The Vis: contested home salaries Girelli

by Tuesday, January 18, 2011

Fausto Peratoner, Director Cantina La Vis

The Agenzia delle entrate criticises the cantina La Vis how were handled payments of Directors of subsidiary Casa Girelli. Payments – We read today on The Adige – of the members of the Board of Directors headed to the cooperative, In fact, were not paid to individual directors but invoiced by The Vis as cellar services to Baby Walkers. The IRS is not convinced of the correctness of the operation, because in this way you load on company costs, lowering the tax base, and will increase the revenues of the cooperative, where you pay less taxes. The IRS would have already sent the first notice of assessment, reported per year 2005. In 2005 Casa Girelli passes under the supervision of The Vis, with the participation of minority, about one-third of the capital, Isa's. That year the administrators recorded in the budget amounts to 666 thousand euros. In 2006 the remuneration to the Board members rise to over 1 million euros. Then the budget deadline changes, passing by 31 December to 30 June. «Exercise» transition lasts six months, the first semester 2007. In that period the payments amount to administrators 521 thousand euros. In the exercise 2007-2008 Casa Girelli administrators perceive, According to the given content in the notes to the financial statements, 1 million 10 thousand euros. In 2008-2009 the figure drops to 690 thousand euros. The reason is in the social bodies, and society, private partners Stephen and Marina Girelli. Remain in the then number one Board of The Vis Roberto Gamal as President, Fausto Pan and Cesare Andermarcher as counselors, both with proxies. Throughout, then, Casa Girelli acknowledged to its directors about 3,9 million over five years. Of them, is about 2,5 million allotted share administrators headed to the cooperative lavisana. When, last September, l'adige published fees indicated in the last budget, Pan was to point out that "we have not received a single cent of that figure». From 2005 is the La Vis Winery that Bill home Rotors corresponding to the remuneration of its directors, as a provision of services from the cellar to the trading company. In clarification of last September, the vertices of the cooperative had recalled that the matter had been examined by the Bureau of internal revenue. The IRS, however,, Evidently, you are not convinced and believes the ports operation tax advantages to the Group, loading costs where you pay more taxes, in joint-stock company, and increasing revenues where you pay less, the cooperative. The Vis is going to recur. Then opens a litigation. This, though, was the last thing they need Walkers and the parent House La Vis. La cantina, as it known, was commissariata by the provincial Council last September, in the face of economic and financial imbalances highlighted by reviewers of the Federation of cooperation. Friday is scheduled the meeting for the approval of the budget 30 June 2010. The bulk of the problems of the Group focuses its Rotors at home, mainly due to bad debt abroad (see the article below). The trading company is closing these days. The loss arising from the activity feature, that should amount to more than her 1 million euros, and at devaluation of foreign credits, that could get to 6 millions, you will add the provision for litigation with the IRS, for now could be on million. Also for this reason, in the new budget the compensations for administrators, billed from the basement, should be halved to 345 thousand euros.

According to a summary made by Mr Marco Zanoni in the Municipal Council of Lavis in November, The Vis wine group has about 100 million euros of turnover, a real estate of over 110 million and a debt with banks 80 millions, grown in the last five years to support investments for 50 millions. As stated in the first published financial statements of subsidiaries of the Group, Cesarini Sforza Spumanti, Poggio Morino, Basilica Cafaggio, The Vis is used for the 2010 the moratorium of payments of the capital share of mortgages provided by Abi. The debts of The Vis, However, you add those arising from the recent agreement with the Isa on the share repurchase 31% the home financial Girelli. The authority had put in Walkers 8 million since 2005. The output option provided for the payment of 12 million five years after, i.e. in 2010. The agreement provides that The Vis pay the repurchase in installments in another five years. Altogether the burden exceeds Winery 13 million euros.

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