Market announcement
AS BALTIKA
LEI code
48510000I3W254YEMG75
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2929
Submission date and time
03.11.2010 16:00:00
Content of announcement in Estonian
Title
BALTIKA MAJANDUSTULEMUSED, 3. KVARTAL ja 9 KUUD 2010
Message
BALTIKA MAJANDUSTULEMUSED, 3.kv ja 9 KUUD 2010 TULEMUSTE LÜHIKOKKUVÕTE Baltika Grupp on jõudsalt kohanenud muutunud majandusliku olukorraga. Tugevnenud finantspositsiooni toel on Grupp suunanud põhiressursid oma põhitegevuse efektiivsuse suurendamisele ning strateegiliste arenduste elluviimisele. Viimase kahe kvartali kasvutrendid nii müüginumbrites kui efektiivsusnäitajates jätkusid ka oktoobris ning püsivad juhtkonna hinnangul kogu neljandas kvartalis. Kolmandas kvartalis jätkus müükide elavnemine Baltika Grupi jaeturgudel, brutomarginaalide paranemine ning finantspositsiooni tugevnemine. Suurima müügitõusu tegi Eesti turg, kus kolmanda kvartali müügid kasvasid eelmise aastaga võrreldes 12%. Müügikasvu näitasid eelmise aastaga võrreldes ka Läti, Venemaa ning Ukraina turg. Müükide elavnemist iseloomustavad kõige paremini võrreldavate pindade (müük/m2) müüginumbrid. Baltika Grupi võrreldavad müügid kasvasid kolmandas kvartalis kokku 8%, kusjuures Eesti ja Vene turu tulemused olid vastavalt 11% ja 25% (kohalikus valuutas 11%). Eelmise aastaga võrreldes näitasid paremat võrreldavat müüki ka Läti, Ukraina ja Poola turg. Kogumüügi efektiivsus (kogumüük/m2)kasvas kolmandas kvartalis 14%. Head müügitulemused Grupi jaeturgudel on saavutatud tänu brändide õnnestunud sügiskollektsioonidele. Kolmanda kvartali võrreldavad müügid kasvasid bränditi vastavalt: Mosaic, Ivo Nikkolo ning Monton 10%. Müügimahult kasvas kolmandas kvartalis enim, 36% Ivo Nikkolo kaubamärk. Baltika Grupi 2010. aasta kolmanda kvartali müügitulu ulatus 211,0 miljoni kroonini (13,5 miljoni euroni), vähenedes eelmise aastaga võrreldes 6%. Kolmandas kvartalis oli viimaste kvartalite väikseim jaemüügilangus, kolmanda kvartali jaemüük vähenes 2% ja seda olukorras, kus keskmised jaemüügipinnad vähenesid kahjumlike poodide sulgemise tõttu 14%. Aasta algusest on suletud 11 poodi ja avatud neli. Kahjumlike poodide sulgemisprotsess jätkub ka neljandas kvartalis. Juba teist kvartalit järjest teenivad jaeturud kasumit. Baltika Grupi jaesüsteemist saadud kasum oli kolmandas kvartalis 5,5 miljonit krooni (0,35 miljonit eurot), 2009. aasta kolmanda kvartali kahjum oli 12,4 miljonit krooni/0,8 miljonit eurot. Võrreldes 2009. aasta üheksa kuuga on Grupi tegevuskulud vähenenud 46,7 miljoni krooni (3,0 miljoni euro) võrra, sealhulgas müügikulud 47,9 miljoni krooni (3,1 miljoni euro) ja halduskulud 1,1 miljoni krooni (0,1 miljoni euro) võrra. Kolmanda kvartali puhaskahjumiks kujunes enne kursimuutuse mõju 24,1 miljonit krooni (1,5 miljonit eurot). Kolmanda kvartali tulemustele avaldas negatiivset mõju suur arvestuslik valuutakursi kahjum, mis tekkis Vene rubla ja Ukraina grivna kursimuutusest juulis ja septembris, ulatudes kolmandas kvartalis kokku 8,8 miljoni kroonini (0,6 miljoni euroni). Töötajate arv vähenes aasta üheksa kuuga 241 inimese võrra, 1697-lt 1456-le. Töötajate arvu vähenemine puudutas eeskätt kaubandust ja omatootmist, kus septembri lõpul töötas vastavalt 133 ja 102 inimest vähem kui aasta algul. MÜÜGITULUD Müük ärisegmenditi -------------------------------------------------------------------------------- | EEK mln | 3 kv | 3 kv | +/- | 9k 2010 | 9k 2009 | +/- | | | 2010 | 2009 | | | | | -------------------------------------------------------------------------------- | Jaemüük | 194,0 | 198,3 | -2,2% | 536,9 | 599,3 | -10,4% | -------------------------------------------------------------------------------- | Hulgimüük | 14,8 | 25,8 | -42,6% | 38,1 | 59,4 | -35,9% | -------------------------------------------------------------------------------- | Muu | 2,2 | 1,0 | 120,0% | 5,9 | 1,5 | 293% | -------------------------------------------------------------------------------- | Kokku | 211,0 | 225,1 | -6,3% | 580,9 | 660,2 | -12,0% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK JAEMÜÜK Teises kvartalis pidurdunud müügilangus asendus kolmandas kvartalis müügitõusuga. Head müügitulemused saavutasid Balti regioon ning Ida-Euroopa, kus müügid kasvasid vastavalt 0,5% ja 2%. Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 3kv 2010 | 3kv 2009 | +/- | 9k 2010 | 9k | +/- | | | | | | | 2009 | | -------------------------------------------------------------------------------- | Eesti | 51,6 | 46,2 | 12% | 140,6 | 136,6 | 3% | -------------------------------------------------------------------------------- | Venemaa | 42,7 | 42,4 | 1% | 118,2 | 117,7 | 0% | -------------------------------------------------------------------------------- | Leedu | 39,7 | 46,0 | -14% | 110,6 | 141,7 | -22% | -------------------------------------------------------------------------------- | Ukraina | 28,6 | 27,8 | 3% | 81,1 | 90,8 | -11% | -------------------------------------------------------------------------------- | Läti | 25,8 | 24,5 | 5% | 69,7 | 77,8 | -10% | -------------------------------------------------------------------------------- | Poola | 5,6 | 7,8 | -28% | 16,7 | 23,3 | -28% | -------------------------------------------------------------------------------- | Tšehhi | 0,0 | 3,6 | -100% | 0 | 11,4 | -100% | -------------------------------------------------------------------------------- | Kokku | 194,0 | 198,3 | -2% | 536,9 | 599,3 | -10% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK BRÄNDID Brändide lõikes moodustas Baltika Grupi suurima brändi Montoni müük kolmanda kvartali jaemüügist 52,5% ehk 101,9 miljonit krooni (6,5 miljonit eurot). See on küll 6% võrra väiksem eelmise aasta tulemusest, kuid võrreldavate pindade müükides suudeti siiski saavutada 10% kasv. Mosaici müük saavutas kolmandas kvartalis eelmise aasta müügimahu, moodustades Grupi jaemüügist 33% ja ulatudes 64,4 miljoni kroonini (4,1 miljoni euroni). Võrreldavate poodide müügid kasvasid kolmandas kvartalis 10%. Müügimahu alusel on kolmandaks tõusnud Ivo Nikkolo kaubamärk 15,5 miljoni kroonise (1,0 miljoni eurose) müügitulemusega. Ivo Nikkolo müük suurenes kolmandas kvartalis 36% ning võrreldavate pindade müük 10%. Ivo Nikkolo oli ainus bränd, mis saavutas müügikasvu ka üheksa kuu lõikes. Baltmani müük vähenes kolmandas kvartalis 15% võrra 12,2 miljoni kroonini (0,8 miljoni euroni). POED JA MÜÜGIPIND 2010. aasta septembri lõpu seisuga oli Baltika Grupil 123 kauplust müügipinnaga 24 794 ruutmeetrit, mis on 15,3% vähem kui aasta tagasi. Üheksa kuuga suleti 11 kauplust: viis Ukrainas, neli Venemaal, üks Leedus ja Eestis. Avamisi oli kokku neli: üks Venemaal ja Lätis, kaks Eestis. Võrreldes eelmise aasta sama perioodiga vähenes Baltika Grupi poolt opereeritavate kaupluste arv 18 võrra, üheksa kuu keskmine müügipind vähenes 8% võrra. Kahjumlike poodide sulgemisprotsess jätkub ka neljandas kvartalis. Poed turgude lõikes -------------------------------------------------------------------------------- | | 30.09.2010 | 30.09.2009 | -------------------------------------------------------------------------------- | Leedu | 32 | 36 | -------------------------------------------------------------------------------- | Eesti | 31 | 32 | -------------------------------------------------------------------------------- | Venemaa | 22 | 30 | -------------------------------------------------------------------------------- | Ukraina | 18 | 21 | -------------------------------------------------------------------------------- | Läti | 15 | 15 | -------------------------------------------------------------------------------- | Poola | 5 | 5 | -------------------------------------------------------------------------------- | Tšehhi | 0 | 2 | -------------------------------------------------------------------------------- | Poed kokku | 123 | 141 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 24 794 | 29 277 | -------------------------------------------------------------------------------- HULGIMÜÜK Üheksa kuu hulgimüük ulatus 38,1 miljoni kroonini (2,4 miljoni euroni), vähenedes eelmise aastaga võrreldes 36%. Müügi peamiseks mõjutajaks on MasCara ja Heroldi toodete tootmise ja opereerimise müümine 2010. aasta aprillis, mille mõju kolmanda kvartali müügi vähenemisele on ligikaudu 13,0 miljonit krooni (0,8 miljonit eurot). Võrreldavad hulgimüügimahud jäid eelmise aasta tasemele. MAJANDUSTULEMUS 2010. aasta kolmanda kvartali tulemused olid jätkuvalt mõjutatud majanduslangusest tingitud tarbijate madalamast ostujõust, mis hakkas näitama juba tõusutrendi, poodide sulgemiskuludest ning valuutakursi kõikumiste täiendavad mõjudest. Tänu paremini juhitud allahindlustele ja varude tasemele teeniti üheksa kuu jooksul brutotulu ruutmeetri kohta 18% enam kui aasta tagasi samal perioodil. Üheksa kuu brutomarginaaliks kujunes 50,4%, mis oli eelmisel aastal samal perioodil 47%. Brutomarginaalile avaldasid kolmandas kvartalis mõju suuremad kauba kohaletoimetamise kulud. Kindlustamaks uue hooaja kvalitatiivset algust ning vastamaks operatiivselt tarbijate vajadustele, tihendati tarnegraafikuid. Baltika Grupi turustus- ja üldhalduskulud on vähenenud eelmise aasta üheksa kuuga võrreldes 46,7 miljonit krooni (3,0 miljoni eurot) ehk 12,9%. Samas vähenes keskmine müügipind 8%. Keskmised poe opereerimiskulud ruutmeetrile vähenesid eelmise aasta esimese üheksa kuuga võrreldes 2%, kusjuures rendikulud vähenesid 6% ja tööjõukulud jäid samale tasemele. Eestis asuvate tootmisettevõtete tööjõukulud vähenesid üheksa kuu jooksul eelmise aastaga võrreldes 27% ehk 13,5 miljoni krooni (0,9 miljoni euro) võrra. Tootmiskulude vähenemine tuleneb tootmistöötajate arvu vähenemisest ning tööjõukulude alanemisest. Kui 2010. aasta kuue kuu tulemustele avaldas valuutakursside liikumine mõju Baltika Grupile soodsas suunas, siis kolmandas kvartalis olid rubla ja grivna kursi liikumise tagajärjed Grupile negatiivsed. Bilansipäeva kursid nõrgenesid kolmandas kvartalis vastavalt Vene rubla -6,3% ja Ukraina grivna -7,5%, mille tõttu olid mitterahalised negatiivsed kursimuutuste mõjud kvartali tulemustele kokku 8,8 miljonit krooni (0,6 miljonit eurot). Kuna keskmised valuutakursid tervikuna kolmandas kvartalis oluliselt ei muutunud, siis selle mõju müükidele ja opereerimiskuludele oli minimaalne, kokku 0,5 miljonit krooni (0,03 miljonit eurot). Juba teist kvartalit järjest teenivad jaeturud kasumit. Baltika Grupi jaesüsteemist saadud kasum oli kolmandas kvartalis 5,5 miljonit krooni (0,35 miljonit eurot),(2009 3.kv kahjum oli 12,4 miljonit krooni/0,8 miljonit eurot). 2010. aasta kolmanda kvartali ärikahjum oli 27,3 miljonit krooni (1,7 miljonit eurot), mis oli 3,4 miljonit krooni (0,2 miljonit eurot) enam kui aasta tagasi. Kuigi Grupi intressi kandvad kohustused on vähenenud, on seoses laenumarginaalide ja keskmise laenujäägi kasvuga üheksa kuu intressikulud eelmise aastaga võrreldes suurenenud 31%, moodustades kokku 13,8 miljonit krooni (0,9 miljonit eurot). Kolmanda kvartali intressikulud vähenesid eelmise aastaga võrreldes 4%. Kolmanda kvartali puhaskahjum oli 33,4 miljonit krooni (2,1 miljonit eurot), mis oli 5,0 miljoni krooni (0,3 miljoni euro) võrra suurem kui eelmise aasta samal perioodil. Kolmanda kvartali puhaskahjumiks kujunes enne kursimuutuse mõju 24,1 miljonit krooni (1,5 miljonit eurot). Kokku teeniti 2010. aasta esimese üheksa kuuga kahjumit (peale makse ja vähemusosalust) 77,8 miljonit krooni (5,0 miljonit eurot). 2009. aastal teeniti samal perioodil kahjumit 125,7 miljonit krooni (8,0 miljonit eurot). FINANTSSEISUND 2010. aasta üheks tähtsamaks eesmärgiks on olnud Grupi finantsseisundi tugevdamine ja likviidsuse parandamine. 2010. aasta 30. septembri seisuga ulatus Baltika konsolideeritud bilansimaht 653,8 miljoni kroonini (41,8 miljoni euroni), vähenedes eelmise aasta lõpuga võrreldes 48,1 miljoni krooni (3,1 miljoni euro) võrra. Varud ulatusid septembri lõpus 174,5 miljoni kroonini (11,2 miljoni euroni), vähenedes aasta algusega võrreldes 7,3% (-13,7 miljonit krooni/-0,9 miljonit eurot), samal ajal vähenesid jaepinnad keskmiselt 8%. Täiendavast aktsiaemissioonist saadud vahendeid kasutati põhiliselt hankijatele võlgade tasumiseks ning sügishooaja kaupade õigeaegse sissetuleku kindlustamiseks. Võlad hankijatele ja muud kohustused vähenesid aasta algusega võrreldes 38,7 miljoni krooni (2,5 miljoni euro) võrra 120,7 miljoni kroonini (7,7 miljoni euroni). Baltika Grupp on saavutanud finantspositsiooni ja likviidsuse parema juhtimise tulemusel soodsamaid maksekokkuleppeid hankijatega, mille tulemusel on läbi paremini juhitud hankepoliitika tagatud optimaalsem varude struktuur ja maht. Septembri lõpus ulatusid Grupi võlakohustused 320,5 miljoni kroonini (20,5 miljoni euroni), vähenedes kolmandas kvartalis 6,7 miljoni krooni (0,4 miljoni euro) võrra. Pangalaenud olid kokku 308,9 miljonit krooni (19,7 miljonit eurot) ja kapitalirendi kohustused 6,8 miljonit krooni (0,4 miljonit eurot). Aasta algusega võrreldes on võlakohustused vähenenud 35,4 miljoni krooni (2,3 miljoni euro) võrra. Aktsiaemissioonist saadud täiendavate vahendite ning põhitegevusega mitteseotud varade realiseerimise tulemusel on Grupi netovõla (Intressi kandvad võlakohustused-Raha ja pangakontod) suhe omakapitali paranenud ja oli septembri lõpu seisuga 149% (31. detsember 2009: 183,1%). RAHAVOOG Investeerimisest ja finantseerimisest saadud vahendite abil on Baltika Grupp tugevdanud oma finantspositsiooni, et kindlustada oma äritegevuse jätkusuutlikkus majanduslanguse perioodil. Üheksa kuu rahavoog kokku oli 1,8 miljonit krooni (0,12 miljonit eurot), sh äritegevuse rahavoog -92,4/-5,9, investeerimise rahavoog 21,8/1,4 ja finantseerimise rahavoog 69,9/4,5 miljonit krooni/eurot. Finantspositsioone aitasid tugevdada täiendavast aktsiaemissioonist saadud 106,2 miljonit krooni (6,8 miljonit eurot) ning kinnisvara müügist saadud 24,6 miljonit krooni (1,6 miljonit eurot) ning äritegevusest saadud kahjumi vähenemine. Üheksa kuu jooksul olid pangalaenude tagasimaksed kokku 40 miljonit krooni/2,6 miljonit eurot (9k 2009 53,4 miljonit krooni/3,4 miljonit eurot). INVESTEERINGUD 2010. aasta üheksa kuu jooksul ulatusid Grupi investeeringud 3,2 miljoni kroonini/0,2 miljoni euroni (9k 2009: 94,4 miljonit krooni/6,0 miljonit eurot). Jaekaubandusse investeeriti 1,7 miljonit krooni (0,1 miljonit eurot) ning muud investeeringud ulatusid 1,5 miljoni kroonini (0,1 miljoni euroni). Teisel poolaastal on keskendutud põhiliselt infotehnoloogiliste protsesside täiustamisele ning eurole üleminekule. INIMESED Baltika Grupis töötas 2010. aasta septembri lõpu seisuga 1456 (30. september 2009: 1757) inimest, sealhulgas jaekaubanduses 796 (966), tootmises 478 (603) ning peakontoris 182 (188) inimest. Väljaspool Eestit töötas 610 (768) inimest ehk 42% Grupi töötajatest. Aasta algusega võrreldes on töötajate arv vähenenud 241 inimese võrra. Üheksa kuu keskmine töötajate arv Grupis oli 1560 (2009: 1840). Baltika Grupi töötajatele maksti 2010. aasta üheksa kuu jooksul kokku töötasusid 124,8 miljonit krooni/8,0 miljonit eurot (9k 2009: 150,4 miljonit krooni/9,6 miljonit eurot), mis oli 17% vähem kui aasta tagasi ja on seotud põhiliselt töötajate arvu ja keskmise palga vähenemisega. Nõukogu ja juhatuse liikmete tasud olid 4,4 miljonit krooni/0,3 miljonit eurot (9k 2009: 3,0 miljonit krooni/0,2 miljonit eurot) ja kasvasid seoses nõukogu liikmete arvu suurenemisega. TÄIENDAVATE AKTSIATE NOTEERIMINE 21. juunil 2010. aastal toimunud Baltika aktsionäride korraline üldkoosolek otsustas suurendada AS Baltika aktsiakapitali, emiteerides täiendavalt 8 850 000 nimelist lihtaktsiat nimiväärtusega 10 krooni. Ülekursi suurus oli 2 krooni aktsia kohta. 8 850 000 lihtaktsiat noteeriti NASDAQ OMX Tallinna börsi põhinimekirjas alates 20. septembrist 2010. KONTSERNI PÕHILISED ARVNÄITAJAD (9 kuud 2010) -------------------------------------------------------------------------------- | | 30.09.2010 | 30.09.2009 | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 580,9 | 660,2 | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 536,9 | 599,3 | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 92% | 91% | -------------------------------------------------------------------------------- | Poodide arv | 123 | 141 | -------------------------------------------------------------------------------- | Müügipind (m2) | 24 794 | 29 277 | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1 456 | 1 757 | -------------------------------------------------------------------------------- | Brutorentaablus | 50,0% | 47,0% | -------------------------------------------------------------------------------- | Ärirentaablus | -11,5% | -17,0% | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | -13,4% | -19,0% | -------------------------------------------------------------------------------- | Puhasrentaablus | -13,6% | -19,1% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,1 | 1,0 | -------------------------------------------------------------------------------- | Varude käibekordaja | 4,48 | 3,76 | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 149,0% | 178,9% | -------------------------------------------------------------------------------- | Omakapitali tootlus | -61,7% | -78,7% | -------------------------------------------------------------------------------- | Koguvarade tootlus | -16,5% | -25,7% | -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- | | 3 kv | 3 kv | 9k 2010 | 9k 2009 | | | 2010 | 2009 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 211 003 | 225 132 | 580 857 | 660 181 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -108 | -111 | -287 920 | -350 140 | | | 191 | 460 | | | -------------------------------------------------------------------------------- | Brutokasum | 102 812 | 113 672 | 292 937 | 310 041 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -109 | -120 | -328 906 | -376 760 | | | 050 | 461 | | | -------------------------------------------------------------------------------- | Üldhalduskulud | -11 866 | -10 135 | -32 843 | -31 696 | -------------------------------------------------------------------------------- | Muud äritulud | -7 618 | 607 | 6 224 | 642 | -------------------------------------------------------------------------------- | Muud ärikulud | -1 557 | -7 552 | -4 032 | -14 604 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -27 279 | -23 869 | -66 620 | -112 377 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | -1 114 | 10 | 2 519 | 26 | -------------------------------------------------------------------------------- | Finantskulud | -4 420 | -4 457 | -13 787 | -13 335 | -------------------------------------------------------------------------------- | Kasum enne maksustamist | -32 813 | -28 316 | -77 888 | -125 686 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | -682 | -112 | -1 175 | -344 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | -33 495 | -28 428 | -79 063 | -126 030 | | (kahjum) | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasumi (kahjumi) | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus puhaskasumis | -33 487 | -28 778 | -79 257 | -126 162 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- | Mittekontrolliva osaluse osa | -8 | 350 | 194 | 132 | | puhaskasumis (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | -841 | 3 811 | -2 751 | -2 184 | | ümberarvestusel | | | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | -34 336 | -24 617 | -81 814 | -128 214 | | (kahjum) | | | | | -------------------------------------------------------------------------------- | Perioodi koondkahjumi jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkasumis | -34 328 | -24 967 | -82 008 | -127 134 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- | Mittekontrolliva osaluse osa | -8 | 350 | 194 | -1 080 | | koondkasumis (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, EEK | -1,22 | -1,54 | -3,62 | -6,77 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | -1,22 | -1,54 | -3,62 | -6,77 | | kohta, EEK | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 3 kv | 3 kv | 9k 2010 | 9k 2009 | | | 2010 | 2009 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 13 486 | 14 389 | 37 124 | 42 193 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -6 915 | -7 124 | -18 401 | -22 378 | -------------------------------------------------------------------------------- | Brutokasum | 6 571 | 7 265 | 18 722 | 19 815 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -6 970 | -7 699 | -21 021 | -24 079 | -------------------------------------------------------------------------------- | Üldhalduskulud | -758 | -648 | -2 099 | -2 026 | -------------------------------------------------------------------------------- | Muud äritulud | -487 | 39 | 398 | 41 | -------------------------------------------------------------------------------- | Muud ärikulud | -100 | -483 | -258 | -933 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -1 743 | -1 526 | -4 258 | -7 182 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | -71 | 1 | 161 | 2 | -------------------------------------------------------------------------------- | Finantskulud | -282 | -285 | -881 | -852 | -------------------------------------------------------------------------------- | Kasum enne maksustamist | -2 097 | -1 810 | -4 978 | -8 033 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | -44 | -7 | -75 | -22 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | -2 141 | -1 817 | -5 053 | -8 055 | | (kahjum) | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasumi (kahjumi) | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus puhaskasumis | -2 140 | -1 839 | -5 065 | -8 063 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- | Mittekontrolliva osaluse osa | -1 | 22 | 12 | 8 | | puhaskasumis (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | -54 | 244 | -176 | -140 | | ümberarvestusel | | | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | -2 194 | -1 573 | -5 229 | -8 194 | | (kahjum) | | | | | -------------------------------------------------------------------------------- | Perioodi koondkahjumi jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkasumis | -2 194 | -1 596 | -5 241 | -8 125 | | (kahjumis) | | | | | -------------------------------------------------------------------------------- | Mittekontrolliva osaluse osa | -1 | 22 | 12 | -69 | | koondkasumis (kahjumis) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, EUR | -0,08 | -0,10 | -0,23 | -0,43 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | -0,08 | -0,10 | -0,23 | -0,43 | | kohta, EUR | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 30.09.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 7 838 | 6 024 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 65 047 | 54 932 | -------------------------------------------------------------------------------- | Varud | 174 522 | 188 181 | -------------------------------------------------------------------------------- | Käibevara kokku | 247 407 | 249 137 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 16 488 | 16 488 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 15 079 | 7 728 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 103 294 | 103 294 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 209 863 | 263 165 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 61 623 | 62 133 | -------------------------------------------------------------------------------- | Põhivara kokku | 406 347 | 452 808 | -------------------------------------------------------------------------------- | VARAD KOKKU | 653 754 | 701 945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 128 861 | 122 942 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 120 660 | 159 375 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 249 521 | 282 317 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 191 636 | 232 942 | -------------------------------------------------------------------------------- | Muud kohustused | 590 | 114 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 0 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 192 226 | 233 056 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 441 747 | 515 373 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 314 949 | 226 449 | -------------------------------------------------------------------------------- | Ülekurss | 19 798 | 1 049 | -------------------------------------------------------------------------------- | Reservid | 43 567 | 43 567 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | -77 617 | 81 487 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -79 257 | -159 104 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | -12 161 | -9 410 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv omakapital | 209 279 | 184 038 | | kokku | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 2 728 | 2 534 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 212 007 | 186 572 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 653 754 | 701 945 | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE, BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 30.09.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 501 | 385 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 4 157 | 3 511 | -------------------------------------------------------------------------------- | Varud | 11 154 | 12 027 | -------------------------------------------------------------------------------- | Käibevara kokku | 15 812 | 15 923 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 1 054 | 1 054 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 964 | 494 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 6 602 | 6 602 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 13 413 | 16 819 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 938 | 3 971 | -------------------------------------------------------------------------------- | Põhivara kokku | 25 970 | 28 940 | -------------------------------------------------------------------------------- | VARAD KOKKU | 41 782 | 44 862 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 8 236 | 7 857 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 7 712 | 10 186 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 15 947 | 18 043 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 12 248 | 14 888 | -------------------------------------------------------------------------------- | Muud kohustused | 38 | 7 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 0 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 12 285 | 14 895 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 28 233 | 32 938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 20 129 | 14 473 | -------------------------------------------------------------------------------- | Ülekurss | 1 265 | 67 | -------------------------------------------------------------------------------- | Reservid | 2 784 | 2 784 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | -4 961 | 5 208 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -5 065 | -10 169 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | -777 | -601 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 13 375 | 11 762 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Mittekontrolliv osalus | 174 | 162 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 13 550 | 11 924 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 41 782 | 44 862 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KKONSOLIDEERITUD RAHAVOOGUDE ARUANNE | | | -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes kroonides) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 9k 2010 | 9k 2009 | -------------------------------------------------------------------------------- | Äritegevus | | | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -66 620 | -112 377 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse põhivara kulum | 35 873 | 36 529 | | ning väärtuse langus | | | -------------------------------------------------------------------------------- | Kahjum (kasum) põhivara ja | 1 147 | 717 | | kinnisvarainvesteering müügist ja | | | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muud mitterahalised kulud | -5 122 | 1 474 | -------------------------------------------------------------------------------- | Muutused käibekapitalis: | | | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded saldo muutus | -19 826 | 13 656 | -------------------------------------------------------------------------------- | Varude saldo muutus | 13 659 | 73 282 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused saldo | -36 736 | -32 167 | | muutus | | | -------------------------------------------------------------------------------- | Makstud intressid | -13 937 | -10 577 | -------------------------------------------------------------------------------- | Makstud tulumaks | -840 | 1 276 | -------------------------------------------------------------------------------- | Netorahavoog äritegevusest | -92 402 | -28 187 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investeerimine | | | -------------------------------------------------------------------------------- | Põhivara soetamine, sh | -3 447 | -94 378 | -------------------------------------------------------------------------------- | kapitalirendi tingimustel | 674 | 3 775 | -------------------------------------------------------------------------------- | Põhivara müük | 24 592 | 713 | -------------------------------------------------------------------------------- | Osaluse soetamine tütarettevõtetes | 0 | -2 | -------------------------------------------------------------------------------- | Saadud intressid | 8 | 14 | -------------------------------------------------------------------------------- | Netorahavoog investeerimisest | 21 827 | -89 878 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantseerimine | | | -------------------------------------------------------------------------------- | Saadud laenud | 10 508 | 135 266 | -------------------------------------------------------------------------------- | Laenude tagasimaksed | -39 399 | -26 705 | -------------------------------------------------------------------------------- | Arvelduskrediidi saldo muutus | -639 | -26 778 | -------------------------------------------------------------------------------- | Makstud kapitalirendi- ja järelmakseid | -2 996 | -3 374 | -------------------------------------------------------------------------------- | Laekumine aktsiate emissioonist | 106 200 | 40 000 | -------------------------------------------------------------------------------- | Aktsiaemissiooni tehingukulud | 0 | -865 | -------------------------------------------------------------------------------- | Makstud eelisaktsiate dividendid | -3 793 | 0 | -------------------------------------------------------------------------------- | Makstud dividendid | -3 | 0 | -------------------------------------------------------------------------------- | Tehingud võlakirjadega | 0 | 185 | -------------------------------------------------------------------------------- | Netorahavoog finantseerimisest | 69 878 | 117 729 | -------------------------------------------------------------------------------- | Valuutakursi kasumi (kahjumi) mõju rahale ja | 2 511 | -2 837 | | raha ekvivalentidele | | | -------------------------------------------------------------------------------- | Rahavoog kokku | 1 814 | -3 173 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 6 024 | 8 671 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 7 838 | 5 498 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 1 814 | -3 173 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KONSOLIDEERITUD RAHAVOOGUDE ARUANNE | | | -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes eurodes) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 9k 2010 | 9k 2009 | -------------------------------------------------------------------------------- | Äritegevus | | | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -4 258 | -7 182 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse põhivara kulum | 2 293 | 2 335 | | ning väärtuse langus | | | -------------------------------------------------------------------------------- | Kahjum (kasum) põhivara ja | 73 | 46 | | kinnisvarainvesteering müügist ja | | | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muud mitterahalised kulud | -327 | 94 | -------------------------------------------------------------------------------- | Muutused käibekapitalis: | 0 | 0 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded saldo muutus | -1 267 | 873 | -------------------------------------------------------------------------------- | Varude saldo muutus | 873 | 4 684 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused saldo | -2 348 | -2 056 | | muutus | | | -------------------------------------------------------------------------------- | Makstud intressid | -891 | -676 | -------------------------------------------------------------------------------- | Makstud tulumaks | -54 | 82 | -------------------------------------------------------------------------------- | Netorahavoog äritegevusest | -5 906 | -1 801 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investeerimine | | | -------------------------------------------------------------------------------- | Põhivara soetamine, sh | -220 | -6 032 | -------------------------------------------------------------------------------- | kapitalirendi tingimustel | 43 | 241 | -------------------------------------------------------------------------------- | Põhivara müük | 1 572 | 46 | -------------------------------------------------------------------------------- | Osaluse soetamine tütarettevõtetes | 0 | -0,1 | -------------------------------------------------------------------------------- | Saadud intressid | 1 | 1 | -------------------------------------------------------------------------------- | Netorahavoog investeerimisest | 1 395 | -5 743 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantseerimine | | | -------------------------------------------------------------------------------- | Saadud laenud | 672 | 8 645 | -------------------------------------------------------------------------------- | Laenude tagasimaksed | -2 518 | -1 707 | -------------------------------------------------------------------------------- | Arvelduskrediidi saldo muutus | -41 | -1 711 | -------------------------------------------------------------------------------- | Makstud kapitalirendi- ja järelmakseid | -191 | -216 | -------------------------------------------------------------------------------- | Laekumine aktsiate emissioonist | 6 787 | 2 556 | -------------------------------------------------------------------------------- | Aktsiaemissiooni tehingukulud | 0 | -55 | -------------------------------------------------------------------------------- | Makstud eelisaktsiate dividendid | -242 | 0 | -------------------------------------------------------------------------------- | Makstud dividendid | -0,2 | 0 | -------------------------------------------------------------------------------- | Tehingud võlakirjadega | 0 | 12 | -------------------------------------------------------------------------------- | Netorahavoog finantseerimisest | 4 466 | 7 524 | -------------------------------------------------------------------------------- | Valuutakursi kasumi (kahjumi) mõju rahale ja | 160 | -181 | | raha ekvivalentidele | | | -------------------------------------------------------------------------------- | Rahavoog kokku | 116 | -203 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 385 | 554 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 501 | 351 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 116 | -203 | -------------------------------------------------------------------------------- Ülle Järv Finantsdirektor, Juhatuse liige +372 630 2731
Content of announcement in English
Title
BALTIKA GROUP'S FINANCIAL RESULTS, Q3 AND 9 MONTHS 2010
Message
PERFORMANCE IN BRIEF
Baltika Group has successfully adapted to the changed economic environment.
Thanks to a strengthened financial position, the Group has been able to direct
its main resources at improving the efficiency of its core activity and
implementing its strategic development plans. The past two quarters' upward
trends in sales and efficiency indicators were maintained through October and
management expects them to persist also throughout the fourth quarter.
In the third quarter, sales in Baltika's retail markets continued reviving,
gross margins continued improving and the Group's financial position continued
strengthening. The largest sales growth was achieved in the Estonian market
where third quarter sales improved by 12% year-over-year. Compared with the
previous year, sales grew also in the Latvian, Russian and Ukrainian markets.
Sales recovery is best reflected in the comparable store sales figures (sales
per square metre). In the third quarter, the Group's comparable store sales
improved by a total of 8%, the Estonian and Russian markets posting a rise of
11% and 25% (in local currency: 11%) respectively. Better comparable store sales
(on a year-over-year basis) were achieved also in the Latvian, Ukrainian and
Polish markets. In the third quarter, total sales efficiency (total sales per
square metre) increased 14%.
Strong sales results in the Group's retail markets are attributable to the
brands' successful autumn collections. In terms of brands, comparable sales for
the third quarter grew as follows: Mosaic, Ivo Nikkolo and Monton 10%. In terms
of sales volume, the best performer was Ivo Nikkolo whose third quarter sales
expanded by 36%.
Baltika ended the third quarter of 2010 with revenue of 211.0 million kroons
(13.5 million euros), a 6% decrease year-over-year. The third quarter decline in
retail sales was the smallest of recent quarters - in the third quarter retail
sales dropped by 2% year-over-year in a situation where the average sales area
shrunk by 14% owing to the closure of loss-generating stores. Since the
beginning of the year, the Group has closed 11 and opened four stores. The
closure of loss-generating stores will continue also in the fourth quarter.
The Group's retail markets generated a profit for the second consecutive
quarter. Baltika's retail system ended the third quarter with a profit of 5.5
million kroons (0.35 million euros) while the third quarter of 2009 ended in a
loss of 12.4 million kroons (0.8 million euros).
Compared with the first nine months of 2009, the Group's operating expenses have
decreased by 46.7 million kroons (3.0 million euros)- distribution expenses have
dropped by 47.9 million kroons (3.1 million euros) and administrative expenses
by 1.1 million kroons (0.1 million euros).
The Group's net loss for the third quarter, excluding the effect of exchange
differences, was 24.1 million kroons (1.5 million euros). Third-quarter results
were adversely affected by a book exchange loss of 8.8 million kroons (0.6
million euros) triggered by fluctuations in the exchange rates of the Russian
rouble and the Ukrainian hryvna that occurred in July and September.
During the first nine months of the year, the Group's workforce decreased by 241
- from 1,697 to 1,456. Downsizing was the most extensive in retailing and
manufacturing where the Group was forced to release 133 and 102 people
respectively.
REVENUE
Revenue by segment
--------------------------------------------------------------------------------
| EEK, million | Q3 2010 | Q3 2009 | +/- | 9M 2010 | 9M 2009 | +/- |
--------------------------------------------------------------------------------
| Retail | 194.0 | 198.3 | -2.2% | 536.9 | 599.3 | -10.4% |
--------------------------------------------------------------------------------
| Wholesale | 14.8 | 25.8 | -42.6% | 38.1 | 59.4 | -35.9% |
--------------------------------------------------------------------------------
| Other | 2.2 | 1.0 | 120.0% | 5.9 | 1.5 | 293% |
--------------------------------------------------------------------------------
| Total | 211.0 | 225.1 | -6.3% | 580.9 | 660.2 | -12.0% |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
RETAIL
In the third quarter, the sales decline that had been slowing in the second
quarter was replaced by a rise. Strong results were achieved in the Baltic
region and Eastern Europe where sales grew by 0.5% and 2% respectively.
Retail sales by market
--------------------------------------------------------------------------------
| EEK million | Q3 2010 | Q3 2009 | +/- | 9m 2010 | 9m | +/- |
| | | | | | 2009 | |
--------------------------------------------------------------------------------
| Estonia | 51,6 | 46,2 | 12% | 140,6 | 136,6 | 3% |
--------------------------------------------------------------------------------
| Russia | 42,7 | 42,4 | 1% | 118,2 | 117,7 | 0% |
--------------------------------------------------------------------------------
| Lithuania | 39,7 | 46,0 | -14% | 110,6 | 141,7 | -22% |
--------------------------------------------------------------------------------
| Ukraine | 28,6 | 27,8 | 3% | 81,1 | 90,8 | -11% |
--------------------------------------------------------------------------------
| Latvia | 25,8 | 24,5 | 5% | 69,7 | 77,8 | -10% |
--------------------------------------------------------------------------------
| Poland | 5,6 | 7,8 | -28% | 16,7 | 23,3 | -28% |
--------------------------------------------------------------------------------
| Czech Republic | 0,0 | 3,6 | -100% | 0,0 | 11,4 | -100% |
--------------------------------------------------------------------------------
| Total | 194,0 | 198,3 | -2% | 536,9 | 599,3 | -10% |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
BRANDS
In terms of brands, the largest revenue contributor was Monton that accounted
for 52.5% i.e. 101.9 million kroons (6.5 million euros) of the Group's total
third quarter retail revenue. Although this is 6% less than in the previous
year, in terms of comparable store sales the brand achieved growth of 10%.
Mosaic's third quarter sales rose to the level of the previous year, amounting
to 64.4 million kroons (4.1 million euros) i.e. 33% of the Group's total retail
revenue. Comparable store sales for the third quarter grew by 10%
year-over-year. In terms of revenue contribution, the third position was claimed
by Ivo Nikkolo with 15.5 million kroons (1.0 million euros). In the third
quarter, total sales of Ivo Nikkolo grew by 36% and comparable store sales
improved by 10%. Ivo Nikkolo was the only brand that posted sales growth also
for the first nine months of the year. Sales of Baltman decreased in the third
quarter by 15% to 12.2 million kroons (0.8 million euros).
STORES AND SALES AREA
At the end of September 2010, Baltika Group had 123 stores with a total sales
area of 24,794 square metres, 15.3% down from a year ago. In the first nine
months, the Group closed 11 stores - five in Ukraine, four in Russia, one in
Lithuania, and one in Estonia, and opened four stores - one in Russia, one in
Latvia, and two in Estonia. Compared with the same period in 2009, the number of
stores operated by Baltika decreased by 18 and the average sales area shrank by
8%. Baltika will continue closing non-profitable stores also in the fourth
quarter of 2010.
Stores by market
--------------------------------------------------------------------------------
| | 30 Sept 2010 | 30 Sept 2009 |
--------------------------------------------------------------------------------
| Lithuania | 32 | 36 |
--------------------------------------------------------------------------------
| Estonia | 31 | 32 |
--------------------------------------------------------------------------------
| Russia | 22 | 30 |
--------------------------------------------------------------------------------
| Ukraine | 18 | 21 |
--------------------------------------------------------------------------------
| Latvia | 15 | 15 |
--------------------------------------------------------------------------------
| Poland | 5 | 5 |
--------------------------------------------------------------------------------
| Czech Republic | 0 | 2 |
--------------------------------------------------------------------------------
| Total number of stores | 123 | 141 |
--------------------------------------------------------------------------------
| Total sales area, m2 | 24,794 | 29,277 |
--------------------------------------------------------------------------------
WHOLESALE
Wholesale revenues for the first nine months of 2010 totalled 38.1 million
kroons (2.4 million euros), a 36% decrease year-over-year. The period's
wholesale figures were influenced mainly by the divestment of the manufacture
and operation of the MasCara and Herold in brands in April 2010; the impact of
the transaction on the third quarter sales decrease was in the region of 13.0
million kroons (0.8 million euros). Comparable wholesale revenues remained at
the level of the previous year.
EARNINGS AND MARGINS
The Group's performance in the third quarter of 2010 continued to be influenced
by the crisis-induced weakening in the consumers' purchasing power that began
showing the first signs of recovery, store closure expenses and the additional
effect of exchange rate fluctuations. Thanks to better discount planning and
inventory management, nine-month gross profit per square metre grew by 18%
year-over-year. The gross margin for the first nine months was 50.4% against 47%
for the same period in 2009.
The third quarter gross margin was influenced by growth in delivery charges. In
order to ensure a quality beginning for the new season and respond timely to
consumer needs, the Group increased the frequency of its scheduled deliveries.
The Group's nine-month distribution and administrative expenses decreased by
46.7 million kroons (3.0 million euros) i.e. 12.9% year-over-year while the
average sales area shrank by 8%. Average store operating expenses per square
metre decreased by 2% compared with the first nine months of 2009 - rental
expenses declined by 6% and personnel expenses remained stable.
The nine-month personnel expenses of the Group's Estonian production entities
decreased by 27% i.e. 13.5 million kroons (0.9 million euros) year-over-year.
Production expenses have decreased on account of downsizing and an ensuing
decline in personnel expenses.
If in the first six months exchange rate fluctuations had a positive impact on
the Group's performance, then in the third quarter movements in the exchange
rates of the rouble and the hryvna had an adverse effect on the Group's results.
In the third quarter, reporting-date exchange rates weakened as follows: the
Russian rouble -6.3% and the Ukrainian hryvna -7.5%. As a result, the total
negative non-monetary impact of movements in exchange rates on the results for
the third quarter was 8.8 million kroons (0.6 million euros). Since the average
exchange rates for the third quarter did not change significantly, the impact on
sales and operating expenses was minimal - a total of 0.5 million kroons (0.03
million euros).
The Group's retail operations posted a profit for the second consecutive
quarter. In the third quarter, Baltika's retail system generated a profit of 5.5
million kroons (0.35 million euros) compared with a loss of 12.4 million kroons
(0.8 million euros) in the third quarter of 2009.
The Group's operating loss for the third quarter of 2010 was 27.3 million kroons
(1.7 million euros), a 3.4 million kroon (0.2 million euro) increase
year-over-year.
Although the Group's interest-bearing liabilities have decreased, interest
expense for the first nine months grew by 31% year-over-year to 13.8 million
kroons (0.9 million euros) because of a rise in loan margins and growth in the
average loan balance. Interest expense for the third quarter decreased by 4%
year-over-year.
The Group's net loss for the third quarter amounted to 33.4 million kroons (2.1
million euros), an increase of 5.0 million kroons (0.3 million euros) on the
same period in 2009. Third quarter net loss before the effect of exchange rate
fluctuations was 24.1 million kroons (1.5 million euros). Baltika's net loss for
the first nine months of 2010 (after tax and the non-controlling interest)
amounted to 77.8 million kroons (5.0 million euros). In the same period in 2009,
the Group incurred a net loss of 125.7 million kroons (8.0 million euros).
FINANCIAL POSITION
In 2010 the Group has put a lot of effort in strengthening its financial
position and improving its liquidity.
As at 30 September 2010, Baltika's consolidated assets stood at 653.8 million
kroons (41.8 million euros), a 48.1 million kroon (3.1 million euro) decrease
compared with the end of the previous year.
At the end of September, inventories totalled 174.5 million kroons (11.2 million
euros), 7.3% (13.7 million kroons/0.9 million euros) down from the beginning of
the year. During the same period, the average retail space decreased by 8%. For
the most part, the funds raised through the additional share issue were used for
settling trade payables and securing timely delivery of goods for the autumn
season. Compared with the beginning of the year, trade and other payables
decreased by 38.7 million kroons (2.5 million euros) to 120.7 million kroons
(7.7 million euros). Through better management of its financial position and
liquidity, the Group has been able to secure better settlement terms from the
suppliers. This in combination with better management of the purchasing policy
has allowed achieving a more optimal structure and volume of inventories.
At the end of September, the Group's borrowings totalled 320.5 million kroons
(20.5 million euros), having decreased in the third quarter by 6.7 million
kroons (0.4 million euros). Bank loans totalled 308.9 million kroons (19.7
million euros) and finance lease liabilities amounted to 6.8 million kroons (0.4
million euros). Compared with the beginning of the year, the debt burden has
decreased by 35.5 million kroons (2.3 million euros).
The Group's net debt (interest-bearing liabilities less cash and bank balances)
to equity ratio has improved thanks to the additional funds raised through the
share issue and the disposal of assets not required for the core activity. At 30
September 2010, the ratio was 149% (31 December 2009: 183.1%).
CASH FLOWS
The Group has used the funds raised through investing and financing activities
for improving its financial position in order to ensure sustainable development
of its operating activities in a period of economic downturn.
Net cash flow for the first nine months was positive at 1.8 million kroons,
including cash outflows from operating activities of -92.4 million kroons(0.12
million euros) and cash inflows from investing and financing activities of 21.8
million kroons (5.9 million euros) and 69.9 million kroons(4.5 million euros)
respectively. The Group's financial position was strengthened by the 106.2
million kroons (6.8 million euros) raised through an additional share issue,
24.6 million kroons (1.6 million euros) raised by the sale of real estate and a
decrease in operating loss. In the first nine months, loan repayments to banks
totalled 40.0 million kroons (9 months 2009: 53.4 million kroons).
INVESTMENT
In the first nine months of 2010 the Group made capital investments of 3.2
million kroons (0.2 million euros) (9 months 2009: 94.4 million kroons/6.0
million euros). Investments in the retail system totalled 1.7 million kroons
(0.1 million euros) and other investments amounted to 1.5 million kroons (0.1
million euros). In the second half-year, the main investments have been directed
at upgrading the Group's IT processes and adopting the euro.
PEOPLE
At the end of September 2010, Baltika Group employed 1,456 (30 September 2009:
1,757) people, 796 (966) of them in the retail system, 478 (603) in
manufacturing and 182 (188) at the head office. People employed outside Estonia
numbered 610 (768), accounting for 42% of the total workforce. Compared with the
beginning of the year, the headcount has decreased by 241. The period's average
number of staff was 1,560 (9 months 2009: 1,840).
The Group's employee remuneration expenses for the first nine months of 2010
totalled 124.8 million kroons/8.0 million euros (9 months 2009: 150.4 million
kroons/9.6 million euros), a 17% decrease year-over-year. Payroll expenses have
declined on account of a decrease in the number of staff and the average salary.
The remuneration of the members of the supervisory council and management board
amounted to 4.4 million kroons/0.3 million euros (9 months 2009: 3.0 million
kroons/0.2 million euros). The figure has grown because the membership of the
supervisory council has increased.
LISTING OF ADDITIONAL SHARES
The annual general meeting that convened on 21 June 2010 resolved to increase
the share capital of AS Baltika by issuing 8,850,000 additional registered
ordinary shares with a par value of 10 kroons at a premium of 2 kroons per
share. The 8,850,000 ordinary shares were listed in the main list of the NASDAQ
OMX Tallinn Stock Exchange on 20 September 2010.
KEY FIGURES OF THE GROUP (9 months 2010)
--------------------------------------------------------------------------------
| | 30.09.2010 | 30.09.2009 | +/- |
--------------------------------------------------------------------------------
| Revenue (EEK million) | 580,9 | 660,2 | -12,0% |
--------------------------------------------------------------------------------
| Retail sales (EEK million) | 536,9 | 599,3 | -10,4% |
--------------------------------------------------------------------------------
| Share of retail sales in revenue | 92% | 91% | |
--------------------------------------------------------------------------------
| Number of stores | 123 | 141 | -12,8% |
--------------------------------------------------------------------------------
| Sales area (sqm) | 24 794 | 29 277 | -15,3% |
--------------------------------------------------------------------------------
| Number of employees (end of | 1 456 | 1 757 | -17,1% |
| period) | | | |
--------------------------------------------------------------------------------
| Gross margin | 50,0% | 47,0% | |
--------------------------------------------------------------------------------
| Operating margin | -11,5% | -17,0% | |
--------------------------------------------------------------------------------
| EBT margin | -13,4% | -19,0% | |
--------------------------------------------------------------------------------
| Net margin | -13,6% | -19,1% | |
--------------------------------------------------------------------------------
| Current ratio | 1,1 | 1,0 | 10,0% |
--------------------------------------------------------------------------------
| Inventory turnover | 4,48 | 3,76 | 19,1% |
--------------------------------------------------------------------------------
| Debt to equity ratio | 149,0% | 178,9% | |
--------------------------------------------------------------------------------
| Return on equity | -61,7% | -78,7% | |
--------------------------------------------------------------------------------
| Return on assets | -16,5% | -25,7% | |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
Underlying formulas
Gross margin = (Revenue - Cost of sales)/ Revenue
Operating margin = Operating profit / Revenue
EBT margin = Profit before income tax / Revenue
Net margin = Net profit (attributable to the parent) / Revenue
Current ratio = Current assets / Current liabilities
Inventory turnover ratio = Revenue / Average inventories*
Debt to equity ratio = Interest-bearing liabilities / Equity
Return on equity = Net profit (attributable to the parent)/ Average equity*
Return on assets = Net profit (attributable to the parent)/ Average total
assets*
*12 months' average
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE | | | |
| INCOME | | | |
--------------------------------------------------------------------------------
| (unaudited, in EEK thousand) | | |
--------------------------------------------------------------------------------
| | Q3 2010 | Q3 2009 | 9m 2010 | 9m 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 211 003 | 225 132 | 580 857 | 660 181 |
--------------------------------------------------------------------------------
| Cost of goods sold | -108 191 | -111 460 | -287 920 | -350 140 |
--------------------------------------------------------------------------------
| Gross profit | 102 812 | 113 672 | 292 937 | 310 041 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -109 050 | -120 461 | -328 906 | -376 760 |
--------------------------------------------------------------------------------
| Administrative and general | -11 866 | -10 135 | -32 843 | -31 696 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating income | -7 618 | 607 | 6 224 | 642 |
--------------------------------------------------------------------------------
| Other operating expenses | -1 557 | -7 552 | -4 032 | -14 604 |
--------------------------------------------------------------------------------
| Operating profit (loss) | -27 279 | -23 869 | -66 620 | -112 377 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income | -1 114 | 10 | 2 519 | 26 |
--------------------------------------------------------------------------------
| Finance costs | -4 420 | -4 457 | -13 787 | -13 335 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | -32 813 | -28 316 | -77 888 | -125 686 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -682 | -112 | -1 175 | -344 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) | -33 495 | -28 428 | -79 063 | -126 030 |
--------------------------------------------------------------------------------
| Profit (loss) attributable to: | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable | -33 487 | -28 778 | -79 257 | -126 162 |
| to equity holders of the parent | | | | |
| company | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) attributable | -8 | 350 | 194 | 132 |
| to non-controlling interests | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
| (loss) | | | | |
--------------------------------------------------------------------------------
| Currency translation | -841 | 3 811 | -2 751 | -2 184 |
| differences | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | -34 336 | -24 617 | -81 814 | -128 214 |
| (loss) | | | | |
--------------------------------------------------------------------------------
| Comprehensive income (loss) | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | -34 328 | -24 967 | -82 008 | -127 134 |
| company | | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | -8 | 350 | 194 | -1 080 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EEK | -1,22 | -1,54 | -3,62 | -6,77 |
--------------------------------------------------------------------------------
| Diluted earnings per share, EEK | -1,22 | -1,54 | -3,62 | -6,77 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE | | | |
| INCOME | | | |
--------------------------------------------------------------------------------
| (unaudited, in EUR thousand) | | |
--------------------------------------------------------------------------------
| | Q3 2010 | Q3 | 9m 2010 | 9m 2009 |
| | | 2009 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 13 486 | 14 389 | 37 124 | 42 193 |
--------------------------------------------------------------------------------
| Cost of goods sold | -6 915 | -7 124 | -18 401 | -22 378 |
--------------------------------------------------------------------------------
| Gross profit | 6 571 | 7 265 | 18 722 | 19 815 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution costs | -6 970 | -7 699 | -21 021 | -24 079 |
--------------------------------------------------------------------------------
| Administrative and general | -758 | -648 | -2 099 | -2 026 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating income | -487 | 39 | 398 | 41 |
--------------------------------------------------------------------------------
| Other operating expenses | -100 | -483 | -258 | -933 |
--------------------------------------------------------------------------------
| Operating profit (loss) | -1 743 | -1 526 | -4 258 | -7 182 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income | -71 | 1 | 161 | 2 |
--------------------------------------------------------------------------------
| Finance costs | -282 | -285 | -881 | -852 |
--------------------------------------------------------------------------------
| Profit (loss) before income | -2 097 | -1 810 | -4 978 | -8 033 |
| tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -44 | -7 | -75 | -22 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit (loss) | -2 141 | -1 817 | -5 053 | -8 055 |
--------------------------------------------------------------------------------
| Profit (loss) attributable | | | | |
| to: | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) | -2 140 | -1 839 | -5 065 | -8 063 |
| attributable to equity | | | | |
| holders of the parent | | | | |
| company | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) | -1 | 22 | 12 | 8 |
| attributable to | | | | |
| non-controlling interests | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
| (loss) | | | | |
--------------------------------------------------------------------------------
| Currency translation | -54 | 244 | -176 | -140 |
| differences | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | -2 194 | -1 573 | -5 229 | -8 194 |
| (loss) | | | | |
--------------------------------------------------------------------------------
| Comprehensive income (loss) | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | -2 194 | -1 596 | -5 241 | -8 125 |
| parent company | | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | -1 | 22 | 12 | -69 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, | -0,08 | -0,10 | -0,23 | -0,43 |
| EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share, | -0,08 | -0,10 | -0,23 | -0,43 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF | | | |
| FINANCIAL POSITION | | | |
--------------------------------------------------------------------------------
| (unaudited, in EEK thousand) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 30.09.2010 | 31.12.2009 | |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and bank | 7 838 | 6 024 | |
--------------------------------------------------------------------------------
| Trade and other receivables | 65 047 | 54 932 | |
--------------------------------------------------------------------------------
| Inventories | 174 522 | 188 181 | |
--------------------------------------------------------------------------------
| Total current assets | 247 407 | 249 137 | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Deferred income tax asset | 16 488 | 16 488 | |
--------------------------------------------------------------------------------
| Other non-current assets | 15 079 | 7 728 | |
--------------------------------------------------------------------------------
| Investment property | 103 294 | 103 294 | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 209 863 | 263 165 | |
--------------------------------------------------------------------------------
| Intangible assets | 61 623 | 62 133 | |
--------------------------------------------------------------------------------
| Total non-current assets | 406 347 | 452 808 | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 653 754 | 701 945 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings | 128 861 | 122 942 | |
--------------------------------------------------------------------------------
| Trade and other payables | 120 660 | 159 375 | |
--------------------------------------------------------------------------------
| Total current liabilities | 249 521 | 282 317 | |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings | 191 636 | 232 942 | |
--------------------------------------------------------------------------------
| Other liabilities | 590 | 114 | |
--------------------------------------------------------------------------------
| Deferred income tax liability | 0 | 0 | |
--------------------------------------------------------------------------------
| Total non-current liabilities | 192 226 | 233 056 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 441 747 | 515 373 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital at par value | 314 949 | 226 449 | |
--------------------------------------------------------------------------------
| Share premium | 19 798 | 1 049 | |
--------------------------------------------------------------------------------
| Reserves | 43 567 | 43 567 | |
--------------------------------------------------------------------------------
| Retained earnings | -77 617 | 81 487 | |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | -79 257 | -159 104 | |
--------------------------------------------------------------------------------
| Currency translation differences | -12 161 | -9 410 | |
--------------------------------------------------------------------------------
| Total equity attributable to | 209 279 | 184 038 | |
| equity holders of the parent | | | |
| company | | | |
--------------------------------------------------------------------------------
| Non-controlling interest | 2 728 | 2 534 | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 212 007 | 186 572 | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 653 754 | 701 945 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL | | |
| POSITION | | |
--------------------------------------------------------------------------------
| (unaudited, in EUR thousand) | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 30.09.2010 | 31.12.2009 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and bank | 501 | 385 |
--------------------------------------------------------------------------------
| Trade and other receivables | 4 157 | 3 511 |
--------------------------------------------------------------------------------
| Inventories | 11 154 | 12 027 |
--------------------------------------------------------------------------------
| Total current assets | 15 812 | 15 923 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred income tax asset | 1 054 | 1 054 |
--------------------------------------------------------------------------------
| Other non-current assets | 964 | 494 |
--------------------------------------------------------------------------------
| Investment property | 6 602 | 6 602 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 13 413 | 16 819 |
--------------------------------------------------------------------------------
| Intangible assets | 3 938 | 3 971 |
--------------------------------------------------------------------------------
| Total non-current assets | 25 970 | 28 940 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 41 782 | 44 862 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 8 236 | 7 857 |
--------------------------------------------------------------------------------
| Trade and other payables | 7 712 | 10 186 |
--------------------------------------------------------------------------------
| Total current liabilities | 15 947 | 18 043 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 12 248 | 14 888 |
--------------------------------------------------------------------------------
| Other liabilities | 38 | 7 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 0 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 12 285 | 14 895 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 28 233 | 32 938 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital at par value | 20 129 | 14 473 |
--------------------------------------------------------------------------------
| Share premium | 1 265 | 67 |
--------------------------------------------------------------------------------
| Reserves | 2 784 | 2 784 |
--------------------------------------------------------------------------------
| Retained earnings | -4 961 | 5 208 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | -5 065 | -10 169 |
--------------------------------------------------------------------------------
| Currency translation differences | -777 | -601 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 13 375 | 11 762 |
| of the parent company | | |
--------------------------------------------------------------------------------
| Non-controlling interest | 174 | 162 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 13 550 | 11 924 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 41 782 | 44 862 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASF FLOW STATEMENT | | |
--------------------------------------------------------------------------------
| (unaudited, in EEK thousand) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 9m 2010 | 9m 2009 |
--------------------------------------------------------------------------------
| Operating activities | | |
--------------------------------------------------------------------------------
| Operating profit (loss) | -66 620 | -112 377 |
--------------------------------------------------------------------------------
| Adjustments: | | |
--------------------------------------------------------------------------------
| Depreciation, amortization and impairment of | 35 873 | 36 529 |
| PPE and intangibles | | |
--------------------------------------------------------------------------------
| Loss (gain) from disposal of PPE and investment | 1 147 | 717 |
| property | | |
--------------------------------------------------------------------------------
| Other non-monetary expenses | -5 122 | 1 474 |
--------------------------------------------------------------------------------
| Changes in working capital: | 0 | 0 |
--------------------------------------------------------------------------------
| Change in trade and other receivables | -19 826 | 13 656 |
--------------------------------------------------------------------------------
| Change in inventories | 13 659 | 73 282 |
--------------------------------------------------------------------------------
| Change in trade and other payables | -36 736 | -32 167 |
--------------------------------------------------------------------------------
| Interest paid | -13 937 | -10 577 |
--------------------------------------------------------------------------------
| Income tax paid | -840 | 1 276 |
--------------------------------------------------------------------------------
| Net cash generated from operating activities | -92 402 | -28 187 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing activities | | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and equipment, | -3 447 | -94 378 |
| intangibles, thereof | | |
--------------------------------------------------------------------------------
| Under the finance lease terms | 674 | 3 775 |
--------------------------------------------------------------------------------
| Proceeds from disposal of property, plant and | 24 592 | 713 |
| equipment | | |
--------------------------------------------------------------------------------
| Investments in subsidiaries | 0 | -2 |
--------------------------------------------------------------------------------
| Interest received | 8 | 14 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 21 827 | -89 878 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing activities | | |
--------------------------------------------------------------------------------
| Received borrowings | 10 508 | 135 266 |
--------------------------------------------------------------------------------
| Repayments of borrowings | -39 399 | -26 705 |
--------------------------------------------------------------------------------
| Change in bank overdraft | -639 | -26 778 |
--------------------------------------------------------------------------------
| Repayments of finance lease and other | -2 996 | -3 374 |
| liabilities | | |
--------------------------------------------------------------------------------
| Receipts from share issue | 106 200 | 40 000 |
--------------------------------------------------------------------------------
| Transaction costs of issuing preference shares | 0 | -865 |
--------------------------------------------------------------------------------
| Dividend paid for preference shares | -3 793 | 0 |
--------------------------------------------------------------------------------
| Dividend paid | -3 | 0 |
--------------------------------------------------------------------------------
| Bonds transactions | 0 | 185 |
--------------------------------------------------------------------------------
| Net cash generated from financing activities | 69 878 | 117 729 |
--------------------------------------------------------------------------------
| Effect of exchange gains (losses) on cash and | 2 511 | -2 837 |
| cash equivalents | | |
--------------------------------------------------------------------------------
| Total cash flows | 1 814 | -3 173 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of | 6 024 | 8 671 |
| the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the | 7 838 | 5 498 |
| period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 1 814 | -3 173 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT | | |
--------------------------------------------------------------------------------
| (unaudited, in EUR thousand) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 9m 2010 | 9m 2009 |
--------------------------------------------------------------------------------
| Operating activities | | |
--------------------------------------------------------------------------------
| Operating profit (loss) | -4 258 | -7 182 |
--------------------------------------------------------------------------------
| Adjustments: | | |
--------------------------------------------------------------------------------
| Depreciation, amortization and impairment of | 2 293 | 2 335 |
| PPE and intangibles | | |
--------------------------------------------------------------------------------
| Loss (gain) from disposal of PPE and investment | 73 | 46 |
| property | | |
--------------------------------------------------------------------------------
| Other non-monetary expenses | -327 | 94 |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Change in trade and other receivables | -1 267 | 873 |
--------------------------------------------------------------------------------
| Change in inventories | 873 | 4 684 |
--------------------------------------------------------------------------------
| Change in trade and other payables | -2 348 | -2 056 |
--------------------------------------------------------------------------------
| Interest paid | -891 | -676 |
--------------------------------------------------------------------------------
| Income tax paid | -54 | 82 |
--------------------------------------------------------------------------------
| Net cash generated from operating activities | -5 906 | -1 801 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing activities | | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and equipment, | -220 | -6 032 |
| intangibles, thereof | | |
--------------------------------------------------------------------------------
| Under the finance lease terms | 43 | 241 |
--------------------------------------------------------------------------------
| Proceeds from disposal of property, plant and | 1 572 | 46 |
| equipment | | |
--------------------------------------------------------------------------------
| Investments in subsidiaries | 0 | -0,1 |
--------------------------------------------------------------------------------
| Interest received | 1 | 1 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 1 395 | -5 743 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing activities | | |
--------------------------------------------------------------------------------
| Received borrowings | 672 | 8 645 |
--------------------------------------------------------------------------------
| Repayments of borrowings | -2 518 | -1 707 |
--------------------------------------------------------------------------------
| Change in bank overdraft | -41 | -1 711 |
--------------------------------------------------------------------------------
| Repayments of finance lease and other | -191 | -216 |
| liabilities | | |
--------------------------------------------------------------------------------
| Receipts from share issue | 6 787 | 2 556 |
--------------------------------------------------------------------------------
| Transaction costs of issuing preference shares | 0 | -55 |
--------------------------------------------------------------------------------
| Dividend paid for preference shares | -242 | 0 |
--------------------------------------------------------------------------------
| Dividend paid | -0,2 | 0 |
--------------------------------------------------------------------------------
| Bonds transactions | 0 | 12 |
--------------------------------------------------------------------------------
| Net cash generated from financing activities | 4 466 | 7 524 |
--------------------------------------------------------------------------------
| Effect of exchange gains (losses) on cash and | 160 | -181 |
| cash equivalents | | |
--------------------------------------------------------------------------------
| Total cash flows | 116 | -203 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of | 385 | 554 |
| the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the | 501 | 351 |
| period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 116 | -203 |
--------------------------------------------------------------------------------
Ülle Järv
Finantsdirektor, Juhatuse liige
+372 630 2731