CORINTH PIPEWORKS HOLDINGS S.A.
Results of the tax audit of years 2003-2006
Pursuant to article 276 (par. XII) of the Athens Stock Exchange Regulation and the article 10, (par 1) of Law N. 3340/2005, Corinth Pipeworks S.A. announces that the ordinary tax audit for years 2003-2006 was completed. Tax losses of EUR 8.757.120 were not recognized.
It is noted that on 31/12/2006, the group recognized deferred tax assets against tax losses of EUR 69.305.025, out of total tax losses of EUR 99.723.150. Consequently, there will not be any burden on the financial results and the cash flows, because of the said result of the tax audit.
Furthermore, additional tax of EUR 103.818, plus surcharges of EUR 54.224 (EUR 158.042, in aggregate) were levied. However the company had formed relevant provision of EUR 300.000. Consequently, the results of the current period will be improved by EUR 141.958.
It is noted that on 31/12/2006, the group recognized deferred tax assets against tax losses of EUR 69.305.025, out of total tax losses of EUR 99.723.150. Consequently, there will not be any burden on the financial results and the cash flows, because of the said result of the tax audit.
Furthermore, additional tax of EUR 103.818, plus surcharges of EUR 54.224 (EUR 158.042, in aggregate) were levied. However the company had formed relevant provision of EUR 300.000. Consequently, the results of the current period will be improved by EUR 141.958.