January 18, 2018 / 7:23 AM / in 5 months

BRIEF-Balfour Beatty Says 2017 Profit Benefiting From Credit From Us Tax Reforms

* ‍ESTIMATED IMPACT OF NEW US TAX LEGISLATION​

* ‍NOTES THAT US GOVERNMENT RECENTLY PASSED TAX CUTS AND JOBS ACT WHICH CONTAINS SIGNIFICANT TAX REFORM MEASURES​

* ‍GROUP HAS MADE A PRELIMINARY ASSESSMENT OF IMPLICATIONS OF CHANGES​

* ‍REDUCTION IN US TAX RATES FROM 35% TO 21% TO LEAD TO CUT IN EFFECTIVE TAX RATE ON US EARNINGS FROM C.40% TO C.26% IN 2018 AND BEYOND​

* ‍AS A RESULT OF REDUCED TAX RATE ON US ASSETS DIRECTORS’ VALUATION OF INVESTMENTS PORTFOLIO WILL INCREASE BY APPROXIMATELY £95 MILLION​

* ‍GROUP SEES 2017 EARNINGS TO BENEFIT FROM NON-UNDERLYING ONE-OFF NON-CASH CREDIT FROM REVALUATION OF US DEFERRED TAX LIABILITIES​

* ‍BASED ON NET DEFERRED TAX LIABILITIES AT END OF 2016 THIS CREDIT IS EXPECTED TO BE APPROXIMATELY £20 MILLION​ Source text for Eikon: Further company coverage:

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