January 2, 2018 / 1:05 PM / 7 months ago

HeidelbergCement sees negative effect from U.S. tax reform for 2017

FRANKFURT (Reuters) - HeidelbergCement (HEIG.DE) expects the U.S. tax reform to have a negative effect of around 200 million euros ($241 million) on its balance sheet for 2017, the German cement maker said on Tuesday but affirmed its guidance for underlying profits.

FILE PHOTO: A logo of HeidelbergCement is pictured at their headquarters in Heidelberg, Germany, June 21, 2016. Picture taken June 21, 2016. REUTERS/Ralph Orlowski

The revaluation of deferred tax assets is a one-time effect that is not cash-effective and has no impact on earnings before tax or cash flow in 2017, it said, sticking with its guidance for a significant increase in full-year underlying profit.

It also said that it expected the lower corporate tax rate in the United States to have a positive effect on annual group net profit and cash flow from 2019.

Reporting by Maria Sheahan; Editing by Georgina Prodhan

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