Market announcement
AS BALTIKA
LEI code
48510000I3W254YEMG75
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2718
Submission date and time
05.05.2010 18:16:09
Content of announcement in Estonian
Title
Täpsustus 2010 I kvartali tulemuste juurde
Message
AS Baltika juhatus teeb korralisele aktsionäride koosolekule ettepaneku kinnitada aktsiaemissiooni hinnaks 12,0 krooni (0,77 eurot) aktsia kohta. Järgneb täpsustatud teate terviktekst. BALTIKA AUDITEERIMATA MAJANDUSTULEMUSED, I KVARTAL 2010 Hoolimata müügi langusest õnnestus Baltika Grupil 2010. aasta esimeses kvartalis võrreldes eelmise aasta esimese kvartaliga vähendada kahjumit poole võrra. Baltika Grupi 2010. aasta esimese kvartali tulemused olid endiselt mõjutatud põhilistel tegevusturgudel jätkuvast majanduskriisist. Samal ajal võib Grupi turgude esimese kvartali tulemuste alusel hinnata erinevate turgude kriisist väljumise võimalusi. Balti turgudest oli mahajäämus eelmise aastaga võrreldes kõige väiksem Eestis (-7%) ja kõige suurem Leedus (-29%). Koduturg, mis esimesena majanduskriisi sisenes, omab ka võimalust sealt esimesena väljuda. Leedu järgnes eelmisel aastal Eestile umbes kuuekuulise vahega ning sama ajaline nihe võib olla ka kriisi lõpuga. Läti on oma müügitasemetelt samuti palju kukkunud (-28%), kuid tänu suurimale tegevuskulude alanemisele on poodide tasemel tulemus positiivne. Ida-Euroopa turud on üllatavalt kiiresti hakanud kriisist väljuma (tulemus, mis on osaliselt seotud ka kohalike valuutade tugevnemisega). Vene turg saavutas esimeses kvartalis aastatagusega võrreldava müügi (-5%) ning Ukraina turu poodide kulud ja tulud olid juba tasakaalus. Kokkuvõttes suutis Baltika Grupi jaesüsteem katta esimeses kvartalis oma müügituludega poodide opereerimiskulud. Kriisi taandumise tingimustes on siiski endiselt aktuaalne hinnata ettevõtte majandustulemuste dünaamikat kriisiga kohanemise kolme põhifaktori kaudu. Need on müükide, marginaalide ja tegevuskulude arengud. Baltika müügid olid esimeses kvartalis endiselt eelmise aastaga võrreldes väiksemad, kuid mahajäämus on vähenenud iga kvartaliga (alates eelmise aasta kolmandast kvartalist: 2009 3.kv -33%, 4.kv -28%, 2010 1.kv -20%) ja iga kuuga (alates 2009 novembrist: november -32%, detsember -26%, jaanuar -22%, veebruar -20% ja märts -16%). Jätkub jaesüsteemi restruktureerimine. Aasta algusest on suletud viis poodi, opereeritav jaepind oli võrreldes aastatagusega kvartalis keskmiselt 2% väiksem. Baltika Grupi esimese kvartali brutomarginaal oli 46%, mis on paranenud võrreldes aastataguse 43%-se tasemega. Jaesüsteemi brutorentaablus oli 50% (1 kv 2009: 41%). Tugevnenud kasumlikkuse taga on oluliselt paranenud varude struktuur, paremad sisseostumarginaalid, Vene ja Ukraina turgudel toimunud müügihindade korrigeerimine ülespoole ning madalamad allahindlused Balti riikides ja Kesk-Euroopas. Baltika esimese kvartali turustus- ja üldhalduskulud vähenesid aastaga 16% ehk 22,9 miljoni krooni (1,5 miljoni euro) võrra. 1.kv 2010 kulud olid 119,8 miljonit krooni (7,7 miljonit eurot) ja 1.kv 2009 kulud 142,7 miljonit krooni (9,1 miljonit eurot). Baltika Grupi jätkuv kohanemisprotsess majanduskriisi lõpufaasis on suunatud kahele eesmärgile: - kasutada kriisi kui võimalust ettevõtte ärimudeli efektiivsemaks muutmiseks ja - tugevdada kriisi käigus oluliselt kannatada saanud ettevõtte finantspositsiooni. Esimese eesmärgi parimal viisil realiseerimiseks on Baltika kaasanud strateegilisse planeerimisprotsessi rahvusvahelise konsultatsioonifirma Roland Berger. Koostöö tulemusena peab suveks valmima kasvustrateegia lähimaks 3-5 aastaks, maksimeerimaks jaeturgude ning brändide potentsiaali ja tõstmaks Baltika Grupi ärimudeli efektiivsust. Grupi finantspositsiooni tugevdamise pakett koosneb neljast komponendist: - põhitegevusega otseselt mitteseotud varade müük (1.kv jooksul realiseeriti Ahtme tööstuskinnistu, märtsi lõpus müüdi uutele omanikele Rakveres paiknev mantlitootmine, 2. kvartalis realiseeritakse Rakvere tootmiskinnistu); - läbirääkimised hankijatega paremate maksetingimuste ja hinnasoodustuste saamiseks; - läbirääkimised pankadega olemasoleva laenuportfelli restruktureerimiseks; - aktsiakapitali suurendamine täiendava aktsiaemissiooni kaudu. Juhatus teeb korralisele aktsionäride üldkoosolekule ettepaneku suurendada suunatud aktsiaemissiooni teel seltsi aktsiakapitali kuni ca 9 miljoni aktsia võrra, hinnaga 12,0 krooni (0,77 eurot) aktsia kohta. Emissioonil on tänaseks olemas suuraktsionäride toetus. Juhtkonna hinnangul tagab ülaltoodud finantspaketi realiseerimine käesoleva aasta juuliks Baltika finantspositsiooni jätkusuutlikkuse majanduskriisi lõpuni. MÜÜGITULUD Baltika Grupi 2010. aasta esimese kvartali müügitulu ulatus 172,9 miljoni kroonini(11,1 miljoni euroni), vähenedes eelmise aastaga võrreldes 22%. Müük ärisegmenditi -------------------------------------------------------------------------------- | EEK mln | 1 kv 2010 | 1 kv 2009 | +/- | -------------------------------------------------------------------------------- | Jaemüük | 155,3 | 193,5 | -20% | -------------------------------------------------------------------------------- | Hulgimüük | 16,1 | 27,3 | -41% | -------------------------------------------------------------------------------- | Muu | 1,5 | 0,2 | 650% | -------------------------------------------------------------------------------- | Kokku | 172,9 | 221,0 | -22% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK JAEMÜÜK Üldise majanduslanguse ja tarbimise vähenemise tagajärjel vähenes Baltika Grupi esimese kvartali jaemüük eelmise aastaga võrreldes 20%, ulatudes 155,3 miljoni kroonini (9,9 miljoni euroni). Esimeses kvartalis vähenesid müügid Balti regioonis 21%, Ida-Euroopas 13% ja Kesk-Euroopas 50%. Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 1 kv 2010 | 1 kv 2009 | +/- | Osakaal, 1 kv | | | | | | 2010 | -------------------------------------------------------------------------------- | Eesti | 38,5 | 41,5 | -7% | 25% | -------------------------------------------------------------------------------- | Venemaa | 34,8 | 36,7 | -5% | 22% | -------------------------------------------------------------------------------- | Leedu | 33,2 | 46,6 | -29% | 21% | -------------------------------------------------------------------------------- | Ukraina | 24,8 | 32,2 | -23% | 16% | -------------------------------------------------------------------------------- | Läti | 18,6 | 25,7 | -28% | 12% | -------------------------------------------------------------------------------- | Poola | 5,4 | 7,1 | -24% | 4% | -------------------------------------------------------------------------------- | Tšehhi | 0,0 | 3,7 | -100% | 0% | -------------------------------------------------------------------------------- | Kokku | 155,3 | 193,5 | -20% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK BRÄNDID Brändide lõikes moodustab kõige suurema osa Baltika jaemüügist Montoni kaubamärk, mille müük ulatus esimeses kvartalis 81,8 miljoni kroonini (5,2 miljoni euroni), vähenedes eelmise aastaga võrreldes 22%. Mosaici jaemüük ulatus 52,6 miljoni kroonini (3,4 miljoni euroni), mis on 22% madalam tulemus kui eelmisel aastal. Baltmani jaemüük oli esimeses kvartalis 10,8 miljonit krooni (0,7 miljonit eurot), vähenedes eelmise aastaga võrreldes 17% ning Ivo Nikkolo jaemüük 9,7 miljonit krooni (0,6 miljonit eurot), kasvades eelmise aastaga võrreldes 11%. Monton moodustas Grupi jaemüügist 53%, Mosaic 34%, Baltman 7% ning Ivo Nikkolo 6%. POED JA MÜÜGIPIND 2010. aasta esimese kvartali lõpu seisuga oli Baltikal 131 kauplust kuues riigis müügipinnaga 26 178 ruutmeetrit. Esimeses kvartalis avati kolm kauplust - üks Lätis ja kaks Eestis. Sulgemisi oli kokku viis - kolm Ukrainas ja kaks Venemaal. Võrreldes eelmise aasta sama perioodiga vähenes Baltika Grupi poolt opereeritavate kaupluste arv kahe võrra, perioodi keskmine müügipind vähenes 2% võrra. Poed turgude lõikes -------------------------------------------------------------------------------- | | 31.03.2010 | 31.03.2009 | -------------------------------------------------------------------------------- | Leedu | 36 | 33 | -------------------------------------------------------------------------------- | Eesti | 32 | 31 | -------------------------------------------------------------------------------- | Venemaa | 23 | 23 | -------------------------------------------------------------------------------- | Ukraina | 20 | 22 | -------------------------------------------------------------------------------- | Läti | 15 | 16 | -------------------------------------------------------------------------------- | Poola | 5 | 6 | -------------------------------------------------------------------------------- | Tšehhi | 0 | 2 | -------------------------------------------------------------------------------- | Poed kokku | 131 | 133 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 26 178 | 27 042 | -------------------------------------------------------------------------------- HULGIMÜÜK Baltika kollektsioonide hulgimüük moodustas Grupi müügituludest 2010. aasta esimeses kvartalis 9% ning ulatus 16,1 miljoni kroonini (1,0 miljoni euroni). Eelmise aastaga võrreldes vähenes hulgimüük 41%. Hulgimüügi vähenemine on toimunud oluliselt Vene turul, kuid seda seoses eelmise aasta teises kvartalis toimunud Venemaa hulgimüügipartneri seitsme kaupluse ülevõtmisega ja liitmisega Baltika jaesüsteemi. Nimetatud tehingu mõju esimeses kvartalis Baltika Grupi käibele oli +12 miljonit krooni (0,8 miljonit eurot). MAJANDUSTULEMUS 2010. aasta esimese kvartali tulemused olid jätkuvalt mõjutatud majanduslangusest tingitud tarbijate madalamast ostujõust. 2010. aasta esimese kvartali müügitulud vähenesid võrreldes eelmise aasta esimese kvartaliga 48,2 miljonit krooni (3,1 miljonit eurot) ehk 22%. Baltika Grupi turustus- ja üldhalduskulud on vähenenud eelmise aasta viimase kvartaliga võrreldes kokku 16,9 miljonit krooni (1,1 miljoni eurot). Varude tase on jäänud eelmise kvartaliga saavutatud tasemele: koguvarude tase jaesüsteemi müügipinna ruutmeetrile on kasvanud 0,4%, ulatudes 7027 kroonini/m2 (449 euroni). 2010. aasta esimeses kvartalis avaldas Baltika Grupi tulemustele positiivset mõju valuutakursside liikumine Baltika Grupile soodsas suunas. Eesti Panga valuutakursside järgi tugevnesid esimese kvartali keskmised kursid võrreldes 2009. aastaga järgmiselt: Poola zlott 12% ja Vene rubla 7%. Samas nõrgenes Ameerika dollari kurss 6% ja Ukraina grivna kurss 5%. Grupi esimese kvartali brutorentaablus ulatus 46%-ni (1.kv 2009: 43%). Brutokasum oli kokku 80,2 miljonit krooni (5,1 miljonit eurot), vähenedes eelmise aastaga võrreldes 14,7 miljoni krooni (0,9 miljoni euro) võrra. Jaesüsteemi brutorentaablus võrreldes eelmise aasta esimese kvartaliga tõusis 50%ni (1.kv 2009: 41%). Brutorentaablusele avaldasid mõju nii sisseostumarginaalide paranemine, tootmiskulude vähenemine kui ka müügihindade kohandamine langenud kurssidega turgudel. Võrdluses eelmise aasta esimese kvartaliga on tootmiskulud vähenenud ligi 30% ehk 8,1 miljonit krooni (0,5 miljonit eurot). Edaspidi tootmismahud vähenevad plaanipäraselt seoses AS Virulase Rakvere tootmistsehhi müümisega. 2009. aastal alanud kulude kokkuhoiu programmi tulemusel on 2010. aasta esimese kvartali turustuskulud võrreldes eelmise aastaga vähenenud 22,7 miljoni krooni (1,4 miljoni euro) võrra, ulatudes 108,7 miljoni kroonini (6,9 miljoni euroni). Jaesüsteemis vähenesid rendikulud ruutmeetrile keskmiselt 18% ja tööjõukulud 8%. Jaesüsteemi suurus vähenes samas 2% võrra. Jaesüsteem tervikuna jäi poodide tasemel mõõdukasse miinusesse (0,3 miljonit krooni/0,02 miljonit eurot), ent oli möödunud aasta esimesest kvartalist parem 19,6 miljoni krooni (1,2 miljonit euro) võrra. Üldhalduskulud vähenesid eelmise aastaga võrreldes 0,2 miljoni krooni (0,01 miljoni euro) võrra ja ulatusid esimeses kvartalis 11,1 miljoni kroonini (0,7 miljoni euroni). Baltika 2010. aasta esimese kvartali ärikahjum ulatus 31,4 miljoni kroonini (2,0 miljoni euroni). 2009. aasta sama perioodi ärikahjum oli 55,1 miljonit krooni (3,5 miljonit eurot). Grupi esimese kvartali finantstulud ja -kulud ulatusid kokku 0,3 miljoni kroonini (0,02 miljoni euroni) vähenedes eelmise aastaga võrreldes 96%. Finantstulud- ja kulud on vähenenud tänu välisvaluutade kursside languse asendumisele tõusuga. 2010. aasta esimeses kvartalis saadi valuutakursside muutusest tulu 3,3 miljonit krooni (0,2 miljonit eurot), eelmisel aastal aga kahjumit 4,2 miljonit krooni (0,3 miljonit eurot). Suure osa finantskuludest moodustavad intressikulud (3,6 miljonit krooni/0,2 miljonit eurot), mis kasvasid eelmise aastaga võrreldes 16%. Intressikulu on mõjutanud Euribori langus ja laenukoormuse tõus. 2010. aasta esimese kvartali lõpetas Baltika 32,0 miljoni kroonise (2,6 miljoni eurose) puhaskahjumiga. 2009. aastal oli Grupi puhaskahjum samal perioodil 62,6 miljonit krooni (4,0 miljonit eurot). FINANTSSEISUND 2010. aasta 31. märtsi seisuga ulatus Baltika konsolideeritud bilansimaht 684,8 miljoni kroonini (43,8 miljoni euroni), vähenedes aasta lõpuga võrreldes 2%. Grupi nõuded ostjatele ja muud nõuded suurenesid 2009. aasta lõpuga võrreldes 12,0 miljoni krooni (0,8 miljoni euro) võrra, ulatudes esimese kvartali lõpus 66,9 miljoni kroonini (4,3 miljoni euroni). Nõuete suurenemine on seotud maksude ettemaksude suurenemise ja AS Virulase kaubamärkide „MasCara“ ja „Herold“ ning põhivara müügiga. Esimese kvartali lõpus ulatusid varud 184,0 miljoni kroonini (11,8 miljoni euroni), vähenedes aasta lõpuga võrreldes 2% võrra. Grupi käibevara suurenes 2009. aasta lõpuga võrreldes 5,3 miljoni krooni (0,3 miljoni euro) võrra, ulatudes märtsi lõpus 254,5 miljoni kroonini (16,3 miljoni euroni). Grupi võlad hankijatele ja muud kohustused suurenesid samal perioodil 11,2 miljoni krooni (0,7 miljoni euro) võrra 170,6 miljoni kroonini (10,9 miljoni euroni). Esimese kvartali lõpus ulatusid Grupi võlakohustused 358,7 miljoni kroonini (22,9 miljoni euroni), sh olid pangalaenud kokku 342,2 miljonit krooni (21,9 miljonit eurot) ja kapitalirendi kohustused 8,1 miljonit krooni (0,5 miljonit eurot). Aasta lõpuga võrreldes on võlakoormus suurenenud 2,8 miljoni krooni (0,8 miljoni euro) võrra. Võlakoormuse suurenemine on seotud uue lühiajalise laenuga. Grupi netovõlg (Intressi kandvad võlakohustused-Raha ja pangakontod) ulatus kvartali lõpus 346,7 miljoni kroonini (22,2 miljoni euroni). Netovõla suhe omakapitali oli 223,2% (31. detsember 2009: 183,1%).Netovõla suhe omakapitali paraneb teises kvartalis, kui realiseeritakse pakett Baltika finantspositsiooni tugevdamiseks. Antud pakett sisaldab täiendavat aktsiaemissiooni ja põhitegevusega otseselt mitteseotud varade müüki. Baltika Grupi omakapital ulatus kvartali lõpu seisuga 155,3 miljoni kroonini (9,9 miljoni euroni). INVESTEERINGUD 2010. aasta esimeses kvartalis ulatusid Baltika Grupi investeeringud 0,9 miljoni kroonini (0,06 miljoni euroni), sh jaekaubandusse investeeriti 0,7 miljonit krooni (0,04 miljonit eurot). 2009. aasta esimeses kvartalis tehti investeeringuid 37,0 miljoni krooni (2,4 miljoni euro) ulatuses, sh jaekaubandusse investeeriti 4,2 miljonit krooni (0,3 miljonit eurot). INIMESED Baltika Grupis töötas 2010. aasta märtsi lõpu seisuga 1647 (31. märts 2009: 1902) inimest, sealhulgas jaekaubanduses 894 (2009: 939), tootmises 564 (2009: 758) ning peakontoris 189 (2009: 205) inimest. Kolme kuu keskmine töötajate arv Grupis oli 1672 (1 kv 2009: 1938). Baltika Grupi töötajatele maksti 2010. aasta esimeses kvartalis kokku töötasusid summas 41,1 miljonit krooni/2,7 miljonit eurot (2009: 53,4 miljonit krooni/3,4 miljonit eurot). Nõukogu ja juhatuse liikmete tasud ulatusid 1,3 miljoni kroonini/80 tuhande euroni(2009: 1,05 miljonit krooni/67 tuhat eurot). KONTSERNI PÕHILISED ARVNÄITAJAD (1 kv 2010) -------------------------------------------------------------------------------- | | 31.03.2010 | 31.03.2009 | +/- | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 172,9 | 221,0 | -21,8% | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 155,3 | 193,5 | -19,7% | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 90% | 88% | | -------------------------------------------------------------------------------- | Poodide arv | 131 | 133 | -1,5% | -------------------------------------------------------------------------------- | Müügipind (m2) | 26 178 | 27 042 | -3,2% | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1 647 | 1 902 | -13,4% | -------------------------------------------------------------------------------- | Brutorentaablus | 46,0% | 42,9% | | -------------------------------------------------------------------------------- | Ärirentaablus | -18,1% | -24,9% | | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | -18,3% | -28,2% | | -------------------------------------------------------------------------------- | Puhasrentaablus | -18,5% | -28,3% | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 0,8 | 1,1 | -27,3% | -------------------------------------------------------------------------------- | Varude käibekordaja | 3,99 | 4,48 | -10,9% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 225,5% | 140,4% | | -------------------------------------------------------------------------------- | Omakapitali tootlus | -74,4% | -28,1% | | -------------------------------------------------------------------------------- | Koguvarade tootlus | -21,3% | -11,7% | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- | | 1 kv 2010 | 1 kv 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 172 850 | 221 017 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -92 673 | -126 091 | -------------------------------------------------------------------------------- | Brutokasum | 80 177 | 94 926 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -108 721 | -131 382 | -------------------------------------------------------------------------------- | Üldhalduskulud | -11 053 | -11 334 | -------------------------------------------------------------------------------- | Muud äritulud | 9 177 | 11 | -------------------------------------------------------------------------------- | Muud ärikulud | -932 | -7 319 | -------------------------------------------------------------------------------- | Ärikahjum | -31 352 | -55 098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 3 291 | 6 | -------------------------------------------------------------------------------- | Finantskulud | -3 600 | -7 299 | -------------------------------------------------------------------------------- | Kahjum enne maksustamist | -31 661 | -62 391 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | -52 | -151 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskahjum | -31 713 | -62 542 | -------------------------------------------------------------------------------- | Perioodi puhaskahjumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus puhaskahjumis | -31 955 | -62 563 | -------------------------------------------------------------------------------- | Vähemusosa osalus puhaskahjumis | 242 | 21 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum (kahjum) | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | 454 | -7 145 | | ümberarvestusel | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkahjum | -31 259 | -69 687 | -------------------------------------------------------------------------------- | Perioodi koondkahjumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkahjumis | -31 501 | -68 497 | -------------------------------------------------------------------------------- | Vähemusosa osalus koondkahjumis | 242 | -1 190 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskahjum aktsia kohta, EEK | -1,71 | -3,36 | -------------------------------------------------------------------------------- | Lahustatud puhaskahjum aktsia kohta, EEK | -1,71 | -3,36 | -------------------------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 1 kv 2010 | 1 kv 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 11 047 | 14 126 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -5 923 | -8 059 | -------------------------------------------------------------------------------- | Brutokasum | 5 124 | 6 067 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -6 949 | -8 397 | -------------------------------------------------------------------------------- | Üldhalduskulud | -706 | -724 | -------------------------------------------------------------------------------- | Muud äritulud | 587 | 1 | -------------------------------------------------------------------------------- | Muud ärikulud | -60 | -468 | -------------------------------------------------------------------------------- | Ärikahjum | -2 004 | -3 521 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 210 | 0 | -------------------------------------------------------------------------------- | Finantskulud | -230 | -466 | -------------------------------------------------------------------------------- | Kahjum enne maksustamist | -2 024 | -3 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | -3 | -10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskahjum | -2 027 | -3 997 | -------------------------------------------------------------------------------- | Perioodi puhaskahjumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus puhas kahjumis | -2 042 | -3 999 | -------------------------------------------------------------------------------- | Vähemusosa osalus puhaskahjumis | 15 | 1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum (kahjum) | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | 29 | -457 | | ümberarvestusel | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkahjum | -1 998 | -4 454 | -------------------------------------------------------------------------------- | Perioodi koondkahjumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkahjumis | -2 013 | -4 378 | -------------------------------------------------------------------------------- | Vähemusosa osalus koondkahjumis | 15 | -76 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskahjum aktsia kohta, EUR | -0,11 | -0,21 | -------------------------------------------------------------------------------- | Lahustatud puhaskahjum aktsia kohta, EUR | -0,11 | -0,21 | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 31.03.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 3 588 | 6 024 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 66 933 | 54 932 | -------------------------------------------------------------------------------- | Varud | 183 953 | 188 181 | -------------------------------------------------------------------------------- | Käibevara kokku | 254 474 | 249 137 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 16 488 | 16 488 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 7 335 | 7 728 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 103 294 | 103 294 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 239 505 | 263 165 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 63 731 | 62 133 | -------------------------------------------------------------------------------- | Põhivara kokku | 430 353 | 452 808 | -------------------------------------------------------------------------------- | VARAD KOKKU | 684 827 | 701 945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 148 092 | 122 942 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 170 617 | 159 375 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 318 709 | 282 317 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 210 603 | 232 942 | -------------------------------------------------------------------------------- | Muud kohustused | 202 | 114 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 210 805 | 233 056 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 529 514 | 515 373 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 226 449 | 226 449 | -------------------------------------------------------------------------------- | Ülekurss | 1 049 | 1 049 | -------------------------------------------------------------------------------- | Reservid | 43 567 | 43 567 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | -77 617 | 81 487 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -31 955 | -159 104 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | -8 956 | -9 410 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 152 537 | 184 038 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 2 776 | 2 534 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 155 313 | 186 572 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 684 827 | 701 945 | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 31.03.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 229 | 385 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 4 278 | 3 511 | -------------------------------------------------------------------------------- | Varud | 11 757 | 12 027 | -------------------------------------------------------------------------------- | Käibevara kokku | 16 264 | 15 923 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 1 054 | 1 054 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 469 | 494 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 6 602 | 6 602 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 15 307 | 16 819 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 4 073 | 3 971 | -------------------------------------------------------------------------------- | Põhivara kokku | 27 505 | 28 940 | -------------------------------------------------------------------------------- | VARAD KOKKU | 43 768 | 44 862 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 9 465 | 7 857 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 10 904 | 10 186 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 20 369 | 18 043 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 13 460 | 14 888 | -------------------------------------------------------------------------------- | Muud kohustused | 13 | 7 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 0 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 13 473 | 14 895 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 33 842 | 32 938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 14 473 | 14 473 | -------------------------------------------------------------------------------- | Reservid | 2 784 | 2 784 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | -4 961 | 5 208 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -2 042 | -10 169 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | -572 | -601 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 9 749 | 11 762 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 177 | 162 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 9 926 | 11 924 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 43 768 | 44 862 | -------------------------------------------------------------------------------- Ülle Järv Finantsdirektor, Juhatuse liige +372 630 2731 [email protected]
Content of announcement in English
Title
Adjustment to the I quarter 2010 results
Message
Management Board will propose the annual general meeting of shareholders to approve the emission price of 12.0 kroons (0.77 euros) per share. Updated text follows: BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2010 Despite a decline in sales, Baltika Group succeeded in reducing the loss for the first quarter of 2010 by a half compared with the first quarter of 2009. The Group's performance in the first quarter of 2010 was still influenced by the economic crisis prevailing in its principal markets. On the other hand, the Group's first quarter market results provide an indication of different markets' prospects for exiting the crisis. In the Baltic region, the year-over-year shortfall was the smallest in Estonia (-7%) and the greatest in Lithuania (-29%). The home market that was the first to be hit by the crisis has also the potential to be the first to exit the crisis. Lithuania followed Estonia last year with around a six-month interval and the same may be true about recovery. Latvian sales have also tumbled (-28%) but thanks to the biggest cutback in operating expenses at the level of stores the net result was positive. The Eastern European markets have started recovering at a surprising speed (which may partly be attributed to the strengthening of the local currencies). The Russian market ended the first quarter with sales comparable to a year ago (-5%) and Ukraine reached practically break-even point at the level of stores. On the whole, at the level of stores the retail system of Baltika Group more or less broke even in the first quarter. Although the crisis is receding, the company's performance should still be evaluated based on the dynamics of the three main factors that reflect adaptation to the crisis. These are developments in sales, margins and operating expenses. Baltika's sales for the first quarter were still smaller than a year ago but the shortfall has been decreasing on a quarterly basis (since the third quarter of last year - Q3 2009: -33%; Q4 2009: -28%; Q1 2010: -20%) and on a monthly basis (since November 2009 - November: -32%; December: -26%; January: -22%; February: -20%; and March: -16%). The restructuring of the retail system continues. Since the beginning of this year, the Group has closed five stores and the retail area operated by the Group has decreased by approximately 2% compared with the first quarter of 2009. Baltika Group's gross margin for the first quarter was 46%, reflecting a slight improvement on the 43% posted a year ago. The gross margin for the retail system was 50% (Q1 2009: 41%). Higher profitability results from a better inventory structure, more favourable purchasing margins, an upward price correction in the Russian and Ukrainian markets and smaller discounts in the Baltic countries and Central Europe. Distribution and administrative expenses for the first quarter decreased by 16%, i.e. 22.9 million kroons (1.5 million euros), year-over-year. Expenses for the first quarter of 2010 totalled 119.8 million kroons (7.7 million euros) against 142.7 million kroons (9.1 million euros) incurred in the first quarter of 2009. In the final phase of the economic crisis, Baltika's ongoing adaptation process is aimed at achieving two main goals: - exploiting the crisis as an opportunity for streamlining the Group's business model; and - strengthening the Group's financial position that has been seriously weakened by the crisis. In order to fully achieve the first goal, Baltika has involved in the strategic planning process the international strategy consultancy Roland Berger. In partnership with the consultants, the Group will create by the summer a new growth strategy for the next 3 to 5 years that will provide tools for maximising the potential of Baltika's retail markets and brands and enhancing the efficiency of its business model. The package for strengthening the Group's financial position consists of four components: - disposing of assets not directly related to the core business (during the first quarter the Group disposed of an industrial property at Ahtme, at the end of March the Group sold its coat manufacturing operation in Rakvere and in the second quarter the Group will divest a manufacturing property in Rakvere); - negotiating better settlement terms and price concessions from the suppliers; - restructuring the existing loan portfolio through negotiations with banks; - increasing share capital through a share issue. The management board will propose that the annual general meeting increase the company's share capital by up to ca 9 million shares by a private placement, the price is 12.0 kroons (0.77 euros) per share. Emission is supported by main shareholders. Management believes that the implementation of the above package by July this year will ensure the sustainability of Baltika's financial position until the end of the economic crisis. REVENUE Baltika Group ended the first quarter of 2010 with revenue of 172.9 million kroons (11.1 million euros), a 22% decrease year-over-year. Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q1 2010 | Q1 2009 | +/- | -------------------------------------------------------------------------------- | Retail | 155.3 | 193.5 | -20% | -------------------------------------------------------------------------------- | Wholesale | 16.1 | 27.3 | -41% | -------------------------------------------------------------------------------- | Other | 1.5 | 0.2 | 650% | -------------------------------------------------------------------------------- | Total | 172.9 | 221.0 | -22% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK RETAIL Owing to the general economic downturn and shrinkage in consumption, the Group's first quarter retail revenue decreased by 20% year-over-year to 155.3 million kroons (9.9 million euros). In the Baltic region, retail revenue decreased by 21%, in Eastern Europe by 13% and in Central Europe by 50%. Retail sales by market -------------------------------------------------------------------------------- | EEK million | Q1 2010 | Q1 2009 | +/- | Percentage, Q1 | | | | | | 2010 | -------------------------------------------------------------------------------- | Estonia | 38.5 | 41.5 | -7% | 25% | -------------------------------------------------------------------------------- | Russia | 34.8 | 36.7 | -5% | 22% | -------------------------------------------------------------------------------- | Lithuania | 33.2 | 46.6 | -29% | 21% | -------------------------------------------------------------------------------- | Ukraine | 24.8 | 32.2 | -23% | 16% | -------------------------------------------------------------------------------- | Latvia | 18.6 | 25.7 | -28% | 12% | -------------------------------------------------------------------------------- | Poland | 5.4 | 7.1 | -24% | 4% | -------------------------------------------------------------------------------- | Czech Republic | 0.0 | 3.7 | -100% | 0% | -------------------------------------------------------------------------------- | Total | 155.3 | 193.5 | -20% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK BRANDS In terms of brands, the main retail revenue contributor was Monton whose first quarter sales totalled 81.8 million kroons (5.2 million euros), a 22% decrease year-over-year. Mosaic generated revenue of 52.6 million kroons (3.4 million euros), 22% down from a year ago. Retail sales of Baltman totalled 10.8 million kroons (0.7 million euros), a 17% decrease year-over-year, and retail sales of Ivo Nikkolo amounted to 9.7 million kroons (0.6 million euros), 11% up on a year ago. Monton accounted for 53% of the Group's retail revenue while Mosaic contributed 34%, Baltman 7% and Ivo Nikkolo 6%. STORES AND SALES AREA At the end of the first quarter of 2010, Baltika had 131 stores in six countries and a total sales area of 26,178 square metres. In the first quarter, the Group opened three stores - one in Latvia and two in Estonia, and closed five stores - three in Ukraine and two in Russia. Compared with the first quarter of 2009, the number of stores declined by two and the average sales area shrank by 2%. Stores by market -------------------------------------------------------------------------------- | | 31.03.2010 | 31.03.2009 | -------------------------------------------------------------------------------- | Lithuania | 36 | 33 | -------------------------------------------------------------------------------- | Estonia | 32 | 31 | -------------------------------------------------------------------------------- | Russia | 23 | 23 | -------------------------------------------------------------------------------- | Ukraine | 20 | 22 | -------------------------------------------------------------------------------- | Latvia | 15 | 16 | -------------------------------------------------------------------------------- | Poland | 5 | 6 | -------------------------------------------------------------------------------- | Czech Republic | 0 | 2 | -------------------------------------------------------------------------------- | Total stores | 131 | 133 | -------------------------------------------------------------------------------- | Total sales area, sqm | 26,178 | 27,042 | -------------------------------------------------------------------------------- WHOLESALE Wholesale of Baltika's collections accounted for 9% or 16.1 million kroons (1.0 million euros) of the Group's consolidated revenues for the first quarter of 2010, a 41% decrease compared with the first quarter of 2009. The decline in wholesale revenue is largely attributable to developments in the Russian market where in the second quarter of 2009 a wholesale partner's seven stores were taken over and integrated into Baltika's retail system. The impact of the transaction on the Group's first quarter revenue was +12 million kroons (0.8 million euros). EARNINGS AND MARGINS The Group's performance in the first quarter of 2010 continued to be influenced by the economic downturn that has weakened the consumers' purchasing power. Compared with the first quarter of 2009, the Group's revenue decreased by 48.2 million kroons (3.1 million euros), i.e. by 22%. Compared with the last quarter of 2009, Baltika's distribution and administrative expenses decreased by a total of 16.9 million kroons (1.1 million euros). The inventory level remained at the level achieved in the previous quarter: the ratio of total inventories to a square meter of the retail system rose by 0.4% to 7,027 kroons (449 euros) per square metre. In the first quarter of 2010, the Group's performance was positively influenced by favourable movements in the exchange rates. According to the exchange rates of the Bank of Estonia, compared with 2009 the average exchange rates for the first quarter strengthened as follows: the Polish zloty 12% and the Russian rouble 7%. At the same time, the US dollar and the Ukrainian hryvnia weakened by 6% and 5% respectively. The Group's first quarter gross margin was 46% (Q1 2009: 43%). Gross profit amounted to 80.2 million kroons (5.1 million euros), a decrease of 14.7 million kroons (0.9 million euros) compared with a year ago. The gross margin for the retail system improved significantly compared with the first quarter of 2009, rising to 50% (Q1 2009: 41%). This was achieved by negotiating more favourable purchasing margins, cutting operating expenses and adjusting sales prices in markets where the exchange rates had declined. Compared with the first quarter of the previous year, production expenses decreased by around 30%, i.e. 8.1 million kroons (0.5 million euros). In the future, production volumes will decrease in connection with the sale of the Rakvere workshop of AS Virulane. Through a cost-cutting programme implemented in 2009, the Group's distribution costs for the first quarter of 2010 decreased by 22.7 million kroons (1.4 million euros) year-over-year to 108.7 million kroons (6.9 million euros). In the retail system, lease expenses per square metre dropped by 18% on average and personnel expenses declined by 8%. At the same time, the size of the retail system decreased by 2%. On the whole, at the level of stores the retail system incurred a moderate loss (0.3 million kroons/0.02 million euros) but the result was 19.6 million kroons (1.2 million euros) better than the one for the first quarter of 2009. Administrative and general expenses totalled 11.1 million kroons (0.7 million euros), a decrease of 0.2 million kroons (0.01 million euros) compared with the first quarter of 2009. The Group's operating loss for the first quarter of 2010 was 31.4 million kroons (2.0 million euros) against 55.1 million kroons (3.5 million euros) incurred in the first quarter of 2009. Net financial income amounted to 0.3 million kroons (0.02 million euros), a 96% improvement on the net financial expense incurred in the first quarter of 2009. Financial expenses have decreased because the decrease in the exchange rates of several currencies has been replaced by an increase. Net foreign exchange gain for the first quarter of 2010 amounted to 3.3 million kroons (0.2 million euros) whereas in the first quarter of 2009 the Group incurred a net exchange loss of 4.2 million kroons (0.3 million euros). A significant portion of financial expenses is made up of interest expense (3.6 million kroons/0.2 million euros) that grew by 16% year-over year. Interest expense has been influenced by a decrease in EURIBOR and growth in borrowings. Baltika ended the first quarter of 2010 with a net loss of 32.0 million kroons (2.6 million euros). For comparison, the Group's net loss for the first quarter of 2009 was 62.6 million kroons (4.0 million euros). FINANCIAL POSITION As at 31 March 2010, Baltika's consolidated assets totalled 684.8 million kroons (43.8 million euros), a 2% decrease compared with the previous year-end. Compared with 31 December 2009, trade and other receivables increased by 12.0 million kroons (0.8 million euros) to 66.9 million kroons (4.3 million euros). The growth in receivables can be explained by an increase in prepaid taxes and the sale of the MasCara and Herold brands of AS Virulane as well as some non-current assets. At the end of the first quarter, inventories totalled 184.0 million kroons (11.8 million euros), 2% down from the previous year-end. Compared with 31 December 2009, the Group's current assets grew by 5.3 million kroons (0.3 million euros) to 254.5 million kroons (16.3 million euros) at 31 March. Trade and other payables increased within the same time by 11.2 million kroons (0.7 million euros) to 170.6 million kroons (10.9 million euros). At the end of the first quarter, the Group's borrowings totalled 358.7 million kroons (22.9 million euros), including bank loans of 342.2 million kroons (21.9 million euros) and finance lease liabilities of 8.1 million kroons (0.5 million euros). Compared with the previous year-end, the debt burden has increased by 2.8 million kroons (0.8 million euros). The growth in the debt burden results from a new short-term loan. At 31 March 2010, the Group's net debt (interest-bearing liabilities less cash and bank balances) stood at 346.7 million kroons (22.2 million euros). The net debt to equity ratio was 223.2% (31 December 2009: 183.1%).The net debt to equity ratio will improve in the second quarter when the Group will implement a package for strengthening its financial position, which will involve arrangement of an additional share issue and sale of assets not directly required for the core business. At the end of the first quarter, the Group's equity amounted to 155.3 million kroons (9.9 million euros). INVESTMENT In the first quarter of 2010, the Group's capital investments totalled 0.9 million kroons (0.06 million euros) of which 0.7 million kroons (0.04 million euros) was invested in the retail system. In the first quarter of 2009, the Group invested 37.0 million kroons (2.4 million euros) of which 4.2 million kroons (0.3 million euros) was invested in the retail system. PEOPLE At 31 March 2010, Baltika Group employed 1,647 (31 March 2009: 1,902) people, 894 (2009: 939) of them in the retail system, 564 (2009: 758) in manufacturing and 189 (2009: 205) at the head office. The period's average number of staff was 1,672 (Q1 2009: 1,938). The Group's employee remuneration expenses for the first quarter of 2010 totalled 41.1 million kroons/2.7 million euros (Q1 2009: 53.4 million kroons/3.4 million euros). The remuneration of the members of the supervisory council and management board amounted to 1.3 million kroons/80 thsousand euros (Q1 2009: 1.05 million kroons/67 thousand euros). KEY FIGURES OF THE GROUP (Q1 2010) -------------------------------------------------------------------------------- | | 31.03.2010 | 31.03.2009 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 172.9 | 221.0 | -21.8% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 155.3 | 193.5 | -19.7% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 90% | 88% | | -------------------------------------------------------------------------------- | Number of stores | 131 | 133 | -1.5% | -------------------------------------------------------------------------------- | Sales area (sqm) | 26,178 | 27,042 | -3.2% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,647 | 1,902 | -13.4% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 46.0% | 42.9% | | -------------------------------------------------------------------------------- | Operating margin | -18.1% | -24.9% | | -------------------------------------------------------------------------------- | EBT margin | -18.3% | -28.2% | | -------------------------------------------------------------------------------- | Net margin | -18.5% | -28.3% | | -------------------------------------------------------------------------------- | Current ratio | 0.8 | 1.1 | -27.3% | -------------------------------------------------------------------------------- | Inventory turnover | 3.99 | 4.48 | -10.9% | -------------------------------------------------------------------------------- | Debt to equity ratio | 225.5% | 140.4% | | -------------------------------------------------------------------------------- | Return on equity | -74.4% | -28.1% | | -------------------------------------------------------------------------------- | Return on assets | -21.3% | -11.7% | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK 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) -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 172,850 | 221,017 | -------------------------------------------------------------------------------- | Cost of goods sold | -92,673 | -126,091 | -------------------------------------------------------------------------------- | Gross profit | 80,177 | 94,926 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -108,721 | -131,382 | -------------------------------------------------------------------------------- | Administrative and general expenses | -11,053 | -11,334 | -------------------------------------------------------------------------------- | Other operating income | 9,177 | 11 | -------------------------------------------------------------------------------- | Other operating expenses | -932 | -7,319 | -------------------------------------------------------------------------------- | Operating loss | -31,352 | -55,098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income | 3,291 | 6 | -------------------------------------------------------------------------------- | Finance costs | -3,600 | -7,299 | -------------------------------------------------------------------------------- | Loss before income tax | -31,661 | -62,391 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | -52 | -151 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net loss | -31,713 | -62,542 | -------------------------------------------------------------------------------- | Loss attributable to: | | | -------------------------------------------------------------------------------- | Net loss attributable to equity holders of the | -31,955 | -62,563 | | parent company | | | -------------------------------------------------------------------------------- | Net loss attributable to minority shareholders | 242 | 21 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income (loss) | | | -------------------------------------------------------------------------------- | Currency translation differences | 454 | -7,145 | -------------------------------------------------------------------------------- | Total comprehensive loss | -31,259 | -69,687 | -------------------------------------------------------------------------------- | Comprehensive loss attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the parent company | -31,501 | -68,497 | -------------------------------------------------------------------------------- | Minority shareholders | 242 | -1,190 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | -1.71 | -3.36 | -------------------------------------------------------------------------------- | Diluted earnings per share, EEK | -1.71 | -3.36 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | | -------------------------------------------------------------------------------- | (unaudited, in EUR thousand) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Q1 2010 | Q1 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 11,047 | 14,126 | -------------------------------------------------------------------------------- | Cost of goods sold | -5,923 | -8,059 | -------------------------------------------------------------------------------- | Gross profit | 5,124 | 6,067 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -6,949 | -8,397 | -------------------------------------------------------------------------------- | Administrative and general expenses | -706 | -724 | -------------------------------------------------------------------------------- | Other operating income | 587 | 1 | -------------------------------------------------------------------------------- | Other operating expenses | -60 | -468 | -------------------------------------------------------------------------------- | Operating loss | -2,004 | -3,521 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income | 210 | 0 | -------------------------------------------------------------------------------- | Finance costs | -230 | -466 | -------------------------------------------------------------------------------- | Loss before income tax | -2,024 | -3,988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | -3 | -10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net loss | -2,027 | -3,997 | -------------------------------------------------------------------------------- | Loss attributable to: | | | -------------------------------------------------------------------------------- | Net loss attributable to equity holders of the | -2,042 | -3,999 | | parent company | | | -------------------------------------------------------------------------------- | Net loss attributable to minority shareholders | 15 | 1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income (loss) | | | -------------------------------------------------------------------------------- | Currency translation differences | 29 | -457 | -------------------------------------------------------------------------------- | Total comprehensive loss | -1,998 | -4,454 | -------------------------------------------------------------------------------- | Comprehensive loss attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the parent company | -2,013 | -4,378 | -------------------------------------------------------------------------------- | Minority shareholders | 15 | -76 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | -0.11 | -0.21 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | -0.11 | -0.21 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | POSITION | | | -------------------------------------------------------------------------------- | (unaudited, in EEK thousand) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.03.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 3,588 | 6,024 | -------------------------------------------------------------------------------- | Trade and other receivables | 66,933 | 54,932 | -------------------------------------------------------------------------------- | Inventories | 183,953 | 188,181 | -------------------------------------------------------------------------------- | Total current assets | 254,474 | 249,137 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 16,488 | 16,488 | -------------------------------------------------------------------------------- | Other non-current assets | 7,335 | 7,728 | -------------------------------------------------------------------------------- | Investment property | 103,294 | 103,294 | -------------------------------------------------------------------------------- | Property, plant and equipment | 239,505 | 263,165 | -------------------------------------------------------------------------------- | Intangible assets | 63,731 | 62,133 | -------------------------------------------------------------------------------- | Total non-current assets | 430,353 | 452,808 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 684,827 | 701,945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 148,092 | 122,942 | -------------------------------------------------------------------------------- | Trade and other payables | 170,617 | 159,375 | -------------------------------------------------------------------------------- | Total current liabilities | 318,709 | 282,317 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 210,603 | 232,942 | -------------------------------------------------------------------------------- | Other liabilities | 202 | 114 | -------------------------------------------------------------------------------- | Deferred income tax liability | 0 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 210,805 | 233,056 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 529,514 | 515,373 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 226,449 | 226,449 | -------------------------------------------------------------------------------- | Share premium | 1,049 | 1,049 | -------------------------------------------------------------------------------- | Reserves | 43,567 | 43,567 | -------------------------------------------------------------------------------- | Retained earnings | -77,617 | 81,487 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -31,955 | -159,104 | -------------------------------------------------------------------------------- | Currency translation differences | -8,956 | -9,410 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 152,537 | 184,038 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 2,776 | 2,534 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 155,313 | 186,572 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 684,827 | 701,945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | | | | POSITION | | | -------------------------------------------------------------------------------- | (unaudited, in EUR thousand) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.03.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 229 | 385 | -------------------------------------------------------------------------------- | Trade and other receivables | 4,278 | 3,511 | -------------------------------------------------------------------------------- | Inventories | 11,757 | 12,027 | -------------------------------------------------------------------------------- | Total current assets | 16,264 | 15,923 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 1,054 | 1,054 | -------------------------------------------------------------------------------- | Other non-current assets | 469 | 494 | -------------------------------------------------------------------------------- | Investment property | 6,602 | 6,602 | -------------------------------------------------------------------------------- | Property, plant and equipment | 15,307 | 16,819 | -------------------------------------------------------------------------------- | Intangible assets | 4,073 | 3,971 | -------------------------------------------------------------------------------- | Total non-current assets | 27,505 | 28,940 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 43,768 | 44,862 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 9,465 | 7,857 | -------------------------------------------------------------------------------- | Trade and other payables | 10,904 | 10,186 | -------------------------------------------------------------------------------- | Total current liabilities | 20,369 | 18,043 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 13,460 | 14,888 | -------------------------------------------------------------------------------- | Other liabilities | 13 | 7 | -------------------------------------------------------------------------------- | Deferred income tax liability | 0 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 13,473 | 14,895 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 33,842 | 32,938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 14,473 | 14,473 | -------------------------------------------------------------------------------- | Share premium | 67 | 67 | -------------------------------------------------------------------------------- | Reserves | 2,784 | 2,784 | -------------------------------------------------------------------------------- | Retained earnings | -4,961 | 5,208 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -2,042 | -10,169 | -------------------------------------------------------------------------------- | Currency translation differences | -572 | -601 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 9,749 | 11,762 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 177 | 162 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 9,926 | 11,924 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 43,768 | 44,862 | -------------------------------------------------------------------------------- Ülle Järv CFO, Member of the Management Board +372 630 2731 [email protected]