Market announcement
AS BALTIKA
Category
Management interim statement or quarterly financial report
Date
23.10.2008 09:00:00
Title
BALTIKA MAJANDUSTULEMUSED, 9 KUUD 2008
Message
TULEMUSTE LÜHIKOKKUVÕTE - Üheksa kuu müügitulu 887 miljonit krooni, kasv 5,1% - Jaemüügi kasv 10,3% (3 kv 2008) ja 9,6% (9k 2008) - Brutorentaablus 51,8% (3 kv 2008) ja 54,7% (9k 2008) - Ärirentaablus 4,0% (3 kv 2008) ja 3,2% (9k 2008) - 3 kv 2008 puhaskasum 13,6 miljonit krooni, kasv 55,5% - 9k 2008 puhaskasum 21,4 miljonit krooni, langus 45,2% Juhatuse esimees Meelis Milder: „Baltika kolmanda kvartali tulemustes kinnitus teises kvartalis alanud kasumlikkuse tõusu trend. Grupi keskendumine kiiresti laienenud jaesüsteemi efektiivsuse tõstmisele on hakanud vilja kandma. 2006. ja 2007. aastal tehtud suured investeeringud Ida-Euroopa turgudele, mis ajutiselt vähendasid meie efektiivsusnäitajaid, on täna seda olulisemad, et tegemist on praktiliselt ainsate turgudega Euroopas, kus majandus ja tarbimine jätkuvalt kasvavad. Meie jaeportfelli neljast Kesk- ja Ida-Euroopa turust kolm suuremat (Venemaa, Ukraina ja Poola) näitasid ka kolmandas kvartalis jaesüsteemi (poodide) tasemel kasumit; aasta tagasi suutis sama vaid üks turg. Kolmanda kvartali tulemuste järgi on põhjust loota, et nimetatud kolm turgu jõuavad teisel poolaastal kasumisse ka kogu turu tulemuse arvestuses.“ Baltika Grupp teenis 2008. aasta kolmandas kvartalis 13,6 miljonit krooni (0,9 miljonit eurot) kasumit ning saavutas puhasrentaabluseks 4,0% (3 kv 2007: 2,8%). Võrreldes eelmise aasta kolmanda kvartaliga suurenes Grupi puhaskasum 55,5%. Baltika müügitulud kasvasid kolmandas kvartalis 9,4%, sh suurenes jaemüük 10,3% ning hulgimüük 18,5%. Grupi kolmanda kvartali brutorentaablus ulatus 51,8%-ni (3 kv 2007: 52,6%). Kvartali ärirentaablus oli 4,0% (3 kv 2007: 4,6%). Baltika Grupi 2008. aasta üheksa kuu konsolideeritud müügitulu ulatus 887,5 miljoni kroonini (56,7 miljoni euroni) kasvades eelmise aastaga võrreldes 5,1%. Üheksa kuu jaemüük suurenes eelmise aastaga võrreldes 9,6% ning hulgimüük vähenes plaanitult 5,8%. Bruto- ja ärirentaablus olid vastavalt 54,7% ja 3,2% (9k 2007: 54,3% ja 6,4%). Üheksa kuu puhaskasum oli kokku 21,4 miljonit krooni (1,4 miljonit eurot) ning puhasrentaablus 2,4% (9k 2007: 4,6%). MÜÜGITULUD Müük ärisegmenditi -------------------------------------------------------------------------------- | EEK mln | 3 kv | 3 kv | +/- | 9k 2008 | 9k 2007 | +/- | | | 2008 | 2007 | | | | | -------------------------------------------------------------------------------- | Jaemüük | 282,1 | 255,9 | 10,3% | 770,4 | 702,7 | 9,6% | -------------------------------------------------------------------------------- | Hulgimüük | 54,4 | 45,9 | 18,5% | 115,6 | 122,7 | -5,8% | -------------------------------------------------------------------------------- | Allhange | 0 | 5,7 | -100% | 0 | 14,2 | -100% | -------------------------------------------------------------------------------- | Muu | 0,4 | 0,6 | -36,5% | 1,4 | 4,6 | -68,6% | -------------------------------------------------------------------------------- | Kokku | 336,9 | 308,1 | 9,4% | 887,5 | 844,1 | 5,1% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK JAEMÜÜK Baltika üheksa kuu jaemüük kasvas eelmise aastaga võrreldes 9,6% ning ulatus 770,4 miljoni kroonini (49,2 miljoni euroni). Kolmandas kvartalis kasvas jaemüük 10,3%. Aasta esimesel üheksal kuul on ettevõte pööranud põhitähelepanu kaupluste portfelli korrastamisele ning müügiefektiivsuse kasvatamisele. Kolmandas kvartalis jätkusid teise kvartaliga sarnased trendid: müügipinna kasv oli väike, kuid keskmine müügiefektiivsus (müük/m2) suurenes 4% (2 kv 2008: 4%). Müügiefektiivsuse kasvu on toetanud tugev võrreldavate poodide müügikasv, mis kolmandas kvartalis ulatus 7%-ni (2 kv 2008: 8%). Sama trend on jätkunud ka piirkondade lõikes - eriti tugev oli kolmanda kvartali võrreldavate poodide müügikasv Baltika Kesk- ja Ida-Euroopa turgudel, kus see ületas 20%. Grupi üheksa kuu võrreldavate poodide müügikasv oli nõrgema esimese kvartali tõttu 3%. Kolmandas kvartalis saavutati tugevad müügikasvud Ukrainas, Venemaal ja Poolas - vastavalt 23%, 19% ja 15%. Kasvud antud turgudel on eriti tugevad arvestades asjaolu, et müügipind on eelmise aasta kolmanda kvartaliga võrreldes Venemaal ja Poolas mõnevõrra vähenenud ning Ukrainas kasvanud vaid 4%. Balti riikide majanduste jahenemise tingimustes saavutasid ka Eesti, Läti ja Leedu kolmandas kvartalis head tulemused. Ainult Eestis jaemüük vähenes (-2%), nii Lätis kui Leedus oli kasv 3%. Üheksa kuu lõikes on trend sarnane. Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 9k 2008 | 9k 2007 | +/- | Osakaal, 9k 2008 | -------------------------------------------------------------------------------- | Eesti | 175,3 | 176,2 | -1% | 23% | -------------------------------------------------------------------------------- | Leedu | 174,0 | 164,7 | 6% | 23% | -------------------------------------------------------------------------------- | Venemaa | 144,0 | 126,6 | 14% | 19% | -------------------------------------------------------------------------------- | Ukraina | 131,6 | 112,7 | 17% | 17% | -------------------------------------------------------------------------------- | Läti | 108,8 | 101,3 | 7% | 14% | -------------------------------------------------------------------------------- | Poola | 24,9 | 21,2 | 17% | 3% | -------------------------------------------------------------------------------- | Tšehhi | 11,8 | 0 | - | 1% | -------------------------------------------------------------------------------- | Kokku | 770,4 | 702,7 | 10% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Brändide lõikes moodustas Montoni müük üheksa kuu jaemüügist 56% ehk 427 miljonit krooni (27,3 miljonit eurot) kasvades eelmise aastaga võrreldes 10%. Mosaici müük moodustas jaemüügist 33%, ulatus 253 miljoni kroonini (16,2 miljoni euroni) ning kasvas aastaga 15%. Baltmani müük vähenes eelmise aastaga võrreldes 18% ulatudes 55 miljoni kroonini (3,5 miljoni euroni). Baltmani müügi vähenemise põhjuseks on asjaolu, et tegemist on Baltikumi-põhise kallima hinnaklassiga meesterõivaste brändiga, mille müük kannatab enim majanduse jahenemise olukorras. Lisaks on aasta jooksul suletud kaks Baltmani poodi. Ivo Nikkolo üheksa kuu müük kasvas 46% ning ulatus 27 miljoni kroonini (1,7 miljoni euroni). POED JA MÜÜGIPIND 2008. aasta septembri lõpu seisuga oli Baltika Grupil 125 kauplust müügipinnaga 24 748 ruutmeetrit. Jaesüsteemi netokasvuks kujunes aasta jooksul 1400 ruutmeetrit, mille tulemusena suurenes Baltika Grupi poolt opereeritav müügipind aastaga 6% võrra. Poed turgude lõikes -------------------------------------------------------------------------------- | | 30.09.2008 | 30.09.2007 | -------------------------------------------------------------------------------- | Eesti | 30 | 30 | -------------------------------------------------------------------------------- | Leedu | 29 | 30 | -------------------------------------------------------------------------------- | Venemaa | 22 | 25 | -------------------------------------------------------------------------------- | Ukraina | 22 | 21 | -------------------------------------------------------------------------------- | Läti | 16 | 14 | -------------------------------------------------------------------------------- | Poola | 4 | 5 | -------------------------------------------------------------------------------- | Tšehhi | 2 | - | -------------------------------------------------------------------------------- | Poed kokku | 125 | 125 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 24 748 | 23 339 | -------------------------------------------------------------------------------- Üheksa kuu jooksul avati seitse ning suleti kümme kauplust. Üks kolmandas kvartalis avatud poodidest oli Ivo Nikkolo Riia esinduskauplus. Sellega laienes kaubamärk Lätti ning on nüüd esindatud kõigis kolmes Balti riigis. Neljandas kvartalis on plaanis avada 9-11 kauplust. Aasta lõpuks peaks Grupi poodide arv ulatuma 133-135-ni. HULGIMÜÜK Baltika kolmanda kvartali hulgimüük suurenes eelmise aastaga võrreldes 18,5% ja ulatus 54,4 miljoni kroonini (3,5 miljoni euroni). Üheksa kuu hulgimüük ulatus 115,6 miljoni kroonini (7,4 miljoni euroni) vähenedes eelmise aastaga võrreldes 5,8%. Hulgimüük moodustas 13% Baltika Grupi üheksa kuu müügituludest. Hulgimüügi vähenemine on plaanipärane. Grupi müügitulude prognoosi kohaselt võib hulgimüük 2008. aastal väheneda kuni 10%. HULGIMÜÜGI LAIENEMINE LÄÄNE-EUROOPASSE Augustis sõlmis Baltika koostöölepingu ühe Euroopa juhtiva kaubamajade ketiga Peek&Cloppenburg. Kaubamajale hakatakse pakkuma Mosaic brändi naistekollektsiooni. Esimesed tellimused lähetatakse selle aasta novembris ning 2009. aasta kujuneb testperioodiks, mille käigus jälgitakse kollektsiooni müügiedu ning toodete ja tarnete kvaliteeti. Mosaici kollektsiooni hakatakse testperioodil pakkuma viies riigis ja 13 kaubamajas. Peek&Cloppenburg on Saksamaa suurim kaubamajade kett, millele kuulub Saksamaal üle 80 ning Euroopas kokku üle 100 kaubamaja. Peale Saksamaa on Peek&Cloppenburg esindatud Austrias, Belgias, Hollandis, Šveitsis, Poolas, Ungaris, Tšehhis jm. Kaubamaja tootevalik sisaldab palju tuntud kaubamärke, mille hulgas on näiteks Burberry, Hugo Boss, Pierre Cardin, Marco Polo, Gerry Weber, Mexx, Esprit, s.Oliver, Tommy Hilfiger ja Tom Tailor. Koostöö Lääne-Euroopa partneritega on Baltika hulgimüügi strateegiline suund. Maade lõikes on Baltika hulgimüügi peamised sihtkohad praegu Balti riigid, Venemaa ja Soome. Hiljuti alustati hulgimüüki ka Valgevene turule. KASUM Baltika kolmanda kvartali tulemustes jätkus teises kvartalis alanud paranemise trend. Suvise allahindluse tõttu on kolmas kvartal rõivaäris sesoonselt nõrgem kui teine kvartal, kuid aastatagusega võrreldes teenis Grupp rohkem kasumit. Samal ajal kui Baltikumi iseloomustab majanduse jahtumine, toimuvad Baltika teistel, Kesk- ja Ida-Euroopa turgudel, järk-järgult positiivsed arengud, mis toetavad ettevõtte majandustulemusi. Baltika kolmanda kvartali brutorentaablus ulatus 51,8%-ni, mis on seoses suurema hulgimüügi mahuga mõnevõrra madalam kui eelmisel aastal (3 kv 2007: 52,6%). Hulgimüügi marginaal on jaemüügi omast madalam. Üheksa kuu kokkuvõttes oli brutorentaablus 54,7%, mis on natuke kõrgem kui 2007. aasta näitaja 54,3%. Üheksa kuu brutokasum oli kokku 485,8 miljonit krooni (31,0 miljonit eurot) kasvades aastaga 6,0%. Kolmanda kvartali brutokasum suurenes eelmise aastaga võrreldes 7,7%. Kulude kokkuhoiu tulemusena vähenesid üheksa kuu üldhalduskulud eelmise aasta sama perioodiga võrreldes 5,3%. Turustuskulud kasvasid samal perioodil 12,5%. Valuutakursside muutustest saadi kolmandas kvartalis kasumit 2,1 miljonit krooni (134 tuhat eurot), kuid esimese kvartali suure negatiivse mõju tulemusena teeniti üheksa kuu lõikes valuutakursside muutustest kahjumit kokku 1,8 miljonit krooni (116 tuhat eurot). Antud kahjum sisaldub muudes ärikuludes ja finantskuludes. 2007. aasta esimese üheksa kuu jooksul teeniti valuutakursside muutustest kahjumit kokku 7,8 miljonit krooni (501 tuhat eurot). Baltika kolmanda kvartali ärikasum ulatus 13,4 miljoni kroonini (0,9 miljoni euroni) ning kahanes eelmise aastaga võrreldes 4,8%. Langus tuleneb asjaolust, et eelmise aasta kolmandas kvartalis sai ettevõte tulu kinnisvarainvesteeringu ümberhindlusest 6,8 miljonit krooni (0,4 miljonit eurot). 2008. aastal selliseid tulusid kolmandas kvartalis ei esinenud. Kolmanda kvartali ärirentaabluseks kujunes 4,0% (3 kv 2007: 4,6%). Üheksa kuu ärikasum ulatus 28,6 miljoni kroonini (1,8 miljoni euroni) ning vähenes eelmise aastaga võrreldes 47,3%. Perioodi ärirentaablus oli 3,2% (9k 2007: 6,4%). Üheksa kuu ärikasum sisaldab muude äritulude all tulu kinnisvarainvesteeringu ümberhindlusest summas 11,3 miljonit krooni (0,7 miljonit eurot), mis teeniti esimeses kvartalis. 2007. aasta esimese üheksa kuu ärikasum sisaldab muude äritulude all tulu põhivara müügist ja kinnisvara ümberhindlusest kokku 23,0 miljonit krooni (1,5 miljonit eurot). Grupi üheksa kuu finantskulud ulatusid 8,3 miljoni kroonini (531 tuhande euroni) kasvades eelmise aastaga võrreldes 4,8%. Intressikulud kasvasid samal perioodil 27,2% võrra ja ulatusid 8,2 miljoni kroonini (526 tuhande euroni). Kolmandas kvartalis teenis Baltika puhaskasumit 13,6 miljonit krooni (0,9 miljonit eurot), mida on poole võrra rohkem kui 2007. aasta kolmandas kvartalis. Arvestades asjaolu, et selle aasta kolmas kvartal sisaldab ainult põhitegevusest saadud tulu, siis on paranemine veelgi märkimisväärsem. Grupi puhasrentaablus ulatus 4,0%-ni (3 kv 2007: 2,8%). Grupi üheksa kuu puhaskasum ulatus 21,4 miljoni kroonini (1,4 miljoni euroni) vähenedes eelmise aastaga võrreldes 45,2% ning puhasrentaablus oli 2,4% (9k 2007: 4,6%). BILANSS 2008. aasta 30. septembri seisuga ulatus Baltika konsolideeritud bilansimaht 801 miljoni kroonini (51,2 miljoni euroni) kasvades aastaga 22%. Grupi nõuded ostjatele on aastaga vähenenud 25 miljoni krooni (1,6 miljoni euro) võrra ulatudes septembri lõpu seisuga 75 miljoni kroonini (4,8 miljoni euroni). Nõuete alanemine tuleneb hulgimüügi mahtude vähenemisest. Võlad hankijatele suurenesid aastaga 51 miljoni krooni (3,2 miljoni euro) võrra 138 miljoni kroonini (8,8 miljoni euroni). Septembri lõpus ulatusid varud 289 miljoni kroonini (18,5 miljoni euroni) kasvades aastaga 30%. Grupi varude käibekordaja (müügitulu/keskmised varud) oli 4,90 (30. september 2007: 5,32). Varude ning hankijatele võlgnevuse suurenemine on toimunud seoses sügis-talvise hooaja kaupade sisseostuga ning seda suuremas mahus kui eelmisel aastal. Septembri lõpus ulatusid Grupi võlakohustused 249 miljoni kroonini (15,9 miljoni euroni), sealhulgas olid pangalaenud kokku 238 miljonit krooni (15,2 miljonit eurot) ja kapitalirendi kohustused 11 miljonit krooni (0,7 miljonit eurot). Aasta jooksul on võlakoormus suurenenud 60 miljoni krooni (3,9 miljoni euro) võrra. Kinnisvara arenduseks on võetud laenu 43 miljoni krooni (2,7 miljoni euro) ulatuses. Grupi netovõla (Intressi kandvad võlakohustused-Raha ja pangakontod) suhe omakapitali oli septembri lõpu seisuga 65,6%. Aasta tagasi oli vastav näitaja 53,0%. INVESTEERINGUD 2008. aasta esimese üheksa kuu jooksul ulatusid Grupi investeeringud 97,7 miljoni kroonini/6,2 miljoni euroni (9k 2007: 82,1 miljonit krooni/5,2 miljonit eurot). Jaekaubandusse investeeriti 35,5 miljonit krooni (2,3 miljonit eurot), infotehnoloogiasse 5,4 miljonit krooni (0,3 miljonit eurot) ning tootmisse 4,7 miljonit krooni (0,3 miljonit eurot). Kinnisvaraarendusse (Baltika Kvartali I etappi) investeeriti 52,1 miljonit krooni (3,3 miljonit eurot). TÖÖTAJAD Baltika Grupis töötas 2008. aasta septembri lõpu seisuga 1921 (30. september 2007: 1964) inimest, sealhulgas jaekaubanduses 939 (978), tootmises 754 (776) ning peakontoris 228 (210) inimest. Väljaspool Eestit töötas 745 (793) inimest ehk 39% Grupi töötajatest. Üheksa kuu keskmine töötajate arv Grupis oli 1941 (9k 2007: 1980). Baltika Grupi töötajatele maksti 2008. aasta esimese üheksa kuu jooksul töötasusid summas 174,4 miljonit krooni/11,1 miljonit eurot (9k 2007: 143,5 miljonit krooni/9,2 miljonit eurot). Sealhulgas ulatusid nõukogu ja juhatuse liikmete tasud 3,1 miljoni kroonini/197 tuhande euroni (9k 2007: 3,5 miljonit krooni/221 tuhat eurot). KONTSERNI PÕHILISED ARVNÄITAJAD (9 kuud 2008) -------------------------------------------------------------------------------- | | 30.09.2008 | 30.09.2007 | +/- | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 887,5 | 844,1 | 5,1% | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 770,4 | 702,7 | 9,6% | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 87% | 83% | | -------------------------------------------------------------------------------- | Poodide arv | 125 | 125 | 0% | -------------------------------------------------------------------------------- | Müügipind (m2) | 24 748 | 23 339 | 6,0% | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1 921 | 1 964 | -2,2% | -------------------------------------------------------------------------------- | Brutorentaablus | 54,7% | 54,3% | | -------------------------------------------------------------------------------- | Ärirentaablus | 3,2% | 6,4% | | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | 2,3% | 5,5% | | -------------------------------------------------------------------------------- | Puhasrentaablus | 2,4% | 4,6% | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,6 | 1,8 | -11,1% | -------------------------------------------------------------------------------- | Varude käibekordaja | 4,90 | 5,32 | -7,9% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 69,9% | 56,8% | | -------------------------------------------------------------------------------- | Omakapitali tootlus | 7,0% | 23,2% | | -------------------------------------------------------------------------------- | Koguvarade tootlus | 3,3% | 11,4% | | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Suhtarvude valemid Brutorentaablus = (Müügitulu-Müüdud kaupade kulu)/Müügitulu Ärirentaablus = Ärikasum/Müügitulu Maksueelse kasumi rentaablus = Kasum enne tulumaksu/Müügitulu Puhasrentaablus = Puhaskasum (emaettevõtja osa)/Müügitulu Likviidsuskordaja = Käibevara/Lühiajalised kohustused Varude käibekordaja = Müügitulu/Keskmised varud* Võla ja omakapitali suhe = Intressi kandvad võlakohustused/Omakapital Omakapitali tootlus = Puhaskasum (emaettevõtja osa)/Keskmine omakapital* Koguvarade tootlus = Puhaskasum (emaettevõtja osa)/Keskmised koguvarad* *12 kuu keskmine KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 3 kv | 3 kv | 9k 2008 | 9k 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 336 896 | 308 056 | 887 471 | 844 099 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -162 376 | -146 024 | -401 693 | -386 023 | -------------------------------------------------------------------------------- | Brutokasum | 174 520 | 162 032 | 485 778 | 458 076 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -148 510 | -134 594 | -427 086 | -379 604 | -------------------------------------------------------------------------------- | Üldhalduskulud | -11 075 | -13 961 | -37 222 | -39 314 | -------------------------------------------------------------------------------- | Muud äritulud | 688 | 5 971 | 12 917 | 22 552 | -------------------------------------------------------------------------------- | Muud ärikulud | -2 217 | -5 364 | -5 758 | -7 345 | -------------------------------------------------------------------------------- | Ärikasum | 13 406 | 14 084 | 28 629 | 54 365 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -1 566 | -3 634 | -8 314 | -7 936 | -------------------------------------------------------------------------------- | Intressikulud, neto | -3 143 | -2 303 | -8 232 | -6 470 | -------------------------------------------------------------------------------- | Kasum (kahjum) valuutakursi | 1 584 | -1 326 | -356 | -1 389 | | muutustest, neto | | | | | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | -7 | -5 | 274 | -77 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 11 840 | 10 450 | 20 315 | 46 429 | -------------------------------------------------------------------------------- | Tulumaks | 690 | -20 | -408 | -4 912 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 12 530 | 10 430 | 19 907 | 41 517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | 13 624 | 8 763 | 21 435 | 39 130 | | kasumist | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | -1 094 | 1 667 | -1 528 | 2 387 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, | 0,73 | 0,47 | 1,15 | 2,10 | | EEK | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 0,73 | 0,47 | 1,15 | 2,10 | | kohta, EEK | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 3 kv | 3 kv | 9k 2008 | 9k 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 21 532 | 19 688 | 56 720 | 53 948 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -10 378 | -9 333 | -25 673 | -24 671 | -------------------------------------------------------------------------------- | Brutokasum | 11 154 | 10 356 | 31 047 | 29 276 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -9 492 | -8 602 | -27 296 | -24 261 | -------------------------------------------------------------------------------- | Üldhalduskulud | -708 | -892 | -2 379 | -2 513 | -------------------------------------------------------------------------------- | Muud äritulud | 44 | 382 | 826 | 1 441 | -------------------------------------------------------------------------------- | Muud ärikulud | -142 | -343 | -368 | -469 | -------------------------------------------------------------------------------- | Ärikasum | 857 | 900 | 1 830 | 3 475 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -100 | -232 | -531 | -507 | -------------------------------------------------------------------------------- | Intressikulud, neto | -201 | -147 | -526 | -414 | -------------------------------------------------------------------------------- | Kasum (kahjum) valuutakursi | 101 | -85 | -23 | -89 | | muutustest, neto | | | | | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | 0 | 0 | 18 | -5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 757 | 668 | 1 298 | 2 967 | -------------------------------------------------------------------------------- | Tulumaks | 44 | -1 | -26 | -314 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 801 | 667 | 1 272 | 2 653 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | 871 | 561 | 1 370 | 2 501 | | kasumist | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | -70 | 106 | -98 | 153 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, | 0,05 | 0,03 | 0,07 | 0,13 | | EUR | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 0,05 | 0,03 | 0,07 | 0,13 | | kohta, EUR | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 30.09.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 15 321 | 31 494 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 138 106 | 113 563 | -------------------------------------------------------------------------------- | Varud | 288 947 | 220 698 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 104 | 500 | -------------------------------------------------------------------------------- | Käibevara kokku | 442 478 | 366 255 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 5 897 | 5 897 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 6 671 | 11 448 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 22 540 | 11 250 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 263 784 | 203 098 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 59 465 | 58 409 | -------------------------------------------------------------------------------- | Põhivara kokku | 358 357 | 290 102 | -------------------------------------------------------------------------------- | VARAD KOKKU | 800 835 | 656 357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 85 389 | 100 167 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 193 323 | 129 364 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 278 712 | 229 531 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 163 203 | 84 319 | -------------------------------------------------------------------------------- | Muud kohustused | 992 | 1 086 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 2 075 | 2 075 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 166 270 | 87 480 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 444 982 | 317 011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 186 449 | 186 449 | -------------------------------------------------------------------------------- | Reservid | 26 133 | 26 133 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 108 722 | 67 949 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 21 435 | 40 773 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 8 408 | 8 131 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 351 147 | 329 435 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 4 706 | 9 911 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 355 853 | 339 346 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 800 835 | 656 357 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 30.09.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 979 | 2 013 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 8 827 | 7 258 | -------------------------------------------------------------------------------- | Varud | 18 467 | 14 105 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 7 | 32 | -------------------------------------------------------------------------------- | Käibevara kokku | 28 279 | 23 408 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 377 | 377 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 426 | 732 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 1 441 | 719 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 16 859 | 12 980 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 801 | 3 733 | -------------------------------------------------------------------------------- | Põhivara kokku | 22 903 | 18 541 | -------------------------------------------------------------------------------- | VARAD KOKKU | 51 183 | 41 949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 5 457 | 6 402 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 12 356 | 8 268 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 17 813 | 14 670 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 10 431 | 5 389 | -------------------------------------------------------------------------------- | Muud kohustused | 63 | 69 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 133 | 133 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 10 627 | 5 591 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 28 440 | 20 261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 11 916 | 11 916 | -------------------------------------------------------------------------------- | Reservid | 1 670 | 1 670 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 6 949 | 4 343 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 1 370 | 2 606 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 537 | 520 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 22 442 | 21 055 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 301 | 633 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 22 743 | 21 688 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 51 183 | 41 949 | -------------------------------------------------------------------------------- Ülle Järv Finantsdirektor, Juhatuse liige +372 630 2741 Lisainformatsioon: Triin Palge Investorsuhete juht +372 630 2886 triin.palge@baltikagroup.com
Title
BALTIKA'S FINANCIAL RESULTS, 9 MONTHS 2008
Message
FINANCIAL HIGHLIGHTS - Revenue for 9m 2008 887 million kroons, up 5.1% yoy - Retail sales growth 10.3% for Q3 and 9.6% for 9m 2008 - Gross margin 51.8% for Q3 and 54.7% for 9m 2008 - Operating margin 4.0% for Q3 and 3.2% for 9m 2008 - Net profit for Q3 2008 13.6 million kroons, 55.5% growth yoy - Cumulative net profit for 9m 2008 21.4 million kroons, 45.2% decline yoy Chairman of the Management Board Meelis Milder: “I am delighted to report that the recovery of profitability that started in the second quarter continued in the third quarter. The efforts made to enhance the efficiency of our retail system, which has experienced rapid growth and expansion to new markets, are bearing fruit. We are very pleased that the 2006 and 2007 investments in the Eastern European markets, which caused a temporary downturn in the Group's profitability, are paying off. Currently, these are practically the only markets in Europe where economy and consumption are still growing. In the third quarter the three largest of the four Central and Eastern European markets in our retail portfolio (Russia, Ukraine and Poland) turned a profit at the retail level; a year ago the same could be said about one market only. Furthermore, based on the third quarter results we expect that the three above mentioned markets earn a profit in the second half-year at the market level.” Baltika Group ended the third quarter with a consolidated net profit of 13.6 million kroons (0.9 million euros) and a net margin of 4.0% (Q3 2007: 2.8%). Compared with the same period in 2007, net profit grew by 55.5%. In the third quarter, consolidated sales revenue grew by 9.4%, retail revenues expanding by 10.3% and wholesale revenues by 18.5%. The Group's third quarter gross margin was 51.8% against 52.6% in the third quarter of 2007, and operating margin 4.0% against 4.6% in the third quarter of 2007. Consolidated sales revenue for the first nine months was 887.5 million kroons (56.7 million euros), a 5.1% improvement year-over-year (yoy). Retail revenues grew by 9.6% and wholesale revenues decreased, as anticipated, by 5.8%. The Group's nine months' gross and operating margins were 54.7% and 3.2% respectively (9m 2007: 54.3% and 6.4%). Consolidated net profit for the first nine months was 21.4 million kroons (1.4 million euros) and net margin 2.4% (9m 2007: 4.6%). REVENUE Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q3 2008 | Q3 2007 | +/- | 9m 2008 | 9m 2007 | +/- | -------------------------------------------------------------------------------- | Retail | 282.1 | 255.9 | 10.3% | 770.4 | 702.7 | 9.6% | -------------------------------------------------------------------------------- | Wholesale | 54.4 | 45.9 | 18.5% | 115.6 | 122.7 | -5.8% | -------------------------------------------------------------------------------- | Subcontracting | 0 | 5.7 | -100% | 0 | 14.2 | -100% | -------------------------------------------------------------------------------- | Other | 0.4 | 0.6 | -36.5% | 1.4 | 4.6 | -68.6% | -------------------------------------------------------------------------------- | Total | 336.9 | 308.1 | 9.4% | 887.5 | 844.1 | 5.1% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL Compared with 2007, Baltika's retail sales for the first nine months grew by 9.6% to 770.4 million kroons (49.2 million euros). In the third quarter sales growth was 10.3%. During the first nine months of this year, the Group focused on streamlining its store portfolio and enhancing the stores' sales efficiency. The third quarter evidenced trends similar to the second quarter: sales space grew relatively slowly and the Group's average sales efficiency (sales per square metre) rose by 4% yoy (Q2 2008: 4%). The improvement in sales efficiency was underpinned by strong growth in comparable store sales which in the third quarter amounted to 7% (Q2 2008: 8%). The same trend continued also in regional performance - the best results in comparable store sales were achieved in the Central and Eastern European markets, which each delivered growth in excess of 20%. Owing to the impacts of the first quarter, comparable store sales growth for the first nine months remained at 3%. In the third quarter, the Group achieved strong sales growth in Ukraine, Russia and Poland - 23%, 19% and 15% respectively. The growth rates are particularly impressive given that the sales area has decreased slightly in Russia and Poland and increased only by 4% in Ukraine in the third quarter of 2008 compared with the prior year. The Baltic countries also delivered good results against the background of decelerating economic growth in the countries involved. Only Estonia experienced decline in retail sales by 2%, Latvia and Lithuania both posted a growth of 3% yoy. Nine-month trends are similar to the third quarter. Retail sales by market -------------------------------------------------------------------------------- | EEK million | 9m 2008 | 9m 2007 | +/- | Percentage, 9m | | | | | | 2008 | -------------------------------------------------------------------------------- | Estonia | 175.3 | 176.2 | -1% | 23% | -------------------------------------------------------------------------------- | Lithuania | 174.0 | 164.7 | 6% | 23% | -------------------------------------------------------------------------------- | Russia | 144.0 | 126.6 | 14% | 19% | -------------------------------------------------------------------------------- | Ukraine | 131.6 | 112.7 | 17% | 17% | -------------------------------------------------------------------------------- | Latvia | 108.8 | 101.3 | 7% | 14% | -------------------------------------------------------------------------------- | Poland | 24.9 | 21.2 | 17% | 3% | -------------------------------------------------------------------------------- | Czech Republic | 11.8 | 0 | - | 1% | -------------------------------------------------------------------------------- | Total | 770.4 | 702.7 | 10% | 100% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 In terms of brands, Monton accounted for 56% or 427 million kroons (27.3 million euros) of the Group's nine-month retail revenue, 10% growth yoy, and Mosaic contributed 33% or 253 million kroons (16.2 million euros), up 15% yoy. The sales of Baltman decreased 18% yoy to 55 million kroons (3.5 million euros). As an upmarket Baltic-based menswear brand, Baltman has been hit the hardest by economic slowdown; in addition, two Baltman stores have been closed in the last twelve months. Nine-month sales of Ivo Nikkolo grew 46% yoy to 27 million kroons (1.7 million euros). STORES AND SALES AREA At the end of September 2008, Baltika had 125 stores with a total sales area of 24,748 square metres. Compared with September 2007, the retail system has grown by 1,400 square metres (net) or 6%. Stores by market -------------------------------------------------------------------------------- | | 30.09.2008 | 30.09.2007 | -------------------------------------------------------------------------------- | Estonia | 30 | 30 | -------------------------------------------------------------------------------- | Lithuania | 29 | 30 | -------------------------------------------------------------------------------- | Russia | 22 | 25 | -------------------------------------------------------------------------------- | Ukraine | 22 | 21 | -------------------------------------------------------------------------------- | Latvia | 16 | 14 | -------------------------------------------------------------------------------- | Poland | 4 | 5 | -------------------------------------------------------------------------------- | Czech Republic | 2 | - | -------------------------------------------------------------------------------- | Total stores | 125 | 125 | -------------------------------------------------------------------------------- | Total sales area, sqm | 24,748 | 23,339 | -------------------------------------------------------------------------------- In the first nine months of 2008, Baltika opened seven and closed ten stores. In the third quarter Baltika opened an Ivo Nikkolo store in Riga taking its premium brand to the Latvian market. Now, the Ivo Nikkolo brand is represented in all the Baltic countries. In the fourth quarter, the Group expects to open 9 to 11 stores, taking the total number of stores to 133 to 135 by the year-end. WHOLESALE Consolidated wholesale revenue for the third quarter of 2008 increased 18.5% yoy to 54.4 million kroons (3.5 million euros). Wholesale revenue for the first nine months was 115.6 million kroons (7.4 million euros), a 5.8% decrease yoy, accounting for 13% of the Group's consolidated sales revenue for the nine-month period. Wholesale revenues have declined in line with projections and are expected to decline up to 10% yoy in 2008. EXPANSION OF WHOLESALE TO WESTERN EUROPE In August, Baltika concluded a cooperation agreement with a leading European department store chain Peek&Cloppenburg. The fashion retail chain will include the ladies' collection of Baltika's Mosaic brand in its product offer. First orders will be shipped in November of this year. The year 2009 is going to be a test period during which the sales of the collection and the quality of the products and deliveries will be monitored. During the test period Mosaic's collection will be included in 13 department stores in five countries. Peek&Cloppenburg is the largest department store chain in Germany comprising over 80 department stores in the country and altogether over 100 department stores in Europe. Besides Germany, Peek&Cloppenburg is represented in Austria, Belgium, the Netherlands, Switzerland, Poland, Hungary, the Czech Republic, etc. The fashion retailer is offering a wide selection of quality brands including Burberry, Hugo Boss, Pierre Cardin, Marco Polo, Gerry Weber, Mexx, Esprit, s.Oliver, Tommy Hilfiger and Tom Tailor among others. Cooperation with Western European partners is the strategic direction of Baltika's wholesale. Presently, Baltika's main wholesale partners are located in the Baltic countries, Russia and Finland. Recently, Baltika launched wholesale in Belorussia. EARNINGS AND MARGINS The third quarter results show that the recovery of profitability that started in the second quarter has continued. In fashion retail business, the third quarter is seasonally weaker than the second quarter due to the summer discounted sales period, nevertheless, Baltika Group earned more profit compared with the prior year. While the Baltic economies are experiencing a slowdown, the markets in Central and Eastern Europe are undergoing positive developments that support the Group's performance. In the third quarter, the Group's gross margin stood at 51.8%, a slight decrease on the 52.6% measured for the third quarter of 2007. This is due to the larger wholesale volume compared with the same period last year - wholesale business has lower margin than retail. The Group's nine months' gross margin was 54.7%, a slight improvement on 2007 figure of 54.3%. Consolidated gross profit for the first nine months was 485.8 million kroons (31.0 million euros), up 6.0% yoy, whilst third quarter gross profit grew by 7.7% yoy. Administrative and general expenses for the first nine months decreased by 5.3% on account of cost-saving. Distribution costs for the same period grew by 12.5%. In the third quarter exchange differences resulted in an exchange gain of 2.1 million kroons (134 thousand euros). However, due to a notably negative impact in the first quarter, the overall impact of exchange differences on the nine months was negative with exchange losses recognised in other operating expenses and financial expenses totalling 1.8 million kroons (116 thousand euros). In comparison, exchange losses for the first nine months of 2007 totalled 7.8 million kroons (501 thousand euros). Consolidated operating profit for the third quarter was 13.4 million kroons (0.9 million euros), a 4.8% decrease yoy. The decline is due to the 6.8 million kroons (0.4 million euros) of gain from the revaluation of investment property, which was earned in the third quarter of 2007 while in the third quarter of 2008 no such income was recorded. Operating margin for the third quarter was 4.0% (Q3 2007: 4.6%). Consolidated operating profit for the first nine months amounted to 28.6 million kroons (1.8 million euros), a 47.3% decrease yoy, and operating margin for the period was 3.2% (9m 2007: 6.4%). Operating profit for nine months includes 11.3 million kroons (0.7 million euros) of gain from the revaluation of investment property, which was earned in the first quarter and recognised in other operating income. Operating profit for the first nine months of 2007 included 23.0 million kroons (1.5 million euros) of income from the divestment of property, plant and equipment and from the revaluation of investment property recognised in other operating income. The Group's financial expenses for the first nine months of 2008 totalled 8.3 million kroons (531 thousand euros), up 4.8% yoy. Interest expenses for the same period grew by 27.2% to 8.2 million kroons (526 thousand euros). Baltika's net profit for the third quarter amounted to 13.6 million kroons (0.9 million euros), a 55.5% increase on the third quarter of 2007, and net margin rose to 4.0% (Q3 2007: 2.8%). The improvement is particularly impressive given that the third quarter results of this year include only revenue generated from core business. Consolidated net profit for nine months was 21.4 million kroons (1.4 million euros), down by 45.2% yoy, and the period's net margin was 2.4% (9m 2007: 4.6%). BALANCE SHEET At 30 September 2008, Baltika's balance sheet total was 801 million kroons (51.2 million euros), a 22% increase yoy. Trade receivables totalled 75 million kroons (4.8 million euros), representing a 25 million kroon (1.6 million euro) decrease on 30 September 2007. The decrease in trade receivables may be attributed to a decline in wholesale operations. At 30 September, trade payables amounted to 138 million kroons (8.8 million euros), representing a 51 million kroon (3.2 million euro) increase yoy. At the end of September, inventories stood at 289 million kroons (18.5 million euros), posting a 30% growth yoy, and inventory turnover ratio (sales revenue/average inventories) was 4.90 (30 September 2007: 5.32). Inventories and payables have increased on account of purchases made for the autumn and winter season in excess of the prior year. At 30 September 2008, Baltika's borrowings totalled 249 million kroons (15.9 million euros), including bank loans of 238 million kroons (15.2 million euros) and finance lease liabilities of 11 million kroons (0.7 million euros). Compared with 30 September 2007, borrowings have increased by 60 million kroons (3.9 million euros). Real estate development loans amount to 43 million kroons (2.7 million euros). At the end of September, the Group's net debt (interest-bearing liabilities less cash and bank balances) to equity ratio was 65.6% against 53.0% at the end of September 2007. INVESTMENT In the first nine months of 2008 the Group invested 97.7 million kroons (6.2 million euros): 35.5 million kroons (2.3 million euros) in the retail business, 5.4 million kroons (0.3 million euros) in information technology and 4.7 million kroons (0.3 million euros) in manufacturing. Investments in real estate development (phase I of the Baltika Quarter) amounted to 52.1 million kroons (3.3 million euros). Investments for the first nine months of 2007 totalled 82.1 million kroons (5.2 million euros). PEOPLE At 30 September 2008, the Group employed 1,921 (30 September 2007: 1,964) people including 939 (978) in the retail system, 754 (776) in manufacturing and 228 (210) at the head office. The number of people employed outside Estonia was 745 (793), i.e. 39%. The nine months' average number of employees was 1,941 (9m 2007: 1,980). Employee remuneration expenses for the first nine months of 2008 totalled 174.4 million kroons/11.1 million euros (9m 2007: 143.5 million kroons/9.2 million euros). Payments made to members of the supervisory council and management board totalled 3.1 million kroons/197 thousand euros (9m 2007: 3.5 million kroons/221 thousand euros). KEY FIGURES OF THE GROUP (9 months 2008) -------------------------------------------------------------------------------- | | 30.09.2008 | 30.09.2007 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 887.5 | 844.1 | 5.1% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 770.4 | 702.7 | 9.6% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 87% | 83% | | -------------------------------------------------------------------------------- | Number of stores | 125 | 125 | 0% | -------------------------------------------------------------------------------- | Sales area (sqm) | 24,748 | 23,339 | 6.0% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,921 | 1,964 | -2.2% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 54.7% | 54.3% | | -------------------------------------------------------------------------------- | Operating margin | 3.2% | 6.4% | | -------------------------------------------------------------------------------- | EBT margin | 2.3% | 5.5% | | -------------------------------------------------------------------------------- | Net margin | 2.4% | 4.6% | | -------------------------------------------------------------------------------- | Current ratio | 1.6 | 1.8 | -11.1% | -------------------------------------------------------------------------------- | Inventory turnover | 4.90 | 5.32 | -7.9% | -------------------------------------------------------------------------------- | Debt to equity ratio | 69.9% | 56.8% | | -------------------------------------------------------------------------------- | Return on equity | 7.0% | 23.2% | | -------------------------------------------------------------------------------- | Return on assets | 3.3% | 11.4% | | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Definitions of key ratios Gross margin = (Revenue-Cost of goods sold)/Revenue Operating margin = Operating profit/Revenue EBT margin = Profit before income tax/Revenue Net margin = Net profit (attributable to parent)/Revenue Current ratio = Current assets/Current liabilities Inventory turnover = Revenue/Average inventories* Debt to equity ratio = Interest-bearing liabilities/Equity Return on equity (ROE) = Net profit (attributable to parent)/Average equity* Return on assets (ROA) = Net profit (attributable to parent)/Average total assets* *Based on 12-month average CONSOLIDATED INCOME STATEMENT (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | Q3 2008 | Q3 2007 | 9m 2008 | 9m 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 336,896 | 308,056 | 887,471 | 844,099 | -------------------------------------------------------------------------------- | Cost of goods sold | -162,376 | -146,024 | -401,693 | -386,023 | -------------------------------------------------------------------------------- | Gross profit | 174,520 | 162,032 | 485,778 | 458,076 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -148,510 | -134,594 | -427,086 | -379,604 | -------------------------------------------------------------------------------- | Administrative and general | -11,075 | -13,961 | -37,222 | -39,314 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | 688 | 5,971 | 12,917 | 22,552 | -------------------------------------------------------------------------------- | Other operating expenses | -2,217 | -5,364 | -5,758 | -7,345 | -------------------------------------------------------------------------------- | Operating profit | 13,406 | 14,084 | 28,629 | 54,365 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -1,566 | -3,634 | -8,314 | -7,936 | -------------------------------------------------------------------------------- | Interest expenses, net | -3,143 | -2,303 | -8,232 | -6,470 | -------------------------------------------------------------------------------- | Foreign exchange gains | 1,584 | -1,326 | -356 | -1,389 | | (losses), net | | | | | -------------------------------------------------------------------------------- | Other financial income | -7 | -5 | 274 | -77 | | (expenses), net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 11,840 | 10,450 | 20,315 | 46,429 | -------------------------------------------------------------------------------- | Income tax | 690 | -20 | -408 | -4,912 | -------------------------------------------------------------------------------- | Net profit | 12,530 | 10,430 | 19,907 | 41,517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | 13,624 | 8,763 | 21,435 | 39,130 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | -1,094 | 1,667 | -1,528 | 2,387 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | 0.73 | 0.47 | 1.15 | 2.10 | -------------------------------------------------------------------------------- | Diluted earnings per share, EEK | 0.73 | 0.47 | 1.15 | 2.10 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | Q3 2008 | Q3 2007 | 9m 2008 | 9m 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 21,532 | 19,688 | 56,720 | 53,948 | -------------------------------------------------------------------------------- | Cost of goods sold | -10,378 | -9,333 | -25,673 | -24,671 | -------------------------------------------------------------------------------- | Gross profit | 11,154 | 10,356 | 31,047 | 29,276 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -9,492 | -8,602 | -27,296 | -24,261 | -------------------------------------------------------------------------------- | Administrative and general | -708 | -892 | -2,379 | -2,513 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | 44 | 382 | 826 | 1,441 | -------------------------------------------------------------------------------- | Other operating expenses | -142 | -343 | -368 | -469 | -------------------------------------------------------------------------------- | Operating profit | 857 | 900 | 1,830 | 3,475 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -100 | -232 | -531 | -507 | -------------------------------------------------------------------------------- | Interest expenses, net | -201 | -147 | -526 | -414 | -------------------------------------------------------------------------------- | Foreign exchange gains | 101 | -85 | -23 | -89 | | (losses), net | | | | | -------------------------------------------------------------------------------- | Other financial income | 0 | 0 | 18 | -5 | | (expenses), net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 757 | 668 | 1,298 | 2,967 | -------------------------------------------------------------------------------- | Income tax | 44 | -1 | -26 | -314 | -------------------------------------------------------------------------------- | Net profit | 801 | 667 | 1,272 | 2,653 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | 871 | 561 | 1,370 | 2,501 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | -70 | 106 | -98 | 153 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.05 | 0.03 | 0.07 | 0.13 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | 0.05 | 0.03 | 0.07 | 0.13 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | 30.09.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 15,321 | 31,494 | -------------------------------------------------------------------------------- | Trade and other receivables | 138,106 | 113,563 | -------------------------------------------------------------------------------- | Inventories | 288,947 | 220,698 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 104 | 500 | -------------------------------------------------------------------------------- | Total current assets | 442,478 | 366,255 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 5,897 | 5,897 | -------------------------------------------------------------------------------- | Other non-current assets | 6,671 | 11,448 | -------------------------------------------------------------------------------- | Investment property | 22,540 | 11,250 | -------------------------------------------------------------------------------- | Property, plant and equipment | 263,784 | 203,098 | -------------------------------------------------------------------------------- | Intangible assets | 59,465 | 58,409 | -------------------------------------------------------------------------------- | Total non-current assets | 358,357 | 290,102 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 800,835 | 656,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 85,389 | 100,167 | -------------------------------------------------------------------------------- | Trade and other payables | 193,323 | 129,364 | -------------------------------------------------------------------------------- | Total current liabilities | 278,712 | 229,531 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 163,203 | 84,319 | -------------------------------------------------------------------------------- | Other liabilities | 992 | 1,086 | -------------------------------------------------------------------------------- | Deferred income tax liability | 2,075 | 2,075 | -------------------------------------------------------------------------------- | Total non-current liabilities | 166,270 | 87,480 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 444,982 | 317,011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 186,449 | 186,449 | -------------------------------------------------------------------------------- | Reserves | 26,133 | 26,133 | -------------------------------------------------------------------------------- | Retained earnings | 108,722 | 67,949 | -------------------------------------------------------------------------------- | Net profit for the period | 21,435 | 40,773 | -------------------------------------------------------------------------------- | Currency translation differences | 8,408 | 8,131 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 351,147 | 329,435 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 4,706 | 9,911 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 355,853 | 339,346 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 800,835 | 656,357 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | 30.09.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 979 | 2,013 | -------------------------------------------------------------------------------- | Trade and other receivables | 8,827 | 7,258 | -------------------------------------------------------------------------------- | Inventories | 18,467 | 14,105 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 7 | 32 | -------------------------------------------------------------------------------- | Total current assets | 28,279 | 23,408 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 377 | 377 | -------------------------------------------------------------------------------- | Other non-current assets | 426 | 732 | -------------------------------------------------------------------------------- | Investment property | 1,441 | 719 | -------------------------------------------------------------------------------- | Property, plant and equipment | 16,859 | 12,980 | -------------------------------------------------------------------------------- | Intangible assets | 3,801 | 3,733 | -------------------------------------------------------------------------------- | Total non-current assets | 22,903 | 18,541 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 51,183 | 41,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 5,457 | 6,402 | -------------------------------------------------------------------------------- | Trade and other payables | 12,356 | 8,268 | -------------------------------------------------------------------------------- | Total current liabilities | 17,813 | 14,670 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 10,431 | 5,389 | -------------------------------------------------------------------------------- | Other liabilities | 63 | 69 | -------------------------------------------------------------------------------- | Deferred income tax liability | 133 | 133 | -------------------------------------------------------------------------------- | Total non-current liabilities | 10,627 | 5,591 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 28,440 | 20,261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 11,916 | 11,916 | -------------------------------------------------------------------------------- | Reserves | 1,670 | 1,670 | -------------------------------------------------------------------------------- | Retained earnings | 6,949 | 4,343 | -------------------------------------------------------------------------------- | Net profit for the period | 1,370 | 2,606 | -------------------------------------------------------------------------------- | Currency translation differences | 537 | 520 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 22,442 | 21,055 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 301 | 633 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 22,743 | 21,688 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 51,183 | 41,949 | -------------------------------------------------------------------------------- Ülle Järv CFO, Member of the Management Board +372 630 2741 Further information: Triin Palge Head of Investor Relations +372 630 2886 triin.palge@baltikagroup.com