Tag: TNT

TNT is condidering a new cost-saving programme, company CEO Peter Bakker told the annual shareholders meeting on April 20, 2006. TNT has been restructuring its 2001 Masterplan Costs Flexibility programme since 2003, which has led to cost-savings of about 234 mln euro (USD288.3 mln). Though the company’s total cost savings are estimated to stand at 370 mln euro (UD455.8 mln) by 2013, TNT aims to implement a new programme that will further its savings.

TNT N.V. today announced that as a result of further negotiations with various tax authorities, the estimated realistic range of its contingent tax liability has reduced from between EUR150 million and EUR550 million, as disclosed in TNT’s annual report for 2005, to between EUR100 million and EUR250 million. This range includes potential penalties and interest. Our tax positions have been and are supported by strong specialist external advice. In connection with the further negotiations mentioned above, TNT expects to take an additional tax charge in the second quarter of 2006 that is not expected to be significant to the Group.

TNT NV has completed its 1.0 bln euro (USD1.234 bln) share buyback programme which it announced on December 6, 2005, the company said on April 20, 2006. TNT bought back 360,297 own shares at an average price of 28.86 euro (USD35.62) per share on April 19, 2006, bringing the total amount spent to 999 mln euro (USD1.232 bln). In the course of the programme TNT repurchased some 36.8 million shares at an average price of 27.18 euro (USD33.55). The company initially expected to buy back 42.6 million shares.