Valmet has received a reassessment decision from the Finnish tax authority for Valmet Technologies Inc. The reassessment decision is a result of a tax audit carried out in the company, concerning tax years 2010-2012 when Valmet was part of Metso Group. The Finnish tax authority has requested Valmet to pay additional taxes, late payment interest and penalties in total of EUR 19 million. The decision concerns compensation charged by Valmet Technologies Inc from its foreign subsidiaries. In this context Valmet is recognizing an income tax liability in the full amount of EUR 19 million and an income tax receivable of EUR 14 million, with net income tax expense impact of EUR 5 million in 2016. The receivable arises from several different tax jurisdictions.
Valmet considers the Finnish tax authority's decision unfounded and will appeal the decision to Board of Adjustment of the Finnish tax authority.
Further information, please contact:
Kari Saarinen, CFO, Valmet, tel. +358 10 672 9603
Director, Investor Relations
Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.
Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.
Valmet's net sales in 2015 were approximately EUR 2.9 billion. Our 12,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.