Author: Archive

TNT N.V.’s Audit Committee and Supervisory Board have received the report of the Audit Committee’s independent counsel, Gibson, Dunn & Crutcher LLP, with respect to its investigation into whether illegal acts occurred at TNT, and the responsibility for such acts, in connection with certain past tax matters. The investigation determined that some illegal acts had taken place. The investigation further concluded that the integrity of present and past members of the Board of Management and current senior staff, reporting to the Board of Management, is not in doubt. Mr. Jan Hommen, Chairman of the Supervisory Board, stated: “We are pleased that the investigation has validated our continued confidence throughout this process in the integrity of our management.”

Fourth Quarter highlights include an all-time high margin in Express Segment of 10.3%, double digit underlying revenue growth and mail achieving 18.8% operating margin. For the full year there were strong operating results from continuing activities – a record 8.9% full year margin in Express Segment and mail achieving 19.5% margin. Logistics exit is on track and EUR583 million of the EUR1 billion share repurchase has been completed. CEO Peter Bakker said: “TNT ended the year with very satisfying results from its network businesses: a record margin in Express with strong top-line growth and Mail achieving a great margin, thanks to its relentless pursuit of operational efficiency. It was also good to see next day delivery quality push ahead a little, to almost 97%.”