Text of the report
Further to Current Report No. 18/2014 of June 3rd 2014, the Management Board of Inter Cars S.A. (the “Company”) announces that it has been notified that Warmińsko-Mazurska Specjalna Strefa Ekonomiczna S.A. of Olsztyn has issued a permit dated June 25th 2014 to conduct business activities in the extended Olsztyn Province Special Economic Zone (the “Zone”) to ILS Sp. z o.o., an Inter Cars Group company responsible for the majority of the Group's logistics operations in Poland and abroad.

Under the Permit, the following terms and conditions of conducting business in the Zone have been set:

  1. Incurring capital expenditure of at least PLN 155,000,000.00 (one hundred and fifty-five million złoty) within the Zone by December 31st 2018,
  2. Increasing employment from the current level of 66.39 FTEs to at least 266.39 FTEs by December 31st 2018 by hiring 200 new staff, and maintaining the headcount of at least 266.39 FTEs until December 31st 2023,
  3. Completion of the investment project by December 31st 2018,
  4. Compliance with the Zone Rules and other regulations governing the Zone's operation.


Under the Permit, the maximum amount of qualifying costs and expenses will be as follows:

  1. If new investment tax relief is used, the maximum amount of qualifying investment expenditure will amount to PLN 232,500,000.00 (two hundred and thirty-two million, five hundred thousand złoty);
  2. If job creation tax relief is used, the maximum amount of qualifying labour cost over a two-year period will be determined based on the labour cost of 300 (three hundred) new employees.


Based on the received Permit, the Company's subsidiary will commit to creating at least 250 new jobs or incurring qualifying investment expenditure of at least PLN 155m and will execute an investment project consisting in the construction of a new central warehouse for the Inter Cars Group, which is to take over most of the Group's logistics processes in Poland and the rest of Europe. The project is scheduled for completion by the end of 2018.

Legal basis
Art. 56.1.2 of the Public Offering Act – Current and periodic information

Persons representing the Company

 

  • Krzysztof Soszyński - Vice-President of the Management Board
  • Piotr Zamora - Commercial proxy
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