17/2020 The enforceability warrant for the subsidiary

The Management Board of CPD S.A. seated in Warsaw hereby informs that on 18 June 2020 the subsidiary of CPD S.A. – Challange Eighteen sp. z o.o. received an enforceability warrant issued according to the provisions on the administrative enforcement proceedings. The enforceability warrant  has been issued by the Head of the Second Masovian Tax Office in Warsaw  in relation to the securing of the bank account of Challange Eighteen sp. z o. o. for the amounts of PLN 15 470 158.53 and PLN 167 894,47. The enforceability warrant is connected with the tax proceedings conducted against Challange Eighteen sp. z o.o. by the Head of the Małopolski Customs and Tax Office in Cracow and relates to the collection of withholding tax on interest in FY 2012.

The above does not determine the existence of any tax arrears on the part of Challange Eighteen sp. z o.o., and it constitutes a temporary mechanism of securing security of funds which may potentially become due in case of issuance of future assessment decision. According to the Company’s estimates, currently – i.e. not taking into account future interest – the collateral fully covers the possible amount of the above. tax together with interest, in the event of termination of the above tax proceedings in the most unfavorable for Challange Eighteen sp. z o.o. variant. At the same time, the Company indicates that the management board of Challange Eighteen sp. z o.o., among others based on the opinions of professional tax adviser, disagrees with the above and intends to utilize all possible legal means of challenging the security.

The Management Board of the Company makes this information public, because the final or adverse decision of the abovementioned ongoing tax proceedings may affect the financial results of CPD S.A. At the same time, the Company’s Management Board maintains that in its opinion the abovementioned the claim resulting from the tax audit is unjustified and informs that management of the collateral has no significant impact on the current financial and liquidity situation of the Group and on the possibility of implementing its strategic development plans.

The company will provide further key information regarding the resolution of the tax procedure in current reports.


Legal basis:

Article 17.1 MAR – Inside information

Signatures of persons representing the Company:

Elżbieta Wiczkowska, Member of the Board, 18 June, 2020

Iwona Makarewicz, Member of the Board, 18 June, 2020



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