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On September 25, 2018, Viva Energy Group Limited (ASX: VEA) came out with the press release which covers the information regarding Viva Energy REIT (ASX:VVR). The company stated that Viva Energy REIT has received a notification from the State Revenue Office of Victoria or SRO demanding around A$31.2 million. The company needs to pay this amount in October 2018. This notification has been issued because the company transferred certain properties before the initial public offer or IPO completion in August 2016. As per the arrangement entered between Viva Energy Group and Viva Energy REIT, these types of expenses would be paid by Viva Energy Group Limited in accordance with the Restructure Implementation Deed.
However, it seems like Viva Energy Limited is not on the same page with SRO are objecting the move taken by the SRO. Viva Energy Limited plans to raise the query against the step which has been adopted by SRO and it would address Commissioner of State Revenue. If even after the objection is raised, the objection does not get favorably resolved before December 31, 2018, they would treat this expense as a non-recurring one. However, this will adversely affect the companyâs bottom line number. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]
In the six months ended June 30, 2018, Viva Energy posted NPAT or Net Profit After Tax amounting to $129.4 million on RC or replacement cost basis. When compared with the forecasts given by the company, this figure was in line. In 1H2018, the companyâs EBITDA or earnings before interest, tax, depreciation, and amortization amounted to $262.5 million which fell short of the companyâs expectations. The expectations were for $266.7 million for the same period.
At the time of writing, Viva Energy Group Limited is being traded at A$2.35 implying an intraday increase of 0.42%. The companyâs market capitalization stood at A$4.55 billion on September 25, 2018. Over the past one month, the stock has delivered -1.68% return.
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