CPH generates deferred tax income of some CHF 12 million
The CPH Group is transferring certain land assets to a newly-founded real estate subsidiary in a move that will generate deferred tax income of around CHF 12 million. This will raise the Group’s non-recurring income for 2020 to some CHF 26 million. The CPH Group now expects to report a net result for the current year of around CHF 40 million.
Perlen, 26 October 2020 – The CPH Group is to transfer certain land assets at its Perlen site to the newly-founded Perlen Papier Immobilien AG. The transaction, which will be effected at market values, will permit a clearer distinction to be made between the Group’s operating and real estate activities. The move also allows the offsetting of CHF 97 million of tax losses carried forward from previous years. This results in deferred tax income or a deferred tax asset of around CHF 12 million.
This amount, together with the releases of provisions mentioned in the 2020 Half-Year Report, brings non-recurring income for the current year to some CHF 26 million. In view of this, the CPH Group now expects to report a net result for 2020 of around CHF 40 million.