In 2013, TNT Express experienced a 4.7% decrease in the Group’s reported revenues and a €110 million decline in reported operating income. The decrease in reported revenue is significantly influenced by negative foreign exchange movements of €197 million (-2.8%). The negative impact of foreign exchange on the reported operating income was €18 million. In addition, reported operating income absorbed net one-off losses of €164 million (2012: 106). After adjustment of one-offs and foreign exchange differences, adjusted revenue declined by 1.9%, while adjusted operating income declined by €34 million compared to 2012.