Market announcement
AS BALTIKA
Category
Annual financial report
Attachments
Date
26.02.2010 17:34:46
Title
BALTIKA AUDITEERIMATA MAJANDUSTULEMUSED, 4. KVARTAL ja 2009
Message
2009. aasta neljanda kvartaliga lõppes Baltika Grupi aasta läbi kestnud
kohanemisprotsess.
Neljas kvartal tervikuna lõppes kahjumiga 34,2 miljonit krooni (2,2 miljonit
eurot), sisaldades 15,5 miljoni krooni (1,0 miljoni euro) ulatuses planeeritud
ühekordseid kulusid. Kvartali arvestuslikuks kahjumiks kujunes seega 18,7
miljonit krooni (1,2 miljonit eurot). Neljanda kvartali puhaskahjum oli eelmise
aasta sama perioodiga võrreldes 17,4% ehk 7,2 miljoni krooni(0,5 miljoni euro)
võrra väiksem, kahjum 2008. aasta neljandas kvartalis vastavalt 41,4 miljonit
krooni (2,6 miljoni eurot).
Tavaäritegevuse rahavoog oli aasta lõpuks stabiliseerunud, varude maht ja
tegevuskulud kohandatud kriisiaegsete müükidega. Aasta lõpuks on Baltika
üldjoontes kohanenud turgudel jätkuva majanduskriisiga.
Lisaks majanduskriisile raskendas 2009.aasta kolmanda kvartali hooaja alguse
müüke ebatavaliselt soe august ja september ning neljanda kvartali müüke
tavapärasest külmemad talvekuud kõikidel Baltika turgudel. Sellest hoolimata
jõudis Grupi jaesüsteem (poodide tasemel) kolmandas kvartalis kasumisse ja
neljandas kvartalis olid turud kasumis juba ka turu tasemel.
Baltika Grupi 2009. aasta neljanda kvartali müügitulu ulatus 220,0 miljoni
kroonini(14,1 miljoni euroni), vähenedes eelmise aastaga võrreldes 28,3%.
Püsivate valuutakursside korral oli jaemüügi vähenemine 18%. Kvartali
brutorentaabluseks kujunes 51% (2008: 48%). Neljandas kvartalis avati neli ja
suleti 12 kauplust, sealhulgas suleti Tšehhi turg sealse kahe kauplusega.
Brändide lõikes moodustab kõige suurema osa Baltika jaemüügist Montoni kaubamärk
(2009. aastal 53%). Baltika kõige kiiremini kasvav kaubamärk on jätkuvalt Ivo
Nikkolo, mille jaemüük suurenes ka 2009. aastal.
MÜÜGITULUD
Müük ärisegmenditi
--------------------------------------------------------------------------------
| EEK mln | 4 kv | 4 kv | +/- | 2009 | 2008 | +/- |
| | 2009 | 2008 | | | | |
--------------------------------------------------------------------------------
| Jaemüük | 209,8 | 288,5 | -27,2% | 809,1 | 1 058,9 | -23,6% |
--------------------------------------------------------------------------------
| Hulgimüük | 8,8 | 17,6 | -50,0% | 68,2 | 133,2 | -48,8% |
--------------------------------------------------------------------------------
| Muu | 1,4 | 0,8 | 75,0% | 2,9 | 2,2 | 31,8% |
--------------------------------------------------------------------------------
| Kokku | 220,0 | 306,9 | -28,3% | 880,2 | 1 194,3 | -26,3% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
JAEMÜÜK
Üldise majanduslanguse ja tarbimise vähenemise tagajärjel vähenes Baltika Grupi
2009. aasta jaemüük eelmise aastaga võrreldes Balti regioonis 23%, Ida-Euroopas
25% ja Kesk-Euroopas 17%. Püsivate valuutakursside korral jäid müügid
Ida-Euroopas 2008. aastaga võrreldes samale tasemele (+ 0,4%). Neljandas
kvartalis vähenesid müügid Balti regioonis 26%, Ida-Euroopas 27% ja
Kesk-Euroopas 44%. Püsivate valuutakursside korral vähenes müük Ukrainas ja
Venemaal 0,6%.
Jaemüük turgude lõikes
--------------------------------------------------------------------------------
| EEK mln | 2009 | 2008 | +/- | Osakaal, 2009 |
--------------------------------------------------------------------------------
| Eesti | 192,4 | 238,6 | -19% | 24% |
--------------------------------------------------------------------------------
| Leedu | 187,6 | 243,1 | -23% | 23% |
--------------------------------------------------------------------------------
| Venemaa | 161,8 | 196,1 | -17% | 20% |
--------------------------------------------------------------------------------
| Ukraina | 119,9 | 179,7 | -33% | 15% |
--------------------------------------------------------------------------------
| Läti | 104,3 | 149,7 | -30% | 13% |
--------------------------------------------------------------------------------
| Poola | 30,0 | 34,5 | -13% | 4% |
--------------------------------------------------------------------------------
| Tšehhi | 13,1 | 17,2 | -24% | 1% |
--------------------------------------------------------------------------------
| Kokku | 809,1 | 1 058,9 | -24% | 100% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
BRÄNDID
Brändide lõikes moodustab kõige suurema osa Baltika jaemüügist Montoni
kaubamärk, mille osakaal oli 2009. aastal 53%. 2009. aastal ulatus Montoni
jaemüük 431,6 miljoni kroonini (27,6 miljoni euroni), vähenedes aastaga 26%
võrra. Mosaici jaemüük ulatus 265,0 miljoni kroonini 16,9 miljoni euroni), mis
on 17% madalam tulemus kui eelmisel aastal. Baltmani jaemüük oli 2009. aastal 53
miljonit krooni (3,4 miljonit eurot), vähenedes eelmise aastaga võrreldes 29%.
Ivo Nikkolo kaubamärgile kujunes 2009. aasta hoolimata Baltimaades valitsenud
majanduslangusest edukaks. Uute poodide kiire käivitumine ja jätkuv müügikasv
näitavad, et tarbija huvi unikaalsete ja kvaliteetsete disainerrõivaste vastu on
endiselt olemas. Kaubamärgi jaemüük ulatus 2009. aastal 41,4 miljoni kroonini
(2,6 miljoni euroni), kasvades eelmise aastaga võrreldes 6%.Selle tulemusega
osutus Ivo Nikkolo juba teist aastat järjest ettevõtte kõige kiiremini kasvavaks
kaubamärgiks ning on tõestanud, et Baltika otsus kaubamärk omandada oli õige.
Mosaic moodustas Grupi jaemüügist 33%, Baltman 7% ning Ivo Nikkolo 5%. Ülejäänud
2% jaemüügist andsid multibrändi poed, kus müüakse koos mitme Baltika brändi
kollektsioone.
POED JA MÜÜGIPIND
2009. aasta lõpu seisuga oli Baltikal 133 kauplust kuues riigis müügipinnaga 26
900 ruutmeetrit. Aasta jooksul pandi suurt rõhku opereeritavate kaupluste
efektiivsusnäitajate parandamisele ning kulude optimeerimisele. Muutlikus ja
hapras kaubandus- ning majanduskeskkonnas on mitmete kaubanduskeskuste
külastatavus ja müük koos elanikkonna ostujõu langusega teinud läbi tugeva
kukkumise. Muutunud oludest lähtuvalt toimusid korrektsioonid ka Grupi
portfellis. Aasta jooksul avati 23, suleti 24 poodi ning muudeti nelja kaupluse
asukohta.
Aasta esimeses pooles avati siduvate lepingute tõttu rohkem poode, kuid aasta
teises pooles oli ülekaalus kahjumlike poodide sulgemine. Teisel poolaastal
suleti kokku 16 poodi, mille sulgemiskulud avaldasid mõju eriti neljanda
kvartali tulemustele. Võrreldes 2008. aasta lõpu seisuga jäi Grupi jaesüsteem
peaaegu samaks: poodide arv vähenes ühe ning müügipind 1% võrra.
Turgude lõikes lisandus kõige rohkem uusi kauplusi Venemaal, kus
hulgimüügipartnerilt võeti üle seitse poodi, ja Leedus, kus avati kuus kauplust.
Eestis avati viis, Ukrainas neli ja Poolas üks pood. Sulgemisi toimus kõikidel
turgudel ning ühelt turult, Tšehhist, väljuti. Avamiste ja sulgemiste tulemusena
jäid poodide arvud turuti aasta jooksul suhteliselt stabiilseks. Müügipind aga
suurenes Eesti turul kolmandiku võrra ning Leedus 15%. Teistel turgudel
müügipind mõnevõrra vähenes.
Poed turgude lõikes
--------------------------------------------------------------------------------
| | 31.12.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| Leedu | 36 | 33 |
--------------------------------------------------------------------------------
| Eesti | 30 | 30 |
--------------------------------------------------------------------------------
| Venemaa | 25 | 23 |
--------------------------------------------------------------------------------
| Ukraina | 23 | 24 |
--------------------------------------------------------------------------------
| Läti | 14 | 16 |
--------------------------------------------------------------------------------
| Poola | 5 | 6 |
--------------------------------------------------------------------------------
| Tšehhi | 0 | 2 |
--------------------------------------------------------------------------------
| Poed kokku | 133 | 134 |
--------------------------------------------------------------------------------
| Müügipind kokku, m2 | 26 900 | 27 068 |
--------------------------------------------------------------------------------
Kõige rohkem avati 2009. aastal Montoni poode - kokku 12. Aasta lõpuks oli
Baltika jaeketis 56 Montoni, 51 Mosaici, 14 Baltmani ja 9 Ivo Nikkolo kauplust.
Lisaks oli Grupil kaks multibrändi poodi ja üks vabrikupood.
Baltika jaesüsteem turgude ja brändide lõikes, 31.12.2009
--------------------------------------------------------------------------------
| | Monton | Mosaic | Baltma | Ivo | Muud | Kokku | m2 |
| | | | n | Nikkolo | | | |
--------------------------------------------------------------------------------
| Leedu | 13 | 13 | 7 | 3 | | 36 | 6 929 |
--------------------------------------------------------------------------------
| Eesti | 6 | 11 | 5 | 5 | 3 | 30 | 5 631 |
--------------------------------------------------------------------------------
| Venemaa | 16 | 9 | | | | 25 | 5 506 |
--------------------------------------------------------------------------------
| Ukraina | 10 | 12 | 1 | | | 23 | 4 484 |
--------------------------------------------------------------------------------
| Läti | 6 | 6 | 1 | 1 | | 14 | 3 143 |
--------------------------------------------------------------------------------
| Poola | 5 | | | | | 5 | 1 207 |
--------------------------------------------------------------------------------
| Kokku | 56 | 51 | 14 | 9 | 3 | 133 | 26 900 |
--------------------------------------------------------------------------------
HULGIMÜÜK
Baltika kollektsioonide hulgimüük moodustas Grupi müügituludest 2009. aastal
7,7% ning ulatus 68,2 miljoni kroonini (4,4 miljoni euroni). Eelmise aastaga
võrreldes vähenedes hulgimüük 48,8%. Hulgimüügi vähenemine on toimunud oluliselt
Vene turul, kuid seda seoses Venemaa hulgimüügipartneri seitsme kaupluse
ülevõtmise ja liitmisega Baltika jaesüsteemi. Kokkuvõttes müügi vähenemist Grupi
jaoks ei toimunud.
2009. aasta oli Baltika jaoks Peek & Cloppenburgiga sõlmitud hulgimüügilepingu
testperioodiks, mis lõppes Baltika ja Mosaici kaubamärgi jaoks edukalt.
Esialgsele 13-le kaubamajale lisandus aasta lõpuks veel 17 kaubamaja, mis teeb
kokku 30 müügikohta. Projekti alguses oli Mosaic esindatud Saksamaa, Austria,
Šveitsi ja Poola Peek & Cloppenburgi valitud kaubamajades. Uute müügimajadega
lisandusid sellised uued turud nagu Sloveenia, Slovakkia, Ungari, Tšehhi ja
Horvaatia. Peek & Cloppenburg on üks Euroopa juhtivaid kaubamajade kette,
millele kuulub Saksamaal üle 80 ning Euroopas kokku üle 100 kaubamaja.
MAJANDUSTULEMUS
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 teisel poolaastal
keskenduti enam kulubaasi hoidmisele ja sügishooaja kaupade finantseerimisele,
et kindlustada hooaja plaanitud müügimahud. Neljandas kvartalis jätkus
kahjumlike poodide sulgemine, sealhulgas suleti Tšehhi turg. Neljanda kvartali
tulemusi mõjutasid kaupluste sulgemiskulud ning muud ühekordse iseloomuga kulud.
2009. aastal jätkus 2008. aasta novembris alanud valuutade devalveerimise
negatiivne mõju ettevõtte tulemustele. Eesti Panga valuutakursside järgi
nõrgenesid 2009. aasta keskmised kursid eelmise aastaga võrreldes järgmiselt:
Ukraina grivna -32,2%, Poola zlott -18,9% ja Vene rubla -17,5%. Samas tugevnes
Ameerika dollari keskmine kurss 5,2%.
2009. aastal ulatus Grupi brutorentaablus 48,0%-ni (2008: 53,1%). Aasta
brutokasum oli kokku 422,7 miljonit krooni (27,0 miljonit eurot), vähenedes
eelmise aastaga võrreldes 211,1 miljoni krooni (13,5 miljoni euro) võrra.
2009. aastal keskenduti opereerimiskulude vähendamisele kogu süsteemis.
Vähendati personalikulusid ja töötajate arvu, suurem rõhk oli poodide
rendikulude vähendamisel üle kõigi turgude. Paljude otsuste mõju avaldus alles
teisel poolaastal. Turustus- ja müügikulud vähenesid aastaga võrreldes 88,0
miljoni krooni (5,6 miljoni euro) võrra, ulatudes aasta lõpus 500,7 miljoni
kroonini (32,0 miljoni euroni). Jaesüsteemis vähenesid rendikulud ruutmeetrile
keskmiselt -23% ja tööjõukulud -24%. Jaesüsteemi suurus jäi aasta jooksul
muutumatuks.
Tootmises vähendati tootmismahtusid, mis tõi endaga kaasa ka tootmistöötajate
arvu vähendamise. Aasta jooksul maksti tootmistöötajatele koondamistasusid kokku
4,0 miljonit krooni (0,3 miljonit eurot). Kokku vähenes tootmistööliste
tööjõukulu aastaga 30%.
Üldhalduskulud vähenesid aastaga 6,0 miljoni krooni (0,4 miljoni euro) võrra ja
ulatusid 2009.aastal 44,5 miljoni kroonini (2,8 miljoni euroni).
Kriisiaegne majandusaasta sunnib ettevõtteid tegema kriisiaegseid otsuseid.
Lähtuvalt sellest vaatas Grupi juhtkond kriitiliselt üle ettevõtte seisundi. Et
kindlustada äritegevuse edasist positiivset arengut, mis peab jätkuvalt vastu
pidama majandussurutise tagajärgedele, tegi juhtkond aasta jooksul mitmeid
erakorralisi otsuseid, millest paljude mõju langes neljandasse kvartalisse.
--------------------------------------------------------------------------------
| mln EEK | 2 | 1kv | 2kv | 3kv | 4kv |
| | 009 | | | | |
--------------------------------------------------------------------------------
| Puhaskahjum enne ühekordseid | -124,1 | -51, | -35,2 | -18,6 | -18,7 |
| kulusid | | 6 | | | |
--------------------------------------------------------------------------------
| Ühekordsed kulud/tulud | | | | | |
--------------------------------------------------------------------------------
| Kaupluste sulgemiskulud | -18,7 | | | -3,1 | -15,6 |
--------------------------------------------------------------------------------
| Kursimuutused | -12,3 | -10, | 2,4 | -6,5 | 2,1 |
| | | 3 | | | |
--------------------------------------------------------------------------------
| Tootmise koondamiskulud | -3,9 | -0,6 | -2,0 | -0,6 | -0,7 |
--------------------------------------------------------------------------------
| Varude allahindlusreservi kulu | -3,7 | | | | -3,7 |
--------------------------------------------------------------------------------
| Nõuete allahindlusreservi ja | -3,0 | | | | -3,0 |
| diskonteeritud nõuete | | | | | |
| intressikulu | | | | | |
--------------------------------------------------------------------------------
| Optsioonide palgakulu | -1,0 | | | | -1,0 |
--------------------------------------------------------------------------------
| Trahv lepingute ülesütlemisest | -0,5 | | | | -0,5 |
--------------------------------------------------------------------------------
| Kinnisvara investeeringu | -6,2 | | | | -6,2 |
| ümberhindluse ja põhivara | | | | | |
| ümberklassifitseerimise kulu | | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu tulu | 13,1 | | | | 13,1 |
--------------------------------------------------------------------------------
| Kokku | -36,2 | -10, | 0,4 | -10,2 | -15,5 |
| | | 9 | | | |
--------------------------------------------------------------------------------
| Grupi puhaskahjum | -160,3 | -62, | -34,8 | -28,8 | -34,2 |
| | | 5 | | | |
--------------------------------------------------------------------------------
Baltika 2009. aasta ärikahjum ulatus 155,3 miljoni kroonini (9,9 miljoni
euroni). 2008. aastal oli ärikahjum 5,7 miljonit krooni (0,4 miljonit eurot).
Baltika ärikahjum sisaldab 2009. aastal muude ärikulude all poodide sulgemisest
tulenevate investeeringute mahakandmise kulu kokku 10,2 miljonit krooni (0,7
miljonit eurot). 2008. aasta ärituludes kajastus tulu kinnisvarainvesteeringu
ümberhindlusest summas 17,8 miljonit krooni (1,1 miljonit eurot).
Grupi 2009. aasta finantskulud ulatusid 17,6 miljoni kroonini (1,1 miljoni
euroni) kasvades eelmise aastaga võrreldes 21%. Suure osa finantskuludest
moodustavad intressikulud (16,7 miljonit krooni/1,1 miljonit eurot), mis
kasvasid eelmise aastaga võrreldes 46,4%. Intressikulu on mõjutanud EURIBOR-i
langus ja laenukoormuse tõus.
2009. aasta lõpetas Baltika 160,3 miljoni kroonise (10,2 miljoni eurose)
puhaskahjumiga. 2008. aastal oli Grupi puhaskahjum 18,9 miljonit krooni (1,2
miljonit eurot).
FINANTSSEISUND
2009. aasta 31. detsembri seisuga ulatus Baltika konsolideeritud bilansimaht
701,9 miljoni kroonini (44,9 miljoni euroni), vähenedes aastaga 10%.
Grupi nõuded ostjatele vähenesid aasta jooksul 19,7 miljoni krooni (1,3 miljoni
euro) võrra, ulatudes aasta lõpus 29,2 miljoni kroonini (1,9 miljoni euroni).
Nõuete alanemine tuleneb hulgimüügi mahtude vähenemisest.
Aasta lõpus ulatusid varud 188,2 miljoni kroonini (12,0 miljoni euroni),
vähenedes aastaga 100,2 miljoni krooni (6,4 miljoni euro) ehk 35% võrra. Samal
ajal jäi jaesüsteemi suurus aastatagusega võrreldes samale tasemele. Uus varude
tase vastab kriisiaegsetele müügimahtudele. Grupi käibevara vähenes aastaga
146,3 miljoni krooni (9,4 miljoni euro) võrra, ulatudes aasta lõpus 249,1
miljoni kroonini (16,9 miljoni euroni). Grupi võlad hankijatele vähenesid
aastaga 26,8% ja moodustasid 111,2 miljonit krooni (7,1 miljonit eurot),
kusjuures sellest 36,2 miljonit krooni (2,3 miljonit eurot) moodustavad
hankijatega kokkulepitud tingimustel akreditiivid ja pangagarantiid, mis
võimaldavad saavutada pikaajalisi maksetingimusi.
Aasta lõpus ulatusid Grupi võlakohustused 355,9 miljoni kroonini (22,7 miljoni
euroni), sh olid pangalaenud kokku 338,5 miljonit krooni (21,6 miljonit eurot)
ja kapitalirendi kohustused 9,1 miljonit krooni (0,6 miljonit eurot). Aasta
jooksul on võlakoormus suurenenud 83,5 miljoni krooni (5,3 miljoni euro) võrra.
Põhiliselt on laenukoormus suurenenud seoses uue kontorihoone ehitusega, mida
finantseeriti täielikult pangalaenuga. Aasta lõpu seisuga ulatus ehitusega
seotud laen 143,6 miljoni kroonini (9,2 miljoni euroni).
Seoses ehituslaenuga on ka Grupi netovõlg (Intressi kandvad võlakohustused-Raha
ja pangakontod) suurenenud, ulatudes aasta lõpus 347,6 miljoni kroonini (22,2
miljoni euroni). Netovõla suhe omakapitali oli 183,1% (31. detsember 2008:
88,2%).
Baltika Grupi omakapital vähenes 2009. aastal 112,3 miljoni krooni (7,2 miljoni
euro) võrra ja ulatus aasta lõpu seisuga 186,6 miljoni kroonini (11,9 miljoni
euroni).
RAHAVOOG
2009. aastal vähenesid Grupi rahavood 2,7 miljoni krooni (0,2 miljoni euro)
võrra. 2008. aastal vähenesid Grupi rahavood 22,8 miljoni krooni (1,5 miljoni
euro) võrra.
Baltika Grupi 2009. aasta rahavoog äritegevusest oli negatiivne, -13,9 miljonit
krooni (-0,9 miljoni eurot). Äritegevuse rahavoo suurim mõjutaja oli järsk
müügitulude langus ja sellele mittevastav kulubaas 2009. aasta esimeses pooles,
kuid aasta teises pooles suudeti kulubaas viia kriisiaegsete müükidega
vastavusse. Suuremad käibekapitali muutused olid seotud varude, nõuete ja
hankijatega seotud kohustuste vähenemisega.
Investeerimistegevuse rahavoog oli -98,3 miljonit krooni (-6,3 miljonit eurot),
mida mõjutas põhiliselt uue büroohoone ehitusega seonduv investeerimistegevus.
2008. aastal oli investeerimistegevuse rahavoog samuti märkimisväärne, -147,0
miljonit krooni (-9,4 miljonit eurot).
Äri- ja investeerimistegevuse finantseerimiseks kasutati pankadelt laenatud
vahendeid, mille tõttu finantseerimise rahavoog oli 2009. aastal kokku 110,5
miljonit krooni (7,1 miljonit eurot). Pangalaenusid saadi 2009. aastal juurde
131,7 miljonit krooni (8,4 miljonit eurot), samas ulatusid pangalaenude
tagasimaksed 60,1 miljoni kroonini (3,8 miljoni euroni). Äritegevuse
finantseerimiseks kasutati ka eelisaktsiate emissioonist saadud rahalisi
vahendeid kokku 39,1 miljoni krooni (2,5 miljoni euro) ulatuses.
INVESTEERINGUD
2009. aastal ulatusid Baltika Grupi investeeringud 103,1 miljoni kroonini (6,9
miljoni euroni). 2008. aastal tehti investeeringuid 148,5 miljoni krooni (9,5
miljoni euro) ulatuses.
Baltika Kvartali ehitusse investeeriti 73,3 miljonit krooni (4,7 miljonit
eurot), jaekaubandusse 24,1 miljonit krooni (1,5 miljonit eurot) ning muud
investeeringud ulatusid 5,7 miljoni kroonini (0,4 miljoni euroni).
INIMESED
Baltika Grupis töötas 2009. aasta lõpu seisuga 1696 (31. detsember 2008: 1988)
inimest, sealhulgas jaekaubanduses 928 (2008: 994), tootmises 580 (2008: 771)
ning peakontoris 188 (2008: 223) inimest. Muutunud majanduskeskkond ning sellest
tulenev vajadus muuta ettevõtte tööprotsesse efektiivsemaks tingis Grupi
töötajate arvu vähenemise aasta jooksul pea 300 inimese võrra. Kõige suurem
vähenemine, ligi 200 inimest, toimus tootmises. Grupi aasta keskmine töötajate
arv oli 1832 (2008: 1950).
Baltika Grupi töötajatele maksti 2009. aastal kokku töötasusid summas 197,8
miljonit krooni / 12,6 miljonit eurot (2008: 238,8 miljonit krooni / 15,3
miljonit eurot). Nõukogu ja juhatuse liikmete tasud ulatusid 4,9 miljoni
kroonini /0,3 miljoni euroni (2008: 4,6 miljonit krooni/0,3 miljonit eurot).
Aasta jooksul lisandus juhtkonda üks juhatuse liige.
FINANTSTULEMUSTE AVALDAMINE 2010. AASTAL
2010. aastal avaldatakse AS Baltika konsolideeritud finantstulemused järgmistel
kuupäevadel:
2009. a. auditeerimata tulemused 26. veebruar
2009. a. auditeeritud aastaaruanne 31. märts
2010. a. 1. kvartali tulemused 05. mai
2010. a. 2. kvartali tulemused 04. august
2010. a. 3. kvartali tulemused 03. november
Lisaks avaldab Baltika iga kuu alguses eelmise kuu müügitulemused.
Kõik teated on kättesaadavad ka Baltika Grupi kodulehel aadressil
http://www.baltikagroup.com/investorid.
KONTSERNI PÕHILISED ARVNÄITAJAD 2009
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| | 31.12.2009 | 31.12.2008 | +/- |
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| Müügitulu (EEK mln) | 880,2 | 1 194,3 | -26,3% |
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| Jaemüük (EEK mln) | 809,1 | 1 058,9 | -23,6% |
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| Jaemüügi osakaal müügituludes | 92% | 89% | |
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| Poodide arv | 133 | 134 | 0,0% |
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| Müügipind (m2) | 26 900 | 27 068 | -0,6% |
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| Töötajate arv (perioodi lõpp) | 1 697 | 1 988 | -14,6% |
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| Brutorentaablus | 48,0% | 53,1% | |
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| Ärirentaablus | -17,6% | -0,5% | |
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| Maksueelse kasumi rentaablus | -19,6% | -1,7% | |
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| Puhasrentaablus | -18,2% | -1,6% | |
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| Likviidsuskordaja | 0,9 | 1,3 | -30,8% |
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| Varude käibekordaja | 3,77 | 4,55 | -17,3% |
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| Võla ja omakapitali suhe | 186,0% | 91,1% | |
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| Omakapitali tootlus | -74,4% | -5,7% | |
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| Koguvarade tootlus | -21,3% | -2,6% | |
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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)
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| | 4 kv | 4 kv | 2009 | 2008 | |
| | 2009 | 2008 | | | |
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| Müügitulu | 219 | 306 | 880 | 1 194 | |
| | 989 | 849 | 170 | 320 | |
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| Müüdud kaupade kulu | -107 | -158 | -457 | -560 | |
| | 285 | 793 | 425 | 486 | |
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| Brutokasum | 112 | 148 | 422 | 633 | |
| | 704 | 056 | 745 | 834 | |
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| Turustuskulud | -123 | -161 | -500 | -588 | |
| | 899 | 562 | 659 | 648 | |
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| Üldhalduskulud | -12 | -13 | -44 | -50 | |
| | 771 | 284 | 467 | 506 | |
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| Muud äritulud | -93 | 9 848 | 549 | 18 795 | |
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| Muud ärikulud | -18 | -17 | -33 | -19 | |
| | 874 | 351 | 478 | 139 | |
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| Ärikasum (kahjum) | -42 | -34 | -155 | -5 664 | |
| | 933 | 293 | 310 | | |
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| Finantstulud (kulud) | -4 322 | -6 311 | -17 | -14 | |
| | | | 631 | 625 | |
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| Intressikulud, neto | -6 199 | -3 154 | -16 | -11 | |
| | | | 669 | 386 | |
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| Kasum (kahjum) | 1 840 | -3 204 | -997 | -3 560 | |
| valuutakursi | | | | | |
| muutustest, neto | | | | | |
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| Muud finantstulud | 37 | 47 | 35 | 321 | |
| (kulud), neto | | | | | |
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| Kasum (kahjum) enne | -47 | -40 | -172 | -20 | |
| tulumaksu | 255 | 604 | 941 | 289 | |
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| Tulumaks | 13 004 | -770 | 12 660 | -1 178 | |
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| Aruandeperioodi | -34 | -41 | -160 | -21 | |
| puhaskasum (kahjum) | 251 | 374 | 281 | 467 | |
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| Emaettevõtja osalus | -34 | -40 | -160 | -18 | |
| puhaskasumis | 153 | 382 | 315 | 947 | |
| (kahjumis) | | | | | |
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| Vähemusosa osalus | -98 | -992 | 34 | -2 520 | |
| puhaskasumis | | | | | |
| (kahjumis) | | | | | |
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| Muu koondkasum | | | | | |
| (kahjum) | | | | | |
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| Valuutakursi vahed | -64 | -15 | -1 032 | -15 | |
| välisettevõtete | | 573 | | 645 | |
| ümberarvestusel | | | | | |
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| Aruandeperioodi | -34 | -56 | -161 | -37 | |
| koondkasum (kahjum) | 315 | 947 | 313 | 112 | |
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| Emaettevõtja osalus | -34 | -55 | -161 | -34 | |
| koondkasumis | 215 | 955 | 349 | 243 | |
| (kahjumis) | | | | | |
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| Vähemusosa osalus | -100 | -992 | 36 | -2 869 | |
| koondkasumis | | | | | |
| (kahjumis) | | | | | |
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| Tava puhaskasum | -1,83 | -2,17 | -8,60 | -1,02 | |
| (kahjum) aktsia kohta, | | | | | |
| EEK | | | | | |
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| Lahustatud puhaskasum | -1,83 | -2,17 | -8,60 | -1,02 | |
| (kahjum) aktsia kohta, | | | | | |
| EEK | | | | | |
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| KONSOLIDEERITUD KOONDKASUMIARUANNE | | | | |
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| (auditeerimata, | | | | | |
| tuhandetes eurodes) | | | | | |
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| | 4 kv | 4 kv | 2009 | 2008 | |
| | 2009 | 2008 | | | |
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| Müügitulu | 14 060 | 19 611 | 56 253 | 76 331 | |
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| Müüdud kaupade kulu | -6 857 | -10 | -29 | -35 | |
| | | 149 | 235 | 822 | |
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| Brutokasum | 7 203 | 9 463 | 27 018 | 40 509 | |
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| Turustuskulud | -7 919 | -10 | -31 | -37 | |
| | | 326 | 998 | 621 | |
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| Üldhalduskulud | -816 | -849 | -2 842 | -3 228 | |
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| Muud äritulud | -6 | 629 | 35 | 1 201 | |
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| Muud ärikulud | -1 206 | -1 109 | -2 140 | -1 223 | |
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| Ärikasum (kahjum) | -2 744 | -2 192 | -9 926 | -362 | |
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| Finantstulud (kulud) | -276 | -403 | -1 127 | -935 | |
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| Intressikulud, neto | -396 | -202 | -1 065 | -728 | |
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| Kasum (kahjum) | 118 | -205 | -64 | -228 | |
| valuutakursi | | | | | |
| muutustest, neto | | | | | |
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| Muud finantstulud | 2 | 3 | 2 | 21 | |
| (kulud), neto | | | | | |
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| Kasum (kahjum) enne | -3 020 | -2 595 | -11 | -1 297 | |
| tulumaksu | | | 053 | | |
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| Tulumaks | 831 | -49 | 809 | -75 | |
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| Aruandeperioodi | -2 189 | -2 644 | -10 | -1 372 | |
| puhaskasum (kahjum) | | | 244 | | |
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| Emaettevõtja osalus | -2 183 | -2 581 | -10 | -1 211 | |
| puhaskasumis | | | 246 | | |
| (kahjumis) | | | | | |
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| Vähemusosa osalus | -6 | -63 | 2 | -161 | |
| puhaskasumis | | | | | |
| (kahjumis) | | | | | |
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| Muu koondkasum | | | | | |
| (kahjum) | | | | | |
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| Valuutakursi vahed | -4 | -995 | -66 | -1 000 | |
| välisettevõtete | | | | | |
| ümberarvestusel | | | | | |
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| Aruandeperioodi | -2 193 | -3 640 | -10 | -2 372 | |
| koondkasum (kahjum) | | | 310 | | |
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| Emaettevõtja osalus | -2 187 | -3 576 | -10 | -2 189 | |
| koondkasumis | | | 312 | | |
| (kahjumis) | | | | | |
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| Vähemusosa osalus | -6 | -63 | 2 | -183 | |
| koondkasumis | | | | | |
| (kahjumis) | | | | | |
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| Tava puhaskasum | -0,12 | -0,14 | -0,54 | -0,06 | |
| (kahjum) aktsia kohta, | | | | | |
| EUR | | | | | |
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| Lahustatud puhaskasum | -0,12 | -0,14 | -0,54 | -0,06 | |
| (kahjum) aktsia kohta, | | | | | |
| EUR | | | | | |
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KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE ,BILANSS
(auditeerimata, tuhandetes kroonides)
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| | 31.12.2009 | 31.12.2008 |
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| VARAD | | |
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| Käibevara | | |
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| Raha ja pangakontod | 6 024 | 8 671 |
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| Nõuded ostjatele ja muud nõuded | 54 932 | 98 369 |
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| Varud | 188 181 | 288 431 |
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| Käibevara kokku | 249 137 | 395 471 |
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| Põhivara | | |
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| Edasilükkunud tulumaksu vara | 16 488 | 5 547 |
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| Muud pikaajalised varad | 7 728 | 6 103 |
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| Kinnisvarainvesteeringud | 103 294 | 134 098 |
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| Materiaalne põhivara | 263 165 | 180 580 |
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| Immateriaalne põhivara | 62 133 | 59 604 |
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| Põhivara kokku | 452 808 | 385 932 |
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| VARAD KOKKU | 701 945 | 781 403 |
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| KOHUSTUSED JA OMAKAPITAL | | |
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| Lühiajalised kohustused | | |
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| Võlakohustused | 122 942 | 103 967 |
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| Võlad hankijatele ja muud kohustused | 159 375 | 207 946 |
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| Lühiajalised kohustused kokku | 282 317 | 311 913 |
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| Pikaajalised kohustused | | |
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| Võlakohustused | 232 942 | 168 388 |
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| Muud kohustused | 114 | 0 |
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| Edasilükkunud tulumaksu kohustus | 0 | 2 196 |
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| Pikaajalised kohustused kokku | 233 056 | 170 584 |
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| KOHUSTUSED KOKKU | 515 373 | 482 497 |
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| OMAKAPITAL | | |
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| Aktsiakapital nimiväärtuses | 226 449 | 186 449 |
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| Ülekurss | 1 049 | 0 |
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| Reservid | 43 567 | 26 133 |
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| Eelmiste perioodide jaotamata kasum | 81 487 | 108 722 |
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| Aruandeperioodi puhaskasum (kahjum) | -160 315 | -18 947 |
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| Valuutakursi muutuste reserv | -8 199 | -7 165 |
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| Emaettevõtja aktsionäridele kuuluv | 184 038 | 295 192 |
| omakapital kokku | | |
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| Vähemusosalus | 2 534 | 3 714 |
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| OMAKAPITAL KOKKU | 186 572 | 298 906 |
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| KOHUSTUSED JA OMAKAPITAL KOKKU | 701 945 | 781 403 |
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| KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE | | |
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| (auditeerimata, tuhandetes eurodes) | |
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| | 31.12.2009 | 31.12.2008 |
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| VARAD | | |
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| Käibevara | | |
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| Raha ja pangakontod | 385 | 554 |
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| Nõuded ostjatele ja muud nõuded | 3 511 | 6 287 |
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| Varud | 12 027 | 18 434 |
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| Käibevara kokku | 15 923 | 25 275 |
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| Põhivara | | |
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| Edasilükkunud tulumaksu vara | 1 054 | 355 |
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| Muud pikaajalised varad | 494 | 390 |
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| Kinnisvarainvesteeringud | 6 602 | 8 570 |
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| Materiaalne põhivara | 16 819 | 11 541 |
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| Immateriaalne põhivara | 3 971 | 3 809 |
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| Põhivara kokku | 28 940 | 24 666 |
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| VARAD KOKKU | 44 862 | 49 941 |
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| KOHUSTUSED JA OMAKAPITAL | | |
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| Lühiajalised kohustused | | |
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| Võlakohustused | 7 857 | 6 645 |
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| Võlad hankijatele ja muud kohustused | 10 186 | 13 290 |
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| Lühiajalised kohustused kokku | 18 043 | 19 935 |
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| Pikaajalised kohustused | | |
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| Võlakohustused | 14 888 | 10 762 |
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| Muud kohustused | 7 | 0 |
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| Edasilükkunud tulumaksu kohustus | 0 | 140 |
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| Pikaajalised kohustused kokku | 14 895 | 10 902 |
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| KOHUSTUSED KOKKU | 32 938 | 30 837 |
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| OMAKAPITAL | | |
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| Aktsiakapital nimiväärtuses | 14 473 | 11 916 |
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| Ülekurss | 67 | 0 |
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| Reservid | 2 784 | 1 670 |
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| Eelmiste perioodide jaotamata kasum | 5 208 | 6 949 |
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| Aruandeperioodi puhaskasum (kahjum) | -10 246 | -1 211 |
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| Valuutakursi muutuste reserv | -524 | -458 |
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| Emaettevõtja aktsionäridele kuuluv | 11 762 | 18 866 |
| omakapital kokku | | |
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| Vähemusosalus | 162 | 237 |
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| OMAKAPITAL KOKKU | 11 924 | 19 104 |
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| KOHUSTUSED JA OMAKAPITAL KOKKU | 44 862 | 49 941 |
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Ülle Järv
Finantsdirektor, Juhatuse liige
+372 630 2731
ylle.jarv@baltikagroup.com
Title
BALTIKA'S UNAUDITED CONSOLIDATED FINANCIAL RESULTS, Q4 AND 2009
Message
With the fourth quarter of 2009, Baltika Group completed the adjustment process that had lasted all through the year. The fourth quarter ended with a loss of 34.2 million kroons (2.2 million euros), the figure including planned one-off expenses of 15.5 million kroons (1.0 million euros). Excluding the one-off items, the loss for the quarter was 18.7 million kroons / 1.2 million euros. The net loss in the fourth quarter of 2009 was by 17.4%, i.e. 7.2 million kroons (0.5 million euros) less than in the fourth quarter of 2008, respective figure for fourth quarter 2008 -41.4 million kroons (-2.6 million euros). By the year-end, the Group's cash flows from ordinary operations had stabilised, the inventory volume and operating expenses had been adjusted to the level of sales in a time of crisis. By the end of the year, Baltika had in general adapted to the economic crisis still prevailing in the markets. In addition to the recession, at the beginning of the season the third quarter sales were undermined by unusually warm August and September and in the fourth quarter sales were weakened by colder than usual winter months in all the Group's markets. Despite this, Baltika's retail system (at the level of stores) began generating a profit in the third quarter and in the fourth quarter the markets were making a profit already at market level. Baltika Group ended the fourth quarter of 2009 with revenue of 220.0 million kroons (14.1 million euros), a 28.3% decrease yoy. At constant exchange rates, retail revenue contracted by 18%. Gross margin for the fourth quarter was 51% (2008: 48%). In the fourth quarter, Baltika opened four and closed 12 stores including two in the Czech market that the Group exited. In terms of brands, the largest retail revenue contributor is Monton (2009: 53%) while Baltika's fastest-growing brand is continuously Ivo Nikkolo that posted sales growth also in 2009. REVENUE Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q4 2009 | Q4 2008 | +/- | 2009 | 2008 | +/- | -------------------------------------------------------------------------------- | Retail | 209.8 | 288.5 | -27.2% | 809.1 | 1,058.9 | -23.6% | -------------------------------------------------------------------------------- | Wholesale | 8.8 | 17.6 | -50.0% | 68.2 | 133.2 | -48.8% | -------------------------------------------------------------------------------- | Other | 1.4 | 0.8 | 75.0% | 2.9 | 2.2 | -31.8% | -------------------------------------------------------------------------------- | Total | 220.0 | 306.9 | -28.3% | 880.2 | 1,194.3 | -23.3% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL Due to the overall economic recession and a decline in consumer spending, in 2009 Baltika's retail revenue from the Baltic region, Eastern Europe and Central Europe decreased by 23%, 25% and 17% yoy respectively. At constant exchange rates, sales in Eastern Europe remained at the same level as last year (+0.4%). In the fourth quarter, sales in the Baltic region decreased by 26%, in Eastern Europe by 27% and in Central Europe by 44%. At constant exchange rates, sales in Ukraine and Russia declined by 0.6%. Retail sales by market -------------------------------------------------------------------------------- | EEK million | 2009 | 2008 | +/- | Percentage, 2009 | -------------------------------------------------------------------------------- | Lithuania | 187.6 | 243.1 | -23% | 23% | -------------------------------------------------------------------------------- | Estonia | 192.4 | 238.6 | -19% | 24% | -------------------------------------------------------------------------------- | Russia | 161.8 | 196.1 | -17% | 20% | -------------------------------------------------------------------------------- | Ukraine | 119.9 | 179.7 | -33% | 15% | -------------------------------------------------------------------------------- | Latvia | 104.3 | 149.7 | -30% | 13% | -------------------------------------------------------------------------------- | Poland | 30.0 | 34.5 | -13% | 4% | -------------------------------------------------------------------------------- | Czech Republic | 13.1 | 17.2 | -24% | 1% | -------------------------------------------------------------------------------- | Total | 809.1 | 1,058.9 | -24% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15.6466 EEK BRANDS In terms of brands, the largest revenue contributor is Monton that accounted for 53% of the Group's retail sales for 2009. In 2009, retail revenue from Monton totalled 431.6 million kroons (27.6 million euros), a 26% decrease compared with the previous year. In 2009, retail revenue from Mosaic dropped by 17% to 265.0 million kroons (16.9 million euros). Baltman generated retail revenue of 53.0 million kroons (3.4 million euros), a 29% decrease compared with the previous year. For the Ivo Nikkolo brand, 2009 was a year of success despite the economic downturn in the Baltics. The rapid take-off of new stores and continuing sales growth reflect the consumers' sustained interest in unique top-quality designer clothes. Retail sales of the brand grew by 6% to 41.4 million kroons (2.6 million euros), rendering Ivo Nikkolo the Group's fastest growing brand for the second consecutive year and indicating that Baltika's decision to acquire the brand was justified. STORES AND SALES AREA At the end of 2009, Baltika had 133 stores across six countries and a total sales area of 26,900 square metres. During the year, a lot of effort was made to improve the stores' efficiency indicators and optimise their costs. In a volatile and fragile trading and economic environment, many shopping centres suffered a fall in customer traffic and sales as the purchasing power of the population slumped. The Group adjusted its portfolio accordingly. In 2009, 23 stores were opened, 24 stores were closed and four stores were relocated. In the first half of the year, more stores were opened than closed because of binding contracts. However, in the second half of the year the number of loss-generating stores that was closed exceeded store openings. In the second half-year, we closed 16 stores whose shutdown expenses affected mainly the fourth quarter results. Compared with the end of 2008, the Group's retail system remained practically unchanged: the number of stores declined by one and the sales area decreased by 1%. In terms of markets, the number of new stores increased the most in Russia, where the Group took over seven stores from a wholesale partner, and in Lithuania, where the Group opened six stores. In addition, the Group opened five stores in Estonia, four in Ukraine and one in Poland. Store closures occurred in all the markets and the Group exited one market, the Czech Republic. After the openings and closures, store numbers in the markets remained relatively stable in 2009. However, in Estonia the store area grew by a third and in Lithuania by 15%. In other markets, the sales area decreased somewhat. Stores by market -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Lithuania | 36 | 33 | -------------------------------------------------------------------------------- | Estonia | 30 | 30 | -------------------------------------------------------------------------------- | Ukraine | 23 | 24 | -------------------------------------------------------------------------------- | Russia | 25 | 23 | -------------------------------------------------------------------------------- | Latvia | 14 | 16 | -------------------------------------------------------------------------------- | Poland | 5 | 6 | -------------------------------------------------------------------------------- | Czech Republic | 0 | 2 | -------------------------------------------------------------------------------- | Total stores | 133 | 134 | -------------------------------------------------------------------------------- | Total sales area, sqm | 26,900 | 27,068 | -------------------------------------------------------------------------------- Among the stores opened in 2009, the number of Monton stores was the largest - 12. By the end of the year, Baltika's retail chain comprised 56 Monton, 51 Mosaic, 14 Baltman and 9 Ivo Nikkolo stores. In addition, the Group had two multi-brand stores and one factory outlet. Retail network by market and brand at 31 December 2009 -------------------------------------------------------------------------------- | | Monton | Mosaic | Baltman | Ivo | Other | Total | m2 | | | | | | Nikkolo | | | | -------------------------------------------------------------------------------- | Lithuani | 13 | 13 | 7 | 3 | | 36 | 6,929 | | a | | | | | | | | -------------------------------------------------------------------------------- | Estonia | 6 | 11 | 5 | 5 | 3 | 30 | 5,631 | -------------------------------------------------------------------------------- | Ukraine | 10 | 12 | 1 | | | 23 | 4,484 | -------------------------------------------------------------------------------- | Russia | 16 | 9 | | | | 25 | 5,506 | -------------------------------------------------------------------------------- | Latvia | 6 | 6 | 1 | 1 | | 14 | 3,143 | -------------------------------------------------------------------------------- | Poland | 5 | | | | | 5 | 1,207 | -------------------------------------------------------------------------------- | Total | 56 | 51 | 14 | 9 | 3 | 133 | 26,900 | -------------------------------------------------------------------------------- WHOLESALE Wholesale of Baltika's collections accounted for 7.7% of the Group's consolidated revenue for 2009, generating 68.2 million kroons (4.4 million euros), a 48.7% decrease compared with the previous year. The decline in wholesale revenue is largely attributable to developments in the Russian market where a wholesale partner's seven stores were taken over and integrated into Baltika's retail system. Overall, the Group's sales did not decrease. The year 2009 was a trial period for the wholesale contract signed with Peek & Cloppenburg. Both Baltika and the Mosaic brand passed the test successfully. By the end of the year, the originally agreed 13 department stores were supplemented by another 17, which raised the number of department stores carrying the Mosaic collection to 30. At the beginning of the project, Mosaic was carried by selected Peek & Cloppenburg department stores in Germany, Austria, Switzerland and Poland. With the addition of more department stores by the year-end, Mosaic had penetrated such new markets as Slovenia, Slovakia, Hungary, the Czech Republic and Croatia. Peek & Cloppenburg is one of the leading European department store chains that has over 80 department stores in Germany and more than 100 department stores throughout Europe. EARNINGS AND MARGINS The Group's performance in 2009 was strongly influenced by the economic recession that reduced sales, lowered profit margins, triggered currency devaluations and induced the need for adjusting operating expenses to new sales trends. If in the first half-year the Group concentrated on adjusting inventory levels to the new sales figures and cost cutting, then in the second half-year the focus shifted on maintaining the cost base and financing purchases for the autumn season so as to secure achievement of the sales targets. In the fourth quarter, the Group continued closing loss-generating stores, which included exiting the Czech market. Fourth quarter performance was impacted by store closure expenses and other non-recurring expense items. In 2009, the Group's performance remained under the adverse influence of the currency devaluations that began in November 2008. According to the exchange rates quoted by the Bank of Estonia, compared with 2008, the average exchange rates for 2009 weakened as follows: the Ukrainian hryvnia -32.2%, the Polish zloty -18.9% and the Russian rouble -17.5%. At the same time, the average exchange rate of the US dollar strengthened by 5.2%. The Group's gross margin for 2009 was 48.0% (2008: 53.1%). Consolidated gross profit for the year amounted to 422.7 million kroons (27.0 million euros), a decrease of 211.1 million kroons (13.5 million euros) compared with 2008. In 2009, the Group concentrated on reducing operating expenses throughout the system. Personnel expenses and the number of staff were reduced and a lot of effort was put into lowering the stores' rental charges in all the markets. The effect of many decisions became visible only in the second half-year. Annual distribution costs decreased by 88.0 million kroons (5.6 million euros) to 500.7 million kroons (32 million euros). In the retail system, rental charges per square metre declined by 23% on average, and personnel expenses dropped by 24%. The size of the retail system remained practically the same throughout the year. In manufacturing, volumes were reduced, which triggered the need for downsizing. Severance payments to the production staff totalled 4.0 million kroons (0.3 million euros). Altogether, in 2009 personnel expenses in manufacturing declined by 30%. Compared with 2008, administrative and general expenses decreased by 6.0 million kroons (0.4 million euros) to 44.5 million kroons (2.8 million euros). A crisis requires companies to respond with appropriate decisions. Accordingly, management has carefully reviewed the state of the Group. To ensure positive development of the business and the company's ability to withstand further consequences of the economic recession, in 2009 management adopted a number of extraordinary decisions. The impact of many of them fell in the fourth quarter. In addition, the fourth quarter results include expenditures resulting from the year-end financial accounting procedures and certain non-recurring tax items. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK million | 2 009 | Q1 | Q2 | Q3 | Q4 | -------------------------------------------------------------------------------- | Net loss before non-recurring | -124,1 | -51,6 | -35,2 | -18,6 | -18,7 | | items | | | | | | -------------------------------------------------------------------------------- | Non-recurring expenses / income | | | | | | -------------------------------------------------------------------------------- | Store closure expenses | -18,7 | | | -3,1 | -15,6 | -------------------------------------------------------------------------------- | Currency translation differences | -12,3 | -10,3 | 2,4 | -6,5 | 2,1 | -------------------------------------------------------------------------------- | Redundancy expenses (production) | -3,9 | -0,6 | -2,0 | -0,6 | -0,7 | -------------------------------------------------------------------------------- | Inventory write-down allowances | -3,7 | | | | -3,7 | -------------------------------------------------------------------------------- | Impairment allowances for | -3,0 | | | | -3,0 | | receivables and interest expense | | | | | | | on discounted receivables | | | | | | -------------------------------------------------------------------------------- | Options (remuneration expense | -1,0 | | | | -1,0 | | component) | | | | | | -------------------------------------------------------------------------------- | Penalties for cancellation of | -0,5 | | | | -0,5 | | contracts | | | | | | -------------------------------------------------------------------------------- | Expenses from revaluation of | -6,2 | | | | -6,2 | | investment properties and | | | | | | | reclassification of property, | | | | | | | plant and equipment and | | | | | | | intangible assets | | | | | | -------------------------------------------------------------------------------- | Deferred income tax income | 13,1 | | | | 13,1 | -------------------------------------------------------------------------------- | Total | -36,2 | -10,9 | 0,4 | -10,2 | -15,5 | -------------------------------------------------------------------------------- | Group net loss | -160,3 | -62,5 | -34,8 | -28,8 | -34,2 | -------------------------------------------------------------------------------- Baltika ended 2009 with an operating loss of 155.3 million kroons (9.9 million euros) compared with an operating loss of 5.7 million kroons (0.4 million euros) in 2008. The operating loss for 2009 includes investment write-off expenses of 10.2 million kroons (0.7 million euros) incurred in connection with the closure of stores (recognised in other operating expenses). In 2008, the Group was able to report investment revaluation gains of 17.8 million kroons (1.1 million euros) (recognised in other operating income). The Group's financial expenses for 2009 totalled 17.1 million kroons (1.1 million euros), 21% up on 2008. The largest financial expense item was interest expense (16.7 million kroons/1.1 million euros) that grew by 46.4% compared with 2008. Interest expense has been influenced by a decrease in EURIBOR and an increase in the Group's borrowings. Baltika ended 2009 with a consolidated net loss of 160.3 million kroons (10.2 million euros) compared with a net loss of 18.9 million kroons (1.2 million euros) for 2008. FINANCIAL POSITION At 31 December 2009, Baltika's consolidated assets totalled 701.9 million kroons (44.9 million euros), 10% down from the previous financial year-end. Compared with the end of 2008, trade and other receivables decreased by 19.7 million kroons (1.3 million euros) to 29.2 million kroons (1.9 million euros). The decline in receivables is attributable to shrinkage in wholesale volumes. At the year-end, inventories totalled 188.2 million kroons (12.0 million euros), a 100.2 million kroon (6.4 million euro) or 35% decrease year-over-year. At the same time, the size of the retail system remained at the same level as at the end of 2008. The new inventory level corresponds to the level of sales in a time of crisis. During the year, the Group's current assets decreased by 146.3 million kroons (9.4 million euros) to 249.1 million kroons (16.9 million euros). Trade payables decreased by 26.8% to 111.2 million kroons (7.1 million euros); the figure includes letters of credit and bank guarantees of 36.2 million kroons (2.3 million euros) requested by the suppliers that may be settled over an extended period if necessary. At the end of 2009, the Group's borrowings totalled 355.9 million kroons (22.7 million euros), including bank loans of 338.5 million kroons (21.6 million euros) and finance lease liabilities of 9.1 million kroons (0.6 million euros). During the year, the debt burden increased by 83.5 million kroons (5.3 million euros). Borrowings grew mainly in connection with the construction of the new office building that was financed solely with a bank loan. At the end of 2009, construction-related borrowings totalled 143.6 million kroons (9.2 million euros). The construction loan has increased the Group's net debt (interest-bearing liabilities less cash and bank balances) which at 31 December 2009 stood at 347.6 million kroons (22.2 million euros). The net debt to equity ratio was 183.1% (31 December 2008: 88.2%). In 2009, the Group's equity decreased by 112.3 million kroons (7.2 million euros) to 186.6 million kroons (11.9 million euros). CASH FLOWS In 2009, the Group's cash and cash equivalents decreased by 2.7 million kroons (0.2 million euros) compared with a decrease of 22.8 million kroons (1.5 million euros) in 2008. In 2009, Baltika Group's operating activities resulted in a net cash outflow of 13.9 million kroons (0.9 million euros). Operating cash flows were mainly influenced by a steep decline in sales and, in the first half of the year, too high a cost base; however, in the second half of the year the Group succeeded in adjusting the cost base to the level of sales in a time of crisis. The largest changes in working capital were related to a decrease in inventories and trade receivables and payables. Net cash used in investing activities totalled 98.3 million kroons (6.3 million euros). In 2009, investing cash flows were primarily influenced by the construction of the new office building. In 2008, cash flows from investing activities were also significant, resulting in a net outflow of 147.0 million kroons (9.4 million euros). Borrowing was a major financing source for both business operations and investing activities. As a result, financing activities generated an inflow of 110.5 million kroons (7.1 million euros). Additional bank loans taken in 2009 totalled 131.7 million kroons (8.4 million euros), while loan repayments amounted to 60.1 million kroons (3.8 million euros). Business operations were also financed with the funds raised through the issuance of preference shares of 39.1 million kroons (2.5 million euros). INVESTMENT In 2009, the Group's investments totalled 103.1 million kroons (6.9 million euros). The corresponding figure for 2008 was 148.5 million kroons (9.5 million euros). Investments in the Baltika Quarter and retail system amounted to 73.3 million kroons (4.7 million euros) and 24.1 million kroons (1.5 million euros) respectively while other investments totalled 5.7 million kroons (0.4 million euros). PEOPLE At the end of 2009, Baltika Group employed 1,696 (31 December 2008: 1,988) people, including 928 (2008: 994) in the retail system, 580 (2008: 771) in manufacturing, and 188 (2008: 223) at the head office. Owing to changes in the economic environment and the ensuing need to improve operating efficiency, the number of staff declined by around 300. The largest decrease, around 200 people, occurred in manufacturing. The Group's annual average number of employees was 1,832 (2008: 1,950). The Group's employee remuneration expenses for 2009 totalled 197.8 million kroons / 12.6 million euros (2008: 238.8 million kroons / 15.3 million euros). The remuneration of the members of the supervisory council and management board amounted to 4.9 million kroons / 0.3 million euros (2008: 4.6 million kroons / 0.3 million euros). In 2009, the management board had one member more than in 2008. REPORTING CALENDAR IN 2010 In 2010, the consolidated financial results of AS Baltika will be published on the following dates: 2009 unaudited results February 26 2009 audited annual report March 31 2010 Q1 results May 05 2010 Q2 results August 04 2010 Q3 results November 03 Additionally, in the beginning of every month the sales results of the preceding month are published. All the announcements are also available on the corporate website of Baltika Group at http://www.baltikagroup.com/investors. KEY FIGURES OF THE GROUP (2009) -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 880.2 | 1,194.3 | -26.3% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 809.1 | 1.058.9 | -23.6% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 92% | 89% | | -------------------------------------------------------------------------------- | Number of stores | 133 | 134 | | -------------------------------------------------------------------------------- | Sales area (sqm) | 26,900 | 27,068 | -0.6% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,697 | 1,988 | -14.6% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 48.0% | 53.1% | | -------------------------------------------------------------------------------- | Operating margin | -17.6% | -0.5% | | -------------------------------------------------------------------------------- | EBT margin | -19.6% | -1.7% | | -------------------------------------------------------------------------------- | Net margin | -18.2% | -1.6% | | -------------------------------------------------------------------------------- | Current ratio | 0.9 | 1.3 | -30.8% | -------------------------------------------------------------------------------- | Inventory turnover | 3.77 | 4.55 | -17.3% | -------------------------------------------------------------------------------- | Debt to equity ratio | 186,0% | 91.1% | | -------------------------------------------------------------------------------- | Return on equity | -74.4% | -5.7% | | -------------------------------------------------------------------------------- | Return on assets | -21.3% | -2.6% | | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Definitions of key ratios Gross margin = (Revenue-Cost of goods sold)/Revenue Operating margin = Operating profit/Revenue EBT margin = Profit before income tax/Revenue Net margin = Net profit (attributable to parent)/Revenue Current ratio = Current assets/Current liabilities Inventory turnover = Revenue/Average inventories* Debt to equity ratio = Interest-bearing liabilities/Equity Return on equity (ROE) = Net profit (attributable to parent)/Average equity* Return on assets (ROA) = Net profit (attributable to parent)/Average total assets* *Based on 12-month average CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 219 989 | 306 849 | 880 170 | 1 194 320 | -------------------------------------------------------------------------------- | Cost of goods sold | -107 285 | -158 793 | -457 425 | -560 486 | -------------------------------------------------------------------------------- | Gross profit | 112 704 | 148 056 | 422 745 | 633 834 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -123 899 | -161 562 | -500 659 | -588 648 | -------------------------------------------------------------------------------- | Administrative and general | -12 771 | -13 284 | -44 467 | -50 506 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | -93 | 9 848 | 549 | 18 795 | -------------------------------------------------------------------------------- | Other operating expenses | -18 874 | -17 351 | -33 478 | -19 139 | -------------------------------------------------------------------------------- | Operating profit (loss) | -42 933 | -34 293 | -155 310 | -5 664 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -4 322 | -6 311 | -17 631 | -14 625 | -------------------------------------------------------------------------------- | Interest expenses, net | -6 199 | -3 154 | -16 669 | -11 386 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | 1 840 | -3 204 | -997 | -3 560 | -------------------------------------------------------------------------------- | Other financial income | 37 | 47 | 35 | 321 | | (expenses), net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -47 255 | -40 604 | -172 941 | -20 289 | -------------------------------------------------------------------------------- | Income tax | 13 004 | -770 | 12 660 | -1 178 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) | -34 251 | -41 374 | -160 281 | -21 467 | -------------------------------------------------------------------------------- | Net profit (loss) attributable | -34 153 | -40 382 | -160 315 | -18 947 | | to equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | | | | | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Currency translation | -64 | -15 573 | -1 032 | -15 645 | | differences | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | -34 315 | -56 947 | -161 313 | -37 112 | -------------------------------------------------------------------------------- | Comprehensive income | -34 215 | -55 955 | -161 349 | -34 243 | | attributable to equity holders | | | | | | of the parent company | | | | | -------------------------------------------------------------------------------- | Comprehensive income | -100 | -992 | 36 | -2 869 | | attributable to minority | | | | | | shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings (loss) per | -1,83 | -2,17 | -8,60 | -1,02 | | share, EEK | | | | | -------------------------------------------------------------------------------- | Diluted earnings (loss) per | -1,83 | -2,17 | -8,60 | -1,02 | | share, EEK | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE | | | | | INCOME | | | | -------------------------------------------------------------------------------- | (unaudited, in EUR thousand) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Q4 2009 | Q4 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 14 060 | 19 611 | 56 253 | 76 331 | -------------------------------------------------------------------------------- | Cost of goods sold | -6 857 | -10 149 | -29 235 | -35 822 | -------------------------------------------------------------------------------- | Gross profit | 7 203 | 9 463 | 27 018 | 40 509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -7 919 | -10 326 | -31 998 | -37 621 | -------------------------------------------------------------------------------- | Administrative and general | -816 | -849 | -2 842 | -3 228 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | -6 | 629 | 35 | 1 201 | -------------------------------------------------------------------------------- | Other operating expenses | -1 206 | -1 109 | -2 140 | -1 223 | -------------------------------------------------------------------------------- | Operating profit (loss) | -2 744 | -2 192 | -9 926 | -362 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -276 | -403 | -1 127 | -935 | -------------------------------------------------------------------------------- | Interest expenses, net | -396 | -202 | -1 065 | -728 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | 118 | -205 | -64 | -228 | -------------------------------------------------------------------------------- | Other financial income | 2 | 3 | 2 | 21 | | (expenses), net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -3 020 | -2 595 | -11 053 | -1 297 | -------------------------------------------------------------------------------- | Income tax | 831 | -49 | 809 | -75 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) | -2 189 | -2 644 | -10 244 | -1 372 | -------------------------------------------------------------------------------- | Net profit (loss) attributable | -2 183 | -2 581 | -10 246 | -1 211 | | to equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | -6 | -63 | 2 | -161 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Currency translation | -4 | -995 | -66 | -1 000 | | differences | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | -2 193 | -3 640 | -10 310 | -2 372 | -------------------------------------------------------------------------------- | Comprehensive income | -2 187 | -3 576 | -10 312 | -2 189 | | attributable to equity holders | | | | | | of the parent company | | | | | -------------------------------------------------------------------------------- | Comprehensive income | -6 | -63 | 2 | -183 | | attributable to minority | | | | | | shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings (loss) per | -0,12 | -0,14 | -0,54 | -0,06 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings (loss) per | -0,12 | -0,14 | -0,54 | -0,06 | | share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | POSITION | | | -------------------------------------------------------------------------------- | (unaudited, in EEK thousand) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 6 024 | 8 671 | -------------------------------------------------------------------------------- | Trade and other receivables | 54 932 | 98 369 | -------------------------------------------------------------------------------- | Inventories | 188 181 | 288 431 | -------------------------------------------------------------------------------- | Total current assets | 249 137 | 395 471 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 16 488 | 5 547 | -------------------------------------------------------------------------------- | Other non-current assets | 7 728 | 6 103 | -------------------------------------------------------------------------------- | Investment property | 103 294 | 134 098 | -------------------------------------------------------------------------------- | Property, plant and equipment | 263 165 | 180 580 | -------------------------------------------------------------------------------- | Intangible assets | 62 133 | 59 604 | -------------------------------------------------------------------------------- | Total non-current assets | 452 808 | 385 932 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 701 945 | 781 403 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 122 942 | 103 967 | -------------------------------------------------------------------------------- | Trade and other payables | 159 375 | 207 946 | -------------------------------------------------------------------------------- | Total current liabilities | 282 317 | 311 913 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 232 942 | 168 388 | -------------------------------------------------------------------------------- | Other liabilities | 114 | 0 | -------------------------------------------------------------------------------- | Deferred income tax liability | 0 | 2 196 | -------------------------------------------------------------------------------- | Total non-current liabilities | 233 056 | 170 584 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 515 373 | 482 497 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 226 449 | 186 449 | -------------------------------------------------------------------------------- | Share premium | 1 049 | 0 | -------------------------------------------------------------------------------- | Reserves | 43 567 | 26 133 | -------------------------------------------------------------------------------- | Retained earnings | 81 487 | 108 722 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -160 315 | -18 947 | -------------------------------------------------------------------------------- | Currency translation differences | -8 199 | -7 165 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 184 038 | 295 192 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 2 534 | 3 714 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 186 572 | 298 906 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 701 945 | 781 403 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | POSITION | | | -------------------------------------------------------------------------------- | (unaudited, in EUR thousand) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 385 | 554 | -------------------------------------------------------------------------------- | Trade and other receivables | 3 511 | 6 287 | -------------------------------------------------------------------------------- | Inventories | 12 027 | 18 434 | -------------------------------------------------------------------------------- | Total current assets | 15 923 | 25 275 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 1 054 | 355 | -------------------------------------------------------------------------------- | Other non-current assets | 494 | 390 | -------------------------------------------------------------------------------- | Investment property | 6 602 | 8 570 | -------------------------------------------------------------------------------- | Property, plant and equipment | 16 819 | 11 541 | -------------------------------------------------------------------------------- | Intangible assets | 3 971 | 3 809 | -------------------------------------------------------------------------------- | Total non-current assets | 28 940 | 24 666 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 44 862 | 49 941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 7 857 | 6 645 | -------------------------------------------------------------------------------- | Trade and other payables | 10 186 | 13 290 | -------------------------------------------------------------------------------- | Total current liabilities | 18 043 | 19 935 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 14 888 | 10 762 | -------------------------------------------------------------------------------- | Other liabilities | 7 | 0 | -------------------------------------------------------------------------------- | Deferred income tax liability | 0 | 140 | -------------------------------------------------------------------------------- | Total non-current liabilities | 14 895 | 10 902 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 32 938 | 30 837 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 14 473 | 11 916 | -------------------------------------------------------------------------------- | Share premium | 67 | 0 | -------------------------------------------------------------------------------- | Reserves | 2 784 | 1 670 | -------------------------------------------------------------------------------- | Retained earnings | 5 208 | 6 949 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -10 246 | -1 211 | -------------------------------------------------------------------------------- | Currency translation differences | -524 | -458 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 11 762 | 18 866 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 162 | 237 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 11 924 | 19 104 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 44 862 | 49 941 | -------------------------------------------------------------------------------- Ülle Järv CFO, Member of the Management Board +372 630 2731 ylle.jarv@baltikagroup.com