Market announcement
AS BALTIKA
Category
Management interim statement or quarterly financial report
Date
28.10.2009 16:00:00
Title
BALTIKA MAJANDUSTULEMUSED, 3.KVARTAL ja 9 kuud 2009
Message
TULEMUSTE LÜHIKOKKUVÕTE
- 3kv müügitulu 225,1 miljonit krooni (-33% võrreldes 2008)
- 3kv jaemüük 198,3 miljonit krooni (-30% võrreldes 2008)
- 3kv brutorentaablus 50%, 3kv 2008 52%
- 3kv ärikahjum 23,9 miljonit krooni, paranemine 2.kvartaliga võrreldes 9,5
miljonit krooni, 3kv 2008 ärikasum 13,4 miljonit krooni
- 3kv puhaskahjum 28,8 miljonit krooni, paranemine 2.kvartaliga võrreldes 6,0
miljonit krooni, valuutade mõju elimineerides puhaskahjum 22,3 miljonit krooni;
2008: 13,6 miljonit krooni kasumit
- 9k müügitulu 660,2 miljonit krooni (-26% võrreldes 2008)
- 9k puhaskahjum 126,2 miljonit krooni,9k 2008 puhaskasum 21,4 miljonit krooni)
- Müügipinna aastane kasv 18%
Kolmanda kvartali lõpuks on Baltika üldjoontes kohanenud turgudel jätkuva
majanduskriisiga. Tegevuskulud ja varude maht on langetatud tasemetele, mis
vastavad kriisiaegsetele müükidele.
Kui septembri lõpuks olid Grupi jaesüsteemi ruutmeetri müügid langenud 36%, siis
varude tase vastavalt 30%. Kolmanda kvartali keskmiseks poodide
opereerimiskulude kokkuhoiuks võrreldes aastataguse ajaga kujunes 29%.
Normaliseerunud varude tase võimaldas kolmandas kvartalis kaubelda selle aasta
parima brutomarginaaliga (50%), võrdluseks 1kv 42% ja 2kv 48%.
Lisaks majanduskriisile raskendas hooaja alguse müüke ebatavaliselt soe
augustikuu lõpp ja terve september. Sellest hoolimata jõudis Grupi jaesüsteem
(poodide tasemel) kolmandas kvartalis kasumisse.
Kokkuvõttes hindab Grupi juhtkond kolmanda kvartali tulemust ootuspäraseks.
Kvartaalne positiivne trend on eriti jälgitav elimineerides Grupi puhaskahjumist
valuutade kõikumise mõju: 1kv -52,2 miljonit krooni, (-3,3 miljonit eurot), 2kv
-37,2 miljonit krooni (-2,4 miljonit eurot) võrreldes 3kv -23,3 miljonit krooni
(-1,5 miljonit eurot).
Arvestades stabiliseerunud müüke, paranenud marginaale ja aasta lõpuni jätkuvaid
tegevusi kulude vähendamisel näeb Baltika juhatus võimalusi järgmistel
kvartalitel positiivseteks tulemusteks aastate võrdluses.
Baltika Grupi 2009. aasta kolmanda kvartali müügitulu ulatus 225,1 miljoni
kroonini (14,4 miljoni euroni) vähenedes eelmise aastaga võrreldes 33,2%.
Kolmanda kvartali jaemüük vähenes 29,7%. Püsivate valuutakursside korral oli
jaemüügi vähenemine 14%. Kvartali brutorentaabluseks kujunes 50% ( 2008: 52%).
Üheksa kuu jooksul avas Baltika 22 uut kauplust, sulges 15 kauplust ning
aastatagusega võrreldes kasvas Grupi müügipind 18% võrra.
MÜÜGITULUD
Müük ärisegmenditi
--------------------------------------------------------------------------------
| EEK mln | 3 kv | 3 kv | +/- | 9k 2009 | 9k 2008 | +/- |
| | 2009 | 2008 | | | | |
--------------------------------------------------------------------------------
| Jaemüük | 198,3 | 282,1 | -29,7% | 599,3 | 770,4 | -22,2% |
--------------------------------------------------------------------------------
| Hulgimüük | 25,8 | 54,4 | -52,6% | 59,4 | 115,6 | -48,6% |
--------------------------------------------------------------------------------
| Muu | 1,0 | 0,4 | 150,0% | 1,5 | 1,5 | 0% |
--------------------------------------------------------------------------------
| Kokku | 225,1 | 336,9 | -33,2% | 660,2 | 887,5 | -25,6% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
JAEMÜÜK
Üldise majanduslanguse ja tarbimise vähenemise tagajärjel vähenes Baltika Grupi
üheksa kuu jaemüük eelmise aastaga võrreldes Balti regioonis 22% ja Ida-Euroopas
24% ja Kesk-Euroopas 6%. Võrreldavate poodide müük kahanes üheksa kuu jooksul
28%. Võrreldavad müügid kohalikus valuutas vähenesid Venemaal 7% ja kasvasid
Ukrainas 7%.
Jaemüük turgude lõikes
--------------------------------------------------------------------------------
| EEK mln | 9k 2009 | 9k 2008 | +/- | Osakaal, 9k 2009 |
--------------------------------------------------------------------------------
| Leedu | 141,7 | 174,0 | -19% | 24% |
--------------------------------------------------------------------------------
| Eesti | 136,6 | 175,3 | -22% | 22% |
--------------------------------------------------------------------------------
| Venemaa | 117,7 | 144,0 | -18% | 19% |
--------------------------------------------------------------------------------
| Ukraina | 90,8 | 131,6 | -31% | 16% |
--------------------------------------------------------------------------------
| Läti | 77,8 | 108,8 | -28% | 13% |
--------------------------------------------------------------------------------
| Poola | 23,3 | 24,9 | -6% | 4% |
--------------------------------------------------------------------------------
| Tšehhi | 11,4 | 11,8 | -3% | 2% |
--------------------------------------------------------------------------------
| Kokku | 599,3 | 770,4 | -22% | 100% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
Brändide lõikes moodustas Montoni müük üheksa kuu jaemüügist 54% ehk 323
miljonit krooni (20,6 miljonit eurot) vähenedes aastaga 24%. Mosaici müük
moodustas jaemüügist 34%, ulatus 203 miljoni kroonini (13,0 miljoni euroni) ning
vähenes eelmise aastaga võrreldes 21%. Kõige enam on majanduskriisi ja üldises
olukorra halvenemisega jaesektoris kannatanud Baltmani müük, mis vähenes 27%
võrra 42 miljoni kroonini (2,7 miljoni euroni). Ainsana kasvas üheksa kuu
jooksul Ivo Nikkolo müük (+12%) ning ulatus 30 miljoni kroonini (1,9 miljoni
euroni).
POED JA MÜÜGIPIND
2009. aasta septembri lõpu seisuga oli Baltika Grupil 141 kauplust müügipinnaga
29 041 ruutmeetrit. Jaesüsteemi netokasvuks kujunes aasta jooksul 16 kauplust ja
üle nelja tuhande ruutmeetri, mille tulemusena suurenes Baltika Grupi poolt
opereeritav müügipind aastaga 18% võrra.
Poed turgude lõikes
--------------------------------------------------------------------------------
| | 30.09.2009 | 30.09.2008 |
--------------------------------------------------------------------------------
| Leedu | 36 | 29 |
--------------------------------------------------------------------------------
| Eesti | 32 | 30 |
--------------------------------------------------------------------------------
| Venemaa | 30 | 22 |
--------------------------------------------------------------------------------
| Ukraina | 21 | 22 |
--------------------------------------------------------------------------------
| Läti | 15 | 16 |
--------------------------------------------------------------------------------
| Poola | 5 | 4 |
--------------------------------------------------------------------------------
| Tšehhi | 2 | 2 |
--------------------------------------------------------------------------------
| Poed kokku | 141 | 125 |
--------------------------------------------------------------------------------
| Müügipind kokku, m2 | 29 277 | 24 748 |
--------------------------------------------------------------------------------
Üheksa kuu jooksul avati 22 kauplust(3.kvartalis 3), neist 7 poodi ülevõtmise
kaudu Venemaa hulgipartnerilt. Sulgemisi oli 15(3.kvartalis 6). Neljandas
kvartalis on plaanis avada neli kauplust. Paralleelselt avamistega toimub ka
mitmete poodide sulgemine. Suletavate poodide arv võib neljandas kvartalis
ulatuda kuni viieni.
HULGIMÜÜK
Üheksa kuu hulgimüük ulatus 59,4 miljoni kroonini (3,8 miljoni euroni) vähenedes
eelmise aastaga võrreldes 48,6%, mis on suures osas seotud Venemaa
hulgipartnerilt ülevõetud poodidega ning senise hulgimüügi
ümberklassifitseerimisega jaemüügiks. Seoses tarbimise üldise langusega on
märgata ka hulgmiüügitellimuste vähenemist Baltikumis ja Venemaal. Koostöö
Euroopa juhtiva kaubamajade ketiga Peek&Cloppenburg jätkub edukalt. Mosaici
kollektsiooni müüakse Saksamaal, Austrias ja Poolas kokku 18-s kaubamajas. Teise
poolaasta müügitellimuste maht on ligi kaks korda suurem kui esimesel
poolaastal.
KASUM
2009. aasta tulemuste peamised mõjutajad on majanduslangusest tulenenud
müügitasemete langus, väiksemad müügimarginaalid, valuutade devalveerimine ning
opereerimiskulude taseme kohandamine uutele müügitrendidele. Kui esimesel
poolaastal keskenduti põhiliselt varude taseme vastavusse viimisele uute
müüginumbritega ning kulude kärpimise otsuste tegemisele, siis kolmandas
kvartalis keskenduti enam kulubaasi hoidmisele ja sügishooaja kaupade
finantseerimisele, et kindlustada hooaja plaanitud müügimahud. Üheksa kuu
brutomarginaaliks kujunes 47% (9 kuud 2008: 55%) ning brutokasum vähenes
aastatagusega võrreldes 36%, ulatudes 310 miljoni kroonini (19,8 miljoni
euroni).
Jätkus 2008. aasta novembris alanud valuutade devalveerimise negatiivne mõju
ettevõtte tulemustele. Eesti Panga valuutakursside järgi nõrgenesid üheksa kuu
keskmised kursid eelmise aastaga võrreldes järgmiselt: Ukraina grivna -32,7%,
Poola zlott -21,%, Vene rubla -17,4% ja Tšehhi kroon -6,7%.
Üheks tähtsamaks valdkonnaks Grupi jaesüsteemi kulude vähendamise protsessis on
poodide opereerimiskulude ning sealhulgas rendikulude vähendamine. Selles vallas
on edu juba saavutatud - keskmised poe opereerimiskulud ruutmeetrile vähenesid
võrreldes eelmise aasta üheksa kuuga 22%, kusjuures rendikulud vähenesid 21% ja
tööjõukulud 25%, kolmanda kvartali muutused olid vastavalt : poe
opereerimiskulud -29%, sealhulgas rendikulud -29% ja tööjõukulud -32%. Kolmandas
kvartalis jõuti jaesüsteemi opereerimisel poodide tasandil kasumisse. Jätkuvad
läbirääkimised kaubanduskeskustega rendilepingute muutmise osas. Lisaks toimub
jaesüsteemis ebaefektiivsete poodide sulgemine.
Turustuskulud kokku vähenesid sellel aastal eelmise aasta üheksa kuuga võrreldes
50,3 miljoni krooni (3,2 miljoni euro) võrra (-12%), sealhulgas kolmandas
kvartalis 28,0 miljoni krooni (1,8 miljoni euro) võrra (-18%). Samal ajal kasvas
müügipind 18%.
Kulude kärpimise tulemusena vähenesid üheksa kuu üldhalduskulud eelmise aastaga
võrreldes 15%. Baltika Eestis asuvate tootmisettevõtete tööjõukulud vähenesid
eelmise aastaga võrreldes 25%, 17 miljoni krooni (1,1 miljoni euro) võrra.
Valuutakursside kõikumisest tulenevalt sisaldab ettevõtte üheksa kuu
finantstulemus 14,4 miljonit krooni (0,9 miljonit eurot) kursikahjumit,
sealhulgas kolmandas kvartalis 6,5 miljonit krooni (0,4 miljonit eurot). Eelmise
aasta üheksa kuu jooksul teeniti kursikahjumit 1,8 miljonit krooni (0,1
miljonit eurot), sealhulgas kolmandas kvartalis teeniti kursikasumit 2,0
miljonit krooni (0,12 miljonit eurot).
2009. aasta kolmandas kvartalis teenis Baltika ärikahjumit 23,9 miljonit krooni
(1,5 miljonit eurot), mis oli 9,5 miljonit krooni (0,6 miljonit eurot) vähem kui
teises kvartalis. 2008. aasta kolmandas kvartalis teeniti ärikasumit 11,8
miljonit krooni(0,8 miljoni eurot). 2008. aasta esimeses kvartalis teenis Grupp
tulu ka kinnisvarainvesteeringu ümberhindlusest summas 11,25 miljonit krooni
(0,7 miljonit eurot), mis on kajastatud muude äritulude all. 2009. aastal
sarnaseid tulusid ei olnud.
2009.a. jooksul on EBITA-l olnud kvartalite lõikes positiivne trend ( kahjumi
kasvutempo aeglustub) ja septembris oli see esmakordselt ka kuupõhiselt
positiivne.
Seoses laenukoormuse kasvamisega olid üheksa kuu intressikulud 10,5 miljonit
krooni (0,7 miljonit eurot), mis oli 2,3 miljoni krooni (0,15 miljoni euro)
võrra suuremad kui aasta tagasi.
Kokku teeniti 2009. aasta üheksa kuuga kahjumit (peale makse ja vähemusosalust)
126,0 miljonit krooni (8,1 miljonit eurot), sealhulgas kolmandas kvartalis 28,8
miljonit krooni (1,8 miljonit eurot). Kolmanda kvartali puhaskahjum oli 28,8
miljonit krooni (1,8 miljonit eurot), mis oli 6,2 miljoni krooni (0,4 miljoni
euro) võrra väiksem kui teises kvartalis. 2008.a. kolmandas kvartalis teeniti
puhaskasumit 13,6 miljonit krooni (0,9 miljonit eurot).
FINANTSSEISUND
2009. aasta 30. septembri seisuga ulatus Baltika konsolideeritud bilansimaht 743
miljoni kroonini (48,5 miljoni euroni), vähenedes eelmise aasta lõpuga võrreldes
38,8 miljoni krooni(2,5 miljoni euro) võrra.
Grupi nõuded ostjatele ja muud nõuded vähenesid 2008. aasta lõpuga võrreldes
23,0 miljoni krooni (1,5 miljoni euro) võrra, ulatudes poolaasta lõpus 75,4
miljoni kroonini (4,8 miljoni euroni). Võlad hankijatele vähenesid samal
perioodi 24,0 miljoni krooni (1,5 miljoni euro) võrra 127,9 miljoni kroonini
(8,2 miljoni euroni). Ehkki võlgnevused hankijatele on endiselt probleem ,kus
kohanemine ei ole veel lõplikult toimunud, vähenesid need 3.kvartalis 11,4
miljoni krooni võrra (0,73 miljoni euro võrra) ja jätkavad langemist aasta
lõpuni. Varud ulatusid septembri lõpus 215,1 miljoni kroonini (13,8 miljoni
euroni) vähenedes aasta algusega võrreldes 25,4% (-73,3 miljonit krooni/-4,7
miljonit eurot), samal ajal kasvasid jaepinnad 8%.
Septembri lõpus ulatusid Grupi võlakohustused 362 miljoni kroonini (23,1 miljoni
euroni), sealhulgas olid pangalaenud kokku 355,6 miljonit krooni (22,7 miljonit
eurot) ja kapitalirendi kohustused 6,4 miljonit krooni (0,4 miljonit eurot).
Aasta lõpuga võrreldes on võlakoormus suurenenud 89,7 miljoni krooni (5,7
miljoni euro) võrra, millest 75,8 miljonit krooni (4,8 miljonit eurot) moodustab
ehituslaenu suurenemine. Põhiliselt on laenukoormus suurenenud seoses Baltika
kvartali arendustöödega, mida finantseeriti täielikult pangalaenuga. Septembri
lõpu seisuga ulatus kinnisvara arendusega seotud laen 144,6 miljoni kroonini
(9,2 miljoni euroni).
Seoses ehituslaenuga on ka Grupi netovõla (Intressi kandvad võlakohustused-Raha
ja pangakontod) suhe omakapitali suurenenud ning oli septembri lõpu seisuga
176%. 2008. aasta lõpus oli vastav näitaja 65,6%.
INVESTEERINGUD
2009. aasta üheksa kuu jooksul ulatusid Grupi investeeringud 94,4 miljoni
kroonini/6,0 miljoni euroni (9k 2008: 97,7 miljonit krooni/6,2 miljonit eurot).
Baltika Kvartali ehitusse investeeriti 73,3 miljonit krooni (4,7 miljonit
eurot), jaekaubandusse 15,8 miljonit krooni (1,0 miljonit eurot) ning muud
investeeringud ulatusid 5,3 miljoni kroonini (0,3 miljoni euroni).
INIMESED
Baltika Grupis töötas 2009. aasta septembri lõpu seisuga 1757 (30. september
2008: 1921 inimest, sealhulgas jaekaubanduses 966 (939), tootmises 603 (754)
ning peakontoris 188 (228) inimest. Väljaspool Eestit töötas 768 (745) inimest
ehk 44% Grupi töötajatest. Üheksa kuu keskmine töötajate arv Grupis oli 1840 (9k
2008: 1941).
Baltika Grupi töötajatele maksti 2009. aasta üheksa kuu jooksul kokku töötasusid
150,4 miljonit krooni/9,6 miljonit eurot (9k 2008: 174,4 miljonit krooni/11,1
miljonit eurot), mis on 14% võrra vähem kui aasta tagasi. Sealhulgas nõukogu ja
juhatuse liikmete tasud olid 3,0 miljoni krooni/0,2 miljonit eurot (9k 2008: 3,1
miljonit krooni/0,2 miljonit eurot). Juhatuse ja nõukogu liikmete tasud
vähenesid kolmandas kvartalis 11,5%, moodustades kokku 0,98 miljonit krooni/0,06
miljonit eurot).
KONTSERNI PÕHILISED ARVNÄITAJAD (9 kuud 2009)
--------------------------------------------------------------------------------
| | 30.09.2009 | 30.09.2008 | +/- |
--------------------------------------------------------------------------------
| Müügitulu (EEK mln) | 660,2 | 887,5 | -25,6% |
--------------------------------------------------------------------------------
| Jaemüük (EEK mln) | 599,3 | 770,4 | -22,2% |
--------------------------------------------------------------------------------
| Jaemüügi osakaal müügituludes | 91% | 87% | |
--------------------------------------------------------------------------------
| Poodide arv | 141 | 125 | 12,8% |
--------------------------------------------------------------------------------
| Müügipind (m2) | 29 277 | 24 748 | 18,3% |
--------------------------------------------------------------------------------
| Töötajate arv (perioodi lõpp) | 1 757 | 1 921 | -8,5% |
--------------------------------------------------------------------------------
| Brutorentaablus | 47,0% | 54,7% | |
--------------------------------------------------------------------------------
| Ärirentaablus | -17,0% | 3,2% | |
--------------------------------------------------------------------------------
| Maksueelse kasumi rentaablus | -19,0% | 2,3% | |
--------------------------------------------------------------------------------
| Puhasrentaablus | -19,1% | 2,4% | |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 1,0 | 1,6 | -37,5% |
--------------------------------------------------------------------------------
| Varude käibekordaja | 3,76 | 4,90 | -23,2% |
--------------------------------------------------------------------------------
| Võla ja omakapitali suhe | 178,9% | 69,9% | |
--------------------------------------------------------------------------------
| Omakapitali tootlus | -78,7% | 7,0% | |
--------------------------------------------------------------------------------
| Koguvarade tootlus | -25,7% | 3,3% | |
--------------------------------------------------------------------------------
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 KOONDKASUMIARUANNE
(auditeerimata, tuhandetes kroonides)
--------------------------------------------------------------------------------
| | 3 kv | 3 kv | 9k 2009 | 9k 2008 |
| | 2009 | 2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 225 132 | 336 896 | 660 181 | 887 471 |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | -111 460 | -162 376 | -350 140 | -401 693 |
--------------------------------------------------------------------------------
| Brutokasum | 113 672 | 174 520 | 310 041 | 485 778 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | -120 461 | -148 510 | -376 760 | -427 086 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -10 135 | -11 075 | -31 696 | -37 222 |
--------------------------------------------------------------------------------
| Muud äritulud | 607 | 688 | 642 | 12 917 |
--------------------------------------------------------------------------------
| Muud ärikulud | -7 552 | -2 217 | -14 604 | -5 758 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum) | -23 869 | 13 406 | -112 377 | 28 629 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud (kulud) | -4 447 | -1 566 | -13 309 | -8 314 |
--------------------------------------------------------------------------------
| Intressikulud, neto | -4 622 | -3 143 | -10 470 | -8 232 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | 172 | 1 584 | -2 837 | -356 |
| muutustest, neto | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud (kulud), neto | 3 | -7 | -2 | 274 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum (kahjum) enne tulumaksu | -28 316 | 11 840 | -125 686 | 20 315 |
--------------------------------------------------------------------------------
| Tulumaks | -112 | 690 | -344 | -408 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | -28 428 | 12 530 | -126 030 | 19 907 |
| (kahjum) | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | -28 778 | 13 624 | -126 162 | 21 435 |
| puhaskasumis (kahjumis) | | | | |
--------------------------------------------------------------------------------
| Vähemusosa osalus puhaskasumis | 350 | -1 094 | 132 | -1 528 |
| (kahjumis) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muu koondkasum (kahjum) | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | 3 811 | -901 | -2 184 | -72 |
| välisettevõtete ümberarvestusel | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi koondkasum | -24 617 | 11 629 | -128 214 | 19 835 |
| (kahjum) | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | -24 967 | 12 733 | -127 134 | 21 712 |
| koondkasumis (kahjumis) | | | | |
--------------------------------------------------------------------------------
| Vähemusosa osalus koondkasumis | 350 | -1 104 | -1 080 | -1 877 |
| (kahjumis) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava puhaskasum (kahjum) aktsia | -1,54 | 0,73 | -6,77 | 1,15 |
| kohta, EEK | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum (kahjum) | -1,54 | 0,73 | -6,77 | 1,15 |
| aktsia kohta, EEK | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
(auditeerimata, tuhandetes eurodes)
--------------------------------------------------------------------------------
| | 3 kv | 3 kv | 9k 2009 | 9k 2008 |
| | 2009 | 2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 14 389 | 21 532 | 42 193 | 56 720 |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | -7 124 | -10 378 | -22 378 | -25 673 |
--------------------------------------------------------------------------------
| Brutokasum | 7 265 | 11 154 | 19 815 | 31 047 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | -7 699 | -9 492 | -24 079 | -27 296 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -648 | -708 | -2 026 | -2 379 |
--------------------------------------------------------------------------------
| Muud äritulud | 39 | 44 | 41 | 826 |
--------------------------------------------------------------------------------
| Muud ärikulud | -483 | -142 | -933 | -368 |
--------------------------------------------------------------------------------
| Ärikasum (kahjum) | -1 526 | 857 | -7 182 | 1 830 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud (kulud) | -284 | -100 | -851 | -531 |
--------------------------------------------------------------------------------
| Intressikulud, neto | -295 | -201 | -669 | -526 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | 11 | 101 | -181 | -23 |
| muutustest, neto | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud (kulud), neto | 0 | 0 | 0 | 18 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum (kahjum) enne tulumaksu | -1 810 | 757 | -8 033 | 1 298 |
--------------------------------------------------------------------------------
| Tulumaks | -7 | 44 | -22 | -26 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | -1 817 | 801 | -8 055 | 1 272 |
| (kahjum) | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | -1 839 | 871 | -8 063 | 1 370 |
| puhaskasumis (kahjumis) | | | | |
--------------------------------------------------------------------------------
| Vähemusosa osalus puhaskasumis | 22 | -70 | 8 | -98 |
| (kahjumis) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muu koondkasum (kahjum) | | | | |
--------------------------------------------------------------------------------
| Valuutakursi vahed | 244 | -58 | -140 | -5 |
| välisettevõtete ümberarvestusel | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi koondkasum | -1 573 | 743 | -8 194 | 1 268 |
| (kahjum) | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | -1 596 | 814 | -8 125 | 1 388 |
| koondkasumis (kahjumis) | | | | |
--------------------------------------------------------------------------------
| Vähemusosa osalus koondkasumis | 22 | -71 | -69 | -120 |
| (kahjumis) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava puhaskasum (kahjum) aktsia | -0,10 | 0,05 | -0,42 | 0,07 |
| kohta, EUR | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum (kahjum) | -0,10 | 0,05 | -0,42 | 0,07 |
| aktsia kohta, EUR | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE ,BILANSS
(auditeerimata, tuhandetes kroonides)
--------------------------------------------------------------------------------
| | 30.09.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
| Käibevara | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 5 498 | 8 671 |
--------------------------------------------------------------------------------
| Nõuded ostjatele ja muud nõuded | 75 377 | 98 369 |
--------------------------------------------------------------------------------
| Varud | 215 149 | 288 431 |
--------------------------------------------------------------------------------
| Käibevara kokku | 296 024 | 395 471 |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu vara | 5 547 | 5 547 |
--------------------------------------------------------------------------------
| Muud pikaajalised varad | 8 383 | 6 103 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 207 364 | 134 098 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 164 221 | 180 580 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 61 089 | 59 604 |
--------------------------------------------------------------------------------
| Põhivara kokku | 446 604 | 385 932 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 742 628 | 781 403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlakohustused | 117 909 | 103 967 |
--------------------------------------------------------------------------------
| Võlad hankijatele ja muud kohustused | 175 933 | 207 946 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 293 842 | 311 913 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlakohustused | 244 109 | 168 388 |
--------------------------------------------------------------------------------
| Muud kohustused | 79 | 0 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu kohustus | 2 196 | 2 196 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 246 384 | 170 584 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | 540 226 | 482 497 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Aktsiakapital nimiväärtuses | 226 449 | 186 449 |
--------------------------------------------------------------------------------
| Reservid | 26 133 | 26 133 |
--------------------------------------------------------------------------------
| Eelmiste perioodide jaotamata kasum | 81 487 | 108 722 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum (kahjum) | -126 162 | -18 947 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv | -8 137 | -7 165 |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv | 199 770 | 295 192 |
| omakapital kokku | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 2 632 | 3 714 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | 202 402 | 298 906 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 742 628 | 781 403 |
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE, BILANSS
(auditeerimata, tuhandetes eurodes)
--------------------------------------------------------------------------------
| | 30.09.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
| Käibevara | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 351 | 554 |
--------------------------------------------------------------------------------
| Nõuded ostjatele ja muud nõuded | 4 817 | 6 287 |
--------------------------------------------------------------------------------
| Varud | 13 751 | 18 434 |
--------------------------------------------------------------------------------
| Käibevara kokku | 18 919 | 25 275 |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu vara | 355 | 355 |
--------------------------------------------------------------------------------
| Muud pikaajalised varad | 536 | 390 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 13 253 | 8 570 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 10 496 | 11 541 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 3 904 | 3 809 |
--------------------------------------------------------------------------------
| Põhivara kokku | 28 543 | 24 666 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 47 463 | 49 941 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlakohustused | 7 536 | 6 645 |
--------------------------------------------------------------------------------
| Võlad hankijatele ja muud kohustused | 11 244 | 13 290 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 18 780 | 19 935 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlakohustused | 15 601 | 10 762 |
--------------------------------------------------------------------------------
| Muud kohustused | 5 | 0 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu kohustus | 140 | 140 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 15 747 | 10 902 |
--------------------------------------------------------------------------------
| KOHUSTUSED KOKKU | 34 527 | 30 837 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Aktsiakapital nimiväärtuses | 14 473 | 11 916 |
--------------------------------------------------------------------------------
| Reservid | 1 670 | 1 670 |
--------------------------------------------------------------------------------
| Eelmiste perioodide jaotamata kasum | 5 208 | 6 949 |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum (kahjum) | -8 063 | -1 211 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv | -520 | -458 |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv | 12 768 | 18 866 |
| omakapital kokku | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 168 | 237 |
--------------------------------------------------------------------------------
| OMAKAPITAL KOKKU | 12 936 | 19 104 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 47 463 | 49 941 |
--------------------------------------------------------------------------------
Ülle Järv
Finantsdirektor, Juhatuse liige
+372 630 2731
Title
BALTIKA'S FINANCIAL RESULTS, Q3 and 9M 2009
Message
FINANCIAL HIGHLIGHTS
- Q3 revenue 225.1 million kroons (-33% yoy)
- Q3 retail sales 198.3 million kroons (-30% yoy)
- Q3 gross margin 50% (Q3 2008: 52%)
- Q3 operating loss 23.9 million kroons, a 9.5 million kroons improvement on Q2
(Q3 2008: operating profit 13.4 million kroons)
- Q3 net loss 28.8 million kroons, a 6.0 million kroons improvement on Q2, net
loss excluding the effect of exchange rate fluctuations 22.3 million kroons (Q3
2008: net profit 13.6 million kroons)
- 9M revenue 660.2 million kroons (-26% yoy)
- 9M net loss 126.2 million kroons (9M 2008: net profit 21.4 million kroons)
- Growth in sales area 18% yoy
By the end of the third quarter Baltika had generally adapted to the ongoing
economic crisis in its markets. Operating expenses and inventories had been
lowered to levels corresponding to sales reduced by the crisis. By the end of
September, consolidated retail sales per square metre and inventories had
dropped by 36% and 30% yoy respectively. Average store operating expenses had
decreased by 29% yoy.
Normalised inventory levels allowed achieving the highest gross margin of the
year - 50% in the third quarter against 42% and 48% for the first and second
quarters respectively.
In addition to the economic crisis, at the beginning of the new season sales
were undermined by unusually warm weather prevailing at the end of August and
throughout September. Despite this, the Group's retail system (at the level of
stores) succeeded in ending the third quarter with a profit.
Altogether, the Group's performance in the third quarter complied with
management's expectations. The positive trend in the quarterly results is
particularly visible in net loss excluding currency fluctuations - Q1: -52.2
million kroons (-3.3 million euros); Q2 -37.2 million kroons (-2.4 million
euros); Q3 -23.3 million kroons (-1,5 million euros).
In the light of stabilised sales, improved margins and the cost-cutting measures
that will be applied until the year-end, Baltika's management sees opportunities
for achieving positive year-over-year results in subsequent quarters.
Baltika Group ended the third quarter with revenue of 225.1 million kroons (14.4
million euros), a 33.2% decrease yoy. Retail revenue for the third quarter
shrank by 29.7% yoy. At constant exchange rates, retail revenue contracted by
14%. Gross margin for the third quarter was 50% (Q3 2008: 52%). Within the first
nine months Baltika opened 22 new stores and closed 15, the total sales area
growing by 18% yoy.
REVENUE
Revenue by business segment
--------------------------------------------------------------------------------
| EEK million | Q3 2009 | Q3 2008 | +/- | 9M 2009 | 9M 2008 | +/- |
--------------------------------------------------------------------------------
| Retail | 198.3 | 282.1 | -29.7% | 599.3 | 770.4 | -22.2% |
--------------------------------------------------------------------------------
| Wholesale | 25.8 | 54.4 | -52.6% | 59.4 | 115.6 | -48.6% |
--------------------------------------------------------------------------------
| Other | 1.0 | 0.4 | 150.0% | 1.5 | 1.5 | 0% |
--------------------------------------------------------------------------------
| Total | 225.1 | 336.9 | -33.2% | 660.2 | 887.5 | -25.6% |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
RETAIL
As a result of the overall economic recession and a decline in consumer
spending, Baltika's nine-month retail revenue from the Baltic region, Eastern
Europe and Central Europe decreased by 22%, 24% and 6% yoy respectively.
Comparable store revenue for the first nine months shrank by 28% yoy. Comparable
store revenues in local currencies dropped by 7% in Russia while growing by 7%
in Ukraine.
Retail sales by market
--------------------------------------------------------------------------------
| EEK million | 9M 2009 | 9M 2008 | +/- | Percentage, 9M |
| | | | | 2009 |
--------------------------------------------------------------------------------
| Lithuania | 141.7 | 174.0 | -19% | 24% |
--------------------------------------------------------------------------------
| Estonia | 136.6 | 175.3 | -22% | 22% |
--------------------------------------------------------------------------------
| Russia | 117.7 | 144.0 | -18% | 19% |
--------------------------------------------------------------------------------
| Ukraine | 90.8 | 131.6 | -31% | 16% |
--------------------------------------------------------------------------------
| Latvia | 77.8 | 108.8 | -28% | 13% |
--------------------------------------------------------------------------------
| Poland | 23.3 | 24.9 | -6% | 4% |
--------------------------------------------------------------------------------
| Czech Republic | 11.4 | 11.8 | -3% | 2% |
--------------------------------------------------------------------------------
| Total | 599.3 | 770.4 | -22% | 100% |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
In terms of brands, Monton accounted for 54% or 323 million kroons (20.6 million
euros) of the Group's nine-month retail revenue, a 24% decrease yoy. Mosaic
contributed 34% or 203 million kroons (13.0 million euros), a 21% decline yoy.
The hardest-hit by the economic crisis and the general deterioration in the
retail sector was Baltman, whose nine-month sales dropped by 27% to 42 million
kroons (2.7 million kroons). The only brand that posted growth in the first nine
months was Ivo Nikkolo (+12%) whose sales rose to 30 million kroons (1.9 million
euros).
STORES AND SALES AREA
At the end of September 2009, Baltika Group had 141 stores with a total sales
area of 29,277 square metres. Compared with September 2008, the retail system
grew by 16 stores and over four thousand square metres (net), the sales area
operated by the Group increasing by 18%.
Stores by market
--------------------------------------------------------------------------------
| | 30 September 2009 | 30 September 2008 |
--------------------------------------------------------------------------------
| Lithuania | 36 | 29 |
--------------------------------------------------------------------------------
| Estonia | 32 | 30 |
--------------------------------------------------------------------------------
| Russia | 30 | 22 |
--------------------------------------------------------------------------------
| Ukraine | 21 | 22 |
--------------------------------------------------------------------------------
| Latvia | 15 | 16 |
--------------------------------------------------------------------------------
| Poland | 5 | 4 |
--------------------------------------------------------------------------------
| Czech Republic | 2 | 2 |
--------------------------------------------------------------------------------
| Total stores | 141 | 125 |
--------------------------------------------------------------------------------
| Total sales area, sq m | 29,277 | 24,748 |
--------------------------------------------------------------------------------
In the first nine months, Baltika opened 22 stores (three in the third quarter)
including seven taken over from a Russian wholesale partner and closed 15 (six
in the third quarter). According to plan, in the fourth quarter four more stores
will be opened. Concurrently with store openings, several stores will be closed.
The number of stores that will be closed in the fourth quarter may extend to
five.
WHOLESALE
Wholesale revenues for the first nine months totalled 59.4 million kroons (3.8
million euros), a 48.6% decrease yoy. The downturn stems largely from the
takeover of stores from the Russian wholesale partner and the reclassification
of associated wholesale revenue as retail sales. The decrease in consumption has
triggered a decline in wholesale orders in the Baltic countries and Russia. On
the other hand, cooperation with Peek&Cloppenburg, a leading European department
store chain, is continuing successfully - the Mosaic collection is being sold in
18 department stores across Germany, Austria and Poland. Orders for the second
half-year are almost twice as large as for the first half-year.
EARNINGS AND MARGINS
The Group's performance in 2009 has been strongly influenced by the economic
recession that has reduced sales, lowered profit margins, triggered currency
devaluations and required adjustment of operating expenses to the new sales
trends. If in the first half-year the Group concentrated on adapting inventory
levels to the new sales figures and making cost saving decisions, then in the
third quarter the focus shifted on maintaining the cost base and financing
purchases for the autumn season so as to secure achievement of the sales
targets. The gross margin for the first nine months was 47% (9M 2008: 55%) while
gross profit dropped by 36% yoy to 310 million kroons (19.8 million euros).
The Group's results remained adversely impacted by the currency devaluations
that began in November 2008. According to the exchange rates quoted by the Bank
of Estonia, compared with a year ago the average exchange rates for the first
nine months weakened as follows: the Ukrainian hryvna -32.7%, the Polish zloty
-21%, the Russian rouble -17.4% and the Czech koruna -6.7%.
An important step in cutting the costs of the retail system is reducing store
operating expenses including rental charges. In this area, some success has
already been achieved - compared with the first nine months of 2008 average
store operating expenses per square metre decreased by 22% - rental costs
dropped by 21% and personnel expenses by 25%. The corresponding figures for the
third quarter were: -29% for store operating expenses, -29% for rental costs and
-32% for personnel expenses. Thanks to efforts made, in the third quarter the
retail system began generating a profit (at the store level). The Group is
continuing negotiations with shopping centres regarding better lease terms and
is closing any inefficient stores.
Distribution costs for the first nine months decreased by 50.3 million kroons
(3.2 million euros) yoy (-12%), the figure for the third quarter declining by
28.0 million kroons (1.8 million euros) yoy (-18%). At the same time, the sales
area grew by 18%.
Thanks to cost-cutting, administrative and general expenses for the first nine
months decreased by 15% yoy and the personnel expenses of Baltika's Estonian
manufacturing units contracted by 25% or 17 million kroons (1.1 million euros)
yoy.
Owing to exchange rate fluctuations, the Group's financial result for the first
nine months was weakened by foreign exchange losses of 14.4 million kroons (0.9
million euros), including exchange losses of 6.5 million kroons (0.4 million
euros) incurred in the third quarter. For comparison, foreign exchange losses
for the first nine months of 2008 totalled 1.8 million kroons (0.1 million
euros) including third quarter exchange gain of 2.0 million kroons (0.12 million
euros).
Baltika ended the third quarter of 2009 with an operating loss of 23.9 million
kroons (1.5 million euros), a 9.5 million kroon (0.6 million euro) improvement
on the second quarter. The third quarter of 2008 ended in an operating profit of
11.8 million kroons (0.8 million euros). In the first quarter of 2008, the Group
benefited from investment property revaluation gains of 11.25 million kroons
(0.7 million euros) that were recognised as other operating income. In 2009,
there has been no similar income.
The Group's EBITA has been improving quarterly (loss growth is decelerating) and
in September it was positive for the first time also on a monthly basis.
In connection with growth in borrowings, interest expenses for the first nine
months totalled 10.5 million kroons (0.7 million euros), a 2.3 million kroon
(0.15 million euro) increase on a year ago.
The Group ended the first nine months of 2009 with a consolidated net loss
(after tax and minority interest) of 126.0 million kroons (8.1 million euros).
The Group's net loss for the third quarter was 28.8 million kroons (1.8 million
euros), a 6.2 million kroon (0.4 million euro) improvement on the second
quarter. The third quarter for 2008 ended with a net profit of 13.6 million
kroons (0.9 million euros).
FINANCIAL POSITION
At 30 September 2009, Baltika's consolidated assets totalled 743 million kroons
(48.5 million euros), 38.8 million kroons (2.5 million euros) down from the
previous year-end.
Compared with the end of 2008 the Group's trade and other receivables decreased
by 23.0 million kroons (1.5 million euros) to 75.4 million kroons (4.8 million
euros). Within the same period, trade and other payables decreased by 24.0
million kroons (1.5 million euros) to 127.9 million kroons (8.2 million euros).
Although trade payables still represent a problem area where adjustment has not
been completed, in the third quarter they dropped by 11.4 million kroons (0,73
million euros) and should continue decreasing until the year-end. At the end of
September, inventories totalled 215.1 million kroons (13.8 million euros), 25.4%
down from the end of 2008 (-73.3 million kroons/-4.7 million euros) despite the
period's 8% increase in retail space.
At the end of September, the Group's borrowings totalled 362 million kroons
(23.1 million euros), comprising of bank loans of 355.6 million kroons (22.7
million euros) and finance lease liabilities of 6.4 million kroons (0.4 million
euros). Compared with the end of 2008, the debt burden has expanded by 89.7
million kroons (5.7 million euros), 75.8 million kroons (4.8 million euros) of
which represents an addition to existing construction loans. The growth in the
Group's debt burden is largely attributable to the development of the Baltika
Quarter that was financed solely with bank loans. At the end of September,
borrowings related to real estate development totalled 144.6 million kroons (9.2
million euros).
Construction loans have increased the Group's net debt (interest-bearing
liabilities less cash and bank balances) to equity ratio, which at the end of
September 2009 stood at 176%. At the end of 2008 the corresponding figure was
65.6%.
INVESTMENT
The Group's investments for the first nine months of 2009 totalled 97.5 million
kroons / 6.2 million euros (9M 2008: 97.7 million kroons /6.2 million euros).
Investments in the Baltika Quarter totalled 75.8 million kroons (4.8 million
euros), investments in the retail system amounted to 15.8 million kroons (1.0
million euros) and other investments totalled 5.9 million kroons (0.4 million
euros).
PEOPLE
At the end of September 2009, Baltika Group employed 1,757 (30 September 2008:
1,921) people, including 966 (939) in the retail system, 603 (754) in
manufacturing and 188 (228) at the head office. The number of staff employed
outside Estonia totalled 768 (745) representing 44% of all personnel. The
period's average number of staff was 1,840 (9M 2008: 1,941).
The Group's employee remuneration expenses for the first nine months of 2009
totalled 150.4 million kroons / 9.6 million euros (9M 2008: 174.4 million kroons
/ 11.1 million euros), a 14% decrease yoy. The figure includes the remuneration
of the members of the supervisory council and management board of 3.0 million
kroons / 0.2 million euros (9M 2008: 3.1 million kroons / 0.2 million euros). In
the third quarter, the fees paid to members of the supervisory council and
management board dropped by 11.5% to 0.98 million kroons / 0.06 million euros.
KEY FIGURES OF THE GROUP (9 months 2009)
--------------------------------------------------------------------------------
| | 30.09.2009 | 30.09.2008 | +/- |
--------------------------------------------------------------------------------
| Revenue (EEK million) | 660,2 | 887,5 | -25,6% |
--------------------------------------------------------------------------------
| Retail sales (EEK million) | 599,3 | 770,4 | -22,2% |
--------------------------------------------------------------------------------
| Share of retail sales in revenue | 91% | 87% | |
--------------------------------------------------------------------------------
| Number of stores | 141 | 125 | 12,8% |
--------------------------------------------------------------------------------
| Sales area (sqm) | 29 277 | 24 748 | 18,3% |
--------------------------------------------------------------------------------
| Number of employees (end of | 1 757 | 1 921 | -8,5% |
| period) | | | |
--------------------------------------------------------------------------------
| Gross margin | 47,0% | 54,7% | |
--------------------------------------------------------------------------------
| Operating margin | -17,0% | 3,2% | |
--------------------------------------------------------------------------------
| EBT margin | -19,0% | 2,3% | |
--------------------------------------------------------------------------------
| Net margin | -19,1% | 2,4% | |
--------------------------------------------------------------------------------
| Current ratio | 1,0 | 1,6 | -37,5% |
--------------------------------------------------------------------------------
| Inventory turnover | 3,76 | 4,90 | -23,2% |
--------------------------------------------------------------------------------
| Debt to equity ratio | 178,9% | 69,9% | |
--------------------------------------------------------------------------------
| Return on equity | -78,7% | 7,0% | |
--------------------------------------------------------------------------------
| Return on assets | -25,7% | 3,3% | |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
Underlying formulas
Gross margin = (Revenue - Cost of sales)/ Revenue
Operating margin = Operating profit / Revenue
EBT margin = Profit before income tax / Revenue
Net margin = Net profit (attributable to the parent) / Revenue
Current ratio = Current assets / Current liabilities
Inventory turnover = Revenue / Average inventories*
Debt to equity ratio = Interest-bearing liabilities / Equity
Return on equity = Net profit (attributable to the parent)/ Average equity*
Return on assets = Net profit (attributable to the parent)/ Average total
assets*
*12 months' average
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in EEK thousands)
--------------------------------------------------------------------------------
| | Q3 2009 | Q3 2008 | 9m 2009 | 9m 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 225 132 | 336 896 | 660 181 | 887 471 |
--------------------------------------------------------------------------------
| Cost of goods sold | -111 460 | -162 376 | -350 140 | -401 693 |
--------------------------------------------------------------------------------
| Gross profit | 113 672 | 174 520 | 310 041 | 485 778 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -120 461 | -148 510 | -376 760 | -427 086 |
--------------------------------------------------------------------------------
| Administrative and general | -10 135 | -11 075 | -31 696 | -37 222 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating income | 607 | 688 | 642 | 12 917 |
--------------------------------------------------------------------------------
| Other operating expenses | -7 552 | -2 217 | -14 604 | -5 758 |
--------------------------------------------------------------------------------
| Operating profit (loss) | -23 869 | 13 406 | -112 377 | 28 629 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses) | -4 447 | -1 566 | -13 309 | -8 314 |
--------------------------------------------------------------------------------
| Interest expenses, net | -4 622 | -3 143 | -10 470 | -8 232 |
--------------------------------------------------------------------------------
| Foreign exchange losses, net | 172 | 1 584 | -2 837 | -356 |
--------------------------------------------------------------------------------
| Other financial income | 3 | -7 | -2 | 274 |
| (expenses), net | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) before income tax | -28 316 | 11 840 | -125 686 | 20 315 |
--------------------------------------------------------------------------------
| Income tax | -112 | 690 | -344 | -408 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) | -28 428 | 12 530 | -126 030 | 19 907 |
--------------------------------------------------------------------------------
| Net profit (loss) attributable | -28 778 | 13 624 | -126 162 | 21 435 |
| to equity holders of the parent | | | | |
| company | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable | | | | |
| to minority shareholders | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Currency translation | 3 811 | -901 | -2 184 | -72 |
| differences | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | -24 617 | 11 629 | -128 214 | 19 835 |
--------------------------------------------------------------------------------
| Comprehensive income | -24 967 | 12 733 | -127 134 | 21 712 |
| attributable to equity holders | | | | |
| of the parent company | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | 350 | -1 104 | -1 080 | -1 877 |
| attributable to minority | | | | |
| shareholders | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings (loss) per | -1,54 | 0,73 | -6,77 | 1,15 |
| share, EEK | | | | |
--------------------------------------------------------------------------------
| Diluted earnings (loss) per | -1,54 | 0,73 | -6,77 | 1,15 |
| share, EEK | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in EUR thousands)
--------------------------------------------------------------------------------
| | Q3 2009 | Q3 2008 | 9m 2009 | 9m 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 14 389 | 21 532 | 42 193 | 56 720 |
--------------------------------------------------------------------------------
| Cost of goods sold | -7 124 | -10 378 | -22 378 | -25 673 |
--------------------------------------------------------------------------------
| Gross profit | 7 265 | 11 154 | 19 815 | 31 047 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -7 699 | -9 492 | -24 079 | -27 296 |
--------------------------------------------------------------------------------
| Administrative and general | -648 | -708 | -2 026 | -2 379 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating income | 39 | 44 | 41 | 826 |
--------------------------------------------------------------------------------
| Other operating expenses | -483 | -142 | -933 | -368 |
--------------------------------------------------------------------------------
| Operating profit (loss) | -1 526 | 857 | -7 182 | 1 830 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income (expenses) | -284 | -100 | -851 | -531 |
--------------------------------------------------------------------------------
| Interest expenses, net | -295 | -201 | -669 | -526 |
--------------------------------------------------------------------------------
| Foreign exchange losses, net | 11 | 101 | -181 | -23 |
--------------------------------------------------------------------------------
| Other financial income | 0 | 0 | 0 | 18 |
| (expenses), net | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) before income tax | -1 810 | 757 | -8 033 | 1 298 |
--------------------------------------------------------------------------------
| Income tax | -7 | 44 | -22 | -26 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) | -1 817 | 801 | -8 055 | 1 272 |
--------------------------------------------------------------------------------
| Net profit (loss) attributable | -1 839 | 871 | -8 063 | 1 370 |
| to equity holders of the parent | | | | |
| company | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable | 22 | -70 | 8 | -98 |
| to minority shareholders | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Currency translation | 244 | -58 | -140 | -5 |
| differences | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | -1 573 | 743 | -8 194 | 1 268 |
--------------------------------------------------------------------------------
| Comprehensive income | -1 596 | 814 | -8 125 | 1 388 |
| attributable to equity holders | | | | |
| of the parent company | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | 22 | -71 | -69 | -120 |
| attributable to minority | | | | |
| shareholders | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings (loss) per | -0,10 | 0,05 | -0,42 | 0,07 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings (loss) per | -0,10 | 0,05 | -0,42 | 0,07 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in EEK thousands)
--------------------------------------------------------------------------------
| | 30.09.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 5 498 | 8 671 |
--------------------------------------------------------------------------------
| Trade and other receivables | 75 377 | 98 369 |
--------------------------------------------------------------------------------
| Inventories | 215 149 | 288 431 |
--------------------------------------------------------------------------------
| Total current assets | 296 024 | 395 471 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred income tax asset | 5 547 | 5 547 |
--------------------------------------------------------------------------------
| Other non-current assets | 8 383 | 6 103 |
--------------------------------------------------------------------------------
| Investment property | 207 364 | 134 098 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 164 221 | 180 580 |
--------------------------------------------------------------------------------
| Intangible assets | 61 089 | 59 604 |
--------------------------------------------------------------------------------
| Total non-current assets | 446 604 | 385 932 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 742 628 | 781 403 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 117 909 | 103 967 |
--------------------------------------------------------------------------------
| Trade and other payables | 175 933 | 207 946 |
--------------------------------------------------------------------------------
| Total current liabilities | 293 842 | 311 913 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 244 109 | 168 388 |
--------------------------------------------------------------------------------
| Other liabilities | 79 | 0 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 2 196 | 2 196 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 246 384 | 170 584 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 540 226 | 482 497 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 226 449 | 186 449 |
--------------------------------------------------------------------------------
| Reserves | 26 133 | 26 133 |
--------------------------------------------------------------------------------
| Retained earnings | 81 487 | 108 722 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | -126 162 | -18 947 |
--------------------------------------------------------------------------------
| Currency translation differences | -8 137 | -7 165 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 199 770 | 295 192 |
| of the parent company | | |
--------------------------------------------------------------------------------
| Minority interest | 2 632 | 3 714 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 202 402 | 298 906 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 742 628 | 781 403 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in EUR thousands)
--------------------------------------------------------------------------------
| | 30.09.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 351 | 554 |
--------------------------------------------------------------------------------
| Trade and other receivables | 4 817 | 6 287 |
--------------------------------------------------------------------------------
| Inventories | 13 751 | 18 434 |
--------------------------------------------------------------------------------
| Total current assets | 18 919 | 25 275 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred income tax asset | 355 | 355 |
--------------------------------------------------------------------------------
| Other non-current assets | 536 | 390 |
--------------------------------------------------------------------------------
| Investment property | 13 253 | 8 570 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 10 496 | 11 541 |
--------------------------------------------------------------------------------
| Intangible assets | 3 904 | 3 809 |
--------------------------------------------------------------------------------
| Total non-current assets | 28 543 | 24 666 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 47 463 | 49 941 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 7 536 | 6 645 |
--------------------------------------------------------------------------------
| Trade and other payables | 11 244 | 13 290 |
--------------------------------------------------------------------------------
| Total current liabilities | 18 780 | 19 935 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 15 601 | 10 762 |
--------------------------------------------------------------------------------
| Other liabilities | 5 | 0 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 140 | 140 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 15 747 | 10 902 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 34 527 | 30 837 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 14 473 | 11 916 |
--------------------------------------------------------------------------------
| Reserves | 1 670 | 1 670 |
--------------------------------------------------------------------------------
| Retained earnings | 5 208 | 6 949 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | -8 063 | -1 211 |
--------------------------------------------------------------------------------
| Currency translation differences | -520 | -458 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 12 768 | 18 866 |
| of the parent company | | |
--------------------------------------------------------------------------------
| Minority interest | 168 | 237 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 12 936 | 19 104 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 47 463 | 49 941 |
--------------------------------------------------------------------------------
Ülle Järv
CFO, Member of the Management Board
+372 630 2731