Slide 1: 2Q19 Results Presentation
WKRUK DENI CLER BYTOM = 2Q19 RESULTS > PRESENTATION feo — is /, AUGUST 287, 2019 hie
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
Slide 4: Key events influencing strong 2Q19
Key events influencing strong 2Q19 2Q19 COLLECTIONS SYNERGIES WITH BYTOM IFRS 16 A favourable season in fashion Consolidation of Bytom results division of Vistula Group and and first margin synergies IFRS 16 application. strong quarter in jewellery visible in Vistula, Wólczanka and segment. Bytom br
Slide 5: Strong 2Q19 results
Strong 2Q19 results REVENUES GROSS PROFIT MARGIN PLN 270.2m, +40.1% 53.5%, +1.4 pp. IFRS 16 IAS 17 +49.0% +49.8% EBIT EBIT PLN 28.6m PLN 28.7m +69.3% +56.0% NET INCOME NET INCOME PLN 23.9m PLN 22.0m 2Q19 presentation 5
Slide 6: Growths in 1H19
Growths in 1H19 IFRS 16 IAS 17 EBITDA EBITDA PLN 81.5m PLN 39.4m REVENUES PLN 484.6m +174.7% +32.9% +37.1% EBIT EBIT PLN 27.3m PLN 27.7m GROSS PROFIT +29.5% +31.0% MARGIN 51.5%, +1.0 pp. NET INCOME NET INCOME PLN 21.5m PLN 20.8m +51.0% +46.3% 2Q19 presentation 6
Slide 7: Continuation of group's development
Continuation of group’s development NUMBER OF STORES EOP 2Q19 154 +16 37,247 m2 +10% YoY 142 +10 31 +1 16,175 +10% m2 YoY 134 +13 125 +125 586 +165 53,422 m2 +58% YoY Organic growth +48 2Q19 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 53.4 ths m2 at the 1.2 53.4 end of 2Q19, up 57.5% YoY. 18.3 10.2 Excluding Bytom brand floorspace grew 10% 33.9 YoY. 16.2 The apparel segment added 18.3 ths m2. 9.0 Excluding Bytom floorspac
Slide 9: Vistula
WINTUETTTTELITUITIN VISTULA
Slide 10: Vistula: dynamic franchise growth
Vistula: dynamic franchise growth Vistula brand network Vistula brand floorspace grew 11% YoY at the end of 2Q19, while the sales network 2Q18 2Q19 YoY expanded by 16 stores net. Number of stores 138 154 16 Dynamic franchise development continued: 47 60 13 13 new franchise stores net and 30% YoY
Slide 11: Vistula: growing store EBIT in 2Q19
Vistula: growing store EBIT in 2Q19 Vistula brand revenue split Growth of Vistula Red share in revenues 13% 14% 11% 11% coupled with stabilisation of Lantier brand. 15% 19% Lower share of the main line in revenues 35% 38% due to reduction in occasional lines (Robert LewandowskI). 74% 70% Growt
Slide 12: Vistula: growing gross profit margin in 1H19
Vistula: growing gross profit margin in 1H19 Vistula brand revenue split (PLN m) Vistula brand revenues reached PLN 135.1m in 1H19, up 6% YoY. 135.1 +6% YoY Franchise revenues reached PLN 26.1m in 127.5 20.4 1H19, up 14% YoY. Share of franchise grew 16.0 from 18.0% in 1H18 to 19.3% in 1H19. 22.9
Slide 13: Bytom
BYTOM SZTUKA KRAWIECTWA OD 1945
Slide 14: Bytom: double digit floorspace growth
Bytom: double digit floorspace growth Bytom brand network Bytom’s network grew YoY by 8 stores net, out of which 2 were franchise stores. 2Q18 2Q19 YoY Brand’s floorspace grew 10% YoY due to Number of stores 117 125 8 opening of increasingly large stores and incl. franchise 6 8 2 expansions of f
Slide 15: Bytom: higher 2Q19 gross profit margin
Bytom: higher 2Q19 gross profit margin Bytom brand revenue split Stable YoY sales structure in 2Q19, not in line with market tendencies of growing share of casual. 38% 38% 41% 42% A less favourable YoY Spring/Summer 2019 collection - too many of repeatable models within the formal part. 62% 62%
Slide 16: Bytom: stable 1H19 revenues
Bytom: stable 1H19 revenues Bytom brand revenue split (PLN m) Bytom brand retail revenues reached PLN 92.1m in 1H19 (-1% YoY). -1% YoY 92.1 Franchise revenues reached PLN 4.2m in 92.6 1H19 (+7.5% YoY). 8.6 9.8 Share of franchise increased from 4.2% in 1H18 to 4.6% in 1H19. 3.9 4.2 Internet r
Slide 17: Wólczanka
Fel WOLCZANKA
Slide 18: Wólczanka: 50% YoY on-line sales growth
Wólczanka: 50% YoY on-line sales growth Wólczanka brand network Wólczanka network grew by 10 stores net YoY (11 are franchise stores). 2Q18 2Q19 YoY Brand’s floorspace increased 6% YoY versus Number of stores 132 142 10 27% YoY growth in franchise store incl. franchise 39 50 11 floorspace. Floor
Slide 19: Wólczanka: sizeable YoY store EBIT improvement
Wólczanka: sizeable YoY store EBIT improvement Wólczanka brand revenue split Stable sales structure – double-digit 8% 10% revenue growths in Lambert and Wólczanka 5% 4% brand. 38% 39% 19% 21% A growing share of women shirts in sales structure along with an extended offer of blouses. 62% 61% 68%
Slide 20: Wólczanka: a favourable 1H19
Wólczanka: a favourable 1H19 Wólczanka brand revenue split (PLN m) Wólczanka revenues reached PLN 57.9m in 1H19, up 8% YoY. 57.9 +8% YoY Franchise revenues amounted to PLN 8.6m in 53.5 1H19 (up 12% YoY). 20.7 15.9 Share of franchise increased from 14.2% in 7.6 8.6 1H18 to 14.8% in 1H19. Inte
Slide 21: Deni Cler
Slide 22: Deni Cler: development of shop-in-shop concept
Deni Cler: development of shop-in-shop concept Deni Cler brand network Deni Cler network encompasses 31 stores in 2Q18 2Q19 YoY top shopping malls in Poland. Number of stores 30 31 1 There are 8 franchise stores in the network. incl. franchise 8 8 0 Development of shop-in-shop concept. Deni Cl
Slide 23: Deni Cler: sizeable gross margin improvement
Deni Cler: sizeable gross margin improvement Deni Cler brand revenue split A stable revenue structure with a slight growth in accessories. 14% 15% 15% 16% 9% 10% 8% 9% Emphasis on capsule collections. Growth in sales/ m2 shows the success of the strategy to gradually increase the casual offeri
Slide 24: Deni Cler: stable store EBIT in 1H19
Deni Cler: stable store EBIT in 1H19 Deni Cler brand revenue split (PLN m) 1H19 Deni Cler revenues reached PLN 21.4m (+1% YoY). 21.1 +1% YoY 21.4 Franchise revenues reached PLN 4.6m in 2.1 2.6 1H19 (+2% YoY). 4.5 4.6 Franchise constituted some 21% of revenues in 1H19 (stable YoY). 14.6 14.2
Slide 25: W.KRUK
ITLL | | 4 ee ; WKRUK 8 4 0 1
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 13 stores net translated into a 2Q18 2Q19 YoY 13% YoY increase in brand’s floorspace. Number of stores 121 134 13 The brand had 11 franchise stores at the end incl. franchise 6 11
Slide 27: W.KRUK: 30% EBIT growth in 2Q19
W.KRUK: 30% EBIT growth in 2Q19 W.KRUK brand revenue split Watches continued to increase their share in revenues. 26% 31% 32% 34% Sales of watches amounted to already PLN 26m in 2Q19, up 44% YoY. Within jewellery, there was a pick-up of high- margin silver jewellery in sales in 2Q19. 74% 69% 6
Slide 28: W.KRUK: highest result of 1H19
W.KRUK: highest result of 1H19 W.KRUK brand retail revenues W.KRUK brand retail revenues in 1H19 (PLN m) reached PLN 158.1m, +21% YoY. +21% YoY 158.1 Internet revenues amounted to PLN 11.4m in 130.9 1H19 (+27% YoY). In 1H19 internet revenues came in at 7.2% of revenues compared to 6.9% w 1H18.
Slide 29: 2Q19 brand's results summary
2Q19 brand’s results summary STRONG SALES FORMAL BRANDS STORE EBIT in W.KRUK and Wólczanka dynamic growth YoY growth brands. in on-line sales. in store EBIT. FAVOURABLE IMPACT OF MARGIN SYNERGIES FROM MERGER WITH BYTOM. 2Q19 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 2Q19 2Q19 2Q18 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 270.2m in 2Q19 (up 40.1% YoY). 272.1 270.2 223.1 214.4 Bytom added PLN 53.9m to revenues for 2Q19. 192.9 86.7 There would be 12% YoY growth excluding 171.9 157.4 160.6 180.1 110.2 95.0 72.8 Bytom. 73.8 76.7 63.1 6
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 144.6m in 2Q19 (up 44% YoY). 143.8 144.6 120.2 In 2Q19 gross profit on sales of the apparel 100.6 105.0 90.5 59.7 45.9 segment reached PLN 98.7m, up 57% YoY. 80.7 90.1 77.8 52.7 37.
Slide 34: High EBIT dynamics
High EBIT dynamics Operating costs, monthly per m2 Group operating costs/ m2 fell 10% YoY in (PLN m, excl. IFRS16) 2Q19 to PLN 723/m2 per month. 883 852 744 741 802 784 Lower costs of stores/ m2 (down 5% YoY) and 761 723 683 fall in HQs costs/ m2 (down 20% YoY), impact 292 249 229 220 244 245 22
Slide 35: Strong 2Q19 results
Strong 2Q19 results Higher YoY gross profit margin due to favourable trends in both segments. 2Q19 2Q19 PLN m 2Q18 YoY IFRS16 IAS17 IFRS16 applied in 2Q19 – rental costs replaced by depreciation of the right of use Revenues 192.9 270.2 40.1% 270.2 asset. A small impact of the new standard on Gro
Slide 36: High dynamics in 1H19
High dynamics in 1H19 Higher YoY gross profit margin due to favourable trends in both segments. 1H19 1H19 PLN m 1H18 IFRS16 YoY IAS17 IFRS16 applied for the first time in 2019 – rental costs replaced by depreciation of the Revenues 353.4 484.6 37.1% 484.6 right of use asset. A small impact of th
Slide 37: Higher inventory post merger with Bytom
Higher inventory post merger with Bytom Change in inventory (PLN m) Inventory up 62% YoY due to network 507.6 development, opening of new stores and +56.2 +137.5 merger with Bytom brand (PLN 92.4m impact). 313.8 221.7 92.4 Apparel segment inventory increased 93% YoY. Growth results from weaker s
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: PLN 25.9m excluding the leases from IFRS16. Financial leases under IFRS16 at PLN286.6m. 71.3 109.7 101.4 47.4 33.5 53.4 45.0 69.3 48.5 Usage
Slide 39: Seasonal engagement of cash
Seasonal engagement of cash Change in net working capital Data for 2Q18 shows VRG Group excluding (PLN m) Bytom, while 2Q19 results include Bytom. 12.5 10.8 Engagement of cash into inventories results 1.5 0.7 1.6 mainly from higher inventory in both segments in expectation for a strong 2H. Hig
Slide 40: Development Plans
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER DEVELOPMENT PLANS
Slide 41: Growth to continue in 2019
Growth to continue in 2019 2019 VRG 2018 target YoY stores 440 467 27 APPAREL SEGMENT 2019 should be another year m2 42,072 44,753 6% of dynamic organic group stores 148 159 11 VISTULA floorspace growth (c. 8% YoY). m2 18,230 19,596 7% stores 139 147 8 WÓLCZANKA m2 4,979 5,180 4% 122 129 7 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 55.7 55.7 ths m2 at the end of 2019, 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 43: Continuation of e-commerce growth
Continuation of e-commerce growth PLN 97m PLN 56m 14% 12% 8% 2017 2018 2019 cel DYNAMIC GROWTH HIGH SHARE Our aim is a further 50% YoY Our aim is for e-commerce growth in 2019 to exceed some 14% share of e-commerce revenues. in 2019 revenues. 2Q19 presentation 43
Slide 44: Novelties in Vistula collections
Novelties in Vistula collections AQUA SUIT - Innovative technology enables washing the suit in a washing machine. Vistula is eco. In line with current trends in the fashion world, which have recently become very important, especially for millennials and generation X, Vistula becomes eco: Since Sprin
Slide 45: Novelties in Bytom collections
PATRIOTIC COLLECTION Novelties in Bytom collections More variety in collection (expanded range of jackets and coats). Greater emphasis on media. BAUHAUS COLLECTION 2Q19 presentation 45
Slide 46: 2019 targets
2019 targets REVENUES EBIT NET PROFIT OPPORTUNITIES Social programs supporting consumption. Continuation of 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 development and SG&A co
Slide 47: Synergies
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER SYNERGIES
Slide 48: Synergies in progress
Synergies in progress REVENUE/MARGIN OPERATING COSTS Our aim is to increase revenues and improve gross profit margin of Our aim is to benefit from the the combined group through more favourable purchasing terms combined management experience and improved market segmentation. to lower SG&A costs. TAR
Slide 49: Fulfilment of synergies
Fulfilment of synergies MARGIN SYNERGIES ASSUMPTIONS PLN 8m PLN 10m 53.4% 53.0% 52.8% 51.7% 52.4% 52.7% PLN 1.5m 51.3% 52.0% REALISED MARGIN 50.5% SYNERGIES IN 2Q19 1H17 1H18 1H19 Vistula Wólczanka Bytom 2Q19 presentation 49
Slide 50: M&A Growth
VISTULA WOLCZANKA BYTOM WKRUK — DENICLER M&A GROWTH VRG VISTULA RETAIL GROUP
Slide 51: 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, 2018 data 2Q19 presentation 51
Slide 52: Transaction possible in 2020
Transaction possible in 2020 NEGOTIATIONS AND CLOSING OF THE CONSOLIDATION OF DUE DILIGENCE DECSION ON TRANSACTION RESULTS PURCHASE 1Q19 3Q/4Q19 4Q19 1Q20 TRANSACTION WILL BE COMPLETED ONLY IF A FAVOURABLE PRICE IS OBTAINED. 2Q19 presentation 52
Slide 53: Q&A
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER eg Q&A
Slide 54: Back-up
VISTULA WOLCZANKA BYTOM WKRUK DENI CLER BACK-UP VRG VISTULA RETALL GROUP
Slide 55: 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 56: 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. New collections From the second half of August, the Ba
Slide 57: 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. New collection In the Autumn / Winter 2019/20 season, the fac
Slide 58: 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 59: 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 60: Summary of brands' 2Q19 results
Summary of brands’ 2Q19 results FIRST MARGIN DOUBLE-DIGIT SYNERGIES. F L O O R S PA C E G R O W T H . S U C C E S S O F S TA R COLLECTION. FURTHER GROWTH IN SALES OF W AT C H E S . HIGH INTERNET GROSS PROFIT MARGIN SHARE. I M P R O V E M E N T. 2Q19 presentation 60
Slide 61: 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 2 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., BTM 2 sp. z o.o. Jewellery, watches, accessories Vistula,
Slide 62: Growing number of stores
Growing number of stores NUMBER OF STORES 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 APPAREL total 274 281 295 299 300 304 440 443 452 SEGMENT franchise 71 76 88 93 94 100 117 120 126 total 122 126 134 136 138 141 148 152 154 VISTULA franchise 33 35 42 46 47 50 56 58 60 total 119 122 129 131 132 1
Slide 63: Higher floorspace
Higher floorspace FLOORSPACE (M2) 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 APPAREL total 23,179 23,721 24,613 24,822 24,864 25,163 42,072 42,429 43,207 SEGMENT franchise 4,957 5,226 6,006 6,389 6,487 6,820 8,394 8,621 9,223 total 15,503 15,963 16,719 16,855 17,176 17,429 18,230 18,727 19,007 VIS
Slide 64: 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. Our aim is to develop on-line stores of own 7.2 5.4 6.0 brands (monoshops). 4.3 Revenues and costs of on-line stores are 4.8 5.5 4.1 26.6 27.9 allocated directly to the brands. 25.5 2
Slide 65: 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 1,094 1,131 1,139 1,177 higher revenues and costs/ m2 than these of
Slide 66: 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 4.7 spending (catalogues, photoshoots) and 4.2 1.7 2.7 nationwide marketing campaigns in editorial, internet and TV with celebrities. 1.7 1.0
Slide 67: 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. 1H18 1H19 The group is a beneficiary of strengthening of CHF, 9% CHF, zloty versus foreign currencies. USD, 28% 8% USD, Lower YoY share of CHF and higher share of 35%
Slide 68: Historical quarterly results
Historical quarterly results 1Q19 1Q19 2Q19 2Q19 PLN m 4Q17 4Q18 1Q18 IFRS16 YoY IAS17 2Q18 IFRS16 YoY IAS17 Revenues 223.1 272.1 160.6 214.4 33.5% 214.4 192.9 270.2 40.1% 270.2 Gross profit on sales 120.2 143.8 77.8 105.0 35.0% 105.0 100.6 144.6 43.8% 144.6 Gross profit margin 53.9% 52.9% 48.5% 49.
Slide 69: Safe indebtedness level
Safe indebtedness level PLN m 2Q18 4Q18 2Q19 Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring Long-term debt 81.5 74.4 71.5 (taken over with Bytom S.A. merger). Bank loans include: overdrafts and Bank loans 79.8 70.8 68.3 investment bank loans. Bank loan c
Slide 70: 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 403940 40 40 37 37 38 40 35 35 30% 33 33 34 33 33 34 32 32313333 3434 33 33 34 32 31 31 29 29 28 29 27 29 29 28 30 27 2727 26 25 27 24 25 2
Slide 71: Monthly sales data
Monthly sales data JEWELLERY SEGMENT REVENUES 70 (W.KRUK) 65 40% 60 51 51 30% 50 44 40 20% 30 26 28 27 27 27 27262728272727 23 23 26 22 22 22 22 22 2122 20 20 22 18 20 20 20 20 20 1818 19 19 20 17 17 17 18 18 17 1718 17 17 18 18 17 17 18 15 16 10% 1515 14 14 15 15 10 0 0% revenues -1 year (PLN m) re
Slide 72: 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 69 69 69 696969 69 57 67 69 67 67 63 61 63 61 62 60 62 20% 56 55 53 57 56 57565757 57 56 60 52 53 52 53 52 53 52 53 50 50 474549 47 46 48 47 49 44 45 43 48 44 45 15% 40 40 39 40 10% 20 5% 0 0% r
Slide 73: Shareholder structure
Shareholder structure Shareholder structure as of 2Q19 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 74: 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 75: Thank you
THANK YOU VRG S.A. Pilotów 10 St. 31-462 Cracow