TNT tweaks its figures

Express carrier TNT said its fourth quarter results, due to be published in full on February 17, would include non-recurring tax expense items totalling €77m, which include a €67m non-cash valuation allowance on deferred tax assets.
The Netherlands-headquartered company added that changes to its accounting treatment in Brazil would also result in €17m lower reported operating income for the full year 2014 of which €5m would occur in the fourth quarter, but there would be no impact on net income.
During 2014, TNT appointed a new management team and launched its new Outlook strategy with the aim of bringing the company back to sustainable profit and, in September 2014, told the market that it will take three to five years to realise the full benefits of the investment and restructuring programs.
The strategy is in full implementation mode, it added.
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