US Tax Reform to Result in EUR1.2 Billion Non-Recurrent Income, Says Iberdrola
December 28 2017 - 8:32AM
Dow Jones News
By Marc Bisbal Arias
Iberdrola SA (IBE.MC) said Thursday that approval of U.S. tax
reforms will result in a non-recurrent income for 2017 of 1.2
billion euros ($1.4 billion) after taxes.
The Spanish company said these are preliminary calculations
based on adjustments in several accounting items currently being
analyzed.
Iberdrola doesn't expect the non-recurrent income to materially
alter its consolidated net profit for the year. Its impact will be
offset by the application of management measures to optimize the
business and the final accounting value of its Brazilian business
after the completion of a share capital increase at its Neoenergia
subsidiary.
Such measures could include potential write-downs in the
accounting values as a result of the exit or discontinuation of
certain businesses--such as gas storage or engineering--and plans
to improve operating efficiency.
These measures will positively affect its consolidated earnings
in the coming years, Iberdrola said.
Definitive details on the measures will be communicated to the
Spanish regulatory authorities in the presentation of the fiscal
year results for the company, to be carried out in February.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
December 28, 2017 08:17 ET (13:17 GMT)
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