Slide 1: 4Q18 Results Presentation
DENLCLER = AQI18 = RESULTS PRESENTATION MARCH 19, 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 VRG VISTULA RETAIL GROUP
Slide 4: Successful merger with Bytom S.A.
Successful merger with Bytom S.A. The merger had a Merger between material impact on the Vistula Group S.A. and Bytom S.A. took place financial statements. November 30, 2018. Bytom brand’s results are included since December 2018 in both separate and consolidated The Group changed its name into VRG
Slide 5: Double-digit earnings growth in 4Q18
Double-digit earnings growth in 4Q18 REVENUES PLN 272.1m +22.0% NET PROFIT PLN 32.4m +36.9% GROSS PROFIT MARGIN 52.9% -1.0 pp. EBITDA PLN 45.6m EBIT +28.0% PLN 40.8m +29.7% 4Q18 presentation 5
Slide 6: Growing net income in 2018
Growing net income in 2018 +17.0% REVENUES PLN 805.7m NET PROFIT PLN 53.6m +24.0% -1.0 pp. GROSS PROFIT 51.2% 14.5% EBITDA PLN 89.3m EBIT +13.9% PLN 71.9m 4Q18 presentation 6
Slide 7: Increase in group's scale
Increase in group’s scale NUMBER OF STORES EOP 4Q18 148 +14 35,810 m2 +8% YoY 139 +10 31 -1 128 +13 15,816 m 2 122 +122 568 +158 51,626 m2 +55% YoY 4Q18 presentation 7
Slide 8: Dynamic group floorspace growth
Dynamic group floorspace growth Group floorspace growth YoY (ths m2) Group floorspace reached 51.6 ths m2 at the 51.6 end of 4Q18, up 55% YoY. 17.5 0.9 Excluding Bytom brand floorspace reached 9.6 33.3 35.8 ths m2, up 8% YoY. 15.8 The apparel segment added 17.5 ths m2. 8.7 Excluding Bytom floo
Slide 9: Vistula
i VISTULA
Slide 10: Vistula: doubling of on-line sales
Vistula: doubling of on-line sales Vistula brand network Vistula brand floorspace grew 9% YoY at the end of 4Q18, while the network expanded 4Q17 4Q18 YoY by 14 stores net. Number of stores 134 148 + 14 Dynamic franchise development: 14 new 42 56 + 14 franchise stores net and 32% YoY franchise i
Slide 11: Vistula: higher efficiency in 4Q18
Vistula: higher efficiency in 4Q18 Vistula brand revenue split Higher share of Vistula Red and Lantier sub- 0% 11% 0% lines. 13% 14% 13% 14% 16% Lower share of the main line in revenues due to reduction in occasional lines. 49% 51% Casual clothing constituted more than 50% 75% 71% of the brand
Slide 12: Vistula: stable 2018 results
Vistula: stable 2018 results Vistula brand revenue split Vistula brand revenues reached PLN 268.7m in 2018, up 11% YoY. 268.7 +11% YoY Franchise revenues amounted to PLN 50m 242.6 35.7 19.7 in 2018, up 28% YoY. Share of franchise in 39.1 50.2 revenues increased from 16.1% in 2017 to 18.7% in 201
Slide 13: Wólczanka
WOLCZANKA
Slide 14: Wólczanka: dynamic franchise growth
Wólczanka: dynamic franchise growth Wólczanka brand network Wólczanka network grew by 10 stores net YoY (9 are franchise stores). 4Q17 4Q18 YoY Brand’s floorspace increased 8% YoY versus Number of stores 129 139 + 10 27% YoY of franchise store floorspace. incl. franchise 38 47 +9 Wólczanka rev
Slide 15: Wólczanka: favourable 4Q18
Wólczanka: favourable 4Q18 Wólczanka brand revenue split 9% 9% Double-digit dynamics in Wólczanka brand revenues. 5% 5% 43% 40% Lower share of Lambert line in revenues due 24% 21% to fall in sales of women collection. Women collection constitutes 2/3 of 57% 60% 62% 65% Lambert line revenues.
Slide 16: Wólczanka: sizeable YoY 2018 EBIT growth
Wólczanka: sizeable YoY 2018 EBIT growth Wólczanka brand revenues (PLN m) Wólczanka revenues reached PLN 116.2m in 2018, up 15% YoY. 116.2 +15% YoY Franchise revenues amounted to PLN 17.7m 101.0 32.9 in 2018 (up 28% YoY). 20.0 13.8 17.7 Share of franchise in revenues increased from 13.7% in 20
Slide 17: Bytom
SZTUKA KRAWIECTWA OD 1945 TAT AT TTT i
Slide 18: Bytom: development of own stores
Bytom: development of own stores Bytom brand network Bytom’s network grew YoY by 6 stores net. All new stores were own stores. 4Q17 4Q18 YoY Brand’s floorspace grew 10% YoY due to Number of stores 116 122 +6 opening of increasingly large stores and incl. franchise 6 6 0 expansions of existing st
Slide 19: Bytom: growing brand's EBIT in 4Q18
Bytom: growing brand’s EBIT in 4Q18 Bytom brand revenue split A growing YoY share of smart casual clothing in 4Q18. Share of casual clothing in revenues was 45% 39% higher in 4Q18 than in the whole 2018. 57% 55% Knitwear and coats were behind a higher share of casual in 4Q18. 55% 61% 43% 45% 4
Slide 20: Bytom: double-digit 2018 EBIT dynamics
Bytom: double-digit 2018 EBIT dynamics Bytom brand retail revenues (PLN m) Retail revenues of Bytom brand reached PLN 195.8m in 2018 (up 12% YoY). 195.8 +12% YoY Franchise revenues amounted to PLN 8.3m in 174.7 2018 (up 11% YoY). Share of franchise in revenues was stable YoY at around 4.2%. 15
Slide 21: Deni Cler
DENI CLER MILANO
Slide 22: Deni Cler: growth in on-line sales
Deni Cler: growth in on-line sales Deni Cler brand network Deni Cler network encompasses 31 stores in 4Q17 4Q18 r/r top shopping malls in Poland. Number of stores 32 31 -1 There are 8 franchise stores in the network. incl. franchise 8 8 0 Development of shop-in-shop concept. Deni Cler collecti
Slide 23: Deni Cler: high sales/m2 growth
Deni Cler: high sales/ m2 growth Deni Cler brand revenue split Main collection encompasses coats, suits, jackets and trousers, while complementary 18% 18% 16% 16% collection is made up of among other 6% 6% 8% 8% blouses, dresses and T-shirts. Emphasis on capsule collections. Growth in sales/ m
Slide 24: Deni Cler: higher efficiency in 2018
Deni Cler: higher efficiency in 2018 Deni Cler brand revenues (PLN m) Deni Cler revenues reached PLN 43.7m in 2018 (down 0.6% YoY). 44.0 -0.6% YoY 43.7 Franchise revenues amounted to PLN 9.7m in 3.3 4.1 2018 (up 3% YoY). 9.4 9.7 Franchise constituted some 22% of revenues in 2018. 31.3 30.0 O
Slide 25: W.KRUK
Slide 26: W.KRUK: over PLN 100m of revenues in 4Q18
W.KRUK: over PLN 100m of revenues in 4Q18 W.KRUK brand network Dynamic YoY growth in W.KRUK brand stores. Opening of 13 stores net translated into a 4Q17 4Q18 YoY 10% YoY increase in brand’s floorspace. Number of stores 115 128 + 13 The brand had 10 franchise stores at the end incl. franchise
Slide 27: W.KRUK: over 20% YoY EBIT growth in 4Q18
W.KRUK: over 20% YoY EBIT growth in 4Q18 W.KRUK brand revenue split Watches continued to increase their share in revenues. 22% 26% Stable jewellery revenue structure in 4Q18. 38% 38% Very good reception of a new edition of Freedom collection WOLF EDITION by Martyna Wojciechowska both in tradit
Slide 28: W.KRUK: a strong 2018
W.KRUK: a strong 2018 W.KRUK brand retail revenues (PLN m) W.KRUK brand retail revenues amounted to PLN 312.8m, up 21% YoY, in 2018. +21.3% YoY 312.8 On-line sales increased to PLN 21.7m in 257.9 2018 (up 67% YoY). Internet constituted 6.9% of revenues in 2018 versus 5.0% in 2017. 283.3 244.9
Slide 29: Transfer of demand on Saturday and Monday
Transfer of demand on Saturday and Monday III-XII 2018 III-XII 2018 (YoY) 9% 25% 22% Saturday 14% 14% 12% Friday 20% 10% Thursday 10% 9% III-XII 2017 Wednesday 18% 12% 11% 11% Tuesday 18% 28% Monday 14% 13% -30% Sunday 13% 14% Ban on trade changes the consumers’ habits. Demand in stores shifts to Mo
Slide 30: 2018 brand's results summary
2018 brand’s results summary G O O D R E S U LT S D E S P I T E PA R T I A L B A N O N S U N D AY T R A D E RETAIL SALES INTERNET SALES STORE EBIT Double-digit revenue 73% YoY growth in Higher YoY growth maintained. on-line sales. total store EBIT. 4Q18 presentation 30
Slide 31: Group Results
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER GROUP RESULTS
Slide 32: The merger's sizeable impact on financial statements
The merger’s sizeable impact on financial statements INCOME BALANCE CASH S TAT M E N T SHEET FLOWS Recognised goodwill Issuance of merger Bytom’s results together with shares was not part of consolidated trademark valued cash flows (there was no since XII 2018. at c. PLN 147m. flow of cash). 4Q18 pr
Slide 33: Higher revenues in both segments
Higher revenues in both segments Group revenues (PLN m) Group revenues reached PLN 272.1m in 4Q18 272.1 (up 22% YoY). 223.1 Bytom added PLN 24.8m to revenues for XII 192.9 188.2 171.9 157.4 180.1 110.2 160.6 2018. There would be 11% YoY growth 136.2 95.0 excluding Bytom. 77.1 73.8 63.1 61.9 76.7
Slide 34: Higher YoY gross profit in both segments
Higher YoY gross profit in both segments Gross profit on sales (PLN m) Group gross profit on sales amounted to 143.8 PLN 144.0m in 4Q18 (up 20% YoY). 120.2 In 4Q18 gross profit on sales of the apparel 100.6 99.1 90.5 90.1 59.7 segment reached PLN 84.2m, up 25% YoY. 80.7 77.8 68.0 52.7 Excluding
Slide 35: Dynamic EBIT growth
Dynamic EBIT growth Operating costs, monthly per m2 Group operating costs/ m2 fell 4% YoY in (PLN) 4Q18 to PLN 852/m2 per month. 883 Higher costs of stores/ m2 (up 2% YoY) as a 824 729 744 741 761 802 784 852 result of growing remuneration and 292 249 commissions for franchisees. 277 245 221 242
Slide 36: Dynamic net earnings growth in 4Q18
Dynamic net earnings growth in 4Q18 PLN m 4Q17 4Q18 YoY Revenue growth above floorspace growth. Revenues 223.1 272.1 22.0% YoY fall in gross profit margin due to a higher Gross profit on sales 120.2 143.8 19.7% share of internet in revenues and changes within the revenue structure. Gross profit
Slide 37: Growing 2018 net profit
Growing 2018 net profit mln PLN 2017 2018 YoY Revenue growth above floorspace growth. Revenues 688.5 805.7 17.0% YoY fall in gross profit margin due to a higher Gross profit on sales 359.4 412.3 14.7% share of internet in revenues and changes within the sales structure. Gross profit margin 52.2%
Slide 38: Inventory affected by merger with Bytom
Inventory affected by merger with Bytom Change in inventory (PLN m) Inventory up 46% YoY due to network 460.8 development, opening of new stores and +34.4 merger with Bytom brand (PLN 87.9m +111.2 impact). 315.3 194.6 87.9 Apparel segment inventory increased 72% YoY, but 15% YoY excluding Bytom.
Slide 39: Safe indebtedness levels
Safe indebtedness levels Net debt (PLN m) Consistent YoY long-term debt reduction. Long-term and short-term indebtedness 51.4 71.3 shown together with financial leases. 31.9 47.4 53.4 69.3 33.5 45.0 48.5 Usage of reverse factoring for supply chain 93.7 92.5 90.7 90.8 financing reached PLN 20.9
Slide 40: Strong operating cash flows
Strong operating cash flows Change in net working capital (PLN m) Favourable trends in 4Q18 revenues translated into low cash involvement in 30.7 inventory. 18.6 16.7 17.3 Optimisation of net working capital, lower 14.1 receivables, higher liabilities. 6.6 -2.0 -3.3 4Q17 4Q18 Inventory Receivabl
Slide 41: Attainment of 2018 targets
Attainment of 2018 targets Double-digit revenue growth. 8% YoY floorspace growth (excl. Bytom). REVENUES Over 50% YoY on-lines sales growth (73% YoY growth achieved in 2018). Gross profit margin not lower than 0.5 pp. YoY EBIT (fall in 2018 group gross profit margin by 1 pp. YoY) Costs/ m2 growth un
Slide 42: IFRS16: change in financial statements from 2019
IFRS16: change in financial statements from 2019 BALANCE INCOME CASH SHEET STATEMENT FLOW Change from operating lease to Assets (tangible assets) and financial lease Higher operating cash flows equity and liabilities (finance due to higher profits and D&A higher by some lease liabilities) up by so
Slide 43: Development Plans
VISTULA WOLCZANKA BYTOM WKRUK — DENICLER DEVELOPMENT PLANS VRG VISTULA RETAIL GROUP
Slide 44: Growth set to continue in 2019
Growth set to continue in 2019 2019 VRG 2018 target YoY stores 440 467 27 APPAREL 2019 should be another year of SEGMENT m2 42,072 44,753 6% dynamic organic group stores 148 159 11 floorspace growth (c. 8% YoY). VISTULA m2 18,230 19,596 7% stores 139 147 8 WÓLCZANKA m2 4,979 5,180 4% Franchise store
Slide 45: Merged entity growth to continue
Merged entity growth to continue Group YoY floorspace development (ths m2) Merged entity’s floorspace should reach 55.7 55.7 ths m2 at the end of 2018, up 8% YoY. 51.6 2.7 1.4 The apparel segment should add 2.7 ths m2 11.0 net, growing 6% YoY. 9.6 +6% YoY +15% YoY The jewellery segment should
Slide 46: Continuation of e-commerce growth
Continuation of e-commerce growth DYNAMIC GROWTH Our aim is a further 50% YoY growth PLN 97m in 2019 e-commerce revenues. PLN 56m 14% 12% 8% HIGH SHARE 2017 2018 2019 target Our aim is for e-commerce to exceed some 14% share in 2019 revenues. 4Q18 presentation 46
Slide 47: 2019 targets
2019 targets REVENUES EBIT NET PROFIT Continuation of double-digit 1pp. higher gross profit Further YoY group results revenue growth. margin due to first margin improvement. synergies. Floorspace development and Our aim is to obtain higher improvement of sales/ m2 of SG&A costs/ m2 control due net p
Slide 48: Synergy
VISTULA WOLCZANKA BYTOM WKRUK — DENICLER SYNERGY VRG VISTULA RETAIL GROUP
Slide 49: Synergy targets
Synergy targets OPERATING COSTS Our aim is to benefit from REVENUE/MARGIN the combined management experience to lower SG&A Our aim is to increase revenues and improve gross profit costs. margin of the combined group through more favourable purchasing terms and improved market segmentation. Target: s
Slide 50: Margin synergies
Margin synergies REVENUE/ MARGIN SYNERGIES purchases production price management AC T I O N S Higher Reallocation More timely Higher in- Emphasis on volumes, of part of the adjustments take margin, combined quantity assortment to to the rebate changes in suppliers discounts Asia policy pricing polic
Slide 51: Cost synergies
Cost synergies CO S T S Y N E R G I E S retail network (rental expenses) logistics AC T I O N S Negotiations Lower rental of combined Higher charges while floorspace, Volume Reduction in fit-outs due renewing of division for discounts logistics to growing current brands made with courier warehouse s
Slide 52: Synergies – time horizon
Synergies – time horizon Implementation Higher margin, of new pricing lower cost of policy purchase REVENUE/ MARGIN SS 2019 AW 2019 SS 2020 COST Logistics Rental expense 4Q18 presentation 52
Slide 53: M&A
VISTULA WOLCZANKA BYTOM WKRUK — DENICLER M&A VRG VISTULA RETAIL GROUP
Slide 54: Foreign acquisition
Foreign acquisition NUMBER OF STORES CZK 7% W.KRUK 21% VRG excl. W.KRUK 72% REVENUES (PLN m) CZK CZECH REPUBLIC 9% W.KRUK 36% TARGET VRG excl. W.KRUK Klenoty Aurum 55% (leader on the Czech jewellery market) Source: own estimates 4Q18 presentation 54
Slide 55: Possible project's timeline
Possible project’s timeline NEGOTIATIONS AND CLOSING OF THE CONSOLIDATION OF DUE DILIGENCE DECSION ON TRANSACTION RESULTS PURCHASE 1Q19 2Q19 3Q19 4Q19 TRANSACTION WILL BE COMPLETED ONLY IF A FAVOURABLE PRICE IS OBTAINED. 4Q18 presentation 55
Slide 56: Q&A
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER & Q&A | < z io
Slide 57: Back-up
VISTULA WOLCZANKA DENI CLER BACK-UP VRG VISTULA RETAIL GROUP
Slide 58: 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 59: 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. Spring/Summer 2019 collection Men’s collection mostly encom
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. Spring/Summer 2019 collection Continuation of the lead
Slide 61: 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 year of age who value high quality and elegance. Collections created from highest quality fabrics with superior accessories an
Slide 62: 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 Heuer
Slide 63: Summary of brands' 4Q18 results
Summary of brands’ 4Q18 results DOUBLING OF ON-LINE D E V E LOP M E N T OF OW N SALES. S TO R E S . EXCEEDING PLN 100m OF REVENUES IN THE QUARTER. DYNAMIC FRANCHISE THE HIGHEST GROSS GROWTH. PROFIT MARGIN. 4Q18 presentation 63
Slide 64: Group's structure
Group’s structure VRG CO 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 2 0 1 8 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., BTM 2 sp. z o.o. Jewellery, watches, accessories Vistula, W
Slide 65: Growing number of stores
Growing number of stores NUMBER OF STORES 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 APPAREL total 262 265 274 281 295 299 300 304 440 SEGMENT franchise 60 65 71 76 88 93 94 100 117 total 114 117 122 126 134 136 138 141 148 VISTULA franchise 26 30 33 35 42 46 47 50 56 total 116 116 119 122 129 131
Slide 66: Higher floorspace
Higher floorspace FLOORSPACE (M2) 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 APPAREL total 22,229 22,433 23,179 23,721 24,613 24,822 24,864 25,163 42,072 SEGMENT franchise 4,228 4,600 4,957 5,226 6,006 6,389 6,487 6,820 8,394 total 14,706 14,899 15,503 15,963 16,719 16,855 17,176 17,429 18,230 VIS
Slide 67: 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 Our aim is to develop on-line stores of own brands (monoshops). 4.3 4.8 5.5 Revenues and costs of on-line stores are 4.1 3.1 26.6 allocated directly to the brands. 2.3 2.9 2.9 18.
Slide 68: Costs of stores under control
Costs of stores under control Operating costs per month/m2 (PLN) Differences between SG&A costs/ m2 between segments result from different business models. 1,380 1,376 The jewellery segment is characterised by 1,160 1,003 1,041 1,049 1,094 1,131 1,139 higher revenues and costs/ m2 than these of
Slide 69: Seasonal growth in marketing costs
Seasonal growth 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 3.3 4.2 1.7 nationwide marketing campaigns in editorial, internet and TV with celebrities. 1.7
Slide 70: 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. 2017 2018 The group is a beneficiary of strengthening of CHF, CHF, 8% zloty versus foreign currencies. 6% USD; USD, Higher YoY share of CHF in 2018 purchases 35% EUR;
Slide 71: Historical quarterly results
Historical quarterly results PLN m 1Q17 1Q18 2Q17 2Q18 3Q17 3Q18 4Q17 4Q18 YoY Revenues 136.2 160.6 171.9 192.9 157.4 180.1 223.1 272.1 22.0% Gross profit on sales 68.0 77.8 90.5 100.6 80.7 90.1 120.2 143.8 19.7% Gross profit margin 49.9% 48.5% 52.7% 52.1% 51.3% 50.0% 53.9% 52.9% -1.0pp. SG&A costs
Slide 72: Safe indebtedness level
Safe indebtedness level PLN m 4Q17 1H18 4Q18 Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring Long-term debt 83.9 81.5 74.4 (taken over with Bytom S.A. merger). Bank loans include: overdrafts and Bank loans 82.1 79.8 70.8 investment bank loans. Bank loan c
Slide 73: Strong quarterly and annual cash flows
Strong quarterly and annual cash flows 4Q18 cash flows (PLN m) A seasonal release of cash took place in 4Q18. Freeing up cash from receivables and increase in liabilities positively affected the net working capital. Strong operating cash flows allowed for debt repayment. Cash Pre-tax D&A Tax N
Slide 74: Monthly sales data
Monthly sales data APPAREL SEGMENT REVENUES (VISTULA, WÓLCZANKA, DENI CLER, 90 BYTOM from XII 2018) 70% 78 80 60% 70 50% 60 52 52 50 42 40% 44 47 31 39 38 40 40 37 37 35 34 34 35 34 34 30% 31 33 31 33 33 33 32 32 3133 33 33 29 29 28 29 27 29 29 28 30 27 27 27 26 25 27 24 25 25 23 24 23 20% 19 22 20
Slide 75: Monthly sales data
Monthly sales data JEWELLERY SEGMENT REVENUES (W.KRUK) 70 40% 65 60 51 51 30% 50 44 40 20% 30 26 28 27 27 23 23 26 22 22 22 22 22 21 22 20 20 22 18 20 20 20 20 1818 19 19 20 17 17 17 18 18 17 17 18 17 17 18 18 17 17 1515 15 16 15 14 15 14 10% 10 0 0% revenues -1 year (PLN m) revenues (PLN m) % chang
Slide 76: Monthly sales data
Monthly sales data REVENUES OF THE CAPITAL GROUP 160 45% 147 140 40% 35% 120 107 107 30% 100 92 25% 80 71 57 67 69 67 69 63 61 56 63 61 62 20% 57 60 57 57 57 56 60 55 53 52 53 52 53 50 52 53 52 56 53 50 47 4549 47 46 48 45 47 49 44 45 43 48 44 15% 40 39 40 40 10% 20 5% 0 0% revenues -1 year (PLN m)
Slide 77: Shareholder structure
Shareholder structure Shareholder structure as of 18.03.2019 Sources of information regarding (share in equity and votes) holdings of VRG S.A. shares Number of % stake shares/votes 1. Information provided in accordance with the notifications received 1. PZU „Złota Jesień” Pension by the Company purs
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