US Tax Reform impacts Elma's Net Profit 2017

CH-Wetzikon, January 19, 2018 - The Elma Group has to adjust unexpectedly the value of its deferred tax assets in the US by approximately CHF 1 million due to the US tax reform which has been signed on December 22, 2017. The previously estimated net profit for 2017 in the range of CHF 4 million announced in December 2017 will therefore be lowered by this item, but will still be significantly higher than in the previous year.
 
This write-down is a one-time accounting adjustment which is required following the enactment of the US Tax Cuts and Jobs Act on December 22, 2017. As of January 1, 2018, the corporate tax rate is reduced from 35% to 21% which necessitates the adjustment to the capitalized deferred tax assets.
 
Further information on the full-year 2017 results and the implications of the tax reform for the Elma Group will be provided with the publication of the Annual Report on March 15, 2018.

Contacts:
Elma Electronic AG
Hofstrasse 93
8620 Wetzikon

Fred Ruegg             Edwin Wild
CEO Elma Group                                  CFO Elma Group
Tel. +41 44 933 43 04                          Tel. +41 44 933 42 45
[email protected]                        [email protected]

 

About Elma
Elma Electronic is a global manufacturer of electronic packaging products for the embedded systems market – from components, backplanes, power supply solutions, storage boards and chassis platforms to fully integrated systems. To ensure our integrated solutions are optimized to our customers’ needs, Elma partners with leading board manufacturers in the industry. Elma also provides enclosure solutions and rotary switches for demanding applications for electronic companies. The company has a broad base of proven standard products which can be tailored to individual applications: Elma offers services from the initial concept to volume production. Elma’s reliable solutions, flexibility, and design expertise are key reasons why the leading companies in the world choose Elma time and again.
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