Legal attitude: Art. 17 para. 1 MAR - confidential information.
On December 12, the Management Board of the Issuer's Capital Group made a decision, after obtaining the consent of the Supervisory Board, to expand its activities in the field of tax settlement of individuals and obtaining social benefits for the Bulgarian market. The decision is dictated by the experience on the Romanian market and the dynamic increase in sales in this market in 2017 and 2018 and the fact that in the last 10 years Bulgarian emigration to Germany was characterized by the highest dynamics after Romanian emigration (Romania - 636%, Bulgaria - 563%) . As for the total emigration in Germany for Poles, Bulgarians and Romanians, it is currently (data for 2017):
Bulgaria - 310 415
Poland - 866 855
Romania - 622 780
Bulgaria is one of the most dynamically developing employee markets. The "fresh" emigration seems very interesting, where the awareness of the tax refund service will be relatively low, and the channels of reaching customers to be traditionally used by Euro-Tax.pl should be effective. The operating model assumes copying the currently applicable process in Romania, where online marketing and BPO (operating center) would be run in Poland, while in Bulgaria there would be a Call Center (sales) and a Customer Service Department.
In the coming weeks, the Issuer's Capital Group will take action to establish a company in Bulgaria and develop its services there. The Issuer's Capital Group will announce the signing of the company's agreement in a separate announcement.
Source: company website, investor relations, current and periodic reports.