Market announcement
AS Silvano Fashion Group
LEI code
529900JNG41RRJKJYB65
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2951
Attachments
Submission date and time
10.11.2010 21:28:28
Content of announcement in Estonian
Title
2010. aasta III kvartali ja 9 kuu konsolideeritud vahearuanne
Message
Tegevusaruanne
Äritulemused
Kontserni peamistel turgudel on aasta algusest saadik jätkunud elavnemine. Kuni
septembrini oli majanduslik olukord kontserni võtmeturul Venemaal tõusujoonel,
kuid sügisel ilmnesid esimesed märgid kasvu aeglustumisest. 2010. aasta esimesel
poolaastal tugevnes Vene rubla valuutakorvi suhtes 3,3%, kuid alates juulist on
Vene rubla hakanud peamiste valuutade suhtes nõrgenema. Samas toetavad nafta ja
gaasi hinnad endiselt Venemaa majandust. Kõige selle tulemusena on 2009. aasta
lõpust alates lõpptarbija turul jaemüügihinnad kasvanud, kuigi sügisel on kasv
pisut aeglustunud. Kontserni 2010. aasta 9 kuu käive Venemaal ületas eelmise
aasta sama perioodi näitajat 24,0%.
Veebruaris Ukrainas toimunud presidendivalimised stabiliseerisid mõnevõrra
olukorda riigis ning vähendasid Ukraina turul valitsenud ebakindlust. Venemaaga
võrreldes jääb Ukraina majanduse taastumine tagasihoidlikumaks.
Valgevene turg püsis kogu 2009. aasta jooksul stabiilne ega nõrgenenud ka 2010.
aasta 9 kuuga. 2010. aastaks prognoositakse Valgevene SKT-le 11-12%-list tõusu.
Võrreldes 2009. aasta III kvartaliga kasvas 2010. aasta samas kvartalis jaemüük
Valgevenes kohalikus vääringus väljendatuna 38,0% ja eurovääringus 43,7%.
Kuigi Balti riikides, kus majandus 2009. aastal kõige tõsisemalt kannatada sai,
valitseb endiselt raske olukord, kasvas 2010. aasta III kvartalis Lauma Lingerie
käive Balti riikides 2009. aasta sama perioodiga võrreldes 82,5%.
Üldiselt kinnitavad 2010. aasta 9 kuu käibe tase ja turusituatsioon juhtkonna
prognoosi majandustegevuse elavnemise kohta. 2010. aasta III kvartalis kasvas
käive 2009. aasta sama perioodiga võrreldes 22,1%.
Juhtkonna hinnangul on turud pärast 2008. aasta olulist langust jõudnud
stabiliseerumisfaasi ning tarbijate ostukäitumine on kohandunud uutele
turutingimustele.
Kõik rõiva- ja pesuturud on praegu alavarustatud, eriti Venemaal, kuna suuremate
jaemüüjate 2009. aastal esitatud valmistoodete tellimused olid tagasihoidlikud,
samas kui nõudlus on märgatavalt kasvanud. Olukord on kasulik omaenda
tootmisüksuseid omavatele ettevõtetele ja neile, kes tänu tõhusalt korraldatud
kaubasisseostule ja logistikale suudavad oma jaemüügipunktide varusid kiiresti
uuendada. See on aga teravdanud konkurentsi kohalike tootmisvõimsuste vahel ning
tööminuti hind on turul tõusnud keskmiselt 30-50% võrra. Praegu napib suurematel
tootjatel tootmisvõimsusi ning selle tulemusena näitavad tööjõu hindade trendid
selgelt tõusujoont.
Aruandeperioodi lõpu seisuga tegutses kontserni ja tema frantsiisipartnerite
alluvuses 385 Milavitsa ja Lauma Lingerie pesukauplust, neist 48 kauplust haldab
kontsern ise ja ülejäänuid frantsiisipartnerid. Jaemüügi osas keskendub kontsern
enam frantsiisimüügi edendamisele ning toetamisele koostöös olemasolevate ja
uute äripartneritega.
Tuginedes 2010. aasta 9 kuu käibe näitajatele ning 2010. aasta IV kvartaliks
saadud tellimustele prognoosib juhtkond 2010. aastaks umbes 20-22%-list
aastakäibe kasvu.
Majandustulemused
Kontserni 2010. aasta 9 kuu käive jätkuvatest tegevusvaldkondadest ulatus
1 133 361 tuhande kroonini (72 435 tuhat eurot), suurenedes eelmise aasta sama
perioodiga võrreldes 26,2%. Hulgimüügi kogukäive jätkuvatest
tegevusvaldkondadest kasvas 37,8% võrra, samas jaemüügi käive jätkuvatest
tegevusvaldkondadest vähenes 8,1% peamiselt tänu vähetulemuslike kaupluste
sulgemisele ja kontserni turustusmudeli ümberkorraldustele, mille juhtkond 2009.
aastal läbi viis. Jaemüügi käibe langus vastab seega juhtkonna ootustele ning
tuleneb 2009. aastal vastu võetud ümberkorraldusotsustest seoses kontsernile
kuuluvate kahjumlike tegevusvaldkondade tegevuse järk-järgulise lõpetamisega
Venemaal. Selle tulemusena vähenes jaemüügi osakaal kogukäibes 6,7% võrra
moodustades 18,0% 2010. aasta 9 kuu kogukäibest.
Kontserni jätkuvate tegevusvaldkondade 9 kuu brutorentaablus vähenes 40,2%?ni
võrreldes eelmise aasta sama perioodi 43,1%?ga, samuti vähenes 2010. aasta III
kvartali brutorentaablus võrreldes 2009. aasta III kvartaliga ulatudes 39,4%-ni.
Brutorentaabluse languse peamisteks põhjusteks on Euroopa Liidust
imporditavatelt materjalidelt makstava tollilõivu suurenemine pärast Valgevene
Venemaa tolliliiduga ühinemist ning jaemüügi osakaalu vähenemine kontserni
kogukäibes.
Konsolideeritud ärikasum jätkuvatest tegevusvaldkondadest moodustas 227 047
tuhat krooni (14 511 tuhat eurot) võrreldes 2009. aasta 9 kuu 63 181 tuhande
krooniga (4 038 tuhat eurot). Konsolideeritud käibe ärirentaablus jätkuvatest
tegevusvaldkondadest oli 20,0% (2009. a 9 kuud: 7,0%). 2009. aasta ärikasumile
ja käibe ärirentaablusele avaldasid negatiivset mõju ühekordsed kulud.
2010. aasta 9 kuu konsolideeritud puhaskasum valuutakursi muutustest oli
9 435 tuhat krooni (603 tuhat eurot), mis tulenes peamiselt 2010. aasta I
kvartalis eurodes ja Ameerika dollarites sooritatud ettevõttesisestest
laenutehingutest. 2010. aasta III kvartali kahjum valuutakursi muutustest oli
3 786 tuhat krooni (242 tuhat eurot). SP ZAO Milavitsa teenis kasumit
valuutakursi muutustest tänu Valgevene rubla väärtuse langusele 2010. aasta III
kvartalis.
Nagu juhtkond oli eeldanud, suurenes III kvartalis tegelik maksumäär eelmise
kvartaliga võrreldes ning ulatus 24,4%-ni. See on peamiselt seletatav kontserni
suurima tütarettevõtte SP ZAO Milavitsa kasumiga valuutakursi muutustest seoses
Valgevene rubla väärtuse langusega Vene rubla ja euro suhtes. 2010. aasta 9 kuu
tegelik maksumäär oli 23,0% jäädes tänu 2010. aasta II kvartali suhteliselt
madalale maksumäärale (19,2%) oodatust madalamaks. Kõigest hoolimata paranes
2010. aasta III kvartali ja 9 kuu tegelik maksumäär eelmise aasta vastavate
perioodidega võrreldes märgatavalt. Seadusega kehtestatud maksumäärad Valgevenes
ja Venemaal ei muutunud ning paranenud tegelik maksumäär tuleneb suletud
kahjumittootvatest valdkondadest, kontserni suurima tütarettevõtte SP ZAO
Milavitsa vähenenud kasumlikkusest ning Venemaa eelmiste aastate maksukahjumi
kasutamisest.
Omanikele jaotatav konsolideeritud puhaskasum jätkuvatest tegevusvaldkondadest
ulatus 2010. aasta 9 kuuga 150 505 tuhande kroonini (9 619 tuhat eurot), samas
kui 2009. aasta 9 kuu omanikele jaotatav konsolideeritud puhaskahjum oli
7 683 tuhat krooni (491tuhat eurot); omanikele jaotatav puhasrentaablus
jätkuvatest tegevusvaldkondadest oli 13,3% (võrdluseks: 2009. a 9 kuu rentaablus
oli ?0,9%).
2010. aasta 9 kuuga ulatus kontserni omakapitali tootlus 27,6%-ni (2009. a 9
kuud: -7,7%) ning varade tootlus oli 16,9% (2009. a 9 kuud: ?4,3%).
Finantsseisund
Seisuga 30. september 2010 ulatus konsolideeritud varade maht 933 320 tuhande
kroonini (59 650 tuhat eurot), seega võrreldes seisuga 31. detsember 2009 oli
kasv 9,7%.
Materiaalse ja immateriaalse põhivara saldod kahanesid 2009. aasta 31.
detsembriga võrreldes 3 004 tuhande krooni (192 tuhat eurot) võrra, seda
peamiselt seoses vara võõrandamiste ja müügiks hoitavaks varaks
ümberliigitamistega jääkmaksumuses 6 211 tuhat krooni (397 tuhat eurot).
Aruandeperioodi amortisatsioonikulu oli 20 388 tuhat krooni (1 303 tuhat eurot).
Pärast suvekuude kõrghooaega vähenes kontserni tootmis- ja jaemüügiüksuste
valmistoodangu saldo oluliselt. Selle tulemusena ulatus varude saldo 193 736
tuhande kroonini (12 382 tuhat eurot) võrreldes 266 289 tuhande krooniga
(17 019 tuhat eurot) 31. detsembril 2009. Ettevõte loodab, et tulenevalt
ärivaldkonna hooajatrendidest IV kvartalis varude saldo tõuseb.
Võrreldes 31. detsembriga 2009 kasvasid nõuded ostjate vastu 7 950 tuhande
krooni (508 tuhat eurot) võrra ja moodustasid 2010. aasta 30. septembri seisuga
139 568 tuhat krooni (8 920 tuhat eurot). Samas, võrreldes 2010. aasta 30. juuni
saldoga summas 186 852 tuhat krooni (11 942 tuhat eurot) vähenesid ärivaldkonna
hooajatrendile omaselt nõuded ostjate vastu 47 284 tuhande krooni (3 022 tuhat
eurot) võrra seoses suvekuude suurest käibest tulenevate rahalaekumistega.
Valuutakursi muutused avaldasid negatiivset mõju kontserni omakapitalile ning
2010. aasta 9 kuuga vähenes valuutakursi muutuste reserv 12 846 tuhat krooni
(821 tuhat eurot). 21. septembril 2010 maksis kontsern välja dividende summas
30 980 tuhat krooni (1 980 tuhat eurot). Omanikele kuuluv omakapital suurenes
112 140 tuhande krooni (7 167 tuhat eurot) võrra ulatudes 2010. aasta 30.
septembri seisuga 601 996 tuhande kroonini (38 475 tuhat eurot).
Nagu juhtkond oli eeldanud, vähenesid lühiajalised kohustused 2010. aasta 9
kuuga 56 188 tuhande krooni (3 591 tuhat eurot) võrra.
2010. aasta 9 kuuga paranes kontserni likviidsuspositsioon laenusaldode ja
nendega seotud tähtaegade osas. Lühi- ja pikaajalised laenukohustused vähenesid
22 734 tuhande krooni (1 453 tuhat eurot) võrra ulatudes 2010. aasta
30. septembri seisuga 5 508 tuhande kroonini (352 tuhat eurot). 2010. aasta 9
kuuga võeti laene summas 10 452 tuhat krooni (668 tuhat eurot) ja maksti tagasi
summas 33 312 tuhat krooni (2 129 tuhat eurot), sh tasuti kapitalirendikohustusi
summas 798 tuhat krooni (51 tuhat eurot). 2010. aasta II kvartalis arveldas
kontsern AS?i Lauma Lingerie krediidiliini, mis seisuga 31. märts 2010 oli
14 473 tuhat krooni (925 tuhat eurot).
2009. aastal loobus kontsern kahjumlikust naisterõivaste ärivaldkonnast ja müüs
aktsiad oma endises 100%?lises tütarettevõttes PTA Grupp AS. Võõrandamise
kuupäeva seisuga kehtisid kontserni poolt Danske Bank A/S Eesti filiaalile
väljastatud garantiid PTA Grupp AS-i laenude ja garantiilimiitide tagamiseks.
Seisuga 30. september 2010 olid Danske Bank A/S Eesti filiaalilt SFG käenduse
tagatisel saadud PTA Grupp AS-i laenude ja garantiide saldod vastavalt
4 850 tuhat krooni (310 tuhat eurot) ja 3 567 tuhat krooni ( 228 tuhat eurot).
Maksukohustused ja muud kohustused, sh võlad töövõtjatele, moodustasid 59 698
tuhat krooni (3 815 tuhat eurot). Seisuga 30. september 2010 moodustasid
eraldised 2 832 tuhat krooni (181 tuhat eurot), sh Venemaa jaemüügi valdkondade
ümberkorraldamiseks loodud eraldiste jääk summas 376 tuhat krooni (24 tuhat
eurot). 2010. aasta II kvartalis viidi Venemaa jaemüügi ümberkorraldamine suures
osas lõpule ning juhtkonna hinnangul ei ole Venemaa jaemüügi valdkondadega
seoses ette näha uusi eraldisi või mahakandmisi.
Käive
--------------------------------------------------------------------------------
| | 2010 | 2009 9 | Muutus | 2010 9 | 2009 9 | Muutus | 2010 9 | 2009 9 |
| | 9 | kuud | tuhand | kuud | kuud | tuhand | kuud | kuud |
| | kuud | tuhand | etes | tuhand | tuhand | etes | protse | protse |
| | tuhan | etes | krooni | etes | etes | eurode | nt | nt |
| | detes | krooni | des | eurode | eurode | s | käibes | käibes |
| | kroon | des | | s | s | | t | t |
| | ides | | | | | | | |
--------------------------------------------------------------------------------
| Hulgi | 924 | 671 | 253 | 59 098 | 42 895 | 16 203 | 81,6% | 74,7% |
| müük | 682 | 161 | 521 | | | | | |
--------------------------------------------------------------------------------
| Jaemü | 203 | 221 | -17 | 13 006 | 14 151 | -1 145 | 18,0% | 24,7% |
| ük | 500 | 415 | 915 | | | | | |
--------------------------------------------------------------------------------
| Muud | 5 179 | 5 523 | -344 | 331 | 353 | -22 | 0,4% | 0,6% |
| tegev | | | | | | | | |
| us-va | | | | | | | | |
| ldkon | | | | | | | | |
| nad | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 1 133 | 898 | 235 | 72 435 | 57 399 | 15 036 | 100,0% | 100,0% |
| | 361 | 099 | 262 | | | | | |
--------------------------------------------------------------------------------
Käive turgude lõikes
2010. aasta 9 kuu jooksul keskendus kontsern peamiselt Balti, Venemaa, Valgevene
ja Ukraina turgudele.
Kogukäive turgude lõikes
--------------------------------------------------------------------------------
| | 2010 9 | 2009 9 | Muutus | 2010 9 | 2009 9 | Muutus | 2010 | 2009 |
| | kuud | kuud | tuhand | kuud | kuud | tuhande | 9 | 9 |
| | tuhand | tuhand | etes | tuhand | tuhand | tes | kuud | kuud |
| | etes | etes | krooni | etes | etes | eurodes | prots | prots |
| | krooni | krooni | des | eurode | eurode | | ent | ent |
| | des | des | | s | s | | käibe | käibe |
| | | | | | | | st | st |
--------------------------------------------------------------------------------
| Venem | 644 | 519 | 124 | 41 186 | 33 211 | 7 975 | 56,9% | 57,9% |
| aa | 421 | 639 | 782 | | | | | |
--------------------------------------------------------------------------------
| Valge | 313 | 240 | 73 163 | 20 019 | 15 343 | 4 676 | 27,6% | 26,7% |
| vene | 229 | 066 | | | | | | |
--------------------------------------------------------------------------------
| Balti | 66 764 | 45 062 | 21 702 | 4 267 | 2 880 | 1 387 | 5,9% | 5,0% |
| maad | | | | | | | | |
--------------------------------------------------------------------------------
| Ukrai | 59 551 | 47 847 | 11 704 | 3 806 | 3 058 | 748 | 5,2% | 5,3% |
| na | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | 49 396 | 45 485 | 3 911 | 3 157 | 2 907 | 250 | 4,4% | 5,1% |
| turud | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 1 133 | 898 | 235 | 72 435 | 57 399 | 15 036 | 100,0 | 100,0 |
| | 361 | 099 | 262 | | | | % | % |
--------------------------------------------------------------------------------
Suur osa 2010. aasta 9 kuuga naistepesu müügist teenitud tulust saadi Venemaa
turult - 644 421 tuhat krooni (41 186 tuhat eurot), mis moodustas 56,9%
naistepesu müügi 2010. aasta 9 kuu kogukäibest (2009. a 9 kuud: 519 639 tuhat
krooni, s.o 33 211 tuhat eurot). Venemaa käibe näitaja hõlmab nii jae- kui ka
hulgimüüki. Naistepesu müügimahu suuruselt teine piirkond oli Valgevene, kus
käive ulatus 313 229 tuhande kroonini (20 019 tuhat eurot), mis moodustas 27,6%
naistepesu müügi käibest (sh nii jae- kui ka hulgimüük); 2009. aasta 9 kuu
vastav näitaja oli 240 066 tuhat krooni (15 343 tuhat eurot).
Kuigi majanduse olukord mõjutas endiselt käivet suurematel turgudel, olid 2010.
aasta 9 kuu müüginäitajad koguste osas siiski suuremad võrreldes 2009. aasta
sama perioodiga.
Kõige märgatavam oli käibe kasv Venemaa ja Ukraina turgudel, samas kui Valgevene
müügivaldkond oli suhteliselt stabiilne näidates pisikest kasvutendentsi. Pärast
2009. aasta keerulist IV kvartalit ületasid 2010. aasta 9 kuu käibe üldtulemused
veidi juhtkonna ootusi.
2009. aasta lõpus ja 2010. aasta alguses muutis Milavitsa oma müügistrateegiat
ning 2010.aasta 9 kuu jooksul rakendati muudetud müügistrateegiat Venemaal ja
Ukrainas. Kontsern tahab suurendada kontrolli turustamise üle ning sellele
vastavalt on tehtud muudatused ka organisatsiooni struktuuris.
Käibe kasvu tagamiseks jätkas Milavitsa turundusalase tegevuse laiendamist
Valgevenes, Ukrainas ja Venemaal ning võttis tarvitusele meetmed uute
frantsiisikaupluste avamise toetamiseks. Turunduses ja frantsiisikaubanduses
jätkusid ühisprogrammid edasimüüjate ja turustajatega.
Euroopa suurim ja mainekaim pesuajakiri Intima avaldas oma septembrikuu numbris
mahuka ülevaate Milavitsa tegevusest. Artikliga saab tutvuda aadressil
www.intima.fr.
Aruandeperioodil paranes märgatavalt kriisis tugevalt kannatada saanud Lauma
Lingerie käive peamistel turgudel. Hiljuti asus ettevõttes tööle uus
märkimisväärsete valdkonna-alaste kogemustega müügi- ja turundusjuht.
Pesu tootemarkide lõikes moodustas Milavitsa põhitootemargi müügist saadud tulu
72,6% (2009. a 9 kuud: 74,8%) 2010. aasta 9 kuuga naistepesu müügist saadud
kogutulust ulatudes 819 067 tuhande kroonini (52 348 tuhat eurot). Lauma
Lingerie põhitootemargi müügikäive moodustas 8,0% (2009. a 9 kuud: 5,5%)
naistepesu kogukäibest ulatudes 90 250 tuhande kroonini (5 768 tuhat eurot).
Ülejäänud tootemargid nagu Alisee, Aveline, Hidalgo ja Laumelle moodustasid
kokku 19,4% naistepesu müügi 2010. aasta 9 kuu kogukäibest (2009. a 9 kuud:
19,7%) ulatudes 218 865 tuhande kroonini (13 988 tuhat eurot).
Hulgimüük
2010. aasta 9 kuu hulgimüügi tulu ulatus 924 682 tuhande kroonini (59 098 tuhat
eurot), mis moodustas 81,6% kontserni kogu müügitulust (2009. a 9 kuud: 74,7%).
Peamised hulgimüügipiirkonnad olid Venemaa, Valgevene, Ukraina ja Balti riigid.
Hoolimata eeldatavalt raskest aasta algusest võis juba 2010. aasta I ja II
kvartalis täheldada järk-järgulist müügikäibe paranemist. Ka III kvartalis oli
hulgimüügi trend positiivne ning tulemused paranesid võrreldes 2009. aasta sama
perioodiga.
Laiendati tegevust väljapool põhiturge eesmärgiga mitmekesistada kontserni
müügitegevust eeskätt Lääne-Euroopa riikides. Mõnel turul osaleb kontsern
müügiagentide vahendusel, teisi turge teenindavad kohalikud edasimüüjad. Samuti
otsib kontsern võimalusi jaemüüja kaubamärgi all tootmiseks, kus see
otstarbekaks osutub.
Septembrikuu hulgimüüki mõjutasid negatiivselt äärmiselt madal varude tase ja
piiratud tootmismahud.
Jaemüük
Kontserni 2010. aasta 9 kuu naistepesu jaemüügikäive moodustas kokku 203 500
tuhat krooni (13 006 tuhat eurot), seega võrreldes 2009. aasta sama perioodiga
oli langus 8,1%.
Jaemüük toimus Valgevenes, Venemaal ja Lätis. 2010. aasta 9 kuu lõpuks oli
kontsernil 48 oma jaemüügipunkti kogupindalaga 4 099 ruutmeetrit. 2010. aasta
30. septembri seisuga tegutses Milavitsa tootemargi all 325 kauplust, mida
haldasid Milavitsa äripartnerid Venemaal, Valgevenes, Ukrainas, Moldovas,
Kasahstanis, Usbekistanis, Kõrgõzstanis, Lätis, Aserbaidžaanis, Armeenias,
Küprosel, Saksamaal, Gruusias ja Sloveenias. Neist 17 kauplust avati 2010. aasta
III kvartalis. Mõned vähetulemuslikud kauplused suleti või paigutati ümber.
Seisuga 30. september 2010 tegutses ka 12 Lauma Lingerie jaemüügikauplust, mida
haldasid Lauma Lingerie äripartnerid Leedus, Lätis, Eestis ja Venemaal. Neist 3
kauplust avati 2010. aasta III kvartalis. Seoses Milavitsa välismaise jaemüügi
laienemisega avati Milavitsa tootemargi kauplused Saksamaal, Gruusias ja
Sloveenias. Milavitsa 200. kauplus avati Venemaal. Milavitsa kauplus avati ka
Moskva suurimal ostutänaval Tverskajal.
2010. aasta 9 kuuga avati 6 uut kontsernile kuuluvat naistepesu kauplust, sh 2
Milavitsa tootemargi all tegutsevat kauplust Valgevenes ja 4 Lauma Lingerie
tootemargi all tegutsevat kauplust Lätis. Suleti üks vähetulemuslik kauplus
Valgevenes ja kolm vähetulemuslikku kauplust Venemaal ning 18 kauplust anti üle
Milavitsa äripartneritele vastavalt strateegiale, mille kohaselt suunatakse
tähelepanu oma jaemüügiketilt Milavitsa frantsiisivõrgustiku väljaarendamisele
ja lõpetatakse kahjumit tootvad jaemüügivaldkonnad Venemaal.
Kontsernile kuuluvate kaupluste arv:
--------------------------------------------------------------------------------
| | 30.09.2010 | 31.12.2009 |
--------------------------------------------------------------------------------
| Läti | 9 | 5 |
--------------------------------------------------------------------------------
| Valgevene | 39 | 38 |
--------------------------------------------------------------------------------
| Venemaa | 0 | 21 |
--------------------------------------------------------------------------------
| Kaupluseid kokku | 48 | 64 |
--------------------------------------------------------------------------------
| Müügipind kokku, | 4 099 | 5 523 |
| ruutmeetrites | | |
--------------------------------------------------------------------------------
Milavitsa Valgevene jaemüügiketis rakendati terve rida meetmeid müügi
edendamiseks. Kontsernile kuuluvad jaemüügikauplused Valgevenes jäävad endiselt
üheks kontserni edasise müügiarendustegevuse prioriteetidest Valgevenes.
Peamiselt tänu viimase aasta jooksul avatud arvukatele uutele kauplustele kasvas
üldine jaemüügitegevus Valgevenes 2009. aasta sama perioodiga võrreldes
kohalikus vääringus väljendatuna 48,3% ja eurovääringus 45,2%. Tänu maist
augustini kestnud kõrghooaja käibele kasvas ka võrreldavate poepindade käive
ruutmeetri kohta.
Balti riikides vähenes jaemüügi käive eelmise aasta sama perioodiga võrreldes
44,3% võrra ulatudes 9 529 tuhande kroonini (609 tuhat eurot). Kontserni oma
jaemüügipunktide käibe vähenemine Balti turgudel on seletatav Leedu
jaemüügivaldkonnast loobumisega 2009. aasta novembris.
2009. aasta II poolaastal langetati seoses naistepesu jaemüügiga Venemaal
strateegiline otsus suunata tähelepanu oma jaemüügiketilt Milavitsa
frantsiisivõrgustiku väljaarendamisele ning sellega lõpetati kahjumit tootev
jaemüügivaldkond Venemaal. Selle tulemusena viidi kontserni oma Oblicie
kauplused Milavitsa tootemargi alla ja alustati kaupluste üleandmist Milavitsa
äripartneritele ning vähetulemuslikud kauplused suleti. 2010. aasta I poolaasta
jooksul anti kõik ülejäänud 21 kauplust üle äripartneritele või suleti. 2010.
aasta 30. juuni seisuga ei ole kontsernil enam ühtegi oma jaemüügikauplust
Venemaal. Ülalnimetatud frantsiisi arendamise strateegia elluviimiseks on tehtud
muudatusi kontserni Venemaa tegevusvaldkonna struktuuris ja juhtimises
(muuhulgas loodi eraldi frantsiisiosakond).
Kontserni oma kauplused kontseptsioonide lõikes
--------------------------------------------------------------------------------
| Turg | Milavitsa | Lauma | Kokku | Müügipind, |
| | kauplused | Lingerie | | ruutmeetrites |
| | | kauplused | | |
--------------------------------------------------------------------------------
| Valgevene | 39 | 0 | 39 | 3 539 |
--------------------------------------------------------------------------------
| Läti | 0 | 9 | 9 | 560 |
--------------------------------------------------------------------------------
| Kokku | 39 | 9 | 48 | 4 099 |
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonnad
2009. aasta 9 kuu aruandes kajastatud lõpetatud tegevusvaldkondade
majandustulemused hõlmavad PTA tegevust (naisterõivaste ärivaldkond) 2009. aasta
I poolaastal. PTA tegevusvaldkondade majandustulemused on koondatud
konsolideeritud kasumiaruande ühele reale ‘Kahjum lõpetatud
tegevusvaldkondadest'.
Tootmine, sisseostmine, hanked ja logistika
Seoses suure turunõudlusega suurendasid kontserni tootmisettevõtted oma tootmis-
ja hankemahtusid nii 2010. aasta I poolaastal kui ka III kvartalis.
2010. aasta III kvartalis oli SP ZAO Milavitsa tootmise kogumaht 3 918 tuhat
ühikut, seega võrreldes eelmise aasta sama perioodiga oli tõus 3,9%. Lauma
Lingerie tootmise kogumaht 2010. aasta III kvartalis oli 386,7 tuhat ühikut,
seega võrreldes eelmise aasta sama perioodiga oli kasv 106%. Et valmistuda
tootmismahtude tõusuks 2010. ja 2011. aastal, suurendati 2010. aasta
III kvartalis SP ZAO Milavitsa tootmisvõimsusi II kvartaliga võrreldes 4,17%
võrra.
Investeeringud
Kontserni 2010. aasta 9 kuu investeeringute kogumaht moodustas 23 438 tuhat
krooni (1 498 tuhat eurot), millest 4 068 tuhat krooni (260 tuhat eurot)
investeeriti jaemüüki. Ülejäänud investeeringud tehti tootmise efektiivsuse
säilitamiseks vajalikesse seadmetesse ja hoonetesse.
Personal
2010. aasta 30. septembri seisuga oli kontsernil 3 155 töötajat, neist 360
inimest töötas jaemüügivõrgus ja 2 001 tootmises. Ülejäänud töötajad tegutsesid
hulgimüügi-, haldus- ja tugiteenuste valdkondades.
2010. aasta 9 kuu palgakulu oli kokku 213 122 tuhat krooni (13 621 tuhat eurot).
Juhatuse liikmetele makstud töötasud moodustas kokku 4 350 tuhat krooni
(278 tuhat eurot). Juhatuse liikmed töötavad ka kontserni tütarettevõtete
juhtidena.
2010. aasta 9 kuu olulisemad sündmused
Aktsionäride erakorralise üldkoosoleku otsused
9. novembril 2010 kiitis aktsionäride erakorraline üldkoosolek heaks nõukogu
ettepaneku alustada aktsiate tagasiostu programmi järgmistel tingimustel:
SFG-l on õigus oma aktsiaid tagasi osta alates tagasiostu heakskiitmise
kuupäevast kuni 30. juunini 2011;
SFG poolt tagasiostetavate oma aktsiate nimiväärtuste summa ei tohi ületada
3 960 700 aktsiat, st 10% SFG kogu aktsiakapitalist;
ühe aktsia tagasiostuhind ei tohi ületada 4,00 eurot;
SFG poolt oma aktsiate eest tasutav kogusumma ei tohi ületada 15 842 800 eurot;
oma aktsiate eest tasutakse varadega, mis ületavad aktsiakapitali, kohustuslikku
reservkapitali ja ülekurssi.
SFG juhatusel on õigus hiljemalt 2 nädala (kahe nädala) jooksul alates
aktsionäride erakorralise üldkoosoleku vastavast otsusest nimetada
investeerimisettevõte või krediidiasutus, kes tagasiostuprogrammi korraldab.
Juhatuse esimehe valimine
8. novembril 2010 nimetas AS-i Silvano Fashion Group nõukogu Märt Meeritsa
juhatuse esimeheks. Juhatuse aseesimeheks nimetati Norberto Rodriguez.
AS Silvano Fashion Group nõukogu moodustas auditikomitee
AS Silvano Fashion Group nõukogu otsustas 08.11.2010 toimunud koosolekul
tulenevalt audiitortegevuse seaduse §-st 99 moodustada kolmeliikmeline
auditikomitee ning valida komitee liikmeteks Jekaterina Stuge (auditikomitee
esimees), Maivi Ots'a ja Otto Tamme.
Aktsiakapitali vähendamise registreerimine
Aktsiaseltsi Silvano Fashion Group aktsiakapitali vähendamine kanti Eesti
äriregistrisse 15. oktoobril 2010.
Otsuse aktsiakapitali vähendada langetas SFG aktsionäride korraline üldkoosolek
28. juunil 2010. Vastavalt üldkoosoleku otsusele vähendati SFG aktsiakapitali
400 000 000 kroonilt (25 564 659 eurot) 396 070 000 kroonini (25 313 487 eurot)
tühistades 393 000 ettevõttele kuuluvat A-aktsiat.
Muutused nõukogu koosseisus
AS-i Silvano Fashion Group aktsionäride erakorraline üldkoosolek toimus 5.
märtsil 2010 Tallinnas. Koosolek otsustas tagasi kutsuda SFG nõukogu liikmed
Indrek Rahumaa ja Priit Põldoja ning valida nõukogusse Risto Mägi, Stephan
Balkin, Otto Tamme ja Sven Kunsing.
Nõukogu liikme tagasiastumine
24. märtsil 2010 esitas nõukogu liige Sven Kunsing SFG-le avalduse nõukogu
liikmest tagasiastumiseks ning palus avalduse edastada SFG järgmisele
korralisele üldkoosolekule. 28. juunil 2010 toimunud aktsionäride korraline
üldkoosolekul kinnitasid ettevõtte aktsionärid Sven Kunsingu avalduse nõukogu
liikmest tagasiastumiseks.
Kontserni tütarettevõtte SP ZAO Milavitsa aktsiate tagasiostu programm
21. mail 2010 kiitis kontserni emaettevõte heaks kontserni suurima
tütarettevõtte SP ZAO Milavitsa aktsiate tagasiostu programmi. Vastavalt
programmi tingimustele võib ajavahemikul 2010. aasta juunist kuni 2011. aasta
veebruarini tagasi osta kuni 1 967 SP ZAO Milavitsa aktsiat, mis moodustab kuni
20% kõigist SP ZAO Milavitsa aktsiatest. Aktsiate tagasiostu eesmärgiks on
aktsiad seejärel tühistada. SP ZAO Milavitsa aktsia hinnaks pakutakse
3 000 000 Valgevene rubla ühe aktsia kohta. Seisuga 3. november 2010 kuulub SP
ZAO Milavitsa omandusse 165 SP ZAO Milavitsa aktsiat, mis moodustab 1,69%
kõigist SP ZAO Milavitsa aktsiatest. Kontserni juhtkonna hinnangul SFG osalus
aktsiakapitalis pärast tagasiostu programmi lõppu oluliselt ei suurene. Juhul
kui SP ZAO Milavitsa aktsionäride üldkoosolek otsustab SP ZAO Milavitsa poolt
tagasiostetud aktsiad tühistada, muutub aktsiate tagasiostu programmist tulenev
AS-i SFG aktsiakapitali osalus 2011. aasta I poolaastal.
Muutused juhatuse koosseisus
5. juunil 2010 lõppesid Dmitry Ditchkovsky ja Sergei Kusonski volitused SFG
juhatuse liikmena. D. Ditchkovsky ja S. Kusonski jätkavad töölepingute alusel
tööd oma endistel ametipositsioonidel SFG juhtkonnas.
5. augustil 2010 otsustas AS-i Silvano Fashion Group nõukogu suurendada juhatuse
liikmete arvu kolmeni ning SFG juhatuse uueks liikmeks valiti Märt Meerits.
Aktsionäride korralise üldkoosoleku otsused
Aktsionäride korraline üldkoosolek toimus 28. juunil 2010. Muu hulgas langetas
üldkoosolek järgmised otsused:
Kinnitada otsus maksta dividendidena välja 30 985 744 krooni (1 980 350 eurot).
21. septembril 2010 maksti igale ettevõtte aktsionärile 0,78233 krooni
(0,05 eurot) aktsia kohta.
Valida Ants Susi ettevõtte nõukogu liikmeks. 1997. aastast töötab Ants Susi
Eesti ettevõtte OÜ Baltsped juhatuse liikmena. OÜ Baltsped on rahvusvaheliste
veoautotranspordi- ja ekspedeerimisteenustega tegelev ettevõte. Ants Susi on
AS-i Esmar nõukogu liige ja OÜ Callada Invest juhatuse liige ning kuulub Läti
ettevõtte Spedline SIA ja Leedu ettevõtte Spedline UAB juhatusse.
Kinnitada ettevõtte uus põhikiri.
Vähendada 393 000 ettevõttele kuuluva oma aktsia tühistamise teel ettevõtte
aktsiakapitali 3 930 000 krooni võrra, s.o 396 070 000 kroonini. Aktsiakapitali
vähendamise eesmärgiks oli tõsta ettevõtte allesjäänud aktsiate väärtust.
Aktsiakapitali vähendamine kanti äriregistrisse 15. oktoobril 2010.
Valikulised finantsandmed
Kontserni tulemusi iseloomustavad alltoodud näitajad ja suhtarvud:
--------------------------------------------------------------------------------
| Peamised näitajad ja suhtarvud | 9 kuud | 9 kuud | Muutus |
| | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Netokäive jätkuvatest tegevusvaldkondadest | 1 133 361 | 898 099 | 235 262 |
| (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Puhaskasum/-kahjum jätkuvatest | 150 505 | -7 683 | 142 822 |
| tegevusvaldkondadest, ettevõtte omanike | | | |
| osa (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Kasum enne intresse, makse ja | 247 779 | 89 874 | 157 905 |
| amortisatsiooni (EBITDA) jätkuvatest | | | |
| tegevusvaldkondadest (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi ja makse (EBIT) | 227 047 | 63 181 | 163 866 |
| jätkuvatest tegevusvaldkondadest (tuhat | | | |
| krooni) | | | |
--------------------------------------------------------------------------------
| Netokäive jätkuvatest tegevusvaldkondadest | 72 435 | 57 399 | 15 036 |
| (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Puhaskasum/-kahjum jätkuvatest | 9 619 | -491 | 10 110 |
| tegevusvaldkondadest, ettevõtte omanike | | | |
| osa (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Kasum enne intresse, makse ja | 15 836 | 5 744 | 10 092 |
| amortisatsiooni (EBITDA) jätkuvatest | | | |
| tegevusvaldkondadest (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi ja makse (EBIT) | 14 511 | 4 038 | 10 473 |
| jätkuvatest tegevusvaldkondadest (tuhat | | | |
| eurot) | | | |
--------------------------------------------------------------------------------
| Käibe ärirentaablus jätkuvatest | 20,0% | 7,0% | - |
| tegevusvaldkondadest, % | | | |
--------------------------------------------------------------------------------
| Puhasrentaablus jätkuvatest | 13,3% | -0,9% | - |
| tegevusvaldkondadest, ettevõtte omanike | | | |
| osa, % | | | |
--------------------------------------------------------------------------------
| ROA, % | 16,9% | -4,3% | - |
--------------------------------------------------------------------------------
| ROE, % | 27,6% | -7,7% | - |
--------------------------------------------------------------------------------
| Kasum/kahjum aktsia kohta (EPS), kroonides | 3,80 | -1,10 | - |
--------------------------------------------------------------------------------
| Kasum/kahjum aktsia kohta (EPS), eurodes | 0,24 | -0,07 | - |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 4,3 | 3,0 | - |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 3,1 | 1,8 | - |
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Auditeerimata
--------------------------------------------------------------------------------
| | 30.09.2 | 31.12. | 30.09. | 30.09. | 31.12. | 30.09.2 |
| | 010 | 2009 | 2009 | 2010 | 2009 | 009 |
--------------------------------------------------------------------------------
| | tuhande | tuhand | tuhand | tuhand | tuhand | tuhande |
| | tes | etes | etes | etes | etes | tes |
| | kroonid | krooni | krooni | eurode | eurode | eurodes |
| | es | des | des | s | s | |
--------------------------------------------------------------------------------
| VARAD | | | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 166 136 | 168 | 182 | 10 618 | 10 753 | 11 645 |
| | | 248 | 205 | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 8 027 | 8 919 | 8 981 | 513 | 570 | 574 |
| põhivara | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeri | 19 793 | 20 090 | 19 809 | 1 265 | 1 284 | 1 266 |
| ngud | | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse | 2 018 | 2 175 | 2 206 | 129 | 139 | 141 |
| meetodil | | | | | | |
| kajastatavad | | | | | | |
| investeeringud | | | | | | |
--------------------------------------------------------------------------------
| Müügivalmis | 5 617 | 5 664 | 6 681 | 359 | 362 | 427 |
| finantsvara | | | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | 18 964 | 18 119 | 0 | 1 212 | 1 158 | 0 |
| tulumaksuvara | | | | | | |
--------------------------------------------------------------------------------
| Muud nõuded | 10 342 | 9 920 | 29 588 | 661 | 634 | 1 891 |
--------------------------------------------------------------------------------
| Põhivara kokku | 230 897 | 233 | 249 | 14 757 | 14 900 | 15 944 |
| | | 135 | 470 | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | | |
--------------------------------------------------------------------------------
| Varud | 193 736 | 266 | 236 | 12 382 | 17 019 | 15 090 |
| | | 289 | 107 | | | |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | 1 612 | 7 260 | 5 914 | 103 | 464 | 378 |
--------------------------------------------------------------------------------
| Muud maksunõuded | 17 070 | 22 875 | 16 429 | 1 091 | 1 462 | 1 050 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 139 568 | 131 | 130 | 8 920 | 8 412 | 8 334 |
| | | 618 | 399 | | | |
--------------------------------------------------------------------------------
| Muud nõuded | 6 353 | 18 260 | 21 890 | 406 | 1 167 | 1 399 |
--------------------------------------------------------------------------------
| Ettemaksed | 11 156 | 9 529 | 9 591 | 713 | 609 | 613 |
--------------------------------------------------------------------------------
| Raha ja raha | 332 224 | 153 | 166 | 21 233 | 9 838 | 10 641 |
| ekvivalendid | | 931 | 495 | | | |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 704 | 7 526 | 7 197 | 45 | 481 | 460 |
--------------------------------------------------------------------------------
| Käibevara kokku | 702 423 | 617 | 594 | 44 893 | 39 452 | 37 965 |
| | | 288 | 022 | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 933 320 | 850 | 843 | 59 650 | 54 352 | 53 909 |
| | | 423 | 492 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | | | | |
| OMAKAPITAL | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 400 000 | 400 | 400 | 25 565 | 25 565 | 25 565 |
| nimiväärtuses | | 000 | 000 | | | |
--------------------------------------------------------------------------------
| Ülekurss | 223 293 | 223 | 223 | 14 271 | 14 271 | 14 271 |
| | | 293 | 293 | | | |
--------------------------------------------------------------------------------
| Oma aktsiad | -7 041 | -7 041 | -7 041 | -450 | -450 | -450 |
--------------------------------------------------------------------------------
| Kohustuslik | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 |
| reservkapital | | | | | | |
--------------------------------------------------------------------------------
| Muud reservid | 5 461 | 0 | 0 | 349 | 0 | 0 |
--------------------------------------------------------------------------------
| Valuutakursi | -199 | -186 | -172 | -12 | -11 | -11 047 |
| muutuste reserv | 385 | 539 | 848 | 743 | 922 | |
--------------------------------------------------------------------------------
| Jaotamata kasum | 178 622 | 59 097 | 53 996 | 11 416 | 3 777 | 3 451 |
--------------------------------------------------------------------------------
| Ettevõtte omanikele | 601 996 | 489 | 498 | 38 475 | 31 308 | 31 857 |
| kuuluv omakapital | | 856 | 446 | | | |
--------------------------------------------------------------------------------
| Mittekontrolliv | 164 118 | 136 | 132 | 10 489 | 8 701 | 8 447 |
| osalus | | 141 | 166 | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 766 114 | 625 | 630 | 48 964 | 40 009 | 40 304 |
| | | 997 | 612 | | | |
--------------------------------------------------------------------------------
| Pikaajalised | | | | | | |
| kohustused | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 4 475 | 4 052 | 11 047 | 286 | 259 | 706 |
--------------------------------------------------------------------------------
| Edasilükkunud | 0 | 0 | 266 | 0 | 0 | 17 |
| tulumaksu kohustused | | | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | 0 | 1 455 | 485 | 0 | 93 | 31 |
--------------------------------------------------------------------------------
| Eraldised | 0 | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Pikaajalised | 4 475 | 5 507 | 11 798 | 286 | 352 | 754 |
| kohustused kokku | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | | | |
| kohustused | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 1 033 | 24 190 | 31 340 | 66 | 1 546 | 2 003 |
--------------------------------------------------------------------------------
| Võlad tarnijatele | 99 168 | 123 | 111 | 6 338 | 7 925 | 7 141 |
| | | 999 | 733 | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksu | 13 785 | 3 552 | 3 380 | 881 | 227 | 216 |
| võlg | | | | | | |
--------------------------------------------------------------------------------
| Muud maksuvõlad | 9 889 | 24 831 | 18 526 | 632 | 1 587 | 1 184 |
--------------------------------------------------------------------------------
| Muud võlad | 16 758 | 14 270 | 0 | 1 071 | 912 | 0 |
--------------------------------------------------------------------------------
| Eraldised | 2 832 | 3 395 | 15 866 | 181 | 217 | 1 014 |
--------------------------------------------------------------------------------
| Edasilükkunud | 0 | 0 | 19 684 | 0 | 0 | 1 258 |
| tulumaksu kohustus | | | | | | |
--------------------------------------------------------------------------------
| Viitvõlad | 19 245 | 24 033 | 240 | 1 230 | 1 536 | 15 |
--------------------------------------------------------------------------------
| Tulevaste perioodide | 21 | 649 | 313 | 1 | 41 | 20 |
| tulu | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | 162 731 | 218 | 201 | 10 400 | 13 991 | 12 851 |
| kohustused kokku | | 919 | 082 | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | 167 206 | 224 | 212 | 10 686 | 14 343 | 13 605 |
| | | 426 | 880 | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | 933 320 | 850 | 843 | 59 650 | 54 352 | 53 909 |
| OMAKAPITAL KOKKU | | 423 | 492 | | | |
--------------------------------------------------------------------------------
2010. aasta 9 kuu konsolideeritud kasumiaruanne
Auditeerimata
--------------------------------------------------------------------------------
| | 2010 9 | 2009 9 | 2010 9 | 2009 9 kuud |
| | kuud | kuud | kuud | tuhandetes |
| | tuhandet | tuhandete | tuhandete | eurodes |
| | es | s | s eurodes | |
| | kroonide | kroonides | | |
| | s | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jätkuvad tegevusvaldkonnad | | | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 1 133 | 898 099 | 72 435 | 57 399 |
| | 361 | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | -678 124 | -511 253 | -43 340 | -32 675 |
--------------------------------------------------------------------------------
| Brutokasum | 455 237 | 386 846 | 29 095 | 24 724 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | 7 088 | 19 543 | 453 | 1 249 |
--------------------------------------------------------------------------------
| Turustuskulud | -113 250 | -133 137 | -7 238 | -8 509 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -97 791 | -118 789 | -6 250 | -7 592 |
--------------------------------------------------------------------------------
| Muud ärikulud | -24 237 | -91 282 | -1 549 | -5 834 |
--------------------------------------------------------------------------------
| Ärikasum/-kahjum | 227 047 | 63 181 | 14 511 | 4 038 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressikulud | -1 127 | -7 338 | -72 | -469 |
--------------------------------------------------------------------------------
| Kasum/kahjum | 9 435 | 9 576 | 603 | 612 |
| valuutakursimuutustest | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud/-kulud | 10 874 | 7 291 | 695 | 466 |
--------------------------------------------------------------------------------
| Finantstulud/-kulud kokku | 19 182 | 9 529 | 1 226 | 609 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum/kahjum | -141 | -298 | -9 | -19 |
| kapitaliosaluse meetodil | | | | |
| kajastatud | | | | |
| investeeringutest | | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | 246 088 | 72 412 | 15 728 | 4 628 |
--------------------------------------------------------------------------------
| Tulumaks | -56 516 | -61 695 | -3 612 | -3 943 |
--------------------------------------------------------------------------------
| Kasum/kahjum jätkuvatest | 189 572 | 10 717 | 12 116 | 685 |
| tegevusvaldkondadest | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lõpetatud tegevusvaldkonnad | | | | |
--------------------------------------------------------------------------------
| Kahjum lõpetatud | 0 | -36 034 | 0 | -2 303 |
| tegevusvaldkondadest | | | | |
| (miinus tulumaks) | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi | 189 572 | -25 317 | 12 116 | -1 618 |
| kasum/kahjum | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sealhulgas | | | | |
--------------------------------------------------------------------------------
| Ettevõtte omanike osa | 150 505 | -43 717 | 9 619 | -2 794 |
| kasumist/kahjumist | | | | |
--------------------------------------------------------------------------------
| Mittekontrolliva osaluse | 39 067 | 18 400 | 2 497 | 1 176 |
| osa kasumist/kahjumist | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta | | | | |
--------------------------------------------------------------------------------
| Tava kasum/kahjum aktsia | 3,80 | -1,10 | 0,24 | -0,07 |
| kohta (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum/kahjum | 3,80 | -1,10 | 0,24 | -0,07 |
| aktsia kohta | | | | |
| (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jätkuvad tegevusvaldkonnad | | | | |
--------------------------------------------------------------------------------
| Tava kasum/kahjum aktsia | 3,80 | -0,19 | 0,24 | -0,01 |
| kohta (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum/kahjum | 3,80 | -0,19 | 0,24 | -0,01 |
| aktsia kohta | | | | |
| (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
Märt Meerits
Juhatuse esimees
Aktsiaseltsi Silvano Fashion Group
Tel +372 680 1396
E-post [email protected]
Content of announcement in English
Title
Consolidated interim report for Q3 and 9 months 2010
Message
Management Report Business results From the beginning of the year the Group's major markets have continued to recover. Economic situation in Russia, the Group's key market, was steadily improving until September with first signs of slow-down of growth appearing in the fall. The consumers' purchasing power has increased and unemployment rate has lowered; Russian Ruble strengthened against multi-currency basket in 1H 2010 by 3.3 %, but, starting from July has began to weaken against the major currencies. However, oil and gas prices continue to support Russian economy. As a result, retail sales in the end customer market have been growing since the end of 2009 with minor slow down of growth in the fall. The Group's sales in Russia in 9 months 2010 were 24.0% above respective period in 2009. In Ukraine, presidential elections in February brought certain stability and alleviated some of the uncertainty that existed in the market. The signs of Ukrainian economy recovery are not as strong as in Russia. The Belarusian market has been stable during 2009 and has not weakened in 9 months 2010. The Belarusian economy's GDP growth is forecast at a 11-12% rate for 2010. In Q3 2010 retail operations in Belarus demonstrated an increase of 38.0% in local currency terms and 43.7% in EUR terms as compared to Q3 2009. Despite the difficult situation that remains in the Baltics, where economy suffered the most in 2009, Lauma Lingerie's Q3 2010 sales in the Baltic countries increased by 82.5% as compared to Q3 2009. In general, 9 months 2010 sales level and market situation confirmed management forecast of business recovery. Q3 sales demonstrated an increase of 22.1% as compared to Q3 2009. The opinion of the management of the Group is that after a significant drop in 2008 the markets have entered into the stabilization phase and that consumers have adjusted their purchasing patterns to the new market conditions. On overall apparel and lingerie markets are currently undersupplied, especially in Russia, because of limited orders placed for finished garments by major retailers in 2009 while the demand has grown significantly. The situation is favourable for the companies operating their own production units and those capable of fast restock of their retail outlets due to effective sourcing and logistics solutions. At the same time this has brought severe rivalry for local production capacities and the price per labour minute in the market has on average increased by 30-50%. Currently there is a shortage of production capacities for the major producers and there is a clear trend of raising prices of the labour as a result of it. At the end of the reporting period the Group and its franchising partners operated 385 Milavitsa and Lauma lingerie outlets, including 48 stores operated directly by the Group and the rest by franchising partners. The Group's retail focus has been shifted towards the promotion and support of franchising in cooperation with existing and new partners. Based on 9 months 2010 sales and orders collected for Q4 2010, the management estimates 2010 sales growth at around 20-22% on annual basis. Financial performance The Group's sales from continuing operations amounted to EEK 1,133,361 thousand (EUR 72,435 thousand) in 9 months 2010, representing a 26.2% increase as compared to the respective period in the previous year. Overall wholesale sales from continuing operations increased by 37.8%, while retail sales from continuing operations presented a decrease of 8.1%, mainly due to closures of underperforming stores and the restructuring of the Group's distribution model that was carried out by the management in 2009. Decrease in retail sales is thus in line with management expectations and follows the restructuring decisions taken in 2009 when loss-making own retail operations in Russia were gradually discontinued. As the result, the proportion of retail sales in total sales decreased by 6.7% and came at 18.0% of total sales in 9 months 2010. The Group's gross margin from continuing operations in the 9 months' period decreased and was 40.2%, as compared to 43.1% in the respective period in the previous year. Q3 2010 gross margin decreased as well as compared to Q3 2009 and amounted to 39.4%. Decrease in gross margin is mainly explained by higher customs duties on materials imported by the Group from the EU after Belarus joining the Customs Union with Russia and by the decline of the proportion of retail sales in total sales. The consolidated operating profit from continuing operations amounted to EEK 227,047 thousand (EUR 14,511 thousand), compared to EEK 63,181 thousand (EUR 4,038 thousand) in 9 months 2009. The consolidated operating margin from continuing operations was 20.0% (7.0% in 9 months 2009). The operating profit and the operating margin in 2009 were adversely influenced by one-off expenses. Consolidated net profit from foreign exchange rate fluctuations amounted to EEK 9,435 thousand (EUR 603 thousand) in 9 months 2010 and was mainly accrued in Q1 2010 and mainly related to the intra-croup borrowings in EUR and USD. Foreign exchange loss in Q3 2010 amounted to EEK 3,786 thousand (EUR 242 thousand). SP ZAO Milavitsa incurred a foreign currency gain as a result of BYR depreciation in Q3 2010. In line with management expectations, the effective tax rate in Q3 increased compared to the previous quarter and amounted to 24.4%. This is mainly explained by foreign currency gain in largest subsidiary SP ZAO Milavitsa as the result of Belorussian Ruble depreciation against Russian Ruble and Euro. Effective tax rate for 9 months 2010 amounted to 23.0% and was still lower than expected due to relatively low rate in Q2 2010 (19.2%). Nevertheless, effective tax rates in Q3 and 9 months 2010 improved significantly as compared to the respective periods in the previous year. While statutory tax rates in Belarus and Russia remained unchanged the improvement of the effective tax rate is caused by the terminated loss making operations, lowering profitability of the Group's largest subsidiary SP ZAO Milavitsa and use of tax loss of prior years in Russia. Consolidated net profit from continuing operations attributable to equity holders amounted to EEK 150,505 thousand (EUR 9,619 thousand) in 9 months 2010, compared to net loss of EEK 7,683 thousand (EUR 491 thousand) in 9 months 2009; net margin from continuing operations attributable to equity holders was 13.3% (up from a negative margin of 0.9% in 9 months 2009). In 9 months 2010, the Group's return on equity amounted to 27.6% (-7.7% in 9 months 2009) and return on assets was 16.9% (-4.3% in 9 months 2009). Financial position As of 30 September 2010 consolidated assets amounted to EEK 933,320 thousand (EUR 59,650 thousand) representing an increase of 9.7% as compared to the position as of 31 December 2009. Property, plant and intangibles balances decreased by EEK 3,004 thousand (EUR 192 thousand) as compared to 31 December 2009, the key reason being disposals along with transfers to assets held for sale for the net book value of EEK 6,211 thousand (EUR 397 thousand). Depreciation and amortisation charge for the period amounted to EEK 20,388 thousand (EUR 1,303 thousand). After high season summer months the finished goods balance decreased significantly in production and retail entities of the Group. As the result, inventory balance amounted to EEK 193,736 thousand (EUR 12,382 thousand) compared to EEK 266,289 thousand (EUR 17,019 thousand) as of 31 December 2009. The company expects that the inventory balance will increase in Q4 in line with the seasonality trends of the business. Trade receivables increased by EEK 7,950 thousand (EUR 508 thousand) as compared to 31 December 2009 and amounted to EEK 139,568 thousand (EUR 8,920 thousand) as of 30 September 2010. However, as compared to the balance of EEK 186,852 thousand (EUR 11,942 thousand) as of 30 June 2010 trade receivables decreased by EEK 47,284 thousand (EUR 3,022 thousand) in line with the seasonality trends bringing in cash proceeds from high sales in summer months. Foreign exchange fluctuations had a negative impact on the Group's equity, in the form of a negative change in the currency translation reserve in the amount of EEK 12,846 thousand (EUR 821 thousand) for 9 months 2010. On 21 September 2010 the Group paid out a dividend in the amount of EEK 30,980 thousand (EUR 1,980 thousand). Equity attributable to equity holders increased by EEK 112,140 thousand (EUR 7,167 thousand) and amounted to EEK 601,996 thousand (EUR 38,475 thousand) as of 30 September 2010. Current liabilities decreased by EEK 56,188 thousand (EUR 3,591 thousand) in 9 months 2010, in line with management expectations. The liquidity position of the Group improved in 9 months 2010 with respect to the total balance of borrowings and related maturities. Current and non-current loans and borrowings decreased by EEK 22,734 thousand (EUR 1,453 thousand) to EEK 5,508 thousand (EUR 352 thousand) as of 30 September 2010. Loans received and loans repaid in 9 months 2010 amounted to EEK 10,452 thousand (EUR 668 thousand) and EEK 33,312 thousand (EUR 2,129 thousand) respectively, including finance lease liabilities repaid in the amount of EEK 798 thousand (EUR 51 thousand). In Q2 2010 the Group settled an overdraft facility of AS Lauma Lingerie that amounted to EEK 14,473 thousand (EUR 925 thousand) as of 31 March 2010. In 2009 the Group divested its loss making apparel business line through the sale of shares in its former 100% subsidiary PTA Grupp AS. At the date of disposal the Group had outstanding guarantees issued to Danske Bank A/S Estonian branch securing certain borrowings and guarantee limits of PTA Grupp AS. As of 30 September 2010 PTA Grupp AS's balance of borrowings and guarantees from Danske Bank A/S Estonian branch that were secured by a surety provided by SFG amounted respectively to EEK 4,850 thousand (EUR 310 thousand) and EEK 3,567 thousand (EUR 228 thousand). Tax liabilities and other payables, including payables to employees, amounted to EEK 59,698 thousand (EUR 3,815 thousand). Provisions amounted to EEK 2,832 thousand (EUR 181 thousand) as of 30 September 2010 and included residual provisions for the restructuring of Russian retail operations in the amount of EEK 376 thousand (EUR 24 thousand). Majority of Russian retail restructuring initiatives were finalized in Q2 2010 and the management does not anticipate any further provisions or write-offs related to Russian retail operations. Sales Sales by business segments -------------------------------------------------------------------------------- | | 2010 | 2009 | Chang | 2010 9 | 2009 9 | Change | 2010 9 | 2009 9 | | | 9 | 9 | e EEK | months | months | EUR | months | months | | | month | month | thous | EUR | EUR | thousa | percent | percent | | | s EEK | s EEK | and | thousa | thousa | nd | age | age | | | thous | thous | | nd | nd | | from | from | | | and | and | | | | | sales | sales | -------------------------------------------------------------------------------- | Whole | 924,6 | 671,1 | 253,5 | 59,098 | 42,895 | 16,203 | 81.6% | 74.7% | | sale | 82 | 61 | 21 | | | | | | -------------------------------------------------------------------------------- | Retai | 203,5 | 221,4 | -17,9 | 13,006 | 14,151 | -1,145 | 18.0% | 24.7% | | l | 00 | 15 | 15 | | | | | | -------------------------------------------------------------------------------- | Other | 5,179 | 5,523 | -344 | 331 | 353 | -22 | 0.4% | 0.6% | | opera | | | | | | | | | | tions | | | | | | | | | -------------------------------------------------------------------------------- | Total | 1,133 | 898,0 | 235,2 | 72,435 | 57,399 | 15,036 | 100.0% | 100.0% | | | ,361 | 99 | 62 | | | | | | -------------------------------------------------------------------------------- Sales by markets In 9 months 2010, the Group focused mainly on the Baltic, Russian, Belarusian and Ukrainian markets. Total sales by markets -------------------------------------------------------------------------------- | | 2010 | 2009 | Chang | 2010 9 | 2009 9 | Change | 2010 9 | 2009 9 | | | 9 | 9 | e EEK | months | months | EUR | months | months | | | month | month | thous | EUR | EUR | thousa | percent | percent | | | s EEK | s EEK | and | thousa | thousa | nd | age | age | | | thous | thous | | nd | nd | | from | from | | | and | and | | | | | sales | sales | -------------------------------------------------------------------------------- | Russi | 644,4 | 519,6 | 124,7 | 41,186 | 33,211 | 7,975 | 56.9% | 57.9% | | a | 21 | 39 | 82 | | | | | | -------------------------------------------------------------------------------- | Belar | 313,2 | 240,0 | 73,16 | 20,019 | 15,343 | 4,676 | 27.6% | 26.7% | | us | 29 | 66 | 3 | | | | | | -------------------------------------------------------------------------------- | Balti | 66,76 | 45,06 | 21,70 | 4,267 | 2,880 | 1,387 | 5.9% | 5.0% | | cs | 4 | 2 | 2 | | | | | | -------------------------------------------------------------------------------- | Ukrai | 59,55 | 47,84 | 11,70 | 3,806 | 3,058 | 748 | 5.2% | 5.3% | | ne | 1 | 7 | 4 | | | | | | -------------------------------------------------------------------------------- | Other | 49,39 | 45,48 | 3,911 | 3,157 | 2,907 | 250 | 4.4% | 5.1% | | marke | 6 | 5 | | | | | | | | ts | | | | | | | | | -------------------------------------------------------------------------------- | Total | 1,133 | 898,0 | 235,2 | 72,435 | 57,399 | 15,036 | 100.0% | 100.0% | | | ,361 | 99 | 62 | | | | | | -------------------------------------------------------------------------------- The majority of lingerie sales revenue in 9 months 2010 in the amount of EEK 644,421 thousand (EUR 41,186 thousand) was generated in the Russian market, accounting for 56.9% of all lingerie sales in 9 months 2010 as compared to EEK 519,639 thousand (EUR 33,211 thousand) in 9 months 2009. Sales in Russia comprise both retail sales and wholesale. The second largest region for lingerie sales was Belarus, where sales reached EEK 313,229 thousand (EUR 20,019 thousand), contributing 27.6% of lingerie sales (both retail and wholesale) as compared to EEK 240,066 thousand (EUR 15,343 thousand) in 9 months 2009. Although still affected by the economic situation, sales in the major markets demonstrated a positive trend in terms of pieces sold in 9 months 2010 as compared to the respective period in 2009. The most considerable sales growth took place on the Russian and Ukranian markets, while Belarussian operations were relatively stable showing a slight increase. Overall sales results in 9 months were slightly above management expectations after a difficult Q4 2009. Changes in the sales strategy introduced by Milavitsa in late 2009 and early 2010 were implemented in 9 months 2010 in Russia and Ukraine. The Group aims to increase control over its distribution and its organizational structure has been adjusted accordingly. To support the growth of sales, Milavitsa continued conducting additional marketing activities in Belarus, Ukraine and Russia and implementing supportive measures in the opening of new franchised stores. Joint programs with dealers and distributors were continued in 9 months 2010 in the fields of marketing and franchising. Intima, the largest and the most respected European lingerie magazine, produced a substantial report on Milavitsa in its September issue which is available at www.intima.fr. Lauma Lingerie experienced a sharp recovery in sales in their major markets after being affected by the crisis. A new sales and marketing manager with considerable experience in the industry has recently joined the company. In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for 72.6% of total lingerie sales revenue in 9 months 2010 (9 months 2009: 74.8%) and amounted to EEK 819,067 thousand (EUR 52,348 thousand). The sales of “Lauma Lingerie” core brand accounted for 8.0% of total lingerie sales (9 months 2009: 5.5%) and amounted to EEK 90,250 thousand (EUR 5,768 thousand). Other brands such as “Alisee”, “Aveline”, “Hidalgo” and “Laumelle” comprised 19.4% of total lingerie sales in 9 months 2010 (9 months 2009: 19.7%), amounting to EEK 218,865 thousand (EUR 13,988 thousand). Wholesale In 9 months 2010, wholesale revenue amounted to EEK 924,682 thousand (EUR 59,098 thousand), representing 81.6% of the Group's total revenue (9 months 2009: 74.7%). The main wholesale regions were Russia, Belarus, Ukraine and the Baltic States. Gradual improvements in sales were observed already in Q1 and Q2 2010 despite the expectations of the difficult start of the year. Wholesale results in Q3 continued improving compared to the same period of 2009 demonstrating a positive trend. Additional activities were introduced in the non-core markets targeted at the diversification of the Group's sales towards the western European countries. Some markets will be approached through sales agents, while others will be served by local dealers. The Group will also seek private label production opportunities where practical. Wholesales in September were negatively affected by extremely low level of stocks available and limited production output. Retail operations Total lingerie retail sales of the Group in 9 months 2010 amounted to EEK 203,500 thousand (EUR 13,006 thousand), representing a 8.1% decrease as compared to the respective period in previous year. Retail operations were conducted in Belarus, Russia and Latvia. At the end of 9 months 2010 the Group operated 48 own retail outlets with a total area of 4,099 square meters. As of 30 September 2010, there were 325 Milavitsa branded shops operated by Milavitsa trading partners in Russia, Belarus, Ukraine, Moldavia, Kazakhstan, Uzbekistan, Kyrgyzstan, Latvia, Azerbaijan, Armenia, Cyprus, Germany, Georgia and Slovenia, of which 17 shops were opened in Q3 2010. Some underperforming shops were closed or relocated. Additionally, as of 30 September 2010, there were 12 Lauma Lingerie retail outlets operated by Lauma Lingerie trading partners in Lithuania, Latvia, Estonia and Russia, of which 3 were opened in Q3 2010. International retail expansion of Milavitsa resulted in opening of Milavitsa branded stores in Germany, Georgia and Slovenia. The 200th Milavitsa store was opened in Russia. Also a Milavitsa store was opened in Tverskaja street, the major shopping street in Moscow. In 9 months 2010 6 new own lingerie stores were opened, including 2 under Milavitsa brand name in Belarus and 4 stores under Lauma Lingerie brand name in Latvia. One underperforming store was closed in Belarus and three underperforming stores were closed in Russia and 18 stores were transferred to Milavitsa's trading partners in the course of the strategy to shift focus from own retail chain towards the development of Milavitsa franchise network, thus terminating the loss making own retail operations in Russia. Number of own stores as of: -------------------------------------------------------------------------------- | | 30.09.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | Latvia | 9 | 5 | -------------------------------------------------------------------------------- | Belarus | 39 | 38 | -------------------------------------------------------------------------------- | Russia | 0 | 21 | -------------------------------------------------------------------------------- | Total stores | 48 | 64 | -------------------------------------------------------------------------------- | Total sales area, sq m | 4,099 | 5,523 | -------------------------------------------------------------------------------- A number of sales promotions were conducted in the Milavitsa retail chain in Belarus. Own retail operations in Belarus remain one of the key priorities for the Group's further sales development in the country. Overall retail operations in the country demonstrated a 48.3% growth in local currency terms and a 45.2% growth in EUR terms as compared to the same period in 2009 mainly due to the number of new shops opened in the recent year. Sales per square meter in the like-for-like shops have increased as well due to high season sales in May-August. In the Baltics, retail sales decreased by 44.3% as compared to the respective period of prior year and amounted to EEK 9,529 thousand (EUR 609 thousand). Decrease in own retail sales in the Baltics is explained by the divestment of Lithuanian retail operations in November 2009. In respect of lingerie retail in Russia the strategic decision to shift focus from own retail chain towards the development of Milavitsa franchise network was made in H2 2009, that resulted in the termination of the loss making own retail operations in Russia. As the result, the Group's own Oblicie stores were rebranded to Milavitsa and a transfer of stores to Milavitsa's trading partners commenced while non-performing stores were closed. During H1 2010 all 21 remaining stores were either transferred to trading partners or closed. As of 30 June 2010 the Group did not have any own retail store in Russia. Certain structural and management changes have been made in the Group's Russian operations (including the establishment of a separate franchise department) to implement the selected franchise development strategy. Own stores by concept -------------------------------------------------------------------------------- | Market | Milavitsa | Lauma | Total | Sales area, | | | stores | Lingerie | | sq m | | | | stores | | | -------------------------------------------------------------------------------- | Belarus | 39 | 0 | 39 | 3,539 | -------------------------------------------------------------------------------- | Latvia | 0 | 9 | 9 | 560 | -------------------------------------------------------------------------------- | Total | 39 | 9 | 48 | 4,099 | -------------------------------------------------------------------------------- Discontinued operations Discontinued operations' reported results in 9 months 2009 include operations of PTA (apparel business line) for H1 2009. Results of PTA operations are presented in the consolidated income statement as a single line item under ‘Loss from discontinued operations'. Production, sourcing, purchasing and logistics Due to the high demand on the market, similarly to H1 2010, in Q3 2010 the Group's manufacturing companies increased their production and purchasing volumes. The total volume of production in SP ZAO Milavitsa amounted to 3,918 thousand pieces in Q3 2010, representing a 3.9% increase as compared to the respective period in the previous year. The total production volume in Lauma Lingerie amounted to 386.7 thousand pieces in Q3 2010, showing an increase of 106% as compared to the respective period in the previous year. Production capacities in SP ZAO Milavitsa in Q3 2010 increased by 4.17% compared to Q2 2010 in order to prepare for increased production volumes in 2010-2011. Investment In 9 months 2010, the Group's investments totalled EEK 23,438 thousand (EUR 1,498 thousand) with investments into retail amounting to EEK 4,068 thousand (EUR 260 thousand). Other investments were made in equipment and facilities to maintain effective production. Personnel As of 30 September 2010, the Group employed 3,155 employees including 360 in retail and 2,001 in production. The rest were employed in wholesale, administration and support operations. Total salaries and wages in 9 months 2010 amounted to EEK 213,122 thousand (EUR 13,621 thousand). The remuneration of the members of the Management Board totalled EEK 4,350 thousand (EUR 278 thousand). The members of the Management Board also serve as executives for the Group's subsidiaries. Key Events in 9 months 2010 Resolutions of the Extraordinary General Meeting On 9 November 2010 the Extraordinary General Meeting approved the Supervisory Council's proposal to start a share buyback program under the following conditions: SFG is entitled to buy back its own shares from the date of the approval of the buyback until 30 June 2011; The total nominal value of own shares to be bought back by SFG may not exceed 3,960,700 shares, i.e 10% of total share capital of SFG; The maximum price payable by SFG for one share to be 4.00 EUR; The maximum amount payable by SFG for its own shares to be 15,842,800 EUR; Own shares to be paid for with assets exceeding the share capital, compulsory reserves and share premium. The Management Board of SFG has the right to appoint an investment firm or a credit institution as the lead manager of the buyback program no later than 2 weeks (two weeks) from the approval of the buy-back program by the Extraordinary General Meeting. Election of the Chairman of the Board On 8 November 2010 the Supervisory Board of AS Silvano Fashion Group appointed Mr. Märt Meerits as the Chairman of the Management Board. Mr. Norberto Rodriguez was appointed as the Vice Chairman of the Management Board Silvano Fashion Group established an Audit Committee On November 8, the Supervisory Board of Silvano Fashion Group approved the formation of the Audit Committee on grounds of the Authorised Public Accountants Act. The committee has three members: Ms. Jekaterina Stuge (Chairperson), Ms. Maivi Ots and Mr. Otto Tamme. Registration of share capital reduction The decrease of the share capital of Aktsiaselts Silvano Fashion Group was registered in Estonian commercial register on 15 October 2010. The reduction of the share capital was decided by the Annual General Meeting of SFG on 28 June 2010, by which the share capital of SFG was decreased from EEK 400,000,000 (EUR 25,564,659) to EEK 396,070,000 (EUR 25,313,487) by cancelling of 393,000 A-shares owned by SFG. Changes in the Supervisory Board The extraordinary general meeting of shareholders of AS Silvano Fashion Group was held on 5 March 2010, in Tallinn. The meeting resolved to recall members of the Supervisory Board of SFG Mr. Indrek Rahumaa and Mr. Priit Põldoja and to elect Mr. Risto Mägi, Mr. Stephan Balkin, Mr. Otto Tamme and Mr. Sven Kunsing to the Supervisory Board. Resignation of a Member of the Supervisory Board On 24 March 2010 a member of the Supervisory Board Mr. Sven Kunsing presented to SFG an application for his resignation from the position of a supervisory board member, and requested that the application would be provided to the next ordinary general meeting of SFG. The shareholders of the Company acknowledged Sven Kunsing's resignation from the supervisory board on the Annual General Meeting held on 28 June 2010. Share buy-back program of the Group's subsidiary SP ZAO Milavitsa On 21 May 2010 the parent company of the Group approved the share buy-back program of the Group's largest subsidiary SP ZAO Milavitsa. The terms of the program permit a buy-back of up to 1,967 shares of SP ZAO Milavitsa, representing up to 20% of all shares in SP ZAO Milavitsa, in the period between June 2010 and February 2011 with the objective of subsequent cancellation of shares; the offered price per share of SP ZAO Milavitsa is 3,000,000 BYR. As of 3 November 2010, 165 shares have been acquired by SP ZAO Milavitsa constituting 1.69% of all shares in SP ZAO Milavitsa. The management of the Group does not expect that the shareholding of SFG will increase significantly after the completion of the buy-back program. Changes in AS SFG's shareholding as the result of share buy-back will take place in H1 2011, provided the Annual General Meeting of SP ZAO Milavitsa will resolve to cancel the shares that were repurchased by SP ZAO Milavitsa. Changes in the Management Board On 5 June 2010 the term of office of Dmitry Ditchkovsky and Sergei Kusonski as Management Board members of SFG expired. Mr. Ditchkovski and Mr. Kusonski will continue to work in the same positions in the management of SFG under employment agreements. On 5 August 2010 the Supervisory Board of AS Silvano Fashion Group decided to increase the number of the Management Board members to three members and to elect Märt Meerits as the new management board member of SFG. The resolutions of the Annual General Meeting The Annual General Meeting was held on 28 June 2010. Apart from other decisions, the resolutions of the general meeting included: Approval of a distribution of EEK 30,985,744 (EUR 1,980,350) as dividends, of which EEK 0.78233 (EUR 0.05) per share have been paid to the shareholders of the Company on 21 September 2010. Election of Ants Susi as the supervisory board member of the Company. Ants Susi has worked as a management board member of Estonian company OÜ Baltsped since 1997. OÜ Baltsped provides international carrier transportation and freight forwarding services. He is a member of the supervisory board of AS Esmar and a member of the management board of OÜ Callada Invest. In addition, he is a member of the management board of a Latvian company Spedline SIA and a Lithuanian company Spedline UAB. Approval of the new Articles of Association of the Company. Decision to reduce the share capital of the Company by EEK 3,930,000 to EEK 396,070,000 by means of cancelling 393,000 own shares owned by the Company. The share capital was reduced for the purpose of increasing the value of all remaining shares of the Company; share capital reduction was registered on 15 October 2010. Selected financial data -------------------------------------------------------------------------------- | Key figures and ratios | 9months | 9 months | Change | | | 2010 | 2009 | | -------------------------------------------------------------------------------- | Net sales from continuing operations (EEK | 1,133,36 | 898,099 | 235,262 | | thousand) | 1 | | | -------------------------------------------------------------------------------- | Net profit from continuing operations, | 150,505 | -7,683 | 142,822 | | attributable to owners of the Company (EEK | | | | | thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 247,779 | 89,874 | 157,905 | | depreciation (EBITDA) from continuing | | | | | operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes (EBIT) | 227,047 | 63,181 | 163,866 | | from continuing operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Net sales from continuing operations (EUR | 72,435 | 57,399 | 15,036 | | thousand) | | | | -------------------------------------------------------------------------------- | Net profit from continuing operations, | 9,619 | -491 | 10,110 | | attributable to owners of the Company (EUR | | | | | thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 15,836 | 5,744 | 10,092 | | depreciation (EBITDA) from continuing | | | | | operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes (EBIT) | 14,511 | 4,038 | 10,473 | | from continuing operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Operating margin from continuing | 20.0% | 7.0% | - | | operations, % | | | | -------------------------------------------------------------------------------- | Net margin from continuing operations | 13.3% | -0.9% | - | | attributable to owners of the Company, % | | | | -------------------------------------------------------------------------------- | ROA, % | 16.9% | -4.3% | - | -------------------------------------------------------------------------------- | ROE, % | 27.6% | -7.7% | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EEK | 3.80 | -1.10 | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EUR | 0.24 | -0.07 | - | -------------------------------------------------------------------------------- | Current ratio | 4.3 | 3.0 | - | -------------------------------------------------------------------------------- | Quick ratio | 3.1 | 1.8 | - | -------------------------------------------------------------------------------- The Group's operating results are summarised in the following figures and ratios: Consolidated statement of financial position Unaudited -------------------------------------------------------------------------------- | | 30.09. | 31.12. | 30.09. | 30.09.20 | 31.12.2 | 30.09.20 | | | 2010 | 2009 | 2009 | 10 | 009 | 09 | -------------------------------------------------------------------------------- | | EEK | EEK | EEK | EUR | EUR | EUR | | | thousa | thousa | thousa | thousand | thousan | thousand | | | nd | nd | nd | | d | | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant | 166,13 | 168,24 | 182,20 | 10,618 | 10,753 | 11,645 | | and equipment | 6 | 8 | 5 | | | | -------------------------------------------------------------------------------- | Intangible assets | 8,027 | 8,919 | 8,981 | 513 | 570 | 574 | -------------------------------------------------------------------------------- | Investment | 19,793 | 20,090 | 19,809 | 1,265 | 1,284 | 1,266 | | property | | | | | | | -------------------------------------------------------------------------------- | Investments in | 2,018 | 2,175 | 2,206 | 129 | 139 | 141 | | equity accounted | | | | | | | | investees | | | | | | | -------------------------------------------------------------------------------- | Available-for-sal | 5,617 | 5,664 | 6,681 | 359 | 362 | 427 | | e financial | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 18,964 | 18,119 | 0 | 1,212 | 1,158 | 0 | | asset | | | | | | | -------------------------------------------------------------------------------- | Other receivables | 10,342 | 9,920 | 29,588 | 661 | 634 | 1,891 | -------------------------------------------------------------------------------- | Total non-current | 230,89 | 233,13 | 249,47 | 14,757 | 14,900 | 15,944 | | assets | 7 | 5 | 0 | | | | -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 193,73 | 266,28 | 236,10 | 12,382 | 17,019 | 15,090 | | | 6 | 9 | 7 | | | | -------------------------------------------------------------------------------- | Corporate income | 1,612 | 7,260 | 5,914 | 103 | 464 | 378 | | tax asset | | | | | | | -------------------------------------------------------------------------------- | Other tax | 17,070 | 22,875 | 16,429 | 1,091 | 1,462 | 1,050 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Trade receivables | 139,56 | 131,61 | 130,39 | 8,920 | 8,412 | 8,334 | | | 8 | 8 | 9 | | | | -------------------------------------------------------------------------------- | Other receivables | 6,353 | 18,260 | 21,890 | 406 | 1,167 | 1,399 | -------------------------------------------------------------------------------- | Prepayments | 11,156 | 9,529 | 9,591 | 713 | 609 | 613 | -------------------------------------------------------------------------------- | Cash and cash | 332,22 | 153,93 | 166,49 | 21,233 | 9,838 | 10,641 | | equivalents | 4 | 1 | 5 | | | | -------------------------------------------------------------------------------- | Assets classified | 704 | 7,526 | 7,197 | 45 | 481 | 460 | | as held for sale | | | | | | | -------------------------------------------------------------------------------- | Total current | 702,42 | 617,28 | 594,02 | 44,893 | 39,452 | 37,965 | | assets | 3 | 8 | 2 | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 933,32 | 850,42 | 843,49 | 59,650 | 54,352 | 53,909 | | | 0 | 3 | 2 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | | | EQUITY | | | | | | | -------------------------------------------------------------------------------- | Equity | | | | | | | -------------------------------------------------------------------------------- | Share capital at | 400,00 | 400,00 | 400,00 | 25,565 | 25,565 | 25,565 | | per value | 0 | 0 | 0 | | | | -------------------------------------------------------------------------------- | Share premium | 223,29 | 223,29 | 223,29 | 14,271 | 14,271 | 14,271 | | | 3 | 3 | 3 | | | | -------------------------------------------------------------------------------- | Own shares | -7,041 | -7,041 | -7,041 | -450 | -450 | -450 | -------------------------------------------------------------------------------- | Statutory capital | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 | | reserve | | | | | | | -------------------------------------------------------------------------------- | Other reserves | 5,461 | 0 | 0 | 349 | 0 | 0 | -------------------------------------------------------------------------------- | Translation | -199,3 | -186,5 | -172,8 | -12,743 | -11,922 | -11,047 | | reserve | 85 | 39 | 48 | | | | -------------------------------------------------------------------------------- | Retained earnings | 178,62 | 59,097 | 53,996 | 11,416 | 3,777 | 3,451 | | | 2 | | | | | | -------------------------------------------------------------------------------- | Total equity | 601,99 | 489,85 | 498,44 | 38,475 | 31,308 | 31,857 | | attributable to | 6 | 6 | 6 | | | | | equity holders of | | | | | | | | the Company | | | | | | | -------------------------------------------------------------------------------- | Non-controlling | 164,11 | 136,14 | 132,16 | 10,489 | 8,701 | 8,447 | | interest | 8 | 1 | 6 | | | | -------------------------------------------------------------------------------- | Total equity | 766,11 | 625,99 | 630,61 | 48,964 | 40,009 | 40,304 | | | 4 | 7 | 2 | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Loans and | 4,475 | 4,052 | 11,047 | 286 | 259 | 706 | | borrowings | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 0 | 0 | 266 | 0 | 0 | 17 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0 | 1,455 | 485 | 0 | 93 | 31 | -------------------------------------------------------------------------------- | Provisions | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total non-current | 4,475 | 5,507 | 11,798 | 286 | 352 | 754 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Loans and | 1,033 | 24,190 | 31,340 | 66 | 1,546 | 2,003 | | borrowings | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 99,168 | 123,99 | 111,73 | 6,338 | 7,925 | 7,141 | | | | 9 | 3 | | | | -------------------------------------------------------------------------------- | Corporate income | 13,785 | 3,552 | 3,380 | 881 | 227 | 216 | | tax payable | | | | | | | -------------------------------------------------------------------------------- | Other tax payable | 9,889 | 24,831 | 18,526 | 632 | 1,587 | 1,184 | -------------------------------------------------------------------------------- | Other payables | 16,758 | 14,270 | 0 | 1,071 | 912 | 0 | -------------------------------------------------------------------------------- | Provisions | 2,832 | 3,395 | 15,866 | 181 | 217 | 1,014 | -------------------------------------------------------------------------------- | Deferred tax | 0 | 0 | 19,684 | 0 | 0 | 1,258 | | liability | | | | | | | -------------------------------------------------------------------------------- | Accrued expenses | 19,245 | 24,033 | 240 | 1,230 | 1,536 | 15 | -------------------------------------------------------------------------------- | Deferred income | 21 | 649 | 313 | 1 | 41 | 20 | -------------------------------------------------------------------------------- | Total current | 162,73 | 218,91 | 201,08 | 10,400 | 13,991 | 12,851 | | liabilities | 1 | 9 | 2 | | | | -------------------------------------------------------------------------------- | Total liabilities | 167,20 | 224,42 | 212,88 | 10,686 | 14,343 | 13,605 | | | 6 | 6 | 0 | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 933,32 | 850,42 | 843,49 | 59,650 | 54,352 | 53,909 | | AND EQUITY | 0 | 3 | 2 | | | | -------------------------------------------------------------------------------- Consolidated income statement for 9 months 2010 Unaudited -------------------------------------------------------------------------------- | | 2010 9 | 2009 9 | 2010 9 | 2009 9 | | | months | months | months EUR | months | | | EEK | EEK | thousand | EUR | | | thousand | thousand | | thousand | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Revenue | | | | | -------------------------------------------------------------------------------- | Sales revenue | 1,133,361 | 898,099 | 72,435 | 57,399 | -------------------------------------------------------------------------------- | Costs of goods sold | -678,124 | -511,253 | -43,340 | -32,675 | -------------------------------------------------------------------------------- | Gross Profit | 455,237 | 386,846 | 29,095 | 24,724 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 7,088 | 19,543 | 453 | 1,249 | -------------------------------------------------------------------------------- | Distribution costs | -113,250 | -133,137 | -7,238 | -8,509 | -------------------------------------------------------------------------------- | Administrative expenses | -97,791 | -118,789 | -6,250 | -7,592 | -------------------------------------------------------------------------------- | Other operating expenses | -24,237 | -91,282 | -1,549 | -5,834 | -------------------------------------------------------------------------------- | Operating profit / loss | 227,047 | 63,181 | 14,511 | 4,038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income and finance | | | | | | costs | | | | | -------------------------------------------------------------------------------- | Interest expenses | -1,127 | -7,338 | -72 | -469 | -------------------------------------------------------------------------------- | Gains/losses on conversion | 9,435 | 9,576 | 603 | 612 | | of foreign currencies | | | | | -------------------------------------------------------------------------------- | Other financial income / | 10,874 | 7,291 | 695 | 466 | | expenses | | | | | -------------------------------------------------------------------------------- | Net finance income/ (costs) | 19,182 | 9,529 | 1,226 | 609 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | -141 | -298 | -9 | -19 | | accounted investees | | | | | -------------------------------------------------------------------------------- | Profit before tax | 246,088 | 72,412 | 15,728 | 4,628 | -------------------------------------------------------------------------------- | Income tax expense | -56,516 | -61,695 | -3,612 | -3,943 | -------------------------------------------------------------------------------- | Profit / (loss) from | 189,572 | 10,717 | 12,116 | 685 | | continuing operations | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Discontinued operations | | | | | -------------------------------------------------------------------------------- | Loss from discontinued | 0 | -36,034 | 0 | -2,303 | | operations (net of income | | | | | | tax) | | | | | -------------------------------------------------------------------------------- | Profit / (loss) for the | 189,572 | -25,317 | 12,116 | -1,618 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | -------------------------------------------------------------------------------- | Owners of the Company | 150,505 | -43,717 | 9,619 | -2,794 | -------------------------------------------------------------------------------- | Non-controlling interest | 39,067 | 18,400 | 2,497 | 1,176 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 3.80 | -1.10 | 0.24 | -0.07 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 3.80 | -1.10 | 0.24 | -0.07 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 3.80 | -0.19 | 0.24 | -0.01 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 3.80 | -0.19 | 0.24 | -0.01 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- Märt Meerits Chairman of the Management Board AS Silvano Fashion Group Tel +372 680 1396 E-mail [email protected]