Lactalis Cuts Profits After Paying €475 Million to French Tax Authorities
Source: dairynews.today
Despite significant tax payments in France, Lactalis sees a rise in revenue and surpasses €30 billion.
French dairy leader, Lactalis, concluded its 2024 fiscal year surpassing €30 billion in revenue for the first time, solidifying its position as France's largest dairy group above Danone. The company, which has significant operations in Galicia, saw revenues increase by 2.8%, reaching €30.3 billion, while its operating profit increased by 4.3% to €1.4 billion.
However, consolidated profits dropped to €359 million, down from €428 million in 2023, primarily due to a recent settlement with French tax authorities. Lactalis paid €475 million to settle a tax dispute involving financial subsidiaries in Belgium and Luxembourg, which had been under investigation for tax evasion since 2019. Additionally, Lactalis continues to invest in sustainability efforts, aiming for a 50% reduction in its carbon footprint by 2033.
However, consolidated profits dropped to €359 million, down from €428 million in 2023, primarily due to a recent settlement with French tax authorities. Lactalis paid €475 million to settle a tax dispute involving financial subsidiaries in Belgium and Luxembourg, which had been under investigation for tax evasion since 2019. Additionally, Lactalis continues to invest in sustainability efforts, aiming for a 50% reduction in its carbon footprint by 2033.
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