Market announcement
AS Silvano Fashion Group
Category
Management interim statement or quarterly financial report
Date
26.11.2007 09:03:16
Title
SFG: 2007. a kolmanda kvartali ja üheksa kuu konsolideeritud majandustulemused
Message
2007. a kolmanda kvartali ja üheksa kuu konsolideeritud majandustulemused
2007. a kolmandas kvartalis oli ASi Silvano Fashion Group puhaskasum 16,5
miljo-nit krooni (1,1 miljonit eurot), mis võrreldes eelmise aasta kolmanda
kvartaliga suurenes 11,7 miljoni krooni (0,8 miljoni euro) võrra. Selle aasta
kolmanda kvartali netomarginaal on 4,2% (2006. a kolmandas kvartalis 12,0%).
Kolmanda kvartali müügikäive oli 397,9 miljonit krooni (25,4 miljonit eurot)
ning kontserni brutomarginaal 2007. a kolmandas kvartalis ulatus 40,2%-ni, samas
kui 2006. a kolmandas kvartalis oli see 41,9%. Hinnalisand ulatus 13,3%-ni
(2006. a kolmandas kvartalis 12,9%) ja tegevuskasum oli 53,1 miljonit krooni
(3,4 miljonit eurot), samas kui 2006. a kolmandas kvartalis oli see 5,2 miljonit
krooni (0,3 miljonit eurot).
ASi Silvano Fashion Group üheksa kuu müügi kogukäive oli 1 177,1 miljonit krooni
(75,2 miljonit eurot), olles kasvanud 11,7 korda võrreldes 2006. a üheksa kuuga.
Kontserni üheksa kuu brutomarginaal ja hinnalisand olid vastavalt 42,6% ja 23,7%
(2006. a üheksa kuu vastavad näitajad 44,1% ja 9,0%). 2007. a üheksa kuu
tegevuskasum oli 279,2 miljonit krooni (17,8 miljonit eurot), samas kui 2006. a
üheksa kuu tegevuskasum oli 9,0 miljonit krooni (0,6 miljonit eurot). 2007. a
üheksa kuu puhaskasum moodustas 162,8 miljonit krooni (10,4 miljonit eurot) ja
netomarginaal oli 13,8% (2006. a üheksa kuu netomarginaal 7.8%).
Müügitulu
Müügikäive toodete/teenuste kaupa
Võrreldes 2006. a üheksa kuuga suurenes 2007. a naisterõivastest saadud üheksa
kuu müügitulu 24,2 miljoni krooni (1,6 miljoni euro) võrra ja moodustas 9,1%
kontserni müügitulust (2006. a üheksa kuud 82,5%). 2007. a üheksa kuu pesumüügi
käive oli 1044,1 miljonit krooni (66,7 miljonit eurot), mis moodustas 88,7%
kontserni müügi kogutulust. Allhanketeenuste müügikäive suurenes 7,9 miljoni
krooni (0,5 miljoni euro) võrra võrreldes 2006. a sama perioodiga. 2007. a
üheksa kuu allhanketeenuste käive oli 25,5 miljonit krooni (1,6 miljonit eurot),
mis moodustas 2,2% kontserni müügi kogutulust.
Müügikäive tegevusalade kaupa
--------------------------------------------------------------------------------
| | 2007. | 2006. | Muutu | 2007. | 2006. | Muutu | 2007. a | 2006. a |
| | a | a | s | a | a | s | üheksa | üheksa |
| | üheks | üheks | Miljo | üheks | üheks | Miljo | kuud | kuud |
| | a | a | nit | a | a | nit | Protsen | Protsen |
| | kuud | kuud | kroon | kuud | kuud | eurot | t | t |
| | Miljo | Miljo | i | Miljo | Miljo | | müügikä | müügikä |
| | nit | nit | | nit | nit | | ibest | ibest |
| | kroon | kroon | | eurot | eurot | | | |
| | i | i | | | | | | |
--------------------------------------------------------------------------------
| Naisterõ | 107,5 | 83,3 | 24,2 | 6,9 | 5,3 | 1,6 | 9,1% | 82,59% |
| ivad | | | | | | | | |
--------------------------------------------------------------------------------
| Naistepe | 1 | - | 1044, | 66,7 | - | 66,7 | 88,7% | - |
| su | 044,1 | | 1 | | | | | |
--------------------------------------------------------------------------------
| Allhanke | 25,5 | 17,6 | 7,9 | 1,6 | 1,1 | 0,5 | 2,2% | 17,59% |
| teenused | | | | | | | | |
| ja muu | | | | | | | | |
| müük | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 1177, | 100,9 | 1076, | 75,2 | 6,4 | 68,8 | 100,0% | 100,00% |
| | 1 | | 2 | | | | | |
--------------------------------------------------------------------------------
Müügikäive turgude kaupa
Naisterõivad
Naisterõivaste müügikäive on kasvanud kõikidel turgudel. 2007. a üheksa kuuga on
läbimüük Eesti turul kasvanud 8,7 miljoni krooni (0,6 miljoni euro) võrra
võrreldes eelmise aasta sama perioodiga. Üheksa kuuga kasvas läbimüük Lätis
21,1% võrra, moodustades 22,9 miljonit krooni (1,5 miljonit eurot), ning Soomes
6,8% võrra, moodustades 17,0 miljonit krooni (1,1 miljonit eurot), seda
peamiselt tänu hulgimüügi suurenemisele Soomes. Tänu uutele PTA
jaemüügikauplustele Leedus kasvas müügitulu Leedus 2007. a üheksa kuuga 148% ja
moodustas 6,6 miljonit krooni (0,4 miljonit eurot). 2007. a kolmandas kvartalis
laienes rõivaäri Ukraina turule.
Naistepesu
Suurem osa naistepesu müügitulust 2007. a üheksa kuuga teeniti Venemaa turul
(571,0 miljonit krooni (36,5 miljonit eurot), moodustades 54,5% kogu 2007. a
üheksa kuu pesu läbimüügist). Müük Venemaal hõlmab nii jae- kui ka hulgimüüki.
Teine suurem pesumüügi piirkond on Valgevene, kus läbimüük moodustas 217,9
miljonit krooni (13,9 miljonit eurot), mis andis 20,8% kogu pesumüügi tulust
(sisaldades samuti nii jae- kui ka hulgimüüki). Kuna naistepesu on kontsernile
uus tegevusala, siis ei ole võimalik anda võrdlusnäitajaid eelmiste perioodide
kohta.
Naistepesu tootemarkide hulgas tõi 2007. a üheksa kuu jooksul põhimargi
Milavitsa müük 76,0% kogu naistepesu müügitulust ja moodustas 779,9 miljonit
krooni (49,9 miljonit eurot). Tootemargi Lauma müük moodustas 5,6% kogu
naistepesu müügikäibest, ulatudes 57,5 miljoni kroonini (3,7 miljoni euroni).
Teised tootemargid nagu Alisee, Aveline, Laumelle, Lauma Aqua, Laumelle Aqua ja
Bellita andsid 2007. a üheksa kuuga kokku 18,4% naistepesu müügi kogukäibest,
moodustades 188,9 miljonit krooni (12,0 miljonit eurot).
Müügi kogukäive turgude kaupa
--------------------------------------------------------------------------------
| | 2007. | 2006. | Muutus | 2007. | 2006. | Muutus | 2007. | 2006. |
| | a | a | Miljon | a | a | Miljon | a | a |
| | üheks | üheks | it | üheksa | üheksa | it | üheksa | üheksa |
| | a | a | krooni | kuud | kuud | eurot | kuud | kuud |
| | kuud | kuud | | Miljon | Miljon | | Protse | Protse |
| | Miljo | Miljo | | it | it | | nt | nt |
| | nit | nit | | eurot | eurot | | müügi- | müügi- |
| | kroon | kroon | | | | | käibes | käibes |
| | i | i | | | | | t | t |
--------------------------------------------------------------------------------
| Eesti | 126,8 | 52,1 | 74,7 | 8,1 | 3,3 | 4,8 | 10,8% | 51,6% |
--------------------------------------------------------------------------------
| Soome | 39,2 | 27,0 | 12,2 | 2,5 | 1,8 | 0,7 | 3,3% | 26,8% |
--------------------------------------------------------------------------------
| Läti | 37,3 | 19,1 | 18,2 | 2,4 | 1,2 | 1,2 | 3,2% | 18,9% |
--------------------------------------------------------------------------------
| Valgev | 217,9 | - | 217,9 | 13,9 | - | 13,9 | 18,5% | - |
| ene | | | | | | | | |
--------------------------------------------------------------------------------
| Ukrain | 72,9 | - | 72,9 | 4,7 | - | 4,7 | 6,2% | - |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| Venema | 571,0 | - | 571,0 | 36,5 | - | 36,5 | 48,5% | - |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | 112,0 | 2,7 | 109,3 | 7,1 | 0,1 | 7,0 | 9,51% | 2,7% |
| turud | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 1 | 100,9 | 1 | 75,2 | 6,4 | 68,8 | 100,0% | 100,0% |
| | 177,1 | | 076,2 | | | | | |
--------------------------------------------------------------------------------
Jaemüügi käive
Kontserni 2007. a üheksa kuu jaemüügi kogukäive oli 200,8 miljonit krooni (12,8
miljonit eurot), kasvades 3,6 korda võrreldes 2006. a üheksa kuuga.
Jaemüük toimus Eestis, Lätis, Venemaal, Valgevenes, Poolas, Leedus ja Ukrainas.
2007. a septembri lõpu seisuga haldas kontsern 94 jaemüügi kauplust
kogupindalaga 10 427 ruutmeetrit.
Naisterõivaste jaemüük toimus Eestis, Lätis, Leedus, Venemaal ja Ukrainas.
2007. a septembri lõpu seisuga oli kontsernil 23 naisterõivaste kauplust
müügipinnaga kokku 4 690 ruutmeetrit (30. septembril 2006. a 2 688 ruutmeetrit).
Naistepesu jaemüük toimus Venemaal, Valgevenes, Lätis, Leedus ja Poolas.
Septembris omandas Silvano Fashion Group AS (SFG) naistepesu kaupluste keti koos
16 jaemüügi kauplusega Leedus kogupindalaga 877 ruutmeetrit. Kauplused
tegutsesid peamiselt Amadea Line'i nime all.
Värskelt omandatud jaemüügi kauplustel olid kontserniga juba tihedad sidemed,
sest üle 40% tulust tuli Lauma Lingerie tootemarki kandvate toodete müügist.
Pärast omandamist hakkavad uued kauplused müüma ka Milavitsa tootemarki kandvat
naistepesu. Kaalutakse omandatud kaupluste ümbernimetamist.
Pärast omandamist oli kontsernil septembri lõpu seisuga 71 naistepesu tooteid
müüvat kauplust kogupindalaga 5737 ruutmeetrit.
2007. a üheksa kuu jooksul avati 23 uut kauplust: kümme naisterõivaste kauplust,
mis tegutsevad PTA nime all (viis Venemaal, kolm Leedus, üks Eestis ja üks
Ukrainas), ja kolmteist naistepesu poodi, mis tegutsevad Oblicie nime all
(kaksteist Venemaal ja üks Poolas). Leedus omandati 16 naistepesu poodi.
Kaupluste arv
--------------------------------------------------------------------------------
| | 30.09.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| Eesti | 8 | 7 |
--------------------------------------------------------------------------------
| Läti | 6 | 6 |
--------------------------------------------------------------------------------
| Poola | 8 | 7 |
--------------------------------------------------------------------------------
| Valgevene | 20 | 20 |
--------------------------------------------------------------------------------
| Venemaa | 32 | 15 |
--------------------------------------------------------------------------------
| Leedu | 19 | - |
--------------------------------------------------------------------------------
| Ukraina | 1 | - |
--------------------------------------------------------------------------------
| Kauplusi kokku | 94 | 55 |
--------------------------------------------------------------------------------
| Müügipind kokku, m2 | 10 427 | 6 997 |
--------------------------------------------------------------------------------
2007. a üheksa kuuga suurenes naisterõivaste müügitulu 47% võrreldes 2006. a ja
see moodustas 82,9 miljonit krooni (5,1 miljonit eurot). Jaemüügi kasvu toetas
eelmisel aastal samal perioodil olemasolevate kaupluste müügikäibe kasv ja
märkimisväärne kaupluste arvu suurenemine. Naisterõivaste jaemüügi kasv eelmisel
aastal samal perioodil olemasolevatel pindadel oli 13,1% võrreldes 2006. a
üheksa kuuga, kusjuures kasv Eestis oli 17%. Samade teenuste müügi kasv 2007. a
kolmandas kvartalis oli vaid 3,1% tulenevalt kahe poe remondist kolmandas
kvartalis. Müügiedukus (müügikäive ruutmeetri kohta) kahanes naisterõivaste
jaemüügiketis 2007. a üheksa kuuga 1% võrra. Müügiedukuse kerge vähenemine on
peamiselt põhjustatud uute kaupluste avamisjärgsest väiksemast müügiedukusest.
2007. a üheksa kuu naisterõivaste segmendi peamine eesmärk oli laiendada
jaemüügiketti Venemaale ja Leetu ning siseneda Ukraina jaemüügiturule 2007. a
kolmandas kvartalis.
Müügikäibe kasv Oblicie naistepesu jaemüügiketi kauplustes, mis on tegutsenud
kauem kui ühe aasta, on umbes 37,9%. Kontserni peamine eesmärk naistepesu
jaemüügis on avada uusi kauplusi Venemaal. Lisaks uutele turgudele suunatud
üldistele hooaja turustuskampaaniatele keskendus turustustegevus kampaaniatele,
mis toetasid laienemist Vene turul.
Kuna naistepesu müük on kontsernile uus tegevusala, siis ei ole võimalik esitada
võrdlusnäitajaid eelmiste perioodide kohta.
Hulgimüük
2007. a üheksa kuu hulgimüük moodustas 663,4 miljonit krooni (42,4 miljonit
eurot), andes 85,1% kontserni kogutulust. Peamised kontserni
hulgimüügipiirkonnad naistepesu osas olid Venemaa, Ukraina, Balti riigid ja
Valgevene ning naisterõivaste osas Soome ja Balti riigid. 2007. a üheksa kuuga
suurenes naisterõivaste hulgimüügi tulu 13,3% võrreldes 2006. a sama perioodiga
ja see moodustas 42,0 miljonit krooni (2,0 miljonit eurot).
Allhanketeenuste ja muude teenuste müük
Allhanketeenuste ja muude teenuste müügikäive ulatus 25,5 miljoni kroonini (1,6
miljoni euroni). Allhanketeenuste müük suurenes naisterõivaste segmendis
peamiselt tänu Soome turule. Käibe suurenemine 21,0% võrra võrreldes eelmise
aasta sama perioodiga tulenes peamiselt klientidele osutatud õmblustööde hinna
ja täisteenuse hinna tõusust.
Kasum
Kontserni 2007. a üheksa kuu brutomarginaal oli 42,6% (2006. a üheksa kuu
brutomarginaal 44,1%). 2007. a üheksa kuu brutokasum oli 501,8 miljonit krooni
(32,1 miljonit eurot), samas kui 2006. a üheksa kuu brutokasum oli 44,5 miljonit
krooni (2,8 miljonit eurot).
2007. a üheksa kuu tegevuskasum moodustas 279,2 miljonit krooni (17,8 miljonit
eurot), tuues kaasa tegevuskasumi marginaali 23,7% (2006. a üheksa kuu marginaal
9,0%). Tegevuskasumit mõjutasid kulud, mis tekkisid aktsiate noteerimisel
Varssavi börsil summas 7 miljonit krooni (0,5 miljonit eurot).
Kontserni 2007. a üheksa kuu puhaskasum (pärast maksude ja vähemusosaluste
mahaarvamist) oli 162,8 miljonit krooni (10,4 miljonit eurot). 2007. a üheksa
kuu puhaskasumi marginaal oli 13,8%, kusjuures eelmise aasta samal perioodil oli
see 7,8%.
Bilanss
Konsolideeritud bilansis on varade kogumaht seisuga 30. september 2007. a 1 089
miljonit krooni (69,6 miljonit eurot). Võrreldes eelmise aasta lõpuga on varade
kogumaht bilansis suurenenud 276,4 miljoni krooni (17,7 miljoni euro) võrra. Nii
varade kui ka kohustuste maht on suurenenud jaemüügi kiire laienemise ja uute
aktsiate emiteerimisest saadud finantside tõttu.
Septembri lõpu seisuga moodustasid kontserni varud 303,2 miljonit krooni (19,4
miljonit eurot), kusjuures vastav summa on 2006. a lõpuga võrreldes suurenenud
72,9 miljoni krooni (4,7 miljoni euro) võrra. Varude saldo suurenemine on seotud
tegevuse laiendamisega Venemaal ja teistel jaemüügi turgudel.
Nõuded ostjate vastu on suurenenud 42,1 miljoni krooni (2,7 miljoni euro) võrra,
ulatudes 153,8 miljoni kroonini (9,8 miljoni euroni). Ostjate vastu olevate
nõuete saldo on suurem tegevuse laiendamise tõttu, samuti teatud klientidega
sõlmitud lepingutes fikseeritud maksetähtaegade tõttu, mida muudeti selleks, et
säilitada konkurentsivõimet eelkõige SRÜ turgudel.
Võlad hankijatele on võrreldes eelmise aasta lõpuga suurenenud 35,1 miljoni
krooni (2,2 miljoni euro) võrra, moodustades 122,7 miljonit krooni (7,8 miljonit
eurot). Hankijatele võlgnetavate summade maht suurenes läbimüügi kasvu ja
kaupluste avamise tõttu.
2007. a septembri lõpu seisuga ulatusid kontserni laenud 26,4 miljoni kroonini
(1,7 miljoni euroni), olles aasta algusest alates vähenenud 3,5 miljoni krooni
(0,2 miljoni euro) võrra.
Investeeringud
2007. a üheksa kuu jooksul oli kontserni investeeringute kogusumma 117,8
miljonit krooni (7,5 miljonit eurot). Kokku 29,6 miljonit krooni (1,9 miljonit
eurot) investeeriti jaemüüki, muud investeeringud tehti seadmetesse ja
rajatistesse, et säilitada tõhusat tootmisprotsessi.
Personal
2007. a septembri lõpu seisuga oli kontsernil 3 490 töötajat, sealhulgas 436
töötajat, kes tegelevad jaemüügiga, ja 2302 töötajat, kes tegelevad tootmisega.
Ülejäänud töötajad on seotud hulgimüügi, haldustegevuse ja tugiteenustega.
2007. a üheksa kuu keskmine töötajate arv oli 3 375.
2007. a üheksa kuu kogu palgakulu moodustas 182,6 miljonit krooni (11,6 miljonit
eurot). Juhatuse ja nõukogu liikmetele maksti tasu kokku summas 1,4 miljonit
krooni (0,09 miljonit eurot).
Valitud majandustulemused (2007. a üheksa kuud)
--------------------------------------------------------------------------------
| Põhinäitajad ja suhtarvud | 30.09.2007 | 30.09.2006 | Muutus |
--------------------------------------------------------------------------------
| Müügi netokäive (miljonit krooni) | 1 177,1 | 100,9 | 1076,2 |
--------------------------------------------------------------------------------
| Aktsionäridele omistatav puhaskasum | 162,8 | 7,8 | 155,0 |
| (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi, makse ja | 307,4 | 13,1 | 294,3 |
| amortisatsiooni (EBITDA) (miljonit | | | |
| krooni) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi ja makse (EBIT) | 279,1 | 9,0 | 270,1 |
| (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Müügi netokäive (miljonit eurot) | 75,2 | 6,5 | 68,7 |
--------------------------------------------------------------------------------
| Aktsionäridele omistatav puhaskasum | 10,4 | 0,5 | 9,9 |
| (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi, makse ja | 19,6 | 1,3 | 18,3 |
| amortisatsiooni (EBITDA) (miljonit | | | |
| eurot) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi ja makse (EBIT) | 17,8 | 1,1 | 16,7 |
| (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Hinnalisand, protsent | 23,7% | 8,9% | - |
--------------------------------------------------------------------------------
| Netomarginaal, protsent | 13,8% | 7,8% | - |
--------------------------------------------------------------------------------
| ROA, protsent | 14,9% | 13,3% | - |
--------------------------------------------------------------------------------
| ROE, protsent | 18,5% | 40,1% | - |
--------------------------------------------------------------------------------
| Kasum aktsia kohta (EPS), kroonides | 4,23 | 4,02 | - |
--------------------------------------------------------------------------------
| Kasum aktsia kohta (EPS), eurodes | 0,27 | 0,26 | - |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 3,5 | 1,3 | - |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 2,1 | 0,5 | - |
--------------------------------------------------------------------------------
Aluseks võetud valemid:
Hinnalisand = tegevuskasum / müügitulu
Netomarginaal = emaettevõtja aktsionäridele omistatav puhaskasum / müügitulu
ROA (varade tootlus) = emaettevõtja aktsionäridele omistatav
puhaskasum / keskmine varade maht
ROE (omakapitali tootlus) = emaettevõtja aktsionäridele omistatav
puhaskasum / keskmine omakapital
EPS (kasum aktsia kohta) = emaettevõtja aktsionäridele omistatav
puhaskasum / lihtaktsiate kaalutud keskmine arv
Lühiajaliste kohustuste kattekordaja = käibevara / lühiajalised kohustused
Likviidsuskordaja = (käibevara - varud) / lühiajalised kohustused
Bilanss
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 30.09. | 30.09.2 | 31.12.2 | 30.09.2 | 30.09.2 | 31.12.2 |
| | | 2007 | 006 | 006 | 007 | 006 | 006 |
--------------------------------------------------------------------------------
| | | Tuhat | Tuhat | Tuhat | Tuhat | Tuhat | Tuhat |
| | | krooni | krooni | krooni | eurot | eurot | eurot |
--------------------------------------------------------------------------------
| VARAD | | | | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | | 180 | 3 838 | 200 460 | 11 568 | 245 | 12 812 |
| ekvivalendid | | 992 | | | | | |
--------------------------------------------------------------------------------
| Nõuded ostjate | | 153 | 12 485 | 111 729 | 9 831 | 798 | 7 141 |
| vastu | | 822 | | | | | |
--------------------------------------------------------------------------------
| Muud nõuded ja | | 73 595 | 2 774 | 45 094 | 4 704 | 177 | 2 882 |
| ettemaksed | | | | | | | |
--------------------------------------------------------------------------------
| Maksude | | 22 672 | 1 174 | 31 568 | 1 449 | 75 | 2 017 |
| ettemaksed | | | | | | | |
--------------------------------------------------------------------------------
| Varud | | 303 | 29 940 | 230 255 | 19 380 | 1 914 | 14 716 |
| | | 231 | | | | | |
--------------------------------------------------------------------------------
| Käibevara | | 734 | 50 211 | 619 106 | 46 932 | 3 209 | 39 568 |
| kokku | | 312 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Põhivara | | | | | | | |
--------------------------------------------------------------------------------
| Investeeringud | | 7 651 | 0 | 78 | 489 | 0 | 5 |
| omakapitali | | | | | | | |
--------------------------------------------------------------------------------
| Finantsvarad | | 1 643 | 0 | 1 772 | 105 | 0 | 113 |
| müügiks | | | | | | | |
--------------------------------------------------------------------------------
| Muud nõuded | | 67 171 | 600 | 2 349 | 4 293 | 39 | 150 |
--------------------------------------------------------------------------------
| Kinnisvara, | | 247 | 8 281 | 172 281 | 15 844 | 529 | 11 011 |
| tehas ja | | 905 | | | | | |
| seadmed | | | | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | | 29 822 | 6 353 | 16 551 | 1 906 | 406 | 1 058 |
| vara | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 354 | 15 234 | 193 031 | 22 637 | 974 | 12 337 |
| | | 192 | | | | | |
--------------------------------------------------------------------------------
| VARA KOKKU | | 1 088 | 65 445 | 812 137 | 69 569 | 4 183 | 51 905 |
| | | 504 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | | | | | |
| OMAKAPITAL | | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 26 396 | 21 065 | 29 907 | 1 687 | 1 346 | 1 911 |
--------------------------------------------------------------------------------
| Võlad | | 122 | 10 069 | 87 534 | 7 840 | 644 | 5 594 |
| hankijatele | | 669 | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte | | 7 542 | 0 | 5 976 | 482 | 0 | 382 |
| tulumaksu | | | | | | | |
| kohustus | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 17 039 | 2 152 | 19 369 | 1 089 | 138 | 1 238 |
| maksuvõlad | | | | | | | |
--------------------------------------------------------------------------------
| Muud võlad | | 33 405 | 4 965 | 27 815 | 2 135 | 317 | 1 778 |
--------------------------------------------------------------------------------
| Eraldised | | 12 | 12 | 12 | 1 | 1 | 1 |
--------------------------------------------------------------------------------
| Lühiajalised | | 207 | 38 263 | 170 613 | 13 234 | 2 446 | 10 904 |
| kohustused | | 063 | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pikaajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 4 976 | 3 539 | 9 544 | 318 | 226 | 610 |
--------------------------------------------------------------------------------
| Edasilükkunud | | 201 | 0 | 201 | 13 | 0 | 13 |
| tulumaksu | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 0 | 119 | 0 | 0 | 8 | 0 |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Eraldised | | 140 | 140 | 139 | 9 | 9 | 9 |
--------------------------------------------------------------------------------
| Pikaajalised | | 5 317 | 3 798 | 9 884 | 340 | 243 | 632 |
| kohustused | | | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| Kohustused | | 212 | 42 061 | 180 497 | 13 574 | 2 689 | 11 536 |
| kokku | | 380 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 400 | 19 469 | 379 472 | 25 565 | 1 244 | 24 252 |
| nimiväärtuses | | 000 | | | | | |
--------------------------------------------------------------------------------
| Ülekurss | | 229 | 40 994 | 83 011 | 14 661 | 2 620 | 5 305 |
| | | 395 | | | | | |
--------------------------------------------------------------------------------
| Kohustuslik | | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 |
| reservkapital | | | | | | | |
--------------------------------------------------------------------------------
| Välisvaluuta | | -54 | 26 | -10 710 | -3 513 | 2 | -684 |
| ümberarvestuse | | 967 | | | | | |
| reserv | | | | | | | |
--------------------------------------------------------------------------------
| Jaotamata | | 161 | -38 151 | -987 | 10 343 | -2 439 | -63 |
| kasum | | 833 | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja | | 737 | 23 384 | 451 832 | 47 123 | 1 494 | 28 877 |
| aktsionäridele | | 307 | | | | | |
| omistatav kogu | | | | | | | |
| omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 138 | 0 | 179 808 | 8 872 | 0 | 11 492 |
| | | 817 | | | | | |
--------------------------------------------------------------------------------
| Omakapital | | 876 | 23 384 | 631 640 | 55 995 | 1 494 | 40 369 |
| kokku | | 124 | | | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL JA | | 1 088 | 65 445 | 812 137 | 69 569 | 4 183 | 51 905 |
| KOHUSTUSED | | 504 | | | | | |
| KOKKU | | | | | | | |
--------------------------------------------------------------------------------
Kasumiaruanne - 2007. a üheksa kuud
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | Lisa | 2007. a | 2006. a | 2007. a | 2006. a |
| | d | üheksa | üheksa | üheksa | üheksa |
| | | kuud | kuud | kuud | kuud |
| | | Tuhat | Tuhat | Tuhat | Tuhat |
| | | krooni | krooni | eurot | eurot |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 11, | 1 177 125 | 100 898 | 75 232 | 6 449 |
| | 13 | | | | |
--------------------------------------------------------------------------------
| Müüdud kaupade kulud | | -675 292 | -56 398 | -43 159 | -3 604 |
--------------------------------------------------------------------------------
| Brutokasum | | 501 833 | 44 500 | 32 073 | 2 844 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | | -140 334 | -23 493 | -8 969 | -1 501 |
--------------------------------------------------------------------------------
| Halduskulud | | -125 298 | -11 305 | -8 008 | -723 |
--------------------------------------------------------------------------------
| Muu tulu | | 93 551 | 284 | 5 979 | 18 |
| põhitegevusest | | | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | | -50 601 | -951 | -3 234 | -61 |
--------------------------------------------------------------------------------
| Tegevuskasum | | 279 151 | 9 034 | 17 841 | 577 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud/-kulud | | | | | |
--------------------------------------------------------------------------------
| Intressikulud | | -2 018 | -894 | -129 | -57 |
--------------------------------------------------------------------------------
| Kasum/kahjum | | -3 740 | -2 | -239 | 0 |
| valuutakursi | | | | | |
| muutustest | | | | | |
--------------------------------------------------------------------------------
| Muu finantstulu/-kulu | | 6 212 | -48 | 397 | -3 |
--------------------------------------------------------------------------------
| Finantstulu/-kulu | | 454 | -944 | 29 | -60 |
| kokku | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne ettevõtte | | 279 605 | 8 090 | 17 870 | 517 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaks | | -72 381 | -264 | -4 626 | -17 |
--------------------------------------------------------------------------------
| Puhaskasum | | 207 224 | 7 826 | 13 244 | 500 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtjale | | 162 820 | 7 826 | 10 406 | 500 |
| omistatav puhaskasum | | | | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele | | 44 404 | 0 | 2 838 | 0 |
| omistatav puhaskasum | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum aktsia | 9 | 4,23 | 4,02 | 0,27 | 0,26 |
| kohta (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
| Lahjendatud kasum | 9 | 4,23 | 4,02 | 0,27 | 0,26 |
| aktsia kohta | | | | | |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
Kasumiaruanne - kolmas kvartal
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 2007. a | 2006. a | 2007. a | 2006. a |
| | | kolmas | kolmas | kolmas | kolmas |
| | | kvartal | kvartal | kvartal | kvartal |
| | | Tuhat | Tuhat | Tuhat | Tuhat |
| | | krooni | krooni | eurot | eurot |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | | 397 924 | 39 810 | 25 432 | 2 544 |
--------------------------------------------------------------------------------
| Müüdud kaupade kulud | | -237 923 | -23 114 | -15 206 | -1 477 |
--------------------------------------------------------------------------------
| Brutokasum | | 160 001 | 16 696 | 10 226 | 1 067 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | | -50 366 | -7 635 | -3 219 | -488 |
--------------------------------------------------------------------------------
| Halduskulud | | -47 738 | -3 755 | -3 051 | -240 |
--------------------------------------------------------------------------------
| Muu tulu | | 11 140 | 65 | 712 | 4 |
| põhitegevusest | | | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | | -19 934 | -203 | -1 274 | -13 |
--------------------------------------------------------------------------------
| Tegevuskasum | | 53 103 | 5 165 | 3 394 | 330 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud/-kulud | | | | | |
--------------------------------------------------------------------------------
| Intressikulud | | -1 627 | -348 | -104 | -22 |
--------------------------------------------------------------------------------
| Kahjum valuutakursi | | -2 473 | -2 | -158 | 0 |
| muutustest | | | | | |
--------------------------------------------------------------------------------
| Muu finantstulu/-kulu | | 4 616 | -18 | 295 | -1 |
--------------------------------------------------------------------------------
| Finantstulu/-kulu | | 516 | -368 | 33 | -23 |
| kokku | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne ettevõtte | | 53 619 | 4 797 | 3 427 | 307 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaks | | -24 894 | 0 | -1 591 | 0 |
--------------------------------------------------------------------------------
| Puhaskasum | | 28 725 | 4 797 | 1 836 | 307 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtjale | | 16 523 | 4 797 | 1056 | 307 |
| omistatav puhaskasum | | | | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele | | 12 202 | 0 | 780 | 0 |
| omistatav puhaskasum | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum aktsia | | 0,42 | 2,46 | 0,03 | 0,16 |
| kohta (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
| Lahjendatud kasum | | 0,42 | 2,46 | 0,03 | 0,16 |
| aktsia kohta | | | | | |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
Sergei Kusonski
Juhatuse liige
Title
SFG: Consolidated Financial Results of Q3 and 9 months of 2007
Message
Consolidated Financial Results of Q3 and 9 months of 2007
In the third quarter of 2007, AS Silvano Fashion Group earned a net profit of
EEK 16.5 million (EUR 1.1 million), which increased by EEK 11.7 million (EUR 0.8
million) as compared to the third quarter of the previous year. The net margin
of the third quarter of this year is 4.2% (Q3 2006: 12.0%). The third quarter
sales resulted in EEK 397.9 million (EUR 25.4 million) and the Group's gross
margin in Q3 2007 reached 40.2% compared to 41.9 % in the third quarter of 2006.
Operating margin reached 13.3% (12.9% in Q3 2006) and operating profit was EEK
53.1 million (EUR 3.4 million) compared to EEK 5.2 million (EUR 0.3 million) in
Q3 2006.
Cumulative nine months sales of AS Silvano Fashion Group amounted to EEK 1,177.1
million (EUR 75.2 million), having increased 11.7 times compared to the nine
months of 2006. The Group's gross and operating margins in the nine months stood
at 42.6% and 23.7% respectively (44.1% and 9.0% in the nine months of 2006).
Operating profit in the nine months of 2007 amounted to EEK 279.2 million (EUR
17.8 million) compared to EEK 9.0 million (EUR 0.6 million) in nine months of
2006. Net profit for the nine months of 2007 amounted to EEK 162.8 million (EUR
10.4 million) and net margin reached 13.8% (7.8% in the nine months of 2006).
Sales Revenue
Sales by Products/Services
In the nine months of 2007 sales revenue related to sales of women's apparel
increased by EEK 24.2 million (EUR 1.6 million) compared to nine months of 2006,
forming 9.1% of the Group's sales revenue (9 months 2006: 82.5%). Lingerie sales
in the nine months of 2007 amounted to EEK 1,044.1 million (EUR 66.7 million)
forming 88.7% of total Group's sales revenue. Subcontracting services increased
by EEK 7.9 million (EUR 0.5 million) as compared to the same period of 2006.
Subcontracting services in the nine months of 2007 amounted to EEK 25.5 million
(EUR 1.6 million) forming 2.2% of total sales revenue.
Sales by business segments
--------------------------------------------------------------------------------
| | 9 | 9 | Change | 9 | 9 | Change | 9 | 9 |
| | month | months | EEK | months | months | EUR | months | months |
| | s | 2006 | Millio | 2007 | 2006 | millio | 2007 | 2006 |
| | 2007 | EEK | n | EUR | EUR | n | percen | percen |
| | EEK | millio | | millio | millio | | tage | tage |
| | Milli | n | | n | n | | from | from |
| | on | | | | | | sales | sales |
--------------------------------------------------------------------------------
| Women | 107.5 | 83.3 | 24.2 | 6.9 | 5.3 | 1.6 | 9.1% | 82.5% |
| 's | | | | | | | | |
| appar | | | | | | | | |
| el | | | | | | | | |
--------------------------------------------------------------------------------
| Linge | 1,044 | - | 1,044. | 66.7 | - | 66.7 | 88.7% | - |
| rie | .1 | | 1 | | | | | |
--------------------------------------------------------------------------------
| Subco | 25.5 | 17.6 | 7.9 | 1.6 | 1.1 | 0.5 | 2.2% | 17.5% |
| ntrac | | | | | | | | |
| ting | | | | | | | | |
| servi | | | | | | | | |
| ces | | | | | | | | |
| and | | | | | | | | |
| other | | | | | | | | |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1,177 | 100.9 | 1,076. | 75.2 | 6.4 | 68.8 | 100.0% | 100.00 |
| | .1 | | 2 | | | | | % |
--------------------------------------------------------------------------------
Sales by Markets
Women's apparel
Women's apparel sales revenue has increased in all markets. In the nine months
of 2007 the sales volume in the Estonian market increased by EEK 8.7 million
(EUR 0.6 million) in comparison with the same period of the previous year. The
sales volume in Latvia increased by 21.1% in the nine months, amounting to EEK
22.9 million (EUR 1.5 million) and in Finland by 6.8%, amounting to EEK 17.0
million (EUR 1.1 million) primarily due to increase of wholesale in Finland.
Sales revenue in Lithuania increased in the nine months period of 2007 by 148%,
amounting to EEK 6.6 million (EUR 0.4 million) due to new PTA retail outlets in
Lithuania. During the third quarter of 2007 apparel business expanded to
Ukrainian market.
Lingerie
The majority of lingerie sales revenue in the nine months of 2007 was earned on
the Russian markets (amounting to EEK 571.0 million (EUR 36.5 million) giving
54.5% of all lingerie sales volume for the nine months of 2007). Sales in Russia
comprise both retail sales and wholesale. The second biggest region of lingerie
sales is Belarus, amounting to EEK 217.9 million (EUR 13.9 million) giving 20.8
% of all lingerie sales revenue (also comprising both retail sales and
wholesale). As lingerie sales is a new business line for the Group, comparable
figures of previous periods are not available.
In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for
76.0% of total lingerie sales revenue in the nine months of 2007 and amounted to
EEK 779.9 million (EUR 49.9 million). The sales of “Lauma” core brand accounted
for 5.6% of total lingerie sales and amounted to EEK 57.5 million (EUR 3.7
million). Other brands such as “Alisee”, “Aveline”, “Laumelle”, “Lauma Aqua”,
“Laumelle Aqua” and “Bellita” comprised 18.4% of total lingerie sales in the
nine months of 2007 amounting to EEK 188.9 million (EUR 12.0 million).
Total sales by markets
--------------------------------------------------------------------------------
| | 9 | 9 | Chang | 9 | 9 | Chang | 9 month | 9 month |
| | mont | mont | e | month | month | e | 2007 | 2006 |
| | h | h | EEK | 2007 | 2007 | EUR | percenta | percenta |
| | 2007 | 2006 | milli | EUR | EUR | milli | ge from | ge from |
| | EEK | EEK | on | milli | milli | on | sales | sales |
| | mill | mill | | on | on | | | |
| | ion | ion | | | | | | |
--------------------------------------------------------------------------------
| Estonia | 126. | 52.1 | 74.7 | 8.1 | 3.3 | 4.8 | 10.8% | 51.6% |
| | 8 | | | | | | | |
--------------------------------------------------------------------------------
| Finland | 39.2 | 27.0 | 12.2 | 2.5 | 1.8 | 0.7 | 3.3% | 26.8% |
--------------------------------------------------------------------------------
| Latvia | 37.3 | 19.1 | 18.2 | 2.4 | 1.2 | 1.2 | 3.2% | 18.9% |
--------------------------------------------------------------------------------
| Belarus | 217. | - | 217.9 | 13.9 | - | 13.9 | 18.5% | - |
| | 9 | | | | | | | |
--------------------------------------------------------------------------------
| Ukraine | 72.9 | - | 72.9 | 4.7 | - | 4.7 | 6.2% | - |
--------------------------------------------------------------------------------
| Russia | 571. | - | 571.0 | 36.5 | - | 36.5 | 48.5% | - |
| | 0 | | | | | | | |
--------------------------------------------------------------------------------
| Other | 112. | 2.7 | 109.3 | 7.1 | 0.1 | 7.0 | 9.51% | 2.7% |
| markets | 0 | | | | | | | |
--------------------------------------------------------------------------------
| Total | 1,17 | 100. | 1076. | 75.2 | 6.4 | 68.8 | 100.0% | 100.0 % |
| | 7.1 | 9 | 2 | | | | | |
--------------------------------------------------------------------------------
Retail Sales
Total retail sales of the Group in nine months of 2007 amounted to EEK 200.8
million (EUR 12.8 million), increasing 3.6 times compared to the nine months of
2006.
Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Poland,
Lithuania and Ukraine. At the end of September 2007 the Group operated 94 retail
outlets with a total area of 10,427 square meters.
Women's apparel retail operations were conducted in Estonia, Latvia, Lithuania,
Russia and Ukraine. At the end of September 2007 in the Group operated 23
women's apparel stores with a total sales area of 4,690 square meters (30
September 2006: 2,688 square meters).
Lingerie retail operations were conducted in Russia, Belarus, Latvia, Lithuania
and Poland.
In September SFG acquired an operator of a chain of 16 lingerie retail outlets
in Lithuania with the total area of 877 square meters. Shops were operated
primarily under the name of “Amadea Line”.
The newly acquired retail outlets already had strong ties to the Group, with
over 40% of revenue generated from sales of “Lauma Lingerie” branded products.
Following the acquisition, the newly acquired outlets will also commence sales
of “Milavitsa” branded lingerie. Rebranding of the acquired shops will be
considered.
At the end of September after the acquisition the Group operated 71 lingerie
stores with a total area of 5,737 square meters.
Within the nine months of 2007 23 new stores were opened: ten women's apparel
stores operating under the PTA brand (five in Russia, three in Lithuania, one in
Estonia and one in Ukraine), and thirteen lingerie stores under the Oblicie
brand (twelve in Russia and one in Poland). 16 lingerie stores were acquired in
Lithuania.
Number of stores
--------------------------------------------------------------------------------
| | 30.09.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| Estonia | 8 | 7 |
--------------------------------------------------------------------------------
| Latvia | 6 | 6 |
--------------------------------------------------------------------------------
| Poland | 8 | 7 |
--------------------------------------------------------------------------------
| Belarus | 20 | 20 |
--------------------------------------------------------------------------------
| Russia | 32 | 15 |
--------------------------------------------------------------------------------
| Lithuania | 19 | - |
--------------------------------------------------------------------------------
| Ukraine | 1 | - |
--------------------------------------------------------------------------------
| Total stores | 94 | 55 |
--------------------------------------------------------------------------------
| Total sales area, m2 | 10,427 | 6,997 |
--------------------------------------------------------------------------------
Women's apparel sales revenue increased in the nine months period of 2007 by
47.0% compared to 2006, amounting to EEK 82.9 million (EUR 5.1 million). The
increase in retail sales was supported by the increase in sales in the
like-for-like spaces as well as the considerably greater number of stores. The
increase in retail sales of women's apparel of the like-for-like spaces was
13.1% compared to the 9 months of 2006, whereas in Estonia the increase was
17.0%. The increase of like-for like services in third quarter of 2007 was only
3.1% due to renovation of 2 stores during third quarter. Sales efficiency
decreased (sales per square meter) in the retail chain of women's apparel by
1.0% in the nine moths of 2007. Slight decrease of sales efficiency is mainly
caused by lower sales efficiency of new stores during the launch period. In the
nine months of 2007 the main objectives for the women's apparel segment
expansion of retail chain in Russia and Lithuania and entry into the Ukrainian
retail market on the third quarter of 2007.
The like-for-like increase in the Oblicie lingerie retail chain is about 37.9%
for stores operating more than one year. Group's main objectives in lingerie
retail operations is opening of new stores in Russia. In addition to the general
seasonal marketing campaigns directed to the new markets, marketing operations
were focused on campaigns supporting the expansion on the Russian market.
As lingerie sale is a new business line for Group, comparable figures of
previous years cannot be presented.
Wholesale
In the nine months of 2007 wholesales amounted to EEK 663.4 million (EUR 42.4
million) giving 85.1% of the Group's total revenue. Main wholesales regions in
the lingerie business of the Group were Russia, Ukraine, the Baltic republics
and Belarus, and in the women's apparel business - Finland and the Baltic
States. Sales revenue from wholesales of women's apparel increased by 13.3% in
the nine months period of 2007 compared to same period of 2006, amounting to
EEK 42.0 million ( EUR 2.0 million).
Sales of subcontracting and other services
Subcontracting and other services amounted to EEK 25.5 million (EUR 1.6
million). Subcontracting services increased in the women's apparel segment
mainly due to the Finnish market. The increase in turnover of 21.0% in
comparison with the same period of the previous year was mainly caused by the
increase in the price of sewing and full service sold to customers.
Profits
The Group's gross margin in the nine months of 2007 was 42.6% (the nine months
of 2006: 44.1%). Gross profit for the nine months of 2007 amounted to EEK 501.8
million (EUR 32.1 million) compared to EEK 44.5 million (EUR 2.8 million) in the
nine months of 2006.
The operating profit for the nine months of 2007 amounted to EEK 279.2 million
(EUR 17.8 million), resulting in an operating profit margin of 23.7% (the nine
months of 2006: 9.0%). Operating profit was affected by expenses incurred due to
the listing at the Warsaw Stock Exchange in the amount of EEK 7.0 million (EUR
0.5 million).
The net profit of the Group (after taxes and minority shareholding) for the nine
months of 2007 amounted to EEK 162.8 million (EUR 10.4 million). The net profit
margin for the nine months of 2007 was 13.8% compared to 7.8% in the same period
of the previous year.
Balance sheet
The total assets on the consolidated balance sheet amounted to EEK 1,089 million
(EUR 69.6 million) as of 30 September 2007. Compared to the end of the previous
year the balance sheet total assets have increased by EEK 276.4 million (EUR
17.7 million). Both assets and liabilities have increased in connection with
rapid retail expansion and funds obtained from the issue of additional shares.
As of the end of September the inventories of the Group amounted to EEK 303.2
million (EUR 19.4 million) increasing by EEK 72.9 million (EUR 4.7 million) over
the end of the year 2006. The increase in the balance of inventories is related
to the expansion of activities in Russia and other retail markets.
Trade receivables have increased by EEK 42.1 million (EUR 2.7 million) amounting
to EEK 153.8 million (EUR 9.8 million). Trade receivables balance grown due to
the growth of business and a change in the payment terms of agreements with some
customers made in order to retain competitiveness, especially in the CIS
markets.
Trade payables have increased by EEK 35.1 million (EUR 2.2 million) compared to
the end of previous year amounting to EEK 122.7 million (EUR 7.8 million). The
volumes of trade payables increased on account of the increase in sales volumes
and the stores opening .
At the end of June 2007, the Group's borrowings amounted to EEK 26.4 million
(EUR 1.7 million), having decreased by EEK 3.5 million (EUR 0.2 million) since
the beginning of the year.
Investments
During the nine months of 2007 the Group's investments totaled EEK 117.8 million
(EUR 7.5 million). A total of EEK 29.6 million (EUR 1.9 million) was invested in
retail operations, other investments were connected to equipment and facilities
to maintain effective production operations.
Personnel
By the end of September of 2007, the Group employed 3,490 employees, including
436 in retail operations and 2,302 in production. The rest of the employees are
employed in wholesale, administration and support operations. The average number
of employees in nine months of 2007 was 3,375.
The total salaries and wages for the nine months of 2007 amounted to EEK 182.6
million (EUR 11.6 million). The remuneration paid to members of the Management
Board and Supervisory Board totaled EEK 1.4 million (EUR 0.09 million).
Selected financial data (nine months of 2007)
--------------------------------------------------------------------------------
| Key figures and ratios | 30.09.2007 | 30.09.2006 | Change |
--------------------------------------------------------------------------------
| Net sales (EEK million) | 1,177.1 | 100.9 | 1,076.2 |
--------------------------------------------------------------------------------
| Net income, attributable to | 162.8 | 7.8 | 155.0 |
| shareholders (EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 307.4 | 13.1 | 294.3 |
| depreciation (EBITDA) ( EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes | 279.1 | 9.0 | 270.1 |
| (EBIT) (EEK million) | | | |
--------------------------------------------------------------------------------
| Net sales (EUR million) | 75.2 | 6.5 | 68.7 |
--------------------------------------------------------------------------------
| Net income attributable to | 10.4 | 0.5 | 9.9 |
| shareholders (EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 19.6 | 1.3 | 18.3 |
| depreciation (EBITDA) ( EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes | 17.8 | 1.1 | 16.7 |
| (EBIT) (EUR million) | | | |
--------------------------------------------------------------------------------
| Operating margin, % | 23.7% | 8.9% | - |
--------------------------------------------------------------------------------
| Net margin, % | 13.8% | 7.8% | - |
--------------------------------------------------------------------------------
| ROA, % | 14.9% | 13.3% | - |
--------------------------------------------------------------------------------
| ROE, % | 18.5% | 40.1% | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EEK | 4.23 | 4.02 | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EUR | 0.27 | 0.26 | - |
--------------------------------------------------------------------------------
| Current ratio | 3.5 | 1.3 | - |
--------------------------------------------------------------------------------
| Quick ratio | 2.1 | 0.5 | - |
--------------------------------------------------------------------------------
Underlying formulas:
Operating margin = operating profit / sales revenue
Net margin = net profit attributable to equity holders of the parent / sales
revenue
ROA (return on assets) = net profit attributable to equity holders of the parent
/ average total assets
ROE (return on equity) = net profit attributable to equity holders of the parent
/ average equity
EPS (earnings per share) = net profit attributable to equity holders of the
parent / weighted average number of ordinary shares
Current ratio = current assets / current liabilities
Quick ratio = (current assets - inventories) / current liabilities
Balance Sheet
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 30.09. | 30.09.20 | 31.12.20 | 30.09.2 | 30.09.2 | 31.12.2 |
| | | 2007 | 06 | 06 | 007 | 006 | 006 |
--------------------------------------------------------------------------------
| | | EEK | EEK | EEK | EUR | EUR | EUR |
| | | thousa | thousand | thousand | thousan | thousan | thousan |
| | | nd | | | d | d | d |
--------------------------------------------------------------------------------
| ASSETS | | | | | | | |
--------------------------------------------------------------------------------
| Current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Cash and | | 180,99 | 3,838 | 200,460 | 11,568 | 245 | 12,812 |
| cash | | 2 | | | | | |
| equivalents | | | | | | | |
--------------------------------------------------------------------------------
| Trade | | 153,82 | 12,485 | 111,729 | 9,831 | 798 | 7,141 |
| receivables | | 2 | | | | | |
--------------------------------------------------------------------------------
| Other | | 73,595 | 2,774 | 45,094 | 4,704 | 177 | 2,882 |
| receivables | | | | | | | |
| and | | | | | | | |
| prepayments | | | | | | | |
--------------------------------------------------------------------------------
| Prepaid | | 22,672 | 1,174 | 31,568 | 1,449 | 75 | 2,017 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | 303,23 | 29,940 | 230,255 | 19,380 | 1,914 | 14,716 |
| | | 1 | | | | | |
--------------------------------------------------------------------------------
| Total | | 734,31 | 50,211 | 619,106 | 46,932 | 3,209 | 39,568 |
| current | | 2 | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Investments | | 7,651 | 0 | 78 | 489 | 0 | 5 |
| in equity | | | | | | | |
| accounted | | | | | | | |
| investees | | | | | | | |
--------------------------------------------------------------------------------
| Available-fo | | 1,643 | 0 | 1,772 | 105 | 0 | 113 |
| r-sale | | | | | | | |
| financial | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Other | | 67,171 | 600 | 2,349 | 4,293 | 39 | 150 |
| receivables | | | | | | | |
--------------------------------------------------------------------------------
| Property, | | 247,90 | 8,281 | 172,281 | 15,844 | 529 | 11,011 |
| plant and | | 5 | | | | | |
| equipment | | | | | | | |
--------------------------------------------------------------------------------
| Intangible | | 29,822 | 6,353 | 16,551 | 1,906 | 406 | 1,058 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Total | | 354,19 | 15,234 | 193,031 | 22,637 | 974 | 12,337 |
| non-current | | 2 | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1,088, | 65,445 | 812,137 | 69,569 | 4,183 | 51,905 |
| | | 504 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | | | | | |
| AND EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| Current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Loans and | | 26,396 | 21,065 | 29,907 | 1,687 | 1,346 | 1,911 |
| borrowings | | | | | | | |
--------------------------------------------------------------------------------
| Trade | | 122,66 | 10,069 | 87,534 | 7,840 | 644 | 5,594 |
| payables | | 9 | | | | | |
--------------------------------------------------------------------------------
| Corporate | | 7,542 | 0 | 5,976 | 482 | 0 | 382 |
| income tax | | | | | | | |
| liability | | | | | | | |
--------------------------------------------------------------------------------
| Other tax | | 17,039 | 2,152 | 19,369 | 1,089 | 138 | 1,238 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Other | | 33,405 | 4,965 | 27,815 | 2,135 | 317 | 1,778 |
| payables | | | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 12 | 12 | 12 | 1 | 1 | 1 |
--------------------------------------------------------------------------------
| Total | | 207,06 | 38,263 | 170,613 | 13,234 | 2,446 | 10,904 |
| current | | 3 | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Loans and | | 4,976 | 3,539 | 9,544 | 318 | 226 | 610 |
| borrowings | | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | 201 | 0 | 201 | 13 | 0 | 13 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Other | | 0 | 119 | 0 | 0 | 8 | 0 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 140 | 140 | 139 | 9 | 9 | 9 |
--------------------------------------------------------------------------------
| Total | | 5,317 | 3,798 | 9,884 | 340 | 243 | 632 |
| non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Total | | 212,38 | 42,061 | 180,497 | 13,574 | 2,689 | 11,536 |
| liabilities | | 0 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | | | | | | |
--------------------------------------------------------------------------------
| Share | | 400,00 | 19,469 | 379,472 | 25,565 | 1,244 | 24,252 |
| capital at | | 0 | | | | | |
| par value | | | | | | | |
--------------------------------------------------------------------------------
| Share | | 229,39 | 40,994 | 83,011 | 14,661 | 2,620 | 5,305 |
| premium | | 5 | | | | | |
--------------------------------------------------------------------------------
| Statutory | | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 |
| capital | | | | | | | |
| reserve | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | -54,96 | 26 | -10,710 | -3,513 | 2 | -684 |
| reserve | | 7 | | | | | |
--------------------------------------------------------------------------------
| Retained | | 161,83 | -38,151 | -987 | 10,343 | -2,439 | -63 |
| earnings | | 3 | | | | | |
--------------------------------------------------------------------------------
| Total equity | | 737,30 | 23,384 | 451,832 | 47,123 | 1,494 | 28,877 |
| attributable | | 7 | | | | | |
| to equity | | | | | | | |
| holders of | | | | | | | |
| the parent | | | | | | | |
--------------------------------------------------------------------------------
| Minority | | 138,81 | 0 | 179,808 | 8,872 | 0 | 11,492 |
| interest | | 7 | | | | | |
--------------------------------------------------------------------------------
| Total equity | | 876,12 | 23,384 | 631,640 | 55,995 | 1,494 | 40,369 |
| | | 4 | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | 1,088, | 65,445 | 812,137 | 69,569 | 4,183 | 51,905 |
| LIABILITIES | | 504 | | | | | |
| AND EQUITY | | | | | | | |
--------------------------------------------------------------------------------
Income Statement-9 months 2007
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 2007 | 2006 | 2007 | 2006 |
| | | 9 | 9 | 9 months | 9 months |
| | | months | months | EUR | EUR |
| | | EEK | EEK | thousand | thousand |
| | | thousan | thousan | | |
| | | d | d | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales revenue | | 1 177,1 | 100,898 | 75,232 | 6,449 |
| | | 25 | | | |
--------------------------------------------------------------------------------
| Costs of goods sold | | -675,29 | -56,398 | -43,159 | -3,604 |
| | | 2 | | | |
--------------------------------------------------------------------------------
| Gross Profit | | 501,833 | 44,500 | 32,073 | 2,844 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | | -140,33 | -23,493 | -8,969 | -1,501 |
| | | 4 | | | |
--------------------------------------------------------------------------------
| Administrative expenses | | -125,29 | -11,305 | -8,008 | -723 |
| | | 8 | | | |
--------------------------------------------------------------------------------
| Other operating income | | 93,551 | 284 | 5,979 | 18 |
--------------------------------------------------------------------------------
| Other operating expenses | | -50,601 | -951 | -3,234 | -61 |
--------------------------------------------------------------------------------
| Operating profit | | 279,151 | 9,034 | 17,841 | 577 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income/expenses | | | | | |
--------------------------------------------------------------------------------
| Interest expenses | | -2,018 | -894 | -129 | -57 |
--------------------------------------------------------------------------------
| Gains/losses on conversion of | | -3,740 | -2 | -239 | 0 |
| foreign currencies | | | | | |
--------------------------------------------------------------------------------
| Other financial income / | | 6,212 | -48 | 397 | 3 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total financial income / | | 454 | -944 | 29 | 60 |
| expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before corporate income | | 279,605 | 8,090 | 17,870 | 517 |
| tax | | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | -72,381 | -264 | -4,626 | -17 |
--------------------------------------------------------------------------------
| Net profit | | 207,224 | 7,826 | 13,244 | 500 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to | | 162,820 | 7,826 | 10,406 | 500 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net profit attributable to | | 44,404 | 0 | 2,838 | 0 |
| minority shareholders | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 4.23 | 4.02 | 0.27 | 0.26 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 4.23 | 4.02 | 0.27 | 0.26 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
Income Statement-Q3
Consolidated, unaudited
--------------------------------------------------------------------------------
| | 2007 | 2006 | 2007 | 2006 |
| | Q3 | Q3 | Q3 | Q3 |
| | EEK | EEK | EUR | EUR |
| | thousan | thousand | thousand | thousand |
| | d | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales revenue | 397,924 | 39,810 | 25,432 | 2,544 |
--------------------------------------------------------------------------------
| Costs of goods sold | -237,92 | -23,114 | -15,206 | -1,477 |
| | 3 | | | |
--------------------------------------------------------------------------------
| Gross Profit | 160,001 | 16,696 | 10,226 | 1,067 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -50,366 | -7,635 | -3,219 | -488 |
--------------------------------------------------------------------------------
| Administrative expenses | -47,738 | -3,755 | -3,051 | -240 |
--------------------------------------------------------------------------------
| Other operating income | 11,140 | 65 | 712 | 4 |
--------------------------------------------------------------------------------
| Other operating expenses | -19,934 | -203 | -1,274 | -13 |
--------------------------------------------------------------------------------
| Operating profit | 53,103 | 5,165 | 3,394 | 330 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income/expenses | | | | |
--------------------------------------------------------------------------------
| Interest expenses | -1,627 | -348 | -104 | -22 |
--------------------------------------------------------------------------------
| Losses on conversion of foreign | -2,473 | -2 | -158 | 0 |
| currencies | | | | |
--------------------------------------------------------------------------------
| Other financial income / expenses | 4,616 | -18 | 295 | -1 |
--------------------------------------------------------------------------------
| Total financial income / expenses | 516 | -368 | 33 | -23 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before corporate income | 53,619 | 4,797 | 3,427 | 307 |
| tax | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | -24,894 | 0 | -1,591 | 0 |
--------------------------------------------------------------------------------
| Net profit | 28,725 | 4,797 | 1,836 | 307 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to parent | 16,523 | 4,797 | 1,056 | 307 |
| company | | | | |
--------------------------------------------------------------------------------
| Net profit attributable to | 12,202 | 0 | 780 | 0 |
| minority shareholders | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0.42 | 2.46 | 0.03 | 0.16 |
| (EEK/EUR) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0.42 | 2.46 | 0.03 | 0.16 |
| (EEK/EUR) | | | | |
--------------------------------------------------------------------------------
Sergei Kusonski
Member of the Management Board