January 2, 2018 / 12:59 PM / a year ago

HeidelbergCement sees negative effect from U.S. tax reform for 2017

FILE PHOTO: A logo of HeidelbergCement is pictured at their headquarters in Heidelberg, Germany, June 21, 2016. Picture taken June 21, 2016. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - HeidelbergCement (HEIG.DE) expects the U.S. tax reform to have a negative effect of around 200 million euros ($241 million) on its balance sheet for 2017, the German cement maker said on Tuesday but affirmed its guidance for underlying profits.

The revaluation of deferred tax assets is a one-time effect that is not cash-effective and has no impact on earnings before tax or cash flow in 2017, it said, sticking with its guidance for a significant increase in full-year underlying profit.

It also said that it expected the lower corporate tax rate in the United States to have a positive effect on annual group net profit and cash flow from 2019.

Reporting by Maria Sheahan; Editing by Georgina Prodhan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below