Heidelberg wyjaśnia reperkusje podatkowe związane z nadchodzącą reformą podatkową USA… Following a majority vote for a sweeping reform of U.S. tax legislation in both the House of Representatives and the Senate, Heidelberger Druckmaschinen AG (Heidelberg) is further clarifying the possible repercussions of such a reform, which it addressed in the Risk and Opportunity Report and in its forecast in the company’s report on financial year 2016/2017.
In particular, the envisaged reduction of the U.S. federal tax rate from the current level of 35% to 21% makes it necessary to re-evaluate the capitalized deferred taxes on the historically high loss carry-forwards of the company’s U.S. subsidiaries. From the current perspective, this will necessitate a one-time non-cash value adjustment of deferred tax assets amounting to some €25 million in the consolidated annual financial statement for the current financial year 2017/2018 (April 1, 2017 to March 31, 2018), which will result in corresponding tax expenditure and thus have a negative effect on the net result after taxes.
After initially expecting a further moderate increase compared with the previous year, Heidelberg is now predict-ing that the net result for financial year 2017/2018 will be significantly down on the previous year’s figure (€36 million). As regards the annual operating targets, that is to say adjusted for the above-mentioned special item, Heidelberg is standing by the statements made when it published the company’s figures for the second quarter of 2017/2018 on November 9, 2017.
Now that the U.S. tax reform has been passed, on the other hand, Heidelberg is expect-ing the current reluctance of many companies to invest due to uncertainties regarding future taxation to disappear and is predicting a tangible investment stimulation among its customers. Accordingly, the expected catch-up effects will generate revenue for the company. In the medium and long term, after using the loss carry-forwards, Heidelberg will also benefit from reduced tax payments in the United States thanks to lower business tax rates.
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