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    CCC   PLCCC0000016

CCC S.A.

(CCC)
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Polish cabinet postpones talks on retail tax due to PM absence

07/02/2019 | 06:59am EDT
EU leaders summit in Brussels

WARSAW (Reuters) - The Polish government has postponed discussions about a bill reintroducing retail tax, citing the prime minister's absence, the cabinet spokesman said on Tuesday.

The cabinet was set to deal with the proposed measure at its weekly meeting on Tuesday but the topic was dropped from the agenda as Prime Minister Mateusz Morawiecki was away attending talks on European Union jobs in Brussels.

"The government plans to proceed with this bill and will probably return (to it) at the next (cabinet) meeting," the government spokesman said.

The government decided to reintroduce the levy after the General Court of the European Union in May overruled a 2017 finding by the European Commission that it was illegal under EU law to tax larger retailers more heavily than smaller ones.

Imposing the tax was one of the eurosceptic Law and Justice (PiS) party's main election promises when it came to power in 2015, part of a raft of measures designed to fund generous social spending pledges.

Under the scheme, retailers with monthly revenue of over 170 million zlotys (£36 million) were to be taxed more heavily than smaller counterparts.

The measure was shelved two years ago when the EU executive ruled that it constituted illegal state aid to smaller firms.

The EU court overruled that decision, ruling that differing tax rates depending on the size of companies were permissible.

The government now plans for the tax to take effect from Sept. 1, four months earlier than planned.

It will affect big retail companies including Jeronimo Martins Polish business, and local retailers CCC, LPP and Dino Polska.

(Reporting by Agnieszka Barteczko; Editing by Mark Heinrich)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
CCC S.A. -0.73% 121.55 End-of-day quote.38.88%
DINO POLSKA S.A. 0.92% 308.3 End-of-day quote.6.53%
JERÓNIMO MARTINS, SGPS, S.A. 0.41% 17.175 Real-time Quote.24.28%
LPP SA -0.43% 13840 End-of-day quote.67.05%
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Financials
Sales 2022 7 339 M 1 909 M 1 909 M
Net income 2022 -19,9 M -5,19 M -5,19 M
Net Debt 2022 2 442 M 635 M 635 M
P/E ratio 2022 235x
Yield 2022 -
Capitalization 6 669 M 1 733 M 1 735 M
EV / Sales 2022 1,24x
EV / Sales 2023 1,06x
Nbr of Employees -
Free-Float 68,9%
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Technical analysis trends CCC S.A.
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 121,55 PLN
Average target price 109,22 PLN
Spread / Average Target -10,1%
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Managers and Directors
Marcin Janusz Czyczerski Chairman-Management Board
Dariusz Marek Milek Chairman-Supervisory Board
Karol Semik Development Director
Jakub Grzelak Investment Director
Wieslaw Oles Independent Member-Supervisory Board
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