Lindex to receive an approximate EUR 25.5 million tax refund
Helsinki, Finland, 2013-09-18 07:30 CEST (GLOBE NEWSWIRE) --
STOCKMANN plc, Company Announcement 18.9.2013 at 8:30 EET
Stockmann plc’s subsidiary AB Lindex will receive an approximate EUR 25.5 million refund from the Swedish tax authorities, consisting of an estimate of EUR 22 million in taxes and an estimate of EUR 3.5 million in interests. The tax refund results from the Swedish and German tax authorities’ earlier decision to eliminate the Lindex Group’s double taxation in the tax years 1999 - 2005. The decision now made is final. The exact refund sum and interests will be specified in a calculation to be made by the Swedish tax authorities before the payment date.
The refund will be recognized in the income statement and it will increase the Stockmann Group’s profit for the third quarter of 2013.
The double taxation resulted from presumptive income tax payable by Lindex GmbH, which meant that a total of EUR 94 million was added to the taxable income of the company. AB Lindex was obliged to pay approximately EUR 26 million in taxes and interests on this income in 2008.
Further information: Hannu Penttilä, CEO, tel. +358 9 121 5801
Pekka Vähähyyppä, CFO, tel. +358 9 121 3351