A new tax reform legislation will come into effect in the USA, which includes, among other things, a reduction in the U.S. federal corporate income tax rate from 35 percent to 21 percent from the beginning of the tax year 2018 and one-time tax expense for undistributed profits on overseas assets for US companies.
The Tax Reform will reduce Konecranes’ deferred tax assets in financial year 2017. According to a preliminary analysis, Konecranes estimates to report a reduction in deferred tax assets of approximately EUR 15 million in Q4 2017 and a corresponding tax expense in the income statement as change in deferred taxes.
The change in the deferred tax assets does not have any cash flow effect for Konecranes Group in the financial year 2017. Additionally, the change does not impact the time frame when the deferred tax assets are expected to be utilized.
KONECRANES PLC
Miikka Kinnunen
Vice President, Investor Relations
FURTHER INFORMATION
Mr. Seppo Vasankari, Director, Tax
[email protected] or tel. +358 (0) 20 427 3085
Mr. Miikka Kinnunen, Vice President, Investor Relations
[email protected] or tel. +358 (0) 20 427 2050
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2016, Group (comparable combined company) sales totaled EUR 3,278 million. The Group has 16,600 employees at 600 locations in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).
DISTRIBUTION
Nasdaq Helsinki
Major media
www.konecranes.com
