Ann: Investor update, page-20

tnt sell products as well as services - I think Splunk is one of those. They don’t actually own the software but sell it under licence. So those products that are sold are part of their turnover. E.g. they invoice a client for a million dollars and half of that is licence fees for Splunk. So their turnover is a million dollars but the statutory revenue is only the bit they keep of that licence fee. Say they get 20%, their statutory revenue would be the 1/2 million in services plus 20% of the 1/2 million in licence fees. Then their own costs have to come off the statutory revenue to give profit. That’s how I understand it anyway

it will continue, as they continue to provide products, however as the services side continues to grow, I would expect to see it to be less of a difference.