Feb 3 (Reuters) - TNT Express
* Bottom line net income in Q4 will include non-recurring tax expense items totaling 77 million, which include a 67 million non-cash valuation allowance on deferred tax assets
* Changing its accounting treatment for the pis/cofins taxes in Brazil.
* This reclassification will result in 17 million lower reported operating income for FY2014 of which 5 million in Q4 2014, but with no impact on net income. Further company coverage: