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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Fiat Chrysler Automobiles    FCA   NL0010877643

FIAT CHRYSLER AUTOMOBILES

(FCA)
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EU court ruling on Starbucks, Fiat million euro tax orders on September 24

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09/20/2019 | 02:34pm EDT
FILE PHOTO: European Competition Commissioner Margrethe Vestager addresses a news conference on an antitrust case in Brussels

BRUSSELS (Reuters) - Europe's second-highest court will rule on Sept. 24 whether Starbucks Corp has to pay up to 30 million euros ($33 million) in Dutch back taxes and Fiat Chrysler Automobiles a similar amount to Luxembourg.

Both cases are part of European Competition Commissioner Margrethe Vestager's crackdown on unlawful tax breaks offered by EU countries to multinationals that have drawn criticism for using the bloc's state aid rules to assess tax strategies commonly used by many companies.

The judgments from the Luxembourg-based General Court could determine the scope of Vestager's drive in the coming years and whether she will open more cases. Many of the countries have already tweaked their tax systems since then.

Vestager suffered a setback in February when the same court dismissed her decision against a Belgian tax scheme for BP, BASF and more than 30 other multinationals. Vestager did not give up and opened separate investigations of the companies this week.

The European Commission is investigating Ikea AB [IKEA.UL] and Nike Inc's Dutch deals and Huhtamaki Luxembourg tax ruling.

Luxembourg, the Netherlands and Ireland are among countries where much of their economies have been built on attracting multinationals. Ireland is fighting against an order to claw back a record 13 billion euros in back taxes from Apple.

Vestager in her 2015 decisions said U.S. coffee chain Starbucks had benefited from an illegal tax deal with the Dutch and the Italian-U.S. carmaker Fiat Chrysler with Luxembourg.

She said Fiat's Luxembourg unit paid "not even" 0.4 million euros in corporate tax in 2014 and Starbucks' Dutch subsidiary less than 0.6 million euros.

The Commission said the companies set prices for goods and services sold between subsidiaries, known as transfer prices, that were below market rates and which artificially lowered their taxes.

Starbucks criticized errors in the European Commission's assessment while Fiat denied receiving state aid. Companies can appeal to the Court of Justice of the European Union on points of law.

The cases are T-755/15 Luxembourg v Commission & T-759/15 Fiat Chrysler Finance Europe v Commission.

($1 = 0.9083 euros)

(Reporting by Foo Yun Chee; editing by Grant McCool)

By Foo Yun Chee

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.23% 239.96 Delayed Quote.52.47%
BASF SE 0.85% 67.85 Delayed Quote.11.32%
FIAT CHRYSLER AUTOMOBILES -0.68% 11.92 End-of-day quote.-6.01%
HUHTAMAKI 3.29% 38.88 Delayed Quote.39.38%
NIKE, INC. -0.64% 95.6 Delayed Quote.28.95%
STARBUCKS CORPORATION -2.21% 83.46 Delayed Quote.29.60%
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Financials (EUR)
Sales 2019 110 B
EBIT 2019 6 631 M
Net income 2019 4 139 M
Finance 2019 4 582 M
Yield 2019 5,24%
P/E ratio 2019 4,46x
P/E ratio 2020 4,23x
EV / Sales2019 0,13x
EV / Sales2020 0,13x
Capitalization 18 683 M
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Technical analysis trends FIAT CHRYSLER AUTOMOBILES
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Mean consensus HOLD
Number of Analysts 27
Average target price 14,19  €
Last Close Price 11,92  €
Spread / Highest target 135%
Spread / Average Target 19,0%
Spread / Lowest Target -16,1%
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Managers
NameTitle
Michael Mark Manley President, Chief Executive Officer & Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer Chief Financial Officer & Executive Director
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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