Factbox: European winners and losers after U.S. tax overhaul

Suominen Oyj

02/01/2018 12:33

(Adds BP) 
    Jan 2 (Reuters) - U.S. President Donald Trump signed a $1.5 
trillion tax overhaul into law on Dec 22, cementing the biggest 
legislative victory of his first year in office.  urn:newsml:reuters.com:*:nL1N1OM10Q 
    The largest tax overhaul since the 1980s cuts the corporate 
rate to 21 percent from 35 percent. 
    Following is a list of European companies impacted by the 
changes (in alphabetical order): 
     
    (For a Factbox on U.S. companies, click on  urn:newsml:reuters.com:*:nL4N1OM40N) 
     
** Barclays  BARC.L  expects to take a writedown of about 1 
billion pounds ($1.34 billion) on the British bank's 2017 
post-tax profit.  urn:newsml:reuters.com:*:nL8N1OR15V 
     
** BMW  BMWG.DE  expects tax benefits to lift the German 
carmaker's 2017 net profit by between 950 million and 1.55 
billion euros.  urn:newsml:reuters.com:*:nFWN1OM0L2 
 
** BP  BP.L  will take a one-off, non-cash $1.5 billion charge 
in the energy company's fourth quarter 2017 earnings, although 
it expects the new tax rules to positively impact its U.S. 
earnings in the long run.  urn:newsml:reuters.com:*:nL8N1OX0LZ 
 
** Credit Suisse  CSGN.S  expects to take a writedown of 2.3 
billion Swiss francs ($2.3 billion) during its fourth quarter 
after the U.S. tax changes.  urn:newsml:reuters.com:*:nFWN1OM0ON 
 
** Daimler  DAIGn.DE  expects an income tax benefit of about 1.7 
billion euros in the German carmaker's 2017 results. 
 urn:newsml:reuters.com:*:nL8N1OM4FJ 
 
** Iberdrola  IBE.MC  expects the changes to produce income of 
1.2 billion euros ($1.4 billion) in 2017, the Spanish utility 
said.  urn:newsml:reuters.com:*:nFWN1OR0B3 
 
** Qiagen  QIA.DE  QGEN.O  will take an extraordinary post-tax 
charge on net income of about $110-120 million in the fourth 
quarter related to deferred tax assets, revaluation of deferred 
tax liabilities and other tax provisions, the biotech company 
said.  urn:newsml:reuters.com:*:nFWN1OM0OH 
 
** Royal Dutch Shell  RDSa.L  will incur a charge to earnings of 
$2 billion to $2.5 billion on the basis of its third-quarter 
statements, the energy company said, but added it expected the 
tax legislation to have a "favourable" impact on its operations 
in the future.  urn:newsml:reuters.com:*:nL8N1OR0I4 
 
** UBS  UBSG.S  expects a 2.8 billion Swiss franc ($2.88 
billion) writedown in the fourth quarter because of the U.S. tax 
changes, newspaper SonntagsZeitung reported.  
     
($1 = 0.8370 euros) 
($1 = 0.9712 Swiss francs) 
 
 (Compiled by Anna Pruchnicka in Gdynia; editing by Jason Neely) 
 ((anna.pruchnicka@thomsonreuters.com; +48 58 772 0920;)) 
 
Keywords: USA TAX/EUROPE COMPANIES