WSE Conclusion of new installment agreements with the Social Insurance Institution (ZUS) by the Issuer and the Issuer’s subsidiary

The Management Board of Work Service S.A. (the „Issuer” or the „Company”) – with relation to the current report no 23/2020, informs that today, i.e. on 7 August 2020, the Issuer entered into installment agreements with ZUS concerning outstanding social security contributions (including relevant interest) on new terms in total of PLN 79,830,776.83, which agreements have replaced installment agreement of which the Issuer informed in current report no 23/2020. Also, the Management Board of the Issuer informs that Issuer’s subsidiary – Finance Care Sp. z o.o. with registered office in Wroclaw (“Finance Care”) entered into installment agreements with ZUS concerning outstanding social security contributions (including relevant interest) of PLN 5,159,706.60 as well.
According to installment agreements, in case of the Issuer, social security contributions for 05/2020 shall be paid in 24 equal installments, starting from September 2020 and in 60 increasing installments starting from September 2020 in the case of contributions for other periods. Repayment of outstanding social security contributions by Finance Care for 05/2020 will take place in 12 equal installments starting from August 2020 and in 60 equal installments starting from September 2020 in the case of contributions for other periods. One of the conditions for the installment agreements to be binding is to regulate current payments to ZUS without delay. As a result of the analysis carried out, the Issuer concluded that it is justified to classify the information indicated above as confidential information within the meaning of Art. 17.1. of the MAR, subject to publication in the form of this report.