INFORMACJA DODATKOWA DO SPRAWOZDANIA ... - Inter Cars SA

Separate Annual Financial Statements of Inter Cars S.A. for the period January 1st – December 31st 2010
Notes
(PLN’000)
29.Dividend per Share
Notes are an integral part of the separate annual financial statements.
51
Jan 1–Dec 31
2010
Jan 1–Dec 31
2009
Dividend resolved and paid out to the reporting date - -
Number of shares with right to dividend as per resolution of
the General Shareholders Meeting 14 168 100 14 168 100
Dividend per share (PLN) - -
In 2010, the Annual General Shareholders Meeting of Inter Cars S.A. adopted a resolution on
the allocation of the whole profit for 2009 to statutory reserve funds.
The Management Board proposed to allocate the current period net profit to statutory reserve
funds. The possibility of paying out dividend by the Company is limited under a syndicated
credit facility agreement of July 2009. For more information see Note 15.
30.Contingent Liabilities and Unrecognised Liabilities under Executed Agreements
Tax Liabilities
Regulations on VAT, corporate and personal income tax and social security contributions
change frequently, and as a consequence often there is no possibility of relying on established
regulations or legal precedents. The regulations in effect tend to be unclear, thus leading to
differences in opinions as to their legal interpretation, both between state authorities and
between state authorities and entrepreneurs. Tax and other settlements (customs duty or
currency settlements) may be inspected by authorities entitled to impose material penalties,
and any additional amounts assessed following an inspection must be paid together with
interest. Consequently, the tax risk in Poland is higher than in other countries with more
developed tax systems.
Tax settlements may be inspected for the period of five years. For this reason the amounts
disclosed in the financial statements may change at a later date following final determination
of their amount by tax authorities. The Company was inspected by the tax authorities.
Guarantees and Sureties
As at December 31st 2010, the total amount of sureties and guarantees was PLN 8 241
thousand and comprised the sureties in respect of lease agreements of Lauber Sp. z o.o.,
sureties for the benefit of suppliers of Inter Cars Ceska Republika and Inter Cars Slovenska
Republika, and a surety for a loan repayment for Inter Cars Hungaria Kft.
For Term Amount (PLN „000)
Inter Cars Hungaria Kft. Feb 20 2016 3 807
Lauber Sp. z o.o. Sep 26 2011 197
Feber Sp. z o.o. Until revoked 871
Feber Sp. z o.o. Dec 30 2011 2 376
Q-Service Dec 31 2011 990
8 241
The Company held a customs guarantee issued by Generali TU S.A. with respect to payment
of bid bonds and performance bonds securing proper performance of contractual obligations
and removal of defects in the case of supplies for the Police.
31.Operating Leases
Inter Cars leases warehouse space to entities operating affiliate branches; however, the
warehouses are not owned by the Company but leased (apart from the Central Warehouse in
Czosnów and the facilities in Kajetany and Gdańsk). Any lease costs paid by the Company
are fully re-invoiced to end users (branch operators) throughout the whole term when the area
is used (including the termination notice period). As at December 31st 2010, the total amount