Britain's Kingfisher wins French tax case
LONDON, July 8
LONDON, July 8 (Reuters) - Kingfisher, Europe's No. 1 home improvement retailer, said a French tax case had been settled in its favour after a decade long dispute and would result in an exceptional credit of 145 million pounds ($216 million) to 2013-14 earnings.
The firm said on Monday France's ultimate court, the Conseil d'Etat, had considered the case, which dates back to 2003, and found in its favour.
Kingfisher said the decision did not impact its cash position as a full refund of the tax had been made in 2009 following a previous successful hearing.
"However, this decision finally removes any uncertainty over the position and will therefore result in an exceptional credit of around 145 million pounds being recognised in this year's earnings," it said.
The decision will likely reignite speculation about possible capital returns to Kingfisher investors as Chief Executive Ian Cheshire has previously stated that they would not be considered until the French tax case was settled.
Shares in Kingfisher were up 2.3 percent at 375.5 pence at 1316 GMT.
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