CR 38/2017 Conditional registration of LPP SA series L shares in the National Depository of Securities

Conditional registration of LPP SA series L shares in the National Depository of Securities          

                                               
Current report no.: 38/2017

Date: 15.09.2017; 13:16

 

The Management Board of LPP SA hereby informs that on 15 September 2017 the company acquired information on the Resolution No. 600/2017 issued by the Management Board of the  National Depository of Securities on 14 September 2017, which states that the NDS Management Board resolves to accept to the National Securities Depository 13,132 (thirteen thousand one hundred and thirty two) ordinary series L bearer shares of LPP SA of the nominal value of PLN 2.00 (two zlotys) each, issued under the conditional share capital increase pursuant to Resolution No. 22 of the Annual General Meeting of the Company’s Shareholders of 27 June 2011 as amended and mark them with the code PLLPP0000011.

The registration will take place on condition that the company operating the regulated market has decided to introduce these shares to trading on the same regulated market where there were introduced other LPP SA shares marked with the code PLLPP0000011.

The Resolution No. 600/2017 came into force on the date of its adoption.

 

CR 38 2017 – Conditional registration of LPP SA series L shares in the National Depository of Securities

CR 36/2017 Revenues from sales generated by LPP SA Capital Group in August 2017

Revenues from sales generated by LPP SA Capital Group in August 2017       

                                                                              
Current report no.: 36/2017

Date: 01.09.2017, 12:17

 

The Management Board of LPP SA hereby informs that consolidated revenues from sales of LPP SA Capital Group generated in August 2017 totalled about PLN 557 million and were higher about 13% in comparison with the revenues generated in August 2016.

In the period between January and August 2017 consolidated revenues from sales totalled PLN 4 276 million and were higher about 15% as compared with the revenues generated in the corresponding period in the previous year.

Estimated gross margin on sales would be 47% and was higher to gross margin on sales achieved in August in the previous year about 2 percentage point.

The E-commerce revenues from sales in August 2017 totaled about PLN 18,3 mln and were higher about 80% in comparison to August 2016. In the period January – August 2017 the E-Commerce revenues from sales totaled about 186 mln PLN and were higher by 111% year over year.

The commercial space of stores was about 929 thousand square meters at the end of August 2017, and was about 6% higher as compared with the commercial space of stores at the end of August 2016.

CR 36 2017 – Revenues from sales generated by LPP SA Capital Group in August 2017

CR 35/2017 Conclusion of an agreement on cooperation

Conclusion of an agreement on cooperation

                                                                                              
Current Report No.: 35/2017

Date: 24.08.2017; 17:01

 

The Management Board of LPP SA (the Issuer) hereby informs that on August 24, 2017 the Issuer and a company H&O Fashion Chains Ltd, based in Israel signed an agreement on cooperation on a franchise basis.

Under the agreement in 2018, the first three RESERVED stores in Israel will be opened.

The conclusion of the above-mentioned agreement is part of the implementation of the strategy of LPP Capital Group assuming expansion into new markets.

CR 35 2017 – Conclusion of an agreement on cooperation

CR 34/2017 The information on dividend

The information on dividend  


Current report no.: 34/2017

Date: 11.08.2017, 16:10 pm

 

With reference to CR 24/2017 dated 19 June 2017 and CR 33/2017 dated 11 August 2017, the Management Board of LPP SA informs that, as a result of converting 13,132 warrants into shares in the Company, the value of the dividend per share for 2016 will amount to PLN 35.74.

The dividend date will be 4 September 2017 and the dividend payment date will be 20 September 2017.

 

CR 34 2017 – The information on dividend

CR 33/3017 Notice of the change in the rights attached to the Issuer’s securities

Notice of the change in the rights attached to the Issuer’s securities

 

Current report no.: 33/2017

Date: 11.08.2017; 16:06 pm

 

The Management Board of LPP SA in Gdansk (the “Issuer”) announces that on 11 August 2017, it received information about conversion of the rest part of series A subscription warrants into series L shares in the share capital of LPP SA as indicated below:

1) indication of the Issuer’s securities with attached rights subject to conversion, including their number

Authorized entity exercised its right attached to 13,132 (thirteen thousand one hundred and thirty-two) series A subscription warrants to convert them into 13,132 (thirteen thousand one hundred and thirty-two) series L shares in the Issuer’s share capital.

2) legal basis for the action taken as well as the content of resolutions of the Issuer’s competent authorities, pursuant to which the conversion of the rights of the Issuer’s securities took place

Conversion of series A subscription warrants into series L ordinary bearer shares, with a nominal value of PLN 2 (two zloty) each, in the Issuer’s share capital is made under the conditional share capital increase made pursuant to:

  • provision Section 51.1(b), Section 51.3, Section 51.6 and Section 51.7 of the Articles of Association,
  • Resolution 27 of Annual General Meeting of LPP SA dated 27 June 2011 regarding: (i) the issue of series A subscription warrants with the right to acquire series L shares, (ii) conditional share capital increase, (iii) exclusion of pre-emptive rights to series A subscription warrants and pre-emptive rights to series L shares, (iv) authorisation for the Company ‘s authorities, (v) amendment to the Articles of Association,
  • Resolution 24 of the Annual General Meeting of LPP SA dated 26 June 2015 regarding the amendment of Resolution 22 of the Annual General Meeting of LPP SA dated 27 June 2011 regarding: (i) the issue of series A subscription warrants with the right to acquire series L shares, (ii) conditional share capital increase, (iii) exclusion of pre-emptive rights to series A subscription warrants and pre-emptive rights to series L shares, (iv) authorisation for the Company ‘s authorities, (v) amendment to the Articles of Association,
  • Resolution 21 of the Annual General Meeting of LPP SA dated 27 June 2011 regarding the adoption of the incentive programme for key managers of the Company for the years 2011-2014,
  • Resolution 23 of the Annual General Meeting of LPP SA dated 26 June 2015 regarding the amendment of Resolution 21 of the Annual General Meeting of LPP SA dated 27 June 2011 regarding the adoption of the incentive programme for key managers of the Company for the years 2011-2014,

Exercise of the rights attached to the series A subscription warrants to series L bearer ordinary shares requires no additional resolutions issued by the Issuer’s authorities, except for the adoption of a resolution of the Issuer’s Management Board specifying the amount of share capital following the conversion. After the entitled entity announced its acquisition of 13,132 L series shares in exchange for the owned 13,132 series A subscription warrants, the Issuer’s Management Board adopted a resolution specifying the amount of share capital and the respective modification of the Articles of Association as follows:

“In connection with the share capital increase through the issue of Series L Shares, under the conditional share capital increase referred to in Section 51.1(b) of the Articles of Association, by converting part of Subscription Warrants into Series L Shares, the current wording of Section 5.1 and Section 5.2 of the Company’s Articles of Association is changed in such a way that they receive the following wording:

  1. The Company’s share capital amounts to PLN 3,704,846 (three million seven hundred four thousand eight hundred forty six zloty) and is divided into: 350,000 (three hundred fifty thousand) registered shares and 1,502,423 (one million five hundred two thousand four hundred twenty three) bearer shares with the nominal value of PLN 2.00 (two zloty) each.
  2. The Company has issued:
  • 100 (one hundred) series A bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 350,000 (three hundred and fifty thousand) series B registered shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 400,000 (four hundred thousand) series C bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 350,000 (three hundred and fifty thousand) series D bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 56,700 (fifty six thousand seven hundred) series E bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 56,700 (fifty six thousand seven hundred) series F bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 300,000 (three hundred thousand) series G bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 190,000 (one hundred and ninety thousand) series H bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 6,777 (six thousand seven hundred and seventy seven) series I bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 40,000 (forty thousand) series J bearer shares, with a nominal value of PLN 2.00 (two zloty) each,
  • 80,846 (eighty thousand eight hundred and forty six) series K bearer shares, with the nominal value of PLN 2.00 (two zloty) each,
  • 21,300 (twenty-one thousand three hundred) series L bearer shares, with a nominal value of PLN 2.00 (two zloty) each.”

3) full description of the rights attached to shares before and after the conversion in terms of changes

Following the exercise of the right to convert 13,132 series A subscription warrants to the same number of series L ordinary bearer shares, the said subscription warrants expire and cease to exist, whereas the ordinary bearer shares are created in the Issuer’s share capital.

Increase of the share capital takes place upon acquisition, contributions and the issuance of shares, whereas notification to the registration court takes place after fulfilment these conditions. Following the conversion, the Issuer’s share capital amounts to PLN 3,704,846 (three million seven hundred four thousand eight hundred forty six zloty) and is divided into: 350,000 (three hundred fifty thousand) registered shares and 1,502,423 (one million five hundred two thousand four hundred twenty three) bearer shares. Hence, the total number of votes at the General Meeting amounts to 3,252,423 (three million two hundred fifty two thousand four hundred twenty three).

The new series L shares represent 1.06% (one and six hundredths percent) of the Issuer’s share capital and 0.4% (four tenth of a percent) of the total number of votes at the Issuer’s General Meeting.

The Issuer indicates that the rest portion – 8,168 series A subscription warrants have already been converted into the same number of series L shares (current report No. 02/2016 dated 8 January and current report No. 50/2016 dated 21 October 2016).

In consequence of the above, the right of conversion attached to all 21,300 A series subscription warrants has been exercised.

 

CR 33 2017 – Notice of the change in the rights attached to the Issuer’s securities

CR 32/2017 Selected preliminary consolidated financial data of LPP Capital Group for the second quarter and first half of 2017

Current report no.: 32/2017

Date: 04.08.2017; 18:40

 

Selected preliminary consolidated financial data of LPP Capital Group for the second quarter and first half of 2017

The Management Board of LPP SA hereby announces selected preliminary consolidated financial data of LPP SA Capital Group:

for the second quarter of 2017:

  • Sales revenues: PLN 1,705 million,
  • Gross profit on sales: PLN 964 million,
  • SG&A costs: PLN 742 million,
  • Operating profit (EBIT): PLN 208 million,
  • Net profit: PLN 173 million

for period from 01.01.2017 till 30.06.2017:

  • Sales revenues: PLN 3,068 million,
  • Gross profit on sales: PLN 1,585 million,
  • SG&A costs: PLN 1,461 million,
  • Operating profit (EBIT): PLN 99 million,
  • Net profit: PLN 56 million

Selected balance sheet data as at 30.06.2017:

  • Inventories: PLN 1,480 million (approx. PLN 1,617/m2)
  • Loan liabilities: PLN 424 million
  • Cash: PLN 436 million

The increase in sales revenue in the second quarter of 2017 was 13% compared with the same period last year, in the first half of 2017: 15%.

Sales in comparable stores (LFL) in local currencies in the second quarter of 2017 increased by 6.2%, and cumulatively for the first half of 2017 by 5.5%.

Trade margin in the second quarter was 56.5% and was higher by 6.6 pp year-on-year, and in the first half of 2017 was 51.7% – higher by 3.4 pp year-on-year.

Operating profit for the second quarter of 2017 amounted to PLN 208 million – higher by 140% year-on-year, in first half of 2017 amounted to PLN 99 million – higher by 340% year-on-year.

The balance of financial income and expenses in the second quarter of 2017 and in the first half of 2017 was negative and amounted to respectively: PLN 5 million and PLN 7 million.

In the second quarter of 2017 LPP Capital Group recorded a net profit of PLN 173 million, for period from 01.01.2017 till 30.06.2017 net profit of PLN 56 million.

The calculations of these data have been made according to the current knowledge of the Management Board.

Please also note that a detailed financial report will be published on 30th August 2017 after the verification of all data by the auditor.

 

CR 32 2017 – Selected preliminary consolidated financial data of LPP Capital Group for the second quarter and first half of 2017

CR 31/2017 Revenues from sales generated by LPP SA Capital Group in July 2017

Revenues from sales generated by LPP SA Capital Group in July 2017    


Current report no.: 31/2017

Date: 01.08.2017, 10:56

 

The Management Board of LPP SA hereby informs that consolidated revenues from sales of LPP SA Capital Group generated in July 2017 totalled about PLN 651 million and were higher about 22% in comparison with the revenues generated in July 2016.

In the period between January and July 2017 consolidated revenues from sales totalled PLN 3 720 million and were higher about 16% as compared with the revenues generated in the corresponding period in the previous year.

Estimated gross margin on sales would be 36% and was lower to gross margin on sales achieved in July in the previous year about 2 percentage point.

The E-commerce revenues from sales in July 2017 totaled about PLN 28,2 mln and were higher about 188% in comparison to July 2016. In the period January – July 2017 the E-Commerce revenues from sales totaled about 164 mln PLN and were higher by 110% year over year.

The commercial space of stores was about 927 thousand square meters at the end of July 2017, and was about 6% higher as compared with the commercial space of stores at the end of July 2016.

 

CR 31 2017 – Revenues from sales generated by LPP SA Capital Group in July 2017

CR 30/2017 Revenues from sales generated by LPP SA Capital Group in May 2017

Revenues from sales generated by LPP SA Capital Group in May 2017         


Current report no.: 30/2017

Date: 03.07.2017, 13:53

 

The Management Board of LPP SA hereby informs that consolidated revenues from sales of LPP SA Capital Group generated in June 2017 totalled about PLN 627 million and were higher about 13% in comparison with the revenues generated in June 2016.

In the period between January and June 2017 consolidated revenues from sales totalled PLN 3 069 million and were higher about 15% as compared with the revenues generated in the corresponding period in the previous year.

Estimated gross margin on sales would be 52% and was higher to gross margin on sales achieved in June in the previous year about 5 percentage point.

The E-commerce revenues from sales in June 2017 totaled about PLN 34,3 mln and were higher about 105% in comparison to June 2016. In the period January – June 2017 the E-Commerce revenues from sales totaled about 136 mln PLN and were higher by 99% year over year.

The commercial space of stores was about 933 thousand square meters at the end of June 2017, and was about 7% higher as compared with the commercial space of stores at the end of June 2016.

Additionally, the Company reports that since Q3 2017, it has started to hedge USD/PLN exchange rate by entering into forward contracts. The transaction is to minimise the level of exchange differences recognised in profit and loss positions in financial revenues and expenses (below the operating profit).

The Company has started to hedge the exchange rates for USD payments to suppliers – in the period between incurring a financial liability (booking of invoice from the supplier) and the invoice payment date. According to the accepted model the hedge of any USD payment will amount to 70% of its volume.

Forward foreign exchange contracts entered into by the Company will be settled with actual currency delivery. The first transactions were completed at the end of June to hedge payments to suppliers falling for the Q3 and Q4 2017.

The amount of the hedged items on the balance sheet as at 30.06.2017 is USD 123 million.

 

CR 30 2017 – Revenues from sales generated by LPP SA Capital Group in June 2017

CR 29/ 2017 Annexes to significant agreements

Annexes to significant agreements      


Current report no: 29/2017

Date: 28 June 2017

Hour: 3:27 pm

 

The Management Board of LPP SA informs that, on 28 June 2017, LPP SA and HSBC Bank Polska SA signed an annex to the letter of credit line agreement dated 1 July 2015.

Under the said annex, the limit has been increased from USD 15 million to USD 30 million and the current utilisation period has been prolonged by 29 June 2018.

Additionally, the Company and HSBC Bank Polska SA signed an annex to the agreement on the  availability of a guarantee credit line up to GBP 5 mln, with an availability period ending on 29 June 2018.

 

CR 29 2017 – Annexes to the master agreements