14.01.2016
Salzgitter AG DE0006202005
DGAP-Adhoc: Salzgitter AG: According to an initial assessment, Salzgitter AG affected by the most recent legislation of the German Federal Finance Court (Bundesfinanzhof - BFH)
Salzgitter AG / Key word(s): Legal Matter
14.01.2016 20:14
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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According to a ruling of the German Federal Finance Court published on
January 13, 2016, dividend income generated by a borrower from a securities
lending transaction can no longer be deemed tax exempt under certain
circumstances. The ruling applies to all open tax years (regular annual tax
audits). Up until now, the tax authorities have treated this type of income
as tax exempt.
Similar to many other companies, the Salzgitter Group has also made use of
the instrument of securities lending in the past. The Group is therefore
likely to be affected by this new legislation.
In line with the principles of commercial prudence, the Salzgitter Group
had formed provisions to cover any subsequent tax payments as well as the
associated interest.
As a result of the extensive coverage through these provisions, our initial
estimation of the burden on the Group's earnings before taxes amounts to
around EUR 15 million. We nonetheless uphold our forecast for the 2015
annual result for which we anticipate earnings before taxes in the lower
double-digit million euro range.
Furthermore, we expect additional tax expenses of around EUR 26 million.
Contact:
Markus Heidler
Head of Investor Relations
Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Phone +49 5341 21-6105
Fax +49 5341 21-2570
E-Mail [email protected]
14.01.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Germany
Phone: +49 5341 21-01
Fax:
E-mail: [email protected]
Internet: www.salzgitter-ag.de
ISIN: DE0006202005
WKN: 620200
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Munich, Stuttgart
End of Announcement DGAP News-Service
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