In the process of completing the assessment of its fourth quarter 2014 results, to be published on 17 February, TNT reassessed its tax assets and liabilities. As a consequence, TNT's bottom line net income in the fourth quarter will include non-recurring tax expense items totaling €77 million, which include a €67 million non-cash valuation allowance on deferred tax assets. Furthermore, TNT is changing its accounting treatment for the PIS/COFINS taxes in Brazil. This reclassification will result in €17 million lower reported operating income for the full year 2014 of which €5 million in Q4 2014, but with no impact on net income.
TNT will give a full update on its Outlook strategy on 18 February during the Capital Markets Day. The company will provide financial guidance for the next three to five years when it announces its fourth quarter results (17 February).
