Market announcement
AS Silvano Fashion Group
Category
Management interim statement or quarterly financial report
Attachments
Date
26.05.2009 17:30:00
Title
2009. aasta I kvartali konsolideeritud vahearuanne
Message
Äritulemused 2009. aasta I kvartalis jätkus tarbijate nõudluse langus kõigil Silvano Fashion Group'i (edaspidi „SFG“ või „ettevõte“, koos kõigi tütarettevõtetega „kontsern“) turgudel. Juhtkonna hinnangul on nõudlus 2008. aasta sama perioodiga võrreldes langenud rõivaturul umbes 30% ja pesuturul 25% võrra. Seega on jaemüügi kasvaval osatähtsusel kontserni äritegevuses tarbijatepoolse väiksema nõudluse ja kasvavate turustamiskulude tõttu negatiivne mõju kasumlikkusele. Venemaal, mis on oluline kontserni jaemüügitegevuse laiendamise piirkond, esines jaemüügis Vene rublades väljendatuna väike langus. Naisterõivaste müügi tulemuslikkus Balti riikides on 2008. aasta I kvartali tasemel. 2008. aastal otsustas kontserni juhatus sulgeda PTA naisterõivaste kauplused Venemaal ja keskenduda naistepesu jaemüügiketi arendamisele, seda peamiselt frantsiisimise kaudu. 2009. aasta I kvartalis suleti Venemaal 11 PTA kauplust. Ülejäänud kaks kauplust suletakse 2009. aasta II kvartalis. PTA jätkab oma jaemüügitegevust Eestis, Lätis, Leedus ja Ukrainas. PTA Ukraina tütarettevõte kujundati 2009. aasta I kvartalis ümber ja selle tegevuskulud on märkimisväärselt langenud. Lähemas tulevikus on kavas jätkata Ukrainas naisterõivaste müüki olemasolevas kuues kaupluses. Jätkuva majanduslanguse ja kaupluste antud hetke tulemuslikkuse tõttu otsustas juhatus, et 2009. aasta esimeses pooles suletakse osa Oblicie kaubamärgi all tegutsevatest kauplustest. Kaks kauplust on juba suletud ja veel kaheksa kauplust suletakse või antakse üle kaubanduspartneritele 2009. aasta II ja III kvartalis. Ülejäänud kauplusi kujundatakse praegu ümber Milavitsa kontseptsiooni kauplusteks ning see viiakse lõpule 2009. aasta teises pooles. Juhatus leiab, et teise kaubamärgi alla viimine suurendab Milavitsa kaubamärgi osa Venemaa naistepesu jaemüügi ja hulgimüügi üldises tulemuslikkuses ning arendab ja reklaamib Milavitsa kaubamärki Venemaal. Finantstulemused Kontserni käive oli 31. märtsil 2009 lõppenud kolmekuulisel perioodil 288 179 tuhat krooni (18 418 tuhat eurot), mis tähendab eelmise aasta sama perioodiga võrreldes 32,8% suurust langust. Üldine hulgi- ja muu müük langes 42,7% võrra, kusjuures jaemüük kasvas 3,8% võrra. Jaemüügi osakaal kogu käibest suurenes 12,1% võrra ja jõudis 2009. aasta I kvartalis 33,4%-ni kogu müügimahust. Kontserni kolmekuulise perioodi müügikäibe brutorentaablus langes ja oli 41,4% (eelmise aasta samal perioodil 44,8%), seda peamiselt jaemüügi käibe brutorentaabluse languse tõttu. Langust põhjustasid esiteks turunduskampaaniad, mille käigus pakuti allahindlusi eesmärgiga parandada nõudlust ja langevat käibekapitali taset jaemüügis, ning teiseks see, et kontsern ei saanud tõsta hindu kohe pärast kohalike valuutade devalveerumist Valgevenes ja Venemaal. Konsolideeritud ärikahjum oli 8 997 tuhat krooni (575 tuhat eurot), mis tähendab 2008. aasta I kvartaliga võrreldes 116,2%-list langust. Konsolideeritud müügikäibe ärirentaablus oli -3,1% (2008. aasta I kvartalis 13,0%). 2009. aasta I kvartalis jätkas kontsern Venemaa jaemüügivõrgu ümberkujundamist. Venemaa äritegevusega seotud ühekordsed kulud olid 2009. aasta I kvartalis 13 863 tuhat krooni (886 tuhat eurot) ning osaliselt on need seotud varasematel perioodidel alustatud tegevustega. 31. märtsi 2009. aasta seisuga moodustas jaemüügiketi ümberkujundamisega seotud tulevase kahjumi katmiseks 20 059 tuhat krooni (1 282 tuhat eurot). Lisaks fikseeriti juhtkonna ettepanekul tagastatava laenu kogusumma suurus 15 772 tuhat krooni (1 008 tuhat eurot). Selle eraldisega seotud kulud on kajastatud 2009. aasta I kvartali muudes tegevuskuludes. Juhtkond jätkab jõupingutusi laenu tagasisaamiseks. Võttes arvesse ümberkujundamiskulusid ja laenu mahakandmise kulusid, oli konsolideeritud kohandatud ärikasum 20 638 tuhat krooni (1 319 tuhat eurot), mis tähendab 2008. aasta I kvartaliga võrreldes 62,8% suurust langust. Konsolideeritud kohandatud müügikäibe ärirentaablus oli 7,2% (2008. aasta I kvartalis 13,0%). Konsolideeritud puhaskahjum valuutakursi muutustest oli 31. märtsil 2009 lõppenud kolmekuulisel perioodil 892 tuhat krooni (57 tuhat eurot). Milavitsa sai valuutakursi muutustest 24 471 tuhande krooni (1 564 tuhat euro) suuruse kasumi, mida põhjustas peamiselt firmadevaheline kauplemine eurodes, samal ajal kui Venemaa äritegevus sai valuutakursi muutustest kahjumit. Alates 2009. aasta aprillist on kogu Venemaa-suunaline kauplemine väljendatud Vene rublades, et minimeerida kontserni sees realiseerimata kasumit ja kahjumit valuutakursi muutustest. Ettevõtte tulumaksu suurus oli 20 418 tuhat krooni (1 305 tuhat eurot) ja tegelik maksumäär kontserni jaoks suurenes. Kõrget tegelikku maksumäära põhjustas Milavitsa maksustatava tulu suurenemine valuutakursi muutumistest saadud kasumi võrra ja kasvanud maksustatavast summast mittemahaarvatavad kulud (peamiselt töötajate palgad). Konsolideeritud puhaskahjum, mida on võimalik jaotada aktsionäride vahel, oli 38 960 tuhat krooni (2 490 tuhat eurot), samas kui 2008. aasta I kvartalis oli puhaskasum 14 035 tuhat krooni (897 tuhat eurot); puhas kasumimäär oli -13,5% (kuhu see langes 2008. aasta I kvartali positiivselt kasumimääralt 3,3%). Konsolideeritud kohandatud puhaskahjum, mida on võimalik jaotada aktsionäride vahel, oli 11 547 tuhat krooni (738 tuhat eurot), samas kui 2008. aasta I kvartalis oli puhaskasum 14 035 tuhat krooni (897 tuhat eurot); puhas kasumimäär oli -4,0% (kuhu see langes 2008. aasta I kvartali positiivselt kasumimääralt 3,3%). 2009. aasta I kvartalis oli kontserni omakapitali tootlus negatiivne ja selle suurus oli -6,6% (2008. aasta I kvartalis 1,9%) ning varade tootlus oli -3,4% (2008. aasta I kvartalis 1,3%). Finantsseisund 31. märtsi 2009. aasta seisuga oli konsolideeritud varasid 1 063 327 tuhande krooni (67 959 tuhande euro), mis tähendab 31. detsembri 2008. aasta seisuga võrreldes 12,0% suurust langust. Koguvarabaasi väärtust eurodes mõjutas märkimisväärselt Valgevene rubla devalveerumine, mis odavnes euro suhtes 2009. aasta I kvartalis 21,5% võrra, vähendades nii Valgevenes asuvate varade väärtust eurodes väljendatuna. Materiaalse ja immateriaalse põhivara saldo vähenes 31. detsembri 2008. aastaga võrreldes 51 978 tuhande krooni (3 322 tuhande euro) võrra; selle peamine põhjus oli välisvaluuta kursi mõju 44 844 tuhande krooni (2 866 tuhande euro) suuruse summa ulatuses. Nõuded ostjate vastu suurenesid 2009. aasta I kvartalis 2 566 tuhande krooni (164 tuhande euro) võrra. Võtmeklientide maksedistsipliin Venemaal 2009. aasta I kvartalis paranes. Varude saldo vähenes 41 150 tuhande krooni (2 630 tuhande euro) võrra ja selle suurus oli 31. märtsi 2009. aasta seisuga 393 262 tuhat krooni (25 134 tuhat eurot). Kohalikus valuutas väljendatuna aga jäi varude saldo 31. detsembri 2008. aasta tasemele ning see on vastavalt hinnangule kontserni äritegevuseks vajalikust kõrgem. Juhtkond eeldab, et 2009. aasta II kvartalis varude tase järk-järgult väheneb, ning rakendab vastavaid meetmeid. Välisvaluuta kursi muutused avaldasid samuti kontserni omakapitalile halba mõju negatiivse kursimuutusena summas 80 489 tuhat krooni (5 144 tuhat eurot). Splendo Polska Sp. z o.o. müümise tulemusena kõrvaldati soetamise järel kogunenud kahjum kontserni konsolideeritud omakapitalist, mis tõi kaasa 15 678 tuhat krooni (1 002 tuhande euro) suuruse positiivse panuse põhivarasse. Üldkokkuvõttes vähenes aktsionäridele omistatav omakapital 103 771 tuhande krooni (6 632 tuhande euro) võrra ning see oli 31. märtsi 2009. aasta seisuga 537 476 tuhat krooni (34 351 tuhat eurot). Lühiajalised kohustused vähenesid kolmekuulise perioodi jooksul 19 715 tuhande krooni (1 260 tuhande euro) võrra, jäädes oodatud tasemele. Lühi- ja pikaajalised laenud suurenesid 8 215 tuhande krooni (525 tuhande euro) võrra 142 666 tuhande kroonini (9 118 tuhande euroni). Kolmekuulise perioodi jooksul saadud ja tagasimakstud laenude summa oli vastavalt 47 362 tuhat krooni (3 027 tuhat eurot) ja 31 543 tuhat krooni (2 016 tuhat eurot), hõlmates 1 705 tuhande krooni (109 tuhande euro) suuruseid kapitalirendikohustusi. 2009. aasta märtsis pikendati PTA Grupi 5 007 tuhande krooni (320 tuhande euro) suurust arvelduskrediiti Sampo Pangast kuni 2010. aasta aprillini ja 9 998 tuhande krooni (639 tuhande euro) suurust laenu kuni 2010. aasta märtsini. Lisaks sellele pikendati Lauma Lingerie AS-i krediidiliini Läti Unicredit Bank'ist kuni 2009. aasta juulini, vähendades seejuures kasutuslimiiti 39 117 tuhandelt kroonilt (2 500 tuhandelt eurolt) 31 293 tuhandele kroonile (2 000 tuhandele eurole). Teave praeguste laenude tähtaegade kohta on toodud koondfinantsaruande lisas nr 8. Kontserni osad äriüksused vajavad lisafinantseerimist, mida varem andis emaettevõte AS Silvano Fashion Group. 2009. aasta I kvartalis piirati emaettevõtte poolset tütarettevõtete finantseerimist ning rahavoogude haldamine kontserni kuuluvate ettevõtete vahel muutus olulisemaks. Kontserni üldiselt tugevale finantsseisundile vaatamata on olemas teatavad väljakutsed kontserni äriüksuste finantseerimisele kapitali repatrieerimine piirangute tõttu Valgevene Vabariigis, mille tõttu on maksimaalne laenamise ja kaubanduse finantseerimise tähtaeg 180 päeva. Maksukohustused ja muud võlad koos võlgadega töötajate ees olid 77 513 tuhat krooni (4 954 tuhat eurot). Eraldisi oli 31. märtsi 2009. aasta seisuga 36 143 tuhat krooni (2 310 tuhat eurot) ning need hõlmasid reserve Vene jaemüügiketi ümberkujundamiseks 20 059 tuhande krooni (1 282 tuhande euro) suuruses summas. Käive Käive segmentide lõikes -------------------------------------------------------------------------------- | | 2009. | 2008. | Muutus | 2009. | 2008. | Muutus | 2009. | 2008. | | | a | a | tuhand | a | a | tuhand | a | a | | | 3 | 3 | etes | 3 | 3 | etes | 3 | 3 | | | kuud | kuud | krooni | kuud | kuud | eurode | kuud | kuud | | | tuhand | tuhand | des | tuhand | tuhand | s | prots | prots | | | etes | etes | | etes | etes | | ent | ent | | | krooni | krooni | | eurode | eurode | | käibe | käibe | | | des | des | | s | s | | st | st | -------------------------------------------------------------------------------- | Naiste | 36 926 | 43 435 | -6 509 | 2 360 | 2 776 | -416 | 12,8% | 10,1% | | rõivad | | | | | | | | | -------------------------------------------------------------------------------- | Naiste | 240 | 367 | -126 | 15 400 | 23 468 | -8 068 | 83,6% | 85,6% | | pesu | 958 | 194 | 236 | | | | | | -------------------------------------------------------------------------------- | Allhan | 10 295 | 18 166 | -7 871 | 658 | 1 161 | -503 | 3,6% | 4,3% | | ge ja | | | | | | | | | | muu | | | | | | | | | | käive | | | | | | | | | -------------------------------------------------------------------------------- | Kokku | 288 | 428 | -140 | 18 418 | 27 405 | -8 987 | 100,0 | 100,0 | | | 179 | 795 | 616 | | | | % | % | -------------------------------------------------------------------------------- Käive turgude lõikes 2009. aasta I kvartalis keskendus kontsern eeskätt Balti riikide, Venemaa, Valgevene ja Ukraina turule. Kogukäive turgude lõikes -------------------------------------------------------------------------------- | | 2009. | 2008. | Muutus | 2009. | 2008. | Muutus | 2009. | 2008. | | | a | a | tuhand | a | a | tuhand | a | a | | | 3 | 3 | etes | 3 | 3 | etes | 3 | 3 | | | kuud | kuud | krooni | kuud | kuud | eurode | kuud | kuud | | | tuhand | tuhand | des | tuhand | tuhand | s | prots | prots | | | etes | etes | | etes | etes | | ent | ent | | | krooni | krooni | | eurode | eurode | | käibe | käibe | | | des | des | | s | s | | st | st | -------------------------------------------------------------------------------- | Eesti | 25 473 | 37 114 | -11 | 1 628 | 2 372 | -744 | 8,8% | 8,7% | | | | | 641 | | | | | | -------------------------------------------------------------------------------- | Soome | 6 118 | 14 943 | -8 825 | 391 | 955 | -564 | 2,1% | 3,5% | -------------------------------------------------------------------------------- | Läti | 6 525 | 10 812 | -4 287 | 417 | 691 | -274 | 2,3% | 2,5% | -------------------------------------------------------------------------------- | Valgev | 70 723 | 70 175 | 548 | 4 520 | 4 485 | 35 | 24,5% | 16,4% | | ene | | | | | | | | | -------------------------------------------------------------------------------- | Ukrain | 15 819 | 35 080 | -19 | 1 011 | 2 242 | -1 231 | 5,5% | 8,2% | | a | | | 261 | | | | | | -------------------------------------------------------------------------------- | Venema | 142 | 223 | -81 | 9 082 | 14 281 | -5 199 | 49,3% | 52,1% | | a | 102 | 449 | 347 | | | | | | -------------------------------------------------------------------------------- | Muud | 21 419 | 37 222 | -15 | 1 369 | 2 379 | -1 010 | 7,5% | 8,6% | | turud | | | 803 | | | | | | -------------------------------------------------------------------------------- | Kokku | 288 | 428 | -140 | 18 418 | 27 405 | -8 987 | 100,0 | 100,0 | | | 179 | 795 | 616 | | | | % | % | -------------------------------------------------------------------------------- Naisterõivad 2009. aasta I kvartalis vähenes naisterõivaste segmendi tulu 2008. aasta I kvartaliga võrreldes 15,0% võrra, moodustades 36 926 tuhat krooni (2 360 tuhat eurot). Balti riikides vähenes müügitulu 1,2% võrra, moodustades 25 598 tuhat krooni (1 636 tuhat eurot). Ukrainas suurenes müügitulu jaemüügiketi laienemise tõttu 25,8% võrra, ulatudes 4 428 tuhande kroonini (283 tuhande euroni). Venemaa müügitulu vähenes 34,8% võrra, moodustades 7 088 tuhat krooni (453 tuhat eurot), ning seda ainult PTA kaupuste sulgemise tõttu Venemaal 2009. aasta I kvartalis. Käive Soome langes hulgimüügi mahu vähenemise tõttu 63,6% võrra, moodustades 1 612 tuhat krooni (103 tuhat eurot). Naistepesu Oluline osa naistepesu müügitulust (135 014 tuhat krooni ehk 8 629 tuhat eurot) saadi 2009. aasta I kvartalis Venemaa turult, mis moodustab 56,0% kogu naistepesu müügist 2009. aasta I kvartalis, võrreldes 212 575 tuhande krooniga (13 586 euroga) 2008. aasta samal ajavahemikul. Venemaa käive hõlmab nii jae- kui ka hulgimüüki. Naistepesu müügis oli suuruselt teine piirkond Valgevene, kus müügitulu oli 70 723 tuhat krooni (4 520 tuhat eurot), mis moodustas 29,4% kogu naistepesu müügitulust (sh nii jae- kui ka hulgimüük), võrrelduna 70 175 tuhande krooniga (4 485 tuhande euroga) 2008. aasta I kvartalis. Käivet suurtel turgudel, sealhulgas Venemaal, Valgevenes ja Ukrainas, mõjutas tugevalt majanduslik olukord ja kohalike valuutade devalveerumine. Seetõttu oli käive 2009. aasta I kvartalis 2008. aasta I kvartaliga võrreldes väiksem. Hulgimüük vähenes jaemüügiga võrreldes rohkem. Seda põhjustas osaliselt asjaolu, et paljudel Milavitsa Venemaa ja Ukraina hulgimüügipartneritel olid 2008. aasta IV kvartalis üldise majanduskriisi poolt tekitatud nõudluse langemise tõttu üleliigsed laovarud ning nad pidid need 2009. aasta I kvartalis realiseerima. Kontsern on oma Venemaa ja Ukraina äripartneritega pidanud mitmeid koosolekuid käibe vähenemise asjus. Turul on rakendatud terve rida meetmeid, sealhulgas turundustegevuse intensiivistamine Valgevenes, soodsad hinnad Venemaal, frantsiisikaupluste avamise toetamine, uus jaemüügistruktuur Ukrainas jm. Pesumarkidest andis põhitootemark Milavitsa 2009.aasta I kvartalis 72,9% naistepesu kogumüügitulust (2008. aasta I kvartalis 78,6%), s. o. 175 758 tuhat krooni (11 233 tuhat eurot). Põhitootemark Lauma andis naistepesu kogukäibest 4,5% (2008. aasta I kvartalis 6,0%), s. o. 10 796 tuhat krooni (690 tuhat eurot). Ülejäänud tootemargid nagu Alisee, Aveline, Laumelle, Lauma Aqua ja Laumelle Aqua andsid 2009. aasta I kvartalis kokku 22,6% naistepesu kogukäibest (2008. aasta I kvartalis 15,4%), s. o. 54 404 tuhat krooni (3 477 tuhat eurot). Jaekaubandus 2009. aasta I kvartalis oli kontserni jaemüügikäive kokku 94 866 tuhat krooni (6 063 tuhat eurot), mis tähendab 2008. aasta vastava perioodiga võrreldes 3,8%-list tõusu. Jaemüügitegevus toimus Eestis, Lätis, Venemaal, Valgevenes, Leedus ja Ukrainas. 2009. aasta I kvartali lõpu seisuga oli kontsernil 119 jaemüügipunkti kogupindalaga 12 545 ruutmeetrit. 2009. aasta I kvartalis avati seitse uut naistepesu kauplust, sealhulgas kolm Milavitsa nime all tegutsevat kauplust Valgevenes, üks Yamamay ja kaks Jockey kaubamärgi all tegutsevat kauplust Leedus ja üks Lauma Lingerie kaubamärgi all tegutsev kauplus Lätis. 15 vähetulemuslikku kauplust suleti: 11 PTA kauplust Venemaal, üks Oblicie kauplus Venemaal ja üks Oblicie kauplus Poolas, üks Milavitsa kauplus Venemaal ja üks Milavitsa kauplus Valgevenes. Kaupluste arv seisuga: 31.03.2009 31.12.2008 Eesti 11 11 Läti 8 7 Poola 0 8 Valgevene 30 28 Venemaa 39 52 Leedu 24 21 Ukraina 7 7 Kauplusi kokku 119 134 Müügipinda kokku, ruutmeetrites 12 545 14 566 Naisterõivaste jaemüügitegevus toimus Eestis, Lätis, Leedus, Venemaal ja Ukrainas. 2009. aasta I kvartali lõpu seisuga oli kontsernil 26 naisterõivaste kauplust kogumüügipindalaga 5 051 ruutmeetrit. 2009. aasta I kvartalis vähenes naisterõivaste jaemüügi tulu 2008. aasta I kvartaliga võrreldes 5,2% võrra, moodustades 34 955 tuhat krooni (2 234 tuhat eurot). Jaemüügi käive suurenes Balti riikides ja Ukrainas ning vähenes Venemaal. Balti riikides suurenes jaemüük 7,8% võrra, moodustades 24 972 tuhat krooni (1 596 tuhat eurot). Ukrainas suurenes jaemüük 25,8% võrra, moodustades 4 428 tuhat krooni (283 tuhat eurot). Jaemüügi kasvu Balti riikides ja Ukrainas põhjustas jaemüügivõrgu laiendamine. 2009. aasta I kvartali lõpu seisuga oli PTA-l Balti riikides ja Ukrainas 24 kauplust, samas kui 2008. aasta I kvartali lõpus oli neid 20. Üldine võrreldav jaemüügi kasv oli majanduskriisi mõju tõttu negatiivne, -4%. Kontserni naistepesu müügitegevus toimus Venemaal, Valgevenes, Lätis, Leedus, Ukrainas ja Eestis. 2009. aasta I kvartali lõpu seisuga oli kontsernil 93 naistepesu kauplust kogupindalaga 7 494 ruutmeetrit. Venemaa naistepesuäri osas keskendus kontsern 2009. aasta I kvartalis peamiselt halbade tulemustega kaupluste sulgemisele, rendilepingute muutmise üle rendileandjatega läbirääkimiste pidamisele ja müügi tulemuslikkuse parandamisele. Selle tõttu suleti kaks naistepesu kauplust. Kuna enamik rendilepinguid on sõlmitud eurodes või USA dollarites, siis ei suurendanud Vene rubla devalveerumine märkimisväärselt renditasusid rublades väljendatuna. Kõigile rendileandjatele tehti ettepanek rendihinna vähendamiseks või euro või USA dollari vahetuskursi fikseerimiseks. Üldine tarbimisturu nõudlus halvenes jätkuvalt, mis mõjutas praktiliselt kõiki jaemüügisegmente. Mõned jaemüügifirmad on alustanud kaupluste sulgemist. Nende kaubanduskeskuste võrreldav külastatavus, kus tegutsevad kontserni poed, vähenes eelmise aasta sama perioodiga võrreldes 15% võrra. Tänu aga kontserni poolt läbi viidud tervele reale turundus- ja müügikampaaniatele oli võrreldav müügikäibe suurenemine 2008. aasta sama perioodiga võrreldes 23% Vene rublades ja 17% müüdud esemete arvus väljendatuna. Ostude arv jäi samaks ning keskmine ostude summa Vene rublades ja müüdud artiklite arv kasvasid. Käibe suurenemist mõjutas ainult osaliselt valuuta devalveerumisest põhjustatud hindade kasv. Kontsern jätkab ebaefektiivsete kaupluste sulgemist või nende ümberkolimist parematesse asukohtadesse. Enamus kauplusi muudetakse 2009. aasta II ja III kvartalis Milavitsa kauplusteks. Valgevenes suleti üks ebaefektiivne kauplus ja avati kolm uut Milavitsa kauplust, mis andis oma panuse jaemüügikäibe kasvu riigis. Balti riikides oli pesu jaemüügi maht 2008. aasta I kvartaliga võrreldes stabiilne. Leedus avati esimene Yamamay frantsiisikauplus koostöös Itaalia partneriga. Kokku avati Balti riikides neli uut naistepesu kauplust (kolm Leedus ja üks Lätis). Kauplused kontseptsioonide lõikes -------------------------------------------------------------------------------- | Turg | PTA | Oblicie | Milavitsa | Muud | Kokku | Müügipind, | | | kauplus | kauplus | kauplused | kauplused | | ruutmeetri | | | ed | ed | | | | t | -------------------------------------------------------------------------------- | Venemaa | 2 | 33 | 4 | - | 39 | 3 445 | -------------------------------------------------------------------------------- | Ukraina | 6 | 1 | - | - | 7 | 994 | -------------------------------------------------------------------------------- | Eesti | 9 | 1 | - | 1 | 11 | 2 120 | -------------------------------------------------------------------------------- | Läti | 4 | - | - | 4 | 8 | 1 123 | -------------------------------------------------------------------------------- | Leedu | 5 | - | - | 19 | 24 | 2 033 | -------------------------------------------------------------------------------- | Valgeve | - | - | 30 | - | 30 | 2 830 | | ne | | | | | | | -------------------------------------------------------------------------------- | Kokku | 26 | 35 | 34 | 24 | 119 | 12 545 | -------------------------------------------------------------------------------- Hulgimüük 2009. aasta I kvartalis oli hulgimüügikäive kokku 183 018 tuhat krooni (11 697 tuhat eurot), mis moodustab 63,5% kontserni kogukäibest (2008. aasta I kvartalis 74,5%). Peamised hulgimüügipiirkonnad olid Venemaa, Valgevene, Ukraina ja Balti riigid naistepesu ning Soome ja Balti riigid naisterõivaste puhul. 2009. aasta I kvartalis vähenes naisterõivaste hulgimüügikäive 69,5%, moodustades 2 237 tuhat krooni (143 tuhat eurot). Hulgimüügikäibe vähenemine Balti riikides oli plaanikohane, kuna toimus PTA jaemüügiketi laienemine. Naistepesu hulgimüük vähenes 2009. aasta I kvartalis 2008. aasta I kvartaliga võrreldes 42,2% võrra, moodustades 180 781 tuhat krooni (11 554 tuhat eurot). Enamik naistepesu hulgimüügipartnereid asub Venemaal. Hulgimüük vähenes majanduskriisi tõttu Venemaal, Ukrainas, Valgevenes ja mõnedes teistes riikides. Hulgimüügi vähenemist põhjustas osaliselt ka asjaolu, et paljudel Milavitsa Venemaa ja Ukraina hulgimüügipartneritel olid 2008. aasta IV kvartalis kriisi poolt tekitatud nõudluse langemise tõttu üleliigsed laovarud ning nad pidid need 2009. aasta I kvartalis realiseerima. Milavitsa frantsiisikauplusi, mida teenindatakse hulgimüügipartnerite kaudu, mõjutas kriis märksa vähem kui hulgimüügitarneid mittekontrollitavale jaemüügiturule (avaturud, kioskid, kaubamajad jmt). Tootmine, sisseostmine, hanked ja logistika Turul suurenenud ebakindluse ja langenud nõudluse tõttu vähendasid kontserni tootmisettevõtted 2009. aasta I kvartalis oma tootmist ja hankemahtu. Lisaks sellele tehti muudatusi tootmise planeerimise protsessis, et kohandada seda muutunud oludega, nii näiteks hakati suurimas tootmisega tegelevas tütarettevõttes SP ZAO Milavitsa tootmist planeerima kvartali asemel igakuiselt. Mis puudutab sisseostmist, siis vähenes koostööpartnerite arv 2009. aasta I kvartalis ettevõttel SP ZAO Milavitsa 30,8% võrra ja ettevõttel Lauma Lingerie 25,0% võrra. Tootmise kogumaht ettevõttes SP ZAO Milavitsa oli 2009. aasta I kvartalis 3 829 tuhat eset, mis tähendab eelmise aasta sama perioodiga võrreldes 21,4% suurust langust. Laias laastus jäid ettevõttes SP ZAO Milavitsa kasutatavad oma tootmisvõimsused 2008. aasta tasemele ning tootmise languse peamine allikas on koostööpartnerite käest sisse ostetud tootmisvõimsused. Logistika osas alustas 2009. aasta I kvartalis Valgevenes tööd uus laokompleks Machuliszhi, mille kogumahutavus on 1 032 tuhat pesutoodet. Investeeringud Kontserni investeeringud olid 2009. aasta I kvartalis 13 223 tuhat krooni (845 tuhat eurot), kusjuures 11 844 tuhat krooni (757 tuhat eurot) investeeriti jaemüüki ning ülejäänu põhivarasse, et tagada efektiivne tootmine. Personal 2009. aasta märtsi lõpu seisuga oli kontsernil 3 718 töötajat, sh 654 jaemüügivõrgus ja 2 288 tootmises. Ülejäänud on hulgimüügi-, haldus- ja tugipersonal. 2009. aasta I kvartalis oli töötajate keskmine arv 3 680. Palkade kogusumma oli 2009. aasta I kvartalis 92 894 tuhat krooni (5 937 tuhat eurot). Juhatuse liikmetele makstud töötasu oli 2 097 tuhat krooni (134 tuhat eurot). Neli juhatuse liiget töötab ka kontserni tütarettevõtete juhina. Tähtsamad sündmused 2009. aasta I kvartalis Organisatsiooniline struktuur ja kontserni juhtimine 2009. aasta veebruaris kiitis ettevõtte juhatus heaks muudatused kontserni juhtimisstruktuuris. Nende muudatuste eesmärk oli optimeerida juhtimisstruktuuri, et lahendada integratsiooni-, koordinatsiooni- ja kommunikatsiooniprobleemid, mis ilmnesid senise juhtimisstruktuuri raames. 2009. aasta märtsis moodustati Milavitsas uus kolmeliikmeline nõukogu (varem oli nõukogus liikmeid seitse). Lisaks sellele moodustati 2009. aasta märtsis kriisijuhtimiskomitee, kuhu kuuluvad kontserni nõukogu ja juhatuse liikmed ning suuremate tütarettevõtete juhatuste osad liikmed. Koosolekuid peetakse iga nädal, et tegeleda õigeaegselt uutest majandus- ja nõudlusoludest tulenevatele väljakutsetega. Kriisijuhtimiskomitees arutatakse kontserni kõiki peamisi tegevusi, sealhulgas Venemaa jaemüüki, Lauma Lingerie integratsiooni, naisterõivaste segmenti, kontserni finantsolukorda, rahahaldust ja muid küsimusi. Splendo Polska Sp. z o.o. müügitehing 12. veebruaril 2009 sõlmis ettevõte lepingu kõigi oma aktsiate müügiks (90% aktsiakapitalist) Poola jaemüügiga tegelevas tütarettevõttes Splendo Polska Sp. z o.o., millel on kuus jaemüügipunkti. Selle aruande koostamise päevaks ei ole tehing veel lõpule viidud ning poolte vahel jätkuvad läbirääkimised tehingu formaalsuste viimistlemiseks. Eeldusel, et need formaalsused lahendatakse, ootab juhtkond tehingu lõpuleviimist 2009. aasta II kvartalis. Seisuga 31. märts 2009 kirjendatakse investeeringut ettevõttesse Splendo Polska Sp. z o.o. kui investeeringut müügiks (täieliku eraldisega) ja tehinguga seotud kahjumi on täielikult peegeldatud 31. detsembri 2008. aasta seisuga. Võttes arvesse Splendo Polska Sp. z o.o. müügi kohta sõlmitud lepingut, ei ole Splendo Polska Sp. z o.o. äritegevuse tulemusi 31. märtsi 2009. aasta seisuga konsolideeritud kontserni finantstulemuste ja finantsseisundi hulka. Splendo Polska Sp. z o.o. 2009. aasta I kvartali äritegevuse puhaskahjum oli 31. märtsi 2009. aasta seisuga 1 174 tuhat krooni (75 tuhat eurot) ja koguvara 7 620 tuhat krooni (487 tuhat eurot). Valikulised finantsandmed Kontserni tulemusi iseloomustavad kõige paremini alltoodud näitajad ja suhtarvud: -------------------------------------------------------------------------------- | Peamised näitajad ja suhtarvud | 31.03.2009 | 31.03.2008 | Muutus | -------------------------------------------------------------------------------- | Netokäive (tuhat krooni) | 288 179 | 428 795 | -140 616 | -------------------------------------------------------------------------------- | Puhastulu, mida on võimalik jaotada | -38 960 | 14 035 | -52 995 | | aktsionäride vahel (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Enne intresse, makse ja | 2 172 | 67 171 | -64 999 | | amortisatsiooni saadud tulu (EBITDA) | | | | | (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Enne intresse ja makse saadud tulu | -8 997 | 55 546 | -64 543 | | (EBIT) (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Netokäive (tuhat eurot) | 18 418 | 27 405 | -8 987 | -------------------------------------------------------------------------------- | Puhastulu, mida on võimalik jaotada | -2 490 | 897 | -3 387 | | aktsionäride vahel (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Enne intresse, makse ja | 139 | 4 293 | -4 154 | | amortisatsiooni saadud tulu (EBITDA) | | | | | (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Enne intresse ja makse saadud tulu | -575 | 3 550 | -4 125 | | (EBIT) (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Müügikäibe ärirentaablus, % | -3,1% | 13,0% | - | -------------------------------------------------------------------------------- | Puhas kasumimäär, % | -13,5% | 3,3% | - | -------------------------------------------------------------------------------- | Varade tootlus (ROA), % | -3,4% | 1,3% | - | -------------------------------------------------------------------------------- | Omakapitali tootlus (ROE), % | -6,6% | 1,9% | - | -------------------------------------------------------------------------------- | Tulu aktsia kohta (EPS), krooni | -0,98 | 0,35 | - | -------------------------------------------------------------------------------- | Tulu aktsia kohta (EPS), eurot | -0,06 | 0,02 | - | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste kattekordaja | 2,0 | 3,2 | - | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,0 | 1,8 | - | -------------------------------------------------------------------------------- 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 ____________________________ Dmitry Ditchkovsky Juhatuse esimees 26. mai 2009 Bilanss Konsolideeritud, auditeerimata -------------------------------------------------------------------------------- | | | 31.03. | 31.03. | 31.12.2 | 31.03.2 | 31.03.2 | 31.12.2 | | | | 2009 | 2008 | 008 | 009 | 008 | 008 | -------------------------------------------------------------------------------- | | | tuhand | tuhand | tuhande | tuhande | tuhande | tuhande | | | | etes | etes | tes | tes | tes | tes | | | | krooni | krooni | kroonid | eurodes | eurodes | eurodes | | | | des | des | es | | | | -------------------------------------------------------------------------------- | VARAD | | | | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | | | | -------------------------------------------------------------------------------- | Materiaalne | | 246 | 251 | 293 530 | 15 733 | 16 096 | 18 760 | | põhivara | | 168 | 848 | | | | | -------------------------------------------------------------------------------- | Immateriaalne | | 11 469 | 26 959 | 16 085 | 733 | 1 723 | 1 028 | | põhivara | | | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainves | | 21 060 | 21 389 | 23 141 | 1 346 | 1 367 | 1 479 | | teeringud | | | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse | | 720 | 1 017 | 2 879 | 46 | 65 | 184 | | meetodil | | | | | | | | | kajastatavad | | | | | | | | | investeeringud | | | | | | | | -------------------------------------------------------------------------------- | Müügivalmis | | 7 182 | 7 933 | 8 716 | 459 | 507 | 557 | | finantsvara | | | | | | | | -------------------------------------------------------------------------------- | Muud | | 954 | 4 788 | 17 477 | 61 | 306 | 1 117 | | lühiajalised | | | | | | | | | nõuded | | | | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | | 287 | 313 | 361 828 | 18 378 | 20 064 | 23 125 | | | | 553 | 934 | | | | | -------------------------------------------------------------------------------- | Käibevara | | | | | | | | -------------------------------------------------------------------------------- | Varud | | 393 | 357 | 434 412 | 25 134 | 22 837 | 27 764 | | | | 262 | 321 | | | | | -------------------------------------------------------------------------------- | Maksude | | 43 419 | 26 834 | 62 070 | 2 775 | 1 715 | 3 967 | | ettemaksed | | | | | | | | -------------------------------------------------------------------------------- | Nõuded ostjate | | 170 | 202 | 168 013 | 10 902 | 12 971 | 10 738 | | vastu | | 579 | 952 | | | | | -------------------------------------------------------------------------------- | Muud | | 58 581 | 45 938 | 50 851 | 3 744 | 2 936 | 3 250 | | lühiajalised | | | | | | | | | nõuded | | | | | | | | -------------------------------------------------------------------------------- | Ettemakstud | | 37 348 | 60 005 | 49 209 | 2 387 | 3 835 | 3 145 | | teenused | | | | | | | | -------------------------------------------------------------------------------- | Raha ja selle | | 72 585 | 109 | 82 129 | 4 639 | 7 006 | 5 249 | | ekvivalendid | | | 620 | | | | | -------------------------------------------------------------------------------- | Käibevara kokku | | 775 | 802 | 846 684 | 49 581 | 51 300 | 54 113 | | | | 774 | 670 | | | | | -------------------------------------------------------------------------------- | VARAD KOKKU | | 1 063 | 1 116 | 1 208 | 67 959 | 71 364 | 77 238 | | | | 327 | 604 | 512 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA | | | | | | | | | OMAKAPITAL | | | | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 400 | 400 | 400 000 | 25 565 | 25 565 | 25 565 | | nimiväärtuses | | 000 | 000 | | | | | -------------------------------------------------------------------------------- | Ülekurss | | 223 | 223 | 223 293 | 14 271 | 14 271 | 14 271 | | | | 293 | 293 | | | | | -------------------------------------------------------------------------------- | Oma aktsiad | | -7 041 | 0 | -7 041 | -450 | 0 | -450 | -------------------------------------------------------------------------------- | Kohustuslik | | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 | | reservkapital | | | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | | -138 | -102 | -58 086 | -8 857 | -6 551 | -3 713 | | muutuste reserv | | 575 | 501 | | | | | -------------------------------------------------------------------------------- | Eelmiste | | 58 753 | 199 | 82 035 | 3 755 | 12 780 | 5 243 | | perioodide | | | 962 | | | | | | jaotamata tulem | | | | | | | | -------------------------------------------------------------------------------- | Emaettevõtte | | 537 | 721 | 641 247 | 34 351 | 46 132 | 40 983 | | aktsionäridele | | 476 | 800 | | | | | | omistatav | | | | | | | | | omakapital | | | | | | | | | kokku | | | | | | | | -------------------------------------------------------------------------------- | Vähemusosalus | | 122 | 140 | 141 977 | 7 804 | 8 962 | 9 074 | | | | 106 | 225 | | | | | -------------------------------------------------------------------------------- | Omakapital | | 659 | 862 | 783 224 | 42 155 | 55 094 | 50 057 | | kokku | | 582 | 025 | | | | | -------------------------------------------------------------------------------- | Pikaajalised | | | | | | | | | kohustused | | | | | | | | -------------------------------------------------------------------------------- | Laenud | | 13 081 | 3 035 | 18 197 | 836 | 194 | 1 163 | -------------------------------------------------------------------------------- | Maksude | | 203 | 201 | 201 | 13 | 13 | 13 | | tagasinõuded | | | | | | | | -------------------------------------------------------------------------------- | Muud kohustused | | 4 600 | 360 | 1 314 | 294 | 23 | 84 | -------------------------------------------------------------------------------- | Eraldised | | 125 | 133 | 125 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Pikaajalised | | 18 009 | 3 729 | 19 837 | 1 151 | 238 | 1 268 | | kohustused | | | | | | | | | kokku | | | | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | | | | | | | | kohustused | | | | | | | | -------------------------------------------------------------------------------- | Laenud | | 129 | 20 403 | 116 254 | 8 282 | 1 304 | 7 430 | | | | 585 | | | | | | -------------------------------------------------------------------------------- | Võlad | | 147 | 143 | 167 951 | 9 422 | 9 185 | 10 734 | | tarnijatele | | 423 | 716 | | | | | -------------------------------------------------------------------------------- | Ettevõtte | | 7 135 | 8 621 | 4 006 | 456 | 551 | 256 | | tulumaksu | | | | | | | | | kohustus | | | | | | | | -------------------------------------------------------------------------------- | Muud | | 32 373 | 28 917 | 18 150 | 2 069 | 1 848 | 1 160 | | maksukohustused | | | | | | | | -------------------------------------------------------------------------------- | Muud võlad | | 32 670 | 27 397 | 27 584 | 2 088 | 1 751 | 1 763 | -------------------------------------------------------------------------------- | Eraldised | | 36 018 | 21 671 | 70 817 | 2 302 | 1 385 | 4 526 | -------------------------------------------------------------------------------- | Viitvõlad | | 532 | 125 | 689 | 34 | 8 | 44 | -------------------------------------------------------------------------------- | Lühiajalised | | 385 | 250 | 405 451 | 24 653 | 16 032 | 25 913 | | kohustused | | 736 | 850 | | | | | | kokku | | | | | | | | -------------------------------------------------------------------------------- | Kohustused | | 403 | 254 | 425 288 | 25 804 | 16 270 | 27 181 | | kokku | | 745 | 579 | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA | | 1 063 | 1 116 | 1 208 | 67 959 | 71 364 | 77 238 | | OMAKAPITAL | | 327 | 604 | 512 | | | | | KOKKU | | | | | | | | -------------------------------------------------------------------------------- Kasumiaruanne, I kvartal Konsolideeritud, auditeerimata -------------------------------------------------------------------------------- | | | 2009 | 2008 | 2009 | 2008 | | | | I | I | I kvartal | I kvartal | | | | kvartal | kvartal | tuhandete | tuhandete | | | | tuhandet | tuhandet | s | s | | | | es | es | eurodes | eurodes | | | | kroonide | kroonide | | | | | | s | s | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | | 288 179 | 428 795 | 18 418 | 27 405 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | | -168 936 | -236 639 | -10 797 | -15 124 | -------------------------------------------------------------------------------- | Brutokasum | | 119 243 | 192 156 | 7 621 | 12 281 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | | 11 516 | 4 287 | 736 | 274 | -------------------------------------------------------------------------------- | Turustuskulud | | -63 353 | -68 923 | -4 049 | -4 405 | -------------------------------------------------------------------------------- | Üldhalduskulud | | -48 270 | -54 356 | -3 085 | -3 474 | -------------------------------------------------------------------------------- | Muud ärikulud | | -28 133 | -17 618 | -1 798 | -1 126 | -------------------------------------------------------------------------------- | Ärikasum | | -8 997 | 55 546 | -575 | 3 550 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intressikulud | | -3 442 | -657 | -220 | -42 | -------------------------------------------------------------------------------- | Kasum/kahjum valuutakursi | | -892 | -3 052 | -57 | -195 | | muutustest | | | | | | -------------------------------------------------------------------------------- | Muud finantstulud/-kulud | | 1 048 | 2 723 | 67 | 174 | -------------------------------------------------------------------------------- | Finantstulud/-kulud kokku | | -3 286 | -986 | -210 | -63 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Osa kapitaliosaluse | | -1 831 | 188 | -117 | 12 | | meetodil kajastatavate | | | | | | | investeerimisobjektide | | | | | | | kasumist | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne ettevõtte | | -14 114 | 54 748 | -902 | 3 499 | | tulumaksu | | | | | | -------------------------------------------------------------------------------- | Ettevõtte tulumaks | | -20 418 | -28 117 | -1 305 | -1 797 | -------------------------------------------------------------------------------- | Perioodi puhaskasum/kahjum | | -34 532 | 26 631 | -2 207 | 1 702 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtte omanikule | | -38 960 | 14 035 | -2 490 | 897 | | kuuluv osa puhaskasumist | | | | | | -------------------------------------------------------------------------------- | Vähemusaktsionäridele | | 4 428 | 12 596 | 283 | 805 | | kuuluv osa puhaskasumist | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulu aktsia kohta | | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia | | -0,98 | 0,35 | -0,06 | 0,02 | | kohta (kroonides/eurodes) | | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | | -0,98 | 0,35 | -0,06 | 0,02 | | aktsia kohta | | | | | | | (kroonides/eurodes) | | | | | | -------------------------------------------------------------------------------- Koondkasumiaruanne I kvartal Konsolideeritud, auditeerimata -------------------------------------------------------------------------------- | | | 2009| 2008| 2009| 2008| | | | I kvartal| I kvartal| I kvartal| I kvartal| | | | tuhandetes| tuhandetes| tuhandetes| tuhandetes| | | | kroonides| kroonides| eurodes| eurodes| -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi kasum | | -34 | 26 631 | -2 207 | 1 702 | | | | 532 | | | | -------------------------------------------------------------------------------- | Muu koondkasum | | | | | | -------------------------------------------------------------------------------- | Välisvaluutade kursimuutusid | | -104 | -34 | -6 704 | -2 177 | | välistehingute puhul | | 898 | 063 | | | -------------------------------------------------------------------------------- | Tütarettevõtte realiseerimine | | 16 820 | 0 | 1 075 | 0 | -------------------------------------------------------------------------------- | Perioodi muu koondkasum/kahjum | | -88 | -34 | -5 629 | -2 177 | | | | 078 | 063 | | | -------------------------------------------------------------------------------- | Koondkasum kokku | | -122 | -7 432 | -7 836 | -475 | | | | 610 | | | | -------------------------------------------------------------------------------- | Emaettevõtte omanikule kuuluv osa | | -103 | -11 | -6 632 | -764 | | koondkasumist | | 771 | 954 | | | -------------------------------------------------------------------------------- | Vähemusaktsionäridele kuuluv osa | | -18 | 4 522 | -1 204 | 289 | | koondkasumist | | 839 | | | | --------------------------------------------------------------------------------
Title
Consolidated interim report for Q1 2008
Message
Business results In Q1 2009, consumer demand continued to weaken in all of Silvano Fashion Group's (“SFG” or the “Company”, and together with its subsidiaries the “Group”) markets. Management estimates that the apparel market demand has decreased by approximately 30% and lingerie market by 25% as compared to the respective period in 2008. Accordingly, the growing proportion of retail operations in the Group's business has a negative effect on profitability due to lower consumer demand and growing distribution expenses. Retail operations in Russia, the major region for the retail expansion of the Group, demonstrated a minor increase in sales in Russian Rouble terms. Apparel retail performance in the Baltic countries is at the level of Q1 2008. In 2008, the management of the Group decided to close PTA apparel stores in Russia and to focus on the development of lingerie retail chain mainly through franchising. In Q1 2009, 11 PTA shops were closed in Russia. The remaining 2 shops will be closed in Q2 2009. PTA will continue its retail operations in Estonia, Latvia, Lithuania and Ukraine. The Ukrainian subsidiary of PTA has been restructured in Q1 2009 and the operational costs have significantly decreased. For the observable future, it is planned to continue Ukrainian apparel operations with existing 6 stores. Due to the continuing economic downturn and based on the stores' performance up to date, the management decided that selected Oblicie stores will be closed in the first half of 2009. 2 lingerie shops were closed and 8 more shops will be closed or passed over to trading partners in Q2 - Q3 2009. The remaining stores are currently being rebranded into “Milavitsa” concept stores and the rebranding will be finalized in the second half of 2009. The management believes that the rebranding will increase the contribution of “Milavitsa” brand name towards the overall performance of Russian lingerie retail and wholesale operations and will develop and promote the Milavitsa brand in Russia. Financial performance The Group's sales amounted to EEK 288,179 thousand (EUR 18,418 thousand) in the 3 months' period ended 31 March 2009, representing a 32.8% decline as compared to the respective period in the previous year. Overall wholesale and other sales decreased by 42.7%, while retail operations presented a growth of 3.8%. The proportion of retail sales in total sales increased by 12.1% and reached 33.4% of total sales in Q1 2009. The Group's gross margin in the 3 months' period deteriorated and was 41.4%, as compared to 44.8% in the respective period in the previous year, mainly due to the decrease in retail gross margin profitability. The decrease is explained firstly by promotion campaigns offering discounts that were aimed towards improving demand and decreasing working capital levels in retail operations, and secondly by the Group's inability to increase prices immediately after the devaluation of national currencies in Belarus and Russia. The consolidated reported operating loss amounted to EEK 8,997 thousand (EUR 575 thousand), representing a 116.2% decline compared to Q1 2008. The consolidated reported operating margin was -3.1% (13.0% in Q1 2008). In Q1 2009 the Group continued with the restructuring of Russian retail operations. One-off expenses related to Russian operations in Q1 2009 amounted to EEK 13,863 thousand (EUR 886 thousand) and partially related to initiatives started in prior periods. As at 31 March 2009 provision to cover future losses related to the retail chain restructuring amounted to EEK 20,059 thousand (EUR 1,282 thousand). In addition, the loan receivable in the amount of EEK 15,772 thousand (EUR 1,008 thousand) was fully provisioned based on the management's assessment of the recoverability of the loan. The expenses related to the provision have been recognized in other operating expenses in Q1 2009. The management will continue the actions to recover the loan balance. Considering restructuring expenses and loan write-off expenses, consolidated normalised operating profit amounted to EEK 20,638 thousand (EUR 1,319 thousand), representing a 62.8% decline compared to Q1 2008. The consolidated normalised operating margin reached 7.2% (13.0% in Q1 2008). Consolidated net loss from foreign exchange rate fluctuations amounted to EEK 892 thousand (EUR 57 thousand) in the 3 months' period ended 31 March 2009. Milavitsa accrued a foreign exchange gain in the amount of EEK 24,471 thousand (EUR 1,564 thousand) that was mainly caused by intercompany trading in EUR terms, while Russian operations suffered a loss from foreign exchange rate fluctuations. Starting from April 2009, all trading to Russia is Russian Rouble denominated to minimise unrealized foreign exchange gains and losses within the Group. Corporate income tax amounted to EEK 20,418 thousand (EUR 1,305 thousand) and effective tax rate for the Group increased. High effective tax rate is the result of Milavitsa's taxable profits being increased by foreign exchange gains, and increased non-tax deductable expenses (mainly employee remuneration). Consolidated reported net loss attributable to equity holders amounted to EEK 38,960 thousand (EUR 2,490 thousand), compared to net profit of EEK 14,035 thousand (EUR 897 thousand) in Q1 2008; reported net margin was -13,5% (down from a positive margin of 3.3% in Q1 2008). Consolidated normalised net loss attributable to equity holders amounted to EEK 11,547 thousand (EUR 738 thousand), compared to net profit of EEK 14,035 thousand (EUR 897 thousand) in Q1 2008; normalised net margin was -4.0% (down from a positive margin of 3.3% in Q1 2008). In Q1 2009 the Group's return on equity was negative and amounted to -6.6% (1.9% in Q1 2008) and return on assets was -3.4% (1.3% in Q1 2008). Financial position As of 31 March 2009 consolidated assets amounted to EEK 1,063,327 thousand (EUR 67,959 thousand) representing a decrease of 12.0% as compared to the position as of 31 December 2008. The value of total asset base in EUR terms was significantly impacted by the devaluation of the Belorussian Rouble which depreciated against the Euro by 21.5% in Q1 2009, decreasing the value of assets based in Belarus in EUR terms. Property, plant and intangibles balances decreased by EEK 51,978 thousand (EUR 3,322 thousand) as compared to 31 December 2008, the key reason being the impact of the foreign exchange rate in the amount of EEK 44,844 thousand (EUR 2,866 thousand). Trade receivables have increased by EEK 2,566 thousand (EUR 164 thousand) in Q1 2009. Payment discipline of key customers in Russia improved during Q1 2009. Inventory balance decreased by EEK 41,150 thousand (EUR 2,630 thousand) and amounted to EEK 393,262 thousand (EUR 25,134 thousand) as at 31 March 2009. However, in local currency terms, the inventory balance remained at the level of 31 December 2008 and is assessed to be above the level required for the Group's trading. The management anticipates that the level of inventories will gradually decrease in Q2 2009, and is taking appropriate measures. Foreign exchange fluctuations also left a negative impact on the Group's equity, in the form of a negative change in currency translation difference in the amount of EEK 80,489 thousand (EUR 5,144 thousand). As the result of Splendo Polska Sp. z o.o. disposal, post acquisition retained loss was eliminated from the Group's consolidated equity, resulting in a positive contribution to equity in the amount of EEK 15,678 thousand (EUR 1,002 thousand). On the overall basis, equity attributable to equity holders decreased by EEK 103,771 thousand (EUR 6,632 thousand) and amounted to EEK 537,476 thousand (EUR 34,351 thousand) as of 31 March 2009. Current liabilities decreased by EEK 19,715 thousand (EUR 1,260 thousand) in the 3 months' period, remaining at the expected level. Current and non-current loans and borrowings increased by EEK 8,215 thousand (EUR 525 thousand) to EEK 142,666 thousand (EUR 9,118 thousand). Loans received and loans repaid during the 3 months' period amounted to EEK 47,362 thousand (EUR 3,027 thousand) and EEK 31,543 thousand (EUR 2,016 thousand) respectively, including finance lease liabilities of EEK 1,705 thousand (EUR 109 thousand). In March 2009 an overdraft facility of PTA Grupp AS with Sampo Pank in the amount of EEK 5,007 thousand (EUR 320 thousand) was prolonged to April 2010 and loan facility in the amount of EEK 9,998 thousand (EUR 639 thousand) was prolonged until March 2010. Furthermore, in April 2009 a credit line facility of Lauma Lingerie AS was prolonged until July 2009 with Unicredit Bank in Latvia, decreasing the available facility's limit with the bank from EEK 39,117 thousand (EUR 2,500 thousand) to EEK 31,293 thousand (EUR 2,000 thousand). Information on maturity of current borrowings is presented in Note 8 to the summarized financial statements. Certain operational units of the Group require additional financing that was previously provided by the Parent company, AS Silvano Fashion Group. In Q1 2009 financing by the Parent company towards subsidiaries was limited and cash flow management between companies within the Group increased in its importance. Despite strong overall financial position of the Group certain challenges exist in the Group's operational units financing considering the capital repatriation limitations of the Republic of Belarus limiting the maximum period of lending and trade financing to 180 days. Tax liabilities, other payables, including payables to employees, amounted to EEK 77,513 thousand (EUR 4,954 thousand). Provisions amounted to EEK 36,143 thousand (EUR 2,310 thousand) as of 31 March 2009 and included provisions for the restructuring of Russian retail operations in the amount of EEK 20,059 thousand (EUR 1,282 thousand). Sales Sales by business segments -------------------------------------------------------------------------------- | | 3 | 3 | Chang | 3 | 3 | Chang | 3 | 3 | | | month | month | e | month | month | e | months | months | | | s | s | EEK | s | s | EUR | 2009 | 2008 | | | 2009 | 2008 | thous | 2009 | 2008 | thous | percent | percent | | | EEK | EEK | and | EUR | EUR | and | age | age | | | thous | thous | | thous | thous | | from | from | | | and | and | | and | and | | sales | sales | -------------------------------------------------------------------------------- | Women's | 36,92 | 43,43 | -6,50 | 2,360 | 2,776 | -416 | 12.8% | 10.1% | | apparel | 6 | 5 | 9 | | | | | | -------------------------------------------------------------------------------- | Lingerie | 240,9 | 367,1 | -126, | 15,40 | 23,46 | -8,06 | 83.6% | 85.6% | | | 58 | 94 | 236 | 0 | 8 | 8 | | | -------------------------------------------------------------------------------- | Subcontr | 10,29 | 18,16 | -7,87 | 658 | 1,161 | -503 | 3.6% | 4.3% | | acting | 5 | 6 | 1 | | | | | | | services | | | | | | | | | | and | | | | | | | | | | other | | | | | | | | | | sales | | | | | | | | | -------------------------------------------------------------------------------- | Total | 288,1 | 428,7 | -140, | 18,41 | 27,40 | -8,98 | 100.0% | 100.0% | | | 79 | 95 | 616 | 8 | 5 | 7 | | | -------------------------------------------------------------------------------- Sales by markets In Q1 2009, the Group mainly focused on the Baltic, Russian, Belorussian and Ukrainian markets. Total sales by markets -------------------------------------------------------------------------------- | | 3 | 3 | Chang | 3 | 3 | Chang | 3 | 3 | | | month | month | e | month | month | e | months | months | | | s | s | EEK | s | s | EUR | 2009 | 2008 | | | 2009 | 2008 | thous | 2009 | 2008 | thous | percent | percent | | | EEK | EEK | and | EUR | EUR | and | age | age | | | thous | thous | | thous | thous | | from | from | | | and | and | | and | and | | sales | sales | -------------------------------------------------------------------------------- | Estonia | 25,47 | 37,11 | -11,6 | 1,628 | 2,372 | -744 | 8.8% | 8.7% | | | 3 | 4 | 41 | | | | | | -------------------------------------------------------------------------------- | Finland | 6,118 | 14,94 | -8,82 | 391 | 955 | -564 | 2.1% | 3.5% | | | | 3 | 5 | | | | | | -------------------------------------------------------------------------------- | Latvia | 6,525 | 10,81 | -4,28 | 417 | 691 | -274 | 2.3% | 2.5% | | | | 2 | 7 | | | | | | -------------------------------------------------------------------------------- | Belarus | 70,72 | 70,17 | 548 | 4,520 | 4,485 | 35 | 24.5% | 16.4% | | | 3 | 5 | | | | | | | -------------------------------------------------------------------------------- | Ukraine | 15,81 | 35,08 | -19,2 | 1,011 | 2,242 | -1,23 | 5.5% | 8.2% | | | 9 | 0 | 61 | | | 1 | | | -------------------------------------------------------------------------------- | Russia | 142,1 | 223,4 | -81,3 | 9,082 | 14,28 | -5,19 | 49.3% | 52.1% | | | 02 | 49 | 47 | | 1 | 9 | | | -------------------------------------------------------------------------------- | Other | 21,41 | 37,22 | -15,8 | 1,369 | 2,379 | -1,01 | 7.5% | 8.6% | | markets | 9 | 2 | 03 | | | 0 | | | -------------------------------------------------------------------------------- | Total | 288,1 | 428,7 | -140, | 18,41 | 27,40 | -8,98 | 100.0% | 100.0% | | | 79 | 95 | 616 | 8 | 5 | 7 | | | -------------------------------------------------------------------------------- Women's apparel In Q1 2009, women's apparel revenue decreased by 15.0% compared to Q1 2008, amounting to EEK 36,926 thousand (EUR 2,360 thousand). In the Baltics, revenue decreased by 1.2%, amounting to EEK 25,598 thousand (EUR 1,636 thousand). Revenue in Ukraine increased by 25.8% due to retail expansion, amounting to EEK 4,428 thousand (EUR 283 thousand). Revenue in Russia decreased by 34.8% amounting to EEK 7,088 thousand (EUR 453 thousand) entirely due to closing of PTA Russian stores during Q1 2009. Sales to Finland decreased by 63.6% due to a decrease in wholesale sales amounting EEK 1,612 thousand (EUR 103 thousand). Lingerie The majority of lingerie sales revenue in Q1 2009 in the amount of EEK 135,014 thousand (EUR 8,629 thousand) was generated in the Russian market, accounting for 56.0% of all lingerie sales in Q1 2009 as compared to EEK 212,575 thousand (EUR 13,586 thousand) in the respective period in 2008. Sales in Russia comprise both retail sales and wholesale. The second largest region for lingerie sales was Belarus where sales reached EEK 70,723 thousand (EUR 4,520 thousand), contributing 29.4% of lingerie sales (both retail and wholesale) as compared to EEK 70,175 thousand (EUR 4,485 thousand) in Q1 2008. Sales in the major markets, including Russia, Belarus, and Ukraine, were heavily affected by the economic situation and devaluation of the local currencies. As the result, sales in Q1 2009 were lower as compared to Q1 2008. Wholesale operations decreased to a larger extent as compared to the decrease in the retail operations. This was partially caused by the fact that many of the Milavitsa's Russian and Ukrainian wholesale partners were overstocked in Q4 of 2008 due to a sharp decrease in demand caused by the overall economic crisis and had to realize their excess stocks in Q1 2009. The Group has conducted several meetings with its trading partners in Russia and Ukraine in order to address the slowdown in sales. A number of actions have been introduced to the market including additional marketing activity in Belarus, favorable pricing in Russia, support in opening franchising stores, new wholesales structure in Ukraine and other. In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for 72.9% of total lingerie sales revenue in Q1 2009 (Q1 2008: 78.6%) and amounted to EEK 175,758 thousand (EUR 11,233 thousand). The sales of “Lauma” core brand accounted for 4.5% of total lingerie sales (Q1 2008: 6.0%) and amounted to EEK 10,796 thousand (EUR 690 thousand). Other brands such as “Alisee”, “Aveline”, “Laumelle”, “Lauma Aqua” and “Laumelle Aqua” comprised 22.6% of total lingerie sales in Q1 2009 (Q1 2008: 15.4%), amounting to EEK 54,404 thousand (EUR 3,477 thousand). Retail operations Total retail sales of the Group in Q1 2009 amounted to EEK 94,866 thousand (EUR 6,063 thousand), representing a 3.8% increase as compared to the respective period in 2008. Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Lithuania and Ukraine. At the end of Q1 2009 the Group operated 119 retail outlets with a total area of 12,545 square meters. In Q1 2009 7 new stores in the lingerie business were opened, including 3 under Milavitsa name in Belarus, 1 under Yamamay and 2 under Jockey brand names in Lithuania and 1 store under Lauma Lingerie brand name in Latvia. 15 underperforming stores were closed: 11 PTA stores in Russia, 1 Oblicie store in Russia and 1 Oblicie store in Poland, 1 Milavitsa store in Russia and 1 Milavitsa store in Belarus. Number of stores as at: 31.03.2009 31.12.2008 Estonia 11 11 Latvia 8 7 Poland 0 8 Belarus 30 28 Russia 39 52 Lithuania 24 21 Ukraine 7 7 Total stores 119 134 Total sales area, sq m 12,545 14,566 Women's apparel retail operations were conducted in Estonia, Latvia, Lithuania, Russia and Ukraine. At the end of Q1 2009 the Group operated 26 women's apparel stores with a total sales area of 5,051 square meters. In Q1 2009 women's apparel retail revenue decreased by 5.2% compared to Q1 2008 amounting to EEK 34,955 thousand (EUR 2,234 thousand). Retail sales increased in the Baltics and Ukraine and decreased in Russia. Retail sales in the Baltics increased by 7.8% and amounted to EEK 24,972 thousand (EUR 1,596 thousand). Retail sales in Ukraine increased by 25.8% and amounted to EEK 4,428 thousand (EUR 283 thousand). Growth of retail sales in the Baltics and Ukraine was driven by the retail expansion. At the end of Q1 2009 PTA operated 24 stores in the Baltics and Ukraine as compared to 20 stores at the end of Q1 2008. Overall like-for-like apparel retail growth was a negative 4.0% due to the influence of economic crisis. The Group's lingerie sales operations were performed in Russia, Belarus, Latvia, Lithuania, Ukraine, and Estonia. At the end of Q1 2009, the Group operated 93 lingerie stores with a total area of 7,494 square meters. In respect to lingerie retail in Russia, in Q1 2009 the Group's main focus was on closing poor-performing stores, renegotiation of lease agreements with lessors and the improvement of sales performance. As a result, 2 lingerie stores were closed. As most of the rental contracts were denominated in EUR or USD terms, the devaluation of the Russian Rouble did not increase the rent charges in Russian Ruble terms significantly. All of the lessors were approached for rent reduction or fixing of EUR or USD exchange rate. The overall consumer market demand continued to deteriorate which affected practically all retail segments. Some of the retail companies have initiated store closings. The like-for-like traffic in the shopping centers where the Group's stores are operating decreased by 15% as compared to the respective period in the previous year. However, due to a number of marketing and sales actions performed by the Group, the like-for-like increase in sales was 23% in Russian Rouble terms and 17% in pieces, as compared to the respective period in 2008. The number of checks remained stable and the average check went up in Russian Rouble terms and in pieces. The sales increase was only partially affected by the price increase caused by the currency devaluation. The Group will continue closing inefficient stores or relocating them to better locations. Most of the stores will be rebranded into “Milavitsa” stores in Q2 - Q3 2009. In Belarus, one ineffective store was closed and 3 new “Milavitsa” stores were opened, adding to the growth of the retail sales in the country. In the Baltics, lingerie retail sales were stable as compared to Q1 2008. The first franchised Yamamay shop was opened in Lithuania in cooperation with the Italian partner. Altogether, 4 new lingerie shops were opened in the Baltics (3 in Lithuania, and 1 in Latvia). Stores by concept -------------------------------------------------------------------------------- | Market | PTA | Oblici | Milavitsa | Other | Total | Sales | | | store | e | stores | stores | | area, | | | s | stores | | | | sq m | -------------------------------------------------------------------------------- | Russia | 2 | 33 | 4 | - | 39 | 3,445 | -------------------------------------------------------------------------------- | Ukraine | 6 | 1 | - | - | 7 | 994 | -------------------------------------------------------------------------------- | Estonia | 9 | 1 | - | 1 | 11 | 2,120 | -------------------------------------------------------------------------------- | Latvia | 4 | - | - | 4 | 8 | 1,123 | -------------------------------------------------------------------------------- | Lithuan | 5 | - | - | 19 | 24 | 2,033 | | ia | | | | | | | -------------------------------------------------------------------------------- | Belarus | - | - | 30 | - | 30 | 2,830 | -------------------------------------------------------------------------------- | Total | 26 | 35 | 34 | 24 | 119 | 12,545 | -------------------------------------------------------------------------------- Wholesale In Q1 2009, wholesale amounted to EEK 183,018 thousand (EUR 11,697 thousand), representing 63.5% of the Group's total revenue (Q1 2008: 74.5%). 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 Q1 2009, wholesale of women's apparel decreased by 69.5% amounting to EEK 2,237 thousand (EUR 143 thousand). Decrease in the Baltics wholesales operations was in line with the planned, as PTA retail chain was expanding. Lingerie wholesale in Q1 2009 decreased by 42.2% compared to Q1 2008, amounting to EEK 180,781 thousand (EUR 11,554 thousand). Most of the lingerie wholesale partners are located in Russia. Wholesale operations decreased in Russia, Ukraine, Belarus and some other countries due to the crisis in the economy. The decrease in the wholesales operations was also partially caused by the fact that many of the Milavitsa Russian and Ukrainian wholesales partners were overstocked in Q4 of 2008 due to the sharp decrease in demand caused by the crisis and had to realize their excess stocks in Q1 2009. Milavitsa franchised stores which are being serviced through wholesale partners were affected by the crisis to a much lesser degree, as compared to purely wholesales deliveries ending in the uncontrolled retail (open markets, kiosks, department stores, other). Production, sourcing, purchasing and logistics Due to increased uncertainty in the marketplace and falling demand the Group's manufacturing companies reduced their production and purchasing volumes in Q1 2009. In addition, adjustments in the production planning process were made to adjust for changing circumstances, e.g. change of quarterly production planning to monthly planning in largest production subsidiary SP ZAO Milavitsa was introduced. In respect to sourcing number of cooperation partners decreased by 30.8% in SP ZAO Milavitsa and by 25.0% in Lauma Lingerie in Q1 2009. Total volume of production in SP ZAO Milavitsa amounted to 3,829 thousand pieces in Q1 2009 representing a 21.4% decrease as compared to the respective period in prior year. In broad terms available own production capacities in SP ZAO Milavitsa remained at the level of 2008 while outsourced production capacities with cooperation partners being the major source for the production output decrease. In respect to logistics a new warehouse complex Machuliszhi in Belarus with total storage capacity of 1,032 thousand pieces of garments started its operations in Q1 2009. Investment In Q1 2009 the Group's investments totalled EEK 13,223 thousand (EUR 845 thousand) with investments into retail amounting to EEK 11,844 thousand (EUR 757 thousand) while other investments were made in equipment and facilities to maintain effective production. Personnel At the end of March 2009, the Group employed a staff of 3,718 including 654 in retail and 2,288 in production. The rest were employed in wholesale, administration and support operations. The average number of employees in Q1 2009 was 3,680. The total salaries and wages for Q1 2009 amounted to EEK 92,894 thousand (EUR 5,937 thousand). The remuneration paid to members of the Management Board totalled EEK 2,097 thousand (EUR 134 thousand). Four members of the Management Board also serve as executives for the Group's subsidiaries. Key Events in Q1 2009 Organizational structure and the Group's management In February 2009, the Company's Management Board approved changes to the management structure of the Group. The changes were aimed at the optimization of the management structure addressing integration, coordination, and communications issues that were identified within the existing governance structure. In March 2009, the new Supervisory board was formed in Milavitsa with 3 supervisory board members (7 members previously). Furthermore, a crisis management committee (CMC) was established in March 2009 with the participation of the Group's supervisory board members, management board members and selected members of the management boards of the largest subsidiaries. Meetings are held weekly with the objective to timely address the challenges arising from the new economic and demand realities. All of the Group's primary activities are reviewed in the CMC, including Russian retail operations, Lauma Lingerie integration, apparel operations, the Group's financial situation, cash management and other issues. Splendo Polska Sp. z o.o. disposal transaction On 12 February 2009 the Company entered into agreement for the sale of all of its shares (90% of the share capital) in Splendo Polska Sp. z o.o., a Polish retail subsidiary operating 6 retail outlets. The closing has not taken place at the date of this report and discussions are continuing between the parties to finalise the closing formalities. Provided that such formalities are resolved, the Management anticipates that the closing of transaction will be completed in Q2 2009. The investment into Splendo Polska Sp. z o.o. is accounted for as the investment held for sale (fully provisioned) as of 31 March 2009 and a loss related to the transaction was fully provided as of 31 December 2008. Considering the signed agreement for the sale of Splendo Polska Sp. z o.o. shares the operating results of Splendo Polska Sp. z o.o. were not consolidated in the Group's financial results and financial position as of 31 March 2009. Net loss of Splendo Polska Sp. z o.o. operations in Q1 2009 amounted to EEK 1,174 thousand (EUR 75 thousand) and total assets amounted to EEK 7,620 thousand (EUR 487 thousand) as of 31 March 2009. Selected financial data The Group's operating results are best summarised in the following figures and ratios: -------------------------------------------------------------------------------- | Key figures and ratios | 31.03.2009 | 31.03.2008 | Change | -------------------------------------------------------------------------------- | Net sales (EEK thousand) | 288,179 | 428,795 | -140,616 | -------------------------------------------------------------------------------- | Net income, attributable to | -38,960 | 14,035 | -52,995 | | shareholders (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 2,172 | 67,171 | -64,999 | | depreciation (EBITDA) (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes | -8,997 | 55,546 | -64,543 | | (EBIT) (EEK thousand) | | | | -------------------------------------------------------------------------------- | Net sales (EUR thousand) | 18,418 | 27,405 | -8,987 | -------------------------------------------------------------------------------- | Net income attributable to shareholders | -2,490 | 897 | -3,387 | | (EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 139 | 4,293 | -4,154 | | depreciation (EBITDA) ( EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes | -575 | 3,550 | -4,125 | | (EBIT) (EUR thousand) | | | | -------------------------------------------------------------------------------- | Operating margin, % | -3.1% | 13.0% | - | -------------------------------------------------------------------------------- | Net margin, % | -13.5% | 3.3% | - | -------------------------------------------------------------------------------- | ROA, % | -3.4% | 1.3% | - | -------------------------------------------------------------------------------- | ROE, % | -6.6% | 1.9% | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EEK | -0.98 | 0.35 | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EUR | -0.06 | 0.02 | - | -------------------------------------------------------------------------------- | Current ratio | 2.0 | 3.2 | - | -------------------------------------------------------------------------------- | Quick ratio | 1.0 | 1.8 | - | -------------------------------------------------------------------------------- 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 ____________________________ Dmitry Ditchkovsky Chairman of the Management Board 26 May 2009 Balance Sheet Consolidated, unaudited -------------------------------------------------------------------------------- | | | 31.03. | 31.03. | 31.12. | 31.03. | 31.03.2 | 31.12.2 | | | | 2009 | 2008 | 2008 | 2009 | 008 | 008 | -------------------------------------------------------------------------------- | | | EEK | EEK | EEK | EUR | EUR | EUR | | | | thousa | thousa | thousa | thousa | thousan | thousan | | | | nds | nds | nds | nds | ds | ds | -------------------------------------------------------------------------------- | ASSETS | | | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | | | assets | | | | | | | | -------------------------------------------------------------------------------- | Property, plant | | 246,16 | 251,84 | 293,53 | 15,733 | 16,096 | 18,760 | | and equipment | | 8 | 8 | 0 | | | | -------------------------------------------------------------------------------- | Intangible assets | | 11,469 | 26,959 | 16,085 | 733 | 1,723 | 1,028 | -------------------------------------------------------------------------------- | Investment | | 21,060 | 21,389 | 23,141 | 1,346 | 1,367 | 1,479 | | property | | | | | | | | -------------------------------------------------------------------------------- | Investments in | | 720 | 1,017 | 2,879 | 46 | 65 | 184 | | equity accounted | | | | | | | | | investees | | | | | | | | -------------------------------------------------------------------------------- | Available-for-sal | | 7,182 | 7,933 | 8,716 | 459 | 507 | 557 | | e financial | | | | | | | | | assets | | | | | | | | -------------------------------------------------------------------------------- | Other receivables | | 954 | 4,788 | 17,477 | 61 | 306 | 1,117 | -------------------------------------------------------------------------------- | Total non-current | | 287,55 | 313,93 | 361,82 | 18,378 | 20,064 | 23,125 | | assets | | 3 | 4 | 8 | | | | -------------------------------------------------------------------------------- | Current assets | | | | | | | | -------------------------------------------------------------------------------- | Inventories | | 393,26 | 357,32 | 434,41 | 25,134 | 22,837 | 27,764 | | | | 2 | 1 | 2 | | | | -------------------------------------------------------------------------------- | Prepaid taxes | | 43,419 | 26,834 | 62,070 | 2,775 | 1,715 | 3,967 | -------------------------------------------------------------------------------- | Trade receivables | | 170,57 | 202,95 | 168,01 | 10,902 | 12,971 | 10,738 | | | | 9 | 2 | 3 | | | | -------------------------------------------------------------------------------- | Other receivables | | 58,581 | 45,938 | 50,851 | 3,744 | 2,936 | 3,250 | -------------------------------------------------------------------------------- | Prepayments | | 37,348 | 60,005 | 49,209 | 2,387 | 3,835 | 3,145 | -------------------------------------------------------------------------------- | Cash and cash | | 72,585 | 109,62 | 82,129 | 4,639 | 7,006 | 5,249 | | equivalents | | | 0 | | | | | -------------------------------------------------------------------------------- | Total current | | 775,77 | 802,67 | 846,68 | 49,581 | 51,300 | 54,113 | | assets | | 4 | 0 | 4 | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | | 1 063, | 1 116, | 1 208, | 67,959 | 71,364 | 77,238 | | | | 327 | 604 | 512 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | | | | EQUITY | | | | | | | | -------------------------------------------------------------------------------- | Equity | | | | | | | | -------------------------------------------------------------------------------- | Share capital at | | 400,00 | 400,00 | 400,00 | 25,565 | 25,565 | 25,565 | | par value | | 0 | 0 | 0 | | | | -------------------------------------------------------------------------------- | Share premium | | 223,29 | 223,29 | 223,29 | 14,271 | 14,271 | 14,271 | | | | 3 | 3 | 3 | | | | -------------------------------------------------------------------------------- | Own shares | | -7,041 | 0 | -7,041 | -450 | 0 | -450 | -------------------------------------------------------------------------------- | Statutory capital | | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 | | reserve | | | | | | | | -------------------------------------------------------------------------------- | Translation | | -138,5 | -102,5 | -58,08 | -8,857 | -6,551 | -3,713 | | reserve | | 75 | 01 | 6 | | | | -------------------------------------------------------------------------------- | Retained earnings | | 58,753 | 199,96 | 82,035 | 3,755 | 12,780 | 5,243 | | | | | 2 | | | | | -------------------------------------------------------------------------------- | Total equity | | 537,47 | 721,80 | 641,24 | 34,351 | 46,132 | 40,983 | | attributable to | | 6 | 0 | 7 | | | | | equity holders of | | | | | | | | | the parent | | | | | | | | -------------------------------------------------------------------------------- | Minority interest | | 122,10 | 140,22 | 141,97 | 7,804 | 8,962 | 9,074 | | | | 6 | 5 | 7 | | | | -------------------------------------------------------------------------------- | Total equity | | 659,58 | 862,02 | 783,22 | 42,155 | 55,094 | 50,057 | | | | 2 | 5 | 4 | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Loans and | | 13,081 | 3,035 | 18,197 | 836 | 194 | 1,163 | | borrowings | | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | | 203 | 201 | 201 | 13 | 13 | 13 | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | | 4,600 | 360 | 1,314 | 294 | 23 | 84 | -------------------------------------------------------------------------------- | Provisions | | 125 | 133 | 125 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Total non-current | | 18,009 | 3,729 | 19,837 | 1,151 | 238 | 1,268 | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Loans and | | 129,58 | 20,403 | 116,25 | 8,282 | 1,304 | 7,430 | | borrowings | | 5 | | 4 | | | | -------------------------------------------------------------------------------- | Trade payables | | 147,42 | 143,71 | 167,95 | 9,422 | 9,185 | 10,734 | | | | 3 | 6 | 1 | | | | -------------------------------------------------------------------------------- | Corporate income | | 7,135 | 8,621 | 4,006 | 456 | 551 | 256 | | tax liability | | | | | | | | -------------------------------------------------------------------------------- | Other tax | | 32,373 | 28,917 | 18,150 | 2,069 | 1,848 | 1,160 | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Other payables | | 32,670 | 27,397 | 27,584 | 2,088 | 1,751 | 1,763 | -------------------------------------------------------------------------------- | Provisions | | 36,018 | 21,671 | 70,817 | 2,302 | 1,385 | 4,526 | -------------------------------------------------------------------------------- | Accrued expenses | | 532 | 125 | 689 | 34 | 8 | 44 | -------------------------------------------------------------------------------- | Total current | | 385,73 | 250,85 | 405,45 | 24,653 | 16,032 | 25,913 | | liabilities | | 6 | 0 | 1 | | | | -------------------------------------------------------------------------------- | Total liabilities | | 403,74 | 254,57 | 425,28 | 25,804 | 16,270 | 27,181 | | | | 5 | 9 | 8 | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | | 1 063, | 1 116, | 1 208, | 67,959 | 71,364 | 77,238 | | AND EQUITY | | 327 | 604 | 512 | | | | -------------------------------------------------------------------------------- Income statement Q1 Consolidated, unaudited -------------------------------------------------------------------------------- | | | 2009 | 2008 | 2009 | 2008 | | | | Q1 | Q1 | Q1 | Q1 | | | | EEK | EEK | EUR | EUR | | | | thousan | thousand | thousand | thousand | | | | ds | s | s | s | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 288,179 | 428,795 | 18,418 | 27,405 | -------------------------------------------------------------------------------- | Costs of goods sold | | -168,93 | -236,639 | -10,797 | -15,124 | | | | 6 | | | | -------------------------------------------------------------------------------- | Gross Profit | | 119,243 | 192,156 | 7,621 | 12,281 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | | 11,516 | 4,287 | 736 | 274 | -------------------------------------------------------------------------------- | Distribution costs | | -63,353 | -68,923 | -4,049 | -4,405 | -------------------------------------------------------------------------------- | Administrative expenses | | -48,270 | -54,356 | -3,085 | -3,474 | -------------------------------------------------------------------------------- | Other operating expenses | | -28,133 | -17,618 | -1,798 | -1,126 | -------------------------------------------------------------------------------- | Operating profit | | -8,997 | 55,546 | -575 | 3,550 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest expenses | | -3,442 | -657 | -220 | -42 | -------------------------------------------------------------------------------- | Gains/losses on conversion of | | -892 | -3,052 | -57 | -195 | | foreign currencies | | | | | | -------------------------------------------------------------------------------- | Other financial income / | | 1,048 | 2,723 | 67 | 174 | | expenses | | | | | | -------------------------------------------------------------------------------- | Total financial income / | | -3,286 | -986 | -210 | -63 | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | | -1,831 | 188 | -117 | 12 | | accounted investees | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before corporate | | -14,114 | 54,748 | -902 | 3,499 | | income tax | | | | | | -------------------------------------------------------------------------------- | Corporate income tax | | -20,418 | -28,117 | -1,305 | -1,797 | -------------------------------------------------------------------------------- | Net profit / loss for period | | -34,532 | 26,631 | -2,207 | 1,702 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | | -38,960 | 14,035 | -2,490 | 897 | | parent company | | | | | | -------------------------------------------------------------------------------- | Net profit attributable to | | 4,428 | 12,596 | 283 | 805 | | minority shareholders | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | | -0.98 | 0.35 | -0.06 | 0.02 | | (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | | -0.98 | 0.35 | -0.06 | 0.02 | | (EEK/EUR) | | | | | | -------------------------------------------------------------------------------- Statement of comprehensive income Q1 Consolidated, unaudited -------------------------------------------------------------------------------- | | | 2009| 2008| 2009| 2008| | | | Q1| Q1| Q1| Q1| | | | EEK| EEK| EUR| EUR| | | | thousands|thousands|thousands|thousands| -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | -34,53 | 26,63 | -2,207 | 1,702 | | | | 2 | 1 | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | | -------------------------------------------------------------------------------- | Foreign currency translation | | -104,8 | -34,0 | -6,704 | -2,177 | | differences for foreign operations | | 98 | 63 | | | -------------------------------------------------------------------------------- | Disposal of subsidiary | | 16,820 | 0 | 1,075 | 0 | -------------------------------------------------------------------------------- | Other comprehensive income for the | | -88,07 | -34,0 | -5,629 | -2,177 | | period | | 8 | 63 | | | -------------------------------------------------------------------------------- | Total comprehensive income | | -122,6 | -7,43 | -7,836 | -475 | | | | 10 | 2 | | | -------------------------------------------------------------------------------- | Comprehensive income attributable to | | -103,7 | -11,9 | -6,632 | -764 | | parent company | | 71 | 54 | | | -------------------------------------------------------------------------------- | Comprehensive income attributable to | | -18,83 | 4,522 | -1,204 | 289 | | minority shareholders | | 9 | | | | --------------------------------------------------------------------------------