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Number Date Subject
1/2018 2018-01-02 Information on ongoing audit procedures in a subsidiary

The Management Board of Boryszew S.A. (Issuer) hereby informs that in connection with the ongoing audit procedures in its subsidiary, ZM SILESIA S.A. with a registered office in Katowice (ZM SILESIA), it was notified that the customs and revenue authority has pre-defined the amount of VAT owed for respective months of 2012 at approximately 29 million zlotys.

According to the customs and revenue authority, ZM SILESIA failed to exercise due diligence when verifying tax integrity of some of its suppliers who, as it turned out, have not paid output VAT. Consequently, ZM SILESIA was not entitled to reduce the output tax by the input tax specified in invoices issued by fraudulent contractors.

Upon questioning the findings of the authority, ZM SILESIA raised relevant objections to the report and intends to consistently defend its position that no tax is owed for the said year during the tax proceedings leading to decisions determining the final amount of tax liability for 2012.
The Issuer’s Board of Directors intends to include the risk connected therewith in the consolidated financial statement for 2017.


Legal basis
Art. 17 sec. 1 of the Market Abuse Regulation – Confidential Information


Aleksander Baryś – Member of the Management Board
Piotr Szeliga – Member of the Management Board


Translation from the original Polish version.
In the event of differences resulting from the translation, reference should be made to the official Polish version.


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