1H of 2017

Coments of The Management Board

The first half of 2017 is over - it was the period of the biggest changes in the Company in a decade.

On 16 February 2017, the Company signed a tripartite agreement with INTERSPORT Deutschland eG and INTERCONTACT Beteiligungsgesellschaft mbH to settle mutual obligations, enabling the Company to acquire additional funds - through the issuance of F series shares, improving the amount and structure of share capital - for further development and implementation. Strategic goals and further development of the INTERSPORT brand in Poland.

 On 9 March 2017, the Company concluded with IIC - INTERSPORT International Corporation GmbH, based in Bern, the following agreements: 1. INTERSPORT license agreement; 2. The license agreement for own brands and 3. Agency contract for purchases. Based on the agreements concluded with IIC, INTERSPORT Polska SA, as the licensee, obtained directly from IIC: (i) the exclusive right to use, in the territory of the Republic of Poland, the protected trademark INTERSPORT for the services and products for which the trademark was registered; (ii) exclusivity for the importation, promotion, dissemination, advertising and sale on the territory of the Republic of Poland of goods and services offered by IIC which are marked with other registered trademarks of IIC, own brands INTERSPORT; (iii) the exclusive right to develop a network of own sports shops as well as a franchise network under INTERSPORT; (iv) the right to purchase goods labeled with INTERSPORT's own brand directly from their manufacturers through the agent's agent, IIC.

 On 24 March 2017 the direct License Agreements and Agency Agreement concluded with IIC-INTERSPORT International Corporation GmbH entered into force and the Management Board of the Company adopted a resolution on the implementation of the "New Business Model IPL" (RB No. 25/2017) , which will affect improvement the market position and financial results of the Company.

 In April 2017, the Company completed the private subscription of series F. As a result of the private placement of  17 million PLN the Company entered into agreements to acquire 8,947,366 Series F shares. At present, the Company applied to float the above shares. Also in April 2017, the Company changed the financing bank - Raiffeisen Bank Polska Shareholding Company with its registered office in Warsaw replaced DNB Bank Polska after signing a credit agreement and debt limit agreement. In May this year the Company has signed relevant annexes to contracts with two other banks: Alior Bank SA and Bank Zachodni WBK SA All these changes allowed us to increase the financing of the Company's operations.

 Behind us are some very important changes that gave rise to the implementation of the "New Business Model of the Company". We face two stages in the implementation of the new model - the autumn of 2017 as the first stage of implementation and 2018 - the achievement of the full effect of the change.

 The year 2017 is a transitional period in which the Company changes its model of stocking the stores. In the new business model, INTERSPORT Polska has already started the process of ordering high-margin own brands of INTERSPORT directly from manufacturers (without intermediary) - the first deliveries on new terms will start in autumn 2017, and the full effect of the changes will be visible starting from the spring of 2018.


Załączniki
sport to the people