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Supreme Administrative Court in Finland publishes Yearbook decisions on Uponor’s taxation adjustments

Uponor Corporation     Stock exchange release     13 September 2017     16.30 EET

Supreme Administrative Court in Finland publishes Yearbook decisions on Uponor’s taxation adjustments

The Supreme Administrative Court has resolved the taxation adjustment decisions concerning Uponor Corporation and its subsidiary Uponor Business Solutions Oy, submitted in January 2016. The Supreme Administrative Court has today granted the resolutions as Yearbook decisions. The matter concerns taxation adjustment decisions made by the Large Taxpayers’ Office in 2011, which Uponor found as ungrounded. Uponor issued stock exchange releases on this matter on 23 December 2011, 30 December 2011, 14 May 2013 and 25 November 2015.

Both Supreme Administrative Court’s Yearbook decisions are mainly in Uponor’s favour. The decision regarding Uponor Corporation will decrease the uncharged mark-up of service fees that was added on the company’s taxable income from seven per cent to three per cent for the tax years 2005 – 2007. The taxes, late fees and tax increases imposed on the company will be decreased. The Finnish Tax Administration will re-assess the changes in taxation caused by this decision and adjust the payment.

The taxation adjustment decisions concerning Uponor Business Solutions Oy will be overruled. The Finnish Tax Administration will re-assess the changes in taxation caused by this decision and adjust the payment. With regards to tax years 2006 – 2009, the clarification of arm’s length amounts of service fees charged by the company will be returned to the Finnish Tax Administration for review.

The impact of the decisions on Uponor Group’s profit and cash flow are being investigated and will be clarified once the Finnish Tax Administration has adjusted the payments according to the decisions.

 

For further information, please contact:
Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Maija Strandberg, CFO tel. +358 20 129 2830

Uponor Corporation

Johanna Ylitalo
Communications Manager
Tel. +358 20 129 2865

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Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 3,900 employees in 30 countries, mainly in Europe and North America. In 2016, Uponor's net sales totalled €1.1 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. www.uponor.com