Market announcement
AS Silvano Fashion Group
Category
Other price sensitive information
Date
01.12.2009 10:57:07
Title
UAB „Linret LT“ müük
Message
AS Silvano Fashion Group (“SFG”) sõlmis müügilepingu kõikide temale kuuluvate UAB „Linret LT“ (“Linret LT”) aktsiate müügiks, mis moodustavad kokku 100% Linret LT aktsiakapitalist. Linret LT on Leedu jaemüügiettevõte, mis opereerib 14 jaemüügipunkti. Tehingu lõpuleviimine toimub novembrikuus. Linret LT peamine tegevusala on Lauma Lingerie ja Milavitsa kaupade jaemüük läbi “Amadea Line” kaubamärgi all tegutseva jaemüügiketi, samuti “Jockey” ja “Yamamay” kaubamärkide all tegutsevate frantsiisikaupluste opereerimine. 2009. a esimese 9 kuu jooksul oli Linret LT kahjum ligikaudu 499 tuhat eurot (7,8 miljonit krooni). Arvestades Leedu tarbijanõudluse langust ja Leedu majanduse üldist seisu (oodatav SKP langus 2009. aastal 18,1%) peab SFG juhatus ebatõenäoliseks, et Linret LT muutuks 2010. aastal kasumlikuks või toodaks lähitulevikus positiivset rahavoogu. Linret LT-sse tehtud investeeringute kogumahtu arvestades tekitab tehing eeldatavasti kahjumit suurusjärgus ligikaudu 0,4 miljonit eurot (6,3 miljonit krooni). Samas omab tehing tulevikus grupi finantstulemustele positiivset mõju, kuna lõpetatakse kahjumlik tegevussuund. Kohandamaks SFG äritegevust muutuvate majandustingimustega, jätkab SFG juhatus muuhulgas keskendumissuuna muutmist oma jaemüügioperatsioonidelt frantsiisimudelile, mis aitab vähendada kulusid ja suunata vastavaid ressursse mujale, võimaldades samal ajal seniste müügimahtude säilitamist ja suurendamist. Baltikumis kavatseb SFG jätkata üleminekut frantsiisimudelile Lauma Lingerie kaubamärgi all, kusjuures Leetu on 2012. a lõpuks kavandatud vähemalt 12 Lauma Lingerie frantsiisikauplust, mis on osa üleüldisest Lauma Lingerie frantsiisi arendamisest selles regioonis. Linret LT müügitehing ei ole oluline tehing ega tehing seotud isikuga Tallinna Börsi reeglistiku tähenduses. SFG juhatuse ja nõukogu liikmetel ei ole tehingu osas isiklikku huvi. Dmitry Ditchkovsky Juhatuse esimees AS Silvano Fashion Group Tel +372 6 710 700
Title
Sale of UAB „Linret LT“
Message
AS Silvano Fashion Group (“SFG”) has entered into a share purchase agreement for the sale of all its shares in UAB „Linret LT“ (“Linret LT”), which constitute 100% of the share capital of UAB “Linret LT”. Linret LT is a Lithuanian retail subsidiary, operating 14 retail outlets. The closing of the transaction will take place within the month of November.
Linret LT is engaged primarily in the distribution of Lauma Lingerie and Milavitsa goods in Lithuania through retail chain under “Amadea Line” brand and also operates franchised stores under “Jockey” and “Yamamay” brands. Linret LT made a loss of ca EUR 499 thousand (EEK 7.8 million) in the first nine months of 2009. Taking into account the decrease in consumer demand on in Lithuania, and the overall state of the Lithuanian economy (an estimated 18.1% fall in GDP for 2009), the Management Board believes that it is unlikely that Linret LT will become profitable in 2010 or will generate positive cash flows in the observable future.
Taking into account the total investment of SFG in Linret LT, the transaction is estimated to generate an accounting loss of approximately EUR 0.4 million (EEK 6.3 million). At the same time, the transaction is expected to have a positive contribution to the group's financial performance in the future as the result of discontinuing of loss-making operations.
As part of the management's efforts to adjust the business of the group to the changing economic conditions, the management continues to shift focus from own retain operations to a franchise model, which helps decrease costs and allocate resources elsewhere, while allowing to maintain and grow sales volumes. The group intends to continue the shift to franchise operations in Baltics under Lauma Lingerie brand with at least 12 Lauma Lingerie franchised shops planned in Lithuania by 2012 as part of the overall Lauma Lingerie franchise development in the region.
The sale of Linret LT is not a material transaction or a transaction with a related party within the meaning of the Tallinn Stock Exchange Rules. The members of the Management Board and the Supervisory Board of SFG do not have any personal interest in the transaction.
Dmitry Ditchkovsky
Juhatuse esimees
AS Silvano Fashion Group
Tel +372 6 710 700