3 Q 1 7 F I N A N C I A L R E S U L T S P R E S E N T A T I O N
WARSAW, 21 ST NOVEMBER 2017
P R E S E N T A T I O N WARSAW, 21 ST NOVEMBER 2017 Disclaimer This - - PowerPoint PPT Presentation
3 Q 1 7 F I N A N C I A L R E S U L T S P R E S E N T A T I O N WARSAW, 21 ST NOVEMBER 2017 Disclaimer This is presentatio ion (t (the Presentation) was was prepared by by LPP SA SA (t (the Company) wit ith a due care. Stil
WARSAW, 21 ST NOVEMBER 2017
2
G L O B A L A S P I R A T I O N S
This is presentatio ion (t (the “Presentation”) was was prepared by by LPP SA SA (t (the “Company”) wit ith a due care. Stil ill, it it may contain in certain inconsis istencie ies or
in a complete or
is of
and does not not present it its standing or
cts in in a comprehensive or
in-depth manner. Therefore, anyone who in intends to to make an an investment decis ision wit ith respect ct to to the Company should rely on
isclosed in in the offic icial reports
in accordance wit ith the laws applic icable to to the Company. This is Presentatio ion was prepared for informatio ion purp urposes on
nd doe
not co constit itute an an off
to buy uy or
to sel sell any fin financial instruments ts. The Presentatio ion may contain in 'forward‐looking statements'. However, such statements cannot be be treated as as assurances or
projections of
xpected future result lts of
ing expectations of
results cannot be be understood as as guarantees that any such results wil ill actually be be achieved in in future. The expectatio ions of
the Management Board are based on
ir current knowledge and depend on
to whic ich the actual results achieved by by the Company may dif iffer materially from the results presented in in this is document. Many of
bey eyond th the aw awareness an and co contr trol of
the Co Company or
the Company’s ab abil ility to to fo foresee th them. Neit ither the Company, nor it its dir irectors, offic icers, advis isors, nor representativ ives of
iable on
any reason resulting from any use of
is Presentatio
itionally, no no information contained in in this is Presentation constit itutes any representation or
its offic icers or
irectors, advis isors or
the above persons. The Presentatio ion and the forward‐looking statements speak only as as at at the date of
is Presentation. These may not not be be indic icativ ive of
in future periods. The Company does not undertake any obligatio ion to to revie iew, to to confir irm or
to release public icly any revis isions to to any forward‐looking st statements to to reflect events that occur
ci circumstances th that aris ise after th the date te of
this is Presentation.
3
G L O B A L A S P I R A T I O N S
1 2
4
G L O B A L A S P I R A T I O N S
COUNTRIES
STORES
m2
LFLs
E-COMMERCE
5
G L O B A L A S P I R A T I O N S
@ Int nter ernet stores xx xx Numbe ber of
19 @ 982 @ 79 @ 56 @ 74 3 28 @ 12 17 19 @
26 @
19 @ 35 @ 304
1 1 3 1
30.09.2017
YoY LPP GROUP 1,683 +15 Reserved 454 +5 Cropp 373
House 324
Mohito 285
Sinsay 213 +28 Tallinder
Outlets 34
1 @ 3
6
G L O B A L A S P I R A T I O N S 6.6 12.8 13.9 31.6 74.8 3Q13 3Q14 3Q15 3Q16 3Q17
LFLs Ls wer ere posit itive in ea each mo month and and fo for ea each brand in 3Q17. .
LFLs wer ere in n th the e bla lack in n all ll co countries (th the hi highest gr growth rates were rec ecorded in in Hu Hungary, , Ro Romania, Uk Ukraine and nd Cz Czech Rep Republic).
On-line sa sales amounted to to 5, 5,4% % rev evenues in Pola
nd 4, 4,1% % of
n 3Q17. .
Further e-commerce gro growth due ue to to investments in n int nternet t and nd mo mobile stor stores of
ll brands and dev evelopment t of
tores
tside Pol
+127% YoY
LF LFL L DYN DYNAMICS
(lo local cu currencies)
ON ON-LI LINE SA SALE LES
(PLN LN m) m)
+137% YoY +9% YoY +93% YoY
1.5%
2.8% 4.2% 6.6% 9.2% 5.1% 4.6% 6.2% 15.2%
7
G L O B A L A S P I R A T I O N S
Reserved 3Q17 revenue gr growth res esulted fr from: flo floorspace dev evelopment as as wel ell as as mo more fa favourable YoY rec eceptio ion of
coll llectio ions by y cu cust stomers.
igit t LFL LFLs and nd revenue gr growth in n Cr Cropp in 3Q17 – str strong back-to to-school ef effect. .
and nd abroad.
+ 22% YoY + 8% YoY +4% YoY + 25% YoY + 38% YoY + 137% YoY
ths m2 3Q16 3Q17 YoY
GR GRUPA LPP 888.0 939.9 5.9% Res Reserved 487.2 526.8 8.1% Cropp 116.7 121.4 4.0% House 103.8 105.6 1.7% Mohito 97.6 98.5 0.9% Sinsay 65.2 76.0 16.7% Tallinder 3.7 0.0
Ou Outlets 13.8 11.6
REV REVENUES BY BY BR BRANDS
(PLN LN m)
3Q 3Q17 FL FLOORSPACE
(by brands)
41 75 165 200 205 302 825 Other E-commerce Sinsay Mohito House Cropp Reserved
8
G L O B A L A S P I R A T I O N S
Revenue gr growth th in Poland hig igher th than flo floorspace gr growth due to to posit itiv ive LF LFLs Ls.
nd flo floorspace gr growth in n Eur Europe in 3Q17 among ot
ue to to dev evelopment in th the e UK UK and Ser erbia. .
Floorspace gro growth in n CI CIS co contin inued in 3Q 3Q17 to together wit ith fa favourable im impact t of
ubble appreciatio ion to to zlot zloty.
countries, th the hi highest t no nominal YoY
growth was rec ecorded in n Ru Russia and nd Pola
REV REVENUES BY BY REG REGIONS
(PLN LN m) m)
3Q 3Q17 FL FLOORSPACE
(by reg egions)
ths m2 3Q16 3Q17 YoY LPP GROUP
888.0 939.9 5.9%
Po Pola land
471.2 490.5 4.1%
Eur Europe
205.2 224.1 9.2%
CIS
204.0 218.7 7.2%
ME ME
7.6 6.6
+ 20% YoY + 16% YoY + 36% YoY
4 401 407 1,000 ME Europe CIS Poland
9
G L O B A L A S P I R A T I O N S
Group revenues gr grew 21.8 .8% % YoY in 3Q17 due to to hig igher flo floorspace, , posit itiv ive LF LFLs Ls and and hig igh e-commerce gr growth.
n 3Q17 bot
group revenues/ m2 m2 and nd ret etail sa sales/ m2 m2 were dou
igit hi higher YoY
The hi highest t dou
igit t ret etail sa sales/ m2 m2 were rec ecorded in 3Q17 in n Ce Central and Ea Eastern Eur Europe. .
GROUP REV REVENUES
(PLN LN m) m)
REV REVENUES/ / M2
PLN (monthly) 3Q16 3Q17 YoY LPP GROUP (ret etail) 547 547 638 638 16. 16.6% Po Pola land 560 560 661 661 18. 18.0% Eur Europe 497 497 605 605 21. 21.7% CIS 570 570 625 625 9. 9.8% LPP GROUP 567 567 648 648 14. 14.3%
6.1% 9.0% 2.2% 12.1% 17.2% 16.4% 18.0% 17.8% 16.0% 13.5% 21.8% 0% 5% 10% 15% 20% 25% 500 1,000 1,500 2,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Retail sales (brands) E-commerce Other (incl. outlets) Revenue growth
10
G L O B A L A S P I R A T I O N S
4.0 3.9 3.9 4.1 4.1 3.8 3.6 3.6 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
54.2% 52.1% 52.6% 54.8% 46.1% 49.9% 47.1% 50.8% 45.6% 56.5% 49.0%
Sizeable 3Q17 YoY gr gross profit t ma margin pick-up up, due to to: : (1) ) improved co collectio ions, (2) ) fa favourable FX FX tre trends, an and (3) ) new ew inventory ma management pol
icy.
The ne new pol
icy res esults in n si sizeable gro gross profit ma margin differences betw etween th the e sel sell-off and ful full ma margin mo months: 36 36% % in Jul uly 201 2017 (-2p.p. YoY
47% (+2 +2p.p. YoY
ugust 201 2017, co compared to to 62% 62% (+3 p.p. YoY
n Sep eptember or
61% (+ (+1p.p. YoY
n Oct ctober 201 2017.
to new inventory management t polic icy we e are are bet etter prepared fo for weather ch changes in th the e sea season.
QU QUARTE TERLY Y GROSS PR PROFIT IT MAR ARGIN IN AV AVERAGE QU QUARTERLY US$ S$/P /PLN
NEW INVENTORY MA MANAGEMENT POL POLIC ICY FX LEV EVELS IMP MPORTANT T FOR SETT ETTIN ING AW17 17/18 PR PRIC ICES
11
G L O B A L A S P I R A T I O N S
236 230 232 244 237 254 254 258 266 271 280
Stable YoY rental ch charges ap appreciatio ion of f zlot zloty ve versus eu euro and and fa favourable new ag agreements.
n per ersonnel co costs ts gro growth in n sa salaries acr cross all ll co countr tries. .
Higher YoY ot
costs ts of
stores hi higher usa usage of
materials due ue to to op
n Lo London.
Growth in n SG& G&A/ m2 m2 YoY
higher co costs ts of
headquarters (development t of
t divisions, fur further e-commerce exp expansion and nd resultant t pick-up in n log logistics co costs ts, , on
marketin ing co costs ts rel elated to to Lo London sto store op
nd hi higher co cost sts of
stores.
CO COSTS OF OF OW OWN STO STORES/ M2 SG SG&A COS COSTS/ / M2
+4% YoY +10% YoY
93 93 90 89 93 98 99 89 98 97 100 50 48 47 52 52 56 57 59 63 62 61 46 47 48 55 46 48 49 53 53 53 53 189 187 186 195 191 202 205 201 214 211 214
Rental costs HR costs Other costs
12
G L O B A L A S P I R A T I O N S
PLN m 3Q16 3Q17 YoY Revenues 1,488.4 1,812.8 21.8% Gross profi fit margin 47. 47.1% 49. 49.0% 1. 1.9p. 9p.p. SG&A cos
662. 662.2 775. 775.0 17. 17.0% EBIT 4.8 103.1 2,046.7% EB EBIT margin 0. 0.3% 5. 5.7% 5. 5.4p. 4p.p. Net profit
85.1 n/m
group rev evenue gro growth:
nd floo
,
line sale les incr ncrease.
izeable gross profit margin in growth, due to to improved collections, more favourable FX FX and introductio ion of
ne new inventory management pol
icy.
bel elow to top-line gr growth.
favourable ne net fin financials:
nterest due ue to
ndebt btedness,
high gher FX gains.
From ne net loss loss to to ne net profit.
13
G L O B A L A S P I R A T I O N S
PLN m 9M16 9M17 YoY Revenues 4,165.6 4,880.5 17.2% Gross profi fit margin 47. 47.8% 50. 50.7% 2. 2.9p. 9p.p. SG&A cos
1, 1,909 909.2 2, 2,238 238.1 17. 17.2% EBIT 27.4 201.7 637.3% EB EBIT margin 0. 0.7% 4. 4.1% 3. 3.5p. 5p.p. Net profit 17.7 141.4 696.7%
ic group revenue growth due to to favourable developments in in both business lines: tradit itio ional stores (p (posit itive changes in in Reserved brand, acceleration in in Cr Cropp brand) and and in in e-commerce.
it margin pic ick-up up, due to to new in inventory ma management pol
icy and nd improved co coll llectio ions.
in line wit ith sales growth despit ite low base of
16.
to PLN 24 24.6m of
ite-offs and provis isio ions for closing dow
the Ta Tallinder brand in in 3Q16 16.
favourable ne net fin financials:
nterest on
ebt t and nd fee ees,
high gher FX gains.
High pre-tax and nd ne net inc ncome dyn ynamics.
14
G L O B A L A S P I R A T I O N S 1,438 1,637 113 181 808 1,416 3Q16 3Q16 3Q17 3Q17 Inventory Receivables Liabilities
14% YoY gr growth in inventory and and 8% 8% YoY gr growth in invento tory/ m2 m2, desp espit ite str strong sa sales of f new co coll llect ction in Sep eptember due ue to to hi higher YoY
level of
utumn/Winter co coll llectio ions at at th the e en end of
3Q17 (th the whole co collectio ion has has bee een sou sourced ea earlier).
Higher YoY rec eceivables due ue to to fur further inventory sel sell-offs, in lin line wit ith th the ne new pol
icy.
LN 585 585m addit itional lia liabil ilities due ue to to ext extension of
t ter terms for for sup suppliers at at th the e en end of
3Q17. .
ur aim im is s to to ma match lia liabil ilities to to th the e inventory lev level.
INVE INVENTORY WOR ORKING CA CAPI PITAL
(P (PLN m) m)
PLN 630m PLN 221m
1,131 1,167 1,336 1,320 1,374 1,444 1,438 1,164 1,251 1,480 1,637 1,516 1,507 1,684
1,575 1,621 1,669 1,634 1,275 1,381 1,604 1,759 400 800 1,200 1,600 400 800 1,200 1,600 2,000 Inventory (PLN m) Inventory/ m2 (PLN)
15
G L O B A L A S P I R A T I O N S 715 583 787 621 835 700 647 144 348
11
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4
100 300 500 700 900 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Net debt (PLN m) Net debt/ EBITDA (x)
3Q17 cap capex dou
ue to to op
stores in prestig igious loc locatio ions (especia ially Lo Lond ndon) and payments fo for sto stores
nd mo modernised in n 2Q1 2Q17.
Fall in n sho short-term deb ebt t due ue to to mo more fa favourable YoY
cash flo flows and nd sup supply ch chain fin financing.
low ne net t deb ebt t le level in 3Q
s to to ke keep ne net deb ebt/EBITDA ratio on
safe lev level betw etween 0-1x 1x. .
NET ET DEB DEBT VS VS NET ET DEB DEBT/EBIT ITDA
(PLN LN m) m)
CAP CAPEX (PLN PLN m)
3Q16: PLN 62.1m 3Q17: PLN 120.3m
0.9x 0.8x 1.1x 0.9x 1.3x 1.0x 1.2x 0.3x 0.8x 0.0x 0.0x
27.4 77.5 51.1 73.7 99.0 76.0 101.1 8.6 11.9 11.0 10.7 13.2 13.2 19.2 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Stores Other
16
G L O B A L A S P I R A T I O N S
Stores in 20 countries – entry into Belarus, Serbia and United Kingdom.
1
E-stores in 10 countries – triple-digit e-commerce growth continues.
2
High LFLs (success of Reserved collection).
3
Indebtedness at a low level due to working capital improvements.
5
Gross profit margin continues to rise YoY.
4
17
G L O B A L A S P I R A T I O N S
1 2
18
G L O B A L A S P I R A T I O N S
FIRST STORES IN SERBIA
Res eserved and nd Sinsay stores in n Belg lgrade, Ser erbi bia.
3, 3,50 500 m2
2
RESERVED ON-LINE IN THE UK
Engla England, d, Wale les and nd Sco cotl tland with thin the he rea each of
line store.
NEW STORES IN WARSAW
Sto tores of
5 bra brands
in n new new Gale leria Po Polnocna sho hopp pping mall ll in n Warsaw.
4, 4,30 300 m2
2
FLAGSHIP IN LONDON
Res eserved store in n the e cen entr tre
don, , at at 252/ 252/25 258 Oxfo Oxford Str treet.
3, 3,00 000 m2
2
August 2017 September 2017 September 2017 September 2017
19
G L O B A L A S P I R A T I O N S
t 201 2017 we e la launched 2
2 Res Reserved sto
stores and and 1
1 Sin Sinsay sto
store in Serbia ia. .
Floorspace: 3,50
500 m2
m2.
Locatio ion: Be Belgrade (capit ital ci city).
20
stor stores ov
.
Serbia is the 4th country in the South Eastern-Europe in which LPP’s stores are located.
ROMANIA 35 @ BULGARIA 12 CROATIA SERBIA 3 17
20
G L O B A L A S P I R A T I O N S
First t Res Reserved fl flagship in Lo London, UK UK, opened in Sep September 201 2017.
estigious ve venue: 252 252/258 Ox
Oxfo ford Str Street in
n Lo London, ne next t to to Za Zara and nd H& H&M stor stores.
Floorspace 3,
3,00 000 m2
m2.
Reserved e-store op
together with th the e fla flagship.
ate Mos
the e fa face of
Reserved in th the e UK UK.
successful co concept t – tr traffic of
5 th ths peo eople dail ily, up up to to 6. 6.5 th ths on
ur targ target t is s to to ha have PLN LN 100 100m of
from th the sto store in 5 5 ye years.
21
G L O B A L A S P I R A T I O N S
In future we plan minimum
in the UK and in South Eastern Europe.
Stryków (Poland)
Arvato ser services e-commerce fo for 4 4 brands: Res Reserved, Ho House, Moh
ito and nd Sin insay. 30 30 th ths m2 m2 with th the e poss
ility to to dou
the flo floorspace to to 60 60 th ths m2. m2. Res Responsible for for ord
from Pol
foreign co countries (Germany, Cze Czech Rep Republic, Sl Slovakia, Ro Romania, Hu Hungary, Bal Baltic co countries and nd th the UK UK). ). Servicing of
n th the who hole of
Russ ssia. Flo Floorspace: 7 7 th ths m2 m2
Moscow (Russia)
We rent 2 new centres, to support e-commerce development
Poss
ility to to exp expand into ot
CIS regions.
22
G L O B A L A S P I R A T I O N S
1 2
23
G L O B A L A S P I R A T I O N S
% YoY flo floorspace gr growth th in 201 2017.
Reserved sto stores in 20 co countries at t th the en end of
2017.
n 4Q 4Q17 we e pla lan op
61.5 th ths m2
gro growth:
24 ths hs m2 2 in n Po Poland,
urther CEE CEE develo lopment, ,
: +16 +16 ths hs m2 2 in n Rus ussia, , +12 +12 ths hs m2 2 in n Ukraine and nd new new stores in n Bel elarus, ,
ltic coun
: +4. +4.4 4 ths hs m2 2 in n Es Esto tonia, ,
urher open
n the he SEE EE reg egion (Bulg lgaria and nd Croati tia).
lanned 201 2017 cap capex at at c.
LN 410 410m, up c.
% YoY. Pla lanned stor store cap capex at t PLN LN 370m, , HQ HQs ou
tlays at at PLN LN 10 10m and nd IT T and nd e-commerce ou
tlays at at PLN LN 30 30m.
Floorspace (ths m2) 2016 2017 former target 2017 target YoY BY BRANDS Res eserved 509. 509.1 565. 565.3 562. 562.4 10% 10% Cr Cropp 120 120.4 127 127.4 127 127.2 6% 6% Hou
105. 105.7 111. 111.7 111. 111.1 5% 5% Mo Mohi hito 99. 99.1 103. 103.7 103. 103.7 5% 5% Sinsay 69. 69.8 86. 86.3 84. 84.3 21% 21% Ta Talli linder 4. 4.1 0. 0.0 0. 0.0
100% Out Outle lets 12. 12.6 14. 14.5 12. 12.6 1% 1% BY REGIONS Po Pola land 496. 496.6 510. 510.1 514. 514.0 4% 4% Eur Europe 209. 209.5 236. 236.5 231. 231.4 10% 10% CIS 207. 207.0 255. 255.6 249. 249.3 20% 20% ME ME 7. 7.6 6. 6.6 6. 6.6
13% TOTAL 920.7 1,008.8 1,001.4 9%
24
G L O B A L A S P I R A T I O N S
REVENUES GROSS PROFIT MARGIN OPERATING COSTS INTEREST/ INDEBTEDNESS FX GAINS Double-dig igit t gro group revenue gro growth due ue to to flo floorspace dev evelopment t and nd e-commerce. Gr Group gro gross prof
should be e around 53% 53% in 201 2017 (higher YoY
). Co Controllable SG& G&A/ m2 m2 gr growth. . Ind ndebtedness at t a low low le level. He Hedging of
cash flo flows for for sup suppliers fro from Jun une 201 2017.
25
G L O B A L A S P I R A T I O N S
2 0 1 8 T A R G E T S O P P O R T U N I T I E S R I S K S
Con Continuation of
double-digit re reven venue gro growth du due to to floorspace de devel velopment an and d e-com commerce. . Group’s gross profit margin should be be betw tween 53 53-54 54% (hi higher YoY YoY). ). Net t de debt bt at at low
vels, , am amon
du due to to fur urther work
ing cap capital al im improvements. LPP’s stores in new cou countries. E-co commerce in in ne new cou countries cou coupled with ith fur urther e-sto tores de devel velopment in in Rus Russia. . Ba Ban n on
trade on
Sundays (18 18% of
reven venues). Unf nfav avourab able le FX FX tren trends
S$, EU EUR, RUB ver versus PLN PLN. .
26
G L O B A L A S P I R A T I O N S
e aim im to to en enter at t le least t on
countr try ev every ye year.
2017 we e en entered 3 3 new ma markets ts: Be Belarus (franchise sto stores), Se Serbia ia and and th the UK UK (both with own sto stores).
e pla lan to to en enter 3 3 ne new co countries in 201 2018: Kaz Kazakhstan (own stor stores, ch change fr from fr franchise), Isra srael (fra franchise sto stores) and nd Slo lovenia (own sto stores).
EXP EXPANSION BY BY COU COUNTRIES
eop 2013
13 states 17 states 18 states 20 states 23 states
+ Croatia + Germany + Egypt + Qatar + Kuwait + Saudi A. + UAE + Serbia + UK
+ Belarus + Israel + Slovenia + new countries
11 states
eop 2014 eop 2015 eop 2016 eop 2017 eop 2018
+ Kazakhstan
27
G L O B A L A S P I R A T I O N S
10% % YoY flo floorspace gr growth in 201 2018. .
Reserved sto stores in 23 co countries at t th the en end of
2018. .
3 ne new markets in n 201 2018: :
nd Slovenia (own stores),
l (fr franchise stores).
2018 targ targets ts:
lecti tive growth th in n Po Pola land, d,
cceler eration of
n Eur Europe pe (em emphasis on
th Ea Easte tern Eur Europe),
tinu nuation of
evelo lopmen ent, ,
ME growths.
lanned 201 2018 cap capex at t c.
LN 430 430m, up up c.
% YoY
Pla lanned stor store cap capex at t PLN LN 320 20m, , HQ HQs ou
tlays at at PLN LN 90 90m and nd IT T and nd e-commerce ou
tlays at at PLN LN 20 20m.
Floorspace (ths m2) 2017 target 2018 target YoY BY BRANDS Res eserved 562. 562.4 627. 627.5 12% 12% Cr Cropp 127 127.2 131 131.4 3% 3% Hou
111. 111.1 114. 114.9 3% 3% Mo Mohi hito 103. 103.7 108. 108.3 4% 4% Sinsay 84. 84.3 107. 107.2 27% 27% Out Outle lets 12. 12.6 11. 11.0
13% BY REGIONS Po Pola land 514. 514.0 533. 533.6 4% 4% Eur Europe 231. 231.4 282. 282.7 22% 22% CIS 249. 249.3 275. 275.0 10% 10% ME ME 6. 6.6 9. 9.1 39% 39% TOTAL 1,001.4 1,100.4 10%
28
G L O B A L A S P I R A T I O N S
26.7 2013 64.8 2014 79.3 2015 173.1 2016
2017 TARGET
ON ON-LINE SALES (PLN LN m) m)
20 2020 target on
sales 7-8% of
group rev revenues. We e launched e-commerce in Russia in Octo ctober 20 2017. 20 2018 target: : 100% YoY on
sales gr growth.
29 29
G L O B A L A S P I R A T I O N S
@ @ @ @ @ @ @ @ @ @ @ @
E-commerce 2017 - 11 countries E-commerce 9M17 - 10 countries
E-STORES IN IN 12 12 CO COUNTRIES
20 2018 TAR TARGET
E-STORES IN IN 16 16 CO COUNTRIES
E-commerce 2018 - 16 countries
@ @ @ @
30 30
G L O B A L A S P I R A T I O N S
2017 – presence in 20 countries 2016 – presence in 18 countries 2018 – presence in 23 countries By mid-2017 LPP’s stores were also present in Saudi Arabia.
31
G L O B A L A S P I R A T I O N S
32
G L O B A L A S P I R A T I O N S
33
G L O B A L A S P I R A T I O N S
Floorspace (ths m2) 30.09.2015 31.12.2015 31.03.2016 30.06.2016 30.09.2016 31.12.2016 31.03.2017 30.06.2017 30.09.2017 Reserved 435.7 461.3 467.1 473.8 487.2 509.1 510.7 520.8 526.8 Pol
223.4 232.5 230.9 235.1 232.0 248.7 245.9 247.4 247.9 Europe 106.5 120.2 124.0 127.2 140.0 144.1 147.7 151.3 157.6 CIS 100.4 103.1 104.6 103.9 107.7 108.7 109.5 114.0 114.7 ME ME 5.5 5.5 5.5 5.5 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 8.2 6.6 Cropp 109.1 114.5 115.4 117.8 116.7 120.4 120.1 121.9 121.4 Pol
59.6 59.6 63.0 63.0 63.6 63.6 65.2 65.2 63.0 63.0 65.3 65.3 65.1 65.1 66.5 64.9 Europe 19.1 19.1 19.8 19.8 20.2 20.2 20.6 20.6 21.0 21.0 21.2 21.2 21.0 21.0 20.8 21.2 CIS 30.4 30.4 31.7 31.7 31.6 31.6 31.9 31.9 32.8 32.8 34.0 34.0 34.0 34.0 34.7 35.3 House 95.2 99.7 100.5 104.8 103.8 105.7 102.9 106.6 105.6 Pol
59.3 59.3 62.2 62.2 62.9 62.9 65.4 65.4 63.1 63.1 64.9 64.9 62.4 62.4 65.1 64.0 Europe 14.4 14.4 15.1 15.1 15.5 15.5 16.4 16.4 16.8 16.8 16.4 16.4 16.2 16.2 16.2 16.2 CIS 21.6 21.6 22.4 22.4 22.0 22.0 23.1 23.1 23.9 23.9 24.3 24.3 24.3 24.3 25.4 25.4 Mohito 90.3 94.5 94.9 95.9 97.6 99.1 97.8 99.3 98.5 Pol
49.7 49.7 52.1 52.1 52.5 52.5 51.8 51.8 52.4 52.4 53.4 53.4 51.7 51.7 52.6 52.1 Europe 15.2 15.2 16.1 16.1 16.5 16.5 17.7 17.7 18.1 18.1 18.1 18.1 18.1 18.1 18,1 18.1 CIS 25.4 25.4 26.2 26.2 25.9 25.9 26.3 26.3 27.1 27.1 27.7 27.7 28.0 28.0 28.6 28.4 Sinsay 54.8 59.7 60.5 63.1 65.2 69.8 69.8 72.5 76.0 Pol
40.3 40.3 43.5 43.5 43.9 43.9 44.5 44.5 45.5 45.5 48.6 48.6 48.6 48.6 49.0 50.9 Europe 6.6 6.6 7.6 7.6 8.0 8.0 8.8 8.8 9.2 9.2 9.7 9.7 9.7 9.7 10.4 10.9 CIS 7.9 7.9 8.6 8.6 8.6 8.6 9.8 9.8 10.5 10.5 11.5 11.5 11.5 11.5 13.1 14.2 Tallinder (Poland only) 0.0 0.0 2.9 3.7 3.7 4.1 0.0 0.0 0.0 Outlets 13.6 13.8 13.8 13.8 13.8 12.6 12.6 12.6 11.6 Total by regions Pol
443.9 465.0 468.3 477.4 471.2 496.6 485.3 492.1 490.5 Europe 161.7 179.0 184.4 190.8 205.2 209.5 212.8 216.9 224.1 CIS 187.7 193.9 194.7 196.9 204.0 207.0 208.2 216.5 218.7 ME ME 5.5 5.5 5.5 5.5 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 8.2 8.2 6.6 6.6 TOTAL 798.8 843.5 855.0 872.7 888.0 920.7 913.9 933.7 939.9
34
G L O B A L A S P I R A T I O N S
Floorspace (ths m2) 31.12.2016 2017 TARGET
YoY Reserved 509.1 562.4 53.4 10% Poland 248.7 266.7 18.1 7% Europe 144.1 159.5 15.4 11% CIS 108.7 129.6 20.9 19% ME 7.6 6.6
Cropp 120.4 127.2 6.7 6% Poland 65.3 65.7 0,4 1% Europe 21,2 22.2 1.0 5% CIS 34.0 39.3 5.3 16% House 105.7 111.1 5.4 5% Poland 64.9 65.4 0.4 1% Europe 16.4 17.1 0.8 5% CIS 24.3 28.6 4.2 17% Mohito 99.1 103.7 4.6 5% Poland 53.4 53.0
Europe 18.1 19.7 1.6 9% CIS 27.7 31.0 3.3 12% Sinsay 69.8 84.3 14.5 21% Poland 48.6 52.8 4.3 9% Europe 9.7 12.8 3.1 32% CIS 11.5 18.7 7.2 62% Tallinder 4.1 0.0
Polska 4.1 0.0
Europa 0.0 0.0 0.0 0% CIS 0.0 0.0 0.0 0% Outlets 12.6 12.6 0.1 1% Poland 11.6 10.3
Europe 0.2 0.2 0.0 0% CIS 0.8 2.1 1.4 172% TOTAL 920.7 1,001.4 80.6 9%
31.12.2016 2017 TARGET
YoY Reserved 461 468 7 2% Poland 236 232
Europe 116 118 2 2% CIS 103 112 9 9% ME 6 6 0% Cropp 379 381 2 1% Poland 219 211
Europe 68 69 1 1% CIS 92 101 9 10% House 330 335 5 2% Poland 212 207
Europe 51 52 1 2% CIS 67 76 9 13% Mohito 290 294 4 1% Poland 166 160
Europe 57 53
CIS 67 81 14 21% Sinsay 198 232 34 17% Poland 142 151 9 6% Europe 26 33 7 27% CIS 30 48 18 60% Tallinder 9
Poland 9
Europe 0% CIS 0% Outlets 36 35
Poland 33 30
Europe 1 1 0% CIS 2 4 2 100% TOTAL 1,703 1,745 42 2%
35
G L O B A L A S P I R A T I O N S
Reserved dev evelopment in 3Q17 res esulted fr from: (1) ) fla flagship opening in in Lo London an and (2 (2) ) opening fir first sto stores in Se Serbia ia. .
Closing of
Cropp and Ho House sea seasonal stor stores and nd op
timisatio ion of
network beh ehind flo floorspace red eductio ion in n Pola
European co countries were th the le leaders of
floorspace gro growth in n 3Q17 due ue to to en entry on
two
new markets: Ser erbia and nd th the e UK UK.
CHA CHANGE IN IN FL FLOORSPACE BY BY BR BRANDS
(th ths m2 m2)
CHA CHANGE IN IN FL FLOORSPACE BY BY REG REGIONS
(th ths m2 m2) 933.7
+6.0 +3.6
939.9
939.9 933.7
+7.3 +2.2
+6.2 ths m2 +6.2 ths m2
36
G L O B A L A S P I R A T I O N S
PLN m 3Q16 3Q17 YoY LPP GROUP 1,488.4 1,812.8 21.8% Reserved PL 329.7 400.6 21.5% Reserved EX 331.1 424.7 28.3% Cropp PL 132.9 158.4 19.2% Cropp EX 113.5 143.2 26.2% House PL 125.8 133.3 5.9% House EX 63.3 71.7 13.1% Mohito PL 99.2 107.3 8.2% Mohito EX 93.2 92.7
Sinsay PL 88.0 115.6 31.4% Sinsay EX 32.1 49.6 54.6% E-commerce 31.6 74.8 136.6% Other 47.9 40.8
PLN m
1,813 1,488 +164 +55 +16 +8
PLN m
1,813 1,488
+168 +106 +56
+43
+45
REV REVENUE GROWTH BY BY REG REGIONS REV REVENUE GROWTH BY BY BR BRANDS
3Q16 Poland Europe CIS ME 3Q17
37
G L O B A L A S P I R A T I O N S
PLN m 9M16 9M17 YoY LPP GROUP 4,165.6 4,880.5 17.2% Reserved PL 971.4 1,070.6 10.2% Reserved EX 893.5 1,131.6 26.6% Cropp PL 355.2 383.1 7.8% Cropp EX 290.9 360.9 24.1% House PL 353.3 353.9 0.2% House EX 168.8 190.5 12.9% Mohito PL 286.4 314.1 9.7% Mohito EX 238.9 281.9 18.0% Sinsay PL 243.9 303.5 24.4% Sinsay EX 81.7 122.4 49.9% E-commerce 100.2 214.4 114.0% Other 181.4 153.6
PLN m
4,881 4,166 +337 +98 +22 +71
PLN m
4,881 4,166
+267 +245 +211
+114
+100
REV REVENUE GROWTH BY BY REG REGIONS REV REVENUE GROWTH BY BY BR BRANDS
38
G L O B A L A S P I R A T I O N S
9M 9M17 REV REVENUES BY BY RE REGIONS (PLN LN m) m) 9M 9M17 PUR URCHASES BY BY REG REGIONS (PLN LN m) m) TO TOP5 REV REVENUES BY BY CO COUNTRIES IN N 9M 9M17 17 (PLN LN m) m)
Pola land rem remains our ur most important mar arket. t.
Poland 55% Europe 21% CIS 23% ME 1%
China 52% Far East 40% Turkey 5% Poland 1% Other 2%
186 187 223 928 2,692 Germany Ukraine Czech Rep. Russia Poland
39
G L O B A L A S P I R A T I O N S 1,534 1,750 375 488 9M16 9M17 Costs of stores HQ
Costs of f sto stores en encompass co cost sts of f own sto stores (rentals, per ersonnel and and oth ther) as as wel ell as as co cost sts of f fr franchise sto stores in Pol
tores in th the e Middle Ea East and Be Belarus do
not t ha have any ma material ef effect on
G&A co costs sts.
Costs of
stores YoY
growth th in 3Q1 Q17 due ue to to hi higher YoY
floorspace, appreciation of
ubble ve versus zlo zloty and nd ne new sto store in Lo
Fall in n co cost sts of
franchise sto stores in n Pol
ue to to sw switc itch to to co company ow
stores.
HQ co costs sts YoY
growth in 3Q1 Q17 due ue to to dev evelopment t of
ct dep epartments, , fu further e-commerce exp expansion and
marketin ing co costs ts rel elated to to Lo London opening.
SG SG&A COS COSTS
(PLN LN m) m) +14% YoY +32% YoY 1,909 2,238
SG SG&A COS COSTS
(PLN LN m) m)
409 434 444 493 476 521 537 546 573 581 596 103 90 103 115 119 131 125 153 146 163 179 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Costs of stores HQ
40
G L O B A L A S P I R A T I O N S
OTH OTHER OPE OPERATING ACT ACTIVITY NET ET FINA FINANCIAL L ACT ACTIVIT ITY
PLN m 3Q16 3Q17
OTHER OPERATING REVENUES 7.4 4.8 Inve ventory ex excess ss 4.0 4.1 Gain on sale of asse sets, s, write-ups 3.6
OTHER OPERATING COSTS 41.0 15.3 Write-offs 22.0
Inve ventory losse sses 13.7 11.5 Do Donations and other 3.8 4.0
OTHER OPERATING ACTIVITY
PLN m 3Q16 3Q17
FINANCIAL REVENUES
13.5 FX gains
12.3 Interest 0.0 1.3 FINANCIAL COSTS 6.1 2.2 FX losses 0.0 0.0 Interest 5.6 1.9 Fees and charges 0.4 0.4
NET FINANCIAL ACTIVITIES
11.2
Lo Lower oth ther oper erating co costs sts due to to la lack of f PLN LN 24. 24.6m wr writ ite-offs and provisions for for clo closing dow
Tallinder brand cr created in 3Q 3Q16. PLN LN 12 12.3m m of
FX ga gains (3Q16: PLN LN 1.9m m loss losses), ou
t of
whic ich PLN LN 4.7m m of f ga gain ins on rubble an and hryvna (3Q16: : PLN LN 9.6m m los losses), PLN LN 4.4m loss losses on
US$ (3Q16: PLN LN 13 13.5m m ga gain ins) ) and nd PLN LN 12 12.0m m ga gains on
currencies (EUR, RO RON, HU HUF, CZK CZK).
41
G L O B A L A S P I R A T I O N S
OTH OTHER OPE OPERATING ACT ACTIVITY NET ET FINA FINANCIAL L ACT ACTIVIT ITY
PLN m 9M16 9M17
OTHER OPERATING REVENUES 21.1 32.9 Inve ventory ex excess ss 12.0 10.5 Gain on sale of asse sets, s, write-ups 7.4 17.3 OTHER OPERATING COSTS 76.6 51.4 Write-offs 29.6 11.1 Inve ventory losse sses 35.2 39.8 Do Donations and other 7.9 11.8
OTHER OPERATING ACTIVITY
PLN m 9M16 9M17
FINANCIAL REVENUES 9.4 22.2 FX gains 8.7 17.8 Interest 0.5 4.2 FINANCIAL COSTS 20.0 12.0 FX losses 0.0 0.0 Interest 17.4 10.0 Fees and charges 2.5 2.0
NET FINANCIAL ACTIVITIES
10.1
Hi Higher ot
evenues due ue to to ne new inventory ma management pol
Lower YoY
level of
ing co cost sts due ue to to la lack of
ite-offs and nd provisions for for clo closing dow
the e Ta Tallinder brand whic ich (PLN 24.6 24.6m in 3Q 3Q16). PLN LN 17 17.8m m of
FX ga gains (9M 9M16 16: PLN LN 8.7m m ga gains), ou
t of
whic ich PLN LN 9.0m m of f loss losses on rubble and and hryvna (9M 9M16 16: : PLN LN 4.9m m ga gain ins), PLN LN 22 22.7m m ga gain ins on
US$ (9M 9M16 16: PLN LN 5.2m m ga gain ins) ) and PLN LN 4.1m m ga gain ins on
currencies (EUR, RO RON, HU HUF, CZ CZK). ).
42
G L O B A L A S P I R A T I O N S
PLN m 4Q15 4Q16 1Q16 1Q17 2Q16 2Q17 3Q16 3Q17 YoY Revenues 1,575.0 1,853.4 1,174.8 1,362.3 1,502.4 1,705.4 1,488.4 1,812.8 21.8% Gross profit on sales 862.8 941.7 541.8 620.6 749.7 964.4 700.6 888.7 26.8% Gross profit margin 54.8% 50.8% 46.1% 45.6% 49.9% 56.5% 47.1% 49.0% 1.9p.p. SG&A costs 608.9 699.6 595.3 719.2 651.7 743.8 662.2 775.0 17.0% Other operating line
EBIT 235.4 199.1
86.5 207.6 4.8 103.1 2,046.7% EBIT margin 14.9% 10.7%
5.8% 12.2% 0.3% 5.7% 5.4p.p. Net financial activity
2.4 1.4
11.2 Pre-tax profit 193.4 177.4
88.9 209.0
114.3 n/m Tax 21.0 20.4
5.5
35.8 3.2 29.3 Net income 172.3 157.0
89.8 173.3
85.1 n/m Net income margin 10.9% 8.5%
6.0% 10.2%
4.7% 5.1p.p.
43
G L O B A L A S P I R A T I O N S
ing cas cash flo flow ext extending th the e payment ter terms for for sup suppliers, ye yet t hi higher YoY
.
nvestin ing cas cash flo flow hi higher YoY
capex, , op
stores in prestig igious loc locatio ions (es especially Lo Lond ndon) ) and nd payments fo for stor stores op
nd mo modernised in n 2Q 2Q17.
Financing cas cash flo flows low lower usa usage of
ebt t due ue to to str strong op
ing cas cash flo flows.
LN 1. 1.6bn bn in n op
cred edit t lin lines use used fo for lett letters of
credits ts, gu guarantees and nd ov
ts.
3Q 3Q17 CA CASH GEN ENERATION
(PLN LN m) m)
3Q 3Q17 CA CASH FL FLOW OWS
(PLN LN m) m) 435 +114 256 +72
101 129
47
3Q16 3Q17 Operating CF Investing CF Financing CF Total CF
44
G L O B A L A S P I R A T I O N S
growth in fi fixed ass ssets due ue to to ne network dev evelopment t and nd investments in HQ HQs. .
igher YoY intangibles, due to to investments ts in co concept t stor stores of
five brands and IT T ou
tlays.
ncrease in inventory due ue to to hi higher YoY
level of
AW co coll llectio ion.
growth in rec eceivables due ue to to sel sell-off of
tory to to th thir ird part artie ies in li line with th the e new polic licy. .
trade li liabilitie ies YoY
nd YoY
fall in n sho short- ter term deb ebt t due ue to to ne new sup supply ch chain fin financing pol
icy.
PLN m 30.09.2016 31.12.2016 30.09.2017 Non-current assets 1,797.8 1,838.7 1,855.9 fixed asset ets 1,260.3 1,291.3 1,294.5 int ntangible les (inc. goo
dwill ll) 325.9 330.6 344.2 Current assets 1,954.7 1,839.3 2,203.6 inve nvento tory 1,438.3 1,164.1 1,637.1 trade rec eceivable les 112.8 165.4 181.5 cash h and nd equ quivale lents ts 265.9 365.8 256.4 Total assets 3,752.4 3,677.9 4,059.4 Equity 1,913.0 2,134.7 2,184.0 Long-term liabilities 292.3 267.3 233.6 int nterest bea earing g deb ebt 223.5 195.0 155.2 Short-term liabilities 1,547.2 1,275.9 1,641.8 trade liabi bili liti ties 808.5 881.1 1,415.6 int nterest bea earing g deb ebt 689.4 315.1 112.1 Total liabilities 3,752.4 3,677.9 4,059.4
45
G L O B A L A S P I R A T I O N S
493 627 560 754 538 666 661 828 614 763 825
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
CUSTOMER Women, , men en and nd chi hild ldren. YEAR OF LAUNCH 1998 1998 BRAND CONCEPT An n anch nchor brand with th a broad
ustomer base and nd wide de range ge of
tion
STORE CONCEPT Lack ck of
edicate ted zon
es allows for a smooth th transition
etween n women, , men en and nd chi hild ldren area
de, , open
nd transpa parent storefront cou
led with th comfo fortabl ble, , large ge and nd spacious fitt tting g roo
MARKETING Adve Advertised by y int nternational l stars (Kate Mo Moss, , Geo eorgia Ma May y Jagg gger, , Brookly lyn Bec eckham).
3Q16 3Q17 YoY Number of stores 449 454 +5 Fl Floorsp space (ths ths m2 m2) 487,2 526,8 8% Ave verage store spa pace (m2) (m2) 1 085 1 160 7% Ave verage mo monthly sales (P (PLN/m2) 457 539 18%
REV REVENUES
(PLN LN m) m)
46
G L O B A L A S P I R A T I O N S
142 196 217 234 167 232 246 269 189 254 302
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
CUSTOMER Tee Teenagers – boys ys and nd girls ls. YEAR OF LAUNCH 2004 2004 BRAND CONCEPT A casual l str tree eetwear brand. STORE CONCEPT The he sho hopp pping space is des esigned d in n the e form
, garage and nd indu ndustrial l ha halls ls. Sto tores enco compass spe pecial l rel elax zon
es with th Pl PlayStati tion and nd table blets with th WiFi. Sho hop p window displa lays are e equi quipped with th mode
ultimedia. MARKETING Pa Partner of
vents ts for
tists and nd str treet et art.
3Q16 3Q17 YoY Number of stores 375 373
Fl Floorsp space (ths ths m2 m2) 116,7 121,4 4% Ave verage store spa pace (m2) (m2) 311 325 5% Ave verage mo monthly sales (P (PLN/m2) 701 828 18%
REV REVENUES
(PLN LN m) m)
47
G L O B A L A S P I R A T I O N S
127 160 170 216 144 189 189 245 159 181 205
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
CUSTOMER Tee Teenagers (bo boys and nd girls ls) who ho like brave fashion cho hoices. YEAR OF LAUNCH 2001 2001 (in LPP’s Group since ce 4Q08 4Q08). ). BRAND CONCEPT Urban fashion
d with th fol
nd vintage ele lements ts. STORE CONCEPT The he int nterior of
e store is ins nspired by y mus usic ins nstruments and nd pos
mus usic and nd art t rel elated d det etails
esh loo
is obta
y us usage ge of
den ele lements ts and nd glass & & met etal l lamps. MARKETING Pa Participates in n mult ultiple le artistic eve vents (es especially ly mus usic rel elate ted). Com
is is based on
nsights and nd hum humour.
3Q16 3Q17 YoY Number of stores 326 324
Fl Floorsp space (ths ths m2 m2) 103,8 105,6 2% Ave verage store spa pace (m2) (m2) 318 326 2% Ave verage mo monthly sales (P (PLN/m2) 600 648 8% 8%
REV REVENUES
(PLN LN m) m)
48
G L O B A L A S P I R A T I O N S
CUSTOMER Youn
YEAR OF LAUNCH 2008 2008 (in LPP’s Group since 4Q08 4Q08) BRAND CONCEPT A brand tha hat com
nd ele legance for
usiness and nd info nformal l mee eeti tings gs. STORE CONCEPT Con
cept rela lates to
legance and nd bea eauty. The The ce centr tre of
he store is bright t and nd is sur urrounded by y a darker envi vironment. MARKETING Anj Anja Ru Rubi bik created a limited colle
n for
AW14/15. Zuz Zuzanna Bijoch wa was the he face ce of
AW15/16 colle llecti tion
Top-model el Anna nna Jagodzińska adv dvertised SS16 6 colle
tion, whi hile le Magdalena Frąckowiak the AW16/17 colle llecti tion
3Q16 3Q17 YoY Number of stores 288 285
Fl Floorsp space (ths ths m2 m2) 97,6 98,5 1% Ave verage store spa pace (m2) (m2) 339 346 2% Ave verage mo monthly sales (P (PLN/m2) 657 674 3% 3%
REV REVENUES
(PLN LN m) m)
115 146 151 175 150 183 192 211 184 212 200
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
49
G L O B A L A S P I R A T I O N S
CUSTOMER Tee Teenagers – girls ls only.
YEAR OF LAUNCH 2013 2013 BRAND CONCEPT Cloth thes for
very day y ins nspi pirations and nd
l party outfi
. The The brand d stands out
for
l T-shirts ts with th extr traordinary prints ts. STORE CONCEPT Fres esh and nd ed edgy int nter eriors yet et mono
tic to
fferenti tiate from colo
l clothes es sold.
elli ling area ea divi vide ded int nto
nd whi hite parts. MARKETING Focu cus on
cial l med
The brand d co-
th youn
nflu luencers and nd mode
t yea ear Karoli lina Pi Pisarek and nd Ale leksandra Kowals lska wer ere the he brand’s face ces.
3Q16 3Q17 YoY Number of stores 185 213 +28 Fl Floorsp space (ths ths m2 m2) 65.2 76.0 17% Ave verage store spa pace (m2) (m2) 352 357 1% Ave verage mo monthly sales (P (PLN/m2) 626 748 19%
REV REVENUES
(PLN LN m) m)
58 83 83 105 88 117 120 135 112 149 165
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
50
G L O B A L A S P I R A T I O N S
Poland Ret Retail sales in Poland and other sales s of LPP PP SA. CE CEE Reg Region including: : Czech Rep Republic, , Slovakia, , Hungary. Baltic Reg Region including: : Lithuania, , Latvi via, , Estonia. CIS IS Reg Region including: : Ru Russi ssia, , Uk Ukraine, Bel elarus and from 2018 also so Kazakhstan. SEE Reg Region including: : Bulgaria, , Rom Romania, , Croatia, , Serbia, , while from 2018 also so Slovenia. WE WE Reg Region including Ger Germany and the e UK UK. ME ME Reg Region including: : Egyp ypt, , Qa Qatar, , Kuwait, , UAE UAE, , while from 2018 also so Israel. . Un Until mi mid-2017 the e regi egion also so en encompass ssed Saudi Arabia. Europe Reg Region including: CEE, , Baltic, , SEE and WE. EBI BITDA EBI BIT + depr depreciation from cash sh flow statement. Ave verage mo monthly reve evenues/m2 /m2 Re Reve venues of seg egment or brand / average working total floorsp space / 3. Ave verage mo monthly cost sts of own stores/m2 /m2 Qu Quarterly cost sts s of own stores / ave verage working floorsp space of own stores s (ie ie. . excluding all franchise stores which repr epresent c. . 5.5% of the e working floorsp space) / 3. Ave verage mo monthly SG&A PLN/m /m2 Qu Quarterly SG SG&A cost sts/ / ave verage working total floorsp space excluding stores located in ME and Belarus / 3. Inve ventory/ / m2 m2 End of per period gr group inve ventory/ / total floorspace without franchise se stores in ME and Bel elarus.
GDANSK HEADQUATERS
LPP SA
80-769 Gdansk, Poland
Fax.+48 58 76 96 909 Email: lpp@lppsa.com
CRACOW BRANCH
LPP SA
30-733 Cracow, Poland
LOGISTICS CENTRE
LPP SA
83-800 Pruszcz Gdanski, Poland
MEDIA CONTACT
Email: media@lppsa.com
IR CONTACT
Email: LPP.investor.relations@lppsa.com