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Sale of TNT's loss-making arm still on track
Page 8
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TNT'S LATEST annual results expose the depth of the losses sustained by its logistics business and the reasoning behind its proposed sale — it made an €111m (£.75.5m) loss in 2005.
The company says an "information memorandum' has been issued tocompanies interested in acquiring this side of the group's business; it completed the sale of the French operation on 10 February.
A spokeswoman would not say how manycompanies are involved, but describes interest as "strong".
TNT Express made a 10.3% profit in the fourth quarter of 2005 and a record breaking 8.9% full-year profit. Its Mail arm made 18.8%. Full-year revenues from continuing operations were €10. lbn (£6.9bn).
TNT CEO Peter Bakker says: "TNT ended the year with very satisfying results from its network businesses: a record margin in Express with strong topline growth and Mail achieving a great margin."
• An investigation into TNT's global tax issues could cost the company as much as €550m (£374m). In 2004 an independent investigation concluded that not all relevant tax details had been disclosed in the late 1990s in connection with a UK subsidiary.
TNT prepared an addendum to its original report and the Audit Commission's independent counsel found some illegal acts had taken place but exonerated its board and senior staff.
christopher.tindallerbi.co.uk