Slide 1: 2Q24 results presentation
2Q24 results presentation A MODERN GROUP WITH TRADITIONS August 23, 2024
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: Introduction
VRG Introduction
Slide 4: Apparel and jewellery for key moments in life
Apparel and jewellery for key moments in life The Group’s apparel brands Collections designed for the accompanied clients on Summer season – products important occasions, such as made of natural fabrics. weddings and communions. W.KRUK collections, including Flowers of the Night or Ceremonials, were
Slide 5: Different ways of reaching customers
Different ways of reaching customers Cooperation between the Social Media: YouTube, brands of the Group: Vistula, Facebook, Instagram. Bytom and W.KRUK. We Collaboration with influencers combine the potential of the and brand ambassadors. brands. Support for art – Bytom brand was a supporting partne
Slide 6: Development of the W.KRUK offer and activities
Development of the W.KRUK offer and activities In June - after 3 years of W.KRUK, as the official education - the first goldsmiths distributor of the ROLEX brand of the goldsmithing class of the on the Polish market, has Trade School of the 1st degree launched a new authorized of Artistic Crafts, un
Slide 7: Favourable revenue dynamics in June
Favourable revenue dynamics in June Jewellery segment Positive sales dynamics in the jewellery segment in each of REVENUE DYNAMICS the last 12 months, built by (PLN m) growth in jewellery and supported by network 30% 40% development. 18.1% 30% 20% 12.4% 15.8% 13.7% 13.2% 12.5% 12.5% 8.4% 20% 9.4% 9.
Slide 8: Stronger on-line than off-line dynamics
Stronger on-line than off-line dynamics Stores Positive sales dynamics in traditional stores in February, March and June REVENUE DYNAMICS 2024. (PLN m) 20% 50% 15% 34.9% 48.3% 40% Group 26.9% 20.6% 14.6% 15.3% 30% More favorable dynamics 10% 18.2% 24.0% 11.6% on-line than off-line from 20% October 2
Slide 9: Growing gross profit margin in majority of months
Growing gross profit margin in majority of months GROSS PROFIT ON SALES MARGIN VII.23 VIII.23 IX.23 X.23 XI.23 XII.23 I.24 II.24 III.24 IV.24 V.24 VI.24 Gross profit on sales 53.7% 53.9% 54.8% 55.4% 53.4% 54.3% 52.1% 54.0% 55.4% 56.8% 57.7% 55.0% margin YoY +2.2 pp. +4.2 pp. +0.1 pp. -0.2pp. -1.7pp.
Slide 10: Presentation of data in financial reports
Presentation of data in financial reports • The Company has modified its information policy and, as of July 2024, has ceased publishing monthly information on estimated consolidated revenues and estimated gross profit on sales margins in the form of current reports. • Following conducted analysis, t
Slide 11: Further optimisation of Group's floorspace
Further optimisation of Group's floorspace GROUP FLOORSPACE CHANGE YOY GROUP FLOORSPACE CHANGE YOY (ths m2) (ths m2) +1.1 +1.3 9.0 -1.7 7.3 -0.8 -0.7 -0.6 +0.1 51.6 51.0 42.6 43.7 -1.9 2Q23 VST BTM WLC DCG W.KRUK 2Q24 2Q23 Own stores Franchise stores 2Q24 • Group floorspace stood at 51.0 ths m2 at t
Slide 12: Performance by brands
VRG Performance by brands
Slide 13: Vistula: YoY revenue fall in 2Q24
Vistula: YoY revenue fall in 2Q24 VISTULA BRAND REVENUES (PLN m) 80.5 11.2 71.6 65.8 67.0 63.0 63.7 10.4 6.0 16.0 9.8 51.8 7.7 14.6 47.6 14.2 13.3 46.9 12.7 7.0 11.2 6.9 10.6 10.2 10.1 9.0 7.0 53.2 46.6 46.7 43.4 39.1 44.8 31.7 34.7 29.7 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Own stores Franch
Slide 14: Vistula: 2Q24 executive summary
Vistula: 2Q24 executive summary VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 67.0 63.7 2Q23 2Q24 YoY 6.0 -4.9% 7.7 Revenues (PLN/m2 per month) 1,242 1,220 -1.8% 14.2 YoY 11.2 Gross profit margin (%) 61.4% 61.4% 0.0pp. 46.7 44.8 Cost of stores 516 550 +6.4% (PLN/m2 per month) 2Q23 2Q24 Sto
Slide 15: Bytom: YoY growth in 2Q24 revenues
Bytom: YoY growth in 2Q24 revenues BYTOM BRAND REVENUES (PLN m) 57.4 50.1 51.6 52.8 54.2 6.5 2.7 46.7 6.9 7.2 7.2 11.4 1.8 38.9 13.3 1.4 1.8 1.8 33.9 1.1 34.6 6.0 6.8 1.2 8.0 1.0 0.7 48.3 45.5 42.9 38.4 37.7 36.9 31.7 26.1 25.8 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Own stores Franchise stores
Slide 16: Bytom: 2Q24 executive summary
Bytom: 2Q24 executive summary BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 51.6 54.2 2Q23 2Q24 YoY 6.9 7.2 Revenues (PLN/m2 per month) 1,239 1,370 +10.6% 1.4 1.8 +4.9% YoY Gross profit margin (%) 62.2% 60.8% -1.4pp. 42.9 45.5 Cost of stores 535 572 +7.0% (PLN/m2 per month) Store EBIT (PLN m)
Slide 17: Wólczanka: revenue growth in 2Q24
Wólczanka: revenue growth in 2Q24 WÓLCZANKA BRAND REVENUES (PLN m) 37.0 35.9 35.0 30.1 28.0 27.7 25.2 18.3 21.7 20.3 17.6 16.7 10.1 14.0 13.4 13.4 4.4 3.8 11.3 3.4 7.3 2.9 2.6 3.2 2.2 2.0 1.8 13.9 14.9 14.2 15.4 13.6 11.4 8.4 10.8 10.0 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Own stores Franchis
Slide 18: Wólczanka: 2Q24 executive summary
Wólczanka: 2Q24 executive summary WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY (PLN m) 30.1 2Q23 2Q24 YoY 27.7 Revenues (PLN/m2 per month) 2,072 2,498 +20.6% 10.1 +8.8% YoY 14.0 Gross profit margin (%) 61.8% 61.7% -0.1pp. 3.4 2.6 Cost of stores 14.2 926 1,129 +21.9% 13.6 (PLN/m2 per month) St
Slide 19: Deni Cler: slight YoY revenue falls in 2Q24
Deni Cler: slight YoY revenue falls in 2Q24 DENI CLER BRAND REVENUES (PLN m) 16.7 17.2 14.2 13.5 13.7 13.0 1.4 1.8 13.0 12.0 12.4 1.7 1.6 1.9 1.4 5.7 5.5 1.3 1.2 1.3 4.6 4.7 4.1 4.5 4.4 4.3 4.4 9.5 9.9 7.1 7.9 7.2 6.6 7.7 7.3 6.4 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Own stores Franchise stor
Slide 20: Deni Cler: 2Q24 executive summary
Deni Cler: 2Q24 executive summary DENI CLER BRAND REVENUES DENI CLER BRAND EFFICIENCY (PLN m) 13.5 2Q23 2Q24 YoY 13.0 1.6 1.3 Revenues (PLN/m2 per month) 1,531 1,436 -6.2% -3.7% 4.7 YoY 4.3 Gross profit margin (%) 65.5% 65.9% +0.4pp. Cost of stores 7.2 7.3 643 654 +1.8% (PLN/m2 per month) Store EBIT
Slide 21: W.KRUK: continued revenue growth in 2Q24
W.KRUK: continued revenue growth in 2Q24 W.KRUK RETAIL REVENUES (PLN m) 225.8 197.4 17.7 169.3 177.4 12.7 166.1 17.7 148.9 152.2 14.5 154.9 10.0 141.5 7.7 8.2 9.1 8.3 11.8 11.7 9.7 13.8 10.0 10.4 7.6 11.0 9.2 190.5 170.2 153.6 133.4 146.5 149.4 134.2 129.8 124.6 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q
Slide 22: W.KRUK: 2Q24 executive summary
W.KRUK: 2Q24 executive summary W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 177.4 166.1 2Q23 2Q24 YoY 10.0 7.7 Revenues (PLN/m2 per month) 4,381 4,304 -1.8% 13.8 11.8 +6.8% YoY Gross profit margin (%) 52.7% 52.5% -0.2pp. 146.5 153.6 Cost of stores 1,103 1,167 +5.8% (PLN/m2 per month) Store
Slide 23: Group results
VRG [ | Group results
Slide 24: Growing group's revenues and revenues/m2
Growing group’s revenues and revenues/ m2 GROUP REVENUES (PLN m) 402.3 340.8 369.0 • Group revenues in 2Q24 amounted to PLN 340.8m (+1.6% YoY), due to 341.8 319.4 335.3 297.1 267.0 278.2 growth built by higher dynamics in the jewellery segment. 149.6 194.9 229.3 152.7 167.8 178.1 142.0 169.8 156.0 •
Slide 25: Growing gross profit on sales
Growing gross profit on sales GROSS PROFIT ON SALES (PLN m) 193.2 201.3 218.7 188.7 191.7 165.5 161.0 149.4 • Group gross profit on sales amounted to PLN 191.7m in 2Q24, +1.6% 78.7 137.3 120.6 100.8 88.2 93.2 YoY. 79.5 89.5 73.8 82.1 In 2Q24 gross profit on sales in apparel segment reached PLN 98.
Slide 26: Stable operating profit under IAS17
Stable operating profit under IAS17 MONTHLY OPERATING COSTS PER M2 (PLN, AS17) 1,095 1,020 1,041 950 • Group operating costs/m2 (IAS17) reached in 2Q24 PLN 1,020/m2 per 877 880 880 920 943 310 329 279 225 225 237 259 251 242 month, up 7.4% YoY. • Costs of stores at PLN 742/m2 (+7.4% YoY), while HQs
Slide 27: Operating and net profit lower YoY
Operating and net profit lower YoY PLN m, IFRS16 2Q23 2Q24 YoY NET PROFIT (LOSS) BY SEGMENTS Revenues 335.3 340.8 1.6% (PLN m, IFRS16) Gross profit on sales 188.7 191.7 1.6% 70.0 60.0 Gross profit on sales margin 56.3% 56.3% 0.0pp. 49.9 47.7 47.3 SG&A costs 143.7 155.0 7.9% 50.0 39.3 EBIT 43.3 40.8
Slide 28: Weakening of operating profit YoY in 1H24
Weakening of operating profit YoY in 1H24 PLN m, IFRS16 1H23 1H24 YoY Revenues 602.3 619.0 2.8% Gross profit on sales 326.1 341.1 4.6% Gross profit on sales margin 54.1% 55.1% 1.0pp. SG&A costs 276.4 300.7 8.8% EBIT 48.0 43.5 -9.3% EBIT margin 8.0% 7.0% -0.9pp. Net financial activity 13.4 0.5 N/M Ne
Slide 29: Growing inventory
Growing inventory CHANGE IN INVENTORIES (PLN m) 678.5 561.3 • Group inventory grew 20.9% YoY. Inventories/ m2 at the end of 2Q24 at PLN 13,303, +22.3% YoY. +29.9 +88.3 • Apparel segment inventories increased by 14.8% YoY, while inventories/m2 454.6 366.3 amounted PLN 6,029, up 20.6% YoY, at the end
Slide 30: Growth in net debt
Growth in net debt NET DEBT/(NET CASH) VS NET DEBT/EBITDA (PLN m, IAS17 plus reverse factoring) 0.4 0.5 2.0 0.3 • Group’s net debt under IAS17 at PLN 59.7m at the end of 2Q24 vs PLN 60.0 1.5 0.2 0.1 50.8 59.7 5.4m net cash in 2Q23. Finance leases under IFRS16 at PLN 285.5m in 1.0 40.0 -0.3 0.0 39.0
Slide 31: 2024+ outlook
VRG 2024+ outlook
Slide 32: Novelties in VRG apparel brands
Novelties in VRG apparel brands Men's shirts made using modern technologies Continuation of cooperation of the Bytom In August, new Back to office products that prevent excessive creasing, minimizing brand and Vitale Barberis Canonico – the appeared in Vistula, Bytom and Wólczanka the need for ironi
Slide 33: Activities in the apparel segment for 2H24
Activities in the apparel segment for 2H24 Opening of further multibrands Continuation of the openings of (franchise). The first one Wólczanka shirt boutiques in a opened in August according to refreshed version in the best Focus on increasing the efficiency plan. shopping malls. of the off-line net
Slide 34: Activities in the jewellery segment for 2H24
Activities in the jewellery segment for 2H24 Introduction of the ambassador collection in jewellery. Further development of the premium Increasing sales efficiency segment, both in jewellery and via e-shop. watches. Further development of space The goal is to achieve and sales on the Polish and bett
Slide 35: Group's floorspace in 2024
Apparel segment Jewellery segment Group’s floorspace in • ca. 30% of planned annual capex • new stores, expansion of the network of traditional 2024 • the need to renovate stores, stores after years of • stores offering luxury 2023 2024 target YoY suspended by the brands pandemic capex Apparel store
Slide 36: Targets for 2024
Targets for 2024 Opportunities: good reception of new collections of the Group's brands, especially apparel ones Growing gross improved consumer sentiment Revenue growth profit on sales Operating costs (higher real wages) in both segments. margin in both control. favourable US$, EUR and CHF to segme
Slide 37: Dividend payments continue
Dividend payments continue Dividend policy • The Management Board intends to annually recommend to the General Meeting payment of between 20% and 70% of the consolidated net The General Meeting approved dividend profit resulting from the audited consolidated payment from 2023 earnings of financial s
Slide 38: Q&A
VRG Q&SA
Slide 39: Back-up
VRG Back-up
Slide 40: Vistula: executive summary
Vistula: executive summary Autumn/Winter 2024 collection • The Vistula brand is starting the Autumn/Winter 2024 season with a collaboration with actor Mateusz Banasiuk. The brand's hero shows that modern elegance is class and freedom in one, and nothing expresses it better than a well-tailored suit.
Slide 41: Vistula: 1H24 executive summary
Vistula: 1H24 executive summary VISTULA BRAND REVENUES VISTULA BRAND EFFICIENCY (PLN m) 114.6 110.6 1H23 1H24 YoY 13.0 -3.5% 17.9 Revenues (PLN/m2 per month) 1,070 1,043 -2.5% 23.2 YoY 18.2 Gross profit margin (%) 57.2% 58.7% +1.5pp. 78.5 74.4 Cost of stores 499 530 +6.3% (PLN/m2 per month) 1H23 1H2
Slide 42: Bytom: executive summary
Bytom: executive summary Autumn/Winter 2024 collection • Autumn/Winter 2024 in the Bytom brand is a continuation of the direction taken in this year's campaigns, in which the key values are friendship, brotherhood, passions and relationships. Its main theme is the English style - elegant, warm, mai
Slide 43: Bytom: 1H24 executive summary
Bytom: 1H24 executive summary BYTOM BRAND REVENUES BYTOM BRAND EFFICIENCY (PLN m) 85.5 88.7 1H23 1H24 YoY 13.7 15.3 Revenues (PLN/m2 per month) 1,016 1,110 +9.3% 2.8 2.1 +3.7% YoY Gross profit margin (%) 59.0% 58.5% -0.5pp. 69.0 71.4 Cost of stores 521 564 +8.3% (PLN/m2 per month) Store EBIT (PLN m)
Slide 44: Wólczanka: executive summary
Wólczanka: executive summary Autumn/Winter 2024 collection • "The Perfect Shirt for the Office" Campaign: At the end of Summer, when the return to the office is approaching, Wólczanka encourages you to refresh your wardrobe and familiarize yourself with the collection of shirts perfect for the offic
Slide 45: Wólczanka: 1H24 executive summary
Wólczanka: 1H24 executive summary WÓLCZANKA BRAND REVENUES WÓLCZANKA BRAND EFFICIENCY (PLN m) 55.3 1H23 1H24 YoY 49.4 Revenues (PLN/m2 per month) 1,818 2,098 +15.4% +12.0% 27.4 21.4 YoY Gross profit margin (%) 58.6% 59.3% +0.7pp. 5.3 4.3 Cost of stores 23.6 899 1,050 +16.7% 22.6 (PLN/m2 per month) S
Slide 46: Deni Cler: executive summary
Deni Cler: executive summary Autumn/Winter 2024 collection • The new Deni Cler collection for the Autumn/Winter 2024 season is an opportunity to delve deeper into the process of creating the collection, which can be seen incorporated into the collection capsules. • INSPIRATION - the idea of the col
Slide 47: Deni Cler: 1H24 executive summary
Deni Cler: 1H24 executive summary DENI CLER BRAND REVENUES DENI CLER BRAND EFFICIENCY (PLN m) 27.6 1H23 1H24 YoY 26.7 3.3 3.3 -3.6% Revenues (PLN/m2 per month) 1,572 1,494 -5.0% 9.3 YoY 8.4 Gross profit margin (%) 63.2% 63.3% +0.1pp. Cost of stores 15.1 15.0 637 652 +2.3% (PLN/m2 per month) Store EB
Slide 48: W.KRUK: executive summary
W.KRUK: executive summary Novelties in collections • In June, W.KRUK offered a citrus version of the Flowers of the Night collection, thanks to which customers will retain the eternal taste of Summer. The beautiful, juicy colours of the Flowers of the Night CITRUS are worthy of attention. As part of
Slide 49: W.KRUK: 1H24 executive summary
W.KRUK: 1H24 executive summary W.KRUK RETAIL REVENUES W.KRUK BRAND EFFICIENCY (PLN m) 332.3 307.5 1H23 1H24 YoY 19.7 15.3 24.8 21.1 Revenues (PLN/m2 per month) 4,070 4,118 +1.2% +8.1% YoY Gross profit margin (%) 52.4% 52.5% +0.1pp. 271.2 287.8 Cost of stores 1,065 1,148 +7.8% (PLN/m2 per month) Stor
Slide 50: Capital group's structure
Capital group’s structure VRG Companies included in the consolidated statements for 2Q24 Jewellery segment Apparel segment Other activity W.KRUK S.A. VRG S.A. VG Property sp. z o.o. parent company Real estate Jewellery, watches, accessories Vistula, Wólczanka, Bytom WK 1840 HU Kft. DCG S.A. Jeweller
Slide 51: Continued optimisation of number of stores
Continued optimisation of number of stores Number of stores 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 total 398 391 383 382 368 359 358 350 346 331 Apparel segment franchise 126 123 119 116 104 92 84 78 75 67 total 145 144 142 142 137 136 135 132 126 119 Vistula franchise 62 62 61 61 55 51 4
Slide 52: Floorspace YoY
Floorspace YoY M2 floorspace 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 total 40,891 40,385 39,778 39,833 39,333 39,007 39,818 39,470 38,951 37,140 Apparel segment franchise 9,425 9,236 9,019 8,798 7,962 7,175 6,582 6,216 6,023 5,415 total 18,509 18,404 18,118 18,139 17,733 17,815 18,337 18,3
Slide 53: Own e-stores of five brands
Own e-stores of five brands ON-LINE SALES BY SEGMENTS (PLN m) 17.7 • We have own e-stores for all five retail brands. Our aim is to develop 12.7 9.1 on-line stores of own brands (monoshops). 8.3 9.7 10.0 7.6 7.7 8.2 46.1 • Revenues and costs of on-line stores are allocated directly to the brands. 35
Slide 54: Higher costs/m2
Higher costs/m2 OPERATING COSTS MONTHLY/M2 (PLN, excl. IFRS16) • Differences in SG&A costs/ m2 between segments result from different 1,970 2,021 business models. 1,512 1,510 1,479 1,584 1,411 1,395 1,367 • Jewellery segment is characterised by higher revenues and costs/m2 than these of the apparel
Slide 55: Reduction in off-line marketing expenses
Reduction in off-line marketing expenses GROUP OFF-LINE MARKETING COSTS BY SEGMENTS (PLN m) • Off-line marketing costs are part of group selling costs. 9.5 10.2 • These encompass recurring advertising spending (catalogues, photoshoots) and nationwide marketing campaigns in editorial, internet 3.4 3.
Slide 56: Historical quarterly results, IFRS16
Historical quarterly results, IFRS16 PLN m 3Q22 3Q23 YoY 4Q22 4Q23 YoY 1Q23 1Q24 YoY 2Q23 2Q24 YoY Revenues 319.4 297.1 -7.0% 369.0 402.3 9.0% 267.0 278.2 4.2% 335.3 340.8 1.6% Gross profit on sales 165.5 161.0 -2.7% 201.3 218.7 8.7% 137.3 149.4 8.8% 188.7 191.7 1.6% Gross profit on sales margin 51.
Slide 57: Results under IAS17
Results under IAS17 PLN m, IAS17 2Q23 2Q24 YoY 1H23 1H24 YoY Revenues 335.3 340.8 1.6% 602.3 619.0 2.8% Gross profit on sales 188.7 191.7 1.6% 326.1 341.1 4.6% Gross profit on sales margin 56.3% 56.3% 0.0pp. 54.1% 55.1% 1.0pp. SG&A costs 147.8 157.2 6.4% 285.1 305.1 7.0% EBIT 39.2 38.6 -1.4% 38.6 38
Slide 58: Capex supports growth
Capex supports growth CAPEX VS. NET DEBT/EBITDA 5 14 -0.3 0.4 0.5 0.0 4 0.3 -0.3 12 0.2 0.1 -0.1 • Capital expenditure in 2Q24 amounted to PLN 12.4m, an 10 3 8 14.4 12.4 11.9 increase of 14.2% YoY. 2 6 7.0 11.6 6.7 1 4 8.0 10.9 • Capex focused on new stores and modernizations, both in the 5.2 appare
Slide 59: FX risk exposure
FX risk exposure PURCHASES BY CURRENCIES (PLN m) CHF, 19% USD, 23% CHF, 24% USD, 28% • FX risk is sizeable for the capital group, thus it is being hedged since 2Q16. Hedging only relates to the apparel segment. 1H23 1H24 • The group is a beneficiary of strengthening of zloty versus foreign EUR, 19%
Slide 60: Growing net debt
Growing net debt PLN m 1H23 4Q23 1H24 Long-term debt 15.2 2.4 2.2 • Interest bearing indebtedness includes: bank loans, finance leases and reverse factoring (taken over with Bytom S.A. merger). Bank loans 13.8 0.0 0.0 • Bank loans include: overdrafts and investment bank loans. Bank loan collateral c
Slide 61: Shareholder structure
Shareholder structure SHAREHOLDER STRUCTURE AS AT 22.08.2024 (SHARE IN EQUITY AND VOTES) Other free-float Number of 22.99% % share Shareholders’ shares/votes agreement 1. Shareholders' agreement 79,756,187 34.02% 34.02% 2. PZU OFE and DFE 45,589,125 19.44% Jerzy Mazgaj 3. NN OFE 32,750,000 13.97% 9.
Slide 62: Glossary
Glossary Idea Definition Apparel segment Revenues from brands: Vistula, Wólczanka, Bytom, Deni Cler and wholesale segment, B2B and processing (until VI.2023). Jewellery segment Retail revenues of W.KRUK brand and other revenues (including B2B). Casual Revenues including the following assortment: jac
Slide 63: Thank you
Thank you VRG S.A. Pilotów 10 St., 31-462 Cracow Investor Relations e-mail: relacjeinwestorskie@vrg.pl tel. +48 12 656 18 32 faks + 48 12 656 50 98 Press office VRG S.A. e-mail: sekretariat@vrg.pl e-mail: biuroprasowe@vrg.pl