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Pfleiderer doubles reserves for property deal

28.03.2019 − 

In its annual financial statement for 2018, Pfleiderer Group will form additional reserves for tax burdens from property transactions. These transactions took place in the course of the acquisition of all the shares in Pfleiderer GmbH of Neumarkt, Germany, in January 2016 by Pfleiderer Grajewo S.A. of Grajewo, Poland, which was renamed Pfleiderer GmbH at little later on. This has given Pfleiderer Group the ownership of various properties in Germany. Pfleiderer had already formed a reserve of 22.2m PLN (roughly equivalent to 5.4m €) for the ensuing tax burdens in its annual financial statement for 2016.

According to reports from the German tax authorities and an external analysis commissioned by Pfleiderer Group, the payable tax will probably turn out to be almost double the reserved amount at 45.6m PLN or 10.6m €. Pfleiderer Group therefore decided on 13 March to increase the reserves to this new amount in the latest annual financial statement. According to Pfleiderer, the tax payment will probably become due this year.

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