RB nr 5/2005

Legal basis: Art. 81 subpar. 1 pt. 1 PPO

The Management Board of MCI Management S.A. informs that on February 11, 2005 it received from its portfolio company CCS S.A. information on closing the tax case, described in MCI Management S.A. prospectus in point 1.2.2.6.

As a result of the tax control conducted in CCS S.A. for 2001, a decision was rendered according to which the company calculated VAT in the amount of PLN 1,719 thousand too early as it could do that only in January 2002. After making an appeal to the Tax Chamber a fine in the amount PLN 523 thousand was remitted. Due to the above the company submitted corrected VAT returns for the period from January 2002 to September 2003 with a request to allocate the excess payment resulting from the corrections referred to above for the arrears for December 2001. The corrections and the explanation were accepted by the Tax Office.
Consequently, instead of being charged with PLN 2.7 mln (maximum estimated value of VAT to be paid before the decision of the Tax Chamber) the Company was obliged only to pay budgetary interest in the amount of PLN 485 thousand. At the same time the Company submitted a request for granting public help in the form of arranging installments for the above tax arrears, which was approved by the Tax Office.
The final resolution of the tax case is in line with the expectations of CCS S.A. and MCI Management S.A. and it does not have any influence on the current and last year”s results of CCS S.A.