Nobel Biocare benefits from a positive result of a mutual agreement procedure among two tax authorities

(lifePR) ( Kloten, )
Nobel Biocare obtained a favorable answer from a mutual agreement procedure among two tax authorities which will allow for an immediate release of a tax provision in the amount of approximately EUR 9.6 million. While this amount will be fully recognized in the tax line of the profit and loss statement in the third quarter 2014, it will have no cash impact.

Nobel Biocare has been included in a mutual agreement procedure with regards to its filed level of taxable profits for the fiscal years spanning 2009 to 2013. The original assessment of one of the authorities would have led to a significantly increased taxable profit level which would have resulted in additional income taxes. Based on the above mentioned assessment and applying best estimate, the company had recognized an income tax provision.

The Company has now received notification that the tax authorities have followed Nobel Biocare's position and confirmed that no adjustment of the taxable profit for the fiscal years spanning 2009 to 2013 will be made. As a result, the tax provision of approximately EUR 9.6 million will be immediately released.

Disclaimer

This media release contains forward-looking statements based on beliefs of Nobel Biocare's management. When used in this media release, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may involve risks and uncertainties, including technological advances in the medical field, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of Nobel Biocare as of the date made with respect to future events and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements. Nobel Biocare disclaims any intention or obligation to update these forward-looking statements.
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