Lpp S.a. · GPW:LPP
Lpp — 4Q19/20 Earnings Presentation
64 slides from Lpp's earnings presentation, May 21, 2020
Slide 1: 4Q19/20 Results Presentation
4Q19/20 RESULTS PRESENTATION GDAŃSK 21st MAY 2020
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. 4Q19/20 financial results 2. 1Q20/21 preliminary results 3. 2020/21 outlook GLOBAL ASPIRATIONS 3
Slide 4: On-line and off-line growth continues
On-line and off-line growth continues OFF-LINE 1,746 STORES 39 +14.4% m2 COUNTRIES +3.6% LFL 30 countries +13.1% 25 countries ON-LINE +46,3% revenues GROUP REVENUES GLOBAL ASPIRATIONS 4
Slide 5: LPP's presence in 39 countries
LPP’s presence in 39 countries 5 Number of 31.01.2020 YoY stores 29 LPP GROUP 1 746 +5 19 332 23 Reserved 454 +2 1 874 Cropp 360 -9 19 House 318 - 11 89 104 57 10 Mohito 283 -9 31 6 59 Sinsay 324 + 53 29 5 21 Outlets 7 - 21 25 Stores in 785 - 956 operations 3 on-line + off-line on-line off-line 1 As
Slide 6: A shifted fiscal year
A shifted fiscal year The 4th quarter of the Fiscal year 2019/20 The next quarters will 2019/20 fiscal year was the only 13-month- be 3-month-long. was the only long year. We will provide 4-month-long quarter. It encompassed the comparable data so It covered the period period from the that you can e
Slide 7: LFL and e-commerce growth
LFL and e-commerce growth LFL DYNAMICS ON-LINE SALES (local currencies) (PLN m) 12.9% 14.6% 497.1 11.4% 9.2% 342.4 252.2 258.1 4.5% 226.6 3.6% 2.3% 4.2% 178.5 192.2 146.4 130.9 150.5 1.3% 1.4% 4Q17 1Q18 2Q18 3Q18 4Q18 4Q18/19 1Q19 2Q19 3Q19 4Q19/20 4Q17 1Q18 2Q18 3Q18 4Q18 4Q18/19 1Q19 2Q19 3Q19 4Q1
Slide 8: Growth in all brands
Growth in all brands REVENUES BY BRANDS IN 4Q19/20 4Q19/20 FLOORSPACE (PLN m) (by brands) Reserved 1,372 + 4% YoY ths m2 4Q18/19 4Q19/20 YoY Cropp 449 + 7% YoY LPP GROUP 1,075.6 1,230.9 14.4% House 392 + 8% YoY Reserved 605.0 664.8 9.9% Mohito 299 +8% YoY Cropp 132.8 147.9 11.4% Sinsay 469 House 115
Slide 9: Foreign revenues exceed Polish ones
Foreign revenues exceed Polish ones REVENUES BY REGIONS 4Q19/20 FLOORSPACE (PLN m) (by regions) Poland 1,703 + 4% YoY ths m2 4Q18/19 4Q19/20 YoY LPP GROUP 1,075.6 1,230.9 14.4% Europe 1,031 + 29% YoY Poland 523.0 530.0 1.3% CIS 766 + 21% YoY Europe 274.7 370.7 34.9% CIS 270.9 321.8 18.8% ME 9 + 23%
Slide 10: Double-digit group revenue growth
Double-digit group revenue growth GROUP REVENUES REVENUES/ M2 (PLN m) 4,000 15.9% 16.0% 20.2% 12.8% 10.4% 15.7% 8.0% 14.9% 13.9% 25% 3,500 PLN (monthly) 4Q18/19 4Q19/20 YoY 20% 3,000 LPP GROUP retail 635 620 -2,5% 2,500 15% 2,000 Poland 675 652 -3,4% 1,500 10% Europe 626 596 -4,7% 1,000 5% 500 CIS 5
Slide 11: Stable gross profit margin
Stable gross profit margin QUARTERLY GROSS PROFIT MARGIN 4Q19/20 YoY GROSS PROFIT MARGIN Stable YoY margin on comparable quarters. 58.0% 59.7% 59.9% 59.3% 53.5% 53.4% 53.4% 51.0% 49.6% 45.1% 43.4% 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19/20 4Q18/19 4Q19/20 • The high level of gross margin in 4Q1
Slide 12: Operating costs under control
Operating costs under control COSTS OF OWN STORES/ M2 SG&A COSTS/ M2 (IAS17) (IAS17) -5% YoY 2% YoY 300 297 295 292 286 294 291 279 277 283 216 212 212 207 207 206 203 203 201 196 61 62 58 57 59 58 58 60 61 56 61 60 58 57 55 55 53 54 52 53 94 90 96 93 93 93 90 88 90 87 4Q17 1Q18 2Q18 3Q18 4Q18 4Q18/
Slide 13: Double digit YoY growth in 4Q19/20
Double digit YoY growth in 4Q19/20 4Q18/19* 4Q19/20 4Q19/20 PLN m YoY IAS17 IAS17 IFRS16 Continuation of double-digit group sales growth: development of on-line sales, increase in floorspace Revenues 3,081.9 3,509.3 13.9% 3,509.3 and positive LFLs. Gross profit 53.5% 53.4% -0.1pp 53.4% margin SG&A c
Slide 14: Double-digit EBIT growth in 2019/20
Double-digit EBIT growth in 2019/20 2018/19* 2019/20 2019/20 PLN m IAS17 IAS17 YoY IFRS16 Decrease in gross margin: Double-digit group sales good acceptance of the Revenues 8,755.9 9,899.2 13.1% 9,899.2 growth: positive LFL and SS19 and AW19 floorspace increase, collections, but negative Gross profi
Slide 15: Trade liabilities finance inventory
Trade liabilities finance inventory INVENTORY WORKING CAPITAL (PLN m) -PLN180m 1,766 1,748 144 1,573 1,474 1,572 -PLN 131m 2,000 1,489 1,419 1,480 1,277 1,600 1,138 1,921 1,600 1,200 104 1,985 2,023 1,200 2,101 1,609 1,512 1,590 1,921 1,475 800 1,403 800 1,341 1,370 1,210 1,210 400 400 0 0 4Q17 1Q18
Slide 16: 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) -0,4x -0,3x -0,4x -0,5x -0,7x -0,5x -0,5x -0,5x -0,6x 4Q18/19: 4Q19/20: PLN 436m PLN 361m 0.0 -100 153.0 -221 113.3 -400 -316 -364 -0.5 150.2 58.7 -525 85.9 32.0 70.8 -700 -594 -626 -596 15.5 282.7 21.0
Slide 17: 2019/20 executive summary
2019/20 executive summary 1 Foreign revenues exceed domestic ones. 2 Double-digit on-line sales growth. 3 Control of costs of stores. 4 Trade liabilities equalled with inventory. 5 Financial safety – net cash (IAS17). GLOBAL ASPIRATIONS 17
Slide 18: Agenda
1. 4Q19/20 financial results 2. 1Q20/21 preliminary results 3. 2020/21 outlook GLOBAL ASPIRATIONS 18
Slide 19: Preliminary 1Q20/21 results
Preliminary 1Q20/21 results LFLs in traditional stores in 1Q20/21 amounted to -57,3% compared to +9,7% in 1Q19/20. Floorspace PLN m 1Q19/20 1Q20/21 YoY up 13% YoY. Revenues 1,821 1,190 -35% Revenues in traditional stores amounted to PLN 792m (-52% YoY), while e-commerce sales came in at PLN Gross pr
Slide 20: Current situation: growth on-line, fall off-line
Current situation: growth on-line, fall off-line YoY REVENUE DYNAMICS total off-line on-line 381% Our e-stores operate and operated without restrictions in 251% 30 countries. As a result we recorded high revenue growth. 72% 62% -68% -43% 14% -32% 10% Our traditional stores were -42% -84% closed in m
Slide 21: Actions taken: e-commerce
Actions taken: e-commerce Higher outlays on on-line marketing and brand positioning. Streamlining of distribution centre operations while ensuring the safety of employees. Attractive promotions: -25% for new collections, up to -50% for selected items. Results: Triple-digit e-commerce growth in recen
Slide 22: Actions taken: rentals
Actions taken: rentals Renegotiation of rental agreements in shopping malls in all countries. After termination of contracts for 30% of the leased space, we changed conditions to more favourable ones at 10% of rented floorspace. Transfer of selected openings to 2021/22 (including entry to Northern M
Slide 23: Actions taken: personnel costs
Actions taken: personnel costs Cut in remuneration of all employees, Initial stage of pandemic: employees on including management. Resignation from holidays, this year’s and overdue. remuneration by Supervisory Board. Use of so-called 'demurrage' and 'solidarity' support (pay cut by 20%). Use of sup
Slide 24: Liquidity is the key to a stable situation
Liquidity is the key to a stable situation ACTIONS TAKEN TO MAINTAIN A STRONG LIQUIDITY POSITION OF THE GROUP REVENUES COSTS CASH OUTFLOWS E-commerce development Reduction of costs of stores Lower orders HQs costs reductions Lower capex No dividend pay-out GLOBAL ASPIRATIONS 24
Slide 25: Agenda
1. 4Q19/20 financial results 2. 1Q20/21 preliminary results 3. 2020/21 outlook GLOBAL ASPIRATIONS 25
Slide 26: LPP's offer as the answer to new trends
LPP’s offer as the answer to new trends After reopening of shopping malls, we expect customers to: LPP’s brands are positioned in medium price range. Mohito EUR 15 Cropp EUR 13 • pay attention to the • pay attention to more environmental impact affordable brands, of clothing, e.g. origin of Reserved
Slide 27: Acceleration of omnichannel development
Acceleration of omnichannel development E-commerce orders Floorspace growth delivered from stores in 2021/22. of all brands. Development in centers Greater use of RFID offering fit-outs and for on-line integration. turnover-based rentals Further improvements Sinsay development in the use of e-stores
Slide 28: Dynamic on-line sales growth to continue
Dynamic on-line sales growth to continue 2,000+ 2020/21 target ON-LINE SALES (PLN m) over PLN 2bn e-commerce 1,174.1 revenues 712.0 360.8 doubling of 173.1 revenues YoY 64.8 79.3 2014 2015 2016 2017 2018 2019/20 2020/21 TARGET GLOBAL ASPIRATIONS 28
Slide 29: Continuation of growths in 2020/21
Continuation of growths in 2020/21 I.2021 I.2021 Floorspace I.2020 former current YoY (ths m2) target target • Continuation of floorspace growths in 2020/21 – 8% YoY (majority rolled-out in 1H2020/21). BY BRANDS • Shift in entry with own stores on a new market – Reserved 664.8 685.6 676.6 2% Norther
Slide 30: Reasonable inventory management
Reasonable inventory management Inventories came in at PLN 2,049m at the end of March 2020. Inventory consists solely of the Spring/Summer 2020 collection. Currently, after reopening of shopping malls, LPP's goal is to During the time traditional stores effectively sell part of the inventory. Orders
Slide 31: Opportunities and risks for 2020/21
Opportunities and risks for 2020/21 Risks Targets Opportunities a new model of customer successful collections of all behavior after COVID-19, brands - favorable price-to- Revenues fall not exceeding possible second wave of quality ratio, 30% YoY. infections, further e-commerce Gross margin
Slide 32: Safe financing
Safe financing Banks Bondholders Shareholders Timely service of interest payments The management decided not to We have PLN 1.4bn from bonds issued in 2019 (interest recommend dividend payment from in credit lines. will be paid according to schedule). 2019 earnings to the AGM. Timely service of curr
Slide 33: Maintaining a safe balance sheet
Maintaining a safe balance sheet LPP is prepared for The Group is also able to The Group’s goal will be to unfavourable path of react quickly to a better maintain a safe balance revenue increase after than expected market sheet and return to COVID-19 and second situation. development after the crisi
Slide 34: Integrated report: Towards sustainable fashion
Towards sustainable fashion Integrated report GLOBAL ASPIRATIONS 34
Slide 35: Q&A
Q&A GLOBAL ASPIRATIONS 35
Slide 36: Back-up
B a c k -up GLOBAL ASPIRATIONS 36
Slide 37: Network development
Network development Floorspace (ths m2) 30.06.2018 30.09.2018 31.12.2018 31.01.2019 31.03.2019 30.06.2019 30.09.2019 31.12.2019 31.01.2020 Reserved 582.2 584.9 616.7 605.0 609.7 631.6 643.1 673.5 664.8 Poland 264.7 259.3 273.3 268.7 263.3 266.2 270.4 275.2 270.3 Europe 178.1 182.3 191.7 188.0 192.9
Slide 38: I.2020 network development details
I.2020 network development details Floorspace (ths m2) 31.01.2019 31.01.2020 Nom. growth. YoY growth No. of STORES 31.01.2019 31.01.2020 Nom. growth YoY growth Reserved 605.0 664.8 59.9 9.9% Reserved 452 454 2 0% Poland 268.7 270.3 1.6 0.6% Poland 212 200 -12 -6% Europe 188.0 225.3 37.3 19.8% Europe
Slide 39: Changes in group 4Q19/20 floorspace
Changes in group 4Q19/20 floorspace CHANGE IN FLOORSPACE BY BRANDS CHANGE IN FLOORSPACE BY REGIONS (ths m2) (ths m2) +29.7 +0.0 1,230.9 1,230.9 +32.9 +4.3 -0.2 +35.5 -4.3 +0.3 +5.9 1,168.0 1,168.0 +21.7 +62.9 ths m2 +62.9 ths m2 3Q19 Reserved Cropp House Mohito Sinsay Outlets 4Q19/20 3Q19 Poland Eur
Slide 40: 4Q19/20 revenue growth contributors
4Q19/20 revenue growth contributors REVENUE GROWTH BY BRANDS PLN m 4Q18/19 4Q19/20 YoY +155 -36 3,509 +172 LPP GROUP 3,081.9 3,509.3 15.1% +58 +29 +29 +21 PLN m 3,082 Reserved PL 640.8 594.6 -7.2% Reserved EX 672.8 776.9 15.5% Cropp PL 196.1 188.3 -4.0% Cropp EX 223.8 260.3 16.3% House PL 226.4 217.
Slide 41: 2019/20 revenue growth contributors
2019/20 revenue growth contributors REVENUE GROWTH BY BRANDS PLN m 2018/19 2019/20 YoY +125 +51 +357 +372 -22 9,899 +166 +94 8,765 LPP GROUP 8,755.9 9,899.2 13.5% PLN m Reserved PL 1,883.6 1,769.0 -6.1% Reserved EX 1,996.9 2,277.8 14.1% Cropp PL 570.0 554.3 -2.8% Cropp EX 635.7 745.9 17.3% House PL
Slide 42: 4Q19/20 revenue and COGS split
4Q19/20 revenue and COGS split 4Q19/20 REVENUES BY REGIONS TOP5 REVENUES BY COUNTRIES IN 4Q19/20 (PLN m) (PLN m) ME CIS 0% 22% Poland 1,703 Russia 566 Poland 49% Czech Rep. 192 Europe 29% Ukraine 188 4Q19/20 PURCHASES BY REGION Romania 164 (PLN m) Poland Other 2% 1% Turkey 6% China 34% Poland remain
Slide 43: 2019/20 revenue and COGS split
2019/20 revenue and COGS split 2019/20 REVENUES BY REGIONS TOP5 REVENUES BY COUNTRIES IN 4Q19/20 (PLN m) (PLN m) ME CIS 0% Poland 4,793 24% Russia 1,780 Poland 48% Ukraine 510 Europe 28% Czech Rep. 504 2019/20 PURCHASES BY REGION Romania 416 (PLN m) 0 1,000 2,000 3,000 4,000 5,000 Poland Other Turke
Slide 44: Supply chain continues to operate
Supply chain continues to operate Factories are open/ partially open in: China - factories work in normal mode Bangladesh - factories only work partially, a maximum of 40% of the crew Cambodia - factories returned to normal operations with security measures Myanmar - factories have returned to norma
Slide 45: 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 46: Costs of stores and HQs
Costs of stores and HQs SG&A COSTS SG&A COSTS (PLN m, IFRS16 since 1Q19) (PLN m) 4,213 3,822 429 356 1,254 1,071 +17% YoY 262 280 311 234 200 252 263 233 856 957 2,751 +8% YoY 2,959 628 620 639 636 660 641 669 693 4Q17 1Q18 2Q18 3Q18 4Q18 4Q18/19 1Q19 2Q19 3Q19 4Q19 2018/19 IAS17 2019/20 IFRS16 Cost
Slide 47: 4Q19/20 other operating and net financial lines
4Q19/20 other operating and net financial lines OTHER OPERATING ACTIVITY NET FINANCIAL ACTIVITY PLN m 4Q18/19 4Q19/20 PLN m 4Q18/19 4Q19/20 OTHER OPERATING REVENUES 16.4 -6.0 FINANCIAL REVENUES 3.9 3.8 Inventory excess 4.9 -5.4 FX gains 0.0 0.0 Gain on sale of assets, write-ups 1.0 -4.0 Interest 3.7
Slide 48: 2019/20 other operating and net financial lines
2019/20 other operating and net financial lines OTHER OPERATING ACTIVITY NET FINANCIAL ACTIVITY PLN m 2018/19 2019/20 PLN m 2018/19 2019/20 OTHER OPERATING REVENUES 25,0 21,5 FINANCIAL REVENUES 9.2 10.9 Inventory excess, inflows from insurance 7,7 0,6 FX gains 0.0 0.0 Gain on sale of assets, write-u
Slide 49: IFRS16 impact summary
IFRS16 impact summary EBITDA EBIT NET INCOME 74% of rentals under IFRS16 Financial costs related to the asset PLN 216.1m of additional amortisation (PLN 232.5m). These are replaced (-PLN 44.2m) and FX gains of right of use asset. with amortisation of right of use asset. (+PLN 21.0m). 4Q19/20 4Q19/20
Slide 50: IFRS16 impact in 4Q19/20
IFRS16 impact in 4Q19/20 IFRS16 adjustments 4Q19/20 4Q19/20 IFRS16 IAS17 rentals D&A interest FX differences tax Revenues 3,509.3 3,509.3 Gross profit 1,875.6 1,875.6 % gross profit margin 53.4% 53.4% SG&A costs 1,386.5 232.5 -216.1 1,402.9 Other operating line -76.3 -76.3 EBIT 412.8 -232.5 216.1 0.
Slide 51: IFRS16 impact in 2019/20
IFRS16 impact in 2019/20 IFRS16 adjustments 2019/20 2019/20 IFRS16 IAS17 rentals D&A interest FX differences tax Revenues 9,899.2 9,899.2 Gross profit 5,145.7 5,145.7 % gross profit margin 52.0% 52.0% SG&A costs 4,213.1 655.0 -655.8 4,212.3 Other operating line -126.9 -126.9 EBIT 805.6 -655.0 655.8
Slide 52: Historical quarterly results (1)
Historical quarterly results (1) 1Q18 1Q19 2Q18 2Q19 3Q18 3Q19 4Q18 4Q19 4Q18/19 4Q19/20 PLN m IAS17 IAS17 IAS17 IAS17 IAS17 IAS17 IAS17 IAS17 IAS17* IAS17 Revenues 1,580.4 1,827.7 2,049.7 2,214.1 2,043.9 2,348.2 2,372.7 2,733.2 3,081.9 3,509.3 Gross profit on sales 712.8 793.0 1,224.5 1,312.8 1,043
Slide 53: Historical quarterly results (2)
Historical quarterly results (2) 1Q18 1Q19 2Q18 2Q19 3Q18 3Q19 4Q18 4Q19 4Q18/19 4Q19/20 PLN m IAS17 IFRS16 IAS17 IFRS16 IAS17 IFRS16 IAS17 IFRS16 IAS17* IFRS16 Revenues 1,580.4 1,827.7 2,049.7 2,214.1 2,043.9 2,348.2 2,372.7 2,733.2 3,081.9 3,509.3 Gross profit on sales 712.8 793.0 1,224.5 1,312.8
Slide 54: Historical quarterly results (3)
Historical quarterly results (3) 4Q19/20 2019/20 1Q19/20 2Q19/20 3Q19/20 IFRS16 * IFRS16 * PLN m IFRS16 IFRS16 IFRS16 * (November 2019- (February 2019 (February-April 2019) (May–July 2019) (August-October 2019) January 2020) -January 2020) Revenues 1,820.7 2,344.8 2,340.0 2,696.3 9,201.8 Gross profi
Slide 55: Updated capex plan
Updated capex plan 2020/21- PLN m 2020/21 2021/22 2022/23 2022/23 Stores 300 600 500 1,400 Stores domestically and abroad 300 600 500 1,400 HQs 0 40 140 180 New HQs Gdańsk Łąkowa – Building 2 0 40 0 40 New HQs Gdańsk Łąkowa – Building 3 0 0 140 140 Logistics 50 650 160 860 New DC in Brześć Kujawski
Slide 56: Cash flows
Cash flows 4Q19/20 CASH GENERATION 4Q19/20 CASH FLOWS (PLN m) (PLN m) +364 +31 829 +397 +99 1,361 699 -50 434 921 225 -361 -39 -85 -161 -313 -310 4Q18/10 IAS17 4Q19/20 IFRS16 Operating CF Investing CF Financing CF Total CF • Operating cash flow high positive level, growth YoY due to more favourabl
Slide 57: Balance sheet increasingly strong
Balance sheet increasingly strong PLN m 2018 2018/19 2019/20 Non-current assets 2,417.8 5,279.5 5,870.7 fixed assets 1,818.3 1,821.1 2,312.4 • IFRS16 impact: change from operating leases to intangibles (incl. goodwill) 376.7 379.8 413.3 financial ones – creation of right of use assets and right of u
Slide 58: Reserved: revenues
REVENUES (PLN m) 1,314 1,372 957 1,012 943 921 918 918 813 728 4Q18/19 4Q19/20 YoY Number of stores 452 454 +2 Floorspace (ths m2) 605.0 664.8 10% Average store space (m2) 1,338 1,464 9% WOMEN, MEN 1998 AND CHILDREN YEAR OF LAUNCH AN ANCHOR BRAND WITH A BROAD CUSTOMER BASE OFFERING THE LATEST TRENDS
Slide 59: Cropp: revenues
REVENUES (PLN m) 420 449 320 334 325 287 289 293 210 233 4Q18/19 4Q19/20 YoY Number of stores 369 360 -9 Floorspace (ths m2) 132.8 147.9 11% Average store space (m2) 360 411 14% TEENAGERS – BOYS 2004 AND GIRLS YEAR OF LAUNCH A STREETWEAR BRAND INSPIRED BY HIP-HOP AND POP-CULTURE. GLOBAL ASPIRATIONS
Slide 60: House: revenues
REVENUES (PLN m) 392 363 290 266 261 223 237 256 170 204 4Q18/19 4Q19/20 YoY Number of stores 329 318 -11 Floorspace (ths m2) 115.2 127.4 11% Average store space (m2) 350 401 14% TEENAGERS (BOYS AND 2001 GIRLS) WHO LIKE BRAVE YEAR OF LAUNCH FASHION CHOICES. OPTIMISTIC FASHION BRAND. GLOBAL ASPIRATIO
Slide 61: Mohito: revenues
REVENUES (PLN m) 299 278 233 212 214 207 212 193 179 162 4Q18/19 4Q19/20 YoY Number of stores 292 283 -9 Floorspace (ths m2) 107.9 111.7 3% Average store space (m2) 370 395 7% 2008 YOUNG WOMEN YEAR OF LAUNCH A BRAND THAT COMBINES COMFORT AND ELEGANCE FOR BUSINESS AND INFORMAL MEETINGS. GLOBAL ASPIRA
Slide 62: Sinsay: revenues
REVENUES (PLN m) 469 297 295 236 258 184 202 209 186 142 4Q18/19 4Q19/20 YoY Number of stores 271 324 + 53 Floorspace (ths m2) 102.7 173.3 69% Average store space (m2) 379 535 41% WOMEN, MEN, 2013 CHILDREN YEAR OF LAUNCH CLOTHES FOR EVERY DAY INSPIRATIONS AND ORIGINAL PARTY OUTFITS. GLOBAL ASPIRATIO
Slide 63: 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 64: Contact details
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