Slide 1: 2Q19 Financial Results Presentation
2Q19 FINANCIAL RESULTS PRESENTATION WARSAW 12TH SEPTEMBER 2019
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) was prepared by LPP SA (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 does not present its standing or prospe
Slide 3: Agenda
1 . 2 Q 1 9 f i n a n cia l r e su lts 2 . K e y c o r p ora te e v e n t s 3 . 2 0 1 9 o u t lo o k GLOBAL ASPIRATIONS 3
Slide 4: On-line and off-line growth continues
On-line and off-line growth continues 1,752 STORES +5.7% LFL 24 +11.3% COUNTRIES GROUP REVENUES +46% +9.7% E-COMMERCE m2 GLOBAL ASPIRATIONS 4
Slide 5: 1,752 stores in 24 countries
1,752 stores in 24 countries No. of 30.06.2019 YoY 33 @ stores 321 @ 21 @ LPP GROUP 1,752 -4 24 @ 7 Reserved 453 - 10 1@ 923 @ 19 @ Cropp 374 -8 88 @ 96 House 326 -9 53@ 6 26 @ Mohito 289 - 5 2 24 @ 51 @ Sinsay 288 + 35 5 21 24 Outlets 22 -7 xx Number of stores @ Own internet stores 2 1 1 2 1 GLOBAL
Slide 6: High e-commerce growths
High e-commerce growths LFL DYNAMICS ON-LINE SALES (local currencies) (PLN m) 15.2% 14.6% 252.2 258.1 12.9% 11.4% 9.2% 192.2 178.5 146.4 150.5 130.9 6.2% 3.6% 84.8 74.8 2.3% 1.3% 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 • LFLs were positive in April a
Slide 7: Floorspace growth in all brands
Floorspace growth in all brands REVENUES BY BRANDS 2Q19 FLOORSPACE (PLN m) (by brands) Reserved 918 0% YoY ths m2 2Q18 2Q19 YoY Cropp 293 + 2% YoY LPP GROUP 1,034.2 1,134.3 9.7% House 256 + 15% YoY Reserved 582.2 631.6 8.5% Mohito 207 -2% YoY Cropp 130.1 141.4 8.7% House 113.0 122.2 8.2% Sinsay 258
Slide 8: Foreign revenues exceed Polish ones
Foreign revenues exceed Polish ones REVENUES BY REGIONS 2Q19 FLOORSPACE (PLN m) (by regions) Poland 1,083 - 1% YoY ths m2 2Q18 2Q19 YoY LPP GROUP 1,034.2 1,134.3 9.7% Europe 607 + 21% YoY Poland 518.0 521.2 0.6% CIS 517 + 15% YoY Europe 254.9 327.1 28.3% CIS 254.7 278.9 9.5% ME 7 + 59% YoY ME 6.6 7.
Slide 9: Group revenues continue to grow
Group revenues continue to grow GROUP REVENUES REVENUES/ M2 (PLN m) 2,500 13.5% 21.8% 15.9% 16.0% 20.2% 12.8% 10.4% 15.7% 8.0% 25% PLN (monthly) 2Q18 2Q19 YoY 2,000 20% LPP GROUP retail 631 591 -6,3% 1,500 15% Poland 656 608 -7,3% 1,000 10% Europe 612 553 -9,6% 500 5% CIS 599 603 0,6% 0 0% 2Q17 3Q17
Slide 10: Gross profit margin stabilisation
Gross profit margin stabilisation QUARTERLY GROSS PROFIT MARGIN AVERAGE QUARTERLY US$/PLN 4.1 STABLE YOY FX FOR 65% AW 2019 PURCHASES 59.7% 59.9% 60% 59.3% 58.0% 56.9% 3.8 3.8 3.8 3.8 3.8 55% 3.6 3.7 3.6 50% 51.0% 3.6 49.0% 45% 45.1% 43.4% 3.4 40% 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1Q17 2Q
Slide 11: Operating costs under control
Operating costs under control COSTS OF OWN STORES/ M2 SG&A COSTS/ M2 (IAS17) (IAS17) -4% YoY - 5% YoY 214 216 212 212 300 297 295 292 283 211 207 207 201 203 271 280 279 277 53 53 61 62 58 57 59 60 58 62 61 61 60 58 57 55 53 54 97 100 94 90 96 93 93 90 88 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Slide 12: Higher operating margin in 2Q19
Higher operating margin in 2Q19 2Q18 2Q19 2Q19 PLN m YoY IAS17 IFRS16 IAS17 Revenues 2,049.7 2,214.1 8.0% 2,214.1 • Single-digit group revenue growth: Gross profit margin 59.7% 59.3% -0.4pp. 59.3% • on-line sales development, • floorspace increase, SG&A costs 891.6 948.6 6.4% 929.3 • positive LFLs,
Slide 13: Double-digit EBIT growth in 1H19
Double-digit EBIT growth in 1H19 1H18 1H19 1H19 PLN m YoY IAS17 IFRS16 IAS17 Revenues 3,630.1 4,041.8 11.3% 4,041.8 • Double-digit group revenue growth: Gross profit margin 53.4% 52.1% -1.3pp. 52.1% • positive LFLs and floorspace increase, • on-line sales development. SG&A costs 1,712.1 1,822.6 6.5%
Slide 14: Trade liabilities finance inventory
Trade liabilities finance inventory INVENTORY WORKING CAPITAL (PLN m) -PLN 71m 1,766 2,000 1,761 2,000 167 1,606 1,552 PLN 68m 1,489 1,480 1,474 1,419 1,277 1,500 1,500 121 1,985 1,475 1,639 1,587 1,512 1,482 1,590 1,000 1,000 1,403 2,056 1,985 1,370 1,512 1,444 500 500 0 0 2Q17 3Q17 4Q17 1Q18 2Q18
Slide 15: Net cash on the balance sheet
Net cash on the balance sheet NET DEBT AND NET DEBT/ EBITDA CAPEX (PLN m, without IFRS16) (PLN m) 200 0.0x -0.7x -0.5x -0.9x 0.5 2Q18: 2Q19: 0.0x -0.4x -0.3x -0.4x -0.5x PLN 138m PLN 214m -100 -11 11 -221 0.0 -316 -364 150.2 -400 -525 -594 85.9 32.0 70.8 -753 -626 15.5 -0.5 -700 19.2 21.0 57.2 13.2
Slide 16: 1H19 executive summary
1H19 executive summary 1 Positive LFL dynamics in all brands. 2 Double-digit on-line sales growth. 3 Control of costs of stores. 4 Shortening of cash cycle. 5 Financial safety – net cash. GLOBAL ASPIRATIONS 16
Slide 17: Agenda
1 . 2 Q 1 9 f i n a n cia l r e su lts 2 . K e y c o r p ora te e v e n t s 3 . 2 0 1 9 o u t lo o k GLOBAL ASPIRATIONS 17
Slide 18: Key corporate events
Key corporate events April-June 2019 August 2019 NORTH MACEDONIA FURTHER OPENINGS IN 2020 IN CZECH REPUBLIC DYNAMIC SEE RFID Taking decision to enter DEVELOPMENT Opening of 10 stores IMPLEMENTATION 26th market, i.e. North in Czech Republic. Macedonia in 3Q20. Implementation of RFID Opening of 13 sto
Slide 19: Dynamic SEE development
Dynamic SEE development xx No. of stores 2Q19 @ Internet stores 2Q19 Countries in 2020 In 2Q19 we entered the 6th market in the region i.e. Bosnia & Herzegovina. 2 In April we launched e-store 24 @ 51@ of all brands in Croatia. 5 21 Launch of 22,000 m2 warehouse 24 in Romania to source e- commerce i
Slide 20: New openings in Czech Republic
New openings in Czech Republic 923 @ 88 @ 53 @ 26 @ Openings of new stores in Prague, Teplice, Liberec and Trebic. Continuation of fast e-commerce growth. Facility centre in Slovakia in January 2020. Openings of stores all of brands in Czech Republic in 2Q19. GLOBAL ASPIRATIONS 20
Slide 21: RFID – project's business aims
RFID – project’s business aims Full availability of goods in stores (selling area) Faster inventory rotation Efficient replenishment RFID implementation in all Reserved stores by the end of 2019. Faster check-out Shorter stock-taking OUR BUSINESS AIMS GLOBAL ASPIRATIONS 21
Slide 22: RFID – a comprehensive approach
RFID – a comprehensive approach Rotating clips Suppliers Distribution centre IT RFID (Radio Frequency Identification) 8 PROJECTS Security Sales Training Investments GLOBAL ASPIRATIONS 22
Slide 23: RFID – own mobile and web application
RFID – own mobile and web application Creation of own mobile and web application for RFID purpose. Broader possibilities of in-store inventory management. GLOBAL ASPIRATIONS 23
Slide 24: Big data – potential for efficiency
Big data – potential for efficiency 100 bn of structured records WE USE ALGORITHMS THAT LEARN AND ENHANCE THEMSELVES (MACHINE LEARNING) Collected data is processed by our allocation of goods and as a result dedicated algorithms designers support supporting to individual stores to increase and used f
Slide 25: Omnichannel today and tomorrow
Omnichannel today and tomorrow Purchases, 66% 53% 70% TODAY collection and Merging on-line of e-commerce of on-line of e-commerce return of goods with off-line. returns conducted purchases is done traffic comes from both in stores in stores. by mobile. mobile devices. and on-line. Omnichannel increa
Slide 26: New ecological collections in stores
New ecological collections in stores Environmental friendly materials in collections and verification of suppliers’ ecological solutions. 2 0 19 T A RGE T : e c o l o g i c a l p r o d u c t s c o n s t i t ut i n g 1 0 % o f t h e o f f e r i ng . Eco collections in all LPP’s brands in SS20. GLOBAL
Slide 27: Plastic reduction
Plastic reduction By 2025 LPP has committed itself to: use only plastic packaging that is fully recyclable or compostable LPP was the first eliminate plastic packaging that is Polish company to join not re-usable from on-line sales, the global circular logistics operations, including economy initiat
Slide 28: Agenda
1 . 2 Q 1 9 f i n a n cia l r e su lts 2 . K e y c o r p ora te e v e n t s 3 . 2 0 1 9 o u t lo o k GLOBAL ASPIRATIONS 28
Slide 29: Growth acceleration in 2019
Growth acceleration in 2019 2019 Floorspace 2019 2018 former YoY (ths m2) target target • Acceleration of growth in 2019 to 14% YoY. • 2 new markets in 2019 (with own stores): Bosnia and BY BRANDS Herzegovina (1H19) and Finland (4Q19). Reserved 616.7 675.1 677.9 10% • As a result, at the end of 2019
Slide 30: Dynamic on-line sales growth
Dynamic on-line sales growth ON-LINE SALES (PLN m) 1,000+ 712.0 360.8 173.1 79.3 64.8 2014 2015 2016 2017 2018 2019 TARGET over PLN 1 bn of e-commerce revenues 2019 target GLOBAL ASPIRATIONS 30
Slide 31: Further e-commerce development
Further e-commerce development In 2H19 we plan to launch e-store for all EU countries @ @ and in Ukraine. Development through @ @ @ own e-stores gives us @ @ direct access to retail client, @ @ @ @ @ @ control over inventory and @ @ @ @ pricing policy as well as stability @ @ @ @ (no intermediar
Slide 32: We maintain our 2019 guidance
We maintain our 2019 guidance TARGETS (13 months) • LPP’s stores in new • Continuation of double-digit revenue countries. • Unfavourable FX trends growth due to floorspace on US$, EUR and RUB development, positive LFLs and • Continuation of in relation to PLN. e-commerce. dynamic e-commerce growths.
Slide 33: Diversification of financing – bond issuance
Diversification of financing – bond issuance TERMS OF THE ISSUANCE: 13th September 2019 Mode: offer to Size: Extraordinary Shareholder designated qualified Tenor: 5 years up to PLN 300m Meeting to give consent for investors corporate bond issuance. Aim of the issuance: financing of Brześć Kujawski d
Slide 34: Q&A
Q&A GLOBAL ASPIRATIONS 34
Slide 35: Back-up
B a c k -up GLOBAL ASPIRATIONS 35
Slide 36: Network development
Network development Floorspace (ths m2) 30.06.2017 30.09.2017 31.12.2017 31.03.2018 30.06.2018 30.09.2018 31.12.2018 31.03.2019 30.06.2019 Reserved 520.8 526.8 562.3 561.0 582.2 584.9 616.7 609.7 631.6 Poland 247.4 247.9 266.8 264.9 264.7 259.3 273.3 263.3 266.2 Europe 151.3 157.6 160.8 162.2 178.1
Slide 37: 2019 network development details
2019 network development details Floorspace (ths m2) 31.12.2018 31.12.2019 Nom. growth. YoY growth No. of STORES 31.12.2018 31.12.2019 Nom. growth YoY growth Reserved 616.7 677.9 61.2 10% Reserved 464 464 0 0% Poland 273.3 275.3 2.0 1% Poland 216 205 -11 -5% Europe 191.7 226.8 35.0 18% Europe 127 13
Slide 38: Changes in 2Q19 floorspace
Changes in 2Q19 floorspace CHANGE IN FLOORSPACE BY BRANDS CHANGE IN FLOORSPACE BY REGIONS (ths m2) (ths m2) +1.7 0.0 1,134.3 +0.7 +12.7 -0.8 1,134.3 +7.4 +39.8 +7.1 +7.2 1,085.4 +21.9 1,085.4 +48.9 ths m2 +48.9 ths m2 1Q19 Reserved Cropp House Mohito Sinsay Outlets 2Q19 1Q19 Poland Europe CIS ME 2Q1
Slide 39: 2Q19 revenue growth contributors
2Q19 revenue growth contributors REVENUE GROWTH BY BRANDS PLN m 2Q18 2Q19 YoY +79 -2 2,214 +33 -5 +55 LPP GROUP 2,049.7 2,214.1 8.0% 2,050 -3 +7 PLN m Reserved PL 447.2 407.2 -8.9% Reserved EX 474.3 511.2 7.8% Cropp PL 134.3 127.6 -4.9% Cropp EX 152.3 165.6 8.7% House PL 139.6 151.4 8.4% House EX 83
Slide 40: 1H19 revenue growth contributors
1H19 revenue growth contributors REVENUE GROWTH BY BRANDS PLN m 1H18 1H19 YoY +12 +99 +140 -20 4,042 +67 +83 +30 LPP GROUP 3,630.1 4,041.8 11.3% 3,630 PLN m Reserved PL 815.1 783.8 -3.8% Reserved EX 833.9 948.0 13.7% Cropp PL 238.3 233.1 -2.2% Cropp EX 258.4 293.3 13.5% House PL 246.7 273.6 10.9% Ho
Slide 41: 2Q19 revenue and COGS split
2Q19 revenue and COGS split 2Q19 REVENUES BY REGIONS TOP5 REVENUES BY COUNTRIES IN 2Q19 (PLN m) (PLN m) ME CIS 0% Poland 1,083 23% Russia 400 Poland 49% Czech Rep. 112 Europe 28% Ukraine 108 2Q19 PURCHASES BY REGION Romania 91 (PLN m) Turkey Far East 7% 51% Poland 3% Poland remains our most Other 1%
Slide 42: 1H19 revenue and COGS split
1H19 revenue and COGS split 1H19 REVENUES BY REGIONS TOP5 REVENUES BY COUNTRIES IN 1H19 (PLN m) (PLN m) ME CIS 0% Poland 2,006 23% Russia 722 Poland 50% Czech Rep. 202 Europe 27% Ukraine 194 1H19 PURCHASES BY REGION Romania 163 (PLN m) Poland; 3% Other; 1% Turkey; 7% China; 35% Poland remains our mo
Slide 43: A new breakdown of SG&A costs
A new breakdown of SG&A costs Since 2019, instead Until the end of of selling costs, we 2018 we showed have decided to Overheads consists selling costs and show costs of now of marketing The sum of SG&A general & stores, e-commerce costs, back-office, costs has not administrative and logistics which
Slide 44: Costs of stores and HQs
Costs of stores and HQs SG&A COSTS SG&A COSTS (PLN m, IFRS16 since 1Q19) (PLN m) 1,823 234 252 263 262 233 280 1,712 179 200 163 513 453 +13% YoY 596 628 620 639 636 660 641 669 581 1,260 1,310 +4% YoY 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 IAS17 1H19 IFRS16 Costs of stores HQ & e-commerc
Slide 45: 2Q19 other operating and net financial lines
2Q19 other operating and net financial lines OTHER OPERATING ACTIVITY NET FINANCIAL ACTIVITY PLN m 2Q18 2Q19 PLN m 2Q18 2Q19 OTHER OPERATING REVENUES 3.2 12.3 FINANCIAL REVENUES -10.3 24.2 Inventory excess 1.6 0.7 FX gains -11.7 22.5 Gain on sale of assets, write-ups -0.2 5.9 Interest 1.4 1.7 OTHER
Slide 46: 1H19 other operating and net financial lines
1H19 other operating and net financial lines OTHER OPERATING ACTIVITY NET FINANCIAL ACTIVITY PLN m 1H18 1H19 PLN m 1H18 1H19 OTHER OPERATING REVENUES 5.5 17.9 FINANCIAL REVENUES 6.8 36.5 Inventory excess 2.4 2.3 FX gains 4.5 30.9 Gain on sale of assets, write-ups 0.0 7.4 Interest 2.3 5.5 OTHER OPERA
Slide 47: IFRS16 – summary of the impact
IFRS16 – summary of the impact EBITDA EBIT NET INCOME Taking out 47% of rentals Financial costs related to the asset PLN 156.1m of additional amortisation (PLN 136.8m) while replacing these (-PLN 25.9m) and FX gains of right of use asset. with amortisation of right of use asset. (+PLN 14.4m). 2Q19 2
Slide 48: IFRS16 impact in 2Q19
IFRS16 impact in 2Q19 IFRS16 adjustments 2Q19 2Q19 IFRS16 IAS17 rentals D&A interest FX differences tax Revenues 2,214.1 2,214.1 Gross profit 1,312.8 1,312.8 % gross profit margin 59.3% 59.3% SG&A costs 948.6 136.8 -156.1 929.3 Other operating line -11.7 -11.7 EBIT 352.5 -136.8 156.1 0.0 0.,0 0.0 37
Slide 49: IFRS16 impact in 1H19
IFRS16 impact in 1H19 IFRS16 adjustments 1H19 1H19 IFRS16 IAS17 rentals D&A interest FX differences tax Revenues 4,041.8 4,041.8 Gross profit 2,105.8 2,105.8 % gross profit margin 52.1% 52.1% SG&A costs 1,822.6 276.9 -287.6 1,812.0 Other operating line -30.9 -30.9 EBIT 252.3 -276.9 287.6 0.0 0.0 0.0
Slide 50: Historical quarterly results
Historical quarterly results 1Q18 1Q19 1Q19 2Q18 2Q19 2Q19 PLN m 4Q17 4Q18 YoY YoY IAS17 IFRS16 IAS17 IAS17 IFRS16 IAS17 Revenues 2,148.9 2,372.7 1,580.4 1,827.7 15.7% 1,827.7 2,049.7 2,214.1 8.0% 2,214.1 Gross profit on sales 1,247.0 1,420.6 712.8 793.0 11.2% 793.0 1,224.5 1,312.8 7.2% 1,312.8 Gros
Slide 51: Retail sales tax
Retail sales tax Current regulations: Internet revenues are excluded from the tax. Based on 2018 data the tax would reach c. PLN 41m. 0% tax up to PLN 17m of monthly revenues The tax is to be payable since January 2020. It will be put in 0.8% tax from PLN 17m operating costs. to PLN 170m revenues mo
Slide 52: Cash flows
Cash flows 2Q19 CASH GENERATION 2Q19 CASH FLOWS (PLN m) (PLN m) +242 +342 420 514 992 -15 202 -102 863 63 -214 -161 -222 -181 -121 -281 -455 2Q18 IAS17 2Q19 IFRS16 Operating CF Investing CF Financing CF Total CF • Operating cash flow higher YoY despite inventory pick-up, due to impact of higher D&
Slide 53: Investments in the future of LPP
Investments in the future of LPP PLN m 2019 2020 2021 2022 2019-2022 Stores 710 620 500 450 2,280 Stores in Poland and abroad 710 620 500 450 2,280 Offices 110 110 70 0 290 New office Gdańsk Łąkowa - Building 1 50 50 New office Gdańsk Łąkowa - Building 2 30 40 70 New office Gdańsk Łąkowa - Building
Slide 54: Balance sheet increasingly strong
Balance sheet increasingly strong PLN m 2Q18 4Q18 2Q19 Non-current assets 2,128.6 2,417.8 5,393.4 fixed assets 1,558.5 1,818.3 1,992.0 • IFRS16 impact: change from operating leases to intangibles (incl. goodwill) 359.1 376.7 394.7 financial ones – creation of right of use assets and right of use ass
Slide 55: Reserved
REVENUES (PLN m) 957 1,012 921 918 918 763 825 813 728 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 2Q19 YoY Number of stores 463 453 -10 Floorspace (ths m2) 582.2 631.6 8% Average store space (m2) 1,257 1,394 11% WOMEN, MEN 1998 AND CHILDREN YEAR OF LAUNCH AN ANCHOR BRAND WITH A BROAD CUSTOMER
Slide 56: Cropp
REVENUES (PLN m) 320 334 302 287 289 293 254 233 210 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 2Q19 YoY Number of stores 382 374 -8 Floorspace (ths m2) 130.1 141.4 9% Average store space (m2) 341 378 11% TEENAGERS – BOYS 2004 AND GIRLS YEAR OF LAUNCH A STREETWEAR BRAND INSPIRED BY HIP-HOP AN
Slide 57: House
REVENUES (PLN m) 290 261 237 256 205 223 204 181 170 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 2Q19 YoY Number of stores 335 326 -9 Floorspace (ths m2) 113.0 122.2 8% Average store space (m2) 337 375 11% TEENAGERS (BOYS AND 2001 GIRLS) WHO LIKE BRAVE YEAR OF LAUNCH FASHION CHOICES. OPTIMISTI
Slide 58: Mohito
REVENUES (PLN m) 233 212 200 212 214 207 193 179 162 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 2Q19 YoY Number of stores 294 289 -5 Floorspace (ths m2) 105.5 108.8 3% Average store space (m2) 359 377 5% 2008 YOUNG WOMEN YEAR OF LAUNCH A BRAND THAT COMBINES COMFORT AND ELEGANCE FOR BUSINESS A
Slide 59: Sinsay
REVENUES (PLN m) 258 236 202 209 184 186 149 165 142 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 2Q19 YoY Number of stores 253 288 + 35 Floorspace (ths m2) 92.8 120.0 29% Average store space (m2) 367 417 14% TEENAGERS – GIRLS 2013 ONLY YEAR OF LAUNCH CLOTHES FOR EVERY DAY INSPIRATIONS AND ORIG
Slide 60: Glossary
Glossary Poland Retail sales in Poland and other sales of LPP SA. CEE Region including: Czech Republic, Slovakia, Hungary. Baltic Region including: Lithuania, Latvia, Estonia. CIS Region including: Russia, Ukraine, Belarus and from 2018 also Kazakhstan. SEE Region including: Bulgaria, Romania, Croat
Slide 61: Contact
GDAŃSK HQs LPP SA Łąkowa 39/44 80-769 Gdańsk, Poland Tel. +48 58 76 96 900 Fax.+48 58 76 96 909 Email: lpp@lppsa.com DISTRIBUTION CENTRE LPP SA Tczewska 2 83-000 Pruszcz Gdański, Poland CONTACT FOR INVESTORS Email: LPP.investor.relations@lppsa.com CONTACT FOR MEDIA Email: media@lppsa.com CRACOW BRAN