TNT announces 4Q & FY14 results
FEB 17, 2015: TNT announced its $Q&FY14 results. Reported revenues €1,787m (+1.6 percent) and reported operating income € (53) m (4Q13: €79m positive).Comparable revenue growth (adjusted for disposals and foreign exchange) of 3.2 percent, adjusted operating income €50m (4Q13: €59m).
Lower reported operating income due to Outlook-related restructuring charges and implementation costs (€70m), goodwill impairments (€32m) triggered by the new reporting structure, TNT re-launch (€22m) .
New organizational and reporting structure in place, step-up in investments in infrastructure, 4Q CAPEX €88m (4.9 percent of revenues) 4Q operating income includes the impact (€5m) of the change in accounting treatment for the PIS/COFINS taxes in Brazil (without impact on net income); net income impacted by nonrecurring tax expenses of €77m, of which a €67m non-cash valuation allowance on deferred tax assets. Proposed final dividend of €0.031 per share.