Current Report No.: 49/2019

Date of preparation: 11.12.2019

Abbreviated name of the Issuer: CIECH S.A.

Legal basis: Art. 17.1 of the MAR – inside information

Subject: Judgements of the Regional Administrative Court in Bydgoszcz repealing tax decisions

Contents of the Report:

The Management Board of CIECH S.A. (the “Company” or “Issuer”) herewith informs that upon consideration, at a hearing, of complaints lodged by CIECH Soda Polska S.A., CIECH Cargo sp. z o.o. and CIECH Pianki sp. z o.o. (hereinafter jointly referred to as the “Subsidiaries”),  today, the Regional Administrative Court in Bydgoszcz (the “WSA”), announced its 3 (three) judgments repealing 3 (three) decisions of the Director of the Tax Administration Chamber in Bydgoszcz (the “Decisions” and the “2nd Instance Authority” respectively) of 27 August 2019. In the Decisions, the 2nd Instance Authority upheld all 3 (three) decisions of the Head of the Kujawsko-Pomorskie Tax Office in Bydgoszcz (the “1st Instance Authority”) of 23 May 2019, determining the tax arrears of Subsidiaries due to corporate income tax for 2015 in the total amount of PLN 8.2 million. 

The Company informed about the pending case in its Current Reports numbers:

1. 22/2019 of 6 June 2019 – information on the decisions of the 1st Instance Authority; 
2. 24/2019 of 27 June 2019 – information creating a provision for income tax and recognising a write-down for a deferred tax asset;
3. 38/2019 of 9 September 2019 – information on the Decisions. 

The judgments of the Regional Administrative Court repealing the Decisions are not final. 

Legal basis: Article 17.1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) 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 (Official Journal of the European Union L No. 173, p. 1).