On Monday, Kungsleden received tax rulings from the Administrative Court of Appeal in Stockholm in a number of the 11 tax cases relating to sales of properties via what are known as BV companies in the Netherlands during the years 2005 and 2006.
The rulings in these so called BV cases mean that the Swedish Tax Evasion Act has been applied to the cases and that Kungsleden will be taxed as if the properties in question had been sold directly at market value. Kungsleden considers it likely that the remaining BV cases will be ruled upon in the near future and with the same outcome as the cases resolved on Monday.
Considering the outcome in those of Kungsleden´s BV cases that were ruled upon on Monday, Kungsleden estimates that negative rulings in all 11 BV cases will have a negative equity effect of approximately SEK 290 m. There are corresponding provisions for these cases of SEK 340 m made in 2012. The liquidity effect is estimated at SEK 145 m which compares to the previous estimate of SEK 160 m.
Kungsleden will now analyze the rulings in order to assess the outlook for a leave of appeal at the Supreme Administrative Court.Regulatory
For more information, please contact:
Anders Kvist, Deputy CEO and CFO Kungsleden | phone +46 8 503 052 11
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Kungsleden AB (publ) discloses the information in this press release according to the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. The information was provided for public release on 1 October 2013 at 08:00 a.m.
Kungsleden’s business concept is to own, manage and enhance properties in Sweden’s growth regions, and to generate sustainable high and stable returns. The focus on value creation is by satisfying customers’ needs for premises, managing and enhancing properties, and optimising the company’s property portfolio. Kungsleden has been quoted on Nasdaq OMX Stockholm since 1999.