Norsk Hydro: Tax Appeal Board rules in favor of Norsk Hydro
(Thomson Reuters ONE) -
Norwegian aluminium company Norsk Hydro ASA has won a tax appeal, which means
that the company will receive a tax reimbursement and interest of a total of
around NOK 700 million.
In 2008 Norsk Hydro ASA realized an accumulated loss of approximately NOK 2 150
million related to refinancing of loans to subsidiaries. The loss was deducted
in Hydro's Norwegian tax return. In 2013, Norwegian Tax Authorities concluded
that the loss was not deductible, and the associated tax was paid in the first
quarter of 2014.
Hydro appealed the decision of the Norwegian Tax Authorities. In a decision of
13 April 2016, the Tax Appeal Board ruled in favor of Hydro. The decision will
result in a tax reimbursement of approximately NOK 600 million, and
approximately NOK 100 million in interest. The amounts will be included in the
financial statements for Q1 2016 and are expected to be received in Q2 2016.
Investor contact
Contact Pål Kildemo
Cellular +47 97096711
E-mail Pål.Kildemo(at)hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland(at)hydro.com
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives and
strategies for Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates, start up costs,
cost reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand and
competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk
management, as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ materially
from those projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause these
differences include, but are not limited to: our continued ability to reposition
and restructure our upstream and downstream aluminium business; changes in
availability and cost of energy and raw materials; global supply and demand for
aluminium and aluminium products; world economic growth, including rates of
inflation and industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets and
competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via GlobeNewswire
[HUG#2003776]
Unternehmensinformation / Kurzprofil:
Datum: 14.04.2016 - 18:10 Uhr
Sprache: Deutsch
News-ID 464149
Anzahl Zeichen: 4098
contact information:
Town:
Oslo
Kategorie:
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