(Alliance News) - doValue Spa announced Tuesday that the Madrid High Court of Justice ruled in its favor, rejecting Altamira Asset Management Holding SL's attempt to overturn an earlier decision requiring it to make a payment to doValue related to a tax claim.

As a result of this decision, the doValue group will record financial income of EUR22.7 million, the company's note says, which will have a positive impact on first-half net income of about EUR0.28 per share. This amount, doValue points out, had already been collected in April through the Madrid court enforcement action, but had not yet been recorded as a positive component pending the High Court of Justice ruling.

The court ordered the seller to repay doValue about EUR27.8 million plus interest.

In addition to this, doValue was required to pay an earn-out tied to the performance of Altamira's Cypriot business as part of the original share purchase agreement, and which doValue deposited for EUR22.3 million in January.

In 2020, doValue was negatively impacted by EUR29.2 million due to a tax claim, resulting in a cash outflow of EUR33.0 million in 2021. "However, through rigorous litigation efforts, doValue has so far recovered EUR27.6 million and will continue to seek to recover the remaining amounts due," the company concluded.

doValue closed Monday in the red by 4.5 percent to EUR2.16 per share.

By Chiara Bruschi, Alliance News reporter

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