CR 12/2020 Information on the remuneration of the Management Board of LPP SA   

Information on the remuneration of the Management Board of LPP SA    
Current report no: 12/2020

Date: 31 March 2020

Time: 12:31  pm

 

The Management Board of LPP SA informs that, in consideration of the difficult economic situation in global economy and hardly foreseeable perspectives of eliminating the effects of the pandemic-related crisis, starting from April 2020, all members of the Management  Board of LPP SA consented to decreasing their remunerations to a symbolic amount of PLN 1. This remuneration decrease will apply until the Management Board of LPP SA recognises that the Company’s financial standing is safe and foreseeable.

 

CR 12 2020 – Information on the remuneration of the Management Board of LPP SA

CR 11/2020 Dividend information   

Dividend information   


Current report no: 11/2020

Date: 30 March 2020

Time: 5:06 pm

 

The Management Board of LPP SA with its registered office in Gdańsk informs that, on 30 March 2020, the Board adopted a resolution in which it decided to recommend to the Supervisory Board of LPP SA and the Ordinary Meeting of Shareholders of  LPP SA that a dividend for the financial year ended on 31 January 2020 should not be paid.

In its decision, the Company’s Management Board focuses on the well-being of its employees and its intention to preserve workplaces and ensure the Company’s financial liquidity in the current difficult market situation caused by the COVID-19 coronavirus epidemic.

The above-mentioned application will be delivered to the Supervisory Board of LPP SA for opinion purposes as required under § 33(3) of the Company’s Articles of Association and Article 382(3) of the Commercial Companies Code and presented for consideration by the Ordinary General Meeting of Shareholders as required under Article 395(2)(2) of the Commercial Companies Code and § 33(1)(3) of the Articles of Association of LPP SA.

 

CR 11 2020 -Dividend information

CR 10/2020 Changing the date of publication of the financial report

Changing the date of publication of the financial report        


Current Report no.: 10/2020

Date: 27.03.2020; 2:08 pm

 

The Management Board of LPP SA informs that the date of publication of the separate annual report and the consolidated annual report for 2019/20 originally set on  29 April 2020 was changed to 21 May 2020.

The postponement of the publication date is  a result of the current situation, i.e. the spread of the COVID-19 coronavirus and the Company’s focus on crisis management.

 

CR 10 2020 – Changing the date of publication of the financial report

CR 09/2020 Information on the transactions on the issuer’s shares

Information on the transactions on the issuer’s shares


Current Report No.: 09/2020

Date: 20.03.2020; 2:32 pm

 

The Management Board of LPP SA in Gdansk (the “Issuer”) announces that on March 20, 2020 the Company received notification about transactions in the shares of LPP from Ms. Magdalena Piechocka – the person closely related to the Member of the Management Board LPP SA.

The Company attaches the notification received.

 

CR 09 2020 – Information on the transactions on the issuer’s shares

Notification 20.03.2020

CR 08/2020 Information on the transactions on the issuer’s shares

Information on the transactions on the issuer’s shares


Current Report No.: 08/2020

Date: 19.03.2020; 1:16 pm

 

The Management Board of LPP SA in Gdansk (the “Issuer”) announces that on March 19, 2020 the Company received notifications about transactions in the shares of LPP from Mr. Jacek Kujawa – Member of the Management Board LPP SA.

The Company attaches the notification received.

 

CR 08 2020 – Information on the transactions on the issuer’s shares

Notification 19.03.2020

 

CR 07/2020 Information on the transactions on the issuer’s shares

Information on the transactions on the issuer’s shares


Current Report No.: 07/2020

Date: 18.03.2020; 12:38 pm

 

The Management Board of LPP SA in Gdansk (the “Issuer”) announces that on March 18, 2020 the Company received notification about transactions in the shares of LPP from Ms. Emilia Piechocka – the person closely related to the Member of the Supervisory Board LPP SA.

The Company attaches the notification received.

 

CR 07 2020 – Information on the transactions on the issuer’s shares

Notification 18.03.2020

CR 06/2020 Information on the impact of the COVID-19 virus outbreak on the operations of the LPP SA CG

Information on the impact of the COVID-19 virus outbreak on the operations of the LPP SA CG


Current report no: 06/2020

Date: 15 March 2020

Time: 9:03 p.m.

Following the recommendation published by the European Securities and Markets Authority (ESMA) of 12 March 2020, the Management Board of LPP SA (the Issuer) informs of the impact of the COVID-19 outbreak on the Issuer’s operations, its financial results and prospects.

According to the assessment made on 15 March 2020, the Issuer expects that the effects of the COVID-19 virus will substantially affect (to the extent that may not be assessed as at the date of drafting this communication) the future results and operations of the LPP SA Group (the Group).

In particular, the Issuer draws attention to the following two basic areas of operation.

Supply chain risk recognised by the Issuer as low

Due to the fact that suppliers from China have recommenced production, Chinese ports and railways as well as plants in other Asian countries pursue standard operations, warehouses in Poland, Russia and Romania accept deliveries and dispatch goods, the entire Spring-Summer 2020 collection is either stored in, or on its way to, the Company’s warehouses.

Sales risk recognised by the Issuer as very high

Following the decisions made by governments of Poland, the Czech Republic, Slovakia, Bulgaria, Kazakhstan, Lithuania, Slovenia, Bosnia and Hercegovina on the closure of shopping centres, the Management Board of LPP was required to close all of its brand stores in those countries. Online stores only have remained in operation.

At the same time, in certain countries where the Issuer operates, authorities have introduced restrictions regarding the operation of shopping centres e.g. in Romania, the opening hours of shopping centres have been shortened.

Furthermore, in other countries where the Issuer conducts its business activity, due to the virus dissemination and recommendations issued to restrict movement, the Company has recorded a significant decrease in sales in traditional stores of all brands and recognised the risk of closure of shopping centres.

The implemented restrictions on the opening hours of commercial facilities will adversely affect the Group’s financial results.

Considering the fact that, simultaneously, the Group expects an increase in online sales, the Issuer will be continuing, and further developing, its e-commerce sales which, in 2019, reached approx. 12% of the Group’s sales.

The Management Board of LPP SA informs that, due to a dynamically changing situation, as at the date of publishing this report, it is difficult to foresee in how many countries where the Issuer operates the operation of shopping centres will be restricted and for how long stores will remain closed.

Furthermore, the Issuer draws attention to the fact that the above-mentioned assessment has been made to the best knowledge of the Company’s Management Board as at the date of this current report and that the overall impact of the COVID-19 epidemics on the operations of the LPP SA Group remains unknown and is impossible to assess, being dependent on factors beyond the Issuer’s control or influence.

On a day-to-day basis, the Company’s Management Board will be analysing the Group’s situation in connection with dissemination of the COVID-19 epidemics.

Any new circumstances substantially affecting the Issuer’s financial results and economic standing will be communicated without delay in separate current reports.

 

CR 06 2020 – Information on the impact of the COVID-19 virus outbreak on the operations of the LPP SA CG

CR 05/2020 Information on the transactions on the issuer’s shares

Information on the transactions on the issuer’s shares


Current Report No.: 05/2020

Date: 09.03.2020; 12:39 pm

 

The Management Board of LPP SA in Gdansk (the “Issuer”) announces that on March 09, 2020 the Company received notifications about transactions in the shares of LPP from Mr. Piotr Piechocki – Member of the Supervisory Board LPP SA and Ms. Emilia Piechocka – the person closely related to the Member of the Supervisory Board LPP SA.

The Company attaches the notifications received.

 

CR 05 2020 – Information on the transactions on the issuer’s shares

Notification 1

Notification 2

CR 04/2020 Updated Information on the Audit Procedure Conducted by the Customs and Fiscal Office

Updated Information on the Audit Procedure Conducted by the Customs and Fiscal Office


Current report no: 04/2020

Date: 3 March 2020

Time: 6:11 p.m.

 

The Management Board of LPP SA informs that, on 3 March 2020, the Company received the results  of customs and fiscal audits carried out by the Head of the Customs and Fiscal Office for the Pomorskie Voivodeship in Gdynia in order to verify taxable bases declared and the correctness of CIT calculations and payments made for the years 2011, 2013 and 2016. As found by the authorities, the Company has adjusted tax returns for the above-mentioned years and, at the same time, paid additional tax liabilities in the amount of PLN 30,864,235, increased with interest for delay due.

The activities given above definitely close tax audits carried out in LPP SA for the above-mentioned years.

Simultaneously, the Company informs that the utmost goal of its operations is to maintain full tax transparency in all activities undertaken by LPP SA. In adherence to that principle, the Company has decided to conclude the agreement on cooperation under the provisions of law set forth in Chapter IIB of the Tax Ordinance Act with the Head of the National Tax Administration [Head of the NTA]. To that end, the Company plans to take action to obtain a positive opinion on the preliminary tax audit, being a condition for conclusion of the agreement in question. As a result of such activities, any and all tax operations of the Company will be carried out in agreement with, and upon approval of, the Head of the NTA, thus ensuring full transparency of activities undertaken by the Company.

 

CR 04 2020 – Updated Information on the Audit Procedure Conducted by the Customs and Fiscal Office