Slide 1: 3Q19 Results Presentation
DENLCLER z = 3Q19 RESULTS > PRESENTATION NOVEMBER 1374, 2019
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") was prepared by VRG S.A. (the "Company") with a due care. Still, it may contain certain inconsistencies or omissions. The Presentation does not contain a complete or thorough financial analysis of the Company and the Capital Group and does not presen
Slide 3: Executive Summary
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER EXECUTIVE SUMMARY VISTULA RETAIL GROUP
Slide 4: Key events influencing 3Q19
Key events influencing 3Q19 COLLECTIONS BYTOM IFRS16 A favourable season in 3Q19 W.KRUK, Wólczanka and Deni Cler. Consolidation of Bytom results. IFRS16 application. 3Q19 presentation 4
Slide 5: Dynamic EBIT growth in 3Q19
Dynamic EBIT growth in 3Q19 IFRS 16 EBIT NET LOSS REVENUES PLN 12.6m PLN (1.8) m PLN 251.2m, +39.5% +25.5% 6.9 m IAS 17 EBIT NET PROFIT GROSS PROFIT MARGIN PLN 12.4m PLN 7.1m 51.0%, +1,0 pp. +23.6% +2.9% 3Q19 presentation 5
Slide 6: Dynamic growths in 9M19 (IAS 17)
Dynamic growths in 9M19 (IAS 17) IFRS 16 IAS 17 EBITDA REVENUES PLN 735.8m PLN 122.4m PLN 57.8m +37.9% +180.1% +32.2% EBIT PLN 39.9m PLN 40.1m +28.2% +28.6% GROSS PROFIT MARGIN NET PROFIT 51.3% +1.0 pp. PLN 19.6m PLN 27.9m -7.1% +32.1% 3Q19 presentation 6
Slide 7: Group's development continues
Group’s development continues NUMBER OF STORES EOP 3Q19 152 +11 37,407 m2 +8% YoY 142 +9 31 +1 16,402 +9% m2 YoY 135 +9 126 +126 586 +156 53,809 m2 +55% YoY Organic growth +37 3Q19 presentation 7
Slide 8: Continuation of group's floorspace growth
Continuation of group’s floorspace growth Group floorspace growth YoY (ths m2) Group floorspace reached 53.8 ths m2 at the 53.8 end of 3Q19, up 55% YoY. 18.3 0.9 Excluding Bytom brand floorspace grew 8% 10.3 YoY. 34.6 16.4 The apparel segment added 18.3 ths m2. 9.4 Excluding Bytom floorspace g
Slide 9: Vistula
VISTULA
Slide 10: Vistula: franchise continues to grow
Vistula: franchise continues to grow Vistula brand network Vistula brand floorspace grew 9% YoY at the end of 3Q19, while the sales network 3Q18 3Q19 YoY expanded by 11 stores net. Number of stores 141 152 +11 Dynamic franchise development continued: 50 60 +10 10 new franchise stores net and 23%
Slide 11: Vistula: stable 3Q19 store EBIT
Vistula: stable 3Q19 store EBIT Vistula brand revenue split Growth of Vistula Red share in revenues coupled with stabilisation of Lantier brand. 13% 14% 11% 12% 15% 19% Lower share of the main line in revenues 33% 37% due to reduction in occasional lines (Robert LewandowskI). 74% 69% YoY growt
Slide 12: Vistula: over PLN 200m revenues
Vistula: over PLN 200m revenues Vistula brand revenue split (PLN m) Vistula brand revenues reached PLN 201.9m in 9M19, up 6% YoY, despite 11 fewer trading 201.9 days. +6% YoY 189.7 23.6 29.9 Franchise revenues reached PLN 39.8m in 35.0 39.8 9M19, up 14% YoY. Share of franchise grew from 18.4% in
Slide 13: Bytom
SZTUKA KRAWIECTWA OD 1945
Slide 14: Bytom: double-digit internet growth
Bytom: double-digit internet growth Bytom brand network Bytom’s network grew YoY by 7 stores net, out of which 3 were franchise stores. 3Q18 3Q19 YoY Brand’s floorspace grew 9% YoY due to Number of stores 119 126 +7 opening of increasingly large stores and incl. franchise 6 9 +3 expansions of fr
Slide 15: Bytom: stronger YoY sell-offs
Bytom: stronger YoY sell-offs Bytom brand revenue split Stable YoY sales structure in 3Q19, not in line with market tendencies of growing share of casual. 34% 33% 39% 39% A less favourable YoY Spring/Summer 2019 collection - too many of repeatable models within the formal part. 66% 67% 61% 61%
Slide 16: Bytom: stable revenues in 9M19
Bytom: stable revenues in 9M19 Bytom brand revenue split (PLN m) Bytom brand retail revenues reached PLN 138.3m in 9M19 (+1% YoY). +1% YoY 138.3 Franchise revenues reached PLN 6.6m in 136.9 11.9 14.2 9M19 (+11.3% YoY). 5.9 6.6 Share of franchise increased from 4.3% in 9M18 to 4.7% in 9M19. 119
Slide 17: Wólczanka
WOLCZANKA TATTAT TTT TTT ATT
Slide 18: Wólczanka: 70% YoY internet growth
Wólczanka: 70% YoY internet growth Wólczanka brand network Wólczanka network grew by 9 stores net YoY (9 are franchise stores). 3Q18 3Q19 YoY Brand’s floorspace increased 5% YoY versus Number of stores 133 142 +9 19% YoY growth in franchise store incl. franchise 42 51 +9 floorspace. Floorspace (
Slide 19: Wólczanka: growing sales/m2
Wólczanka: growing sales/ m2 Wólczanka brand revenue split Stable sales structure – double-digit 8% 8% revenue growths in Lambert and Wólczanka 5% 5% brand. 35% 35% 20% 20% A stable share of women shirts in sales structure. 65% 65% 68% 67% A higher share of knitwear due to extended assortment
Slide 20: Wólczanka: 20% YoY store EBIT growth
Wólczanka: 20% YoY store EBIT growth Wólczanka brand revenue split (PLN m) Wólczanka revenues reached PLN 85.6m in 9M19, up 10% YoY. +10% YoY 85.6 77.9 Franchise revenues amounted to PLN 12.7m in 9M19 (up 10% YoY). 21.9 30.8 Share of franchise was stable YoY at 14.9% in 11.6 12.7 9M19. Inter
Slide 21: Deni Cler
DENI CLER MILANO UTTADTTAITTTTYT TITTY TTT
Slide 22: Deni Cler: dynamic revenue growth
Deni Cler: dynamic revenue growth Deni Cler brand network Deni Cler network encompasses 31 stores in 3Q18 3Q19 YoY top shopping malls in Poland. Number of stores 30 31 +1 There are 9 franchise stores in the network. incl. franchise 8 9 +1 Development of shop-in-shop concept. Deni Cler collecti
Slide 23: Deni Cler: sizeable gross profit margin growth
Deni Cler: sizeable gross profit margin growth Deni Cler brand revenue split A stable revenue structure. 14% 15% Emphasis on capsule collections. 15% 15% 9% 9% 8% 9% Growth in sales/ m2 shows the success of the strategy to gradually increase the casual offering and multibrand revenues developm
Slide 24: Deni Cler: growing store EBIT in 9M19
Deni Cler: growing store EBIT in 9M19 Deni Cler brand revenue split (PLN m) 9M19 Deni Cler revenues reached PLN 33.2m (+6% YoY). +6% YoY 33.2 31.4 Franchise revenues reached PLN 7.2m in 3.2 3.8 9M19 (+5% YoY). 6.8 7.2 Franchise constituted some 21.7% of revenues in 9M19 (stable YoY). 21.4 22.2
Slide 25: W.KRUK
Slide 26: W.KRUK: floorspace growth acceleration
W.KRUK: floorspace growth acceleration W.KRUK brand network Dynamic YoY growth in W.KRUK brand stores. Opening of 9 stores net translated into a 10% 3Q18 3Q19 YoY YoY increase in brand’s floorspace. Number of stores 126 135 +9 The brand had 13 franchise stores at the end incl. franchise 6 13 +
Slide 27: W.KRUK: 30% EBIT growth in 3Q19
W.KRUK: 30% EBIT growth in 3Q19 W.KRUK brand revenue split Watches continued to increase their share in revenues. 27% 33% 33% 33% Sales of watches amounted to almost PLN 30m in 3Q19, up 49% YoY. Within jewellery, there was a stable YoY share of high-margin silver jewellery in 3Q19 sales. 73% 6
Slide 28: W.KRUK: strong 9M19 results
W.KRUK: strong 9M19 results W.KRUK brand retail revenues W.KRUK brand retail revenues in 9M19 (PLN m) reached PLN 248.4m, +21% YoY. +21% YoY 248.4 Internet revenues amounted to PLN 18.4m in 205.3 9M19 (+27% YoY). In 9M19 internet revenues came in at 7.4% of revenues compared to 7.1% w 9M18. 21
Slide 29: 3Q19 brand's results summary
3Q19 brand’s results summary STRONG REVENUES in W.KRUK, Wólczanka and Deni Cler. GROWING GROSS MARGIN at Deni Cler and W.KRUK. STORE EBIT YoY growth in combined store EBIT. Favourable results of majority of brands despite the sell-off period in 3Q19. 3Q19 presentation 29
Slide 30: Group Results
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER GROUP RESULTS VRG VISTULA RETAIL GROUP
Slide 31: Comparable periods
Comparable periods L I M I T E D Y O Y C O M PA R A B I L I T Y 3Q19 3Q19 3Q18 reported excl. IFRS16 The results encompass only The results include VRG The results include VRG VRG Group, i.e. they do not Group with Bytom – the Group with Bytom – the include Bytom S.A. brand’s impact took place for b
Slide 32: Higher revenues in both segments
Higher revenues in both segments Group revenues (PLN m) Group revenues reached PLN 251.2m in 3Q19 (up 39.5% YoY). 272.1 270.2 251.2 223.1 214.4 Bytom added PLN 46.7m to revenues for 3Q19. 192.9 86.7 There would be 13.5% YoY growth excluding 157.4 160.6 180.1 110.2 90.8 95.0 72.8 Bytom. 73.8 61.9
Slide 33: Higher YoY gross margin in both segments
Higher YoY gross margin in both segments Gross profit on sales (PLN m) Group gross profit on sales amounted to PLN 128.0m in 3Q19 (up 42% YoY). 143.8 144.6 128.0 120.2 In 3Q19 gross profit on sales of the apparel 100.6 105.0 segment reached PLN 80.9m, up 57% YoY. 45.9 80.7 90.1 59.7 77.8 47.1 52
Slide 34: High EBIT dynamics
High EBIT dynamics Operating costs, monthly per m2 Group operating costs/ m2 fell 9% YoY in (PLN m, excl. IFRS16) 3Q19 to PLN 717/m2 per month. 883 852 Lower costs of stores/ m2 to 525 PLN/m2 741 761 802 784 723 717 (down 7% YoY) and fall in HQs costs/ m2 to 292 683 249 PLN 192 (down 13.5% YoY),
Slide 35: Strong 3Q19 EBIT
Strong 3Q19 EBIT Higher YoY gross profit margin due to 3Q18 3Q19 3Q19 favourable trends in both segments. PLN m YoY IAS17 IFRS16 IAS17 IFRS16 applied in 3Q19 – rental costs Revenues 180.1 251.2 39.5% 251.2 replaced by depreciation of the right of use asset. A small impact of the new standard on
Slide 36: Double-digit EBIT growth in 9M19
Double-digit EBIT growth in 9M19 Higher YoY gross profit margin due to favourable trends in both segments. 9M18 9M19 9M19 PLN m IAS17 IFRS16 YoY IAS17 Dynamic YoY EBIT improvement despite SG&A costs growth slightly exceeding top- Revenues 533.5 735.8 37.9% 735.8 line growth. Gross profit on IF
Slide 37: Stocking for 4Q
Stocking for 4Q Change in inventory (PLN m) Inventory up 56% YoY due to network 563.6 development, opening of new stores and +39.6 +163.8 merger with Bytom brand (PLN 100m impact). 360.2 100 229.9 Apparel segment inventory increased 96% YoY. Growth results from stocking for a strong 190.3 Impact
Slide 38: Safe indebtedness levels
Safe indebtedness levels Net debt (PLN m, excl. IFRS 16) Long-term and short-term indebtedness shown together with financial leases, yet Bytom’s net debt: excluding the leases from IFRS16. Financial PLN 36.3m leases under IFRS16 at PLN 285.7m. 109.7 125.5 Usage of reverse factoring for supply ch
Slide 39: Seasonal engagement of cash
Seasonal engagement of cash Change in net working capital Data for 3Q18 shows VRG Group excluding (PLN m) Bytom, while 3Q19 results include Bytom. 15.3 23.5 Engagement of cash in inventories results 1.3 mainly from higher inventory in both segments in expectation for a strong 4Q. -6.4 Higher l
Slide 40: Plans for 2019
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER PLANS FOR 2019
Slide 41: Growth to continue in 2019
Growth to continue in 2019 2019 2019 2018 former YoY target target stores 440 467 457 17 APPAREL Targeted group floorspace SEGMENT m2 42,072 44,753 44,500 6% growth at 7% in 2019. stores 148 159 157 9 VISTULA m2 18,230 19,596 19,709 8% stores 139 147 141 2 WÓLCZANKA m2 4,979 5,180 5,039 1% Franchise
Slide 42: Merged entity growth to continue
Merged entity growth to continue Group YoY floorspace development (ths m2) Merged entity’s floorspace should reach 55.1 ths m2 at the end of 2019, up 7% YoY. 2.4 1.0 55.1 51.6 The apparel segment should add 2.4 ths m2 9.6 10.6 net, growing 6% YoY. +6% YoY +11% YoY The jewellery segment should
Slide 43: Continuation of e-commerce growth
Continuation of e-commerce growth DYNAMIC GROWTH PLN 97m Our aim is a further 50% YoY growth in 2019 of e-commerce revenues. PLN 56m 14% 12% HIGH SHARE 8% Our aim is for e-commerce to exceed some 14% share in 2019 revenues. 2017 2018 2019 cel 3Q19 presentation 43
Slide 44: The most important quarter ahead of VRG
The most important quarter ahead of VRG We count on favourable sales of men's’ collections in all three fashion brands and in High expectations for the Deni Cler. fourth quarter due to favourable dynamics in 9M19 (both in jewellery and watches – new watches brands and new diamonds). 3Q19 presentatio
Slide 45: Margin synergies in 2019
Margin synergies in 2019 REALISATION OF MARGIN SYNERGIES IN QUARTERS WITH NO SELL-OFFS (2Q & 4Q) 55.1% Potential for 53.8% + 1 pp. gross margin in 54.2% 4Q19 YoY in 3 brands. 52.0% 52.2% 52.4% 52.2% 51.9% 50.5% PLN 1.5m of realised 4Q16 4Q17 4Q18 margin synergies in VST WLC BTM 2Q19. 3Q19 presentati
Slide 46: We maintain our 2019 targets (IAS17)
We maintain our 2019 targets (IAS17) REVENUES EBIT NET PROFIT OPPORTUNITIES A broadened product offering. Continuation of group double-digit revenue 1pp. higher gross profit Further YoY group growth. margin due to first results improvement. margin synergies. RISKS Floorspace Our aim is to obtain dev
Slide 47: Plans for 2020
PLANS FOR 2020 VISTULA RETAIL GROUP
Slide 48: Diversified 2020 growth sources
Diversified 2020 growth sources DEVELOPMENT SALES/M2 Floorspace growth to A broadened product continue (the highest offering in each of the dynamics in W.KRUK). brands. INTERNET MARGIN Higher share of internet A more favourable in each of the brands. gross profit margin due to margin synergies. 3Q19
Slide 49: Growth to continue in 2020
Growth to continue in 2020 2019 2020 YoY target target stores 457 470 13 APPAREL SEGMENT 2020 is another year of organic m2 44,500 46,013 3% growth. Target at 5% YoY stores 157 164 7 VISTULA floorspace growth. m2 19,709 20,584 4% stores 141 145 4 WÓLCZANKA m2 5,039 5,227 4% stores 128 131 3 Franchis
Slide 50: Improvement in sales/m2 in 2020
Improvement in sales/ m2 in 2020 broader assortment of brands sports and ecological collections at Vistula, more casual in Bytom trousers, jackets, T-shirts in Wólczanka new brands of watches at W.KRUK strong diversification of collections of Vistula and Bytom brands higher average tag price 3Q19 pr
Slide 51: Dynamic e-commerce development in 2020
Dynamic e-commerce development in 2020 Further improvements in functionality of mobile applications and internet webpages, faster 16% delivery time. 14% 2019 2020 target target Collections dedicated for Doskonalenie e-commerce. funkcjonalności, dalsze usprawnienia aplikacji mobilnych i stron interne
Slide 52: Potential to grow gross profit margin in 2020
Potential to grow gross profit margin in 2020 ACTIONS Combined policy Combined policy Optimisation of New sourcing in terms of raw in terms of services Further growth promotional actions markets for materials and fabrics suppliers (sewing of Asian sourcing (gradual lessening of formalwear suppliers
Slide 53: Net working capital improvements
Net working capital improvements stronger use of reverse lower inventory/ m2 factoring additionally, lower shortening of cash cycle financing costs 3Q19 presentation 53
Slide 54: W.KRUK development outside of Poland
W.KRUK development outside of Poland ROZWÓJ AKWIZYCYJNY Purchase of Klenoty (the leader in jewellery on the Czech market) – project is in due diligence stage. Final decision regarding this CZECH REPUBLIC project in 1Q20. TARGET Klenoty Aurum (leader of the Czech jewellery market) 3Q19 presentation 5
Slide 55: Targets for 2020
Targets for 2020 RISKS REVENUES EBIT NET PROFIT Further growth in HR costs. Continuation of group Growth in gross profit revenue growth. margin by 1 pp. YoY due to margin synergies. Further YoY group net Improvement in sales/ m2. profit improvement. OPPORTUNITIES Continued cost discipline Higher sha
Slide 56: Medium-term group targets
Medium-term group targets 1 Higher share of internet 2 Higher revenues/ m2 AS AN 3 Stores enlargements ANSWER FOR GROWING HR 4 COSTS Growing gross profit margin 5 Lower rental costs 3Q19 presentation 56
Slide 57: Q&A
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER Q&A VRG VISTULA RETAIL GROUP
Slide 58: Back-up
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER BACK-UP VRG VISTULA RETAIL GROUP
Slide 59: Vistula: executive summary
Vistula: executive summary Vistula (menswear) Vistula brand is characterised by the highest quality of products and a fresh approach to men’s fashion. There are 3 stylistic lines in Vistula brand collections: Vistula – modern classical clothes, Vistula RED – the latest trends, brave colours, Lan
Slide 60: Bytom: executive summary
Bytom: executive summary Bytom (menswear) Bytom – a Polish brand with origin dating back to 1945. The brand offers men’s formalwear and smart casual assortment. ”Made to Measure” – personalised men’s tailoring offered in selected stores. Autumn/Winter 2019/20 collection The 'Bytom - at the c
Slide 61: Wólczanka: executive summary
Wólczanka: executive summary Wólczanka (fashion for men and women) Wólczanka runs a network of own and franchise stores in Poland with shirts for men and women, knitwear and accessories. The brand has two lines: Wólczanka and Lambert. Autumn/Winter 2019/20 collection In the Autumn / Winter 2019/
Slide 62: Deni Cler: executive summary
Deni Cler: executive summary Deni Cler (women’s fashion) Women’s fashion brand with Italian origin, established in Italy in 1972. A network of stores for women over 35 years of age who value high quality and elegance. Collections created from highest quality fabrics with superior accessories a
Slide 63: W.KRUK: executive summary
„” W.KRUK: executive summary The oldest jewellery brand in Poland The jewellery offer includes gold, silver and platinum jewellery, diamonds, precious stones and original collections. W.KRUK's offer also includes global watches brands, such as Rolex (exclusivity), Hublot, Omega, Longines, TAG He
Slide 64: Summary of brands' 3Q19 results
Summary of brands’ 3Q19 results FRANCHISE NETWORK S T R O N G E R Yo Y D E V E L O P M E N T. DISCOUNTS. BROADENING THE JEWELLERY OFFER, INTRODUCTION OF PERFUMES. FURTHER INCREASE IN SALES HIGH SHARE OF DYNAMIC REVENUE O F W AT C H E S . I N T E R N E T. GROWTH. 3Q19 presentation 64
Slide 65: Group's structure
Group’s structure VRG C O M PA N I E S I N C LU D E D I N T H E CO N S O L I DAT E D S TAT E M E N T S F O R 3 Q 1 9 JEWELLERY APPAREL OTHER SEGMENT SEGMENT ACTIVITY VRG S.A. WSM sp. z o.o. ,VG Property W.KRUK S.A. parent company sp. z o.o. Jewellery, watches, accessories Vistula, Wólczanka, Bytom P
Slide 66: Growing number of stores
Growing number of stores NUMBER OF STORES 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 APPAREL total 281 295 299 300 304 440 443 452 451 SEGMENT franchise 76 88 93 94 100 117 120 126 129 total 126 134 136 138 141 148 152 154 152 VISTULA franchise 35 42 46 47 50 56 58 60 60 total 122 129 131 132 133
Slide 67: Higher floorspace
Higher floorspace FLOORSPACE (M2) 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 APPAREL total 23,721 24,613 24,822 24,864 25,163 42,072 42,429 43,207 43,461 SEGMENT franchise 5,226 6,006 6,389 6,487 6,820 8,394 8,621 9,223 9,322 total 15,963 16,719 16,855 17,176 17,429 18,230 18,727 19,007 19,058 VIS
Slide 68: Own e-stores of five brands
Own e-stores of five brands On-line sales by segments (PLN m) We have own e-stores for all five retail brands. 7.2 5.4 Our aim is to develop on-line stores of own 6.0 7.0 brands (monoshops). 4.3 4.1 4.8 5.5 Revenues and costs of on-line stores are 26.6 27.9 25.5 25.3 allocated directly to the
Slide 69: Costs of own stores under control
Costs of own stores under control Operating costs per month/m2 (PLN, excl. IFRS16) Differences between SG&A costs/ m2 between segments result from different business models. The jewellery segment is characterised by 1,380 1,376 higher revenues and costs/ m2 than these of 1,094 1,131 1,139 1,177
Slide 70: Discipline in marketing costs
Discipline in marketing costs Marketing costs by segments (PLN m) Marketing costs are part of group selling costs. These encompass: recurring advertising spending (catalogues, photoshoots) and 4.7 4.2 1.7 2.7 nationwide marketing campaigns in editorial, internet and TV with celebrities. 1.6 0.6
Slide 71: FX risk exposure
FX risk exposure Purchases by currencies (PLN m) FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. 9M18 9M19 The group is a beneficiary of strengthening of zloty versus foreign currencies. CHF, 8% CHF, 6% USD, 33% A small YoY shift in purchases structure in USD, 32
Slide 72: Historical quarterly results
Historical quarterly results 1Q19 1Q19 2Q19 2Q19 3Q19 3Q19 PLN m 1Q18 YoY 2Q18 YoY 3Q18 YoY IFRS16 IAS17 IFRS16 IAS17 IFRS16 IAS17 Revenues 160.6 214.4 33.5% 214.4 192.9 270.2 40.1% 270.2 180.1 251.2 39.5% 251.2 Gross profit on sales 77.8 105.0 35.0% 105.0 100.6 144.6 43.8% 144.6 90.1 128.0 42.1% 12
Slide 73: Safe indebtedness level
Safe indebtedness level PLN m 3Q18 4Q18 3Q19 Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring Long-term debt 79.3 74.4 66.8 (taken over with Bytom S.A. merger). Bank loans include: overdrafts and Bank loans 77.7 70.8 64.2 investment bank loans. Bank loan c
Slide 74: Monthly sales data
Monthly sales data APPAREL SEGMENT REVENUES (VISTULA, WÓLCZANKA, DENI CLER, BYTOM from XII 2018) 90 80% 78 80 70% 70 60% 52 58 60 52 53 50% 51 42 48 48 50 47 44 31 40 40 40 3940 38 40% 39 38 40 37 34 34 35 34 34 34 34 31 33 33 33 32 32 3133 33 33 33 32 32 33 29 27 29 29 28 30% 30 27 25 25 24 23 20%
Slide 75: Monthly sales data
Monthly sales data JEWELLERY SEGMENT REVENUES (W.KRUK) 70 40% 65 60 51 51 30% 50 44 40 31 32 31 20% 29 30 26 28 27 27 28 27 28 24 25 26 26 25 23 26 22 22 22 22 21 22 22 18 20 20 20 20 20 20 19 19 20 17 17 18 17 17 18 18 17 17 18 15 16 15 14 10% 10 0 0% Sep' Oct' Nov' Dec' Jan' Feb' Mar' Apr' Mai' Ju
Slide 76: Monthly sales data
Monthly sales data REVENUES OF THE CAPITAL GROUP 160 50% 147 45% 140 40% 120 107 107 35% 96 100 92 90 30% 85 86 83 79 80 73 76 25% 71 69 57 67 69 67 67 69 56 63 61 62 62 57 60 57 57 60 57 56 57 57 56 57 20% 60 52 53 52 53 52 56 53 48 50 49 50 43 48 44 45 47 15% 40 10% 20 5% 0 0% Sep' Oct' Nov' Dec'
Slide 77: Shareholder structure
Shareholder structure Shareholder structure as of 3Q19 publication Sources of information regarding holdings of (share in equity and votes) VRG S.A. shares 1. Information on the number of shares provided in accordance with the notification Number of received by the Company pursuant to art. 69 clause
Slide 78: Glossary
Glossar y Revenues from brands: Vistula, Wólczanka, Bytom (from XII 2018), Deni Cler and Apparel segment wholesale segment, B2B and processing. Jewellery segment Retail revenues of W.KRUK brand and other revenues (including B2B). Casual Revenues including the following assortment: jackets, trousers,
Slide 79: Thank you
THANK YOU VRG S.A. Pilotów 10 St. 31-462 Cracow