Deutsche Beteiligungs AG: Revenue Office revises opinion on value-added tax
Positive income effect of more than 0.70 euros per share for Deutsche Beteiligungs AG
Announcement consistent with § 15 WpHG (German Securities Trading Act)
Deutsche Beteiligungs AG, WKN 550 810
In its interim financial statements at 30 April 2012 (second quarter of financial year 2011/2012), Deutsche Beteiligungs AG will record one-off income of more than ten million euros, or more than 0.70 euros per share, from the reversal of provisions. The basis for this is a memorandum issued today by the fiscal authority of the state of Hesse on its decision of not imposing value-added tax on income from the management of one of the co-investments funds raised by Deutsche Beteiligungs AG.
Deutsche Beteiligungs AG had made provisions, including retrospectively for former financial years, in its 2009/2010 annual accounts and since then in all interim accounts totalling more than ten million euros for potential value-added tax charges on income from the management of co-investment funds. The fiscal authority had argued within the scope of a tax audit that such income is subject to value-added tax. In conformity with the perception of the law that has now been confirmed, Deutsche Beteiligungs AG assumed that such income was not subject to value-added tax.
Deutsche Beteiligungs AG is currently valuating its portfolio investments for the interim financial statements at 30 April 2012. These valuations form the basis for the net result of valuation, a key component for the company’s net income. For that reason, the result for the second quarter, and, thus, for the half year, is not yet available. The interim report will be issued on 14 June 2012.