Current reports

Legal basis:

Art. 17 (1) of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (‘MAR’).

Content of the report:

The Management Board of OEX S.A. (‘Issuer’ or ‘Company’) hereby informs whom it may concern that on 2 June 2021 the issuer’s subsidiary, OEX24 Sp. z o.o. with registered office in Warsaw (‘OEX24’) obtained a decision of the Hear of the IRS Office of Warsaw-Ursynów („’IRS Office’) about the establishment of a security on the company’s assets in consequence of the tax audit carried out in the company by the IRS Office and concerning the reliability of VAT settlements (‘VAT Tax’) related to trade transactions made by the company in the period from August to November  2019 (‘Decision’). It should be noted that the said tax audit has not been completed yet and OEX24 was not presented with any information about irregularities or charges concerning the transactions it effected and the decision of the IRS Office was made, according to the grounds for the decision provided by the IRS Office, in relation with the audits made by other IRS offices with regard to some contractors of OEX24 and the concerns of the IRS Office concerning the financial situation of OEX24 and the potential lack of possibility for the company to discharge possible future tax obligations under future decisions of the IRS Office.

The total amount of the security as determined in the Decision, corresponding to the amount of overstated refund of VAT, interest and additionally imposed VAT, amounts to PLN 1,343,849. OEX24 was not informed about any further steps the IRS Office intends to undertake to enforce the above-mentioned decision on the establishment of a security on the company’s assets.

It should be stressed that as at 4 June 2021, the IRS Office is in default towards OEX24 as regards the VAT refund of PLN 3,827,713 plus interest in relation with the fact that 4 out of 9 judgements issued by the Provincial Administrative Courts in Warsaw became final and enforceable and the fact that the IRS Office failed to discharge its obligation to issue necessary decisions on the extension of the VAT refund. The said judgements were passed in relation with unjustified – in the assessment of the Provincial Administrative Courts, multiple extensions by the IRS Office of the deadlines for VAT refunds for various periods. By the date of the publication of this report, the IRS Office has not paid to OEX24 the amounts adjudicated by the Provincial Administrative Court despite the fact that the court judgements became final and enforceable or the amounts for the periods with regard to which the deadline for VAT refunds were not extended effectively.

The above-mentioned amount of security is not considered by the issuer’s Management Board to be significant in view of the financial position of the OEX Group. Any possible further actions undertaken by the IRS Office (even if they are unjustified in the assessment of OEX24 or the Issuer) may however have a negative impact on OEX24’s ability to carry on its business and may result in a deterioration of its financial situation. They may, without limitation, result in a necessity to set up provisions or impairment charges on this account in the Company’s financial statements. It should be stated that irrespective of the tax audits carried out in OEX24 by the IRS Office, it is also subject to two tax proceedings carried out by the Podlaski Tax and Customs Office in Białystok, Field Unit in Suwałki, which concern the reliability of VAT settlements (the amount of questioned VAT refund is kPLN 1,377), which additionally increases the risk of a potential negative impact of the tax audits and proceedings on the financial position of OEX24 and the entire OEX Group. The above-mentioned tax proceedings and tax audits were mentioned by the Issuer in item 10 of the consolidated financial statements for the period from 1 January 2020 to 31 December 2020, published on 31 March 2021.

In the opinion of the Management Board of OEX24 and the Management Board of the Issuer, based on an analysis of the text of the Decision made in cooperation with tax specialists, the Decision was issued absolutely without any grounds whatsoever and OEX24 intends to undertake all possible measures in order to protect its interests, including an appeal against the Decision to the Director of the Tax Audit Chamber in Warsaw. The Management Board of OEX24 is also of the opinion that considering the fact that all business is carried out by the company in full compliance with the law and the required due care and diligence, both the tax audits and the tax proceedings should terminate, with a considerably high probability, with a positive outcome for OEX24.

The Issuer shall provide information about any further significant events related to the subject matter of this report in subsequent ongoing reports.

Signatures of Company’s representatives:

Tomasz Słowiński – Member of the Management Board
Robert Krasowski – Member of the