The problems with tax authorities Action world learned on 18 July. Then the company which is one of the largest on the Vistula wholesale and retail vendors of computers and electronics (it belongs to, among other things Sferis.pl shop and portal Gram.pl) announced in the relevant report that the tax office in Olsztyn found that Action overstated the VAT charged to deduction in the total amount of 22.56 mln zł. This applies to transactions from 2011-2012. The company wrote that it would appeal, and now just in case, create a reserve of approx. 16.5 zł. Added at the same time in a statement that “the above-described events that may form the basis of creating the provision has no significant impact on the current functioning of the Issuer.”
It turned out, however, that is not the end of the two days after the company He said that he wrote her a letter the Director of the Tax Office in Warsaw. It found that in the Action inflated at the beginning of 2013 years input VAT deduction in the total amount of less than 36 million zł. The company does not agree with this position also will be called on, and then even in a court fight with tax authorities. But the provision for possible payment of VAT must create – another almost 23.5 million zł.
Read also: What do some business, when the tax authorities too are tightened the screw? Flee. And it’s very close.
Fig. Shutterstock
Bank writes a letter. End of loan
Reports Action reading, among other things carefully at the bank HSBC, as previously opened a trading company, electronics large credit line. We know that at the end of 2015. Reached its limit of 100 million zł, of which was used nearly 37.6 million zł. According to the annex of June 2016. September limit had to be reduced to 60 million zł. But this is rather past.
On Friday because the Action reached a letter of HSBC, where the bank demanded explanations regarding the company’s financial condition after the formation of two provisions for the possible payment of VAT and decided to refuse further access previously granted credit, and – what may seem a bit odd – he wrote, “that this decision does not mean termination of the credit agreement.”
Management Action upset – and rightly so. Without the line of credit commerce on a large scale, is to put it mildly, very hard.
– HSBC deprived us of the financing, without explaining the mode of action and the legal basis, because he did it without saying our credit agreement and in fact it does not work – told PAP still on Friday Peter Belinsky, president of Action.
– therefore considering the possibility of entering the legal action due to the action against the company and shareholders what is already clearly shown the data exchange after the publication of the current report, to which we are obliged to publish – he added.
Read also: the government is considering introducing a single tax instead of income tax and social security contributions. Will benefit small businesses lose more earners.
Stocks down, falling sales
What kind of data exchange says the president of Action? Probably about the course of the company, who on Friday afternoon, after the bank announced the refusal of further loans to the distributor dived quite heavily. The company’s shares ended the day then less than 4.5 percent. below the line.
However, this decline was not as bad as in the recent past. July 19 actions Action price fell by more than 8 per cent., And 21 July at less than 29 percent.! 22 July paradise down continued – 9 percent. drop. The last week of July was also disastrous for the company – July 26, its shares become cheaper, eg. By more than 18 percent. In total, today they are cheaper by almost 80 percent. than a year ago.
Photo: investing.com
Investors sold shares of IT distributor in both because of problems with tax authorities, as well as declining sales Action. The company on July 18 announced that the preliminary second quarter, its sales amounted to about 750 million zł. This is a very poor result. This means that revenues Action shrunk compared to the second quarter of last year, up 35 percent.
The latest grim recommendation
On Monday revealed the latest recommendation for Action issued on July 24 – and thus before the decision of HSBC – by DM BOS. Brokers lowered it to “sell” from “hold,” target price per share shall cut down by half to 7,50 zł of 15.50 zł. The report was prepared at the exchange rate at the level of 9 zł. On Monday early afternoon per share Action have to pay 7.05 zł.
Why DM BOS recommended selling shares of the distributor? Because of a few reasons. He does not like weak financial results achieved this year. Office expects also that the unfavorable market trends continue in the second half of the year. And another factor is the unfavorable tax office decisions.
And the last really gets going. A few days ago Adrian Skłodowski, an analyst at DM PKO BP in a statement for Parkiet said that, indeed growing, according to analysts from the brokerage house, the risk of further proceedings revenue across the industry.
Text from blog “Subjectively about the stock market and the economy”
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