(Reuters) – French construction and concessions group Vinci warned on Thursday that its previous net profit forecast did not take into account the impact of around 400 million euros from corporate tax currently being examined at the National Assembly within the framework of the draft budget for 2025.
“In a first approach, if this PLF were voted on as is, an additional charge of around 400 million euros would be recognized in the 2024 financial year (its disbursement would take place in 2025),” declares the group in a press release .
The French government’s draft budget for 2025 provides, in addition to a reduction in spending, an exceptional contribution from companies whose annual turnover exceeds one billion euros, with the objective of reducing the public deficit to France at 5% of GDP in 2025
The group had anticipated a net result for 2024 close to the level reached in 2023, after taking into account a tax on motorway concession companies decided by the French government.
Vinci also reported on Thursday a turnover lower than expected in the third quarter, due in particular to a high base effect and a slowdown in inflation in its main countries of operation.
Revenue for the quarter ended September stood at 18.53 billion euros, compared to a consensus of 19.05 billion euros cited by Stifel.
(Written by Diana Mandiá, edited by Augustin Turpin)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
