Vrg S.a. · GPW:VRG

Vrg — Q3 2020 Earnings Presentation

71 slides from Vrg's earnings presentation, Nov 10, 2020

1. Slide 1: 3Q20 Results Presentation

   3Q20 RESULTS PRESENTATION NOVEMBER 10, 2020

2. Slide 2: Disclaimer

   DISCLAIMER This presentation (the "Presentation") was prepared by VRG S.A. (the achieved by the Company may differ materially from the results presented "Company") with a due care. Still, it may contain certain inconsistencies or in this document. Many of those factors are beyond the awareness and o

3. Slide 3: Introduction

   01 INTRODUCTION

4. Slide 4: Key event: COVID-19

   KEY EVENT: COVID-19 IMPACT OF PANDEMIC ON VRG GROUP Gradual Shopping No impact of Negotiations Gradual Increasingly All of Poland Closing of malls closed Stabilising coronavirus coronavirus, with shopping rebuilding faster in the red shopping down, only actions impact growing malls of demand infecti

5. Slide 5: Group floorspace optimisation

   GROUP FLOORSPACE OPTIMISATION NUMBER OF STORES EOP 3Q20 YoY 147 -5 117 -9 102 +0 YoY 52.6 - 2% YoY cities ths m2 130 -12 32 +1 145 15.9% +3.1 pp. franchise +3 YoY internet share YoY stores 140 +5 566 - 20 5 | 3Q20 presentation

6. Slide 6: Strong result of the jewellery segment in 3Q20

   STRONG RESULT OF THE JEWELLERY SEGMENT IN 3Q20 APPAREL SEGMENT JEWELLERY SEGMENT success of introducing new strong on-line and off-line collections and new products sales increases in gold development of casual offer jewellery and watches growing on-line share impact of new collections 6 | 3Q20 pres

7. Slide 7: Growing earnings in 3Q20 despite pandemic

   GROWING EARNINGS IN 3Q20 DESPITE PANDEMIC IFRS 16 EXCL. IFRS 16 REVENUES EBIT EBIT PLN 249.4m PLN 13.3m PLN 13.2m -0.7% YoY +5.2% YoY +6.1% YoY GROSS PROFIT ON SALES NET PROFIT (LOSS) NET PROFIT 49.1% PLN 5.0m PLN 9.3m -1.9 pp. YoY 3Q19: PLN (1.8)m +30.8% YoY 7 | 3Q20 presentation

8. Slide 8: Impact of COVID-19 on 9M20 results

   IMPACT OF COVID-19 ON 9M20 RESULTS IFRS 16 EXCL. IFRS 16 REVENUES EBIT EBIT PLN 621.7m PLN (9.0)m PLN (10.3)m -15.5% YoY 9M19: PLN 39.9m 9M19: PLN 40.1m GROSS PROFIT ON SALES NET PROFIT (LOSS) NET PROFIT 48.0% PLN (29.3)m PLN (13.0)m -3.3 pp. YoY 9M19: PLN 19.6m 9M19: PLN 27.9m 8 | 3Q20 presentation

9. Slide 9: Performance by brands

   02 PERFORMANCE BY BRANDS

10. Slide 10: Executive summary: Vistula

    VISTULA EXECUTIVE SUMMARY VISTULA BYTOM WOLCZANKA DENICLER ~=WKRUK

11. Slide 11: Vistula: growing on-line share

    VISTULA: GROWING ON-LINE SHARE Vistula brand network  Vistula brand floorspace fell 3% YoY at the end of 3Q20, due to 3Q19 3Q20 r/r closing down of unprofitable stores. Sales network contracted by Number of stores 152 147 -5 5 stores net YoY. incl. franchise 60 62 +2  Both franchise floorspace and

12. Slide 12: Vistula: stable gross profit on sales

    VISTULA: STABLE GROSS PROFIT ON SALES Vistula brand revenue split 14% 14% 11% 9% 17% 14%  YoY stabilization of the share of formal clothing in sales in 3Q20 - 37% 38% favorable impact of weddings on sales of suits. 77%  Increase in share in sales of the main Vistula line at the expense of 72% 49%

13. Slide 13: Vistula: ¼ of revenues is on-line

    VISTULA: ¼ OF REVENUES IS ON-LINE Vistula brand revenues (PLN m)  Vistula brand revenues reached PLN 153.1m in 9M20, falling 24% YoY. Brand stores in shopping malls were closed for over 1.5 month 201.9 due to COVID-19. 29.9 153.1 39.8  Franchise revenues amounted to PLN 29.1m in 9M20, down 27% 38.

14. Slide 14: Executive summary: Bytom

    BYTOM SZTUKA KRAWIECTWA OD 1945 EXECUTIVE SUMMARY VISTULA BYTOM WOLCZANKA DENICLER =WKRUK

15. Slide 15: Bytom: doubling of on-line sales

    BYTOM: DOUBLING OF ON-LINE SALES Bytom brand network 3Q19 3Q20 r/r  Bytom’s network contracted YoY by 9 stores net, while number of franchise stores fell by 1. Number of stores 126 117 -9  Brand’s floorspace fell 5% YoY. Changes in floorspace took place at incl. franchise 9 8 -1 the level of franc

16. Slide 16: Bytom: a growing share of casual

    BYTOM: A GROWING SHARE OF CASUAL Bytom brand revenue split 10% 9% 13% 9% 25% 31% 38% 37%  A growing share of casual in 3Q20 revenues, in line with market tendencies and increased interest due to remote. 65%  A stable share of accessories in sales split in 3Q20. 60% 54% 49% 3Q19 3Q20 9M19 9M20 Form

17. Slide 17: Bytom: on-line already at 30% of sales

    BYTOM: ON-LINE ALREADY AT 30% OF SALES Bytom brand retail revenues (PLN m)  Bytom brand revenues reached PLN 112.6m in 9M20, falling 19% 138.3 YoY. Brand stores in shopping malls were closed for over 1.5 month due to COVID-19. 14.2 112.6 6.6 33.6  Franchise revenues amounted to PLN 4.1m in 9M20, f

18. Slide 18: Executive summary: Wólczanka

    VISTULA WOLCZANKA EXECUTIVE SUMMARY BYTOM WOLCZANKA DENICLER =WKRUK

19. Slide 19: Wólczanka: an on-line brand

    WÓLCZANKA: AN ON-LINE BRAND Wólczanka brand network 3Q19 3Q20 r/r  Wólczanka network contracted by 12 stores net YoY. Optimisation Number of stores 142 130 -12 affected mostly own stores – there were 1 fewer of these YoY. incl. franchise 51 50 -1  Brand’s floorspace fell 6% YoY, in similar proport

20. Slide 20: A growing share of new assortments

    A GROWING SHARE OF NEW ASSORTMENTS Wólczanka brand revenue split 8% 16% 5% 35%  A higher share of knitwear due to extended assortment via chinos 20% 5% 40% 16% trousers for men and women, polo and T-shirts.  Fall in share of men and women shirts due to new assortment 67% 63% 65% 60% groups and imp

21. Slide 21: Best revenue dynamics among apparel in 9M20

    BEST REVENUE DYNAMICS AMONG APPAREL IN 9M20 Wólczanka brand revenues (PLN m)  Wólczanka brand revenues reached PLN 72.7m in 9M20, falling 85.6 15.1% YoY. Brand stores in shopping malls were closed for over 1.5 72.7 month due to COVID-19. 30.8  Franchise revenues amounted to PLN 7.9m in 9M20, down

22. Slide 22: Executive summary: Deni Cler

    DENI CLER MILANO EXECUTIVE SUMMARY VISTULA BYTOM WOLCZANKA DENICLER =WKRUK

23. Slide 23: Deni Cler: stable network, shop-in-shop development

    DENI CLER: STABLE NETWORK, SHOP-IN-SHOP DEVELOPMENT Deni Cler brand network  Deni Cler network encompasses 32 monobrand stores (both own 3Q19 3Q20 YoY and franchise) in top shopping malls in Poland. Number of stores 31 32 +1  Development of shop-in-shop concept. Deni Cler collections incl. franchi

24. Slide 24: Deni Cler: a growing share of accessories

    DENI CLER: A GROWING SHARE OF ACCESSORIES Deni Cler brand revenue split 15% 19% 15% 18%  Emphasis on capsule collections. A growing share of accessories at 9% 6% 9% 6% the cost of supplementary collection.  Fall in sales/ m2 due to impact of shopping malls being closed down both on own and multibr

25. Slide 25: Deni Cler: positive store EBIT

    DENI CLER: POSITIVE STORE EBIT Deni Cler brand revenues (PLN m)  Deni Cler brand revenues reached PLN 28.2m in 9M20, falling 15% 33.2 YoY. Brand stores in shopping malls were closed for over 1.5 month 28.2 3.8 due to COVID-19. 7.2 4.5  Franchise revenues amounted to PLN 5.8m in 9M20, down 20% -15%

26. Slide 26: Executive summary: W.KRUK

    W KRUK 1 8 4 0 i EXECUTIVE SUMMARY VISTULA BYTOM = WOL(ZANKA DENICLER = WKRUK

27. Slide 27: W.KRUK: leader of growth in revenues

    W.KRUK: LEADER OF GROWTH IN REVENUES W.KRUK brand network 3Q19 3Q20 YoY  Continuation of W.KRUK brand development. Opening of 5 stores Number of stores 135 140 +5 net translated into a 4% YoY increase in brand’s floorspace. incl. franchise 13 16 +3  The brand had 16 franchise stores at the end of

28. Slide 28: W.KRUK: a growing store EBIT

    W.KRUK: A GROWING STORE EBIT W.KRUK brand revenue split 33% 33% 28%  Changes in revenue structure – a growing share of watches versus 38% jewellery.  Within jewellery, there was a growing YoY share of gold jewellery 67% 67% 72% over higher-margin silver in 3Q20 sales. 62%  Launch of the Freedom U

29. Slide 29: W.KRUK: best revenue and gross margin change

    W.KRUK: BEST REVENUE AND GROSS MARGIN CHANGE W.KRUK brand retail revenues (PLN m)  W.KRUK brand revenues reached PLN 235.7m in 9M20, falling 5% 248.4 YoY. Brand stores in shopping malls were closed for over 1.5 month 235.7 18.4 due to COVID-19. 33.8  Franchise revenues amounted to PLN 13.2m in 9M2

30. Slide 30: Group results

    03 GROUP RESULTS

31. Slide 31: Stable group floorspace

    STABLE GROUP FLOORSPACE Group floorspace change YoY (ths m2)  Group floorspace reached 52.6 ths m2 at the end of 3Q20, down 53.8 52.6 2% YoY. 0.4 10.3 1.6 10.8  The apparel segment floorspace fell 1.6 ths m2, down 4% YoY, due to closing down of unprofitable stores.  The jewellery segment floorspa

32. Slide 32: Stable YoY revenues

    STABLE YOY REVENUES Group revenues (PLN m)  Group revenues reached PLN 249.4m in 3Q20 (down 1% YoY). 332.5 272.1 270.2 251.2  Apparel segment revenues fell 9% YoY, reaching PLN 146.4m, in 214.4 125.6 197.5 249.4 3Q20. 180.1 110.2 86.7 90.8 174.9 72.8 103.0 76.7 74.2 60.9  Jewellery segment revenu

33. Slide 33: Growing gross profit in jewellery segment

    GROWING GROSS PROFIT IN JEWELLERY SEGMENT Gross profit on sales (PLN m) 178.5  Group gross profit on sales amounted to PLN 122.4m in 3Q20 143.8 144.6 128.0 122.4 67.6 (down 4.4% YoY). 105.0 45.9 94.0 90.1 59.7 82.1 47.1 52.9  In 3Q20 gross profit on sales of the apparel segment reached 37.5 38.5 3

34. Slide 34: Fall in operating costs/m2

    FALL IN OPERATING COSTS/ M2 Monthly operating costs per m2 (PLN, excl. IFRS16)  Group operating costs/ m2 (IAS17) reached PLN 672/ m2 monthly 784 852 and fell 6.3% YoY in 3Q20 due to lower rentals and cost reductions 723 717 811 683 654 672 conducted. 249 230 520 221 196 192 196 203 169  Costs of

35. Slide 35: Very strong 3Q20 results under IFRS16

    VERY STRONG 3Q20 RESULTS UNDER IFRS16  Stable YoY revenues due to a stronger impact of COVID-19 PLN m 3Q19 IFRS16 3Q20 IFRS16 YoY pandemic on the apparel than jewellery segment. Revenues 251.2 249.4 -0.7%  Lower YoY gross profit margin due to higher share of on-line and Gross profit on sales 128.0

36. Slide 36: Growths in 3Q20 excl. IFRS16

    GROWTHS IN 3Q20 EXCL. IFRS16 PLN m 3Q19 IAS17 3Q20 IAS17 YoY  Stable YoY revenues due to a stronger impact of COVID-19 pandemic on the apparel than jewellery segment. Revenues 251.2 249.4 -0.7% Gross profit on sales 128.0 122.4 -4.4%  Lower YoY gross profit margin due to higher share of on-line an

37. Slide 37: 9M20 results IFRS16, executive summary

    9M20 RESULTS IFRS16, EXECUTIVE SUMMARY  YoY fall in revenues in both segments due to impact of COVID-19 pandemic. PLN m 9M19 IFRS16 9M20 IFRS16 YoY  Lower YoY gross profit margin due to higher share of on-line and Revenues 735.8 621.7 -15.5% stronger YoY promotions. Gross profit on sales 377.6 298

38. Slide 38: 9M20 results excl. IFRS16, executive summary

    9M20 RESULTS EXCL. IFRS16, EXECUTIVE SUMMARY  YoY fall in revenues in both segments due to impact of COVID-19 PLN m 9M19 IAS17 9M20 IAS17 YoY pandemic. Revenues 735.8 621,7 -15.5%  Lower YoY gross profit margin due to higher share of on-line and Gross profit on sales 377.6 298,5 -21.0% stronger Yo

39. Slide 39: Reduction in inventories

    REDUCTION IN INVENTORIES Change in inventories (PLN m) 563.6  Inventory down 12.5% YoY to PLN 493.1m in 3Q20 due to 493.1 conducted sell-offs, write-offs for inventory and lower YoY orders 11.7 82.2 for the SS2020 season in apparel segment. 229.9 241.6  Apparel segment inventory fell 25% YoY.  In

40. Slide 40: Net debt continues to fall

    NET DEBT CONTINUES TO FALL Net debt (PLN m, excl. IFRS16 plus reverse factoring)  Long-term and short-term indebtedness shown together with reverse factoring and financial leases, yet excluding the leases from 134.9 163.0 149.8 179.9 89.4 142.5 IFRS16. Financial leases under IFRS16 at PLN 306.8m in

41. Slide 41: Strong operating cash flows

    STRONG OPERATING CASH FLOWS Net working capital (PLN m)  A YoY decrease in inventories by PLN 70.5m and a release of inventories in the quarter due to higher YoY promotions (a consequence of pandemic) and shifts in the delivery of collections. 36.7 PLN 408.3m PLN 342.4m 15.9  YoY decrease in recei

42. Slide 42: 2020 and 2021 outlook

    04 2020 AND 2021 OUTLOOK

43. Slide 43: Group prepared for 4Q20 and lock-down

    GROUP PREPARED FOR 4Q20 AND LOCK-DOWN JEWELLERY SEGMENT New products on offer, sets tailored to the current realities Extended group of customers - The new collection of Martyna elements of women's wardrobe on Wojciechowska offer Opening of the Patek Philippe salon Brand logistics prepared for Black

44. Slide 44: Actions related to lock-down

    ACTIONS RELATED TO LOCK-DOWN Actions taken by the management: Revenues - intensification of on-line marketing, - early start of the promotion, - increasing the logistic potential, Cost - reducing the working time of employees by 20%, reduction - a 20% reduction in the salary of the management board,

45. Slide 45: Reduction of orders

    REDUCTION OF ORDERS Actions taken earlier: - postponed payment dates for the Fall/ Winter 2020 collection are in 1Q21. The goal is to maintain a safe liquidity position Further actions: of the Group - reduction of orders for the Spring/Summer 2021 collection by 15-20%, - shifts in the basic collecti

46. Slide 46: Base scenario updated

    BASE SCENARIO UPDATED After taking Shopping malls Recovery from fall in into account closed until May 4 revenues the new trade restrictions, 10% 9% the Group's 0% 1% sales could decrease up to 25% YoY. -5% -35% -8% -20% -31% -42% -65% -70% Earlier assumptions -80% -50% -30% -20% -10% -10% -5 to -10%

47. Slide 47: 2020 floorspace down YoY

    2020 FLOORSPACE DOWN YOY 2020 2020 2019 YoY former target target stores 451 426 424 -27 In 2020 floorspace will be lower YoY APPAREL SEGMENT due to closing down of unprofitable m2 43,731 42,017 41,900 -4% stores. stores 154 149 149 -5 VISTULA m2 19,320 18,731 18,725 -3% stores 140 129 128 -12 WÓLCZA

48. Slide 48: Support for on-line

    SUPPORT FOR ON-LINE 2020 target: up to 30% share of Functionality of sales application: e-commerce in revenues. • possibility to purchase directly from the application, • opportunity to see new brand collections, • opportunity to see promotional offers, dedicated promotions, Launch of the sales • co

49. Slide 49: Targets for 2020

    TARGETS FOR 2020 REVENUES EBITDA LIQUIDITY - Loss of up to 25% of revenues in base case - Maintaining liquidity. scenario. - EBITDA under IAS17 above zero. - Stable YoY debt at the end - Share of internet growing of 2020. from 14% to some 30% in revenues. RISKS OPPORTUNITIES Prolonging the current r

50. Slide 50: Stable floorspace in 2021

    STABLE FLOORSPACE IN 2021 2020 target 2021 target YoY stores 424 411 -13 In 2021, floorspace of traditional APPAREL SEGMENT m2 41,900 41,262 -2% stores should be stable YoY. stores 149 149 0 VISTULA m2 18,725 18,807 0% stores 128 120 -8 WÓLCZANKA m2 4,658 4,667 0% Floorspace of franchise stores at t

51. Slide 51: 2021 – towards omnichannel

    2021 – TOWARDS OMNICHANNEL OMNICHANNEL TRADITIONAL INTERNET STORES STORES standardized contact with the + further development = of functionality and client, stable floorspace, consistent marketing and logistics, promotions, the best locations sales app for each using traditional stores to brand supp

52. Slide 52: Vistula Wólczanka Deni Cler

    WISTULA WOLCZANKA DE!

53. Slide 53: Back-up

    06 BACK-UP

54. Slide 54: Vistula: executive summary

    VISTULA: EXECUTIVE SUMMARY VISTULA (MENSWEAR, ELEMENTS OF LADIES COLLECTION) - VISTULA is a brand that combines traditional tailoring and global trends, inspiring customers looking for a modern, original and individual style. - Within the VISTULA brand, we distinguish VISTULA, VISTULA RED, and LANTI

55. Slide 55: 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 and casual assortment. - ”Made to Measure” – personalised men’s tailoring offered in selected stores. AUTUMN/WINTER 2020 COLLECTION - The RETRO FUT

56. Slide 56: Wólczanka: executive summary

    WÓLCZANKA: EXECUTIVE SUMMARY WÓLCZANKA (FASHION FOR MEN AND WOMEN) - Wólczanka runs a network of own and franchise boutiques in Poland with shirts for men and women, knitwear and accessories. The brand has two lines: Wólczanka and Lambert. AUTUMN/WINTER 2020 COLLECTION - In 3Q20, the brand launched

57. Slide 57: Deni Cler: executive summary

    DENI CLER: EXECUTIVE SUMMARY DENI CLER (WOMEN’S FASHION) - Women’s fashion brand with Italian origin, established in Italy in 1971. - 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

58. Slide 58: W.KRUK: executive summary

    W.KRUK: EXECUTIVE SUMMARY THE OLDEST JEWELLEY BRAND IN POLAND - The jewellery offer includes gold and silver jewellery, diamonds, precious stones and original collections. - W.KRUK's offer also includes global watches brands, such as Rolex (sole distributor in Poland), Cartier, Jaeger-LeCoultre, Hub

59. Slide 59: Summary of brands 3Q20 results

    SUMMARY OF BRANDS 3Q20 RESULTS A GROWING SHARE A GROWING SHARE OF CASUAL. OF INTERNET. FLOORSPACE GROWTH. A GROWING SHARE OF GOLD IN REVENUES. THE HIGHEST SHARE MULTIBRAND STORES OF INTERNET. DEVELOPMENT. 59 | 3Q20 presentation

60. Slide 60: Group structure

    GROUP 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 Q 2 0 JEWELLERY SEGMENT APPAREL SEGMENT OTHER ACTIVITY VRG S.A. W.KRUK S.A. parent company WSM sp. z o.o. ,VG Property sp. z o.o. Jewellery, watches, accessories Vistula, Wólczanka, Bytom bran

61. Slide 61: Optimisation of number of stores

    OPTIMISATION OF NUMBER OF STORES NUMBER OF STORES 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 total 304 440 443 452 451 451 440 427 426 APPAREL SEGMENT franchise 100 117 120 126 129 132 126 126 129 total 141 148 152 154 152 154 148 145 147 VISTULA franchise 50 56 58 60 60 62 59 60 62 total 133 139

62. Slide 62: Stable YoY floorspace

    STABLE YOY FLOORSPACE M2 OF FLOORSPACE 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 total 25,163 42,072 42,429 43,207 43,461 43,731 42,962 41,953 41,891 APPAREL SEGMENT franchise 6,820 8,394 8,621 9,223 9,322 9,590 9,123 9,195 9,368 total 17,429 18,230 18,727 19,007 19,058 19,320 18,650 18,291 18,50

63. Slide 63: 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. 16.8  Our aim is to develop on-line stores of own brands (monoshops). 9.4 7.9  Revenues and costs of on-line stores are allocated directly to the 9.1 7.2 5.4 6.0 7.0 brands. 48.9 38.8 3

64. Slide 64: Fall in costs/m2

    FALL IN COSTS/ M2 Operating costs per month/ m2 (PLN, excl. IFRS16)  Differences in SG&A costs/ m2 between segments result from different business models. 1,376 1,510  The jewellery segment is characterised by higher revenues and 1,139 1,143 1,177 1,226 1,142 1,113 costs/ m2 than these of the appa

65. Slide 65: Off-line marketing: 180th jubilee of W.KRUK

    OFF-LINE MARKETING: 180TH JUBILEE OF W.KRUK Off-line marketing costs by segments (PLN m)  Marketing costs are part of group selling costs.  These encompass: recurring advertising spending (catalogues, photoshoots) and nationwide marketing campaigns in editorial, 5.7 internet and TV with celebritie

66. Slide 66: FX risk exposure

    FX RISK EXPOSURE Purchases by currencies (PLN m)  FX risk is sizeable for the capital group, thus it is being hedged CHF, 10% CHF, 6% since 2Q16. USD, USD, 35% 32% EUR,  The group is a beneficiary of strengthening of zloty versus foreign 20% EUR, 19% currencies. 9M19 9M20  YoY shift in purchases

67. Slide 67: Historical quarterly results

    HISTORICAL QUARTERLY RESULTS 1Q19 1Q20 2Q19 2Q20 3Q19 3Q20 PLN m YoY YoY YoY IFRS16 IFRS16 IFRS16 IFRS16 IFRS16 IFRS16 Revenues 214.4 197.5 -7.9% 270.2 174.9 -35.3% 251.2 249.4 -0.7% Gross profit on sales 105.0 94.0 -10.5% 144.6 82.1 -43.2% 128.0 122.4 -4.4% Gross profit on sales margin 49.0% 47.6%

68. Slide 68: A safe indebtedness level

    A SAFE INDEBTEDNESS LEVEL PLN m 3Q19 4Q19 3Q20 Long-term debt 66.8 58.0 53.2  Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring (taken over with Bytom S.A. merger). Bank loans 64.2 55.9 51.7  Bank loans include: overdrafts and investment bank loans. Bank Fina

69. Slide 69: Shareholder structure

    SHAREHOLDER STRUCTURE IPOPEMA TFI Shareholder structure as at 9.11.2020 (share in equity and votes) 20.07% Other free-float Number of 34.59% % share shares/votes PZU OFE and 1. IPOPEMA TFI 47,047,277 20.07% DFE 15.33% 2. PZU OFE and DFE 35,950,000 15.33% 3. NN OFE and DFE 33,119,487 14.13% Forum TFI

70. Slide 70: Glossary

    GLOSSARY APPAREL SEGMENT REVENUES (PLN/M2 PER MONTH) STORE EBIT (PLN M) FORMAL Revenues from brands: Vistula, Wólczanka, Quarterly revenues of segment or brand Store operating profit calculated as gross Revenues from sale of formalwear, including Bytom (from XII 2018), Deni Cler and (stores and inte

71. Slide 71: Thank you

    Zdjecia do wymiany + kolejność lóg do wymiany THANK YOU VRG S.A. Pilotów 10 St. 31-462 Cracow

VRG — Q3 2020 Earnings Presentation on 6ix