Market announcement
AS Silvano Fashion Group
Category
Management interim statement or quarterly financial report
Date
21.08.2008 17:30:00
Title
SFG: 2008. aasta II kvartali ja I poolaasta konsolideeritud vahearuanne
Message
2008. aasta II kvartali
ja I poolaasta konsolideeritud vahearuanne 21.08.2008
KASUM
2008. aasta II kvartali lõpus oli AS-i Silvano Fashion Group netokäive 485,7
miljonit krooni (31,0 miljonit eurot), mis tähendab 2007. aasta II kvartaliga
võrreldes 18,3%-list kasvu. Kontserni müügikäibe brutorentaablus oli 2008. aasta
II kvartalis 42,7% võrrelduna 2007. aasta II kvartali 46,3%ga. Konsolideeritud
ärikasum oli 59,7 miljonit krooni (3,8 miljonit eurot), mis tähendab 2007. aasta
II kvartaliga võrreldes 32,5%-list langust.1 Konsolideeritud müügikäibe
ärirentaablus oli 12,3% (võrrelduna 2007. aasta II kvartali 21,5%-ga1).
Konsolideeritud puhaskasum oli 18,1 miljonit krooni (1,2 miljonit eurot)
võrrelduna 2007. aasta II kvartali 40,6 miljoni krooniga (2,6 miljoni euroga)1
ja puhas kasumimäär oli 3,7% (võrrelduna 2007. aasta II kvartali 9,9%-ga1).
AS-i Silvano Fashion Group kuue kuu käive oli kokku 914,5 miljonit krooni (58,4
miljonit eurot), mis tähendab 2007. aasta I poolaastaga võrreldes 17,4%-list
kasvu. Kontserni müügikäibe brutorentaablus ja ärirentaablus olid 2008. aasta I
poolel vastavalt 43,7% ja 12,6% (2007. aasta I poolaastal vastavalt 43,9% ja
19,5% (kohandatud)). 2008. aasta I poolel oli ärikasum 115,3 miljonit krooni
(7,4 miljonit eurot) võrrelduna 151,6 miljoni krooniga (kohandatud) (9,7 miljoni
euroga) 2007. aasta I poolel1. 2008. aasta I poolaastal teenis kontsern 32,1
miljonit krooni (2,1 miljonit eurot) netokasumit, mis tähendab 56,6%-list
vähenemist 2007. aasta I poolega võrreldes, ja puhas kasumimäär kerkis 3,5%
(2007. a I poolaastal 9,5%1).
2008. aasta I poolaastal oli kontserni omakapitali tootlus 4,4% (võrrelduna
14,3%-ga (kohandatud) 2007. aasta I poolaastal) ja varade tootlus oli 2,9%
(võrrelduna 8,5%-ga (kohandatud) 2007. aasta esimesel kuuel kuul).
Käibe oluline kasv ja kasumlikkuse vähenemine 2007. aasta I poolaastaga
võrreldes on seotud kontserni jaemüügivõrgu kiire laiendamisega (vt allpool)
ja kooskõlas juhtkonna ootustega.
BILANSS
30. juuni 2008. aasta seisuga olid konsolideeritud varad 1166,3 miljonit krooni
(74,5 miljonit eurot), võrreldes 1089,6 miljoni krooniga (69,6 miljoni euroga)
31. detsembril 2007. Nii varade kui ka kohustuste kasv on seotud jaemüügivõrgu
laiendamisega.
Nõuded ostjate vastu suurenesid 48,4 miljoni krooni (3,1 miljoni euro) võrra.
Varud kerkisid 31,5 miljonit krooni (2,0 miljonit eurot), moodustades 30. juuni
2008. aasta seisuga 369,1 miljonit krooni (23,6 miljonit eurot). Varude kasv
tulenes peamiselt jaemüügivõrgu laiendamisest. Jaemüügivõrgu laiendamise tõttu
tegi kontsern kauplusepindade eest rendimakseid ja tasus ettemakseid, mis
suurendasid muid nõudeid ja ettemakseid.
Materiaalne ja immateriaalne põhivara kasvas 20,5 miljonit krooni (1,3 miljonit
eurot).
Lühiajalised kohustused suurenesid 33,3 miljonit krooni (2,1 miljonit eurot).
Maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 74,2
miljonit kooni (4,7 miljonit eurot) ning jäid prognoositud tasemele.
Lühi- ja pikaajalised laenud suurenesid 43,4 miljonit krooni (2,8 miljonit
eurot) 72,6 miljoni kroonini (4,6 miljoni euroni). See hõlmab
kapitalirendikohustusi 7,0 miljoni krooni (0,5 miljoni euro) ulatuses.
Ettevõtte omanikele kuuluv aktsiakapital suurenes 9,5 miljonit krooni (0,6
miljonit eurot), moodustades 743,3 miljonit krooni (47,5 miljonit eurot).
KÄIVE
Käive segmentide lõikes
--------------------------------------------------------------------------------
| | 2008. | 2007. | Muutu | 2008. | 2007. | Muutu | 2008. a | 2007. a |
| | I p/a | I p/a | s | I p/a | I p/a | s | I p/a, | I p/a, |
| | , | , | milj. | , | , | milj. | protsen | protsen |
| | milj. | milj. | kr. | milj. | milj. | eur. t | t |
| | kr. | kr. | | eur. | Eur. | | käibest | käibest |
--------------------------------------------------------------------------------
| Naisterõ | 88,7 | 70,3 | 18,4 | 5,6 | 4,5 | 1,1 | 9,7% | 9,0% |
| ivad | | | | | | | | |
--------------------------------------------------------------------------------
| Naistepe | 792,6 | 690,1 | 102,5 | 50,7 | 44,1 | 6,6 | 86,7% | 88,6% |
| su | | | | | | | | |
--------------------------------------------------------------------------------
| Allhange | 33,2 | 18,8 | 14,4 | 2,1 | 1,2 | 0,9 | 3,6% | 2,4% |
| ja muu | | | | | | | | |
| käive | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 914,5 | 779,2 | 135,3 | 58,4 | 49,8 | 8,6 | 100,0% | 100,00% |
--------------------------------------------------------------------------------
Käive turgude lõikes
2008. aasta I poolaastal keskendus kontsern jätkuvalt Venemaale, Valgevenele ja
Ukrainale.
Kogukäive turgude lõikes
--------------------------------------------------------------------------------
| | 2008. | 2007. | Muut | 2008. | 2007. | Muutu | 2008. | 2007. |
| | I p/a | I p/a | us | I p/a | I p/a, | s | I p/a, | I p/a, |
| | , | , | milj | , | milj. | milj. | protsent | protsent |
| | milj. | milj. | . | milj. | eur. | eur. | käibest | käibest |
| | kr. | kr. | kr. | eur. | | | | |
--------------------------------------------------------------------------------
| Eesti | 76,3 | 92,4 | -16, | 4,9 | 5,9 | -1,0 | 8,3% | 11,9% |
| | | | 1 | | | | | |
--------------------------------------------------------------------------------
| Soome | 19,0 | 25,9 | -6,9 | 1,2 | 1,7 | -0,5 | 2,1% | 3,3% |
--------------------------------------------------------------------------------
| Läti | 22,8 | 25,2 | -2,4 | 1,4 | 1,6 | -0,2 | 2,5% | 3,2% |
--------------------------------------------------------------------------------
| Valgev | 160,8 | 139,1 | 21,7 | 10,3 | 8,9 | 1,4 | 17,6% | 17,9% |
| ene | | | | | | | | |
--------------------------------------------------------------------------------
| Ukrain | 74,7 | 51,0 | 23,7 | 4,8 | 3,3 | 1,5 | 8,2% | 6,5% |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| Venema | 480,5 | 366,3 | 114, | 30,7 | 23,4 | 7,3 | 52,5% | 47,0% |
| a | | | 2 | | | | | |
--------------------------------------------------------------------------------
| Muud | 80,4 | 79,3 | 1,1 | 5,1 | 5,0 | 0,1 | 8,8% | 10,2% |
| turud | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 914,5 | 779,2 | 135, | 58,4 | 49,8 | 8,6 | 100,0% | 100,0% |
| | | | 3 | | | | | |
--------------------------------------------------------------------------------
Naisterõivad
Naisterõivaste käibe kasvu tõukas tagant peamiselt PTA jaemüügiketi laienemine.
2008. aasta I poolaastal moodustas jaemüük 89,7% naisterõivaste segmendi
kogutulust (2007. aasta I poolaastal 72,8%). Balti riikide müügimaht vähenes
3,7%, 44,2 miljoni kroonini (2,8 miljoni euroni). Rõivamüügi langus Balti
riikides ilmnes koos Balti riikide majanduse üldise jahenemisega. Venemaa
müügitulu oli 25,8 miljonit krooni (1,6 miljonit eurot), mis on viis korda enam
kui 2007. aasta I poolaastal. Ukraina müügitulu oli 9,5 miljonit krooni (0,6
miljonit eurot), mis tähendab 2007. aasta I poolaastaga võrreldes 100%-list
tõusu.
Naistepesu
Lõviosa naistepesu müügitulust saadi 2008. aasta I poolel Venemaa turult (454,7
miljonit krooni (29,1 miljonit eurot), mis moodustab 57,4% kogu naistepesu
müügist 2008. aasta I poolaastal, võrrelduna 361,0 miljoni krooniga (23,0
miljoni euroga) 2007. aasta I poolaastal). Venemaa käive hõlmab nii jae- kui ka
hulgimüüki. Naistepesu müügis oli suuruselt teine piirkond Valgevene, kus
müügitulu oli 160,8 miljonit krooni (10,3 miljonit eurot), mis moodustas 20,3%
kogu naistepesu müügitulust (sh nii jae- kui ka hulgimüük), võrrelduna 139,1
miljoni krooniga (8,9 miljoni euroga) 2007. aasta I poolaastal. Sarnaselt
naisterõivaste segmendiga mõjutas Balti riikide naistepesu müüki majanduse
jahenemine (ja oluliselt suurem inflatsioon) piirkonnas. Nüüdseks võib nentida,
et inflatsioon on hakanud tarbijate kulutusi vähendama.
2008. aasta I poolaastal andis naistepesu tootemarkide kogukäibest 76,8%
Milavitsa müük, s.o 608,7 miljonit krooni (38,9 miljonit eurot) võrrelduna
75,0%-ga 2007. aasta I poolaastal. Põhitootemark Lauma andis naistepesu
kogukäibest 5,8% (2007. aasta I poolaastal 7,7%), s.o 46,0 miljonit krooni (3,0
miljonit eurot). Ülejäänud tootemargid nagu Alisee, Aveline, Laumelle, Lauma
Aqua ja Laumelle Aqua andsid 2008. aasta I poolaastal kokku 17,4% naistepesu
kogukäibest (2007. aasta I poolaastal 17,3%), s.o 137,9 miljonit krooni (8,8
miljonit eurot).
Jaekaubandus
2008. aasta I poolaastal oli kontserni jaemüügikäive kokku 209,0 miljonit krooni
(13,4 miljonit eurot), mis tähendab 2007. aasta I poolaastaga võrreldes
117,0%-list tõusu.
Jaemüügitegevus toimus Eestis, Lätis, Venemaal, Valgevenes, Poolas, Leedus ja
Ukrainas. 2008. aasta juuni lõpu seisuga oli kontsernil 133 jaemüügipunkti
kogupindalaga 14 549 ruutmeetrit.
Naisterõivaid müüdi Eestis, Lätis, Leedus, Venemaal ja Ukrainas. 2008. aasta
juuni lõpu seisuga oli kontsernil 37 naisterõivaste kauplust kogupindalaga 6926
ruutmeetrit.
Naistepesu müüdi Venemaal, Valgevenes, Lätis, Leedus, Ukrainas ja Poolas. 2008.
aasta juuni lõpu seisuga oli kontsernil 96 naistepesu kauplust kogupindalaga
7623 ruutmeetrit.
2008. aasta esimese kuue kuu jooksul avati 19 kauplust: seitse rõivakauplust
(PTA kaubamärgi all), sealhulgas kolm Ukrainas ja neli Venemaal; 12 naistepesu
kauplust, sealhulgas seitse Oblicie kaubamärgi all tegutsevat kauplust Venemaal,
neli Milavitsa kaubamärgi all tegutsevat kauplust Valgevenes ja üks Lauma
Lingerie kaubamärgi all tegutsev kauplus Lätis. Üks Milavitsa kauplus suleti.
Kaupluste arv 30. juuni seisuga:
30.06.2008 31.12.2007
Eesti 8 8
Läti 7 6
Poola 10 10
Valgevene 26 23
Venemaa 54 44
Leedu 20 20
Ukraina 8 4
Kauplusi kokku 133 115
Müügipinda kokku ruutmeetrites 14 549 12 454
2008. aasta I poolaastal kasvas naisterõivaste jaemüügikäive 2007. aasta I
poolaastaga võrreldes 55,4%, kerkides 79,5 miljoni kroonini (5,0 miljoni
euroni). Võrreldavate kaubanduspindade kogukasv oli aga -6%, eeskätt Balti
riikide käibe languse tõttu. 2008. aasta I poolaastal oli võrreldavate toodete
käibe kasv Venemaal 64%, Eestis -7% ja Lätis -15%. Balti riikide tulemusi
mõjutas üldine makromajanduslik olukord.
Võrreldavate kaubanduspindade kasv Oblicie naistepesu jaemüügiketis (Venemaa)
oli üle ühe aasta tegutsenud kaupluste puhul ligikaudu 52%, andes tunnistust
kontserni üheks peamiseks tegevusalaks oleva jaemüügi jätkuvast elujõulisest
laienemisest. Naistepesuäris on peamine eesmärk endiselt jaemüügivõrgu kiire
laiendamine eeskätt Venemaal. Aasta lõpuks kavatseb kontsern avada mõne
Milavitsa kaubamärgi all tegutseva kaupluse Venemaal, et kapitaliseerida
kaubamärgi tuntust riigis.
Kauplused kontseptsioonide lõikes
--------------------------------------------------------------------------------
| Turg | PTA | Oblicie | Milavitsa | Muud | Kokku | Müügipind |
| | kauplus | kauplus | kauplused | kauplused | | ruutmeetrit |
| | ed | ed | | | | es |
--------------------------------------------------------------------------------
| Venemaa | 15 | 39 | - | - | 54 | 5 984 |
--------------------------------------------------------------------------------
| Ukraina | 6 | 2 | - | - | 8 | 1 111 |
--------------------------------------------------------------------------------
| Eesti | 8 | - | - | - | 8 | 1 759 |
--------------------------------------------------------------------------------
| Läti | 4 | - | - | 3 | 7 | 1 196 |
--------------------------------------------------------------------------------
| Leedu | 4 | - | - | 16 | 20 | 1 626 |
--------------------------------------------------------------------------------
| Valgeve | - | - | 26 | - | 26 | 2 385 |
| ne | | | | | | |
--------------------------------------------------------------------------------
| Poola | - | 1 | - | 9 | 10 | 488 |
--------------------------------------------------------------------------------
| Kokku | 37 | 42 | 26 | 28 | 133 | 14 549 |
--------------------------------------------------------------------------------
Hulgimüük
2008. aasta I poolaastal oli kontserni hulgimüügikäive 672,3 miljonit krooni
(43,0 miljonit eurot), mis moodustab 73,5% kontserni kogukäibest (2007. aasta I
poolaastal 85,1%). Peamised hulgimüügipiirkonnad olid Venemaa, Valgevene,
Ukraina ja Balti riigid naistepesu puhul ning Soome ja Balti riigid
naisterõivaste puhul. 2008. aasta I poolaastal vähenes naisterõivaste
hulgimüügikäive 2007. aasta I poolaastaga võrreldes 40,1%, langedes 9,1 miljoni
kroonini (0,6 miljoni euroni).
2008. aasta I poolaastal kasvas naistepesu hulgimüügikäive 2007. aasta I
poolaastaga võrreldes 3,5%, kerkides 663,2 miljoni kroonini (42,4 miljoni
euroni). Enamik naistepesu hulgimüügi partnereid asub Venemaal.
Investeeringud
2008. aasta I poolaastal olid kontserni investeeringud kokku 43,1 miljonit
krooni (2,8 miljonit eurot). 15,6 miljonit krooni (1,0 miljon eurot)
investeeriti jaemüüki, 12,4 miljonit krooni (0,8 miljonit eurot) Valgevene
jaemüügivajadusi rahuldavasse kinnisvarasse ning ülejäänu põhivarasse, et tagada
efektiivne tootmine.
Personal
2008. aasta juuni lõpu seisuga oli kontsernis 4055 töötajat, sh 823
jaemüügivõrgus ja 2488 tootmises. Ülejäänud on hulgimüügi-, haldus- ja
tugipersonal. 2008. aasta esimesel poolaastal oli keskmine töötajate arv 4059.
Palkade kogusumma oli 2008. aasta I poolaastal 185,5 miljonit krooni (11,9
miljonit eurot). Juhatuse liikmetele makstud töötasu oli 3,3 miljonit krooni
(0,2 miljonit eurot). Neli juhatuse liiget töötab ka kontserni tütarettevõtete
juhina.
Valikulised finantsandmed
Kontserni tulemusi iseloomustavad kõige paremini alltoodud näitajad ja
suhtarvud:
--------------------------------------------------------------------------------
| Peamised näitajad ja suhtarvud | 30.06.200 | 30.06.2007 | Muutus |
| | 8 | | |
--------------------------------------------------------------------------------
| Netokäive (miljonit krooni) | 914,5 | 779,2 | 135,3 |
--------------------------------------------------------------------------------
| Puhastulu, mida on võimalik jaotada | 32,1 | 146,3 | -114,2 |
| aktsionäride vahel (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Enne intresse, makse ja amortisatsiooni | 138,2 | 242,1 | -103,9 |
| saadud tulu (EBITDA) (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Enne intresse ja makse saadud tulu (EBIT) | 115,3 | 223,8 | -108,5 |
| (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Netokäive (miljonit eurot) | 58,4 | 49,8 | 8,6 |
--------------------------------------------------------------------------------
| Puhastulu, mida on võimalik jaotada | 2,1 | 9,4 | -7,3 |
| aktsionäride vahel (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Enne intresse, makse ja amortisatsiooni | 8,8 | 15,5 | -6,7 |
| saadud tulu (EBITDA) (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Enne intresse ja makse saadud tulu (EBIT) | 7,4 | 14,3 | -6,9 |
| (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Müügikäibe ärirentaablus, % | 12,6% | 28,7% | - |
--------------------------------------------------------------------------------
| Puhas kasumimäär, % | 3,5% | 18,8% | - |
--------------------------------------------------------------------------------
| Varade tootlus (ROA), % | 2,9% | 12,9% | - |
--------------------------------------------------------------------------------
| Omakapitali tootlus (ROE), % | 4,4% | 16,8% | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), kroonides | 0,80 | 3,86 | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), eurodes | 0,05 | 0,25 | - |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 3,4 | 3,2 | - |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 1,9 | 1,9 | - |
--------------------------------------------------------------------------------
Valemid:
Ärirentaablus = ärikasum / netokäive
Puhas kasumimäär = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / müügitulu
Varade tootlus (ROA) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / keskmine koguvara
Omakapitali tootlus (ROE) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / keskmine omakapital
Tulu aktsia kohta (EPS) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / perioodi kaalutud keskmine lihtaktsiate arv
Lühiajaliste kohustuste kattekordaja = käibevara / lühiajalised kohustused
Likviidsuskordaja = (käibevara - varud) / lühiajalised kohustused
Sergei Kusonski
tegevjuht, juhatuse liige
Bilanss
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 30.06 | 30.06. | 31.12. | 30.06. | 30.06. | 31.12.0 |
| | | .08 | 07 | 07 | 08 | 07 | 7 |
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| | | tuh.k | tuh.kr | tuh.kr | tuh.eu | tuh.eu | tuh.eur |
| | | r. | . | . | r. | r. | . |
--------------------------------------------------------------------------------
| VARAD | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | | 268 3 | 213 | 246 | 17 153 | 13 671 | 15 757 |
| põhivara | | 86 | 917 | 541 | | | |
--------------------------------------------------------------------------------
| Immateriaalne | | 26 | 16 801 | 27 976 | 1 700 | 1 074 | 1 788 |
| põhivara | | 599 | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteer | | 21 | 0 | 22 954 | 1 375 | 0 | 1 467 |
| ingud | | 514 | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse | | 2 144 | 78 | 876 | 137 | 5 | 56 |
| meetodil | | | | | | | |
| kajastatavad | | | | | | | |
| investeeringud | | | | | | | |
--------------------------------------------------------------------------------
| Müügivalmis | | 8 027 | 9 310 | 8 480 | 513 | 595 | 542 |
| finantsvara | | | | | | | |
--------------------------------------------------------------------------------
| Muud lühiajalised | | 814 | 5 101 | 595 | 52 | 326 | 38 |
| nõuded | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 327 | 245 | 307 | 20 930 | 15 671 | 19 648 |
| | | 484 | 207 | 422 | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | | | |
--------------------------------------------------------------------------------
| Varud | | 369 | 281 | 337 | 23 588 | 17 995 | 21 572 |
| | | 072 | 561 | 528 | | | |
--------------------------------------------------------------------------------
| Maksude ettemaksed | | 29 | 22 171 | 24 471 | 1 881 | 1 417 | 1 564 |
| | | 431 | | | | | |
--------------------------------------------------------------------------------
| Nõuded ostjate | | 206 | 173 | 158 | 13 224 | 11 094 | 10 132 |
| vastu | | 911 | 583 | 531 | | | |
--------------------------------------------------------------------------------
| Muud lühiajalised | | 44 | 5 430 | 29 713 | 2 843 | 347 | 1 899 |
| nõuded | | 484 | | | | | |
--------------------------------------------------------------------------------
| Ettemakstud | | 48 | 60 161 | 51 680 | 3 109 | 3 845 | 3 303 |
| teenused | | 645 | | | | | |
--------------------------------------------------------------------------------
| Raha ja selle | | 140 | 139 | 180 | 8 968 | 8 885 | 11 519 |
| ekvivalendid | | 319 | 020 | 233 | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 838 | 681 | 782 | 53 613 | 43 583 | 49 989 |
| | | 862 | 926 | 156 | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 166 | 927 | 1 089 | 74 543 | 59 254 | 69 637 |
| | | 346 | 133 | 578 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | | | | | |
| OMAKAPITAL | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 400 | 379 | 400 | 25 565 | 24 252 | 25 565 |
| nimiväärtuses | | 000 | 472 | 000 | | | |
--------------------------------------------------------------------------------
| Ülekurss | | 223 | 83 011 | 223 | 14 271 | 5 305 | 14 271 |
| | | 293 | | 293 | | | |
--------------------------------------------------------------------------------
| Kohustuslik | | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 |
| reservkapital | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | -99 | -27 | -76 | -6 338 | -1 781 | -4 890 |
| muutuste reserv | | 157 | 867 | 512 | | | |
--------------------------------------------------------------------------------
| Eelmiste perioodide | | 218 | 145 | 185 | 13 937 | 9 287 | 11 883 |
| jaotamata tulem | | 065 | 310 | 927 | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | | 743 | 580 | 733 | 47 502 | 37 130 | 46 896 |
| omanikele kuuluv | | 247 | 972 | 754 | | | |
| aktsiakapital kokku | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 165 | 127 | 136 | 10 547 | 8 152 | 8 712 |
| | | 025 | 552 | 313 | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | | 908 | 708 | 870 | 58 049 | 45 282 | 55 608 |
| | | 272 | 524 | 067 | | | |
--------------------------------------------------------------------------------
| Pikaajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 9 529 | 6 556 | 4 068 | 609 | 419 | 260 |
--------------------------------------------------------------------------------
| Maksude | | 203 | 201 | 201 | 13 | 13 | 13 |
| tagasinõuded | | | | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | | 188 | 0 | 360 | 12 | 0 | 23 |
--------------------------------------------------------------------------------
| Eraldised | | 125 | 139 | 139 | 8 | 9 | 9 |
--------------------------------------------------------------------------------
| Pikaajalised | | 10 | 6 896 | 4 768 | 642 | 441 | 305 |
| kohustused kokku | | 045 | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 63 | 24 972 | 25 160 | 4 032 | 1 596 | 1 608 |
| | | 087 | | | | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele | | 110 | 121 | 122 | 7 078 | 7 734 | 7 854 |
| | | 747 | 013 | 888 | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksu | | 8 308 | 6 916 | 3 192 | 531 | 442 | 204 |
| kohustus | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 15 | 21 968 | 23 486 | 1 015 | 1 404 | 1 501 |
| maksukohustused | | 881 | | | | | |
--------------------------------------------------------------------------------
| Muud võlad | | 24 | 17 321 | 17 430 | 1 541 | 1 107 | 1 113 |
| | | 111 | | | | | |
--------------------------------------------------------------------------------
| Eraldised | | 25 | 19 523 | 22 462 | 1 653 | 1 248 | 1 436 |
| | | 864 | | | | | |
--------------------------------------------------------------------------------
| Viitvõlad | | 31 | 0 | 125 | 2 | 0 | 8 |
--------------------------------------------------------------------------------
| Lühiajalised | | 248 | 211 | 214 | 15 852 | 13 531 | 13 724 |
| kohustused kokku | | 029 | 713 | 743 | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | 258 | 218 | 219 | 16 494 | 13 972 | 14 029 |
| | | 074 | 609 | 511 | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL JA | | 1 166 | 927 | 1 089 | 74 543 | 59 254 | 69 637 |
| KOHUSTUSED KOKKU | | 346 | 133 | 578 | | | |
--------------------------------------------------------------------------------
Kasumiaruanne, I poolaasta
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 2008. | 2007. | 2008. | 2007. |
| | | I p/a | I p/a | I p/a | I p/a |
| | | tuh.kr | tuh.kr. | tuh.eur | tuh.eur |
| | | . | | . | . |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Realiseerimise netokäive | | 914 | 779 201 | 58 448 | 49 800 |
| | | 513 | | | |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | | -515 | -437 | -32 920 | -27 953 |
| | | 086 | 369 | | |
--------------------------------------------------------------------------------
| Brutokasum | | 399 | 341 832 | 25 528 | 21 847 |
| | | 427 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud tegevustulud | | 10 155 | 79 485 | 649 | 5 080 |
--------------------------------------------------------------------------------
| Turustuskulud | | -156 | -89 968 | -9 975 | -5 750 |
| | | 075 | | | |
--------------------------------------------------------------------------------
| Kantseleikulud | | -104 | -77 560 | -6 672 | -4 957 |
| | | 394 | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | | -33 | -29 963 | -2 162 | -1 915 |
| | | 828 | | | |
--------------------------------------------------------------------------------
| Ärikasum | | 115 | 223 826 | 7 368 | 14 305 |
| | | 285 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intressikulud | | -1 549 | -391 | -99 | -25 |
--------------------------------------------------------------------------------
| Kasum/kahjum valuutakursi | | -1 502 | 955 | -96 | 61 |
| muutustest | | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud/-kulud | | 5 242 | 1 596 | 335 | 102 |
--------------------------------------------------------------------------------
| Finantstulud/-kulud kokku | | 2 191 | 2 160 | 140 | 138 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Osa kapitaliosaluse meetodil | | 1 314 | 0 | 84 | 0 |
| kajastatavate | | | | | |
| investeerimisobjektide kasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | | 118 | 225 986 | 7 592 | 14 443 |
| | | 790 | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaks | | -56 | -47 487 | -3 619 | -3 035 |
| | | 625 | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | | 62 165 | 178 499 | 3 973 | 11 408 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtte omanikule kuuluv osa | | 32 138 | 146 297 | 2 054 | 9 350 |
| puhaskasumist | | | | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele kuuluv osa | | 30 027 | 32 202 | 1 919 | 2 058 |
| puhaskasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta | | 0,80 | 3,86 | 0,05 | 0,25 |
| (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia | | 0,80 | 3,86 | 0,05 | 0,25 |
| kohta (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
Kasumiaruanne, II kvartal
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 2008. | 2007. | 2008. | 2007. |
| | | II kv | II kv | II kv | II kv |
| | | tuh.kr | tuh.kr. | tuh.eur | tuh.eur |
| | | . | | . | . |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Realiseerimise netokäive | | 485 | 410 675 | 31 043 | 26 247 |
| | | 718 | | | |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | | -278 | -220 | -17 796 | -14 098 |
| | | 447 | 585 | | |
--------------------------------------------------------------------------------
| Brutokasum | | 207 | 190 090 | 13 247 | 12 149 |
| | | 271 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud tegevustulud | | 5 868 | 76 482 | 375 | 4 888 |
--------------------------------------------------------------------------------
| Turustuskulud | | -87 | -49 880 | -5 570 | -3 188 |
| | | 152 | | | |
--------------------------------------------------------------------------------
| Kantseleikulud | | -50 | -33 936 | -3 198 | -2 169 |
| | | 038 | | | |
--------------------------------------------------------------------------------
| Muud tegevuskulud | | -16 | -22 045 | -1 036 | -1 409 |
| | | 210 | | | |
--------------------------------------------------------------------------------
| Ärikasum | | 59 739 | 160 711 | 3 818 | 10 271 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intressikulud | | -892 | 0 | -57 | 0 |
--------------------------------------------------------------------------------
| Kasum/kahjum valuutakursi | | 1 550 | 1 086 | 99 | 70 |
| muutustest | | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud/-kulud | | 2 519 | -1 767 | 161 | -113 |
--------------------------------------------------------------------------------
| Finantstulud/-kulud kokku | | 3 177 | -681 | 203 | -43 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Osa kapitaliosaluse meetodil | | 1 126 | 0 | 72 | 0 |
| kajastatavate | | | | | |
| investeerimisobjektide kasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | | 64 042 | 160 030 | 4 093 | 10 228 |
--------------------------------------------------------------------------------
| Ettevõtte tulumaks | | -28 | -23 652 | -1 822 | -1 512 |
| | | 508 | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | | 35 534 | 136 378 | 2 271 | 8 716 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtte omanikule kuuluv osa | | 18 103 | 112 824 | 1 157 | 7 211 |
| puhaskasumist | | | | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele kuuluv osa | | 17 431 | 23 554 | 1 114 | 1 505 |
| puhaskasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta | | 0,45 | 2,97 | 0,03 | 0,19 |
| (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia | | 0,45 | 2,97 | 0,03 | 0,19 |
| kohta (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
Title
SFG: Consolidated interim report for Q2 and 6 months of 2008
Message
Consolidated interim report for Q2 and 6 months of 2008 21.08.2008
PROFITS
AS Silvano Fashion Group ended the second quarter of 2008 with consolidated net
sales of EEK 485.7 million (EUR 31.0 million), representing an 18.3% increase on
the second quarter of 2007. The Group's gross margin in the second quarter of
2008 reached 42.7% compared to 46.3% in the second quarter of 2007. Consolidated
operating profit amounted to EEK 59.7 million (EUR 3.8 million), representing a
32.5% decline compared to normalised operating profit of Q2 20071. The
consolidated operating margin reached 12.3% (down from 21.5% in Q2 20071).
Consolidated net profit attributable to equity holders amounted to EEK 18.1
million (EUR 1.2 million), compared to EEK 40.6 million (EUR 2.6 million) in Q2
20071, and the net margin was 3.7% (down from 9.9% in Q2 20071).
Cumulative six months' sales of AS Silvano Fashion Group amounted to EEK 914.5
million (EUR 58.4 million), showing 17.4% increase compared to H1 2007. The
Group's gross and operating margins in the first half of the 2008 stood at 43.7%
and 12.6% respectively (43.9% and 19.5% (normalised) in H1 2007). Operating
profit in the first six months of 2008 amounted to EEK 115.3 million (EUR 7.4
million) compared to normalised EEK 151.6 million (EUR 9.7 million) in H1 20071.
In the first half of year 2008, the Group earned a net profit of EEK 32.1
million (EUR 2.1 million), representing a 56.6% decline compared to the first
six months of 20071, and net margin reached 3.5% (9.5% in H1 20071).
In first six months of 2008, the Group's return on equity was 4.4% (down from
14.3% (normalised) in first 6 months 2007) and return on assets was 2.9% (down
from 8.5% (normalised) in first six month of 2007).
The substantial increase in sales and the decline in profitability compared to
first six months of 2007 are a function of the rapid expansion of the Group's
retail network (as detailed below), and continues to be in line with the
management's expectations.
BALANCE SHEET
At 30 June 2008, consolidated assets amounted to EEK 1,166.3 million (EUR 74.5
million), up from EEK 1,089.6 million (EUR 69.6 million) at 31 December 2007.
The increases in both assets and liabilities are related mainly to retail
expansion.
Trade receivables have increased by EEK 48.4 million (EUR 3.1 million).
Inventories increased by EEK 31.5 million (EUR 2.0 million) to reach EEK 369.1
million (EUR 23.6 million) at 30 June 2008. The growth in inventory results
primarily from the retail expansion. Due to the expansion of the retail network,
the Group made rental prepayments and deposits for store premises, which
increased other receivables and prepayments.
Property, plant and intangibles increased by EEK 20.5 million (EUR 1.3 million).
Current liabilities increased by EEK 33.3 million (EUR 2.1 million). Tax
liabilities, other payables, including payables to employees, and provisions
amounted to EEK 74.2 million (EUR 4.7 million), remaining at the expected level.
Current and non-current loans and borrowings increased by EEK 43.4 million (EUR
2.8 million) to EEK 72.6 million (EUR 4.6 million). This includes finance lease
liabilities of EEK 7.0 million (EUR 0.5 million.)
Equity attributable to equity holders increased by EEK 9.5 million (EUR 0.6
million) to reach EEK 743.3 million (EUR 47.5 million).
SALES
Sales by business segments
--------------------------------------------------------------------------------
| | 6 | 6 | Chang | 6 | 6 | Change | 6 | 6 |
| | month | month | e | month | months | EUR | month | months |
| | s | s | EEK | s | 2007 | millio | s | 2007 |
| | 2008 | 2007 | milli | 2008 | EUR | n | 2008 | perc. |
| | EEK | EEK | on | EUR | millio | | perc. | from |
| | milli | milli | | milli | n | | from | sales |
| | on | on | | on | | | sales | |
--------------------------------------------------------------------------------
| Women's | 88.7 | 70.3 | 18.4 | 5.6 | 4.5 | 1.1 | 9.7% | 9.0% |
| apparel | | | | | | | | |
--------------------------------------------------------------------------------
| Lingerie | 792.6 | 690.1 | 102.5 | 50.7 | 44.1 | 6.6 | 86.7% | 88.6% |
--------------------------------------------------------------------------------
| Subcontra | 33.2 | 18.8 | 14.4 | 2.1 | 1.2 | 0.9 | 3.6% | 2.4% |
| cting | | | | | | | | |
| services | | | | | | | | |
| and other | | | | | | | | |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 914.5 | 779.2 | 135.3 | 58.4 | 49.8 | 8.6 | 100.0 | 100.00 |
| | | | | | | | % | % |
--------------------------------------------------------------------------------
Sales by markets
In the first six months of 2008, the Group mainly focused on Russia, Belarus and
Ukraine markets.
Total sales by markets
--------------------------------------------------------------------------------
| | 6 | 6 | Chan | 6 | 6 | Chang | 6 months | 6 months |
| | mont | mont | ge | month | month | e | 2008 | 2007 |
| | hs | hs | EEK | s | s | EUR | percenta | percentag |
| | 2008 | 2007 | mill | 2008 | 2007 | milli | ge from | e from |
| | EEK | EEK | ion | EUR | EUR | on | sales | sales |
| | mill | mill | | milli | milli | | | |
| | ion | ion | | on | on | | | |
--------------------------------------------------------------------------------
| Estonia | 76.3 | 92.4 | -16. | 4.9 | 5.9 | -1.0 | 8.3% | 11.9% |
| | | | 1 | | | | | |
--------------------------------------------------------------------------------
| Finland | 19.0 | 25.9 | -6.9 | 1.2 | 1.7 | -0.5 | 2.1% | 3.3% |
--------------------------------------------------------------------------------
| Latvia | 22.8 | 25.2 | -2.4 | 1.4 | 1.6 | -0.2 | 2.5% | 3.2% |
--------------------------------------------------------------------------------
| Belarus | 160. | 139. | 21.7 | 10.3 | 8.9 | 1.4 | 17.6% | 17.9% |
| | 8 | 1 | | | | | | |
--------------------------------------------------------------------------------
| Ukraine | 74.7 | 51.0 | 23.7 | 4.8 | 3.3 | 1.5 | 8.2% | 6.5% |
--------------------------------------------------------------------------------
| Russia | 480. | 366. | 114. | 30.7 | 23.4 | 7.3 | 52.5% | 47.0% |
| | 5 | 3 | 2 | | | | | |
--------------------------------------------------------------------------------
| Other | 80.4 | 79.3 | 1.1 | 5.1 | 5.0 | 0.1 | 8.8% | 10.2% |
| markets | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 914. | 779. | 135. | 58.4 | 49.8 | 8.6 | 100.0% | 100.0% |
| | 5 | 2 | 3 | | | | | |
--------------------------------------------------------------------------------
Women's apparel
The main driver of growth for women's apparel sales was the expansion of the PTA
retail chain. In the first half of 2008, retail sales were 89.7% from the total
revenue of the women's apparel segment (H1 2007: 72.8%). Sales volume in the
Baltics decreased by 3.7%, amounting to EEK 44.2 million (EUR 2.8 million). A
slowdown in apparel sales in the Baltics became apparent, in line with the
general cooling of the Baltic economies. Sales revenue in Russia was EEK 25.8
million (EUR 1.6 million) giving 5 times growth to H1 2007 and in Ukraine EEK
9.5 million (EUR 0.6 million), giving 100% increase to H1 2007.
Lingerie
The majority of lingerie sales revenue in the first half of 2008 was earned on
the Russian market, amounting to EEK 454.7 million (EUR 29.1 million),
accounting for 57.4% of all lingerie sales volume for first six months of 2008
compare to H1 2007: EEK 361.0 million (EUR 23.0 million) . Sales in Russia
comprise both retail sales and wholesale. The second biggest region of lingerie
sales is Belarus, amounting to EEK 160.8 million (EUR 10.3 million),
contributing 20.3% of all lingerie sales revenue (also comprising both retail
sales and wholesale) compare to H1 2007: EEK 139.1 million (EUR 8.9 million).
Similarly to the women's apparel segment, the Baltic sales of lingerie were
affected by the economic slowdown (and significantly higher inflation) in the
region, which begins to have an effect on consumer spending.
In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for
76.8% of total lingerie sales revenue in the first half of 2008 (H1 2007: 75.0%)
and amounted to EEK 608.7 million (EUR 38.9 million). The sales of “Lauma” core
brand accounted for 5.8% of total lingerie sales (H1 2007 : 7.7 %) and amounted
to EEK 46.0 million (EUR 3.0 million). Other brands such as “Alisee”, “Aveline”,
“Laumelle”, “Lauma Aqua” and “Laumelle Aqua” comprised 17.4% of total lingerie
sales in H1 2008 (H1 2007: 17.3%), amounting to EEK 137.9 million (EUR 8.8
million).
Retail operations
Total retail sales of the Group in the first six months of 2008 amounted to EEK
209.0 million (EUR 13.4 million), representing a 117.0% increase on the first
six months of 2007.
Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Poland,
Lithuania and Ukraine. At the end of June 2008, the Group operated 133 retail
outlets with a total area of 14,549 square meters.
Women's apparel was retailed in Estonia, Latvia, Lithuania, Russia and Ukraine.
At the end of June 2008, the Group operated 37 women's apparel stores with a
total sales area of 6,926 square metres.
Lingerie was retailed in Russia, Belarus, Latvia, Lithuania, Ukraine and Poland.
At the end of June 2008, the Group operated 96 lingerie stores with a total area
of 7,623 square metres.
Within the first six months of 2008, 19 new stores were opened: 7 in the apparel
business (operating under PTA brand name), including 3 in Ukraine and 4 in
Russia, and 12 stores in the lingerie business, including 7 under Oblicie name
in Russia, 4 under Milavitsa name in Belarus and 1 store under Lauma Lingerie
brand name in Latvia. One Milavitsa store was closed.
Number of stores at 30 June:
30.06.2008 31.12.2007
Estonia 8 8
Latvia 7 6
Poland 10 10
Belarus 26 23
Russia 54 44
Lithuania 20 20
Ukraine 8 4
Total stores 133 115
Total sales area, sq m 14,549 12,454
In the first 6 months 2008, women's apparel retail revenue compared to the first
six months of 2007 increased by 55.4%, amounting to EEK 79.5 million (EUR 5.0
million).The total like-for-like growth was a negative 6% mainly because of the
drop of sales in the Baltics. The like-for-like growth in Russia was +64%, in
Estonia -7% and in Latvia -15% in H1 2008. Results in Baltics are influenced by
overall macro economical situation
The like-for-like increase in the Oblicie lingerie retail chain in Russia is
about 52% for stores operating longer than one year, continuing to offer strong
evidence to the viability of the continuing expansion of the Group's operations
into the retail sector in its primary target markets. The major objective in the
lingerie business continues to be rapid retail expansion, mainly in Russia. By
the end of the year the Group also intends to open a few shops under the
“Milavitsa” brand in Russia in order to capitalise on the brand awareness in the
country.
Stores by concept
--------------------------------------------------------------------------------
| Market | PTA | Oblicie | Milavits | Other | Total | Sales |
| | stores | stores | a stores | stores | | area, |
| | | | | | | sq m |
--------------------------------------------------------------------------------
| Russia | 15 | 39 | - | - | 54 | 5,984 |
--------------------------------------------------------------------------------
| Ukraine | 6 | 2 | - | - | 8 | 1,111 |
--------------------------------------------------------------------------------
| Estonia | 8 | - | - | - | 8 | 1,759 |
--------------------------------------------------------------------------------
| Latvia | 4 | - | - | 3 | 7 | 1,196 |
--------------------------------------------------------------------------------
| Lithuania | 4 | - | - | 16 | 20 | 1,626 |
--------------------------------------------------------------------------------
| Belarus | - | - | 26 | - | 26 | 2,385 |
--------------------------------------------------------------------------------
| Poland | - | 1 | - | 9 | 10 | 488 |
--------------------------------------------------------------------------------
| Total | 37 | 42 | 26 | 28 | 133 | 14,549 |
--------------------------------------------------------------------------------
Wholesale
In the first half of 2008, wholesale amounted to EEK 672.3 million (EUR 43.0
million), representing 73.5% of the Group's total revenue (H1 2007: 85.1%). The
main wholesale regions were Russia, Belarus, Ukraine and the Baltic States for
lingerie, and Finland and the Baltic states for women's apparel. in the first
six months of 2008, revenue from wholesale of women's apparel decreased by 40.1%
compared to the first six months of 2007, amounting to EEK 9.1 million (EUR 0.6
million).
Lingerie wholesale in the first six months of 2008 increased by 3.5% compared to
the first six months of 2007, amounting to EEK 663.2 million (EUR 42.4 million).
Most of the lingerie wholesale partners are located in Russia.
Investment
In the first half of 2008, the Group's investments totalled EEK 43.1 million
(EUR 2.8 million). A total of EEK 15.6 million (EUR 1.0 million) was invested in
retail operations, EEK 12.4 million (EUR 0.8 million) was invested in real
estate for retail needs in Belarus,while other investments were made in
equipment and facilities to maintain effective production.
Personnel
At the end of June 2008, the Group employed a staff of 4,055 including 823 in
retail and 2,488 in production. The rest are employed in wholesale,
administration and support operations. The average number of employees in the
first six months of 2008 was 4,059.
The total salaries and wages for the first half of 2008 amounted to EEK 185.5
million (EUR 11.9 million). The remuneration paid to members of the Management
Board totalled EEK 3.3 million (EUR 0.2 million). Four members of the Management
Board also serve as executives for the Group's subsidiaries.
Selected financial data
The Group's operating results are best summarised in the following figures and
ratios:
--------------------------------------------------------------------------------
| Key figures and ratios | 30.06.200 | 30.06.2007 | Change |
| | 8 | | |
--------------------------------------------------------------------------------
| Net sales (EEK million) | 914.5 | 779.2 | 135.3 |
--------------------------------------------------------------------------------
| Net income, attributable to shareholders | 32.1 | 146.3 | -114.2 |
| (EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 138.2 | 242.1 | -103.9 |
| depreciation (EBITDA) ( EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes (EBIT) | 115.3 | 223.8 | -108.5 |
| (EEK million) | | | |
--------------------------------------------------------------------------------
| Net sales (EUR million) | 58.4 | 49.8 | 8.6 |
--------------------------------------------------------------------------------
| Net income attributable to shareholders | 2.1 | 9.4 | -7.3 |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 8.8 | 15.5 | -6.7 |
| depreciation (EBITDA) ( EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes (EBIT) | 7.4 | 14.3 | -6.9 |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Operating margin, % | 12.6% | 28.7% | - |
--------------------------------------------------------------------------------
| Net margin, % | 3.5% | 18.8% | - |
--------------------------------------------------------------------------------
| ROA, % | 2.9% | 12.9% | - |
--------------------------------------------------------------------------------
| ROE, % | 4.4% | 16.8% | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EEK | 0.80 | 3.86 | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EUR | 0.05 | 0.25 | - |
--------------------------------------------------------------------------------
| Current ratio | 3.4 | 3.2 | - |
--------------------------------------------------------------------------------
| Quick ratio | 1.9 | 1.9 | - |
--------------------------------------------------------------------------------
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
Sergei Kusonski
CEO, Member of the Management Board
Balance Sheet
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 30.06 | 30.06. | 31.12. | 30.06.0 | 30.06.0 | 31.12.0 |
| | | .08 | 07 | 07 | 8 | 7 | 7 |
| | | | | | | | |
--------------------------------------------------------------------------------
| | | EEK | EEK | EEK | EUR Th. | EUR Th. | EUR Th. |
| | | Th. | Th. | Th. | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Property, plant | | 268,3 | 213,91 | 246,54 | 17,153 | 13,671 | 15,757 |
| and equipment | | 86 | 7 | 1 | | | |
--------------------------------------------------------------------------------
| Intangible assets | | 26,59 | 16,801 | 27,976 | 1,700 | 1,074 | 1,788 |
| | | 9 | | | | | |
--------------------------------------------------------------------------------
| Investment | | 21,51 | 0 | 22,954 | 1,375 | 0 | 1,467 |
| property | | 4 | | | | | |
--------------------------------------------------------------------------------
| Investments in | | 2,144 | 78 | 876 | 137 | 5 | 56 |
| equity accounted | | | | | | | |
| investees | | | | | | | |
--------------------------------------------------------------------------------
| Available-for-sal | | 8,027 | 9,310 | 8,480 | 513 | 595 | 542 |
| e financial | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Other receivables | | 814 | 5,101 | 595 | 52 | 326 | 38 |
--------------------------------------------------------------------------------
| Total non-current | | 327,4 | 245,20 | 307,42 | 20,930 | 15,671 | 19,648 |
| assets | | 84 | 7 | 2 | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | 369,0 | 281,56 | 337,52 | 23,588 | 17,995 | 21,572 |
| | | 72 | 1 | 8 | | | |
--------------------------------------------------------------------------------
| Prepaid taxes | | 29,43 | 22,171 | 24,471 | 1,881 | 1,417 | 1,564 |
| | | 1 | | | | | |
--------------------------------------------------------------------------------
| Trade receivables | | 206,9 | 173,58 | 158,53 | 13,224 | 11,094 | 10,132 |
| | | 11 | 3 | 1 | | | |
--------------------------------------------------------------------------------
| Other receivables | | 44,48 | 5,430 | 29,713 | 2,843 | 347 | 1,899 |
| | | 4 | | | | | |
--------------------------------------------------------------------------------
| Prepayments | | 48,64 | 60,161 | 51,680 | 3,109 | 3,845 | 3,303 |
| | | 5 | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 140,3 | 139,02 | 180,23 | 8,968 | 8,885 | 11,519 |
| equivalents | | 19 | 0 | 3 | | | |
--------------------------------------------------------------------------------
| Total current | | 838,8 | 681,92 | 782,15 | 53,613 | 43,583 | 49,989 |
| assets | | 62 | 6 | 6 | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 166 | 927,13 | 1 089, | 74,543 | 59,254 | 69,637 |
| | | ,346 | 3 | 578 | | | |
--------------------------------------------------------------------------------
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| LIABILITIES AND | | | | | | | |
| EQUITY | | | | | | | |
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| Equity | | | | | | | |
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| Share capital at | | 400,0 | 379,47 | 400,00 | 25,565 | 24,252 | 25,565 |
| par value | | 00 | 2 | 0 | | | |
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| Share premium | | 223,2 | 83,011 | 223,29 | 14,271 | 5,305 | 14,271 |
| | | 93 | | 3 | | | |
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| Statutory capital | | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 |
| reserve | | | | | | | |
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| Translation | | -99,1 | -27,86 | -76,51 | -6,338 | -1,781 | -4,890 |
| reserve | | 57 | 7 | 2 | | | |
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| Retained earnings | | 218,0 | 145,31 | 185,92 | 13,937 | 9,287 | 11,883 |
| | | 65 | 0 | 7 | | | |
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| Total equity | | 743,2 | 580,97 | 733,75 | 47,502 | 37,130 | 46,896 |
| attributable to | | 47 | 2 | 4 | | | |
| equity holders of | | | | | | | |
| the parent | | | | | | | |
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| Minority interest | | 165,0 | 127,55 | 136,31 | 10,547 | 8,152 | 8,712 |
| | | 25 | 2 | 3 | | | |
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| Total equity | | 908,2 | 708,52 | 870,06 | 58,049 | 45,282 | 55,608 |
| | | 72 | 4 | 7 | | | |
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| Non-current | | | | | | | |
| liabilities | | | | | | | |
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| Loans and | | 9,529 | 6,556 | 4,068 | 609 | 419 | 260 |
| borrowings | | | | | | | |
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| Deferred tax | | 203 | 201 | 201 | 13 | 13 | 13 |
| liabilities | | | | | | | |
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| Other liabilities | | 188 | 0 | 360 | 12 | 0 | 23 |
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| Provisions | | 125 | 139 | 139 | 8 | 9 | 9 |
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| Total non-current | | 10,04 | 6,896 | 4,768 | 642 | 441 | 305 |
| liabilities | | 5 | | | | | |
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| Current | | | | | | | |
| liabilities | | | | | | | |
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| Loans and | | 63,08 | 24,972 | 25,160 | 4,032 | 1,596 | 1,608 |
| borrowings | | 7 | | | | | |
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| Trade payables | | 110,7 | 121,01 | 122,88 | 7,078 | 7,734 | 7,854 |
| | | 47 | 3 | 8 | | | |
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| Corporate income | | 8,308 | 6,916 | 3,192 | 531 | 442 | 204 |
| tax liability | | | | | | | |
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| Other tax | | 15,88 | 21,968 | 23,486 | 1,015 | 1,404 | 1,501 |
| liabilities | | 1 | | | | | |
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| Other payables | | 24,11 | 17,321 | 17,430 | 1,541 | 1,107 | 1,113 |
| | | 1 | | | | | |
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| Provisions | | 25,86 | 19,523 | 22,462 | 1,653 | 1,248 | 1,436 |
| | | 4 | | | | | |
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| Accrued expenses | | 31 | 0 | 125 | 2 | 0 | 8 |
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| Total current | | 248,0 | 211,71 | 214,74 | 15,852 | 13,531 | 13,724 |
| liabilities | | 29 | 3 | 3 | | | |
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| Total liabilities | | 258,0 | 218,60 | 219,51 | 16,494 | 13,972 | 14,029 |
| | | 74 | 9 | 1 | | | |
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| TOTAL LIABILITIES | | 1 166 | 927,13 | 1 089, | 74,543 | 59,254 | 69,637 |
| AND EQUITY | | ,346 | 3 | 578 | | | |
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Income Statement-H1
Consolidated, unaudited
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| | | 2008 | 2007 | 2008 | 2007 |
| | | H1 | H1 | H1 | H1 |
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousand | thousand | thousand |
| | | ds | s | s | s |
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| Net sales | | 914,513 | 779,201 | 58,448 | 49,800 |
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| Costs of goods sold | | -515,08 | -437,369 | -32,920 | -27,953 |
| | | 6 | | | |
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| Gross Profit | | 399,427 | 341,832 | 25,528 | 21,847 |
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| Other operating income | | 10,155 | 79,485 | 649 | 5,080 |
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| Distribution costs | | -156,07 | -89,968 | -9,975 | -5,750 |
| | | 5 | | | |
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| Administrative expenses | | -104,39 | -77,560 | -6,672 | -4,957 |
| | | 4 | | | |
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| Other operating expenses | | -33,828 | -29,963 | -2,162 | -1,915 |
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| Operating profit | | 115,285 | 223,826 | 7,368 | 14,305 |
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| Interest expenses | | -1,549 | -391 | -99 | -25 |
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| Gains/losses on conversion | | -1,502 | 955 | -96 | 61 |
| of foreign currencies | | | | | |
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| Other financial income / | | 5,242 | 1,596 | 335 | 102 |
| expenses | | | | | |
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| Total financial income / | | 2,191 | 2,160 | 140 | 138 |
| expenses | | | | | |
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| Share of profit of equity | | 1,314 | 0 | 84 | 0 |
| accounted investees | | | | | |
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| Profit before corporate | | 118,790 | 225,986 | 7,592 | 14,443 |
| income tax | | | | | |
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| Corporate income tax | | -56,625 | -47,487 | -3,619 | -3,035 |
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| Net profit for period | | 62,165 | 178,499 | 3,973 | 11,408 |
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| Net profit attributable to | | 32,138 | 146,297 | 2,054 | 9,350 |
| parent company | | | | | |
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| Net profit attributable to | | 30,027 | 32,202 | 1,919 | 2,058 |
| minority shareholders | | | | | |
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| Earnings per share | | | | | |
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| Basic earnings per share | | 0.80 | 3.86 | 0.05 | 0.25 |
| (EEK/EUR) | | | | | |
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| Diluted earnings per share | | 0.80 | 3.86 | 0.05 | 0.25 |
| (EEK/EUR) | | | | | |
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Income Statement-Q2
Consolidated, unaudited
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| | | 2008 | 2007 | 2008 | 2007 |
| | | Q2 | Q2 | Q2 | Q2 |
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousand | thousand | thousand |
| | | ds | s | s | s |
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| Net sales | | 485,718 | 410,675 | 31,043 | 26,247 |
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| Costs of goods sold | | -278,44 | -220,585 | -17,796 | -14,098 |
| | | 7 | | | |
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| Gross Profit | | 207,271 | 190,090 | 13,247 | 12,149 |
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| Other operating income | | 5,868 | 76,482 | 375 | 4,888 |
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| Distribution costs | | -87,152 | -49,880 | -5,570 | -3,188 |
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| Administrative expenses | | -50,038 | -33,936 | -3,198 | -2,169 |
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| Other operating expenses | | -16,210 | -22,045 | -1,036 | -1,409 |
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| Operating profit | | 59,739 | 160,711 | 3,818 | 10,271 |
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| Interest expenses | | -892 | 0 | -57 | 0 |
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| Gains/losses on conversion of | | 1,550 | 1,086 | 99 | 70 |
| foreign currencies | | | | | |
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| Other financial income / | | 2,519 | -1,767 | 161 | -113 |
| expenses | | | | | |
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| Total financial income / | | 3,177 | -681 | 203 | -43 |
| expenses | | | | | |
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| Share of profit of equity | | 1,126 | 0 | 72 | 0 |
| accounted investees | | | | | |
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| Profit before corporate | | 64,042 | 160,030 | 4,093 | 10,228 |
| income tax | | | | | |
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| Corporate income tax | | -28,508 | -23,652 | -1,822 | -1,512 |
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| Net profit for period | | 35,534 | 136,378 | 2,271 | 8,716 |
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| Net profit attributable to | | 18,103 | 112,824 | 1,157 | 7,211 |
| parent company | | | | | |
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| Net profit attributable to | | 17,431 | 23,554 | 1,114 | 1,505 |
| minority shareholders | | | | | |
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| Earnings per share | | | | | |
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| Basic earnings per share | | 0.45 | 2.97 | 0.03 | 0.19 |
| (EEK/EUR) | | | | | |
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| Diluted earnings per share | | 0.45 | 2.97 | 0.03 | 0.19 |
| (EEK/EUR) | | | | | |
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