GFT Technologies SE posts higher consolidated net income for financial year 2017 due to lower tax rate
Due to one-off special items, the tax rate for the financial year 2017 will be just under 2 percent and thus well below the previously expected 20 percent. As a consequence, consolidated net income for 2017 is expected to reach EUR 17.81 million instead of the expected EUR 14.50 million.
According to preliminary calculations, the GFT Group generated revenue of EUR 418.81 million in the financial year 2017. Preliminary earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 34.31 million with pre-tax earnings (EBT) of EUR 18.13 million.
As in the previous year, the company intends to propose a dividend of EUR 0.30 for the financial year 2017 at the Annual General Meeting on 21 June 2018. This corresponds to an unchanged dividend payout of EUR 7.90 million. The dividend rate (ratio of dividend payout to consolidated net income) of 44 percent lies slightly above the 20 to 40 percent range which the company targets.