Oslo, Norway, April 14, 2016 (GLOBE NEWSWIRE) -- Norwegian aluminium company Norsk Hydro ASA has won a tax appeal, which means that the company will receive a tax reimbursement and interest of a total of around NOK 700 million.
In 2008 Norsk Hydro ASA realized an accumulated loss of approximately NOK 2 150 million related to refinancing of loans to subsidiaries. The loss was deducted in Hydro's Norwegian tax return. In 2013, Norwegian Tax Authorities concluded that the loss was not deductible, and the associated tax was paid in the first quarter of 2014.
Hydro appealed the decision of the Norwegian Tax Authorities. In a decision of 13 April 2016, the Tax Appeal Board ruled in favor of Hydro. The decision will result in a tax reimbursement of approximately NOK 600 million, and approximately NOK 100 million in interest. The amounts will be included in the financial statements for Q1 2016 and are expected to be received in Q2 2016.
Contact Pål Kildemo
Cellular +47 97096711
Contact Halvor Molland
Cellular +47 92979797
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.