Profit warning due to expected tax payment for 2008
- Risk of increased tax burden from 2008
- Earnings guidance needs to be revised
- Sales and business development remain positive
Kleinostheim, 22 June 2017 - The Management Board of curasan AG (ISIN DE0005494538) was informed today, following talks with the financial authorities in the context of a tax audit carried out since 2013, that tax charges of up to EUR 800 thousand will be raised against the company.
This relates to the dental business activities already sold in 2008 to Riemser Pharma GmbH and their valuation. curasan will take all steps to reduce this amount and check the possible legal remedies in due course.
When the sales contracts were concluded, curasan AG had legal and tax advice, and then submitted the tax declaration to the responsible tax authorities. Since the tax authorities filed this tax declaration as subject to review, the company had to assume that its approach had been followed.
Within an operational review that has been ongoing since 2013, the authorities have chosen a new valuation approach, which is based on a changed allocation of the individual contract components, which has a significant tax effect.
In the second quarter of 2017, therefore, the company will record this risk accordingly, which will weigh Group net profit after tax. This means that the earnings guidance range is unlikely to be achieved with regard to the net result.
The company assumes that a possible payload will become effective in the medium term and an installment payment can be agreed with the financial authorities.
Regardless of this, curasan sticks to its 2017 sales increase expectation. The operating business is not affected by the special charge.
Contact curasan AG:
Head of Investor Relations
+49 6027 40 900-45
+49 174 90 911 90
Head of Corporate Communications
+49 6027 40 900-51
About curasan AG:
curasan develops, manufactures and markets biomaterials and medical devices in the field of bone and tissue regeneration, wound healing and osteoarthritis therapy. As a pioneer and global technology leader in the growing field of regenerative medicine, curasan is specialized primarily on biomimetic bone grafting materials for dental, oral/maxillofacial, orthopedic and spinal applications, i.e. materials mimicking biological structures. Numerous patents and a broad record of scientific publications demonstrate the clinical success of the products and the highly innovative strength of curasan. Dental and orthopaedic clinicians worldwide benefit from the broad range of the premium quality and easy to use portfolio offered by the technology leader curasan. curasan maintains its own high-tech facilities for research, development and manufacturing of biomaterials in Frankfurt/Main, Germany. In addition to its headquarters, the company has a subsidiary, curasan, Inc., in the Research Triangle Park area, near Raleigh, N.C., USA. curasan's innovative products are cleared by the US Food and Drug Administration (FDA) and many other international authorities and available in almost 50 countries worldwide. curasan AG is a public company listed in the General Standard at the Frankfurt Stock Exchange.
22.06.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de