10th May 2007 07:31
Eurotunnel PLC/Eurotunnel S.A.10 May 2007 10 May 2007 Eurotunnel obtains satisfactory outcome to its claim in respect of French tax losses Eurotunnel has presented the taxation arrangements relative to the SafeguardPlan to the authorities in both France and the UK. Following agreements inprinciple with the two States on these arrangements, Eurotunnel should receiveformal agreement from the UK tax authorities around the middle of May, a similaragreement having already been reached in France. Furthermore, the French Ministry for Economy, Finance and Industry has confirmedthat the Eurotunnel SA group tax losses for the periods 2000 to 2002 may becarried forward for an indefinite period for an amount of €890 million (1). On the basis that the current Exchange Tender Offer is successful, the first usefor these tax losses after the implementation of the Safeguard Plan, wouldenable the generation of savings equal to the amount of the tax charge on thefiscal profits expected in the 2007 accounts. Jacques Gounon, Chairman and Chief Executive of Eurotunnel said, "All theshareholders who despaired of the States ever taking an interest in Eurotunnel'ssituation can now be satisfied. With these carried forward tax losses Eurotunnelwill benefit from a significant improvement in its fiscal environment, a clearmeans of creating added value if the ETO succeeds." (1) €412.5 million for 2000; €363.9 million for 2001; €113,1 million for2002, at an exchange rate of £1=€1.46635 No. 007/020 For media enquiries contact The Press Office on + 44 (0) 1303 284491.Email: [email protected] For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749.Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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