The Reference Share price is used for calculating a Participating Shareholder's entitlement under the Scrip Dividend Programme, as defined below.

Reference share price (US$): 33.944 - Q1 2013

The Reference Share Price is the US dollar equivalent of the average of the closing price for the Company's A Shares listed on Euronext Amsterdam for the five dealing days commencing on (and including) the date on which the Shares are first quoted ex-dividend in respect of the relevant dividend.

The Reference Share Price is calculated by reference to the Euronext Amsterdam closing price in euro. The US dollar equivalent of the closing price on each of the dealing days referred to above is calculated using a market currency exchange rate prevailing at the time.

Reference ADS Price

ADS stands for 'American Depositary Share'. ADR stands for 'American Depositary Receipt'. An ADR is a certificate that evidences ADSs (though the terms ADR and ADS are often used interchangeably). ADSs are listed on the NYSE under the symbols RDS.A and RDS.B. Each ADS represents two ordinary shares, two ordinary A Shares in the case of RDS.A or two ordinary B Shares in the case of RDS.B.

Reference ADS price (US$): 67.888 - Q1 2013

The Reference ADS Price equals the Reference Share Price of the two A Shares underlying each new A ADS. A recent court ruling has established that Stamp Duty Reserve Tax (SDRT) is not due on the issue of shares to a US depositary. Therefore, the Reference ADS price no longer includes an adjustment for the deduction of SDRT (or the Dutch withholding tax associated with the payment of SDRT). Given these changes, there is no longer a need to have an Alternative Reference ADS Price. The Reference ADS Price will instead apply to all A ADSs and B ADSs.

Royal Dutch Shell plc is currently exploring together with the Depository how ADS holders might reclaim SDRT amounts deducted on previous issues under the Scrip Dividend Programme. Details will be made available as soon as possible on the dividend section of the Royal Dutch Shell plc website: www.shell.com/dividend.
Scrip dividend programme

RDS provides shareholders with a choice to receive dividends in cash or in shares via a Scrip Dividend Programme.

Under the Programme shareholders can increase their shareholding in RDS by choosing to receive new shares instead of cash dividends if declared by RDS. Only new A Shares will be issued under the Programme, including to shareholders who currently hold B Shares.

Joining the Programme may offer a tax advantage in some countries compared with receiving cash dividends. In particular, dividends paid out as shares will not be subject to Dutch dividend withholding tax (currently 15 per cent) and will not generally be taxed on receipt by a UK shareholder or a Dutch corporate shareholder.

Shareholders who elect to join the Programme will increase the number of shares held in RDS without having to buy existing shares in the market, thereby avoiding associated dealing costs.

Shareholders who do not join the Programme will continue to receive in cash any dividends declared by RDS.

Shareholders who held only B shares and joined the Scrip Dividend Programme are reminded they will need to make a Scrip Dividend Election in respect of their new A shares if they wish to join the Programme in respect of such new shares. However, this is only necessary if the shareholder has not previously made a Scrip Dividend Election in respect of any new A shares issued.

For further information on the Programme, including how to join if you are eligible, please refer to the appropriate publication available on www.shell.com/scrip.

— WebWireID175041 —

'We are seeing an increase in activity and the South Florida real estate market is finally coming out of the doldrums,' said Cory Fritzler, founder and CEO of Investyle Real Estate, a South Florida real estate company that deals with the sale, rental and management of vacation units, condos and single family homes.

'It's still a buyer's market, but that could change very soon if these trends continue,' Fritzler added.

Historically-low interest rates and bargain real estate prices have also ignited activity, as well as foreign investors taking advantage of buying opportunities. Nearly 1,000 people per day are moving to Florida, many of which are coming for white collar jobs and a favorable climate – Fritzler notes that all of these individuals are in need of housing.

As a very active real estate agent in the Fort Lauderdale and South Florida areas, Cory Fritzler has a network of investors with inventories of homes for sale. He has an active knowledge of market trends, real estate values and deals to be purchased both as a primary residence or investment.

Investyle Real Estate also offers oversight and management of homes and condos for out-of-state investors. Its rental properties provide housing to vacationers and snowbirds in Fort Lauderdale, Miami Beach and other areas of South Florida. The company weathered the recent downturn and is now positioning itself to capitalize on the current market environment.

'South Florida is still one of the best places in the country to invest in real estate. A combination of great weather, beautiful beaches and a strong job market will continue to decrease inventory and drive up prices,' says Fritzler. 'Buyers will see better deals sooner rather than later.'

For more information, visit http://www.investylerealestate.com or call 1-305-978-3715.

— WebWireID174985 —

— WebWireID174954 —

Operating from a production facility in Kimstad, Sweden, Biovelop produces oat beta glucan under the brand name PromOat™ for use in the food, beverage and supplement markets, and under the brand name Avenacare™ for use in the cosmetics industry. In addition, it produces a range of other oat-based ingredients including PrOATein™ (oat protein), oat dextrin and insoluble oat fibre. Biovelop's products are manufactured from non-GMO oats sourced from within Sweden using a chemical-free process.

Beta glucan is a soluble fibre which has widely approved health claims, including EFSA, for lowering cholesterol and reducing post prandial glycaemic response.

Biovelop is a relatively early-stage business having been founded in 2005 and made its first sale of commercial product in 2010.

Olivier Rigaud, President, Speciality Food Ingredients for Tate & Lyle said: 'We are delighted to welcome the Biovelop business and its employees to Tate & Lyle. The addition of Biovelop's soluble oat beta glucan, supported by strong scientific health claims, represents an excellent addition to Tate & Lyle's existing fibres and health and wellness portfolios.'

End

About Tate & Lyle:

Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, operating from over 30 production facilities around the world.

Tate & Lyle operates through two global business units, Speciality Food Ingredients and Bulk Ingredients, supported by Innovation and Commercial Development. The Group's strategy is to become the leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving the Bulk Ingredients business for sustained cash generation to fuel this growth.

Speciality Food Ingredients include starch-based speciality ingredients (corn-based speciality starches, sweeteners and fibres), no calorie sweeteners (including SPLENDA® Sucralose) and Food Systems which provides blended ingredient solutions. Bulk Ingredients include corn-based bulk sweeteners, industrial starches and fermentation products (primarily acidulants). The co-products from both divisions are primarily sold as animal feed.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2012, Tate & Lyle sales totalled £3.1 billion. http://www.tateandlyle.com. SPLENDA® is a trademark of McNeil Nutritionals, LLC.

TATE & LYLE KÖPER SVENSKT HAVREBETAGLUKANFÖRETAG

London, Storbritannien, 20 maj 2013 - Tate & Lyle PLC ('Tate & Lyle'), en ledande global leverantör av ingredienser och lösningar för speciallivsmedel, meddelar att man har förvärvat Biovelop, en svensk tillverkare av havrebetaglukan.

Vid sin produktionsanläggning i Kimstad i Sverige tillverkar Biovelop havrebetaglukan under varumärket PromOat™ för användning på livsmedels-, dryckes- och kosttillskottsmarknaderna, samt under varumärket Avenacare™ för användning inom kosmetikaindustrin. Dessutom producerar företaget ett sortiment bestående av andra havrebaserade ingredienser, som t.ex. PrOATein™ (havreprotein), havredextrin och olösliga havrefibrer. Biovelops produkter tillverkas av GMO-fri havre av svenskt ursprung genom en process, fri från kemikalier.

Betaglukan är en löslig fiber som har godkända hälsopåståenden, bl.a. från EFSA, om sänkt kolesterolvärde och reducerad glykemisk respons efter maten.

Biovelop är ett relativt nytt företag som grundades 2005 och sålde sin första kommersiella produkt 2010.

Olivier Rigaud, President of Speciality Food Ingredients vid Tate & Lyle säger: 'Vi är glada över att kunna välkomna Biovelops verksamhet och anställda till Tate & Lyle. Biovelops lösliga havrebetaglukan som stöds av starka vetenskapliga hälsopåståenden, utgör ett utmärkt tillskott till Tate & Lyles befintliga portfölj med fiber- och hälsoprodukter.'

Slut

Om Tate & Lyle:

Tate & Lyle är en global leverantör av ingredienser och lösningar till livsmedels- och dryckesindustrin samt andra industrier, och är verksamt vid över 30 produktionsanläggningar runtom i världen.

Tate & Lyle verkar genom två globala affärsenheter: Speciality Food Ingredients och Bulk Ingredients, som understöds av Innovation and Commercial Development. Gruppens strategi är att bli den ledande leverantören av speciallivsmedelsingredienser genom att disciplinerat fokusera på tillväxt och driva verksamheten med bulkingredienser för bibehållen generering av inkomster för att understödja denna tillväxt.

Speciallivsmedelsingredienser omfattar stärkelsebaserade specialingredienser (spannmålsbaserade specialstärkelseprodukter, -sötningsmedel och -fibrer), kalorifria sötningsmedel (som t.ex. SPLENDA®-sukralos) och livsmedelssystem som erbjuder blandade ingredienslösningar. Bulkingredienser innefattar spannmålsbaserade bulksötningsmedel, industriella stärkelseprodukter och fermenteringsprodukter (framför allt surhetsreglerande medel). Samprodukter från båda avdelningarna säljs primärt som djurfoder.

Tate & Lyle är listat på London Stock Exchange under symbolen TATE.L. Handel med American Depositary Receipts sker under TATYY. Under det räkenskapsår som avslutades 31 mars 2012 nådde Tate & Lyle en total försäljning på 3,1 miljarder brittiska pund. http://www.tateandlyle.com. SPLENDA® är ett varumärke som tillhör McNeil Nutritionals, LLC.

— WebWireID174889 —

During the first quarter of 2013, 10 million passengers were carried by the rate of an 26% increase in passenger traffic. In response to the 21% increase in available seat kilometers (ASK), revenue passenger kilometers (RPK) increased by 30%, therefore the percent of the passenger load factor amounted to 77.9% percent in system-wide increasing by 5.1 points. International to international transfer passengers shared in the total international passenger rate which reached to 40%. According to the International Air Transport Association (IATA), for the same period the overall industry growth in terms of the ASK and RPK, were respectively 2,3% and 4,2%.

Along with the 6 new routes that have been launched in 2013, total number in international lines reached to 187, and the number of countries flown to is 99. As from today, the number of aircraft on the fleet of Turkish Airlines is 219, which comprises 173 narrow body, 37 wide body, and 9 cargo aircrafts. In addition to the earlier aircraft orders which have been recently made as 117 aircrafts to Airbus and 95 aircrafts to Boeing by targeting a giant fleet, Turkish Airlines' fleet will be composed of approximately 400-450 aircrafts in coming 10 years.

Considering Turkish Airlines' ten-year growth plans with the third airport to be built in Istanbul, Turkey will have much wider global access and Istanbul will become one of the biggest hub cities in the world for international air tranport.

— WebWireID174873 —

An editorial panel at Energy Risk, a leading energy and financial risk management magazine, selected ICE Clear Europe as part of its annual awards. Among the factors considered were strengths in innovation, infrastructure, systems and organization, client service and risk management in the energy sector.

Paul Swann, ICE Clear Europe President and Managing Director, said: "ICE Clear Europe is delighted to receive this award for 2013 which was a significant year in terms of responding to ongoing changes in the regulatory landscape. We take great pride in our innovation and in our ability to respond quickly to meet our customers' needs."

ICE Clear Europe was established in 2008 as the first new clearing house in the UK for over 100 years and at launch, transitioned more than US $16 billion initial margin and 26 million energy contracts from LCH.Clearnet to ICE Clear Europe.

Today, ICE Clear Europe has 69 members and provides multi-asset clearing services for energy and credit derivatives. In connection with the execution of the Clearing Services Agreement with LIFFE Administration and Management and subject to regulatory no-objection, ICE Clear Europe will extend its clearing services to include interest rate, fixed income, foreign exchange, equity and agricultural commodity derivatives. For more information on ICE Clear Europe, please visit https://www.theice.com/clear_europe.jhtml.

Editor's Notes

About IntercontinentalExchange
IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated exchanges and clearing houses serving the risk management needs of global markets for agricultural, credit, currency, emissions, energy and equity index products. www.theice.com. The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe, ICE Clear Europe, ICE Clear Canada, ICE Clear US, ICE Clear Credit, ICE Futures U.S., and ICE OTC. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on February 6, 2013.

— WebWireID174832 —

The awards were designed to recognise companies, teams and individuals deemed to have 'demonstrated innovation and excellence during 2012'.

Commenting on the awards, WealthBriefing said, 'These awards recognise the very best operators in the private client industry, with 'independence', 'integrity' and 'genuine insight' the watchwords of the judging process - such that the awards truly reflect excellence in wealth management.'

UHNWI individuals demand a suite of products and services which are different from those provided by a typical financial advisor. BNP Paribas Wealth Management has therefore created a dedicated structure and offering - Key Client Group - for its most strategic clients which balances a close personal approach with extensive financial expertise.

Vincent Lecomte and Sofia Merlo, Co-CEOs of BNP Paribas Wealth Management, commented on the results, 'Our teams are particularly proud to have been recognised for serving our clients' expectations with the highest degree of expertise. We strive daily to meet those expectations'.

These awards add to BNP Paribas Wealth Management's luminous industry recognitions:

Private Banker International 2012
No.1 « Outstanding Private Bank in Europe »
No.2 « Equal Outstanding Global Private Bank »
Best Foreign Private Bank in Hong Kong

PWM/The Banker Global Private Banking Awards 2012
Best Private Bank in France
Best Private Bank for Philanthropy Services

Asian Private Banker 2012
Best Private Bank in Taiwan
Best Private Bank - Alternative Investments

About BNP Paribas Wealth
Management(www.wealthmanagement.bnpparibas.com)
BNP Paribas Wealth Management is the world's 7th largest private bank, present in some 30 countries. Over 6,000 professionals, based in every major financial centre, provide a private investor clientele with solutions for optimising and managing their assets. The bank has €277 billion worth of assets under management (as at end of March 2013)

— WebWireID174827 —

The new functionality is the next timely step of the development plan for the website. 'In January Bullfax.com unveiled its new design, which was warmly welcomed by our readers. Our main goal is to become a useful and resourceful website for financial data, providing the latest and breaking news from all around the globe. Our new user registrations are based on existing social media platforms and will allow our readers to form a natural community' said Mr. Vesselin Drangajov - the site's founder.

In the last couple of years Bullfax.com has been developing services, that aim to provide a unique overview on a wide variety of news resources; the site has implemented innovative formats such as our Live Markets Map. The increasing number of readers and their loyalty shows that the website is a useful tool to traders as well as well as to the general public.

'I was the first to test Bullfax.com's new option for registration and I was pleasantly surprised how easy and quick can everything be done. You can easily sing via your profile in the social networks and use all the new functionalities the website gives you. This is something really useful to our dedicated readers.' commented Ivana Dragoeva, a lead Editor at Bullfax.com.

In the coming weeks Bullfax.com plans to keep expanding its platform. The increasing significance of social networks and mobile in news delivery means that news services need constant innovation to maintain relevance and growth.

— WebWireID174792 —

— WebWireID174695 —

Sebastian Plubins, Managing Director of EMEASA (Ria Financial Services) will address the latest trends in the Asia-Pacific remittance market from the perspective of Ria Financial Services, one of the world largest remittance service providers. 'I'm delighted to participate in the Global Forum of Remittances. For Ria, the Asian market is the fastest growing corridor, we are planning to invest heavily to unlock the untapped potential. We want to export our model of 'Low Cost Remittances' to the Asian market, as we are already successfully doing in the rest of the world' said Mr. Sebastian Plubins.

Mr. Plubins oversees the sales, financials, operations and expansion of Ria Financial in Europe, Middle East, Africa and South Asia. He has been an integral part of the Ria organization since 2005. Mr. Plubins has more than 12 years of experience in the money transfer industry. He began his career at Cambios Inter, a sub agent of Western Union, in Chile and later he worked in London at Chequepoint, the Foreign Exchange powerhouse of Europe.

About Ria Financial Services
Ria Financial Services is a member of the International Association of Money Transfer Networks – IAMTN.Ria Financial Services was founded in 1987 and it is today the third largest money transfer company in the world, with a global agent network of more than 200,000 locations in more than 130 countries. In addition to money transfer services, Ria oers Bill Payment, Mobile Top Ups, PrePaid Debit Cards, Check Cashing and Money Orders.

Ria's mission is to be the most progressive money transfer company in the world, oering service excellence and the most competitive and reliable remittance payment services to its customers.

Ria is also committed to best-in-class business relationships with its global agent and correspondent network, based on the principles of mutual respect, fairness and generally accepted business practices.

— WebWireID174715 —

— WebWireID174697 —

Deutsche Bank AG and Xchanging plc. signed binding agreements regarding the sale of the 51 % shares in the joint venture Xetb established in 2004 currently held by the partner Xchanging to Deutsche Bank for a purchase price of EUR 40.5 million.

Xetb is the holding company of Xchanging Transaction Bank GmbH (XTB) that provides services in relation to the securities processing business for Deutsche Bank as well as for external clients.

The transaction is amongst others subject to approvals by the regulators and Xchanging shareholders. After closing Deutsche Bank will have full ownership and operating control over XTB.

This transaction contributes to Deutsche Bank Strategy 2015+ to improve operating efficiency and to reduce redundancies, complexity and costs. Deutsche Bank will stay committed to offer efficient and high quality securities processing services to XTB's existing clients, including Deutsche Bank Group.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 15 April 2013 under the heading 'Risk Factors'. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.

— WebWireID174683 —

Bonn, Germany - -During the first quarter of 2013, Deutsche Post DHL built on its successful performance of last year. In a business environment characterized by persistent economic challenges, the world's leading postal and logistics group increased revenues by 0.6 percent to EUR 13.4 billion in the first three months of the year compared with the same period last year. Adjusted for exchange-rate effects and inorganic factors, revenues climbed by 1.5 percent. The driving forces of this growth were primarily volume and revenue gains generated by the international express business as well as the parcel segment in Germany. This growth reflects the company's exceptional market position in the world's highly dynamic markets. The Group improved its operating earnings once again: At EUR 711 million, EBIT produced during the first quarter rose EUR 20 million above the level generated in the same period last year. The development of the consolidated net profit was even more pronounced: Net income adjusted for last year's one-time effects related to the final Postbank transaction jumped by 45 percent to nearly EUR 500 million.

'Even though we have yet to feel any sort of economic tailwind, we were able to get off to a solid start in the new year. In doing so, we demonstrated once again just how robust our business model is and lived up to our position as market leader,' said Frank Appel, CEO of Deutsche Post DHL. 'Thanks to our commitment to customers, the gains in efficiency we have made in recent years and our determination to continuously simplify processes, we can reliably deliver profitable growth.'

First quarter of 2013
During the first quarter of 2013, the Group boosted revenues by EUR 80 million to EUR 13.4 billion. Adjusted for exchange-rate effects and inorganic factors, revenues were about EUR 200 million above the level generated in the previous year's period – and the Group was able to produce this result even though the loss of around 2.5 working days in Germany negatively impacted the year-on-year comparison. This factor also affected operating earnings, which the company was nonetheless able to increase by 2.9 percent to EUR 711 million in the first quarter of 2013 (2012: EUR 691 million). By improving earnings by 4 percent to EUR 427 million, the DHL divisions once again were the driving force behind EBIT generation and growth. During the first quarter, the Group's financial result fell from EUR 69 million in 2012 to minus EUR 44 million in 2013. This decrease was attributed mainly to the non-recurrence of last year's positive one-time effects related to the completion of the Postbank transaction totaling EUR 186 million. During the first three months of 2013, consolidated net profit thus fell from EUR 529 million in the previous year to EUR 498 million in 2013. This corresponds to a drop in basic earnings per share to EUR 0.41 (2012: EUR 0.44). Excluding the Postbank effects from last year, consolidated net profit and earnings per share would have risen by more than 45 percent due to operational improvements and lower taxes.

Cash flow
During the first three months of 2013, the Group made significant progress in its intensified efforts to improve cash flow. While the company's operating activities had resulted in a cash outflow of EUR 357 million last year, a positive operating cash flow of EUR 120 million was generated in the first quarter of 2013. This rise of nearly EUR 500 million primarily reflects the EBIT increase and working capital improvements. As a result, free cash flow improved considerably in a year-on-year comparison and totaled minus EUR 140 million in the first quarter of 2013 (2012: minus EUR 656 million) despite the payment made to the Bundes-Pensions-Service für Post und Telekommunikation, a special pension fund for the company's civil servants, which occurs at the beginning of each year (2013: EUR 540 million). The Group's net debt totaled EUR 2.3 billion at the end of the quarter. This represented a seasonal rise of EUR 298 million compared with the end of 2012.

Capital expenditures
In the first quarter of 2013, the Group's capital expenditures totaled EUR 218 million (2012: EUR 305 million). The focus of these investments continued to be the DHL divisions. These expenditures flowed into such areas as the continued expansion of the network, a more efficient air fleet, state-of-the-art warehouses and a new Global Forwarding IT infrastructure. As a result, the Group has further bolstered its foundation for continued expansion and long-range company success. In the MAIL division, capital expenditures were increased particularly with the aim of expanding the parcel infrastructure.

Outlook
The Group expects the world's economy to generate moderate growth in 2013. Against this background the Group continues to expect its EBIT to increase to between EUR 2.7 billion and EUR 2.95 billion. While the MAIL division is anticipated to contribute between EUR 1.1 billion and EUR 1.2 billion to this figure, DHL should generate operating earnings of between EUR 2.0 billion and EUR 2.15 billion. Corporate Center/Other expenditures are forecast to again total about EUR 400 million. The Group's consolidated net profit is projected to grow in line with the operating business in 2013. The company also expects that its focus on cash flow will enable this year's free cash flow to at least cover the proposed dividend for fiscal year 2012.

'We are making good progress toward meeting our mid-range targets,' a confident CEO Frank Appel said in discussing his outlook for the year and beyond. The company also expects the positive earnings trend to continue over the next few years. At DHL, the Group forecasts earnings to rise by an annual average of between 13 percent and 15 percent between 2010 and 2015. The operating profit of the MAIL division should stabilize at a level of at least EUR 1 billion thanks to cost-cutting measures and growth programs that have been introduced. In combination with the planned reduction of expenditures for Corporate Center/Other, the Group expects operating earnings to increase to between EUR 3.35 billion and EUR 3.55 billion by 2015.

MAIL division
Even though the first quarter of 2013 had 2.5 fewer working days than the same period last year and volume in the Group's traditional mail business continues to decline as expected, revenues in the MAIL division increased 1.5 percent to EUR 3.6 billion in the first three months of 2013. In addition to the postal-rate increase that took effect at the beginning of the year, another key reason for this rise was the continued strong performance of the company's parcel business in Germany. The ongoing growth in volume and revenues – 11 percent per workday in the first quarter of 2013 – was primarily due to booming online retailing, a trend the company is also fueling with its own comprehensive range of products and services for shippers and parcel recipients. The parcel business is also acting as a key support in the effort to stabilize the division's profitability. In combination with strict cost management, the MAIL division was able to partially offset the impact of the reduced number of working days and higher labor costs resulting from wage increases that took effect in the second quarter of 2012 as part of a collective bargaining agreement. Altogether, EBIT in the MAIL division fell by 2.6 percent in the first quarter of 2013 to EUR 382 million (2012: EUR 392 million).

EXPRESS division
At the beginning of 2013, the EXPRESS division profited once again from its strong market position in the world's dynamic growth regions and increased its profitability. Reported revenues totaled EUR 3.0 billion in the first quarter of the current year, slightly above the previous year's level. Adjusted for exchange-rate effects and the sale of the domestic express businesses in Australia and New Zealand, revenues rose by 2.4 percent – despite the loss of two working days. Again, the main contributor to the increase in revenues was the strong growth in the Time Definite International product line – daily shipment volumes grew by 10 percent in the first quarter. This positive trend is the direct result of significant volume and revenue gains achieved in all regions. After the EXPRESS division has made significant investments into the expansion of its international network, the training of its employees and its range of services in recent years, the operational improvements are now producing the expected gains in profitability: In the first quarter of 2013, operating earnings in the division totaled EUR 254 million, nearly 10 percent above the previous year's level of EUR 232 million. This result also includes income of EUR 12 million generated by the sale of the domestic express business in Romania.

GLOBAL FORWARDING, FREIGHT division
In the GLOBAL FORWARDING, FREIGHT division, first-quarter revenues in 2013 decreased by nearly 2 percent to EUR 3.6 billion in a difficult business environment. In the first quarter of 2012, revenues had totaled EUR 3.7 billion. This year, the air- and ocean-freight units moved in different directions: Volume and revenues in the air-freight business decreased primarily because of a strong drop in demand in the 'Technology' and 'Engineering & Manufacturing' sectors. On the other hand, volume and revenues rose in ocean freight, largely due to increased demand on north-south routes and within Asia. Thanks to the division's selective market strategy and strict, ongoing cost management, operating earnings rose slightly to EUR 88 million (2012: EUR 87 million) despite the dip in revenues.

SUPPLY CHAIN division
Revenues in the SUPPLY CHAIN division rose during the first quarter of 2013. They totaled EUR 3.5 billion between January and March 2013, more than 2 percent above the previous year's level of EUR 3.4 billion. Adjusted for negative exchange-rate effects, revenues rose by nearly 4 percent. This growth was fueled in particular by double-digit revenue increases in the Asia-Pacific region and gains in the key sectors of 'Automotive', 'Retail' and 'Airline Business Solutions'. During the first quarter, the volume of new contracts concluded with existing and new customers totaled EUR 430 million, more than double the level generated in the same period last year. The division's EBIT fell from EUR 92 million in the first quarter of 2012 to EUR 84 million this year due to insolvency proceedings involving a customer in the United States. Adjusted for this effect, the division's operating earnings would have been slightly above the previous year's level thanks to optimized contract management and successful business performance in the Americas and Asia-Pacific regions.

— WebWireID174632 —

 
At IAMTN we are very pleased to see that this will be the first occasion that a significant number of key stakeholders from across the private, governmental, civil society and regulatory sectors will gather in one place to discuss the challenges and opportunities presented by the huge global flows of remittances. 'We are determined to represent the industry wherever we can.  We are delighted with the strong support we received from our members, specially from Ria Financial, IME, Azimo, Kamal Exchange and Prabhu.' Said Veronica Studsgaard, CEO and Member of the Advisory Board of IAMTN
 
With a number of issues surrounding the lack of financial infrastructure and access to financial services, there is a clear opportunity for the private sector to engage in new markets, and provide innovative solutions that address the needs of remittance receivers as well as the objectives of the groups present at the forum.
 
This forum is a unique opportunity to have a say in the debate surrounding policies and regulations that impact international money transfer, and speak directly to government representatives and regulators who seek transparency and security.
 
Contact:
Veronica Studsgaard
Info@iamtn.org

— WebWireID174627 —


Life After Debt reached number 1 on Amazon's best seller list in the Finance category with an average 4.4 star review rating.
 
Here's what some of the reviewers have said:

'Is debt overwhelming you? This book is about taking that important step to being debt free. I am impressed with the topics addressed in this book: from debt reduction options, to handling debt collectors, budgeting and attitudes towards money and wealth. Credit ratings are a sore point for many, and this book offers a solid action plan on fixing your credit. The many angles tackled by this book make it a great resource for those wanting to take control of their finances.' - Mia Montagliani.
 

 
'This book was something I should have read $90,000 student loans ago!!!! As someone who has lived pay check to paycheck during hard times and other times feeling on top of the world financially, this book helped open me eyes. I am in a season of living paycheck to paycheck again and after reading this book I am finally ready to stop this cycle I always seem to follow. I STRONGLY RECOMMENDED this book to anyone that is either in financial crisis right now or for anyone that is finally out but making sure they never fall back again.' - Susanne Neveah

 

For More Information
 
This book is free now until the 15th of May. So be sure to pick it up now.
For more questions or to schedule an interview about this press release please contact Steve Fata, Editor, at 626-765-6001 or email   info@tacb.org   
 


About The Author: Rob is a veteran Financial Consultant with a career spanning over 20 years who has personally helped thousands of clients with debt problems and is the owner of Crown Financial Solutions.

— WebWireID174404 —

— WebWireID174175 —

2013 First Quarter Facts

• Consolidated sales fall by 2.3% currency adjusted to € 782 million
• EPS reduced from € 4.92 to € 3.36
• Transformation and Cost Reduction Program on track
• New Chief Executive Officer Björn Gulden appointed
• PUMA partner Borussia Dortmund reaches Champions League final

Michael Laemmermann, Chief Financial Officer of PUMA SE: 'In the current challenging business climate, especially in Europe and in Asia, we are continuing to implement our Transformation and Cost Reduction Program aimed at improving efficiencies and our cost base. This will increase PUMA's profitability in the long-term. Confirming our increased focus on Performance, PUMA's visibility and credibility as a premium football brand have been further enhanced with Borussia Dortmund's progress to the Champions League final.'

Sales Performance by Region

Business climate in Europe remains challenging

Sportlifestyle company PUMA recorded a decline in first quarter sales as Eurozone retail spending continued to weaken and sales in Asia were affected by an unusually long winter. Sales fell by 2.3% in currency adjusted terms to € 782 million when compared to the first quarter of 2012.

PUMA's sales in the Americas improved by 1.8% currency adjusted to € 260 million. There were strong performances in Mexico and Brazil, where Teamsport was bolstered by Rio de Janeiro soccer club Botafogo, and Argentina, where Lifestyle collections are resonating well. Our Cobra PUMA Golf division continues to deliver outstanding results, which is also reflected in rising sales in North America.

Sales in the EMEA region were impacted in particular by the softening in retail spending, exacerbated be the unusually long winter, and fell by 4.8% currency adjusted to € 348 million.

Strong performances in Russia, Turkey and the D-A-CH region, where classic footwear models such as the Suede and new Motorsport apparel lines resonated well, could not completely offset weak performances in Italy and France. Steadfastly high levels of unemployment in the southern regions of the Eurozone added to the difficult retail environment.

In the Asia/Pacific region, sales declined by 2.9% currency adjusted to € 173 million. India, supported by excellent sales in Running and Teamsports, and Australia delivered positive performances which could not quite offset the less satisfactory numbers from Japan, where there was an unusually harsh winter, and China, where Fitness & Training products in particular did not perform as expected.

Satisfying retail performance

PUMA's Retail sales increased by 13.9% currency adjusted to € 135 million, representing a 17.3% share of total sales. This rise in sales was supported by excellent results from our e-commerce business, particularly in North America.

Sales Performance by Segment

Lack of Sporting Events impacts Footwear Sales; Mobium on the Rise

In the first quarter of 2013, Accessories performed exceptionally well during the first three months of 2013, rising by 11.9% currency adjusted to € 152 million. This outstanding performance was once again led by Cobra PUMA Golf and our North American joint venture for socks and bodywear.

Apparel sales declined modestly in the first quarter by 1.1% currency adjusted to € 256 million. Although Fundamentals were lower, Cobra PUMA Golf and Running continued to perform well. In Teamsport, the spotlight remains firmly on our most successful team, Borussia Dortmund, whose journey to this season's Champions League final at the end of May has captured the imagination of football fans around the world underlining PUMA's position as a premium football brand.

PUMA has also recently successfully introduced its ISPO award winning PUMA ACTV and RCVR performance apparel. By fusing compression technology with inbuilt athletic taping, ACTV and RCVR apparel increase the body's performance and improve its recovery times, taking this category to the next level.

Footwear sales declined by 7.8% currency adjusted to € 373 million. The decline was caused in part by the Teamsport category, which did not perform as well in a non-event year, and Training & Fitness was impacted by the shrinking demand for toning products. In Lifestyle PUMA's new range of Suede and Archive Lite Models were very well received, with our Future Suede Lite and TX-3 shoes resonating extremely well with consumers in the Asia/Pacific region.

Following the launch of 'The Nature of Performance' brand platform to revitalize our Performance categories, PUMA Running was invigorated by our new Adaptive Running shoe, the PUMA Mobium Elite. The Mobium Elite is delivering encouraging sell-through in many markets, including the United States and Asia/Pacific region.

Transformation Program being implemented according to plan

The implementation of PUMA's Transformation Program continued during the first quarter. The set up of PUMA's new Business Unit, supported by our Performance and Lifestyle pillars, is now complete and the evolution to a market and consumer focused organization continues. Each of PUMA's six Business Units will be managed by one fully accountable Business Unit General Manager. Each team is wholly situated at one location to be able to react faster to consumer trends and optimize each team's efforts. PUMA's European consolidation of 23 countries into 7 areas is also on track, with our D-A-CH and Iberia areas now established. In retail, 45 underperforming stores were closed by the end of the first quarter.

PUMA will continue to execute on all of the measures set out under the Transformation and Cost Reduction Program in 2012 in order to benefit the Company in both the mid- and long-term.

Margin, Expenses and Profitability

Gross Profit Margin softens to 49.1%

PUMA's gross profit margin fell from 51.2% to 49.1% year on year. Pressure on the gross profit margin in the first quarter came in the most part from two sources: Substantial currency headwinds due to the negative hedging position in the first quarter of 2013 compared to the same period last year, and also continued inventory management with a particular focus on Footwear, combined with higher input costs. As a consequence, Footwear margins dropped from 49.5% to 46.1% and Apparel retreated from 53.5% to 51.5%, while Accessories improved from 51.9% to 52.6%.

OPEX decrease as a result of the Transformation and Cost Reduction Program

The broad approach undertaken to reduce costs by PUMA under both programs enabled the Company to reduce operating expenditure in nearly all areas, resulting in a decrease in OPEX of 3.9% to € 310 million.

Operating Result (EBIT) impacted by drop in gross profit margin

Despite the cost savings achieved by the measures undertaken under the Cost Reduction Program, operating profit declined in the first three months of 2013 from € 102 million to € 79 million due to the decline in sales and gross profit margin. As a consequence, the EBIT ratio decreased from 12.4% last year to 10.1% this year.

Financial Result declines

The financial result declined from € 1.1 million to € -4.0 million in the first quarter, due mainly to negative currency conversion impacts.

Earnings before Taxes (EBT) retreat

PUMA's EBT for the first quarter declined to € 75 million in 2013 compared to € 103 million in 2012, representing 9.6% of sales compared to 12.6% for the same period last year. Consequently, tax expenses abated from € 28 million to € 22 million, representing a tax rate of 29.3% versus 27.1% for the first quarter of 2012.

Net Earnings soften

Consolidated net earnings dropped by 32.0% from € 74 million to € 50 million. Earnings per share therefore also fell back from € 4.92 in 2012 to € 3.36 in the first quarter of 2013.

Net Assets and Financial Position

Equity continues to strengthen

PUMA's equity base continued to strengthen, with the equity ratio moving up slightly from 66.4% to 66.7% compared to the first quarter of 2012. Shareholder's equity is now equivalent to € 1,676 million, up from € 1,652 million.

Working Capital increases

PUMA's overall Working Capital increased by 7.0% to € 775 million due to the reduction of working capital related liabilities. A continued strong emphasis on inventory management resulted in almost flat stock levels at € 592 million. Trade receivables declined by 4.3% to € 594 million, due to the lower revenues in the quarter.

Cashflow / Capex

The Free Cashflow improved from € -200 million last year to € -154 million this year due to lower payments for acquisitions in spite of the decline in earnings before tax.

Capex declined from € 14 million to € 9 million, which was mainly invested in the opening and refitting of selected retail stores as well as office and IT equipment.

Cash Position improved

PUMA's net cash position improved slightly from € 203 million to € 207 million at the end of the first quarter.

General Matters

New Chief Executive Officer appointed

PUMA SE's Administrative Board appointed Björn Gulden as PUMA's new Chief Executive Officer (CEO), effective 1 July 2013. Björn brings to PUMA an extensive international experience of nearly 20 years in the sporting goods and footwear industry, where he has held a variety of senior management positions.

Outlook for the Financial Year 2013

In view of PUMA's first quarter results and of continuing economic uncertainty in certain key markets, Management now expects a low- to mid-single-digit decline in currency-adjusted full-year net sales. This forecast represents a slight downward revision compared to the guidance provided with the 2012 full-year results.

Management reiterates its expectations for continued pressure on the gross profit margin. Under these circumstances, PUMA is also unlikely to meet its original guidance of low- to mid-single-digit growth in EBIT before special items. However, PUMA's Management confirms that it expects net earnings to increase compared to the 2012 level.

— WebWireID174624 —

Immingham CHP is one of the largest combined heat and power (cogeneration) plants in Europe. The 1,220 MWe facility provides steam and electricity to Phillips 66's Humber Refinery, steam to the neighbouring Lindsey refinery, and merchant power into the U.K. market.

Commenting on the acquisition, Ian Taylor, President and CEO of the Vitol Group said: 'Immingham CHP is a high quality power plant with a highly skilled and experienced workforce. It supplies over 2% of UK electricity demand and steam to the Humber and Lindsey oil refineries. We are delighted to add it to our portfolio.'

The transaction is subject to customary regulatory reviews and is expected to close in the second quarter.

About the Vitol Group

The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world commodity markets and is now the world's largest independent energy trader. Its trading portfolio includes crude oil, oil products, LPG, LNG, natural gas, coal, electricity, agricultural products, metals and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Globally Vitol trades over 5 million barrels of crude oil and oil products per day and revenues in 2012 were $303 billion.

— WebWireID174574 —

Marriott International, Inc. (NYSE: MAR) is a leading lodging company based in Bethesda, Maryland, USA, with more than 3,800 properties in 74 countries and territories and reported revenues of nearly $12 billion in fiscal year 2012. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

— WebWireID174566 —

Life After Debt reached number 1 on Amazon's best seller list in the Finance category with an average 4.4 star review rating.
 
Here's what some of the reviewers have said:

'With our country trillions of dollars in debt, it seems the citizens are following suit. Jobless rates are out of control, people are losing their homes and possessions and there seems to be not end in sight. This is why Robert's book, Life After Debt is so desperately needed today. He gives some practical solutions to a real problem. When you read this, you'll find where to start in order to stop the cycle of digging deeper into a hole. If you are finding yourself in a financial bind, then this book is a read.' - Bob Pardue

 

'I have spent most of my life in debt. Living paycheck to paycheck, paying the minimums on credit cards, and asking for extensions on my utility bills month after month. Even as my income levels increased, I still found myself living the same way; grinding it out each and every pay day. Reading "Life After Debt" has truly given me a chance to actually enjoy my life and drastically reduce the amount of stress that my finances had always created. Reading this book will turn that light on in your head that leads to a much happier life. It is a "must have" book!' – Craig Smith
 

For More Information
 
This book is free now until the 15th of May. So be sure to pick it up.
For more questions or to schedule an interview about this press release please contact Steve Fata, Editor, at 626-765-6001 or email  info@tacb.org  
 

 
About The Author: Rob is a veteran Financial Consultant with a career spanning over 20 years who has personally helped thousands of clients with debt problems and is the owner of Crown Financial Solutions.

— WebWireID174402 —