  
The fees can be divided into the following categories:  
 
Fees
Year ended at 31 December
2014
2013
Audit fees
4
                           
4
                           
Tax advisory fees
0
                           
0
                           
Other fees
0
                           
0
                           
Total
4
                           
4
                           
(in € millions)
 
 
In accordance with Dutch legislation, article 382 (a) of Book 2 of the Dutch Civil Code, the total audit and 
audit-related fees paid to PricewaterhouseCoopers Accountants N.V. seated in the Netherlands, 
amounted to €2 million.  
 
22 Net financial (expense)/income: -24 million (2013: -22) 
 
Specification of net financial (expense)/income 
Year ended at 31 December
2014
2013
Interest and similar income
12
                         
13
                         
Changes in fair value hedges
0
                           
1
                           
Total interest and similar income
12
                         
14
                         
Interest and similar expenses
(30)
                        
(33)
                        
Fair value change cash flow hedge recycled to profit and loss 
(1)
                          
(1)
                          
Changes in fair value hedges
0
                           
0
                           
Net foreign exchange losses
(5)
                          
(2)
                          
Total interest and similar expenses
(36)
                        
(36)
                        
Net financial expenses
(24)
                        
(22)
                        
(in € millions)
 
 
Total interest and similar income: 12 million (2013: 14) 
The external interest and similar income of €12 million (2013: 13) is mainly related to interest income on 
banks, loans and deposits of €6 million (2013: 5) (of which €6 million (2013: 4) is related to interest on 
notional cash pools), interest on taxes of €0 million (2013: 0) and interest on foreign currency hedges of 
€3 million (2013: 5).  
 
Total interest and similar expenses: 36 million (2013: 36) 
The external interest and similar expense of €30 million (2013: 33) is mainly related to interest expense 
on bank overdrafts and bank loans of €5 million (2013: 5) (of which €3 million (2013: 3) is related to 
interest on notional cash pools), interest expense on long-term borrowings of €9 million (2013: 10), 
interest on foreign currency hedges of €12 million (2013: 14), interest on taxes of €1 million (2013: 1) 
and interest on provisions of €-1 million (2013: -1). The decrease in interest on foreign currency hedges 
was caused by lower interest rate differentials between currencies in foreign exchange forward 
contracts.  
 
In accordance with IFRS, interest income and expense on (notional) cash pools are reported on a gross 
basis. From an economic and legal perspective, the €3 million (2013: 3) interest expense nets off 
against the €6 million (2013: 4) of interest income. The amounts are not netted in the income statement 
because under IFRS such offset needs in practice to be irreversibly exercised from time to time.  
 
The interest and similar income and expense on various foreign exchange derivatives have been 
aggregated on a gross basis while economically the €3 million of interest income on hedges and €0 
million change in fair value hedges (2013: 5 interest income and 1 change in fair value hedges) partly 
offsets the €12 million interest expense on hedges and €1 million fair value changes of cash flow 
hedges (2013: 14 interest expense and 1 change in fair value hedges). 
 
23 Income taxes: 87 million (2013: 131) 
In 2014, the tax expense amounted to €87 million (2013: 131) on income before taxes of €-103 million 
(2013: 9), resulting in an effective tax rate of -84.5% (2013: 1,455.6%).

Statements 
Chapter 5  
 
 
114 
  
Income tax expense consisted of the following: 
 
Specification of income tax expense
Year ended at 31 December
2014
2013
Current tax expense/(income)
50
                    
126
                  
Deferred tax expense/(income)
37
                    
5
                      
Total income taxes
87
                    
131
                  
(in € millions)
 
 
In 2014, the current tax expense amounted to €50 million (2013: 126). The difference between the total 
income taxes in the income statement and the current tax expense is due to movements in deferred tax 
assets and deferred tax liabilities. 
 
Effective income tax rate 
Year ended at 31 December
2014
2013
Dutch statutory income tax rate
25.0
                 
25.0
                 
Adjustment regarding effective income tax rates other countries
18.0
                 
(1.5)
                  
Permanent differences:
Non and partly deductible costs
(8.3)
                  
106.9
               
Non and partly deductible impairments
(7.8)
                  
923.0
               
Other
(111.4)
              
402.2
               
Effective income tax rate 
(84.5)
                
1,455.6
            
(in percentages)
 
 
The mix of income from countries in which TNT operates resulted in a weighted average statutory tax 
rate of 43.0%. Several non-deductible costs adversely affected the effective tax rate by -8.3 percentage 
points. The non-deductible impairment charges affected the effective tax rate by -7.8 percentage points. 
 
The line ‘other’ shows an impact of -111.4 percentage points and includes: 
 
– the net impact of losses for which no deferred tax assets could be recognised due to uncertainty of 
the recoverability of those assets: -73.5 percentage points; 
– the financial provision anticipating a settlement with the French Competition Authorities currently 
considered as non-deductible for tax purposes: -12.1 percentage points; and 
– the remaining ‘other’ of -25.8 percentage points consists of several other items and includes local    
taxes and accounting estimates relating to tax balances. 
 
At 31 December 2014, the income tax receivable amounted to €46 million (2013: 28) and the income tax 
payable amounted to €52 million (2013: 94). In 2014, TNT paid taxes of €109 million (2013: 79 million). 
The following table shows the movements in deferred tax assets in 2014: 
 
Movements in deferred tax assets
Provisions
Property, plant and 
equipment
Losses carried 
forward
Other
Total
Deferred tax assets at 31 December 2012
81
                    
6
                      
109
                  
47
                    
243
                  
Changes via other comprehensive income
(6)
                     
0
                      
0
                      
(4)
                     
(10)
                   
Changes via income statement
(12)
                   
1
                      
9
                      
(18)
                   
(20)
                   
(De)consolidation/foreign exchange effects
(4)
                     
(1)
                     
(10)
                   
0
                      
(15)
                   
Deferred tax assets at 31 December 2013
59
                    
6
                      
108
                  
25
                    
198
                  
Changes via other comprehensive income
37
                    
0
                      
0
                      
(2)
                     
35
                    
Changes via income statement
0
                      
2
                      
(46)
                   
3
                      
(41)
                   
(De)consolidation/foreign exchange effects
1
                      
(1)
                     
5
                      
1
                      
6
                      
Deferred tax assets at 31 December 2014
97
                    
7
                      
67
                    
27
                    
198
                  
(in € millions)
 
 
Deferred tax assets and liabilities are presented net in the statement of financial position if TNT has a 
legally enforceable right to offset current tax assets against current tax liabilities and the deferred taxes 
relate to the same taxation authority. Out of the total ‘other’ deferred tax assets of €27 million (2013: 25) 
an amount of €9 million (2013: 10) is related to temporary differences for assets that are both capitalised 
and depreciable for tax purposes only. 
 
The total accumulated losses available for carry forward at 31 December 2014 amounted to €1,341 
million (2013: 1,225). With these losses carried forward, future tax benefits of €401 million could be 
recognised (2013: 367). Tax deductible losses give rise to deferred tax assets at the substantively 
enacted statutory tax rate in the relevant country. Deferred tax assets are recognised if it is probable 
that they will be realised. The probability of the realisation is impacted by uncertainties regarding the 
realisation of such benefits, for example, as a result of the expiration of tax losses carried forward and

Statements 
Chapter 5  
 
 
115 
  
projected future taxable income. As a result, TNT has not recognised €325 million (2013: 249) of the 
potential future tax benefits and has recorded deferred tax assets of €76 million at the end of 2014 
(2013: 118). Of the total recognised deferred tax assets for loss carry forward an amount of €9 million 
(2013: 10) was offset against deferred tax liabilities. 
 
The expiration of total accumulated losses is presented in the following table: 
 
Expiration of total accumulated losses
2015
17
2016
13
2017
34
2018
41
2019 and thereafter
201
Indefinite
1,035
Total
1,341
(in € millions)
 
 
The following table shows the movements in deferred tax liabilities in 2014: 
 
Movement in deferred tax liabilities
Provisions
Property, plant and 
equipment
Other
Total
Deferred tax liabilities at 31 December 2012
16
                    
17
                    
(2)
                     
31
                    
Changes via income statement
(16)
                   
(3)
                     
4
                      
(15)
                   
(De)consolidation/foreign exchange effects
(1)
                     
-
                   
(1)
                     
Deferred tax liabilities at 31 December 2013
-
                   
13
                    
2
                      
15
                    
Changes via income statement
-
                   
(3)
                     
(1)
                     
(4)
                     
(De)consolidation/foreign exchange effects
-
                   
(1)
                     
(1)
                     
Deferred tax liabilities at 31 December 2014
0
9
                      
1
                      
10
                    
(in € millions)

Statements 
Chapter 5  
 
 
116 
  
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS  
 
The non-cash transactions in the consolidated statement of cash flows relate to depreciation, 
amortisation and impairment charges, share-based payment expenses, results from investments in 
associates, foreign exchange gains and losses, investments in property, plant and equipment financed 
via finance leases, book results on sale of property, plant and equipment and changes in provisions. 
 
24 Net cash from operating activities: 106 million (2013: 360)  
In 2014, the net cash from operating activities decreased by €254 million from €360 million in 2013 to 
€106 million.  
 
Cash generated from operations 
The cash generated from operations decreased from €474 million in 2013 to €246 million in 2014. Profit 
before income taxes contributed €-103 million or €114 million (2013: 9), after adjusting for the non-cash 
impact of depreciation, amortisation, impairments and share-based payments.  
 
The change in net pension liabilities of €-10 million in 2014 (2013: -7) reflects the total TNT non-cash 
employer pension expense for the post-employment defined benefit plans of €16 million (2013: 29), 
compared to the total TNT cash contributions to various post-employment defined benefit plans for a 
total amount of €34 million (2013: 36). 
 
In 2014, there was a net cash inflow presented of €89 million in other provisions compared to a net cash 
inflow of €58 million in 2013. This was mainly due to the addition to the other provisions of €222 million 
(mainly restructuring and claims), offset by utilisation of the restructuring and other provisions and the 
transfer of the provisions related to Brazil Domestic from liabilities related to assets held for disposal.  
 
In 2014, the net cash inflow related to working capital amounted to €50 million, which is a movement of 
€72 million compared to 2013 (2013: -22).  
 
Interest paid 
The total cash outflow for interest paid in 2014 is €31 million (2013: 35). In 2014, interest paid includes 
interest on TNT’s financial leases of €9 million (2013: 10). In addition, interest payments of €5 million 
(2013: 4) are included for short-term debt (of which €3 million (2013: 3) is due to cash pools that are 
offset against the interest received) and for interest on foreign currency hedges of €11 million (2013: 16) 
and interest paid on taxes of €1 million (2013: 1). The decrease in interest on foreign currency hedges 
was mainly caused by lower interest rate differentials between currencies in foreign exchange forward 
contracts.  
 
The interest paid and received on notional cash pools are reported on a gross basis in accordance with 
IFRS. From an economic and legal perspective the €3 million (2013: 3) interest paid fully nets off against 
the €6 million (2013: 4) interest received. The amounts are not netted in the income statement and cash 
flow statement because under IFRS such offset needs in practice to be irreversibly exercised from time 
to time. 
 
Similarly, the interest paid and received on various foreign currency derivatives have been aggregated 
on a gross basis, while economically the €3 million of interest received (2013: 5) is offset against the 
€11 million (2013: 16) of interest paid on hedges.  
 
Income taxes paid 
In 2014, TNT paid taxes of €109 million (2013: 79 million). 
 
25 Net cash used in investing activities: -117 million (2013: -26) 
 
Interest received 
In 2014, interest received amounted to €12 million (2013: 14) and mainly includes interest relating to 
short-term bank balances and deposits of €6 million (2013: 5) (of which €6 million (2013: 4) is due to 
cash pools that are offset against the interest paid), realised interest on foreign currency hedges of €3 
million (2013: 5) and interest received on taxes of €1 million (2013: 0).

Statements 
Chapter 5  
 
 
117 
  
Capital expenditure on other intangible assets and property, plant and equipment 
In 2014, capital expenditure on property, plant and equipment amounted to €147 million (2013: 108), 
and was mainly related to construction-related activities at a number of depots, and investments in 
vehicles, IT equipment and depot equipment. The capital expenditure on intangible assets of €43 million 
(2013: 25), is primarily related to purchased software, and software development projects. In 2014, 
capital expenditures were funded primarily by cash generated from operations.  
 
Proceeds from disposal of Group companies 
Proceeds from disposal of Group companies in 2014 amounted to €39 million, which was related to the 
sale of the Dutch operations of TNT Fashion Group B.V. 
 
Proceeds from disposal of Group companies in 2013 amounted to €61 million, which was related to the 
sale of China Domestic previously classified as held for disposal.  
 
Proceeds from disposal of associated companies 
Proceeds from disposal of associated companies in 2013 amounted to €27 million, which was related to 
the sale of Logispring’s investments in Apriso and Datatrac. 
 
Proceeds from sale of property, plant and equipment 
Proceeds from the sale of property, plant and equipment in 2014 amounted to €14 million (2013: 12), 
which is mainly related to the sale of vehicles and other depot equipments.  
 
Cash from financial instruments/derivatives 
In 2014, cash from financial instruments/derivatives amounted to €19 million (2013: -15), related to the 
settlement of foreign currency hedges. Financial instruments are further explained in note 30. 
 
26 Net cash used in financing activities: -33 million (2013: -30) 
 
Share-based payments 
In 2014 and 2013, no share-based payments occurred. 
 
Proceeds from and Repayments of long-term borrowings  
In 2014, the total proceeds from long-term borrowings were related to net proceeds from local bank debt 
for a total amount of €12 million (2013: net repayment of 2).  
 
Proceeds from and Repayments of short-term borrowings 
The total net repayments of short-term borrowings largely pertained to the net of increases and 
decreases on local bank overdrafts of €4 million (2013: net proceeds of 5). 
 
Repayments to finance leases 
The repayments of finance leases are related to redemptions on the two Boeing 747 freighters of €12 
million (2013: 11) and to redemptions on other finance lease contracts of €8 million (2013: 4). 
 
Dividends paid 
A payment was made in 2014, relating to the dividend for 2013, for an amount of €7 million. In 2014, an 
interim cash dividend was paid of €14 million. 
 
A payment was made in 2013, relating to the dividend for 2012, for an amount of €11 million. In 2013, 
an interim dividend was paid of €7 million. 
 
27 Reconciliation to cash and cash equivalents 
The following table presents reconciliation between the consolidated cash flow statements and the cash 
and cash equivalents as presented in the consolidated statement of financial position:

Statements 
Chapter 5  
 
 
118 
  
Reconciliation to cash and cash equivalents
Year ended at 31 December
2014
2013
Cash at the beginning of the year
696
397
Exchange rate differences
(5)
Total change in cash (as in consolidated cash flow statements)
(44)
                    
304
Cash at the end of the year
652
696
(in € millions)
 
 
ADDITIONAL NOTES 
 
28 Commitments and contingencies  
(No corresponding ﬁnancial statement number)  
 
Off-balance sheet commitments
At 31 December
2014
2013
Rent and operating lease
1,164
1,018
Capital expenditure
49
6
Purchase commitments
682
59
(in € millions)
 
 
Of the total commitments indicated above, €425 million are of a short-term nature (2013: 294).  
 
The increase in purchase commitments is mainly due to the outsourcing of IT activities related to the 
maintenance of various applications and the provision of global data centre services. 
 
Guarantees 
At the end of 2014, TNT, on behalf of TNT subsidiaries, had various parental and bank guarantees 
outstanding. Except for €1 million relating to the sale of TNT Fashion, none (2013: 0) of these 
guarantees resulted in an off-balance sheet commitment for the Group as the relating obligations to 
external parties have already been recognised by these subsidiaries following the ordinary course of 
business. 
 
Pension arrangements 
 
Execution agreement with the pension funds 
In 2011, TNT concluded an execution agreement with two pension funds (‘Stichting Pensioenfonds 
PostNL’ and ‘Stichting Ondernemingspensioenfonds TNT’), acting also on behalf of the companies 
affiliated to the company, under which it is liable for the payment of the premiums and lump sums, 
among other rights and obligations. It includes liabilities allocated to TNT as part of the TNT demerger, 
related to the pension entitlements of beneficiaries in the pension funds who are no longer employed by 
either TNT or PostNL (for example, employees of disposed subsidiaries, deferred members and 
pensioners). In the event TNT should fail to pay the amounts due under the execution agreements, the 
pension fund can directly address the companies affiliated to TNT (proportionally) for those amounts. 
 
Arrangement between TNT and PostNL regarding pensions 
The arrangement between TNT and PostNL regarding pensions entails, amongst others, that: 
– TNT will provide a subsidiary guarantee for PostNL and vice versa for situations of violation of 
contractual terms, irregularity of payments and bankruptcy; 
– the subsidiary guarantee will only be related to pension benefits accrued under the existing pension 
plans (up to the date of the demerger of TNT and PostNL in 2011) and will comprise a liability that 
will gradually decrease over time; 
– the reciprocal liability of TNT and PostNL will only exist for as long as the coverage ratio of the 
fund(s) is below a certain level; the guarantee lapses if the coverage ratio rises above that level and 
remains above that level for three consecutive quarters; and 
– the contractual agreement replaces any rights under article 334 (t) of Book 2 of the Dutch Civil Code. 
 
TNT pension fund 
In 2014, the pension fund (‘Stichting Pensioenfonds PostNL’) was split into a pension fund for the 
participants from PostNL and a separate pension fund for the participants from TNT, with effect from 1 
January 2014. The essence of the mutual guarantees described above was not affected by this split.

Statements 
Chapter 5  
 
 
119 
  
Rent and operating lease contracts 
In 2014, operational lease expenses (including rental) amounted to €372 million (2013: 396). Rent and 
operating lease contracts relate mainly to aircraft, depots, hubs, vehicles and other depot equipments. 
Of the total rent and operating lease commitment, €356 million (2013: 349) is related to three Boeing 
777 freighters. 
 
Future payments on non-cancellable existing lease contracts are as follows: 
 
Repayment schedule of rent and operating leases
At 31 December
2014
2013
Less than 1 year
269
248
Between 1 and 2 years
181
162
Between 2 and 3 years
143
118
Between 3 and 4 years
113
91
Between 4 and 5 years
95
78
Thereafter
363
321
Total
1,164
1,018
of which guaranteed by a third party/customers
1
14
(in € millions)
 
 
Capital expenditure 
Commitments in connection with capital expenditure amounted to €49 million (2013: 6) and are primarily 
related to the commercial vehicle replacement programme. 
 
Purchase commitments 
At 31 December 2014, TNT had unconditional purchase commitments of €682 million (2013: 59), which 
primarily relate to short-term aircraft charter contracts and various service and maintenance contracts. 
These contracts for service and maintenance, relate primarily to facilities management, security, 
cleaning, salary administration and IT support contracts. 
 
Contingent tax liabilities  
TNT is exposed to varying degrees of uncertainty related to tax planning and regulatory reviews and 
audits. TNT accounts for its income taxes on the basis of its own internal analyses, supported by 
external advice. TNT continually monitors its global tax position, and whenever uncertainties arise, TNT 
assesses the potential consequences and either accrues the liability or discloses a contingent liability in 
its financial statements, depending on the strength of the company’s position and the resulting risk of 
loss. 
 
At year-end 2014, total contingent tax liabilities for uncertainties are assessed to amount to between €70 
million and €80 million (2013: between €60 million and €70 million) for which TNT, based on its own 
assessment and supported by external advice, has concluded that the likelihood of an outflow of 
economic benefits to settle the obligation is not probable. 
 
Contingent legal liabilities  
 
Ordinary course litigation 
The company is involved in several legal proceedings relating to the normal conduct of its business, 
such as claims for loss of goods, delays in delivery, trademark infringements, subcontracting and 
employment issues, and general liability. The majority of these claims are for amounts below €1 million 
and are insured and/or provided for. TNT does not expect any liability arising from any of these legal 
proceedings to have a material effect on its results of operations, liquidity, capital resources or ﬁnancial 
position. The company believes it has provided for all probable liabilities deriving from the normal course 
of business. 
 
Foreign investigations 
TNT announced on 16 July 2014 that it received a Statement of Objections from the French Competition 
Authority (FCA) with respect to alleged anti-competitive behaviour in the French parcels delivery sector, 
with regards to TNT France. TNT has cooperated with the investigation since it started in 2010. On 24 
September 2014, TNT announced that it entered into a settlement with the FCA, which settlement 
includes a reduction percentage to the fine. The absolute amount of the fine - as to be determined by 
the FCA - is not expected before the end of 2015. TNT made a financial provision of €50 million in the 
third quarter.

Statements 
Chapter 5  
 
 
120 
  
TNT has voluntarily disclosed to the United States Bureau of Industry and Security its involvement in re-
exports to entities sanctioned by the United States. In addition the company has received and 
responded to information requests from competition authorities and cooperated with investigations in 
this respect. TNT does not currently expect any liability arising from any of the above investigations to 
have a material effect on its results of operation, liquidity, capital resources or financial position. 
 
29 Financial risk management 
(No corresponding financial statement number)  
 
TNT’s activities expose the company to a variety of financial risks, such as market risks (including 
foreign currency exchange risk and interest rate risk), credit risk and liquidity risk. All of these risks arise 
in the normal course of business. To manage market risks, TNT uses a variety of financial derivatives.  
 
The tables within this note provide quantitative information regarding TNT’s exposure to the financial 
risks mentioned above. There are certain limitations and simplifications inherent in the analyses 
presented, primarily due to the assumption that rates change in a parallel fashion and instantaneously, 
while at the same time, for example, the impact of changes in interest on foreign exchange exposures 
and vice versa is ignored. In addition, the analyses are unable to reflect the complex market reactions 
that normally would arise from the market shifts assumed.  
 
TNT uses derivative financial instruments solely for the purpose of hedging exposures. The company 
enters into contracts related to derivative financial instruments for periods commensurate with its 
underlying exposures and does not take positions independent of these exposures. None of these 
financial instruments are leveraged or used for trading purposes or to take speculative positions.  
 
Financial risk management is carried out by the TNT Treasury department under policies approved by 
the Executive Board. The TNT Treasury department identifies, evaluates and hedges financial risk in 
close co-operation with operating units. The Executive Board provides written principles for overall risk 
management, as well as written policies covering specific areas, such as interest rate risk, foreign 
exchange risk, credit risk and liquidity risk. Periodic reporting on financial risks has been embedded in 
the overall risk framework and has been provided to the Executive Board in a structural way.  
 
Interest rate risk 
Part of TNT’s borrowings and leases are against floating interest rates. These floating interest rates may 
fluctuate substantially and could have a material adverse effect on TNT’s financial results in any given 
reporting period. Borrowings that are issued at variable rates expose the company to cash flow volatility 
from movements in interest rates. Borrowings that are issued at fixed rates expose the company to fair 
value interest rate risk. TNT’s financial assets are on average of such short-term nature that they bear 
no significant fair value interest rate risk, but do cause cash flow interest rate risks. Group policy is to 
significantly limit the impact of interest fluctuations over a term of seven years as a percentage of 
earnings before interest, taxes, depreciation and amortisation. At 31 December 2014, TNT’s gross 
interest bearing borrowings, including ﬁnance lease obligations, totalled €216 million (2013: 220), of 
which €164 million (2013: 161) was at a ﬁxed interest rate. 
 
Although TNT generally enters into interest rate swaps and other interest rate derivatives in order to 
attempt to reduce its exposure to interest rate fluctuations, these measures may be inadequate or may 
subject the company to increased operating or financing costs.  
 
At 31 December 2014, if interest rates on borrowings and financial assets had been 1% higher with 
other variables held constant, the profit before income tax would have been €6 million higher (2013: 7), 
and equity would be impacted by €8 million (2013: 10), due to the outstanding interest rate swap(s) with 
a nominal value of US$184 million. Refer to note 30. 
 
Foreign currency exchange risk 
TNT operates on an international basis generating foreign currency exchange risks arising from future 
commercial transactions, recognised assets and liabilities, investments and divestments in foreign 
currencies other than the euro, TNT’s functional and reporting currency. These significant operational 
foreign currency cash flow risks are mostly not hedged. TNT Treasury department matches and 
manages the intragroup and external financial exposures. Although the company generally enters into 
hedging arrangements and other contracts in order to reduce its exposure to currency fluctuations, 
these measures may be inadequate or may subject the company to increased operating or financing 
costs.

Statements 
Chapter 5  
 
 
121 
  
The two main (non-euro) currencies of TNT are the British pound and US dollar, of which the 2014 
exchange rates to the euro are shown in the following table: 
 
Principal exchange rates
Year-end 
closing1
Annual
average2
US dollar
1.21410
1.32200
British pound
0.77890
0.80329
1Source: European Central Bank, reference rate on the last day of the year.
2The annual average is calculated as the 12-months' average of the TNT month-end-closing rates based on the 
rate of the European Central Bank.
 
 
Management has set up a policy that requires Group companies to manage their foreign exchange risk 
against their local functional currency. Group companies are required to hedge material balance sheet 
exposures via the use of foreign exchange derivatives with the TNT Treasury department, whereby a 
financing company operated by the department trades these foreign exchange derivatives with external 
banks. TNT currently has no net investment hedges outstanding. Significant acquisitions and local debt 
is usually funded in the currency of the underlying assets. 
 
At 31 December 2014, if the euro had weakened 10% against the US dollar with all other variables held 
constant, the profit before income tax on the foreign exchange exposure on financial instruments would 
have been impacted by 0 (2013: 0). The net income sensitivity to movements in EUR/USD exchange 
rates compared to 2013 has not changed. Impact on equity would have been 0 (2013: 0).  
 
At 31 December 2014, if the euro had weakened 10% against the British pound with all other variables 
held constant, the profit before income tax on the foreign exchange exposure on financial instruments 
would been impacted by 0 (2013: 0). The net income sensitivity to movements in EUR/GBP exchange 
rates compared to 2013 has not changed. Impact on equity would have been 0 (2013: 0).  
 
Credit risk  
Credit risk represents the loss that the company would incur if counterparties with whom TNT enters into 
financial transactions are unable to fulfil the terms of the agreements. Credit risk arises from cash and 
cash equivalents, derivatives and deposits with banks and financial institutions as well as credit 
exposures relating to customers. The company attempts to minimise its credit risk exposure by only 
transacting with financial institutions that meet established credit guidelines and by managing its 
customers’ portfolio. TNT continually monitors the credit standing of financial counterparties and its 
customers. Individual risk limits are set on internal and external ratings in accordance with limits set by 
the Executive Board. The utilisation of credit limits is regularly monitored. At balance sheet date there 
were no significant concentrations of credit risk related to customers. The top ten customers of TNT 
account for 5% of the outstanding trade receivables at 31 December 2014. 
 
Liquidity risk 
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through 
an adequate amount of undrawn committed credit facilities and the ability to close out market positions. 
Due to the dynamic nature of the underlying businesses, TNT attempts to maintain flexibility in funding 
by keeping committed credit lines available.  
 
TNT has central availability to the following undrawn committed facilities: 
 
Undrawn committed facilities
At 31 December
2014
2013
Multi-currency revolving credit facilities
600
570
(in € millions)
 
 
In November 2014, TNT successfully entered into a €600 million multi-currency revolving credit facility. 
This facility has replaced the former €570 million multi-currency revolving credit facility, which was 
originally due for re-financing in 2016. The new facility secures access to committed future financing 
capacity for a period of five years plus two one-year extension options at reduced financing costs and 
updated terms and conditions. The facility can be used for general funding purposes and includes a 
€300 million liquidity backup for TNT's euro commercial paper programme. 
The following table shows TNT’s financial liabilities per relevant maturity group based on the remaining 
period on the balance sheet to the contractual maturity date. The outgoing flows disclosed in the table 
are the contractual undiscounted cash flows which contains the redemptions and interest payments.

Statements 
Chapter 5  
 
 
122 
  
Liquidity risk schedule
At 31  December
Less than 1 
year
Between 1 and
3 years
Between 3 and
5 years
Thereafter
Book
value
Outgoing flows based on the financial liabilities 2014
Other loans
3
                
11
                  
1
                  
14
              
Finance leases
21
              
144
                 
162
            
Interest rate and cross-currency swaps (outgoing)
281
            
146
                 
12
              
Foreign exchange contracts (outgoing)
918
            
6
                
Short-term bank debt
28
              
28
              
Trade accounts payable
471
            
471
            
Other current liabilities
102
            
102
            
Mitigation incoming flows based on the financial liabilities 2014
Interest rate and cross-currency swaps (incoming)
290
            
141
                 
Foreign exchange contracts (incoming)
918
            
Total liquidity risk
616
            
160
                 
1
                  
0
              
795
            
Outgoing flows based on the financial liabilities 2013
Other loans
1
1
1
3
Finance leases
16
85
59
155
Interest rate and cross-currency swaps (outgoing)
29
350
58
34
Foreign exchange contracts (outgoing)
1,058
8
Short-term bank debt
28
28
Trade accounts payable
430
430
Other current liabilities
106
106
Mitigation incoming flows based on the financial liabilities 2013
Interest rate and cross-currency swaps (incoming)
22
323
57
Foreign exchange contracts (incoming)
1,058
Total liquidity risk
588
113
61
0
764
(in € millions)
 
 
Capital structure management 
It is the objective of TNT when managing the capital structure to safeguard its ability to continue as a 
going concern in order to provide returns for shareholders and benefits for other stakeholders, and to 
maintain an optimal capital structure. TNT’s capital structure is managed along the following 
components: 
 an investment grade credit rating of BBB+ by S&P and Baa1 by Moody’s; 
 an availability of at least €400 million to €500 million of undrawn committed facilities; 
 cash pooling systems facilitating optimised cash requirements for the Group; and 
 a tax optimal internal and external funding focused at optimising the cost of capital for the Group, 
within long-term sustainable boundaries. 
 
TNT’s credit ratings per 31 December 2014 are BBB+ (Stable) by S&P and Baa2 (Negative) by 
Moody’s. A downgrade in the credit rating of TNT may negatively affect its ability to obtain funds from 
financial institutions, retain investors and banks and increase its financing costs by increasing the 
interest rates of its outstanding debt or the interest rates at which the company is able to refinance 
existing debt or incur new debt. This could affect its return for shareholders and benefits to other 
stakeholders. 
 
The terms and conditions of TNT’s material short-term and long-term debts, as well as its material 
(drawn or undrawn) committed credit facilities, do not include any financial covenants. There are also no 
possibilities to accelerate these material debts and committed facilities in case of a credit rating 
downgrade. The debt and credit facility instruments vary on a case by case basis and mostly contain 
customary clauses as are generally observed in the market such as negative pledge conditions, 
restrictions on (the use of the proceeds of) the sale of assets or businesses and in most cases change 
of control clauses. 
 
Offsetting financial assets and financial liabilities 
The following financial assets and financial liabilities are subject to offsetting, enforceable master netting 
arrangements and similar agreements.

Statements 
Chapter 5  
 
 
123 
  
Offsetting financial assets and financial liabilities
At 31 December
Gross amounts of 
recognised financial 
assets/liabilities
Gross amounts of 
recognised financial 
assets/liabilities offset in 
the balance sheet
Net amounts of financial
assets/liabilities presented
in the balance sheet
Financial 
instruments
Cash and
bank balances
Net amount
Derivative financial assets
4
                           
4
                                 
3
                 
1
                 
Cash and cash equivalents
652
                       
652
                             
7
                 
645
             
Total financial assets
656
                       
656
                             
3
                 
7
                 
646
             
Derivative financial liabilities
6
                           
6
                                 
3
                 
3
                 
Bank overdrafts
28
                         
28
                               
7
                 
21
               
Total financial liabilities
34
                         
34
                               
3
                 
7
                 
24
               
(in € millions)
Related amounts not
offset in the balance sheet
 
 
For the financial assets and liabilities subject to enforceable master netting arrangements or similar 
arrangements above, each agreement between TNT and the counterparty allows for net settlement of 
the relevant financial assets and liabilities when both elect to settle on a net basis or in the event of 
default of either party. 
 
30 Financial instruments  
(No corresponding financial statement number)  
 
Summary of financial instruments 
In accordance with IAS 39, the following categories of financial assets and financial liabilities can be 
identified:  
 
Assets
At 31 December
Notes
Total
Assets as per balance sheet 2014
Other loans receivable
(3)
2
2
Other financial fixed assets
(3)
12
2
14
Accounts receivable
(5)
1,095
1,095
Prepayments and accrued income
(6)
163
19
182
Cash and cash equivalents
(7)
652
652
Total
1,924
21
1,945
Assets as per balance sheet 2013
Other loans receivable
(3)
3
3
Other financial fixed assets
(3)
11
1
12
Accounts receivable
(5)
1,031
1,031
Prepayments and accrued income
(6)
115
5
120
Cash and cash equivalents
(7)
696
696
Total
1,856
6
1,862
(in € millions)
Loan
and
receivables
Financial assets
at fair value
through profit
and loss
 
 
Liabilities
At 31 December
Notes
Total
Liabilities as per balance sheet 2014
Long-term debt
(12)
154
12
166
Trade accounts payable
471
471
Other current liabilities
(13)
152
6
158
Total
777
18
795
Liabilities as per balance sheet 2013
Long-term debt
(12)
141
34
175
Trade accounts payable
430
430
Other current liabilities
(13)
151
8
159
Total
722
42
764
(in € millions)
Financial liabilties
measured at
amortised costs
Derivatives
used for
hedging
 
 
The fair value of financial instruments is based on foreign exchange and interest rate market prices. 
TNT uses commonly practised fair value valuation methods for its derivatives. The valuations represent 
a best approximation of the trading value of these derivatives at their valuation moment. The derivatives 
are thereby grouped within level 2 of the fair value measurement hierarchy.

Statements 
Chapter 5  
 
 
124 
  
Finance leases 
Total debt on finance leases consist of financial lease contracts on buildings (depots), vehicles and 
aircraft.  
 
The following table provides an overview of the outstanding finance leases: 
 
Overview of finance leases
At 31 December
Boeing 747 freighters
151
floating
Yes
151
152
Other leases
11
floating/fixed
No
11
11
Total outstanding finance leases 2014
162
162
163
Boeing 747 freighters
144
floating
Yes
144
146
Other leases
11
floating/fixed
No
11
11
Total outstanding finance leases 2013
155
155
157
(in € millions)
Fair
value
Nominal 
value
Fixed/floating 
interest
Hedge
accounting
Carrying
value
 
 
Debit Value Adjustments and Credit Value Adjustments were evaluated for all applicable financial assets 
and liabilities. The impact of these adjustments was not considered to be material. 
 
Interest rate swaps 
TNT has US$184 million (2013: US$199) of interest rate swaps outstanding for which it pays fixed and 
receives floating interest. These interest rate swaps act as a hedge on the cash flow interest rate risk on 
outstanding long-term debt.  
 
As all previously outstanding forward starting swaps have been designated as cash flow hedges, the 
market value movements of the effective portion of the hedges are included in equity. The market value 
movements will remain in equity (the hedge reserve) and will be straight-line amortised to the income 
statement. In 2014, net financial expense included an amortisation of €1 million from the hedge reserve. 
 
The total ineffective portion recognised in the income statement that arises from the usage of fair value 
hedges amounted to €0 million (2013: 0). The total ineffective portion recognised in the income 
statement that arises from the usage of cash flow hedges amounted to €0 million (2013: 0).  
 
Cross-currency swaps 
TNT entered into a €250 million (2013: 250) cross-currency swap for which at maturity it pays €250 
million and will receive US$321.5 million. These cross-currency swaps act as a hedge on foreign 
exchange risk for TNT USA on an intercompany loan receivable.  
The fair value of outstanding short-term cross-currency swaps is recorded as a current asset in 
prepayments and accrued income. In 2013 it was recorded as a liability in long-term debt. An overview 
of interest rate and cross-currency swaps is presented in the following table: 
 
Overview of interest rate and cross-currency swaps
At 31 December
Nominal
Forward 
starting
Currency
Outstanding 
Pay
Receive
Hedge
Fair value
Settlement
amount 
Interest rate swaps 2014
89
No
USD
Yes
fixed
floating
cash flow
(5)
              
95
No
USD
Yes
fixed
floating
cash flow
(7)
              
Cross-currency swaps 2014
250
No
EUR/USD
Yes
floating
floating
fair value
15
             
Interest rate swaps 2013
97
No
USD
Yes
fixed
floating
cash flow
(8)
              
102
No
USD
Yes
fixed
floating
cash flow
(9)
              
Cross-currency swaps 2013
250
No
EUR/USD
Yes
floating
floating
fair value
(17)
            
(in € millions)
 
 
Foreign exchange contracts 
TNT entered into short-term foreign exchange derivatives to hedge foreign exchange fair value and cash 
flow risks. The fair value of these outstanding foreign exchange hedges is recorded as a current asset in 
prepayments and accrued income or as a current liability in total current borrowings. The foreign 
exchange result on the outstanding fair value hedges is recorded in the income statement and mitigates 
the foreign exchange exposure and results on the underlying items of the statement of financial position.

Statements 
Chapter 5  
 
 
125 
  
The details relating to outstanding foreign exchange contracts are presented in the following table:  
 
Outstanding foreign exchange contracts
At 31 December
Notes
Carrying
value
Fair value
Nominal
value
Hedge
Amount in
equity
Foreign exchange contracts 2014
Asset
(6)
4
                
4
                 
476
fair value/
cash flow
0
               
Liability
(12)/(13)
6
                
6
                 
442
fair value
N/A
Foreign exchange contracts 2013
Asset
(6)
5
                
5
                 
445
fair value
N/A
Liability
(12)/(13)
8
                
8
                 
613
fair value/
cash flow
0
               
(in € millions)
 
 
The cash flow hedges on highly probable forecasted transactions denominated in foreign currency are 
expected to occur at various dates during the next 12 months. Gains and losses recognised in the 
hedging reserve in equity on the effective portion of the forward exchange contracts as of 31 December 
2014 amount to €0 million (2013: 0). These reserves are recognised in the income statement in the 
period or periods during which the hedged forecasted transaction affects the income statement. The 
total ineffective portion recognised in the income statement arose from the usage of fair value hedges 
amounted to a result of €0 million (2013: 0). The total ineffective portion recognised in the income 
statement that arose from the usage of cash flow hedges amounted to a result of €0 million (2013: 0). 
 
31 Earnings per share  
(No corresponding financial statement number)  
 
The diluted number of ordinary shares is zero.  
 
The calculation of basic earnings per share is based on an average of 546,396,949 ordinary shares.  
 
The following table summarises the outstanding shares for TNT’s computation related to earnings per 
share: 
 
Outstanding shares information
Year averages and numbers at 31 December
2014
2013
Number of issued and outstanding ordinary shares
548,208,226
544,957,426
Average number of ordinary shares per year
546,396,949
544,171,809
Average number of ordinary shares
per year on fully diluted basis in the year
546,396,949
544,171,809

Statements 
Chapter 5  
 
 
126 
  
32 Disclosure on interest in other entities  
The amounts recognised in the statement of financial position are as follows: 
 
Amounts recognised in the financial statement
Year ended at 31 December
2014
2013
Associates
-
               
1
                  
Joint ventures
17
                
15
                
Total
17
                
16
                
(in € millions)
 
 
The amounts recognised in the income statement are as follows: 
 
Amounts recognised in the income statement
Year ended at 31 December
2014
2013
Associates
1
                  
17
                
Joint ventures
6
                  
5
                  
Total
7
                  
22
                
(in € millions)
 
 
Investment in joint ventures 
 
Investment in joint ventures
2014
2013
Balance at 1 January
15
                
19
                
Share of profit
6
                  
5
                  
Dividend received
(5)
                 
(8)
                 
Other comprehensive income/other
1
                  
(1)
                 
Balance at 31 December
17
                
15
                
(in € millions)
 
 
The joint ventures listed below have share capital consisting solely of ordinary shares, which are held 
directly by the Group. 
 
Name of entity
Place of 
business/country of 
incorporation
% of 
ownership 
interest
Nature
of the
relationship
Measurement 
method
TNT Swiss Post AG
Switzerland
50
               
Note 1
Equity
TNT Express Luxembourg SA
Luxembourg
50
               
Note 1
Equity
PNG Air Charter Services Limited
Papua New Guinea
50
               
Note 2
Equity
X-Air Services NV/SA
Belgium
50
               
Note 3
Equity
Note 1: Express delivery services for domestic and international markets
Note 2: Air freight charter services in Asia Pacific
Note 3: Aircraft maintenance services and technical support
 
 
All joint ventures are private companies and there is no quoted market price available for their shares. 
 
Commitments and contingent liabilities in respect of joint ventures 
The Group has no commitments or contingent liabilities relating to its interest in joint ventures.

Statements 
Chapter 5  
 
 
127 
  
Summarised financial information for joint ventures 
Set out below are the summarised financial information for TNT Swiss Post AG, which in the opinion of 
management is material to the Group and is accounted for using the equity method. 
 
Summarised statement of financial position
At 31 December
2014
2013
Non-current
Total non-current assets
3
                  
2
                  
Financial liabilities
0
                  
0
                  
Other liabilities
2
                  
2
                  
Total non-current liabilities
2
                  
2
                  
Current
Cash and cash equivalents
0
                  
0
                  
Other current assets (excluding cash)
56
                
52
                
Total current assets
56
                
52
                
Trade accounts payable
19
                
16
                
Other current liabilities (excluding trade accounts payables)
19
                
19
                
Total current liabilities
38
                
35
                
Net amount
19
                
17
                
(in € millions)
 
 
Summarised statement of comprehensive income
At 31 December
2014
2013
Revenue
128
              
123
              
Depreciation and amortisation
1
                  
1
                  
Interest income
0
                  
0
                  
Interest expense
0
                  
0
                  
Pre-tax profit from continuing operations
12
                
10
                
Income tax expense
(2)
                 
(2)
                 
Post-tax profit from continuing operations
10
                
8
                  
Other comprehensive income
0
                  
0
                  
Total comprehensive income
10
                
8
                  
Dividends received from joint ventures
4
                  
7
                  
(in € millions)
 
 
The information above reflects the amounts presented in the financial statements of TNT Swiss Post 
AG, adjusted for differences between the accounting policies of TNT Swiss Post AG and that of the 
Group. 
 
Reconciliation of summarised financial information 
 
Reconciliation of summarised financial information presented to the carrying amount of its interest in 
joint ventures. 
 
Summarised financial information
2014
2013
Opening net assets at 1 January
31
                
38
                
Profit/(loss) for the period
13
                
10
                
Dividend received
(10)
               
(16)
               
Other comprehensive income
0
                  
(1)
                 
Closing net assets at 31 December
34
                
31
                
Interest in joint ventures @50%
17
                
15
                
Carrying value
17
                
15
                
(in € millions)
 
 
33 Related party transactions and balances 
(No corresponding financial statement number)

Statements 
Chapter 5  
 
 
128 
  
Joint ventures 
TNT has trading relationships at arm’s length with a number of joint ventures and unconsolidated 
companies in which it holds minority shares. In some cases there are contractual arrangements in place 
under which the TNT entities source supplies from such undertakings, or such undertakings source 
supplies from TNT. 
 
During 2014, purchases of TNT from joint ventures amounted to €25 million (2013: 25). Sales made by 
TNT companies to its joint ventures were €30 million (2013: 29). The net amounts due to joint venture 
entities amounted to €27 million (2013: 25). At 31 December 2014, net amounts due to associated 
companies amounted to €0 million (2013: 1). 
 
Key management 
In 2014, key management consisted of the Executive Board and the Management Board. The 
remuneration costs for key management are disclosed in the following table:  
 
Remuneration costs key management
Salaries &
short-term
employee benefits
Post-
employment
benefits
Share- 
based 
benefits
Termination 
benefits
Total
remuneration 
2014
Total1
remuneration 
2013
Key management
4,972,408
591,769
552,129
2,368,785
8,485,090
5,838,020
Total
4,972,408
591,769
552,129
2,368,785
8,485,090
5,838,020
(in € )
1The total 2013  remuneration costs include a one-off employer tax of € 274,043 according to Dutch tax law.
 
 
PostNL companies 
At 31 December 2014, TNT is owned by PostNL N.V. ("PostNL") for approximately 14.8%, as per the 
AFM register, of TNT’s outstanding share capital. TNT also has trading relationships with a number of 
PostNL subsidiary companies.  
 
Relationship Agreement  
As a result of the demerger, TNT and PostNL entered into a relationship agreement which contains 
certain arrangements in respect of the stake that PostNL retained in TNT after the demerger (‘the 
Relationship Agreement’). The Relationship Agreement was updated in February 2013, amongst others 
to provide for relaxation of certain conditions and restrictions in respect of possible divestment by 
PostNL of its shareholding, or part thereof, in TNT. The Relationship Agreement will terminate if PostNL 
holds less than 5% of the ordinary shares. 
 
The following is a summary of certain important elements of the Relationship Agreement.  
 
 Future ordinary share sale 
PostNL may sell the ordinary shares it owns in whole or in part in an orderly market manner. PostNL 
must inform TNT of its intention to perform such sale. In the event of a private placement or 
accelerated bookbuild offering of 10% or more of the ordinary shares, PostNL is subject to another 
lock-up period of 90 days for the remainder of the stake as from completion of such placement or 
offering, it being understood that PostNL may sell by way of a private placement part, or the whole, 
of the remainder of its stake during such 90-days lock-up period to a party who commits that it will 
not sell the shares for the remainder of such period of 90 days after that party's acquisition of the 
shares. This lock-up period may be shortened or waived with the prior written consent of TNT. 
Subject to this provision and except if a public offer is made for TNT (refer to section ‘Public offer for 
TNT below), there will be no restrictions for PostNL as to the method of sale and transfer of (part of) 
its stake in TNT. 
 
Subject to PostNL’s obligations in case a public offer is made for TNT (refer to section ‘Public offer 
for TNT below), PostNL may not sell in one transaction or a series of transactions other than by way 
of an accelerated bookbuild offering 15% or more of the shares to one party or a group of related 
parties, unless such party or parties commits that it will not exercise the voting rights beyond the 
15%. 
If PostNL proposes an offering that entails TNT’s involvement in the form of a management road 
show and/or the preparation of a Prospectus (a "Fully Marketed Offering") of (part of) TNT’s ordinary 
shares, PostNL and TNT will work together in preparing the Fully Marketed Offering to the highest 
possible standard. There may be one Fully Marketed Offering in any nine month period. In 
connection with a Fully Marketed Offering TNT may propose a bookrunner who will subsequently be 
appointed by PostNL.

Statements 
Chapter 5  
 
 
129 
  
If PostNL sells (part of) the ordinary shares it owns other than by way of a Fully Marketed Offering, 
TNT will facilitate such sale by providing an opportunity to perform a limited due diligence 
investigation by a bona fide, creditworthy potential buyer of more than 5% of the ordinary shares (if 
and to the extent requested by PostNL). 
 
PostNL may not acquire any additional ordinary shares, provided that PostNL may acquire shares 
indirectly upon the acquisition of another business for other business reasons than the acquisition of 
shares in TNT as long as its stake in TNT as a result of such acquisition will be 29.9% or less. 
 
 Public offer for TNT 
If a public offer is made for TNT, PostNL will be obliged to tender its ordinary shares if the Executive 
Board and the Supervisory Board support that offer and/or recommend the offer to the shareholders. 
If the Executive Board and the Supervisory Board (i) support the offer and take a neutral position as 
to recommending it to the shareholders or (ii) do not support the offer and do not recommend the 
offer to the shareholders, then PostNL will be obliged to tender its stake (a) if 66.67% of the other 
ordinary shares are tendered under the offer (in the situation that PostNL's stake is between 29.8% 
and 25% of the ordinary shares) or (b) if a percentage of the other ordinary shares is tendered under 
the offer equal to 50% of all ordinary shares (in the situation that PostNL's stake is lower than 25% of 
the ordinary shares). 
 
The position of the Executive Board and of the Supervisory Board towards the offer will be as set out 
in the position statement of the Executive Board (and the Supervisory Board) as is customary in the 
context of an offer. 
 
If multiple public offers are simultaneously made for TNT by making an offer memorandum publicly 
available, PostNL must tender its stake under the offer for which most shares have been tendered, 
irrespective of the recommendation made by the Executive Board and the Supervisory Board, 
provided that more than 50% of the other shares have been tendered under all offers made. 
 
In the event of a proposed legal merger of TNT, which merger entails a change of control of TNT, 
PostNL must attend the general meeting and must vote in favour of such legal merger if the majority 
of the other shareholders support and vote in favour of such legal merger. This obligation terminates 
if PostNL holds 10% or less of the ordinary shares in TNT. 
 
 Mandatory offer 
If TNT intends to resolve or propose that the general meeting resolve any matter that might trigger 
PostNL having to make a mandatory offer for TNT, TNT must inform PostNL in writing at least 20 
business days before taking such resolution and/or proposing to take such resolution. This is to 
enable PostNL to take such measures as are required for it not having to make a mandatory offer. If 
TNT notifies PostNL of such proposed resolution, PostNL must sell or otherwise transfer such 
number of its ordinary shares to prevent that a mandatory offer has to be made within 30 days after 
a triggering event has taken place.  
 
 Information and reporting 
TNT will provide PostNL with certain financial and other information reasonably requested by PostNL 
as detailed in the Relationship Agreement, to enable PostNL to satisfy its ongoing financial reporting, 
audit and other legal and regulatory requirements. It is taken into account that TNT has to comply 
with legal obligations concerning the content and timing of disclosure and rules on disclosure. 
 
 Governing law 
The Relationship Agreement is governed by Dutch law. 
 
In some cases there are contractual arrangements in place under which the TNT entities source 
supplies from PostNL, or PostNL sources supplies from TNT. 
 
The following transactions were carried out with PostNL companies:  
 
Year ended at 31 December
2014
2013
Direct operational services to PostNL companies
10
                
9
                  
Direct operational services from PostNL companies1
(3)
                 
(1)
                 
(in € millions)
Transactions with PostNL companies
1Amounts between brackets represent costs.

Statements 
Chapter 5  
 
 
130 
  
34 Segment information  
(No corresponding financial statement number)  
 
The Executive Board discloses the following reportable segments:  
 
International Europe 
 
International AMEA 
 
Domestics 
 
Unallocated 
 
Segmentation – results 
 
Segment information relating to the income statement
Year ended at 31 December 2014
International 
Europe
International 
AMEA
Domestics
Unallocated
Total
Net sales
2,728
            
900
               
2,543
            
301
               
6,472
            
Intercompany sales
5
                   
0
2
                   
(7)
                  
0
                   
Other operating revenues
10
                 
6
                   
2
                   
190
               
208
               
Total operating revenues
2,743
            
906
               
2,547
            
484
               
6,680
            
Other income/(loss)
1
                   
2
                   
4
                   
10
                 
17
                 
Depreciation/impairment of property, plant and equipment
24
                 
10
                 
56
                 
51
                 
141
               
Amortisation/impairment of intangibles
34
                 
3
                   
8
                   
24
                 
69
                 
Total operating income
30
                 
50
                 
(8)
                  
(158)
              
(86)
                
Net financial income/(expense)
(24)
                
Results from investments in associates
7
                   
Income tax
(87)
                
Profit/(loss) for the period
(190)
              
Attributable to:
Non-controlling interests
5
                   
Equity holders of the parent
(195)
              
Number of employees (headcount)
15,205
9,260
27,864
5,963
58,292
          
(in € millions)
 
 
Taxes and net financial income are dealt with at TNT Group level and not within the reportable 
segments. As a result, this information is not presented as part of the reportable segments. The key 
financial performance indicator of the reportable segments for management is operating income, which 
is reported on a monthly basis to the chief operating decision-makers. 
 
In 2014, other income related to a €7 million profit on the sale of TNT Fashion Group B.V. (TNT 
Fashion), other assets held for disposal of €2 million, and miscellaneous items of €8 million.  
 
Operating income included significant non-cash items related to depreciation, amortisation and 
impairment of €210 million, of which €32 million is related to goodwill impairment in International Europe.

Statements 
Chapter 5  
 
 
131 
  
Segment information relating to the income statement
Year ended at 31 December 2013
International 
Europe
International 
AMEA
Domestics
Unallocated
Total
Net sales
2,709
            
1,054
            
2,560
            
390
               
6,713
            
Intercompany sales
5
                   
0
5
                   
(10)
                
0
                   
Other operating revenues
8
                   
7
                   
1
                   
175
               
191
               
Total operating revenues
2,722
            
1,061
            
2,566
            
555
               
6,904
            
Other income/(loss)
5
                   
2
                   
1
                   
200
               
208
               
Depreciation/impairment of property, plant and equipment
25
                 
13
                 
46
                 
15
                 
99
                 
Amortisation/impairment of intangibles
5
                   
2
                   
244
               
84
                 
335
               
Total operating income
60
                 
54
                 
(212)
              
107
               
9
                   
Net financial income/(expense)
(22)
                
Results from investments in associates
22
                 
Income tax
(131)
              
Profit/(loss) for the period
(122)
              
Attributable to:
Non-controlling interests
0
                   
Equity holders of the parent
(122)
              
Number of employees (headcount)
15,296
          
9,528
            
29,377
          
5,842
            
60,043
          
(in € millions)
 
 
In 2013, other income included the receipt of the UPS termination fee of €200 million in Unallocated, an 
amount of €4 million in International Europe relating to the settlement of a claim, the reversal in 
International AMEA of the 2012 fair value adjustment of the two Boeing 747 freighters of €17 million, 
partly offset by a fair value adjustment in International AMEA of €15 million. 
 
In 2013, operating income included significant non-cash items related to depreciation, amortisation and 
impairment of €434 million, of which €58 million is related to goodwill impairment in Unallocated, €236 
million in Domestics and €-39 million was related to reversal of the Boeing 747 freighters impairment 
charges in International AMEA.  
 
Unallocated operating income
Year ended at 31 December
2014
2013
Goodwill impairments
(58)
                
Software impairments
(2)
                  
Restructuring-related
(37)
                
(9)
                  
Implementation cost
(50)
                
UPS termination fee
200
               
UPS offer-related cost
(5)
                  
Profit on the sale of TNT Fashion Group B.V.
7
                   
Provision related to the French competition case
(50)
                
Other
(26)
                
(21)
                
Total Unallocated operating income
(158)
              
107
               
(in € millions, except percentages)
 
 
Unallocated covers mainly: 
 the results of activities related to TNT Innight activities; 
 the results of Central Networks; and 
 the expenses of activities related to the TNT Head Office. These costs are included net of the 
recovery charges allocated to individual geographic and business segments.  
 
In accordance with IAS 19.34a, TNT Express N.V., as the sponsoring employer for the two Dutch 
pension funds, recognised in its corporate financial statements the contributions received from the 
relevant TNT Group companies as a benefit that offsets the defined benefit employer pension expense. 
The relevant TNT Group companies recognised in their financial statements the cost equal to the 
contributions payable for the period. For segment reporting TNT Express N.V. and TNT Nederland B.V. 
(Head Office) are part of Unallocated, whereas the relevant Dutch operating companies are part of 
International Europe.

Statements 
Chapter 5  
 
 
132 
  
Information on statement of financial position 
A reconciliation of the segment information relating to the statement of financial position of the 
reportable segments is presented in the following table:  
 
Segment information relating to the statement of financial position
At 31 December 2014
International 
Europe
International 
AMEA
Domestics
Unallocated
Total
Intangible assets
596
               
256
               
185
               
80
                 
1,117
            
Property, plant and equipment
198
               
32
                 
402
               
306
               
938
               
Trade accounts receivable
411
               
162
               
354
               
41
                 
968
               
Other current assets
80
                 
102
               
128
               
709
               
1,019
            
Total assets
1,377
            
566
               
1,135
            
1,199
            
4,277
            
Trade accounts payable
142
               
47
                 
209
               
73
                 
471
               
Other current liabilities
281
               
119
               
374
               
344
               
1,118
            
Total liabilities
471
               
185
               
792
               
637
               
2,085
            
Cash out for capital expenditures
23
                 
18
                 
73
                 
76
                 
190
               
(in € millions)
 
 
The statement of financial position information at 31 December 2013 is as follows: 
 
Segment information relating to the statement of financial position
At 31 December 2013
International 
Europe
International 
AMEA
Domestics
Unallocated
Total
Intangible assets
628
               
257
               
184
               
68
                 
1,137
            
Property, plant and equipment
204
               
28
                 
328
               
328
               
888
               
Trade accounts receivable
396
               
138
               
335
               
61
                 
930
               
Other current assets
66
                 
101
               
81
                 
806
               
1,054
            
Total assets
1,386
            
538
               
1,021
            
1,296
            
4,241
            
Trade accounts payable
131
               
36
                 
179
               
84
                 
430
               
Other current liabilities
262
               
109
               
315
               
351
               
1,037
            
Total liabilities
435
               
161
               
559
               
666
               
1,821
            
Cash out for capital expenditures
27
                 
17
                 
52
                 
37
                 
133
               
(in € millions)
 
 
Geographical segment information 
The segment information from a geographical perspective is derived as follows: 
 The basis of allocation of net sales by geographical areas is the country or region in which the entity 
recording the sales is located. 
 Segment assets and investments are allocated to the location of the assets. 
 
Net sales
Year ended at 31 December
2014
2013
Europe
The Netherlands
375
               
458
                      
United Kingdom
902
               
873
                      
Italy
543
               
577
                      
Germany
744
               
748
                      
France
736
               
734
                      
Belgium
193
               
190
                      
Rest of Europe
1,006
            
996
                      
Other Americas
United States and Canada
77
                 
71
                        
South & Middle America
393
               
369
                      
Africa & the Middle East
176
               
166
                      
Australia & Pacific
609
               
637
                      
Asia
China and Taiwan
328
               
505
                      
India
47
                 
42
                        
Rest of Asia
343
               
347
                      
Total net sales
6,472
            
6,713
                   
(in € millions)

Statements 
Chapter 5  
 
 
133 
  
Employees
Year ended at 31 December
International 
Europe
International 
AMEA
Domestics
Unallocated
2014
2013
Europe
The Netherlands
1,220
7
871
2,098
2,919
United Kingdom
784
7,988
768
9,540
10,036
Italy
192
2,444
2,636
2,774
Germany
3,697
0
1,025
4,722
4,972
France
455
11
3,942
35
4,443
4,642
Belgium
626
1,874
2,500
2,574
Rest of Europe
7,200
568
7,768
7,574
Other Americas
United States and Canada
850
850
827
South & Middle America
14
9,170
9,184
9,118
Africa & the Middle East
167
1,834
652
2,653
2,635
Australia & Pacific
4,313
4,313
4,338
Asia
China and Taiwan
3,051
3,051
3,015
India
749
749
729
Rest of Asia
3,615
170
3,785
3,890
Total
15,205
          
9,260
                   
27,864
           
5,963
              
58,292
                 
60,043
 
 
Certain comparative figures have been reclassified to conform to the current year’s segment 
presentation. 
 
35 Subsequent events 
(No corresponding ﬁnancial statement number) 
 
36 Fiscal unity in the Netherlands 
(No corresponding ﬁnancial statement number) 
 
TNT Express N.V. forms a ﬁscal unity with several Dutch entities for Corporate Income Tax and VAT 
purposes. The Dutch entities that are part of these ﬁscal unities are included in the list containing the 
information referred to in article 379 and article 414 of Book 2 of the Dutch Civil Code, which is ﬁled at 
the office of the Chamber of Commerce in Amsterdam. The company and its subsidiaries that form part 
of the respective ﬁscal unities are jointly and severally liable for taxation payable by these ﬁscal unities.

Statements 
Chapter 5  
 
 
134 
  
TNT EXPRESS N.V. CORPORATE BALANCE SHEET/CORPORATE INCOME 
STATEMENT  
 
TNT Express N.V. Corporate balance sheet
Before proposed appropriation of profit
Notes
31 December 
2014
variance %
31 December 
2013
Assets
Non-current assets
Investments in Group companies
2,661
                 
2,733
                 
Deferred tax assets
33
                      
5
                        
Total financial fixed assets
(37)
2,694
                 
(1.6)
2,738
                 
Pension asset
(39)
0
                        
#DIV/0!
0
                        
Total non-current assets
2,694
                 
(1.6)
2,738
                 
Current assets
Accounts receivable from Group companies
3
                        
1
                        
Other accounts receivable
71
                      
7
                        
Total current assets
74
                      
825.0
8
                        
Total assets
2,768
                 
0.8
2,746
                 
Liabilities and equity
Equity
(9)(38)
Issued share capital
44
                      
44
                      
Additional paid-in capital
2,500
                 
2,647
                 
Legal reserves
12
                      
(84)
                    
Other reserves
(181)
                  
(69)
                    
Retained earnings
(195)
                  
(125)
                  
Total shareholders' equity
2,180
                 
(9.7)
2,413
                 
Non-current liabilities
Deferred tax liabilities
(23)
0
                        
0
                        
Provisions for pension liabilities
(39)
132
                    
22
                      
Total non-current liabilities
132
                    
500.0
              
22
                      
Current liabilities
Accounts payable to Group companies
401
                    
308
                    
Short term provision
50
                      
0
                        
Other current liabilities
4
                        
0
                        
Accrued current liabilities
1
                        
3
                        
Total current liabilities
456
                    
46.6
311
                    
Total liabilities and equity
2,768
                 
0.8
2,746
                 
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions, except percentages)
 
 
TNT Express N.V. Corporate income statement
Year ended at 31 December
2014
2013
Results from investments in Group companies/associates after taxes
(149)
            
(245)
                  
Other income and expenses after taxes
(46)
              
123
                    
Profit/(loss) attributable to the shareholders
(195)
            
(122)
                  
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions)
 
 
The accompanying notes form an integral part of the financial statements.

Statements 
Chapter 5  
 
 
135 
  
NOTES TO THE CORPORATE BALANCE SHEET AND INCOME STATEMENT  
ACCOUNTING POLICIES FOR VALUATION AND DETERMINATION OF RESULT TNT 
EXPRESS N.V. 
 
The corporate ﬁnancial statements for the year ended 31 December 2014 have been prepared in 
accordance with Part 9 of Book 2 of the Dutch Civil Code. TNT has applied the option in article 362 (8) 
to use the same principles of valuation and determination of result for the corporate ﬁnancial statements 
as the consolidated ﬁnancial statements. As a result, TNT’s investments in Group companies are stated 
using the ‘net asset value method’ (‘nettovermogenswaardemethode’). For the principles of valuation of 
assets and liabilities and for the determination of results reference is made to the notes to the 
consolidated statement of financial position and income statement. 
 
37 Total financial fixed assets: 2,661 million (2013: 2,733) 
 
Statement of changes
Investments in 
Group companies
Balance at 31 December 2012
2,901
                 
Changes in 2013
Results
(245)
                   
Additions to capital
150
                    
Other changes
(73)
                     
Total changes
(168)
                   
Balance at 31 December 2013
2,733
                 
Changes in 2014
Results
(149)
                   
Exchange rate differences/other
77
                      
Total changes
(72)
                     
Balance at 31 December 2014
2,661
                 
(in € millions)
 
 
At 31 December 2014, total investment in Group companies amounted to €2,661 million (2013: 2,731). 
No dividend was received in 2014 (2013: 0). Exchange rate differences/other changes of €79 million 
(2013: -75) consisted of cumulative translation adjustments and movement caused by actuarial gain and 
loss, cash flow hedges and share-based payments.

Statements 
Chapter 5  
 
 
136 
  
38 Equity: 2,180 million (2013: 2,413) 
 
Consolidated statement of changes in equity
Issued
share
capital
Additional
paid-in
capital
Legal reserves
Other reserves
Retained 
earnings
Balance at 31 December 2012
43
                
2,749
           
(4)
                
(92)
              
(86)
              
2,610
          
Profit/(loss) for the period
(122)
            
(122)
            
Other comprehensive income/(loss)
(72)
              
13
               
(59)
              
Total comprehensive income/(loss)
(72)
              
13
               
(122)
            
(181)
            
Final dividend previous year
(11)
               
(11)
              
Interim dividend
(7)
                 
(7)
                
Compensation retained earnings
(83)
               
83
               
0
Legal reserves reclassifications
(8)
                
8
                 
0
Share-based payments
2
                 
2
                 
Stock dividend
1
                  
(1)
                 
0
Total direct changes in equity
1
                  
(102)
             
(8)
                
10
               
83
               
(16)
              
Balance at 31 December 20131
44
                
2,647
           
(84)
              
(69)
              
(125)
            
2,413
          
Profit/(loss) for the period
(195)
            
(195)
            
Other comprehensive income/(loss)
89
               
(109)
            
(20)
              
Total comprehensive income/(loss)
89
               
(109)
            
(195)
            
(215)
            
Final dividend previous year
(7)
                 
(7)
                
Interim dividend
(15)
               
(15)
              
Compensation retained earnings
(125)
             
125
             
Legal reserves reclassifications
7
                 
(7)
                
Share-based payments
5
                 
5
                 
Stock dividend
0
                  
(0)
                 
0
                 
Other
(1)
                
(1)
                
Total direct changes in equity
0
                  
(147)
             
7
                 
(3)
                
125
             
(18)
              
Balance at 31 December 2014
44
                
2,500
           
12
               
(181)
            
(195)
            
2,180
          
1For comparative purposes 2013 numbers have been restated to reflect the impact of changes in accounting policies.
(in € millions)
Attributable to 
equity holders of 
the parent
 
 
Refer to note 9 for additional details on equity. 
 
39 Provision for pension liabilities: 132 million (2013: 22) 
TNT Express N.V. is the co-sponsoring employer for two Dutch pension plans along with PostNL, which 
are externally funded in two separate pension funds and cover the majority of TNT’s employees in the 
Netherlands. In accordance with IAS 19.34a, the net defined benefit cost is recognised in the corporate 
financial statements of TNT Express N.V. The relevant Group companies recognise the costs equal to 
the contribution payable for the period in their financial statements. For TNT, the contributions received 
from the other Group companies offset the pension expense.  
 
The following table reconciles the opening and closing balances of the present value of the defined 
benefit obligation and the fair value of plan assets for the TNT Express N.V. sponsored Group pension 
plans.

Statements 
Chapter 5  
 
 
137 
  
Pension disclosures
2014
2013
Change in benefit obligation
Benefit obligation at beginning of year
473
              
508
              
Service costs
20
                
23
                
Interest costs
19
                
21
                
Past service cost
(12)
               
(2)
                 
Actuarial (loss)/gain
200
              
(72)
               
Benefits paid
(7)
                 
(5)
                 
Benefit obligation at end of year
693
              
473
              
Change in plan assets
Fair value of plan assets at beginning of year
451
              
463
              
Actual return on plan assets
93
                
(33)
               
Other movement/adminstation cost
(1)
                 
(1)
                 
Contributions 
25
                
27
                
Benefits paid
(7)
                 
(5)
                 
Fair value of plan assets at end of year
561
              
451
              
Funded status at 31 December
Funded status
(132)
             
(22)
               
Net pension asset/(liability)
(132)
             
(22)
               
Components of employer pension expense
Service costs
(20)
               
(23)
               
Interest costs
(19)
               
(21)
               
Expected return on plan assets
16
                
19
                
Past service cost
12
                
2
                  
Other cost/administration cost
(1)
                 
(1)
                 
Total post employment benefit income/(expenses)
(12)
               
(24)
               
Weighted average assumptions as at 31 December
Discount rate
2.3%
3.9%
Expected return on plan assets
2.3%
3.9%
Rate of compensation increase
2.0%
2.0%
Rate of benefit increase
1.3%
1.5%
(in € millions, except percentages)
 
 
40 Wages and salaries 
(No corresponding ﬁnancial statement number) 
 
The employees of TNT Express N.V. consist solely of the members of the Executive Board. Hence no 
salary and social security costs were incurred besides those disclosed in note 19. In accordance with 
IAS 19.34, the net defined benefit cost shall be recognised in the corporate financial statements of TNT 
Express N.V. Refer to note 39 for more information on defined benefit pension costs, and to note 19 for 
the remuneration of the Executive Board and Supervisory Board. 
 
41 Commitments not included in the balance sheet 
(No corresponding ﬁnancial statement number) 
 
Declaration of joint and several liability 
At 31 December 2014, TNT Express N.V. issued a declaration of joint and several liability for some of its 
Group companies in compliance with article 403 Book 2 of the Dutch Civil Code. Those Group 
companies are: 
TNT Express Holdings B.V.  
TNT Express Nederland B.V.  
TNT Express Road Network B.V.  
TNT Express Worldwide N.V.  
TNT Finance B.V.  
TNT Nederland B.V.  
TNT Holdings B.V.  
TNT Innight B.V.  
TNT Skypak Finance B.V.  
TNT Skypak International (Netherlands) B.V.  
TNT Transport International B.V.

Statements 
Chapter 5  
 
 
138 
  
Fiscal unity in the Netherlands 
TNT Express N.V. forms a ﬁscal unity with several Dutch entities for Corporate Income Tax and VAT 
purposes. The Dutch entities that are part of these ﬁscal unities are included in the list containing the 
information referred to in article 379 and article 414 of Book 2 of the Dutch Civil Code, which is ﬁled at 
the office of the Chamber of Commerce in Amsterdam. The company and its subsidiaries that form part 
of the respective ﬁscal unities are jointly and severally liable for taxation payable by these ﬁscal unities. 
 
Guarantees 
TNT Express N.V. provided parental support in the form of specific guarantees to various subsidiaries, 
in addition to the declaration of joint and several liability in compliance with article 403 of Book 2 of the 
Dutch Civil Code: €600 million relating to the multi-currency committed revolving credit facility, a €500 
million commercial paper programme, a €280 million (2013: 280) credit facility on its cross-currency 
cash pool as well as various guarantees included in International Swaps and Derivatives Association 
(ISDA) agreements with banks for the trading of financial derivatives which are materially issued for the 
TNT business; in addition to smaller uncommitted credit and guarantee facilities. 
 
TNT Express N.V. also guarantees the liabilities under the financial and operating lease agreements of 
aircraft including the Boeing 747 freighters and Boeing 777 freighters. Furthermore, guarantees of €120 
million (2013: 112) were issued amongst others for credit and foreign exchange facilities for its 
subsidiary TNT Express Worldwide (China) Ltd. in addition to smaller uncommitted credit and guarantee 
facilities to various subsidiaries. TNT Express N.V. has no guarantees outstanding for the benefit of 
unconsolidated subsidiaries and third parties, other than those provided in the ordinary course of 
divestments and other transactions. 
 
The cross-guarantee arrangement between TNT and PostNL regarding pensions is described in note 
28. 
 
42 Subsidiaries and associated companies at 31 December 2014 
(No corresponding ﬁnancial statement number) 
 
The full list containing the information referred to in article 379 and article 414 of Book 2 of the Dutch 
Civil Code is ﬁled at the office of the Chamber of Commerce in Amsterdam. 
 
Hoofddorp, 17 February 2015 
 
EXECUTIVE BOARD 
L.W. Gunning (Chairman) 
M.J. de Vries 
 
SUPERVISORY BOARD  
A. Burgmans (Chairman) 
M.E. Harris 
R. King 
S. Levy 
M. Scheltema 
Sj.S. Vollebregt 
 
 
TNT Express N.V. 
Taurusavenue 111 
2132 LS Hoofddorp 
P.O. Box 13000 
1100 KG Amsterdam 
The Netherlands

Statements 
Chapter 5  
 
 
139 
  
OTHER INFORMATION 
 
INDEPENDENT AUDITOR’S REPORT 
To: the Annual General Meeting of Shareholders and the Supervisory Board of TNT Express N.V. 
 
Report on the 2014 financial statements 
 
Our opinion 
In our opinion: 
 
the consolidated financial statements as set out on pages 68 to 133 give a true and fair view of the 
financial position of TNT Express N.V. as at 31 December 2014 and of its result and cash flows for 
the year then ended in accordance with International Financial Reporting Standards as adopted by 
the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code; 
 
the corporate financial statements as set out on pages 134 to 138 give a true and fair view of the 
financial position of TNT Express N.V. as at 31 December 2014 and of its result for the year then 
ended in accordance with Part 9 of Book 2 of the Dutch Civil Code. 
 
What we have audited 
We have audited the financial statements 2014 as set out on pages 68 to 138 of TNT Express N.V., 
Hoofddorp (‘the Company’ or collectively with its subsidiaries ‘the Group’). The financial statements 
include the consolidated financial statements and the corporate financial statements. 
 
The consolidated financial statements comprise: 
 
the consolidated statement of financial position as at 31 December 2014; 
 
the following statements for 2014: the consolidated income statement and the consolidated 
statements of comprehensive income, changes in equity and cash flows; and 
 
the notes, comprising a summary of significant accounting policies and other explanatory 
information. 
 
The corporate financial statements comprise: 
 
the corporate balance sheet as at 31 December 2014; 
 
the corporate income statement for the year then ended; and 
 
the notes, comprising a summary of the accounting policies and other explanatory information. 
 
The financial reporting framework that has been applied in the preparation of the financial statements is 
EU-IFRS and the relevant provisions of Part 9 of Book 2 of the Dutch Civil Code for the consolidated 
financial statements and Part 9 of Book 2 of the Dutch Civil Code for the corporate financial statements. 
 
The basis for our opinion 
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our 
responsibilities under those standards are further described in the “Our responsibilities for the audit of 
the financial statements” section of our report. 
 
We are independent of TNT Express N.V. in accordance with the “Verordening inzake de 
onafhankelijkheid van accountants bij assurance-opdrachten” (ViO) and other relevant independence 
requirements in the Netherlands. Furthermore, we have complied with the “Verordening gedrags- en 
beroepsregels accountants” (VGBA). 
 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion. 
 
Our audit approach 
 
Overview 
We designed our audit by determining materiality and assessing the risks of material misstatement in 
the financial statements. In particular, we looked at where the Executive Board made subjective 
judgements, for example in respect of significant accounting estimates that involved making 
assumptions and considering future events that are inherently uncertain. As in all of our audits, we also 
addressed the risk of management override of internal controls, including evaluating whether there was 
evidence of bias by the directors that may represent a risk of material misstatement due to fraud.  
 
Our engagement consists of certain specified procedures on the second quarter interim financial 
statements, pre year-end closing procedures in the fourth quarter 2014 and the year-end audit. Given 
the size of the Company and its operations we are involved on a continuous basis and have ongoing

Statements 
Chapter 5  
 
 
140 
  
discussions with the finance functions, corporate and local management, the Executive Board and Audit 
Committee. We have attended all Audit Committee meetings during the year and presented our findings 
in the Supervisory Board meeting in February 2015. 
 
 
 
 
 
 
 
Materiality 
The scope of our audit is influenced by the application of materiality. Our audit opinion aims on providing 
reasonable assurance about whether the financial statements are free from material misstatement. 
Misstatements may arise due to fraud or error. They are considered to be material if, individually or in 
the aggregate, they could reasonably be expected to influence the economic decisions of users taken 
on the basis of the financial statements. 
 
We set certain quantitative thresholds for materiality. These, together with qualitative considerations as 
part of our risk analysis, helped us to determine the nature, timing and extent of our audit procedures 
and to evaluate the effect of identified misstatements on our opinion.  
 
Based on our professional judgment, we determined materiality for the financial statements as a whole 
as follows: 
 
 
 
 
 
Overall group materiality 
€10 million (2013: 10). 
How we determined it 
5% of adjusted profit before tax. This adjustment consists 
of specific non-recurring items and finance lease expenses, 
which are audited in more detail. Non-recurring items 
include for example restructuring charges and impairment 
charges. 
Rationale for benchmark applied 
We have applied this benchmark, a generally accepted 
auditing practice, based on our analysis of the common 
information needs of users of the financial statements. On 
this basis we believe that profit before tax is an important 
metric for the financial performance of the Company. 
  
  
 
We also take misstatements and/or possible misstatements into account that, in our judgment, are 
material for qualitative reasons. 
 
Materiality
Audit scope
Key audit 
matters
Materiality 
 
Overall materiality: €10 million which represents 5% of 
adjusted profit before tax. 
 
Audit scope 
 
We conducted audit work on 32 locations. We paid 
particular attention to the European Road Network, IT 
Central Services (‘ICS’) and TNT Airways network entities 
and (foreign) holding entities with treasury or tax 
significance or represented higher risk. As part of our 
unpredictability 
procedures 
we 
selected 
4 
smaller 
reporting entities on a rotational basis, which are subject to 
audit procedures by the Company’s internal audit 
department. 
 
 
During the calendar year site visits were conducted by 
senior members of the group audit team to 8 countries 
where the Company has operations – Australia, Brazil, 
France, Italy, Poland, Spain, the United Kingdom and the 
United States of America.  
 
Key audit matters 
 
Restructuring provision and organisational changes 
 
Disclosure of new segmentation in international and 
domestic activities 
 
Reallocation of goodwill and related sensitivity to the 
valuation of goodwill 
 
Uncertain tax positions and valuation of deferred tax 
assets in various jurisdictions 
 
Claims and litigations  
 
Management override of controls

Statements 
Chapter 5  
 
 
141 
  
We agreed with the Audit Committee that we would report to them misstatements in the income 
statement identified during our audit exceeding €0.5 million (2013: 0.5) as well as misstatements below 
that amount that, in our view, warranted reporting for qualitative reasons. 
 
The scope of our group audit 
TNT Express N.V. is the holding company of a group of entities. The financial information of this group is 
included in the consolidated financial statements of TNT Express N.V. 
When setting the scope of our audit of the Group we consider the following key factors in the control 
environment:  
 
We rely on the Group’s Internal Control on Financial Reporting (‘ICFR’) framework and the 
monitoring of this framework. Where relevant we test this framework at the Company’s head office 
and in some selected countries in order to be able to rely on it;  
 
The majority of the IT environment of the Group is centralised in the IT service centre. We test 
these systems and procedures centrally and provide assurance on the central IT General Controls 
to the component audit teams;  
 
The system for international deliveries is centrally maintained. We use the system data as a basis 
for centralised revenue assurance procedures. These revenue reports are followed up at the 
component level by component audit teams; 
 
We undertake work and provide an independent assurance report concerning the Group’s Financial 
Transfer Pricing process which is centrally organised. Our component audit teams apply the 
findings and gain comfort from this report; 
 
We liaise with the Group’s Internal Audit department. They perform financial and operational audits 
on a rotational and risk assessment basis. In addition to our group audit scope, we also selected 4 
smaller entities on a rotational basis as part of our unpredictability procedures. These audits are 
performed by Internal Audit. We perform procedures to ensure that we can place sufficient reliance 
on Internal Audit, such as assessing their objectivity and competence, their system of quality 
review, by providing them specific instructions and reviewing their audit files. 
 
Taking into account the key factors above we tailor the scope of our audit of the Group.   
 
How we tailored the scope of our group audit 
Considering our ultimate responsibility for the opinion on the Company’s consolidated financial 
statements we are responsible for the direction, supervision and performance of the group audit. In this 
context, we have determined the nature and extent of the audit procedures for components of the group 
to ensure that we performed enough work to be able to give an opinion on the financial statements as a 
whole. Determining factors are the geographic structure of the Group, the significance and/or risk profile 
of group entities or activities, the accounting processes and controls, and the industry in which the 
Group operates. On this basis, we selected group reporting entities for which an audit of financial 
information or specific balances was considered necessary and included tax, valuation, pension and 
share based payments specialists in our group audit team. 
 
The group audit is aligned with the divisional structure and strategy of TNT Express N.V. In the 
‘Domestics’ division, all countries with the exception of Chile have been identified as significant 
components, being - Australia, Brazil, France, Italy, and the United Kingdom. In addition, significant 
components have been identified in the ‘International Europe’ division (for example Germany) and the 
‘International AMEA’ division (for example China). In our view, due to their significance and/or risk 
characteristics, each of these components required a full scope audit of their financial information. We 
also included all significant network entities in our group audit scope by performing full scope or 
specified audit procedures on European Road Network, IT Central Services, Eurohub and TNT Airways. 
 
We issued specific instructions to the audit teams of the components in our audit scope. These 
instructions included our risk analysis, materiality and global audit approach to centralised processes 
and systems. We determined the level of involvement in the audit work at those entities in order to be 
able to conclude whether sufficient appropriate audit evidence had been obtained as a basis for our 
opinion on the group financial statements as a whole. We formally update our component teams three 
times during the year via conference calls in which we present recent developments, the scope of our 
audit, audit risks, materiality and our global audit approach. We also had individual calls with every 
component team on three occasions during the year. During these calls we discuss the reports of the 
component team, the findings of their procedures and other matters which could be of relevance for the 
group financial statements. In addition, separate calls were held on an ongoing basis between senior 
members of the group audit team and the component auditors. During these calls we share local 
findings and consider their follow up or the need for support or information from a central level. The 
group audit team visits a number of the component teams annually. In the current year senior members 
of the group team visited: Australia, Brazil, France, Italy, Poland, Spain, the UK and the USA. Our 
selection is based on the relative significance of the entities within the group or specific risks identified -

Statements 
Chapter 5  
 
 
142 
  
for example, in relation to the organisational changes (refer to key audit matter ‘Organisational changes 
and Restructuring provision’).  
 
The Company operates three segments with centralised control. In addition, holding, central network 
and certain other activities are included in the unallocated segment. This implies that significant and/or 
complex transactions are executed or monitored by the TNT Head Office. Therefore the group audit 
team performs audit work on the following group entities: TNT Nederland B.V., TNT Finance B.V., TNT 
Transport International B.V., TNT Express N.V., TNT Express Nederland B.V., and TNT European Road 
Network B.V. 
 
The group consolidation, financial statement disclosures and a number of items are audited by the 
group audit team at the TNT Head Office. These include, goodwill impairment testing, derivative 
financial instruments, hedge accounting, segmentation, aircraft valuations, group tax risks, certain 
deferred tax assets, share based payments, restructuring costs, claims and litigations, pension 
accounting, disposal of group companies, follow up on whistleblower allegations, ethics and compliance 
with laws and regulations. We have also issued specified procedure instructions to obtain comfort over 
taxation issues in the German, French and Belgian holding entities.  
 
By performing the procedures above at components, combined with additional procedures at group 
level, we have obtained sufficient and appropriate audit evidence regarding the financial information of 
the group as a whole to provide a basis for our opinion on the consolidated financial statements. 
 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in the 
audit of the financial statements. We have communicated the key audit matters to the Supervisory 
Board, but they are not a comprehensive reflection of all matters that were identified by our audit and 
that we discussed. We described the key audit matters and included a summary of the audit procedures 
we performed on those matters. 
 
The key audit matters were addressed in the context of our audit of the financial statements as a whole, 
and in forming our opinion thereon. We do not provide a separate opinion on these matters.  
 
Key audit matter 
How our audit addressed the matter 
Restructuring provision and organisational 
changes 
 
Since 2013, the Company has been engaged in a 
number of strategic organisational changes, most 
notably the Deliver! and Outlook programmes.  
 
 
During 2013 and 2014 several restructuring 
plans have been implemented as part of the 
Deliver! and Outlook programmes. As at 31 
December 2014 €117 million is provided on 
the balance sheet. We refer to Note 11 of the 
financial statements. The restructuring 
provisions are material to the financial 
statements and the recognition criteria and 
measurement are detailed and depends upon 
local circumstances. We refer to Chapter 4 to 
the Risk Management paragraph of the 
Annual Report. 
 
In our audit we addressed the appropriateness and timely 
recognition of costs and provisions in accordance with IAS 
37 – Provisions, Contingent Liabilities and Contingent 
Assets. These recognition criteria are detailed and depend 
upon local communication and country specific labour 
circumstances. Recognition criteria can be an agreement 
with the unions, a personal notification or a settlement 
agreement. The component audit teams have performed 
detailed audit procedures on the recognition and 
measurement of these restructuring provisions. The group 
audit team has identified the completeness and accuracy of 
the restructuring provisions as a significant risk in the audit. 
Subsequently we have reviewed the reports of the 
component audit teams and discussed the recognition 
criteria. Where required we followed up centrally for 
supporting documentation. The restructuring provisions at 
head office were audited by the group audit team. We 
concur with management’s position as set out in the 
financial statements. 
 
We have identified an increased risk in the 
Company’s control environment in areas 
where these organisational changes took 
place. The Company has a framework in 
place which monitors the status of the 
internal control environment and 
management undertook mitigating actions 
based on internal and external audit findings, 
amongst others, where it was deemed 
necessary. We refer to the Risk Management 
paragraph in Chapter 4 to of the Annual 
Report. 
During our engagement we monitored the control 
environment risk on a corporate and local level -  
specifically with respect to the quality of local and central 
closing procedures. This was done during our half-year 
procedures, hardclose and year-end audit. In particular the 
deficiencies as reported in the ICFR framework and the 
mitigating procedures by management were assessed by 
the Company and us. In our role as group auditor we 
specifically discussed these risks and the local 
observations with the component audit teams. Where 
required, additional procedures were performed by 
management, the component audit team and/or the group 
audit team. We determined that sufficient additional 
procedures were performed to mitigate these risks.

Statements 
Chapter 5  
 
 
143 
  
Key audit matter 
How our audit addressed the matter 
Disclosure of new segmentation in international 
and domestic activities 
 
As part of the Outlook programme the Company 
changed its reporting structure in order to separate the 
main domestic activities from the integrated 
international express activities in Europe and Asia, 
Middle East & Africa. As per 1 October 2014 the 
reporting structure of the group changed to the new 
structure as disclosed in note 34. IFRS 8 - Operating 
Segments requires identification of operating segments 
on the basis of internal reports that are regularly 
reviewed by the Chief Operating Decision Maker 
(‘CODM’) which is the TNT Management Board. This 
assessment process has been disclosed in TNT’s 
accounting policies. The segment information is an 
important disclosure in the financial statements and we 
have therefore performed additional procedures on this 
key audit matter. 
Management assessed the requirements of IFRS 8 and 
how these have been addressed in the new segmentation. 
We have audited management’s analysis and have 
compared these to our observations of the organisation and 
internal reporting process. We involved our financial 
reporting specialists during the review of the technical 
analysis.  
We performed detailed testing on the aggregation of legal 
entities and on the separation and re-allocation  of the 
International and domestic activities within France, the 
United Kingdom and Italy. Some of these procedures were 
performed at a local level where we issued specified 
procedure instructions to component auditors on this carve 
out. We concur with the steps taken by management and 
the disclosure note in the financial statements. 
 
 
Reallocation of goodwill and related sensitivity to 
the valuation of goodwill 
 
The implementation of the organisational structure as 
part of the Outlook programme resulted in a change of 
the composition of the goodwill allocated to the (groups 
of) Cash Generating Units (‘CGUs’). Consequently, the 
goodwill amounting to €1,039 million has been re-
allocated to the new TNT Express’ (groups of) CGUs 
based on the relative fair value which were part of 
these former (groups of) CGUs. In addition, goodwill 
originating from previous acquisitions related to specific 
CGUs was allocated to the relevant CGU. The 
Company simultaneously performed the annual 
goodwill impairment test during the fourth quarter 2014. 
This led to an impairment charge of €32 million for the 
CGU TNT Spain. The assumptions and sensitivities in 
the four quarter 2014 impairment test are disclosed in 
note 1 to the financial statements. These sensitivity 
analysis are significant to our audit because the 
assessment process is complex and requires 
management judgement, and is based on assumptions 
that are affected by expected future market conditions. 
Our audit procedures included detailed assessment and 
challenging of the calculations performed by management. 
We tested the allocation of goodwill to the new CGU and 
for specific goodwill we ensured that this related 
appropriately to these new CGUs.  
 
Our valuation specialists assisted us in evaluating and 
challenging the assumptions and methodologies applied by 
TNT Express N.V. in its impairment test, in particular those 
relating to the forecasted revenue growth and the (country) 
discount rate for various CGU’s. We also focused on the 
adequacy of the Company’s disclosures regarding those 
assumptions including the sensitivity analyses. 
 
 
Uncertain tax positions and valuation of deferred 
tax assets in various jurisdictions 
 
The Group operates in various countries with local tax 
regulations. The country specific tax risks are a 
significant risk in our audit as these could result in 
potential material amounts payable. Management 
monitors these risks on a local and corporate level. The 
significant tax risks and mitigating actions are 
summarised in tax position papers. The Company has 
disclosed the tax risks in note 28 to the financial 
statements. 
The main entities in the Group are subject to local audits 
and thus these risks are audited and reported at   a 
component level. The group audit team reviewed those 
reports and discussed the associated risks with the 
component auditors. The TNT tax position papers and tax 
risks are audited by the group audit team with the 
involvement of our tax specialists. We liaised with our 
component audit teams in response to country specific tax 
risks.  
The Company has recorded deferred tax assets in the 
financial statements resulting from deductible 
temporary differences and losses carried forward of       
€198 million as disclosed in note 23 to the financial 
statements. The Company recognises these deferred 
tax assets to the extent that it is probable that future 
taxable profits will allow the deferred tax assets to be 
recovered and recorded valuation allowances in the 
fourth quarter 2014, which impacted income tax 
expense. The realisation probability is impacted by a 3 
to 5 year period for realisation of the full benefits of the 
Outlook investment and restructuring programmes, 
timing of these benefits, uncertainties regarding the 
realisation of such benefits, including the expiration 
date of losses and future taxable income. 
We audited the available tax losses carried forward and 
deductible temporary tax differences. We considered the 
local expiry periods together with any applicable restrictions 
in recovery for each individual jurisdiction. In addition, our 
audit procedures included evaluating and challenging 
management’s forecasts including the assumptions such as 
revenue growth and cost developments. We checked the 
consistency of underlying assumptions with those of the 
impairment analysis and particularly address allocation to 
the respective tax territories. We also assessed the past 
performance against business plans used by the Company 
to determine the future taxable income per country. We 
determined that the underlying plans provide sufficient 
(‘convincing’) evidence for recognition under IFRS.

Statements 
Chapter 5  
 
 
144 
  
Key audit matter 
How our audit addressed the matter 
Claims and litigations  
 
As outlined in the risk management section of Chapter 
4 of the Annual Report, the Company is exposed to 
potential claims and litigation in a wide variety of areas. 
These areas include trade, anti-trust and export 
controls. In chapter 4 of the Annual Report, the risks 
and mitigating actions in response to potential claims 
and litigations have been reported. Most notably, in 
2014 the Company received a Statement of Objections 
of the French Competition Authority (‘FCA’) with 
respect to the investigation of alleged anti-competitive 
behaviour in the French parcels delivery sector. The 
Company announced its settlement with the FCA in 
September 2014. As disclosed in note 11 a financial 
provision of €50 million is recorded and the exposure is 
also disclosed as a contingent liability in note 28 of the 
financial statements.  
 
Claims and litigation including any provisions are 
significant to our audit because management 
judgement is required, the assessment process is 
complex and is based on (potential) future 
developments. 
We had update meetings with relevant compliance 
departments in TNT who are responsible for managing the 
compliance risks. We also had interviews, took note of their 
internal reports and where necessary involved subject 
matter experts.  
In respect of the French anti-competition case we 
reconciled and reviewed documentation of the legal 
proceedings and the settlement letter. Management 
performed a legal and financial assessment which we 
assessed. We challenged the ranges and assumptions 
included in management’s calculation of the potential fine. 
We discussed these management judgements with the 
various central and local functions in the Group including 
Corporate Legal, the Executive Board and the Audit 
Committee. We reviewed the legal letters received from the 
Dutch and French external lawyers. We assessed the 
objectivity and competence of these experts. During these 
procedures we liaised with the French component audit 
team to combine and assess the local and central 
observations in this case. We conclude that management’s 
accounting for claims and litigations is in accordance with 
the requirements of IFRS. 
 
 
Management override of controls 
 
The Company operates in multiple jurisdictions and is 
subject to the risk of management override of controls 
and fraud. In order to address this risk, the Company 
has established a comprehensive governance structure 
as detailed in Chapter 4 of the Annual Report. 
In our audit, we performed audit procedures which allow us 
to rely, to the extent possible, on management’s 
governance structure. We also perform additional audit 
procedures designed to identify the risk of management 
override of controls. These procedures included, amongst 
others, an assessment of the corporate ‘tone-at-the-top’, 
compliance with Company policies, review of internal audit 
reports, budget to actual analysis, consideration of bonus 
schemes, assessment of internal control deficiencies, 
follow-up on whistle-blower allegations, business ethics, 
compliance with laws and regulations specific for the 
industry such as export controls, the US Foreign Corrupt 
Practices Act (FCPA) and the UK Bribery Act 2010, 
revenue recognition and cost cut off procedures, as well as 
examination of manual journal entries. Where necessary 
we extended our audit procedures to additional 
geographical units and/or requested follow up from group 
management. We also maintained unpredictability in our 
audits by, amongst others, selecting smaller entities in 
scope, review of expense declarations of the Executive 
Board and made specific enquiries at different levels in the 
organisation to establish consistency.   
  
  
 
Responsibilities of the Executive Board and the Supervisory Board 
 
The Executive Board is responsible for: 
 
 
the preparation and fair presentation of the financial statements in accordance with EU-IFRS and 
with Part 9 of Book 2 of the Dutch Civil Code, and for the preparation of the Executive Board report 
as set out on pages 4 to 21, pages 41 to 53 and pages 60 to 66 in accordance with Part 9 of Book 2 
of the Dutch Civil Code, and for 
 
such internal control as the Executive Board determines is necessary to enable the preparation of 
financial statements that are free from material misstatement, whether due to fraud or error. 
 
As part of the preparation of the financial statements, the Executive Board is responsible for assessing 
the Company’s ability to continue as a going concern. Based on the financial reporting frameworks 
mentioned, the Executive Board should prepare the financial statements using the going concern basis 
of accounting unless the Executive Board either intends to liquidate the Company or to cease 
operations, or has no realistic alternative but to do so. The Executive Board should disclose events and 
circumstances that may cast significant doubt on the Company’s ability to continue as a going concern.  
 
The Supervisory Board is responsible for overseeing the Company’s financial reporting process.

Statements 
Chapter 5  
 
 
145 
  
Our responsibilities for the audit of the financial statements 
Our responsibility is to plan and perform an audit engagement to obtain sufficient and appropriate audit 
evidence to provide a basis for our opinion. Our audit has been performed with a high but not absolute 
level of assurance which makes it possible that we did not detect all errors and frauds.  
 
A more detailed description of our responsibilities is set out in the appendix to our report. 
 
Report on other legal and regulatory requirements 
 
Our report on the report of the Executive Board and other information 
Pursuant to the legal requirements of Part 9 of Book 2 of the Dutch Civil Code (concerning our obligation 
to report about the Executive Board report and other information): 
 
We have no deficiencies to report as a result of our examination whether the Executive Board 
report, to the extent we can assess, has been prepared in accordance with Part 9 of Book 2 of this 
Code, and whether the information as required by Part 9 of Book 2 of the Dutch Civil Code has 
been annexed.  
 
We report that the Executive Board report, to the extent we can assess, is consistent with the 
financial statements. 
 
Our appointment 
We were appointed as auditors of TNT Express N.V. following the demerger of PostNL N.V. in 2011 by 
the Audit Committee and Supervisory Board following the passing of a resolution by the shareholders at 
the annual meeting held in 2011 representing a total period of uninterrupted engagement appointment of 
4 years. As per the TNT Policy on Auditor Independence and Pre-approval, the Audit Committee must 
review the auditor at least once every three years and communicate the outcome of this review to the 
shareholders at the annual meeting. The last time this took place was in the shareholders meeting of 9 
April 2014. 
 
 
Amsterdam, 17 February 2015 
PricewaterhouseCoopers Accountants N.V. 
 
 
 
 
Original has been signed by 
drs. R. Dekkers RA

Statements 
Chapter 5  
 
 
146 
  
APPENDIX TO OUR AUDITOR’S REPORT ON THE 2014 FINANCIAL STATEMENTS OF 
TNT EXPRESS N.V. 
 
In addition to what is included in our auditor’s report we have further set out in this appendix our 
responsibilities for the audit of the financial statements and explained what an audit involves. 
 
The auditor’s responsibilities for the audit of the financial statements 
 
We have exercised professional judgment and have maintained professional scepticism throughout the 
audit in accordance with Dutch Standards on Auditing, ethical requirements and independence 
requirements. Our objectives are to obtain reasonable assurance about whether the financial statements 
as a whole are free from material misstatement, whether due to fraud or error. Our audit consisted of, 
amongst others:  
 
 
Identifying and assessing the risks of material misstatement of the financial statements, whether 
due to fraud or error, designing and performing audit procedures responsive to those risks, and 
obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk 
of not detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
 
Obtaining an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the entity’s internal control. 
 
Evaluating the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management. 
 
Concluding on the appropriateness of management’s use of the going concern basis of accounting, 
and based on the audit evidence obtained, concluding whether a material uncertainty exists related 
to events and or conditions that may cast significant doubt on the entity’s ability to continue as a 
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in 
our auditor’s report to the related disclosures in the financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report and are made in the context of our opinion on the financial 
statements as a whole. However, future events or conditions may cause the Company ceasing to 
continue as a going concern. 
 
Evaluating the overall presentation, structure and content of the financial statements, including the 
disclosures, and evaluating whether the financial statements represent the underlying transactions 
and events in a manner that achieves fair presentation. 
 
We communicate with the Supervisory Board regarding, amongst other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal 
control that we identify during our audit.  
 
We communicate with the Supervisory Board regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including any significant deficiencies in internal control 
that we identify during our audit. We provide the Supervisory Board with a statement that we have 
complied with relevant ethical requirements regarding independence, and to communicate with them all 
relationships and other matters that may reasonably be thought to bear on our independence, and 
where applicable, related safeguards. From the matters communicated with the Supervisory Board, we 
determine those matters that were of most significance in the audit of the financial statements of the 
current period and are therefore the key audit matters. We describe these matters in our auditor’s report 
unless law or regulation precludes public disclosure about the matter or when, in extremely rare 
circumstances, not communicating the matter is in the public interest.

Statements 
Chapter 5  
 
 
147 
  
EXTRACT FROM THE ARTICLES OF ASSOCIATION ON APPROPRIATION OF PROFIT 
 
Article 30. Dividends. Reservations. 
30.1 Out of the profit the credit balance of the profit and loss account earned in the past financial year 
shall first be paid, if possible, a dividend on the preference shares of a percentage equal to the 
average twelve monthly EURIBOR (EURO Interbank Offered Rate) – weighted to reflect the 
number of days for which the payment is made – plus a premium, to be determined by the 
Executive Board, subject to the approval of the Supervisory Board, of at least one percentage point 
and at most three percentage points, depending on the prevailing market conditions. In the event 
the relevant preference shares are issued in the course of a financial year the dividend shall be 
calculated as a proportion of the time lapsed. If at any time the twelve monthly EURIBOR is no 
longer fixed, the dividend percentage shall be equal to the arithmetic mean of the average effective 
yields of the five longest-dated state loans, as calculated by the Central Bureau of Statistics 
(Centraal Bureau voor de Statistiek) and published in the Official Price List, over the last twenty 
stock-exchange business days before the date of issue, plus a premium, to be determined by the 
Executive Board and subject to the approval of the Supervisory Board, of at least one quarter of a 
percentage point and at most one percentage point, depending on the prevailing market conditions. 
If the distribution on the preference shares for any financial year as referred to in the preceding 
paragraph cannot be made or cannot be made in full because the profit does not permit it, the 
deficit shall be distributed as a charge to the distributable part of the shareholders’ equity. The 
dividend on preference shares shall be calculated on the paid up part of the nominal value. 
30.2 The Executive Board shall then subject to the approval of the Supervisory Board determine what 
part of the profit remaining after the application of article 30.1 is to be appropriated to reserves.  
30.3 The part of the profit remaining after the appropriation to reserves shall be at the disposal of the 
general meeting, except that no further distributions can be made on the preference shares.  
30.4 If a loss is sustained in any year, no dividend shall be distributed for that year. No dividend may be 
paid in subsequent years until the loss has been compensated by profits. The general meeting may, 
however, resolve on a proposal of the Executive Board which has received the approval of the 
Supervisory Board to compensate the loss out of the distributable part of the shareholders’ equity or 
also to distribute a dividend out of the distributable part of the shareholders’ equity.  
30.5 The Executive Board may resolve to distribute an interim dividend. Such a resolution shall be 
subject to the approval of the Supervisory Board. 30.6 No dividend shall be paid on the shares held 
by the company in its own capital. For the computation of the profit distribution, the shares on which 
according to this article 30.6 no dividend shall be paid, shall not be included. The provisions laid 
down before in this article 30.6 shall not be applicable in the event that the Executive Board 
resolves otherwise, which resolution shall be subject to the approval of the Supervisory Board.  
30.7 Sections 104 and 105 of Book 2 of the Dutch Civil Code shall also be applicable to 
distributions to shareholders. 
 
Article 31. Distributions in shares and distributions charged to the reserves. 
31.1 The Executive Board may resolve that all or part of the dividend on ordinary shares shall be paid in 
shares in the company instead of cash. In case of an interim distribution the Executive Board may 
also resolve that the payments shall take place to the debit of the distributable part of the 
shareholders’ equity. These resolutions of the Executive Board shall be subject to the approval of 
the Supervisory Board. 
31.2 The general meeting may resolve, on a proposal of the Executive Board which has received the 
approval of the Supervisory Board, to charge distributions to holders of ordinary shares to the 
distributable part of the shareholders’ equity. All or part of these distributions may also be paid in 
shares in the company instead of cash.

Statements 
Chapter 5  
 
 
148 
  
DIVIDEND PROPOSAL 
 
The Executive Board of TNT Express has decided, with the approval of the Supervisory Board, to 
propose to compensate the loss out of the distributable part of the shareholders' equity and to pay a pro 
forma dividend out of the distributable part of the shareholders’ equity. The proposed final dividend is 
€0.031 per share. The €0.049 per share interim dividend together with the proposed final dividend, 
(€0.08 per share in total), represents a payout of 40% of normalised net income (‘profit attributable to 
equity holders of the parent’ adjusted for significant one-off and exceptional items) over the full year 
2014, in line with the dividend guidelines. The final dividend is payable, at the shareholder’s election, 
either wholly in ordinary shares or wholly in cash. The election period is from 10 April 2015 to 6 May 
2015, inclusive.  
 
To the extent that the final dividend is paid in shares, it will be paid free of withholding tax and it will be 
sourced from the additional paid-in capital that is recognised for Dutch dividend withholding tax 
purposes. The cash dividend will be paid out of the remaining additional paid-in capital. The ratio of the 
value of the stock dividend to that of the cash dividend will be determined on 6 May 2015, after the close 
of trading on Euronext Amsterdam, based on the volume-weighted average price (‘VWAP’) of all TNT 
Express shares traded on Euronext Amsterdam over a three trading day period from 30 April 2015 to 6 
May 2015, inclusive. The value of the stock dividend, based on this VWAP, will, subject to rounding, be 
targeted at but not lower than 3% above the cash dividend. There will be no trading in the stock dividend 
rights.  
 
The ex-dividend date will be 10 April 2015, the record date is 14 April 2015 and the dividend will be 
payable as of 13 May 2015. 
 
APPROPRIATION OF PROFIT 
 
The Executive Board of TNT Express has decided, with the approval of the Supervisory Board, to 
appropriate the loss of the period of €195 million to the loss reserves and to propose to compensate the 
loss out of the distributable part of the shareholders’ equity. The profit remaining at the disposal of the 
general meeting is zero. 
 
Appropriation of profit
2014
Profit/(loss) attributable to the shareholders
(195)
             
Appropriation in accordance with the Articles of Association:
Reserves adopted by the Executive Board and approved by the 
Supervisory Board (article 30, par.2)
195
              
Profit at disposal of the Annual General Meeting of Shareholders
0
                  
(in € millions)
 
 
GROUP COMPANIES OF TNT EXPRESS N.V. 
 
The list containing the information referred to in article 379 and article 414 of Book 2 of the Dutch Civil 
Code is ﬁled at the office of the Chamber of Commerce in Amsterdam. 
 
SUBSEQUENT EVENTS 
 
Information relating to subsequent events is disclosed in note 35.

Statements 
Chapter 5 
 
 
 
 
149 
II. CORPORATE RESPONSIBILITY STATEMENTS 
 
Consolidated statement of international standards 
150 
Consolidated statement of health and safety data 
150 
Consolidated statement of environmental data 
150 
Consolidated statement of other data (social and engagement) 
150 
Notes to the corporate responsibility statements 
151 
 
Notes to the international standards 
151 
1 OHSAS 18001 certification 
151 
2 Investors in People certification 
151 
3 ISO 14001 certification 
151 
4 ISO 9001 certification 
152 
 
Notes to the health and safety performance 
153 
5 Fatal accidents 
153 
6 Lost-time accidents 
153 
7 Absenteeism 
154 
8 Road traffic incidents/collisions 
154 
 
Notes to the environmental performance 
156 
9 CO2e emissions absolute 
156 
10 Own drivers trained in eco-driving 
157 
11 Own vehicles in the European Union > Euro 4 standard 
157 
12 Own vehicles applied with telematics 
158 
13 Own linehaul vehicles/trailers equipped with aerodynamics 
158 
14 CO2e efficiency air transport 
159 
15 CO2e efficiency road transport 
159 
16 Efficiency of buildings 
159 
 
Additional notes 
161 
 
Notes to the social and engagement performance 
161 
17 Employee engagement 
161 
18 Diversity 
161 
19 Voluntary turnover 
162 
20 Internal promotion 
162 
21 Learning and development 
162 
22 Customer satisfaction 
162 
 
Other information 
163

Statements 
Chapter 5 
 
 
 
 
150 
Consolidated statement of international standards
Year ended at 31  December
Notes
2014
variance %
2013
OHSAS 18001 (% of total FTE)
(1)
81%
(3.6)
84%
Investors in People (% of total headcount)
(2)
79%
(2.5)
81%
ISO 14001 (% of total FTE)
(3)
82%
(2.4)
84%
ISO 9001 (% of total FTE)
(4)
84%
(3.4)
87%
 
 
Consolidated statement of health and safety data
Year ended at 31  December
Notes
2014
variance %
2013
Workplace fatal accidents
(5)
♦
0
0
Road traffic blameworthy fatal accidents (own)
(5)
♦
1
0.0
1
Road traffic non-blameworthy fatal accidents (own)
(5)
♦
4
300.0
1
Subcontractor road traffic fatal accidents
(5)
18
38.5
13
Lost-time accidents
(6)
♦
1,539
(5.1)
1,622
Lost-time accidents per 100 FTE
(6)
♦
2.69
(0.7)
2.71
Absenteeism (% of total standard working hours)
(7)
♦
3.6
5.9
3.4
Blameworthy road traffic incidents/collisions per 100,000 kilometres
(8)
0.73
(6.4)
0.78
Figures with a (♦) fall within the reasonable assurance scope
 
 
Consolidated statement of environmental data
Year ended at 31  December
Notes
2014
variance %
2013
CO2e emissions absolute of own operations (Scope 1 and 2) (ktonnes)
(9)
♦
1,315
2.4
1,284
CO2e emissions absolute of subcontracted operations (Scope 3) (ktonnes)
(9)
1,600
2.5
1,561
Own drivers trained in eco-driving (% of total drivers)
(10)
♦
26%
nd1
Own vehicles in the European Union > Euro 4 standard (% of total own vehicles)
(11)
♦
85%
2.4
83%
Own vehicles applied with telematics (% of total own PUD/linehaul vehicles)
(12)
♦
12%
nd1
Own linehaul vehicles/trailers equipped with aerodynamics 
(13)
♦
59%
nd1
CO2e efficiency network flights (European Air Network + domestic) (g CO2e/tonnes.km)
(14)
♦
1,828
(5.9)
1,943
CO2e efficiency long haul air (g CO2e/tonnes.km)
(14)
♦
512
1.4
505
CO2e efficiency PUD vehicles (g CO2e/km)
(15)
♦
549
(1.4)
557
CO2e efficiency linehaul vehicles (g CO2e/km)
(15)
♦
943
(0.6)
949
CO2e efficiency buildings (kg CO2e/m2)
(16)
♦
22.8
(7.7)
24.7
Energy efficiency buildings (MJoules/m2)
(16)
♦
379
(6.9)
407
Sustainable electricity (% of total electricity)
(16)
48%
(4.0)
50%
1This is a new metric established in 2014, as such no 2013 data is available.
Figures with a (♦) fall within the reasonable assurance scope
 
Consolidated statement of other data (social and engagement)
Year ended at 31  December
Notes
2014
variance %
2013
Employee engagement
(17)
nd1
67%
Gender profile (% of females of total headcount)
(18)
29%
0.0
29%
Gender profile of management (% of females of total management)
(18)
28%
(6.7)
30%
Voluntary turnover (% of total headcount)
(19)
10%
11.1
9%
Internal promotion (% of total management vacancies)
(20)
56%
(21.1)
71%
Training hours per FTE
(21)
17
(5.6)
18
Orange Experience Score
(22)
40
8.1
37
1A survey was not conducted in 2014, as such no data is available. 
Figures with a (♦) fall within the reasonable assurance scope

Statements 
Chapter 5 
 
 
 
 
151 
NOTES TO THE CORPORATE RESPONSIBILITY STATEMENTS 
 
NOTES TO THE INTERNATIONAL STANDARDS 
 
1 OHSAS 18001 certification 
OHSAS 18001 sets out the minimum requirements for best practices in occupational health and safety 
management. It also provides a platform for work-related health and safety performance improvement at 
entity level, enhancing local focus and ownership for monitoring and implementing improvements. All 
TNT’s operating units are required to achieve and maintain OHSAS 18001 certification as a minimum. 
 
OHSAS 18001 certification
GRI indicators: G4-LA6
(in percentage of total FTE working at certified sites)
2014
2013
International Europe
98%
98%
International AMEA
99%
97%
Domestics
70%
71%
Unallocated
61%
97%
Total 
81%
84%
 
 
TNT’s operations in Slovenia and Egypt obtained OHSAS 18001 certification in 2014, while TNT Israel, 
TNT Innight Germany, TNT Head Office and TNT Airways lost their certification. 
 
2 Investors in People certification 
TNT uses the Investors in People (IiP) standard to provide a consistent and structured approach to 
people management. The IiP standard requires identifying and communicating clear business objectives 
to all employees and providing performance feedback, development plans and adequate training. Living 
up to the IiP standard ensures TNT’s employees receive the necessary development opportunities they 
need to be successful and thus create value for the business. Each year, progress evaluations are held 
with all employees, with a focus on their performance, behaviour and personal development. TNT aims 
to achieve and maintain IiP certification for all operations.  
 
Investors in People certification
GRI indicators: G4-LA9
(in percentage of total headcount working at certified sites)
2014
2013
International Europe
100%
100%
International AMEA
92%
95%
Domestics
74%
76%
Unallocated
34%
34%
Total
79%
81%
 
 
In 2014, TNT Egypt, TNT New Zealand and TNT Innight Netherlands, lost their certification.  
  
3 ISO 14001 certification 
TNT adopts the ISO 14001 environmental management system standard within its operations to provide 
a consistent and structured approach to the management of environmental aspects and the related 
impact. The standard also meets the demand of an increasing number of customers. All TNT’s operating 
units are required to achieve and maintain ISO 14001 certification as a minimum. 
 
ISO 14001 certification
(in percentage of total FTE working at certified sites)
2014
2013
International Europe
97%
98%
International AMEA
99%
97%
Domestics
70%
71%
Unallocated
77%
90%
Total 
82%
84%
 
 
In 2014, TNT’s operations in Egypt obtained ISO 14001 certification, while the TNT Head Office and the 
operations in Israel lost their certification.

Statements 
Chapter 5 
 
 
 
 
152 
4 ISO 9001 certification 
TNT aligns its customer management approach to the ISO 9001 quality management standard to 
ensure that all customers are offered excellent service. The standard sets requirements for continuous 
quality improvement at entity level, challenging all entities on the service and quality they provide, and 
enables a customised approach to implement improvements. TNT aims to obtain ISO 9001 certification 
for all operations. 
 
ISO 9001 certification
(in percentage of total FTE working at certified sites)
2014
2013
International Europe
97%
98%
International AMEA
99%
99%
Domestics
74%
78%
Unallocated
79%
90%
Total
84%
87%
 
 
In 2014, TNT’s Asia Regional Office obtained ISO 9001 certification, while the TNT Head Office and the 
operations in Israel lost their certification.

Statements 
Chapter 5 
 
 
 
 
153 
NOTES TO THE HEALTH AND SAFETY PERFORMANCE 
 
5 Fatal accidents 
Fatal accidents are divided into workplace fatal accidents, road traffic fatal accidents (blameworthy and 
non-blameworthy) involving a TNT employee and road traffic fatal accidents involving a subcontractor. A 
fatal accident can lead to multiple fatalities.  
 
No workplace fatal accident occurred in both 2014 and 2013.  
 
Road traffic blameworthy fatal accidents (own)
GRI indicators: G4-LA6
(in numbers)
2014
2013
International Europe
♦
International AMEA
♦
Domestics
♦
1
1
Unallocated
♦
Total 
♦
1
1
Figures with a (♦) fall within the reasonable assurance scope 
 
 
In 2014, one road traffic blameworthy fatal accident occurred in Brazil. 
 
Road traffic non-blameworthy fatal accidents (own)
GRI indicators: G4-LA6
(in numbers)
2014
2013
International Europe
♦
International AMEA
♦
1
Domestics
♦
3
1
Unallocated
♦
Total
♦
4
1
Figures with a (♦) fall within the reasonable assurance scope 
 
 
In 2014, four road traffic non-blameworthy fatal accidents occurred. Two occurred in Brazil, one in the 
United Kingdom and one in Vietnam. 
 
Subcontractor road traffic fatal accidents
GRI indicators: G4-LA6
(in numbers)
2014
2013
International Europe
4
2
International AMEA
Domestics
11
10
Unallocated
3
1
Total
18
13
 
 
For subcontractor road traffic fatal accident information, TNT relies on subcontractors to report fatal 
accidents involving their drivers and (other) third parties. Blameworthiness in those instances cannot 
currently be established by TNT. TNT monitors, reviews and discusses subcontractor performance to 
ensure that contractual obligations with regard to safety are appropriately implemented and maintained.  
 
The majority of subcontractor fatal accidents occurred in Brazil and France.  
 
6 Lost-time accidents 
Lost-time accidents (LTA) involving own employees are reported as both an absolute number and as a 
ratio to show the relative change. The average number of days lost per accident is generally used in the 
industry as an indication of the severity of the accidents.

Statements 
Chapter 5 
 
 
 
 
154 
Lost-time accidents
GRI indicators: G4-LA6
(in numbers)
2014
2013
International Europe
♦
281
315
International AMEA
♦
39
44
Domestics
♦
1,030
1,056
Unallocated
♦
189
207
Total 
♦
1,539
1,622
Figures with a (♦) fall within the reasonable assurance scope 
 
 
Lost-time accidents ratio
GRI indicators: G4-LA6
(in lost-time accidents per 100 FTE)
2014
2013
International Europe
♦
2.09
2.20
International AMEA
♦
0.41
0.43
Domestics
♦
3.59
3.48
Unallocated
♦
3.34
4.18
Total 
♦
2.69
2.71
Figures with a (♦) fall within the reasonable assurance scope 
 
 
Both absolute LTAs and the LTA ratio showed a continued downward trend, due to the continued focus 
on managing safety risks and improving safety systems and processes at a local level. Improvements 
are visible in the United Kingdom, Chile and the Liège-based hub. 
 
Average number of days lost due to a lost-time accident
GRI indicators: G4-LA6
(in days)
2014
2013
International Europe
24.9
22.1
International AMEA
23.2
18.0
Domestics
18.7
19.0
Unallocated
32.5
33.1
Total 
21.6
21.4
 
 
The average number of days lost due to a lost-time accident provides an indication of the severity of the 
accident.  
 
7 Absenteeism 
TNT’s approach to manage an employee’s long-term absence is to provide employees with a safe and 
timely return to work, regardless of the reason for being absent. In the event of a long-term absence, a 
‘return to work interview’ is held as an open discussion. This provides an open forum where 
management can provide support to the employee and attempt to improve the situation, where 
applicable. The employee’s return to work is also closely managed by a registered medical practitioner if 
required. 
 
Absenteeism
GRI indicators: G4-LA6
(in percentage of standard working hours)
2014
2013
International Europe
♦
3.9%
3.8%
International AMEA
♦
1.2%
1.1%
Domestics
♦
3.8%
3.6%
Unallocated
♦
5.5%
6.1%
Total
♦
3.6%
3.4%
Figures with a (♦) fall within the reasonable assurance scope 
 
 
Absenteeism deteriorated from 3.4% to 3.6% in 2014.  
 
8 Road traffic incidents/collisions 
The road traffic incident ratio provides an indication of the driving performance of TNT’s drivers. A road 
traffic incident is defined as a crash or collision involving an operational vehicle. Road traffic incidents 
are subdivided into blameworthy and non-blameworthy road traffic incidents. In 2014, 68% of all 
operational vehicle road traffic incidents were classified as blameworthy (2013: 68%).

Statements 
Chapter 5 
 
 
 
 
155 
Blameworthy road traffic incident ratio
GRI indicators: G4-LA6
(in number of blameworthy road traffic incidents/collisions per 100,000 kilometres)
2014
2013
International Europe
0.67
0.66
International AMEA
0.27
0.20
Domestics
0.91
1.02
Unallocated
0.08
0.04
Total
0.73
0.78
 
 
The blameworthy road safety incident ratio improved by 6.4% to 0.73 incidents per 100,000 kilometres 
in 2014. Initiatives conducted in the United Kingdom confirmed that targeted action, including installing 
reversing cameras in vehicles and developing driver risk profiles, can significantly reduce the number of 
incidents.

Statements 
Chapter 5 
 
 
 
 
156 
NOTES TO THE ENVIRONMENTAL PERFORMANCE  
 
9 CO2e emissions absolute 
For sector comparison purposes, the CO2e footprint, according to the Greenhouse Gas Protocol 
Corporate Standard (revised 2004), can be reported in three categories: 
 
 
Scope 1: covers all direct emissions generated by sources that are owned or controlled by the 
company, such as operational vehicles, aviation and heating. 
 
Scope 2: includes all emissions from the generation of purchased electricity consumed by the 
company. 
 
Scope 3: refers to indirect emissions that are a consequence of the company’s activities but occur 
from sources not owned or controlled by the company. 
 
CO2e emissions according to the Greenhouse Gas Protocol
Emission source (in ktonnes)
2014
2013
Scope 1
PUD vehicles
115
119
Linehaul vehicles
118
107
Other operational vehicles
11
11
Total operational vehicles
244
237
European Air Network and domestic flights
347
352
Long haul flights
624
609
Other flights
39
20
Total aviation
1,010
981
Gas 
11
15
Heating fuel
1
1
Total heating
12
16
Total Scope 1
♦
1,266
1,234
Scope 2
District heating
1
2
Electricity
48
48
Total Scope 2
♦
49
50
Scope 3
Subcontractors
1,600
1,561
Total Scope 3
1,600
1,561
Total own CO2e footprint (Scope 1 and 2)
♦
1,315
1,284
Total CO2e footprint (Scope 1, 2 and 3)
2,915
2,845
Figures with a (♦) fall within the reasonable assurance scope
GRI indicators: G4-EN15, G4-EN16 & G4-EN17
 
 
In 2014, the CO2e emissions of TNT’s own and subcontractor operations (Scope 1, 2 and 3) increased 
by 2.5% to 2,915 ktonnes.  
 
CO2e emissions of own operations
GRI indicators: G4-EN15
(in ktonnes)
2014
2013
International Europe
30
33
International AMEA
45
47
Domestics
209
202
Unallocated
1,031
1,002
Total
♦
1,315
1,284
Figures with a (♦) fall within the reasonable assurance scope 
 
 
TNT’s own CO2e emissions (Scope 1 and 2) increased by 2.4% compared to 2013, mainly due to the 
increased CO2e emissions of aircraft (Unallocated and Domestics).

Statements 
Chapter 5 
 
 
 
 
157 
CO2e emissions of subcontractor operations
GRI indicators: G4-EN17
(in ktonnes)
2014
2013
International Europe
326
306
International AMEA
50
53
Domestics
466
439
Unallocated
758
764
Total 
1,600
1,561
 
 
TNT’s subcontractor CO2e emissions (Scope 3) increased by 2.5% to 1,600 ktonnes, which was mainly 
caused by the increase of subcontractor activities within Domestics and International Europe. The 
subcontractor CO2e emission is calculated based on secondary indicators such as kilometres driven and 
costs, because of the unavailability of primary data (fuel consumption) of subcontractor activities.  
 
(in ktonnes)
Year
Own
operations
Subcontractor 
operations
% Own
% Subcontractors
2014
244
1,044
19%
81%
2013
237
974
20%
80%
2014
1,010
556
64%
36%
2013
981
587
63%
37%
2014
61
0
100%
0%
2013
66
0
100%
0%
2014
1,315
1,600
45%
55%
2013
1,284
1,561
45%
55%
Buildings
Total
Air transport
CO2e emissions of own and subcontractor operations
GRI indicators: G4-EN15, G4-EN16 & G4-EN17
Road transport
 
In 2014, 44% of the total CO2e emissions (own and subcontractors) was related to road transport, 54% 
to air transport and 2% to buildings. TNT relies on subcontractors for a substantial part of its business 
activities. In 2014, 55% of TNT ’s CO2e footprint could be attributed to subcontractors (2013: 55%). 
 
10 Own drivers trained in eco-driving 
 
Drivers training is normally a combination of safe driving and eco-driving. Eco-driving training is 
specifically focused on improving driver skills to reduce CO2e emissions.  
 
Own drivers trained in eco-driving 
(% of total own drivers)
2014
2013
International Europe
♦
7%
nd1
International AMEA
♦
21%
nd1
Domestics
♦
30%
nd1
Unallocated
♦
31%
nd1
Total 
♦
26%
nd1
1This is a new metric established in 2014, as such no 2013 data is available.
Figures with a (♦) fall within the reasonable assurance scope 
 
 
The reported percentage of own drivers trained in eco-driving is only based on the number of drivers 
that were trained in 2014. Drivers are trained regularly, however not on an annual basis. 
 
11 Own vehicles in the European Union > Euro 4 standard 
The objective of the European emission standards (Euro 4, 5 and 6) is to reduce emissions of: 
 particulate matters (PM10);  
 nitrogen oxides (NOx); and 
 carbon monoxide (CO). 
 
European legislation requires new trucks and vans to comply with the highest norms for these emissions 
to improve air quality in the European Union.

Statements 
Chapter 5 
 
 
 
 
158 
European emission standards for PUD vehicles
(in percentage of total PUD vehicles in European Union countries)
2014
2013
Vehicles complying with Euro 6
♦
1%
0%
Vehicles complying with Euro 5
♦
73%
70%
Vehicles complying with Euro 4
♦
15%
14%
Vehicles younger than 5 years (excluding Euro 4, 5 and 6)
♦
3%
7%
Vehicles older than 5 years
♦
8%
9%
 
 
European emission standards for linehaul vehicles
(in percentage of linehaul vehicles in European Union countries)
2014
2013
Vehicles complying with Euro 6
♦
5%
1%
Vehicles complying with Euro 5
♦
65%
70%
Vehicles complying with Euro 4
♦
4%
10%
Vehicles younger than 5 years (excluding Euro 4, 5 and 6)
♦
16%
3%
Vehicles older than 5 years
♦
10%
16%
 
 
In 2014, the composition of TNT’s fleet of PUD vehicles in European Union countries changed to include 
more Euro 5 compliant vehicles and therefore cleaner vehicles. The composition of the linehaul fleet in 
European Union countries changed to more Euro 6 vehicles, though the number of vehicles not 
complying to at least Euro 4 increased.  
 
12 Own vehicles applied with telematics 
Telematics help drivers to improve fuel-efficient driving and therefore reduce CO2e emissions. 
Automated transmission of data from the vehicle to a fleet management system will reduce 
administrative handling and provide management information. 
 
Own vehicles applied with telematics 
(in percentage of total number of vehicles)
2014
2013
International Europe
♦
50%
nd1
International AMEA
♦
21%
nd1
Domestics
♦
3%
nd1
Unallocated
♦
55%
nd1
Total 
♦
12%
nd1
1This is a new metric established in 2014, as such no 2013 data is available.
Figures with a (♦) fall within the reasonable assurance scope 
 
 
TNT had set a medium-term target of telematics being applied to 50% of own vehicles, with the aim of 
reducing the company’s overall carbon footprint. As of December 2014, this target has been met by 
International Europe and Unallocated.  
 
13 Own linehaul vehicles/trailers equipped with aerodynamics 
Aerodynamics like spoilers and side-skirts installed on linehaul vehicles and trailers improve fuel 
efficiency and therefore reduce CO2e emissions.  
 
Own linehaul vehicles/trailers equipped with aerodynamics
(in percentage of total number of linehaul vehicles/trailers)
2014
2013
International Europe
♦
8%
nd1
International AMEA
♦
1%
nd1
Domestics
♦
66%
nd1
Unallocated
♦
16%
nd1
Total 
♦
59%
nd1
1This is a new metric established in 2014, as such no 2013 data is available.
Figures with a (♦) fall within the reasonable assurance scope 
 
 
 Linehaul vehicles/trailers equipped with aerodynamics are most common in Domestics.

Statements 
Chapter 5 
 
 
 
 
159 
14 CO2e efficiency air transport 
 
CO2e efficiency air transport
GRI indicators: G4-EN15
(in g CO2e / tonnes.km)
2014
2013
Network flights (European Air Network + domestic)
♦
1,828
1,943
Long haul flights
♦
512
505
Figures with a (♦) fall within the reasonable assurance scope 
 
 
The CO2e efficiency for TNT’s European Air Network improved due to the replacement of aircraft and 
growth in volumes. The new aircraft are relatively more fuel-efficient.  
 
At the end of 2014, TNT operated 54 aircraft. Since 2010, TNT’s air operations have been included in 
the EU Emission Trading Scheme (EU ETS). The EU ETS aims to reduce GHG emissions by putting a 
price on carbon and includes all flights departing from and arriving at an airport in the European 
Economic Area (EEA), according to the updated European Union regulation, effective 16 April 2014. 
Based on this intra-EU scope, the CO2 emission of TNT’s flights subject to EU ETS were 268 ktonnes in 
2014 (2013: 269).  
 
15 CO2e efficiency road transport 
The efficiency indicator, CO2e per kilometre for vehicles, does not reflect all improvement efforts, such 
as improved network optimisation and positive changes in capacity load factors. TNT has recognised 
this and developed a new CO2e efficiency indicator that will be disclosed in the 2015 annual report.  
 
CO2e efficiency -  PUD vehicles 
The number of PUD vehicles decreased from 6,688 in 2013 to 6,595 in 2014, mainly due to International 
Europe reducing its own fleet. In total, 2.1% of TNT’s PUD vehicles are powered by alternative fuels. 
 
CO2e efficiency of PUD vehicles
GRI indicators: G4-EN15
(in g CO2e / km)
2014
2013
International Europe
♦
418
436
International AMEA
♦
423
406
Domestics
♦
632
654
Unallocated
♦
313
296
Total 
♦
549
557
Figures with a (♦) fall within the reasonable assurance scope 
 
 
The overall CO2e efficiency improvement of PUD vehicles is visible in International Europe and 
Domestics.   
  
CO2e efficiency - Linehaul vehicles 
The number of linehaul vehicles increased from 1,041 in 2013 to 1,179 in 2014, mainly due to 
Domestics increasing its own fleet. In total, 0.1% of TNT’s linehaul vehicles are powered by alternative 
fuels. 
 
CO2e efficiency of linehaul vehicles
GRI indicators: G4-EN15
(in g CO2e / km)
2014
2013
International Europe
♦
684
762
International AMEA
♦
733
708
Domestics
♦
985
990
Unallocated
♦
835
853
Total 
♦
943
949
Figures with a (♦) fall within the reasonable assurance scope 
 
 
The CO2e efficiency improvement of linehaul vehicles is visible in International Europe, Domestics and 
Unallocated. Within the European Road Network, there was continued focus on driver behaviour, which 
resulted in an improvement in the Unallocated segment.  
 
16 Efficiency of buildings 
TNT uses different types of facilities around the world, including depots, road hubs, air hubs, and offices. 
TNT owns or leases approximately 2.7 million m2 of buildings. The CO2e efficiency and the energy 
efficiency metrics of buildings combine all types of energy consumed in buildings and cover electricity, 
gas, heating fuel and district heating. In 2014, the total energy use of TNT’s buildings was 208.5 million

Statements 
Chapter 5 
 
 
 
 
160 
kWh of electricity, 5.6 million m3 of gas, 0.5 million litres of heating fuel and 0.07 million GJoules of 
district heating. 
 
CO2e efficiency of buildings
GRI indicators: G4-EN15 & G4-EN16
(in kg CO2e / m2)
2014
2013
International Europe
♦
21.7
24.9
International AMEA
♦
66.4
70.1
Domestics
♦
16.1
16.2
Unallocated
♦
21.6
23.3
Total 
♦
22.8
24.7
Figures with a (♦) fall within the reasonable assurance scope 
 
 
TNT’s CO2e efficiency of building shows an improvement in all segments.  
 
Energy efficiency of buildings
GRI indicators: G4-EN15 & G4-EN16
(in Mjoules / m2)
2014
2013
International Europe
♦
466
497
International AMEA
♦
377
399
Domestics
♦
301
323
Unallocated
♦
536
622
Total 
♦
379
407
Figures with a (♦) fall within the reasonable assurance scope 
 
 
Sustainable electricity
GRI indicators: G4-EN3
(in percentage of total electricity)
2014
2013
International Europe
54%
55%
International AMEA
0%
0%
Domestics
50%
53%
Unallocated
73%
77%
Total 
48%
50%
Figures with a (♦) fall within the reasonable assurance scope 
 
 
In 2014, 48% of electricity used was generated by sustainable sources, which resulted in 37 ktonnes of 
avoided net CO2e emissions (2013: 40). The decline in sustainable electricity used can primarily be 
attributed to the changes in the business portfolio.

Statements 
Chapter 5 
 
 
 
 
161 
ADDITIONAL NOTES  
 
NOTES TO THE SOCIAL AND ENGAGEMENT PERFORMANCE 
 
17 Employee engagement 
In 2014, with the roll out of Outlook and its strategic priorities, the global engagement survey, VOICE 
was not conducted. A revised survey that is closely aligned to The People Network will be conducted in 
2015.  
 
18 Diversity 
 
Gender profile
GRI indicators: G4-10
(in percentage of headcount)
2014
2013
2014
2013
International Europe
63%
61%
37%
39%
International AMEA
67%
68%
33%
32%
Domestics
77%
76%
23%
24%
Unallocated
71%
75%
29%
25%
Total 
71%
71%
29%
29%
nnnnnMale
nnnnnFemale
 
 
Gender profile of management
GRI indicators: G4-10
(in percentage of headcount of total management)
2014
2013
2014
2013
International Europe
69%
68%
31%
32%
International AMEA
66%
65%
34%
35%
Domestics
75%
71%
25%
29%
Unallocated
80%
77%
20%
23%
Total 
72%
70%
28%
30%
nnnnnMale
nnnnnFemale
 
 
The percentage of women employed at TNT in 2014 remained stable overall, while the percentage of 
female managers decreased.  
 
TNT supports various in-house networks aimed at increasing awareness of diversity, including TNT 
Pride (dedicated to gay, lesbian, bisexual and transgender employees) and TNT Linc (a network 
dedicated to the professional development of women in TNT). 
 
Labour contracts 2014
GRI indicators: G4-10
Total
Male
Female
Male
Female
Total
Male
Female
International Europe
92%
64%
36%
54%
46%
8%
63%
37%
International AMEA
75%
70%
30%
38%
62%
25%
58%
42%
Domestics
97%
79%
21%
64%
36%
3%
71%
29%
Unallocated
95%
70%
30%
76%
24%
5%
70%
30%
Total 
92%
73%
27%
63%
37%
8%
63%
37%
Permanent contract
Temporary contract
Full-time (85%)
Part-time (15%)
 
 
The breakdown of workforce per contract type has been included in the monitoring and reporting tool in 
2014, to ensure the collection of accurate and complete data.

Statements 
Chapter 5 
 
 
 
 
162 
19 Voluntary turnover 
 
Voluntary turnover
GRI indicators: G4-LA1
(in percentage of headcount)
2014
2013
International Europe
8%
7%
International AMEA
16%
16%
Domestics
9%
9%
Unallocated
8%
5%
Total 
10%
9%
 
 
20 Internal promotion 
 
Internal promotion
GRI indicators: G4-LA1
(in percentage of total management vacancies)
2014
2013
International Europe
57%
80%
International AMEA
57%
77%
Domestics
56%
73%
Unallocated
54%
35%
Total 
56%
71%
 
 
In 2014, 56% of management vacancies were filled by internal resources (2013: 71%).  
 
21 Learning and development 
The TNT Learning department coordinates all corporate training development activities utilising 
dedicated development resources. Training delivery is coordinated at a local level, with both own 
employees or external suppliers involved. The department provides global development sessions in both 
functional and behavioural training. Training hours per FTE in 2014 were 17 (2013: 18).  
 
22 Customer satisfaction 
TNT aims to exceed customer expectations. Analysis shows that satisfied customers are more loyal 
than unsatisfied customers. Understanding the root causes of customers’ dissatisfaction and using their 
feedback helps TNT develop strategies to improve customer retention.  
 
TNT conducts a quarterly customer satisfaction survey. This approach of conducting regular surveys 
supports continuous improvement. In 2014, TNT received well over 47,000 completed surveys from 
customers across all customer segments. TNT measured customer satisfaction as the percentage of 
customers that rate TNT’s performance as ‘meeting or exceeding expectations’. This customer 
satisfaction score improved from 89.2 in 2013 to 89.5 in 2014. 
 
TNT also calculated a net customer satisfaction score, called the ‘Orange Experience Score’, by 
subtracting the percentage of customers that rate its performance as ‘below expectations’ from the 
percentage of customers that rate it as ‘exceeding expectations’. This score increased from 37 in 2013 
to 40 in 2014.

Statements 
Chapter 5 
 
 
 
 
163 
OTHER INFORMATION 
 
Corporate Responsibility reporting and assurance scope 
 
Corporate Responsibility reporting criteria 
Corporate Responsibility (CR) data are prepared in accordance with the reporting criteria and guidelines 
of the core application level of the Global Reporting Initiative (GRI) G4 (refer to Annex 1). TNT is also a 
signatory of the United Nations Global Compact and therefore reports on its 10 principles. Key 
performance indicators (KPIs) are defined in Annex 2. KPIs are selected on the basis of interactive 
stakeholder dialogue and the issues relevant to TNT’s operations. 
 
CR data are gathered monthly via a monitoring and reporting system. All figures are based, accordingly, 
on the data provided by the reporting entities in TNT through the CR reporting and monitoring tool. 
Conversion factors are taken from internationally-acknowledged organisations and instruments such as 
the European Standard EN 16258, Intergovernmental Panel on Climate Change, the International 
Energy Agency and the Greenhouse Gas Protocol. 
 
Corporate Responsibility reporting scope 
In accordance with TNT’s  policy on CR reporting, all companies acquired in any given year are required 
to report CR data as from the following year. TNT entities that are divested (full or partial sale as a result 
of which TNT no longer retains a controlling interest) are excluded from the CR reporting scope for the 
entire year in which the divestment took place.  
 
The 2014 annual report does not include the CR data of joint ventures to be in line with the ICFR 
requirements. This is a new approach compared to previous years. As a result the joint ventures TNT 
Swiss Post AG, TNT Express Luxembourg SA, PNG Air Charter Services Limited and X-Air Services 
NV/SA, are excluded from the CR figures. TNT does rely on a large number of subcontractors to 
perform its daily business. TNT reports on the road traffic fatal accidents of its subcontractors, as well as 
absolute subcontractor CO2e emissions (estimated).  
 
The 2014 CR data are based on the same scope as the 2013 CR data. TNT Fashion Group BV is 
excluded from the reported figures as TNT Fashion Group BV was divested on 16 May 2014.  
 
Unless the reporting criteria require absolute figures to be disclosed, figures are presented in a relative 
way (using percentages and ratios) to allow readers to monitor and measure progress year on year. 
Figures related to absolute CO2e emissions are all extrapolated unless stated otherwise. Extrapolation 
for buildings-related indicators is done on the basis of square metres. Where applicable, the coverage is  
defined as the number of FTEs working in entities that report data, divided by the total number of FTEs. 
TNT has taken all reasonable steps to ensure that the CR information in the 2014 annual report is 
accurate. 
 
GRI indicators: G4-10
(in number of FTE and headcount)
FTE
Headcount
FTE 
Headcount
International Europe
♦
13,464
14,952
14,298
15,274
International AMEA
♦
9,514
9,260
10,148
9,500
Domestics
♦
28,656
27,871
30,347
28,954
Unallocated
♦
5,655
6,209
4,951
5,611
Total in CR reporting scope
♦
57,289
58,292
59,744
59,339
Out of CR scope1
196
0
640
704
Total TNT 
57,485
58,292
60,384
60,043
1Mainly excluding TNT Fashion Group B.V.
Figures with a (♦) fall within the reasonable assurance scope
Labour force CR reporting scope
nnnnn2014
nnnnn2013
 
 
Corporate Responsibility assurance scope 
TNT has engaged PricewaterhouseCoopers Accountants N.V. to provide reasonable assurance on 
certain 2014 CR metrics (refer to the 2014 assurance report) and limited assurance on all other 2014 
CR metrics. All indicators related to reasonable assurance have been audited and are marked by a (♦). 
Reasonable assurance is obtained through audit work, while other elements of the report have been 
reviewed. Review work provides only limited assurance because exhaustive gathering of evidence is not 
required. Refer to PwC’s assurance report on page 165.

Statements 
Chapter 5 
 
 
 
 
164 
The assurance work is performed in accordance with the Assurance Standard 3810N ‘Assurance 
Engagements Relating to Sustainability Reports’ as drawn up by the professional body of Dutch 
Accountants (NBA).  
Audit work focuses on obtaining reasonable assurance, substantiated by sufficient supporting evidence. 
Limited assurance (obtained through review work) does not require exhaustive gathering of evidence 
and therefore provides a lower level of assurance than audit work. 
 
As part of the external assurance engagement, PricewaterhouseCoopers Accountants N.V. also makes 
use of the capacity of the Compliance function of TNT. PricewaterhouseCoopers Accountants N.V. 
reviews the findings of internal audit reports and meets regularly with management of Compliance to 
discuss any findings.  
 
An internal control framework (ICCR) is applicable for CR reporting processes to capture and report 
reliable CR data.

Statements 
Chapter 5 
 
 
 
 
165 
INDEPENDENT ASSURANCE REPORT 
To: the Executive Board of TNT Express N.V.  
The Executive Board of TNT Express N.V. (‘the Company’ or ‘TNT’) engaged us to provide assurance 
on the content of chapter 3, section II of chapter 5 and the annexes of the 2014 Annual Report of TNT 
(referred to as: ‘CR chapters’).  
Our engagement consisted of a combination of reasonable assurance (leading to an ‘opinion’) and 
limited assurance (leading to a ‘conclusion’):  
 Reasonable assurance on data (and tables) included in the CR chapters are marked with a rhombus 
(♦). 
 Limited assurance on all other elements included in the CR chapters. 
We believe these procedures fulfil the rational objective of TNT. 
 
Our opinion  
Based on the procedures we have performed and the evidence we have obtained, in our opinion the 
data (and tables) marked with a rhombus (♦) included in the CR chapters of the 2014 Annual Report are 
in all material respects presented reliably and adequately, in accordance with the TNT reporting criteria. 
Our conclusion  
Based on the procedures we have performed and the evidence we have obtained, nothing has come to 
our attention that causes us to believe that the other elements in the CR chapters for the year ended 31 
December 2014 has not been prepared, in all material respects, in accordance with the TNT reporting 
criteria. 
This opinion and conclusion are to be read in the context of what we say in the remainder of our report. 
 
The basis for our opinion and conclusion 
 
What we are assuring 
We have examined the CR chapters included in the Annual Report for the year 2014 (hereafter: ‘the 
Report’) of TNT Express N.V., Amsterdam. This Report comprises a representation of the policy, the 
activities, and performance of the Company relating to corporate responsibility during the reporting year 
2014. The disclosures made by management with respect of the scope of the Report are included on 
page 163 ‘Corporate Responsibility reporting scope’. 
  
Limited assurance procedures are substantially less in scope than reasonable assurance procedures in 
relation to both the risk assessment procedures, including an understanding of internal control, and the 
procedures performed in response to the assessed risks. 
 
Limitations in our scope 
The Report contains prospective information, such as ambitions, strategy, targets, expectations and 
projections. Inherent to this information is that actual future results may be different from the prospective 
information and therefore it may be uncertain. We do not provide any assurance on the assumptions 
and feasibility of this prospective information. 
 
The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain 
absolute assurance that the corporate responsibility information is free from material misstatement due 
to fraud or error. This is because there are inherent limitations of an assurance engagement, which 
result in most of the audit evidence on which the auditor bases the auditor’s opinion being persuasive 
rather than conclusive. 
 
Reporting criteria  
The Company developed its corporate responsibility reporting criteria on the basis of the G4 Guidelines 
of the Global Reporting Initiative (GRI), which are disclosed on pages 173-176, together with detailed 
information on the reporting scope on page 163. We consider the  reporting criteria to be relevant and 
appropriate for our examination. 
 
Understanding reporting and measurement methodologies 
The information in the scope of this engagement needs to be read and understood together with the 
reporting criteria, for which the Company is solely responsible for selecting and applying. The absence

Statements 
Chapter 5 
 
 
 
 
166 
of a significant body of established practice on which to draw, to evaluate and measure non-financial 
information allows for different, but acceptable, measurement techniques and can affect comparability 
between entities and over time. 
 
Our assurance approach 
 
Materiality 
We set thresholds for materiality at the planning stage and reassessed them during the engagement. 
These helped us to determine the nature, timing and extent of our procedures and to evaluate the effect 
of identified misstatements on the information presented, both individually and in aggregate. Based on 
our professional judgment, we determined specific materiality levels for each element of the corporate 
responsibility data.  
Work done 
We are required to plan and perform our work in order to consider the risk of material misstatement of 
the CR chapters.  
 
Our main procedures included the following: 
 performing an external environment analysis and obtaining an understanding of the relevant social 
issues, relevant laws and regulations and the characteristics of the organisation;  
 evaluating the acceptability of the reporting policies and consistent application of this, such as 
assessment of the outcomes of the stakeholder dialogue and the process for determining the 
material subjects, the reasonableness of estimates made by management, as well as evaluating the 
overall presentation of the corporate responsibility information; 
 evaluating the design and implementation and testing the operating effectiveness of the systems and 
processes for data gathering and processing of information as presented in the Report; 
 interviewing management and relevant staff at corporate (and business/division/local) level 
responsible for the corporate responsibility strategy and policies; 
 interviewing relevant staff responsible for providing the information in the Report, carrying out 
internal control procedures on the data and the consolidation of the data in the Report; 
 evaluating the work performed by Internal Audit on selected corporate responsibility information 
including their visits to the entities in Brazil, China, Indonesia and South Africa. The purpose of these 
visits was to evaluate and test the source data and to evaluate the design and implementation of and 
to test the controls and validation procedures at local level; 
 investigating internal and external documentation, in addition to interviews, to determine whether the 
information in the Report is adequately substantiated; 
 performing analytical review of the data and trend explanations submitted for consolidation at group 
level; and 
 assessing whether the CR chapters have been prepared ‘in accordance’ with the Sustainability 
Reporting Guidelines version G4 of GRI. 
 
In addition to the procedures mentioned above, for the data (and tables), as included in the CR chapters 
and marked with a rhombus (♦) we performed the following:  
 assessing the systems and processes for data gathering, including testing the design, existence and 
the effectiveness of the relevant internal controls during the reporting year; 
 conducting analytical procedures and substantive testing procedures on the relevant data; 
 assessing the processing of other information, such as the aggregation process of data to the 
information as presented in the corporate responsibility information; and   
 corroborating internal and external documentation to determine whether the corporate responsibility 
information is substantiated adequately.  
 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion and conclusion. 
 
Professional and ethical standards applied 
We conducted our assurance engagement in accordance with Dutch law, including Standard 3810N 
‘Assurance engagements relating to sustainability reports’ (hereafter ‘Standard 3810N’). Our 
responsibilities under this standard are further described in the “Our responsibilities” section of this 
report. 
We are independent of the Company in accordance with the “Verordening inzake de onafhankelijkheid 
van accountants by assurance-opdrachten” (ViO) and other relevant independence regulations in the 
Netherlands. Furthermore we have complied with the “Verordening gedrags- en beroepsregels 
accountants” (VGBA) and other relevant regulations.

Statements 
Chapter 5 
 
 
 
 
167 
Responsibilities 
 
The Executive Board’s responsibilities 
The Executive Board of TNT is responsible for the preparation of the CR chapters in accordance with 
the Company’s reporting criteria, including the identification of the stakeholders and the determination of 
material subjects. Furthermore, the Executive Board is responsible for such internal control necessary to 
enable the preparation of the Report, that is free from material misstatement, whether due to fraud or 
error. 
Our responsibilities 
Based on our assurance engagement in accordance with Standard 3810N, our responsibility is to: 
 express an opinion on the data (and tables), as included in the CR chapters and marked with a 
rhombus (♦) 
 express a conclusion on all other information in the CR chapters 
This requires that we comply with ethical requirements and that we plan and perform our work to obtain 
reasonable and limited assurance about whether the report is free from material misstatement. 
 
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of 
material misstatement of the Report, whether due to fraud or error. In making those risk assessments, 
the auditor considers internal control relevant for the preparation of the Report in order to design 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion 
on the effectiveness of the Company’s internal control.  
 
An assurance engagement aimed on providing limited and reasonable assurance also includes 
evaluating the appropriateness of the reporting framework used and the reasonableness of estimates 
made by management as well as evaluating the overall presentation of the Report. 
 
Amsterdam, 17 February 2015 
PricewaterhouseCoopers Accountants N.V. 
 
 
Original has been signed by 
drs. R. Dekkers RA

TNT Express Annual Report 2011 
Introduction and Key Figures 
168 
 
CHAPTER 6 INVESTOR RELATIONS AND SHARE PRICE 
PERFORMANCE 
 
I.  INTERACTING WITH THE CAPITAL MARKETS 
169 
II.  OUTSTANDING SHARES 
169 
III. SHARE PRICE PERFORMANCE 
169 
IV. DIVIDEND 
170 
V.  MAJOR SHAREHOLDERS 
170 
VI.  CREDIT RATING 
171

Investor relations and share price performance 
Chapter 6 
 
 
 
 
169
I. INTERACTING WITH THE CAPITAL MARKETS 
 
Contact with the investment community is dealt with by the members of the Executive Board, TNT’s 
investor relations professionals and, much less frequently, by the chairman of the Supervisory Board 
and TNT employees specifically mandated by the Executive Board. The CFO has the principal 
responsibility for investor relations. The Investor Relations department ensures timely, consistent and 
accurate disclosure of information to the financial community, and arranges the contacts between the 
Executive Board and the investment community. 
 
The Executive Board provides explanations on quarterly results either via group meetings or 
teleconferences, accessible by telephone and the internet. Meetings with institutional investors are also 
held to ensure that the investment community receives a balanced and complete view of TNT’s 
performance and the issues and opportunities the business is facing. In addition, TNT communicates 
with the financial community through press releases, the annual report, general meetings and its 
corporate website (www.tnt.com/corporate).  
 
TNT’s policy is to provide the financial community with equal and simultaneous information about 
matters that may be price sensitive. TNT does not compromise the independence of analysts in relation 
to the company and vice versa. Analysts’ reports and valuations are not assessed, commented upon or 
corrected, other than to highlight factual mistakes. TNT does not pay any fees to parties conducting 
research for analysts’ reports, or for the production or publication of analysts’ reports, with the exception 
of credit rating agencies.  
 
In 2014, TNT maintained a close dialogue with the capital markets through: 
– Quarterly results presentations and teleconferences 
– Day-to-day contacts via the Investor Relations department 
– Road show meetings after results releases 
– Ad hoc meetings with individual investors and at conferences in Europe, the United States and Asia 
– The Annual General Meeting of Shareholders  
– The investor relations page on TNT’s corporate website (www.tnt.com/corporate)  
 
II. OUTSTANDING SHARES 
 
As per 31 December 2014, TNT had 548,208,226 ordinary shares outstanding. The ordinary 
unregistered shares of TNT Express N.V. are listed on Euronext Amsterdam (ticker symbol: TNTE; ISIN 
common share: NL0009739424) and included in the AEX index. The AEX index consists of a maximum 
of 25 of the top companies in the Netherlands, ranked on the basis of turnover and free-float-adjusted 
market capitalisation.  
 
TNT Express N.V. also sponsors a level 1 American Depository Receipts (ADR) programme (ticker 
symbol: TNTEY; CUSIP 87262N109). 
 
III. SHARE PRICE PERFORMANCE 
 
 
 
TNT’s share price decreased by 17.89% over 2014.  
Share price performance (ticker symbol: TNTE)
Share price (€)
High
€ 7.24
Low
€ 4.41
Close
€ 6.08
Average number of shares in issue in 2014
548,208,226

Investor relations and share price performance 
Chapter 6 
 
 
 
 
170
TNT’s share price performance 2014 (rebased to 100)5 
 
IV. DIVIDEND  
 
POLICY  
 
TNT aims to meet shareholders’ return requirements in the long term through growth in the value of the 
company and in the short term through dividend distribution. TNT intends to pay dividends of around 
40% of normalised net income in cash and/or stock. Also, on an incidental basis, TNT may make tax-
exempt share repurchases or other returns of excess cash. Refer to the investor relations page on 
TNT’s corporate website (www.tnt.com/corporate) for more information. 
 
DIVIDEND PAYMENTS 
 
A pro forma 2014 interim dividend of €0.049 per ordinary share was paid in August, which combined 
with the 2013 final dividend payment of €0.024 per ordinary share paid in May 2014, adds up to €23 
million of dividend paid in 2014. 
 
FINAL 2014 DIVIDEND PAYMENT (PROPOSED) 
 
The Executive Board of TNT has decided, with the approval of the Supervisory Board to propose to 
compensate the loss out of the distributable part of the shareholders’ equity and to pay a pro forma 
dividend out of the distributable part of the shareholders’ equity, of €0.031 per share relating to the full 
year 2014. The proposed dividend represents a payout of 40% of normalised net income (€0.08 per 
share in total) and is payable at the shareholder’s election, either wholly in ordinary shares or wholly in 
cash.  
 
V. MAJOR SHAREHOLDERS 
 
Pursuant to the Dutch Financial Markets Supervision Act (‘Wet op het financieel toezicht’), shareholders 
must disclose substantial percentage holdings in capital and/or voting rights in the company when such 
holdings reach, exceed or fall below: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 
95%. Such disclosure must be made to the Dutch Authority for the Financial Markets (‘AFM’) without 
delay. The company is notified by the AFM. 
 
The register of AFM disclosed that as per 31 December 2014: Blackrock Inc.; UBS Group AG; Artisan 
Investments GP LLC; Tweedy, Browne Company LLC; Franklin Templeton Investment Funds; Investec 
Asset Management Limited; MacKenzie Financial Corporation; First Eagle Global Fund; PostNL N.V.; 
Arnhold and S. Bleichroeder Holdings, Inc., B. Rosenstein, and Her Majesty the Queen in right of 
Alberta have a substantial percentage holding in TNT Express N.V. exceeding 3%.  
 
 
                                                           
5Source: Thomson Reuters 
50
60
70
80
90
100
110
120
130
140
TNT
FDX
UPS
Deutsche Post

Investor relations and share price performance 
Chapter 6 
 
 
 
 
171
VI. CREDIT RATING  
 
Management seeks to optimise the cost of capital while preserving the company’s financial stability and 
flexibility. TNT’s targeted credit ratings are BBB+ by S&P and Baa1 by Moody’s. Per January 2015 the 
credit ratings assigned to TNT were BBB+ (Stable) by S&P and Baa2 (Negative) by Moody’s.  
 
 
 
  
Financial calendar for 2015
17 February
Publication of 4Q14 and full-year results
08 April
Annual General Meeting of Shareholders
10 April
Ex-dividend
28 April
Publication of 1Q15 results
27 July
Publication of 2Q15 and half-year results
26 October
Publication of 3Q15 results

Annexes 
 
 
 
 
172 
 
ANNEXES 
 
ANNEX 1 GLOBAL COMPACT AND GRI G4 INDEX 
173 
ANNEX 2 GLOSSARY  
177

Annexes 
 
 
 
 
173 
ANNEX 1 GLOBAL COMPACT AND GRI G4 INDEX 
 
GLOBAL COMPACT 
Mr Gunning, CEO of TNT, confirms continued support to the Global Compact, and as a signatory, TNT 
is committed to all of the 10 principles regarding human rights, labour, environment and anti-corruption. 
 
1
2
3
4
5
6
7
8
9
10
Businesses should work against corruption in all its forms.
Businesses should uphold the elimination of all forms of forced and compulsory labour.
Businesses should uphold the effective abolition of child labour.
Businesses should uphold the elimination of discrimination in respect of employment and occupation.
Environment
Anti-Corruption
Businesses should support a precautionary approach to environmental challenges.
Businesses should undertake initiatives to promote greater environmental responsibility.
Businesses should encourage the development and diffusion of environmentally friendly technologies.
Businesses should uphold the freedom of association and the effective recognition of the right to collective 
bargaining.
Businesses should support and respect the protection of internationally proclaimed Human Rights.
Human Rights
Labour
Businesses should make sure that they are not complicit in Human Rights abuses.
 
 
GRI G4 INDEX 
This GRI Index table is based on the G4 guidelines of the Global Reporting Initiative (GRI). This index is 
in accordance with the Core criteria of GRI G4. 
 
G4 
General standard disclosure 
Page number/response 
External assurance 
Strategy and analysis 
  
  
G4-1 
CEO statement 
Letter to stakeholders, p.2 
Chapter 1, p. 10; Executive Board compliance 
statement 
Chapter 4, p. 33; Message from the chairman 
No 
Organisational profile 
  
  
G4-3 
Name of the reporting organisation p. 0; Introduction 
Yes 
G4-4 
Products and services 
Chapter 2, p. 15; General market and business 
profile 
No 
G4-5 
Location headquarters 
Chapter 2, p. 15; General market and business 
profile 
Yes 
G4-6 
Countries of operation 
Chapter 2, p. 15-21; Business performance 
Chapter 5, p. 163-164 ; CR reporting and 
assurance scope 
Yes 
G4-7 
Legal form of organisation 
p. 0; Introduction 
Yes 
G4-8 
Markets served 
Chapter 2, p. 15-21; Business performance 
No 
G4-9 
Scale of organisation 
Chapter 2, p. 15-21; Business Performance 
Chapter 5, p. 163; Labour force CR reporting 
scope 
Yes 
G4-10 
Workforce breakdown 
 
Chapter 5, p. 104; Labour force  
Chapter 5, p. 161; Labour contracts 2014 
Chapter 5, p. 163; Labour force CR reporting 
scope 
Yes 
G4-11 
Collective bargaining agreements In 2014, 65% of the employees is covered by 
collective bargaining agreements. 
Yes 
G4-12 
Organisation’s supply chain 
Chapter 2, p. 15; General market and business 
profile 
No

Annexes 
 
 
 
 
174 
G4 
General standard disclosure 
Page number/response 
External assurance 
 
 
 
 
G4-13 
Significant changes in size, 
structure, ownership or supply 
chain 
Chapter 2, p. 15-21; Business performance 
Chapter 6, p. 168-171; Investor relations and 
share price performance 
Partially 
G4-14 
Precautionary approach 
Chapter 4, p. 60-66; Risk management 
No 
G4-15 
External charters, principles or 
initiatives 
Chapter 3, p. 28-29; Supply chain and 
innovation platforms  
Annex 1, p. 173-176; Global Compact and GRI 
G4 
Yes 
G4-16 
Memberships of associations 
Chapter 3, p. 28-29; Supply chain and 
innovation platforms  
Annex 1, p. 173-176; Global Compact and GRI 
G4 
Yes 
Identified material aspects and boundaries 
 
G4-17 
Reporting scope 
Chapter 5, p. 163-164; CR reporting scope 
Chapter 5, p. 74-75; Changes in accounting 
policies and disclosures 
Yes 
G4-18 
Content defining process of the 
annual report 
Chapter 3, p. 23-24; Materiality assessment 
Previous annual reports, the CR multi-
stakeholder survey, feedback from 
benchmarks and management insights are the 
basis of defining the 2014 annual report 
content. Materiality and impact of the aspects 
are taken into account for the final selection. 
Yes 
G4-19 
Identified material aspects 
Chapter 3, p. 23-24; Materiality assessment 
 
Yes 
G4-20 
Aspect boundary per material 
aspect within the organisation 
Chapter 3, p. 23-24; Materiality assessment 
Health and safety and environment are given 
priority on TNT’s strategic agenda. The health 
and safety aspect is material within the 
organisation to ensure a safe working 
environment for the employees, agency 
workers and subcontractors. In addition the 
labour aspect is also important as TNT exists 
by the commitment of its people.  
Yes 
G4-21 
Aspect boundary per material 
aspect outside the organisation 
Chapter 3, p. 23-24; Materiality assessment 
Health, safety and environment are given 
priority on TNT’s strategic agenda. The health 
and safety aspect is material outside the 
organisation due to the emissions (PM10, NOx 
and CO, as included in euro norms) of 
transport activities that have impact on the 
health of people. The activities on the road can 
also have a safety impact on third parties in 
case of road traffic accidents (see Chapter 5, 
p. 153-155; note 5-8).  
The environmental aspect (emissions) is 
material outside the organisation due to the 
impact of the transport activities with respect to 
CO2e emissions and the related climate 
change. Human rights is material in relation to 
subcontractors. The aspects training, labour, 
and customer satisfaction are material within 
the boundaries of the organisation because  
these aspects mainly have an impact on TNT’s 
employees and the economic performance of 
the organisation. 
Yes 
G4-22 
Restatements 
Chapter 5, p. 163-164; CR reporting and 
assurance scope 
Yes 
G4-23 
Significant changes in scope and 
aspect boundaries 
Chapter 5, p. 163-164; CR reporting and 
assurance scope 
Yes 
Stakeholder engagement 
 
 
G4-24 
Stakeholder groups 
Chapter 3, p. 23-24; Materiality assessment 
Yes

Annexes 
 
 
 
 
175 
G4 
General standard disclosure 
Page number/response 
External assurance 
G4-25 
Basis for identification of 
stakeholder groups 
Chapter 3, p. 23-24; Materiality assessment 
The identified stakeholder groups are annually 
evaluated and it is concluded that these groups 
are most relevant with the highest impact to 
TNT. 
Yes 
G4-26 
Approach to stakeholder 
engagement 
Chapter 3, p. 23-24; Materiality assessment 
Yes 
G4-27 
Key topics and concerns raised by 
stakeholders 
Chapter 3, p. 23-24; Materiality assessment 
Yes 
Report profile 
  
  
G4-28 
Reporting period 
p. 0; Introduction 
Yes 
G4-29 
Date of previous report 
p. 0; Introduction 
Yes 
G4-30 
Reporting cycle 
p. 0; Introduction 
Yes 
G4-31 
Contact point for questions 
regarding the report 
p. 0; Introduction 
Yes 
G4-32 
The ‘in accordance’ option 
Chapter 3, p. 23-24; Materiality assessment 
Yes 
G4-33 
External assurance 
Chapter 5, p. 139-146 and 165-167 
Partially 
Governance 
  
  
G4-34 
Governance structure 
Chapter 4, p. 41-53; Governance structure 
Yes 
Ethics and integrity 
  
  
G4-56 
Organisation’s values, principles, 
standards and norms of behaviour 
Chapter 4, p. 50; Business ethics 
Partially 
  
  
  
  
G4 
Specific standard disclosure 
Page number/response 
External assurance 
Economic 
  
  
Disclosure on Management Approach 
Chapter 1, p. 4-9; Report of the Executive 
Board 
 
G4-EC1 
Direct economic value 
Chapter 1, p. 4; Financial highlights 
Chapter 5, p. 67-138; Consolidated financial 
statements 
Yes 
G4-EC2 
Financial implications, risks and 
opportunities due to climate 
change 
Chapter 4, p. 60-66; Risk management 
No 
G4-EC7 
Indirect economic impacts 
Chapter 5, p. 153-155  and 156-160; Notes to 
the health and safety performance;  Notes to 
the environmental performance 
Yes 
Environmental 
  
  
Disclosure on Management Approach 
Chapter 3, p.27-29; Environment 
 
G4-EN3 
Energy consumption within the 
organisation 
Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes 
G4-EN4 
Energy consumption outside the 
organisation 
Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes 
G4-EN5 
Energy intensity 
Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes 
G4-EN15 Direct GHG emissions (Scope 1) Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes 
G4-EN16 Energy indirect GHG emissions 
(Scope 2) 
Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes 
G4-EN17 Other indirect GHG emissions 
(Scope 3) 
Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes 
G4-EN18 GHG emissions intensity 
Chapter 5, p. 156-160; Notes to the 
environmental performance 
Yes

Annexes 
 
 
 
 
176 
G4 
Specific standard disclosure 
Page number/response 
External assurance 
Social 
  
  
 
Disclosure on Management Approach 
Chapter 3, p. 25-26; Health and safety 
Chapter 5, p. 161-162; Notes to the social and 
engagement performance 
 
G4-LA1 
Employee turnover 
Chapter 5, p. 162; note 19  
The breakdown in age is not included in this 
annual report because it is not centrally 
available yet. 
Yes 
G4-LA6 
Accidents and absenteeism 
Chapter 5, p. 153-155; Notes to the health and 
safety performance 
Yes 
G4-LA9 
Training 
Chapter 5, p. 162; note 21  
Chapter 5, p. 157; note 10; Own drivers 
trained in eco-training 
Yes 
G4-SO8 
Compliance 
Chapter 1, p. 4-9; Report of the Executive 
Board 
Chapter 2, p. 15-21; Business Performance 
Yes 
G4-PR5 
Customer satisfaction 
Chapter 5, p. 162; note 22 
Yes

Annexes 
 
 
 
 
177 
ANNEX 2 GLOSSARY  
 
Adjusted operating income 
Adjusted operating income is calculated as operating income after adjusting for one-offs and is prepared 
by management to analyse the results, excluding non-recurring items for a better understanding of the 
business performance. The presentation and disclosure of adjusted operating income does not conform 
to IFRS. 
 
Aerodynamics 
Aerodynamics stand for technology which enables tractor-trailer truck to improve fuel efficiency through 
a drag reduction, with a seamless impact on either the operational utility of the trailers or the 
maintenance procedures.  
 
Air cargo sales 
An airport-to-airport air cargo transportation service. 
 
Absenteeism 
Total hours absent versus standard working hours. 
 
ADRs 
TNT has a sponsored level 1 American Depository Receipts (ADR) programme. The ADRs trade in the 
over-the-counter marketplace (ticker symbol: TNTEY; CUSIP US87262N1090). An ADR is a negotiable 
certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign 
stock that is traded on a U.S. exchange.  
 
All training hours 
All training hours are the number of hours spent on training by the total of employees on payroll during 
the reporting period (both on-and off-job and both internal and external programmes). 
 
Alternative fuels 
Vehicles that are powered by alternative fuels are: biofuel vehicles, CNG (compressed natural gas 
vehicles, hybrid vehicles and electric vehicles.  
 
Biofuels 
Biofuel (also called agrofuel) can be broadly defined as solid, liquid, or gas fuel consisting of or derived 
from biomass. Biofuel consists of CO2 that has recently been extracted from the atmosphere as a result 
of growing of plants and trees and therefore does not influence the CO2 concentration in the atmosphere 
over a longer period of time. This is in contrast to fossil fuels, such as natural gas or crude oil, which are 
stored over billions of years so that their combustion and subsequent emissions do influence CO2 levels 
in the atmosphere. 
 
Blameworthy road traffic incident 
A road traffic incident is defined by TNT as a crash or collision involving a TNT vehicle. A vehicle 
incident can also result into an accident to be reported if the employee is also injured or dead. Road 
traffic incidents are considered blameworthy if a TNT driver is at fault. A road traffic incident excludes 
superficial damage to windscreens or paintwork, damage due to environmental conditions, vandalism, 
animals and theft. 
 
Blameworthy road traffic fatal accident 
A blameworthy road traffic fatal accident is where a TNT employee or third party is fatally injured, which 
means that the employee or third party died because of the accident of any person driving a TNT 
company-owned or operated vehicle. This indicator does not include blameworthy road traffic fatal 
accidents caused by subcontractors. Accidents that occur in company-owned or leased vehicles during 
weekends, non-working days or on the way to and from the office are also counted. An accident is 
considered blameworthy when the TNT driver is at fault. 
 
Carbon Disclosure Project 
The Carbon Disclosure Project is an independent not-for-profit organisation working to drive greenhouse 
gas emissions reduction and sustainable water use by business and cities. Refer to www.cdproject.net 
for more information. 
 
Carbon dioxide emissions 
Carbon dioxide emissions relate to the gas formed during the combustion of fossil fuel. Carbon dioxide 
(CO2) is referred to as a greenhouse gas.

Annexes 
 
 
 
 
178 
Civil society 
As part of the stakeholder dialogue, the civil society cluster includes academic and research institutes, 
financial and investment service organisations, government agencies, industry associations and 
international organisations, NGOs and trade unions. 
 
Climate change risks 
Risks (and opportunities) posed by climate change that have the potential to generate substantive 
changes in operations, revenue or expenditure for the organisation. Changes in the climate system and 
weather patterns resulting in more frequent and intense storms, changes in sea level, temperature and 
water availability, but also impact on workforce due to health effects or the need to relocate operations. 
 
CO2 efficiency 
CO2 efficiency expresses the efficiency of TNT’s business in terms of CO2 emissions, i.e. the CO2 
emitted per service provided, per letter or parcel delivered. 
 
CO2e (Carbon dioxide equivalent) 
The radiation effect of all greenhouse gases (carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), 
hydrofluorocarbons (HFC5), perfluorocarbons (PFC5) and sulphur hexafluoride (SF6)) expressed as a 
concentration of carbon dioxide. 
 
CO2-neutral 
Carbon-neutral is where the net CO2 equivalent emissions from activities are zero. 
 
Code-share agreement 
An agreement in aviation, whereby two or more airlines share the same flight. A transport service can be 
purchased on one airline but is actually operated by a cooperating airline under a different flight number 
or code. 
 
Corporate governance 
The OECD (refer to reference below in this glossary) defines corporate governance as the system by 
which corporations are directed and controlled. The corporate governance structure specifies the 
distribution of rights and responsibilities among different participants such as the board, managers, 
shareholders and other stakeholders, and defines the rules and procedures for making decisions. In 
doing so, it also provides the structure through which company objectives are set, the means of attaining 
those objectives and monitoring performance. 
 
Corporate responsibility 
Corporate responsibility is the umbrella term for the obligation a company has in considering the social 
(corporate social responsibility) and environmental (sustainability) impact of its activities and to go 
beyond this obligation in the treatment of economic, environmental and social activities to sustain its 
operations, financial performance and ultimately its reputation. 
 
CR Materiality Matrix 
The Corporate Responsibility (CR) Materiality Matrix reflects the importance and materiality of CR areas 
to stakeholders and to TNT. These areas are categorized in three dimensions: social, environmental 
and economic. 
 
Customer privacy 
Substantiated complaints regarding breaches of customer privacy and losses of customer data. 
 
Customer satisfaction score 
An annual worldwide customer satisfaction survey is conducted by TNT to measure customer 
satisfaction with all customers across all customer segments. TNT measures customer satisfaction as 
the percentage of customers that rate TNT’s performance as ‘meeting or exceeding expectations’.  
 
Depot 
This is the location where transport vehicles load and unload goods, either from collections or for 
deliveries. In addition to serving as operational platforms, TNT’s depots also include Sales, Marketing, 
Finance & Accounting, Customer Service and IT departments.  
 
Eco-drive training 
In-house or externally provided training to improve fuel efficiency performance of drivers (for example: 
cruise-control driving, accelerating, breaking and other activities, such as maintaining good tire 
pressure).

Annexes 
 
 
 
 
179 
Enhanced liability option 
In a number of countries, TNT offers enhanced carrier liability on all express and economy express non-
document consignments up to a maximum value of €25,000 or the declared invoice value of your goods, 
whichever is the lower. 
 
Employee engagement 
Employee engagement relates to the number of employees (employed by TNT for 3 months or more) 
who stated in the employee engagement survey that they were engaged or more than engaged by TNT 
as an employer. 
 
Employment 
As defined by GRI this reflects employee diversity with respect to gender, age group, employee 
turnover, new employee hires, full time and part time employees including benefit differences, parental 
leave, etc.  
 
EU ETS 
The EU emissions trading system (EU ETS) is the cornerstone of the European Union's policy to combat 
climate change and aims at reducing greenhouse gas emissions by putting a price on carbon. TNT 
complies with EU ETS through a monitoring plan on TNT’s emissions and tonnes.kilometre data which 
is verified by an independent and accredited verifier.  
 
European Economic Area (EEA) 
The EEA includes all 28 European Union member states including Iceland, Norway and Liechtenstein. 
 
European emission standards 
Euro 4, Euro 5 and Euro 6 are mandatory European emission standards (EU directives) applicable to 
new road vehicles sold in the European Union that define levels of vehicular emissions like particular 
matters (PM), nitrogen oxides (NOx) and carbon monoxide (CO). 
 
European Air Network  
The European Air Network are all the destinations served by short haul aircraft, including onward 
connecting feeder flights. 
 
European Road Network 
TNT’s European Road Network manages the international road linehaul connections of TNT. The 
headquarters is in Duiven (The Netherlands), where the international road hub is situated. 
 
European Union 
The European Union consists of the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, 
Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 
Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, 
Sweden and the United Kingdom. 
 
EVCA 
European Private Equity and Venture Capital Association. Refer to www.evca.eu for more information.  
 
Extra Mile 
Extra Mile is an employee recognition programme showcasing the outstanding things colleagues do 
every day to contribute to achieving TNT’s strategic goals. 
 
Full time equivalents (FTEs) 
FTEs are the total number of hours worked by the headcount divided by the local number of contract 
hours (for example: 40 p/w or 196 p/m). 
 
Gateway 
A gateway is a specific dedicated hub that forms the link between TNT’s air and road operations. Its 
activities include consolidating or separating shipments, but it does not have a full sorting activity. The 
gateway is often the international entry and exit point for a country.  
 
Global Business Services (GBS) 
GBS is a dedicated and centralised unit of TNT, that identifies, develops and implements shared-service 
centre (SSC) solutions, to reduce costs by consolidating and standardising administrative and 
transactional processes (Finance, HR, Procurement, Data Management and Commercial/Operational 
Back Office) into one or more shared-service centres.

Annexes 
 
 
 
 
180 
Global Network Operations (GNO) 
The GNO is responsible for the planning and execution of the TNT worldwide international Network, and 
is functionally responsible for all operations. 
 
Global Strategic Accounts Organisation (GSO) 
The GSO centrally manages and coordinates all TNT’s global accounts to ensure that TNT provides 
those customers with service of the highest quality.  
 
Global Reporting Initiative (GRI) 
The GRI is a multi-stakeholder process and independent institution whose mission is to develop and 
disseminate globally-applicable sustainability reporting guidelines for voluntary use by organisations that 
report on the economic, environmental and social dimensions of their business. The GRI incorporates 
participation of business, accountancy, investment, environmental, human rights and research and 
labour organisations from around the world. Starting in 1997, the GRI gained independence in 2002, is 
an official collaborating centre of the United Nations Environment Programme, and works with the 
United Nations Global Compact. Refer to www.globalreporting.org for more information. 
 
Greenhouse Gas Protocol 
The Greenhouse Gas Protocol Initiative (GHG Protocol) was established in 1998 to develop 
internationally-accepted accounting and reporting standards for greenhouse gas emissions from 
companies. 
 
Headcount 
Headcount is the number of own employees on the payroll in active duty working for fully-consolidated 
companies. 
 
Hub 
A hub is a nodal point in a network, connecting multiple locations together to ensure optimum 
connectivity. TNT’s hubs include: central hubs (Liège and Duiven), road transit hubs, air hubs, global 
transit hubs, country hubs and gateways. Many hubs are characterised by their sorting activity, which 
handles shipments from many inbound sectors to a number of outbound sectors. 
 
Internal promotion 
The number of TNT employees appointed to vacancies in management positions at the end of a 
reporting period. This refers to the number of actual appointments, not the number of FTE positions. 
 
International Organization for Standardization (ISO) 
The ISO is a network of national standards institutes from 146 countries working in partnership with 
international organisations, governments, industry, business and consumer representatives. The ISO is 
the source of ISO 9000 standards for quality management, ISO 14000 standards for environmental 
management and other international standards for business, government and society. Refer to 
www.iso.org for further information. 
 
Investors in People (IiP) 
Developed in 1990 by a partnership of leading businesses and national organisations, Investors in 
People helps organisations to improve performance and realise objectives through the management and 
development of their staff. Refer to www.investorsinpeople.co.uk for further information. 
 
ISO 9001 (quality management) 
The ISO 9000 standards cover an organisation’s practices in fulfilling customers’ quality requirements 
and applicable regulatory requirements while aiming to enhance customer satisfaction and achieve 
continual improvement of its performance in pursuit of these objectives. 
 
ISO 14001 (environmental management) 
The ISO 14001 standard is an international standard for controlling environmental aspects and 
improving environmental performance, minimising harmful effects on the environment and achieving 
continual improvements in environmental performance. 
 
Key Performance Indicators (KPIs) 
KPIs are measurements that focus on achieving outcomes critical to the current and future success of 
an organisation. These indicators should deal with matters that are linked to the organisation’s mission 
and vision, and are quantified and influenced where possible. 
 
Less than Truck Load (LTL) 
LTL carriers collect and consolidate freight from various senders onto enclosed trailers for linehaul to the 
delivering depot or to a hub/gateway.

Annexes 
 
 
 
 
181 
Linehaul 
In the transport industry, linehaul refers to the road transport movements between hubs.  
 
Lost-time accident (LTA) 
For the purpose of CR reporting, LTAs are defined as the number of employees that are absent from 
work as a result of a work related accident for at least one day in the reporting period, excluding the day 
that the accident occurred. 
 
Management positions by gender 
Management positions are defined as the number of females/males employed in management positions 
or above (i.e. with responsibilities for other employees (including subcontractors) or with budget 
responsibility). 
 
Market presence 
As defined by GRI, this is the contribution of an organisation to the economic well-being of employees. 
This includes the social licence to operate (e.g. the competitiveness of wages, hiring senior 
management from local community and diversity). 
 
Network 
In the transport industry, a network is the sum of facilities on which consignments are moved. TNT’s 
network, which is composed of its depots and hubs, supports the company’s standard solutions (core 
product and services). 
 
Non-blameworthy road traffic incident 
A road traffic incident is defined by TNT as a crash or collision involving a TNT vehicle. A vehicle 
incident can also result into an accident to be reported if the employee is also injured or dead. Road 
traffic incidents are considered non-blameworthy if a TNT driver is not at fault. A road traffic incident 
excludes superficial damage to windscreens or paintwork, damage due to environmental conditions, 
vandalism, animals and theft. 
 
Non-OECD countries 
Refer below for the definition of OECD. Non-OECD countries in which TNT has operations include 
Argentina, Bahrain, Brazil, Bulgaria, Cambodia, China, Cyprus, Egypt, Fiji, Hong Kong, India, Indonesia, 
Jordan, Kenya, Kuwait, Latvia, Lithuania, Malaysia, Namibia, Philippines, Romania, Russia, Saudi 
Arabia, Singapore, South Africa, Taiwan, Thailand, United Arab Emirates and Vietnam. 
 
NOx 
NOx (NO and NO2) refers to nitrogen oxides. Nitrogen oxides are produced during combustion, 
especially at high temperature. 
 
Orange Experience Score (OES) 
OES is a way to measure customer satisfaction and is calculated by subtracting the percentage of 
customers who feel TNT performed below expectations from the percentage of customers who feel TNT 
exceeded their expectations. The score can be a value between -100 and +100. 
 
Organisation for Economic Co-Operation and Development (OECD) 
The OECD comprises 34 member countries that share a commitment to democratic government and the 
market economy. Member countries – sometimes referred to as OECD countries – represent the world’s 
most developed countries. Refer to www.oecd.org for more information. 
 
On-time delivery 
Delivery of a consignment within the timeframe set for the service in question. 
 
OHSAS 18001 (occupational health and safety management) 
OHSAS 18001 is a standard for occupational health and safety management systems. It is intended to 
help organisations control occupational health and safety risks and was developed in response to 
widespread demand for a recognised standard for certification and assessment. OHSAS 18001 was 
created through collaboration of several of the world’s leading national standards bodies, certification 
organisations and consultancies. Refer to www.ohsas-18001-occupational-health-and-safety.com for 
more information. 
 
Particulate Matter 
Particulates, alternatively known as particulate matter (PM), including fine particles and soot, are tiny 
subdivisions of solid matter suspended in a gas or liquid. The notation PM10 is used to describe 
particles of 10 micrometers or less.

Annexes 
 
 
 
 
182 
Perfect Depot 
The Perfect Depot programme is part of the Outlook strategy, and aims to build a high quality, efficient 
and agile depot network across TNT. 
 
Perfect Transaction 
Perfect Transaction is a company-wide and cross-functional initiative to improve the order to invoice 
process. Perfect Transaction is not an isolated project. It is a means to achieve a transformation in the 
TNT culture and way of working.  
 
Pick-up and Delivery (PUD) 
The process that involves all movements from the sender to the collecting depot and from the delivering 
depot to the receiver. 
 
Road traffic fatal accident 
A road traffic fatal accident is one where a TNT employee or third-party is fatally injured such that the 
employee or third-party died because of the accident and where any person driving a company-owned 
or company-operated vehicle is involved. Road traffic fatal accidents which occur in company owned or 
leased vehicles during weekends, non-working days or on the way to and from the office are also 
included. Road traffic fatal accidents with TNT employees involved that are still under investigation are 
reported as non-blameworthy fatal road traffic accidents until proof is provided to the contrary. 
 
SME 
Small and medium-sized enterprises. 
 
Subcontractor road traffic fatal accidents  
A subcontractor road traffic fatal accident occurs when a subcontractor or other third-party is fatally 
injured by a person driving a subcontractor-owned or hired vehicle, which is operated on behalf of TNT. 
 
Sustainable energy 
Sustainable energy is energy from ‘green’ or ‘renewable’ sources such as solar, wind, geothermal, 
biomass, hydroelectric and ocean energy purchased during the reporting period for power and lighting of 
all company locations (where this can be established from utility suppliers’ invoices or other means). It 
does not include nuclear energy. 
 
Telematics 
Telematics refers to vehicle-based systems that integrate GPS sensors with wireless communication 
and computer capabilities. These systems can provide fleet owners and operators with extensive 
information and intelligence on vehicle location and performance, driver behaviour/efficiency and a wide 
range of other parameters. 
 
TSR 
Total shareholder return. 
 
Voluntary turnover 
Voluntary turnover is the number of TNT employees on permanent contract (full-time or part-time) who 
resigned from the company of their own free will. This includes all resignations but not redundancies, 
dismissals, retirement or transfers. 
 
Working hours 
The definition of working hours is based on the total number of individually-calculated hours adjusted for 
overtime, leave or similar deviations. 
 
Workplace fatal accident 
The death of a TNT employee due to a work-related accident or the death of a third-party, while working 
at a TNT facility. 
  
‘Zero-emission’ supply chain solutions 
The smart, stackable ‘zero-emission’ supply chain solutions, designed and piloted through TNT City 
Logistics initiative, contribute to cleaner, less congested city centres. The solutions work by eliminating 
sources of inefficiency from the supply chain (including that of the suppliers and customers) in several 
ways, such as integrating networks and infrastructure, bundling multiple parcel deliveries or shifting to 
off peak period. They also reduce CO2 and pollution by replacing conventional vehicles with ‘zero-
emission’ transport, with the aim of securing crucial access to city centres.

Annexes 
 
 
 
 
183 
‘Zero-emission’ last-mile solutions 
The ‘zero-emission’ last-mile solutions such as tricycles or electric small vans contribute to reduce city 
centre congestion, noise and pollution. Combined with optimised networks and infrastructure, they help 
to mitigate TNT's environmental footprint and improve operational efficiency at city level.

TNT Express N.V. 
Taurusavenue 111 
2132 LS Hoofddorp 
P.O. Box 13000 
1100 KG Amsterdam 
The Netherlands  
 
Tel +31 88 393 9000  
www.tnt.com/corporate