Pre-tax profit target for 2011 raised to significantly more than EUR 100m
comdirect bank anticipates recognition of tax appeal proceedings: tax refunds of at least EUR 33m and interest of at least EUR 8m expected
Quickborn. comdirect bank AG expects tax and interest refunds in pending tax appeal proceedings. Tax refunds of at least EUR 33m and interest claims on the tax receivable of at least EUR 8m are expected and will be reported in the financial statements in 2011.
comdirect bank ceased its foreign activities in the years 2001 to 2004. At the time, it was not possible to recognise write-downs to the going concern value carried out in this regard as deductible for tax purposes. comdirect bank appealed and kept the question of the deductibility of these write-downs to going concern value and hence the relevant tax assessments open. According to European and national court rulings, the recognition of such losses is meanwhile being approved in the majority of cases. The competent tax authorities agreed with this legal opinion and today confirmed that comdirect bank’s claim is being upheld.
“We are talking about a one-off effect and not about income from our current operating business. Naturally we are delighted by the impact on our results and are raising our profit target for 2011 from over EUR 95m to significantly more than EUR 100m before tax,” says Dr. Christian Diekmann, CFO of comdirect bank. In addition, comdirect bank expects after-tax profit of over EUR 110m. This is due to the fact that the interest claims increase pre-tax profit, while the tax refunds directly increase after-tax profit.
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