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Matas withdraws action against the Danish Ministry of Taxation; maintains FY 2013/2014 EBIT outlook

Tuesday, 25 Mar 2014 09:56am EDT 

Matas A/S:Withdraws the action against the Danish Ministry of Taxation regarding deductibility of transaction costs in fiscal years 2006-2009.As announced on June 13, 2013, the Danish tax authorities challenged the tax deductibility of transaction costs incurred in relation to the acquisition of the Group in 2007.The Danish National Tax Tribunal upheld the decision of the Danish tax authorities.Says Matas has decided to appeal the decision but following a ruling by the Danish Supreme Court in a corresponding case, it is deemed to be difficult to succeed in the appeal and the appeal will therefore be withdrawn.Says as a consequence 43.7 million Danish crowns of extra taxes will be recognized in Q4 of the 2013/2014 financial year ending March 31, 2014.Adjusted EBIT expectation for 2013/2014 of 540-560 million crowns remains unchanged. 

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7:46am EDT