Ann: Change of Director's Interest Notice, page-36

You seem to be across the finances of TNT. In the quarterly 4C, where do you see the one-off expenses being listed, those that are associated with the acquisition payments ? I asked TNT this question, and didn't get an answer. I didn't expect to see them in the operation section (1), but maybe they are included in the "product manufacturing and operating costs". It looks to me that the "1.1 receipts from customers" are always more or less eaten up with "1.2(b) product manufacturing and operating costs" and "1.2(e) staff costs" when added, hence there's virtually no net positive cash flow at sec 1.9. I can't see how they can deduce $3m-$4m EBITDA per quarter either.

All IMHO, DYOR