Ad
Ad
Ad

myLotto24 Subsidiary Achieves Final Repeal of VAT Assessment

August 15, 2022 | Financial

HAMBURG, Germany (August 12, 2022) — myLotto24 Limited, London, United Kingdom, a 100% subsidiary of ZEAL Network SE, has appealed to the Federal Fiscal Court for the assessment of VAT in relation to its former secondary lottery business. The Federal Fiscal Court has finally rejected the appeal by the Hanover-North tax office against the decision of the Hanover Finance Court of November 2019. myLotto24 Limited has not yet received the written reasons for the judgment.

The repayment of the advance payment made by myLotto24 Limited of around EUR 54 million plus interest of around EUR 1.8 million by the tax office is expected in the next few weeks.

The payments will have no impact on ZEAL’s income statement as the related receivable was already recognized as other assets.

As a result of the successful conclusion of the tax law dispute, ZEAL will now have additional free liquidity of around EUR 56 million. We will examine to what extent it makes sense to use these funds for operational purposes, including business expansion, over the next few years.

In addition, a payment to the shareholders in the form of dividends or by way of a share buyback program is also possible. Such measures would be announced separately.

CONTACT: Frank Hoffmann, Senior Investor Relations Manager, T: +49 (0)40 809036042, E: frank.hoffmann@zealnetwork.de

SOURCE: ZEAL Network SE.

Tags: , ,