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Obrascon Huarte Lain (50ML)

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Wednesday 24 December, 2008

Obrascon Huarte Lain

Sentence of the National Cour

RNS Number : 7407K
Obrascon Huarte Lain, S.A.
23 December 2008
 








London Stock Exchange



MadridDecember 23rd, 2008


 


Ref.- Notification of Significant Event: Sentence of the National Court



          Dear Sirs,


         

The company OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with current legislation, hereby reports the following Significant Event:


As of today, the Company has been informed of the sentence dictated by the National Court (Sección Segunda de la Sala de lo Contencioso Administrativo de la Audiencia Nacional) partially in favour of the Administrative Litigation interposed by OHL against the Economic and Administrative Central Office (Tribunal Económico Administrativo Central) on may 19, 2005 in reference to the administrative action of the Companies' corporate tax settlement from 1994 till 1997.


The sentence cancels the administrative action in reference to the taxation sanctions for an amount of 15.3 million Euros.


In reference to the tax settlement, the sentence confirms the remedied administrative action, which means 102 million Euros reduction of the Companies' tax losses carried forward pending to compensate. Therefore the maximum economical impact on the companies Profit and Loss Account, in case the sentence where to be ratified, would be of 31 million Euros, no cash effect, since it is recognized as a fiscal credit.


The Company and its advisors consider the sentence not adjusted to law and therefore will appeal the sentence to the Supreme Court in the period of time legally given.


The Company has been adequately informing of the existence of this fiscal contingency uninterruptedly since 2001 in its annual accounts.






Yours faithfully,


José María del Cuvillo Pemán

Vice-Secretary of the Board of Directors


This information is provided by RNS
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