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
This announcement has been corrected.
Corrected version
Consolidated interim report for Q3 and 9 months of 2014 (unaudited)
Categories
Management interim statement or quarterly financial report
Unique data record identifier
4718
Attachments
Submission date and time
11.11.2014 16:00:01
Content of announcement in Estonian
Title
2014. aasta III kvartali ja 9 kuu konsolideeritud vahearuanne (auditeerimata)
Message
Tallinn, 2014-11-11 15:00 CET (GLOBE NEWSWIRE) --
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Valikulised finantsnäitajad </span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta 9 kuu (võrrelduna 2013. aasta 9 kuuga) ja
30.09.2014 (võrrelduna 31.12.2013) valikulised finantsnäitajad on
järgmised:</span></span>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 kuud <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 kuud <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Muutus
style
2014</span></span>
2013</span></span>
</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">tuha
ndetes
eurod
es</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">87 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">98 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-11,8%</span></span>
style
139</span></span>
812</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Müüg
itulu<
/span>
</span
>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">13 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">18 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-29,6%</span></span>
style
025</span></span>
501</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EBIT
DA</sp
an></s
pan>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-21,4%</span></span>
style
235</span></span>
747</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Arua
ndeper
ioodi
puhas
kasum<
/span>
</span
>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-21,3%</span></span>
style
431</span></span>
709</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Puha
skasum
,
emaet
tevõtt
e
omani
ke
osa</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0,22</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0,27</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-20,5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kasu
m
aktsi
a
kohta
(euro
des)</
span><
/span>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">15 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-50,1%</span></span>
style
621</span></span>
274</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ärit
egevus
e
rahav
oog
perio
odil</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.09.2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Muutus </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">tuha
ndetes
eurod
es</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">79 114</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">76 629</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3,2%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Vara
d
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">57 438</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">55 080</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4,3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Käib
evarad
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">58 404</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">52 370</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11,5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omak
apital
kokku
,
emaet
tevõtt
e
omani
ke
osa</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">79</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-100,0%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Laen
ukohus
tused<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">22 374</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19 165</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">16,7%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Raha
ja
raha
ekviv
alendi
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 kuud <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 kuud <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Muutus
style
2014</span></span>
2013</span></span>
</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Rent
aablus
analüü
s,
%</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">33,9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">35,6</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-4,8%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Brut
okasum
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">14,9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">18,7</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-20,2%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EBIT
DA</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">10,6</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11,9</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-10,9%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Puha
skasum
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9,7</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10,8</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-10,7%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Puha
skasum
,
emaet
tevõtt
e
omani
ke
osa</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.09.2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Muutus
style
</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Fina
ntssuh
tarvud
,
%</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11,2</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13,4</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-16,4%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ROA<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">16,2</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19,9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-18,6%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ROE<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7,3</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9,5</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-23,3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Hinn
a/
kasum
i
suhe<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">5,0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,7</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7,5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Lühi
ajalis
te
kohus
tuste
katte
kordaj
a</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2,9</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,6</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">14,5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Likv
iidsus
kordaj
a</spa
n></sp
an>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Konsolideeritud finantsseisundi aruanne </span></span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.09.2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">tuha
ndetes
eurod
es</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">VARA
D</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Käib
evara<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">22 374</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19 165</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Raha
ja
panga
kontod
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">400</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">196</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ette
maksed
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">10 772</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 846</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Nõud
ed
ostja
te
vastu
ja
muud
nõude
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">23 892</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">24 873</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Varu
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">57 438</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">55 080</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Käib
evara
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Põhi
vara</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">115</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">124</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inve
steeri
ngud
sidus
ettevõ
tetess
e</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">549</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">497</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Muud
inves
teerin
gud</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">608</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">460</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Edas
ilükku
nud
tulum
aksuva
ra</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">753</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">719</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Imma
teriaa
lne
põhiv
ara</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1 725</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 592</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kinn
isvara
invest
eering
ud</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">17 926</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">18 157</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Mate
riaaln
e
põhiv
ara</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">21 676</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">21 549</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Põhi
vara
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">79 114</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">76 629</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">VARA
D
KOKKU
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">KOHU
STUSED
JA
OMAKA
PITAL<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Lühi
ajalis
ed
kohus
tused<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">79</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Laen
ukohus
tused<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6 850</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 837</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Võla
d
tarni
jatele
ja
muud
võlad
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">4 617</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">905</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Maks
uvõlad
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11 467</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 821</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Lühi
ajalis
ed
kohus
tused
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Pika
ajalis
ed
kohus
tused<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">266</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 953</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Edas
ilükku
nud
tulum
aksuko
hustus
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">266</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 953</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Pika
ajalis
ed
kohus
tused
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11 733</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13 774</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kohu
stused
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omak
apital
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11 820</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 820</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Akts
iakapi
tal</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">13 822</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13 822</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ülek
urss</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-1 164</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-224</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omaa
ktsiad
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1 306</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 306</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kohu
stusli
k
reser
vkapit
al</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2 454</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 215</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Real
iseeri
mata
kursi
vahed<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">35 074</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">26 861</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Jaot
amata
kasum
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">58 404</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">52 370</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omak
apital
kokku
,
emaet
tevõtt
e
omani
ke
osa</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">8 977</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 485</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Mitt
ekontr
olliv
osalu
s
omaka
pitali
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">67 381</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">62 855</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Omak
apital
kokku
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">79 114</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">76 629</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">OMAK
APITAL
JA
KOHUS
TUSED
KOKKU
</span
></spa
n>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Konsolideeritud kasumiaruanne</span></span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">III kvartal <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">III kvartal <span <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 kuud <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 kuud
style
2014</span></span>
2013</span></span> style=
2014</span></span>
2013</span></span>
="font
"font-
-size:
size:1
10pt;"
0pt;">
><span
<span
style
style=
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sans-s
serif;
erif;"
">tuha
>
ndetes
</span
eurod
></spa
es</sp
n>
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">32 479</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">29 865</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">87 139</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">98 812</span></span>
style
style
="font
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10pt;"
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style
style
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">Müüg
">
itulu<
</spa
/span>
n></sp
</span
an>
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-22 110</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-18 068</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-57 605</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-63 632</span></span>
style
style
="font
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">Müüd
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</spa
tooda
n></sp
ngu
an>
kulu<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">10 369</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 797</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">29 534</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">35 180</span></span>
style
style
="font
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10pt;"
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><span
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style
style
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-famil
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sans-
serif;
serif;
">Brut
">
okasum
</spa
</span
n></sp
></spa
an>
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style=
="font
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size:1
10pt;"
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><span
<span
style
style=
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>
</spa
</span
n></sp
></spa
an>
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-5 184</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-3 739</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-12 777</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-12 124</span></span>
style
style
="font
="font
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10pt;"
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><span
><span
style
style
="font
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-famil
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y:Aria
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serif;
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">Turu
">
stusku
</spa
lud</s
n></sp
pan></
an>
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2 186</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 577</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-5 652</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-4 981</span></span>
style
style
="font
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10pt;"
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><span
><span
style
style
="font
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-famil
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y:Aria
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Helve
Helve
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">Üldh
">
aldusk
</spa
ulud</
n></sp
span><
an>
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">206</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">62</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">597</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">496</span></span>
style
style
="font
="font
-size:
-size:
10pt;"
10pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
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tica,
tica,
sans-
sans-
serif;
serif;
">Muud
">
äritu
</spa
lud</s
n></sp
pan></
an>
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-402</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-764</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1 043</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 922</span></span>
style
style
="font
="font
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10pt;"
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><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
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tica,
tica,
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sans-
serif;
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">Muud
">
äriku
</spa
lud</s
n></sp
pan></
an>
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2 803</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">5 779</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10 659</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16 649</span></span>
style
style
="font
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10pt;"
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><span
><span
style
style
="font
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-famil
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y:Aria
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l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Ärik
">
asum</
</spa
span><
n></sp
/span>
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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sans-serif;">313</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">420</span></span> <span
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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sans-serif;">585</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-80</span></span> <span
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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luse
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6 365</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10 578</span></span> <span
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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style="font-family:Arial, Helvetica, sans-serif;">9 235</span></span> <span
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3 093</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8 431</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">319</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">804</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
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sans-serif;">0,08</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0,22</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
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kohta
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tevõtt
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kasum
is,
nii
tava
kui
lahus
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(euro
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span><
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<strong style="font-size: 11pt;"><span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Ärikeskkond</span></span>
<span style="font-family:Arial, Helvetica, sans-serif;font-size:10pt;">Uus
majanduslik reaalsus, mida varjutavad karistavad sanktsioonid, relvakonfliktid,
nõrgenev tarbijausalduskeskkond ning lõputu nimekiri muudest teguritest, saaks
välja tuua põhjendustena ettevõtete tänase majandusliku edu (ebaedu) osas.
Sellele vaatamata on uus reaalsus sama kõigile turuosalistele, alates
tarbijatest ja lõpetades ettevõtetega, kes tarbijate vajadusi rahuldavad.
Majanduskeskkond on sama ka konkurentidele. Seetõttu usume, et kriisilaadsest
majandusolukorrast on kujunemas riskifaktorite tegeliku mõju hindamisülesanne
küsimustes, mis puudutavad ostjate turgu, ärimudelit ning võimet aktsionäridele
kasumit teenida.</span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Meie majanduskeskkond algab klientide rahakotist. See rahakott
näitab kahanemistendentsi ning eriti puudutab see imporditud kaupu. Selguse
mõttes lisasime sarnaselt eelmise kvartaliaruandega allpool ülevaate meie jaoks
oluliste valuutade omavaheliste liikumiste kohta (lisatud
aruandefailis).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kolmandas kvartalis valitsenud majanduskeskkonda iseloomustasid
majanduse stabiliseerumise ootuste kahanemine, samuti vähenenud lootused
poliitilisele tahtele tekkinud küsimusi reguleerida (mis, tõepoolest, mingis
ulatuses toimus Ukrainas) ning vähendada nende mõju tarbijate ostujõule.
Seetõttu jätkus ka nõrk tarbimiskonjunktuur meie peamistel turgudel – Venemaal,
Valgevenes, Ukrainas ja Kasahstanis. Vaadates III kvartalist ettepoole (kuni
käesoleva aasta lõpuni), tuleb meil arvestada asjaoluga, et Venemaa, meie
põhiturg, saab olema jätkuvalt tõsiseks väljakutseks rubla kursi nõrgenemise
tõttu. Sestap meie poolt prognoositud ebaoluline valuutade mõju II poolaasta
tulemustele osutus põhjendamatuks.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Sellises keskkonnas keskendub Kontsern äri kasumlikkuse
tagamisele. See omakorda tähendab esmajoones tegevuskulude põhjalikku kontrolli
ning teiseks müügikasumi marginaalide juhtimist (mis meie kahjuks III kvartalis
osutus väheedukaks valuutakursside liikumiste ja hüperinflatsiooni mõju tõttu
brutomarginaalile).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni III kvartali käive kasvas võrreldes sama perioodiga
aasta tagasi: müügitulu ulatus 32 479 tuhande euroni võrreldes 29 865 tuhande
euroga eelmisel aastal. Vastavad numbrid 9 kuu 2014. a. kohta on 87 139 tuhat
eurot võrreldes 98 812 tuhande euroga eelmise aasta samal perioodil.
Hulgimüügisegment mõjutas enim nii III kvartali võrreldavate mahtude kasvu kui
ka 9 kuu võrreldavate mahtude vähenemist.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Hulgimüügi segment andis III kvartalis 25 043 tuhande euro suuruse
käibe (24 338 tuhat eurot 2013. aasta III kvartalis), 2014. aasta 9 kuu maht
oli vastavalt 68 450 tuhat eurot võrreldes 81 900 tuhande euroga eelmisel
aastal. Jaemüügi segment andis III kvartalis 7 295 tuhande euro suuruse käibe
(5 431 tuhat eurot eelmise aasta samal perioodil) ning 9 kuu käive moodustas 18
065 tuhat eurot (16 614 tuhat eurot eelmise aasta 9 kuuga). Kontsern viis III
kvartalis läbi rea allahindluskampaaniaid Valgevenes opereeritavates oma
kauplustes, mis andis positiivse tõuke käibele ent negatiivse
marginaalidele.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Peamiste turgude lõikes toimusid III kvartalis 2014. a. eelmise
aasta sama perioodiga võrreldes järgmised muutused: Venemaa - 17 037 tuhat
eurot (17 087 tuhat eurot 2013. aasta III kvartalis), Valgevene - 10 980 tuhat
eurot (8 029 tuhat eurot 2013. aasta III kvartalis), Ukraina - 1 183 tuhat
eurot (1 982 tuhat eurot 2013. aasta III kvartalis), Balti riigid - 898 tuhat
eurot (723 tuhat eurot 2013. aasta III kvartalis), muude turgude müügimahud III
kvartalis moodustasid 2 380 tuhat eurot (2 044 tuhat eurot 2013. aasta III
kvartalis).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni puhaskasum moodustas III kvartalis 3 406 tuhat eurot
võrreldes 3 093 tuhande euroga eelmise aasta samal perioodil. 2014. aasta 9
kuuga moodustas puhaskasum 8 431 tuhat eurot võrreldes 10 709 tuhande euroga
eelmisel aastal. Grupi EBITDA (kasum enne intressikulusid ja -tulusid,
tulumaksu ja amortisatsiooni) moodustas 2014. aasta 9 kuuga 13 025 tuhat eurot
võrreldes 18 501 tuhande euroga eelmise aasta samal perioodil.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Majanduse väljavaated enamusel kontserni põhiturgudel suure
tõenäosusega halvenevad tingituna majandusega otseselt mitte seotud faktoritest
(sanktsioonid) ning nende mõjust reaalmajandusele (energiakandjate hinnad,
valuutad, inflatsioon). Venemaal toimuvate majandussündmuste taga on langevad
energiahinnad (nafta, gaasi ja mineraalainete hinnad, millest ligemale poole
kuni kolmveerandi ulatuses sõltub riigi eelarve), aeguvad välisvõlad (kapitali
väljavool) ning nõrgenenud valuuta (-17% euro ja -24% dollari suhtes aasta
algusest, mis omakorda tekitab impordist sõltuva inflatsioonilise keskkonna).
Venemaa reaalmajanduse kasv kui selline 2014. aastal on üleüldse küsimärgi all.
III kvartali lõpuks on Kontsernil Venemaal kokku 382 kauplust.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Valgevene majanduskasv on pidurdunud peamiselt tänu jahenenud
majanduskliimale riigi peamisel eksporditurul – Venemaal. Valgevene on
võrdlemisi edukalt ajanud inflatsiooni piiravat majanduspoliitikat, mis
omakorda on taganud enam-vähem stabiilse Valgevene rubla vahetuskursi
(Valgevene rubla odavnes 2014. aasta 9 kuuga euro vastu 2,2% võrra). Kontsern
opereerib Valgevenes kokku 54 oma kauplusega, lisaks on kontsernil ka 5
frantsiisipoodi. Kontserni müük Valgevenes moodustas 2014. aasta 9 kuuga kokku
26 491 tuhat eurot võrreldes 24 587 tuhande euroga eelmise aasta samal
perioodil.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Negatiivne infovoog Ukraina sündmuste kohta on jätkuvalt maailma
meediaagentuuride esiplaanil. Grivna kurss on III kvartalis stabiliseerus peale
49% odavnemist euro suhtes aasta algusest. Kontserni 2014. aasta 9 kuu
müügikäive antud turul moodustas 3 848 tuhat eurot võrreldes 7 141 tuhande
euroga 2013. aasta III kvartalis. Kontsernil on äärmiselt raske hinnata
majandusolukorda Ukrainas käesolevaks aastaks. Kontsernil on III kvartali lõpu
seisuga Ukrainas kokku 97 frantsiisipartnerite poolt opereeritavat
kauplust.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Balti riikides opereerib kontsern peamiselt oma kaupluste ja
frantsiisipartnerite vahendusel. Kontsern opereerib 9 oma kauplusega, millele
lisanduvad 31 frantsiisikauplust regioonis. Kontserni müük Balti riikides
tervikuna moodustas 2014. aasta 9 kuuga 2 489 tuhat eurot võrreldes 2 015
tuhande euroga eelnenud aastal.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kaupluste avamise osas 2014. aasta 9 kuuga moodustas avamiste
netoarv (sisaldab kaupluste avamist kui ka kaupluste sulgemist, peaasjalikult
seoses ümberpaiknemistega) Milavitsa brändi all kokku 4 kauplust ning Lauma
Lingerie brändi all 3 kauplust. Kontsern opereerib nii ise kui ka
frantsiisipartnerite vahendusel kokku 686 kauplust. Milavitsa ja Lauma Lingerie
frantsiisipartnerite võrgustikust tulenev kontserni müügigeograafia katab enam
kui 20 riiki.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Majandustulemused</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta 9 kuu käive moodustas 87 139 tuhat eurot,
vähenedes eelmise aasta sama perioodiga võrreldes 11,8%. Hulgimüügi kogukäive
vähenes 16,4% võrra, jaemüügi käive kasvas 8,7% võrra.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni raporteeritav brutorentaablus 2014. aasta 9 kuuga
vähenes, moodustades 33,89%, eelmise aasta sama perioodi vastav näitaja oli
35,60%. 2014. aasta 9 kuu konsolideeritud ärikasum ulatus 10 659 tuhande euroni
võrreldes 2013. aasta 9 kuu konsolideeritud ärikasumiga summas 16 649 tuhat
eurot. 2014. aasta 9 kuu ärikasumi rentaablus ulatus 12,2%-ni võrreldes
16,8%-ga eelmise aasta samal perioodil. Konsolideeritud EBITDA moodustas 2014.
aasta 9 kuuga 13 025 tuhat eurot, see tähendab 14,9% rentaablust (18 501 tuhat
eurot ja 18,7% eelmise aasta samal perioodil).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta III kvartalis jaotas kontsern kasumit oma
tütarettevõttest emaettevõttesse, millega kaasnes täiendav tulumaksukulu summas
0,5 miljonit eurot. Kogu maksukulu moodustas 9 kuuga 2014. kokku 4 768 tuhat
eurot võrreldes 3 904 tuhande euroga eelmise aasta samal perioodil. Seoses uue
majandusolukorraga on Kontsern III kvartalis moodustanud ostjatelt laekumata
arvete osas provisjone summas 1,3 miljonit eurot, lisaks tehti täiendav
ümberhindamine laovarude osas.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kahjum valuutakursi muutustest 2014. aasta 9 kuuga ulatus 500
tuhande euroni (323 tuhat eurot eelmise aasta samal perioodil). Kasum rahaliste
vahendite netopositsioonist, mis sõltub ennekõike inflatsioonimäärast
Valgevevenes ja valuutakursside liikumistest, suurenes 4 830 tuhande euro võrra
võrreldes eelmise aasta sama perioodiga. Kokkuvõtvalt, ettevõtte puhaskasum
emaettevõtte aktsionäridele moodustas 2014. aasta 9 kuuga 8 431 tuhat eurot
võrreldes 10 719 tuhande euroga 2013. aasta 9 kuuga, puhaskasumi marginaal
emaettevõtte aktsionäridele moodustas 9,7% võrreldes 10,8% eelmise aasta samal
perioodil.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Finantsseisund</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Seisuga 30. september 2014 ulatus konsolideeritud varade maht 79
114 tuhande euroni, seega võrreldes 31. detsembriga 2013 moodustas kasv
3,2%.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Võrreldes 31. detsembriga 2013 kahanesid nõuded ostjate vastu 74
tuhande euro võrra ja moodustasid 2014. aasta 30. septembri seisuga 10 772
tuhat eurot. Varude saldo kahanes 981 tuhande euro võrra moodustades 2014.
aasta 30. septembri seisuga 23 892 tuhat eurot. Ostjate tasumata arvete ja
varude saldo muutused vastavad ärivaldkonna hooajatrendile.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Emaettevõtte omanike osa omakapitalis suurenes 6 034 tuhande euro
võrra ulatudes 2014. aasta 30. septembri seisuga 58 404 tuhande
euroni.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Lühiajalised kohustused kahanesid 2014. aasta 9 kuuga 354 tuhande
euro võrra. Lühi- ja pikaajalised laenukohustused vähenesid 79 tuhande euro
võrra, laenude saldo 30. septembri 2014 seisuga oli null. </span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Müügi struktuur</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Müük turgude lõikes</span></span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Muutus</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 kuud 2014 <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 kuud 2013
style style= style=
% käibest</span></span>
% käibest</span></span>
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
Helve Helvet Helvet
tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">tuha >9 >9
ndetes kuud kuud
eurod 2014</ 2013</
es</sp span>< span><
an></s /span> /span>
pan>
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--------------------------
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-18,5%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">54,6%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">59,1%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
Helve Helvet Helvet
tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Vene >47 >58
maa</s 582</s 375</s
pan></ pan></ pan></
span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7,7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30,4%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">24,9%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
Helve Helvet Helvet
tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Valg >26 >24
evene< 491</s 587</s
/span> pan></ pan></
</span span> span>
>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0,7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3,7%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3,3%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
Helve Helvet Helvet
tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Kasa >3 >3
hstan< 197</s 219</s
/span> pan></ pan></
</span span> span>
>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-46,1%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4,4%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7,2%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
Helve Helvet Helvet
tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Ukra >3 >7
ina</s 848</s 141</s
pan></ pan></ pan></
span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-13,8%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1,9%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,9%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
Helve Helvet Helvet
tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Mold >1 >1
ova</s 628</s 888</s
pan></ pan></ pan></
span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">23,5%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,9%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2,0%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
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tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Balt >2 >2
i 489</s 015</s
riigi pan></ pan></
d</spa span> span>
n></sp
an>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">19,9%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2,2%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1,6%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
l, , ,
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tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Muud >1 >1
turud 903</s 587</s
</span pan></ pan></
></spa span> span>
n>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-11,8%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">100,0%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">100,0%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
-famil family family
y:Aria :Arial :Arial
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tica, ica, ica,
sans- sans-s sans-s
serif; erif;" erif;"
">Kokk >87 >98
u</spa 139</s 812</s
n></sp pan></ pan></
an> span> span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Enamus 2014. aasta 9 kuu müügist on seotud Venemaaga, s.o 47 582
tuhat eurot, mis moodustas 54,6% kogukäibest. Müügimahult järgmine piirkond oli
Valgevene, kus käive ulatus 26 491 tuhande euroni, mis moodustas 30,4%
kogukäibest (nii jae- kui ka hulgimüük kokku).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Müük ärisegmentide lõikes</span></span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9 kuud 2014 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 kuud <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Muutus</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 kuud 2014 <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 kuud 2013
style
</span></span>
2013</span></span>
% käibest</span></span>
% käibest</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">tuha
ndetes
eurod
es</sp
an></s
pan>
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------------------------------------------------------------
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">68 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">81 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-16,4%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">78,6%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">82,9%</span></span>
style
450</span></span>
900</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Hulg
imüük<
/span>
</span
>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">18 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16 <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8,7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">20,7%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">16,8%</span></span>
style
065</span></span>
614</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Jaem
üük</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">624</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">298</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">109,4%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0,7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0,3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Muud
tegev
usvald
konnad
</span
></spa
n>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">87 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">98 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-11,8%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">100,0%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">100,0%</span></span>
style
139</span></span>
812</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kokk
u</spa
n></sp
an>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta 9 kuu hulgimüügi tulu ulatus 68 450 tuhande euroni,
mis moodustas 78,6% kontserni müügitulust (2013. aasta 9 kuud: 82,9%). Peamised
hulgimüügipiirkonnad olid Venemaa, Ukraina, Valgevene, Kasahstan ja
Moldova.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta 9 kuu naistepesu jaemüügikäive moodustas
kokku 18 065 tuhat eurot, esindades 20,7% müügitulust (2013. aasta 9 kuud:
16,8%).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30. septembri 2014.a seisuga tegutses Milavitsa ja Lauma Lingerie
kaubamärkide all kokku 686 kauplust. Kontserni oma jaemüügiketid tegutsesid
Valgevenes ja Lätis. 2014. aasta III kvartali lõpu seisuga opereeris kontsern
63 kauplusega. 2014. aasta 30. septembri seisuga tegutses Milavitsa tootemargi
all 584 kauplust, mida haldasid Milavitsa äripartnerid Venemaal, Ukrainas,
Moldovas, Kasahstanis, Usbekistanis, Kõrgõzstanis, Aserbaidžaanis, Armeenias,
Saksamaal, Lõuna-Aafrikas, Leedus, Eestis, Gruusias, Araabia Ühendemiraatides,
Iraanis, Sloveenias, Belgias ja Itaalias. Lisaks sellele tegutses 2014. aasta
30. septembri seisuga ka 39 Lauma Lingerie kauplust, mida haldasid Lauma
Lingerie äripartnerid Eestis, Lätis, Leedus, Venemaal, Ukrainas, Saudi-Araabias
ja Albaanias.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontsernile kuuluvate ja frantsiisikaupluste
paiknemine</span></span><span style="font-size:11pt;"> </span>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
<span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica,
style
sans-serif;">Kontsern</span></span>
sans-serif;">Frantsiis</span></span>
sans-serif;">Kokku</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">382</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">382</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Vene
maa</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">97</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">97</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Ukra
ina</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">54</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">59</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Valg
evene<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">33</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">42</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Balt
i
riigi
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">39</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">39</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Kasa
hstan<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">26</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">26</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Mold
ova</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">41</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">41</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Muud
riigi
d</spa
n></sp
an>
<strong style="font-size: 11pt;"><span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Investeeringud</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta 9 kuu investeeringute kogumaht
materiaalsesse põhivarasse moodustas 258 tuhat eurot. Investeeringud teostati
seadmetesse ja hoonetesse tootmise efektiivsuse säilitamiseks tulevastes
perioodides.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Personal</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2014. aasta 30. septembri seisuga oli kontsernil 2 811 töötajat,
neist 472 töötas jaemüügi segmendis. Ülejäänud töötajad tegutsesid tootmise,
hulgimüügi-, haldus- ja tugiteenuste valdkondades.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni 2014. aasta 9 kuu palgakulu koos maksudega oli 18 621
tuhat eurot. Kontserni juhtkonna võtmeisikute töötasud, sealhulgas
tütarettevõtete võtmeisikute tasud, moodustasid kokku 905 tuhat
eurot.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni juhtorganite otsused 2014. aasta 9 kuu
jooksul</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Kontserni üldkoosolek toimus 30. juunil 2014.a. Üldkoosolek võttis
vastu järgmised otsused:</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· Koosolek kinnitas 2013 majandusaasta auditeeritud
aruande.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· Koosolek otsustas maksta dividende summas 0,10 eurot
aktsia kohta (aktsionäride nimekiri fikseeriti 14. juuli 2014 seisuga,
väljamakse teostati 15. juulil 2014).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· Koosolek otsustas kinnitada 2014. majandusaasta
audiitoriks uuesti AS-i PricewaterhouseCoopers.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· Koosolek otsustas tühistada 400 000 tresooraktsiat, mis
omandati 28. juunil 2013. aastal üldkoosoleku otsuse põhjal aktsiate
tagasiostuprogrammi kohta;</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· Koosolek otsustas kinnitada aktsiate tagasiostuprogrammi
järgnevas: tagasiostuperiood kehtib kuni 30.06.2015.a, maksimaalne
tagasiostetavate aktsiate arv on 1 000 000, maksimumhind ühe aktsia kohta on
2,00 eurot.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16. oktoobril 2014 kuulutas Kontserni emaettevõte välja
erakorralise üldkoosoleku, mis toimus 7. novembril 2014.a ning mis otsustas
muuta varasemat kasumijaotusettepanekut, mille tulemusena makstakse õigustatud
aktsionäridele täiendavalt välja 0,20 eurot aktsia kohta.</span></span>
Aleksei Kadõrko
Finantsdirektor
Silvano Fashion Group
[email protected]
Content of announcement in English
Title
Consolidated interim report for Q3 and 9 months of 2014 (unaudited)
Message
Tallinn, 2014-11-11 15:00 CET (GLOBE NEWSWIRE) --
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Selected Financial Indicators</span></span><span
style="font-family:Arial, Helvetica, sans-serif;font-size:10pt;"> </span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Summarized selected financial indicators of the Group for 9 months
2014 compared to 9 months 2013 and 30.09.2014 compared to 31.12.2013 were as
follows:</span></span>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9m <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9m <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Change
style
2014</span></span>
2013</span></span>
</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">in
thous
ands
of
EUR</
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">87 139</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">98 812</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-11.8%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Reve
nue</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">13 025</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">18 501</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-29.6%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EBIT
DA</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9 235</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 747</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-21.4%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
profi
t for
the
perio
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">8 431</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 709</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-21.3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
profi
t
attri
butabl
e
equit
y
holde
rs of
the
Paren
t
compa
ny</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0.22</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.27</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-20.5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Earn
ings
per
share
(EUR)
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7 621</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">15 274</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-50.1%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Oper
ating
cash
flow
for
the
perio
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.09.2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Change </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">in
thous
ands
of
EUR</
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">79 114</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">76 629</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.2%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">57 438</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">55 080</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">4.3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
curre
nt
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">58 404</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">52 370</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11.5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
equit
y
attri
butabl
e to
equit
y
holde
rs of
the
Paren
t
compa
ny</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">79</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-100.0%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Loan
s and
borro
wings<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">22 374</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19 165</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">16.7%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
and
cash
equiv
alents
</span
></spa
n>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9m <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9m <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">Change </span></span>
style
2014</span></span>
2013</span></span>
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Marg
in
analy
sis,
%</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">33.9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">35.6</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-4.8%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Gros
s
profi
t</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">14.9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">18.7</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-20.2%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">EBIT
DA</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">10.6</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">11.9</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-10.9%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
profi
t</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9.7</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10.8</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-10.7% </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Net
profi
t
attri
butabl
e
equit
y
holde
rs of
the
Paren
t
Compa
ny</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.09.2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Change</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Fina
ncial
ratio
s,
%</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11.2</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13.4</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-16.4%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ROA<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">16.2</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19.9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-18.6%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ROE<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">7.3</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9.5</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-23.3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Pric
e to
earni
ngs
ratio
(P/E)
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">5.0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4.7</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7.5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Curr
ent
ratio
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2.9</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.6</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">14.5%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Quic
k
ratio
</span
></spa
n>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Consolidated Statement of Financial Position</span></span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">30.09.2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">31.12.2013</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">in
thous
ands
of
EUR</
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">ASSE
TS</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Curr
ent
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">22 374</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">19 165</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Cash
and
cash
equiv
alents
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">400</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">196</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Prep
ayment
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">10 772</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 846</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Trad
e and
other
recei
vables
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">23 892</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">24 873</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inve
ntorie
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">57 438</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">55 080</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
curre
nt
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Non-
curren
t
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">115</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">124</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inve
stment
s in
assoc
iates<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">549</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">497</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Avai
lable-
for-sa
le
inves
tments
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">608</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">460</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Defe
rred
tax
asset
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">753</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">719</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inta
ngible
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1 725</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 592</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Inve
stment
prope
rty</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">17 926</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">18 157</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Prop
erty,
plant
and
equip
ment</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">21 676</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">21 549</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
non-c
urrent
asset
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">79 114</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">76 629</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">TOTA
L
ASSET
S</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">LIAB
ILITIE
S AND
EQUIT
Y</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Curr
ent
liabi
lities
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">79</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Curr
ent
borro
wings<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">6 850</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 837</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Trad
e and
other
payab
les</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">4 617</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">905</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tax
liabi
lities
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11 467</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 821</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
curre
nt
liabi
lities
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Non-
curren
t
liabi
lities
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">266</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 953</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Defe
rred
tax
liabi
lity</
span><
/span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">266</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 953</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
non-c
urrent
liabi
lities
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11 733</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13 774</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
liabi
lities
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">
</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Equi
ty</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">11 820</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 820</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Shar
e
capit
al</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">13 822</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13 822</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Shar
e
premi
um</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-1 164</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-224</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Trea
sury
share
s</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1 306</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1 306</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Stat
utory
reser
ve
capit
al</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Othe
r
reser
ves</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2 454</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 215</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Unre
alised
excha
nge
rate
diffe
rences
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">35 074</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">26 861</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Reta
ined
earni
ngs</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">58 404</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">52 370</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
equit
y
attri
butabl
e to
equit
y
holde
rs of
the
Paren
t
compa
ny</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">8 977</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 485</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Non-
contro
lling
inter
est</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">67 381</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">62 855</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">Tota
l
equit
y</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">79 114</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">76 629</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
Helve
tica,
sans-
serif;
">TOTA
L
EQUIT
Y AND
LIABI
LITIES
</span
></spa
n>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Consolidated Income Statement</span></span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3Q 2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3Q 2013</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9m 2014</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9m 2013</span></span>
style
style=
="font
"font-
-size:
size:1
10pt;"
0pt;">
><span
<span
style
style=
="font
"font-
-famil
family
y:Aria
:Arial
l,
,
Helve
Helvet
tica,
ica,
sans-
sans-s
serif;
erif;"
">in
>
thous
</span
ands
></spa
of
n>
EUR</
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">32 479</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">29 865</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">87 139</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">98 812</span></span>
style
style
="font
="font
-size:
-size:
10pt;"
10pt;"
><span
><span
style
style
="font
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-famil
-famil
y:Aria
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Helve
Helve
tica,
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">Reve
">
nue</s
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n></sp
span>
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-22 110</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-18 068</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-57 605</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-63 632</span></span>
style
style
="font
="font
-size:
-size:
10pt;"
10pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Cost
">
of
</spa
goods
n></sp
sold<
an>
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">10 369</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 797</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">29 534</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">35 180</span></span>
style
style
="font
="font
-size:
-size:
10pt;"
10pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
y:Aria
l,
l,
Helve
Helve
tica,
tica,
sans-
sans-
serif;
serif;
">Gros
">
s
</spa
Profi
n></sp
t</spa
an>
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style=
="font
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-size:
size:1
10pt;"
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><span
<span
style
style=
="font
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-famil
family
y:Aria
:Arial
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Helvet
tica,
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erif;"
">
>
</spa
</span
n></sp
></spa
an>
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-5 184</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-3 739</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-12 777</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-12 124</span></span>
style
style
="font
="font
-size:
-size:
10pt;"
10pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
Helve
Helve
tica,
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sans-
sans-
serif;
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">Dist
">
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</spa
on
n></sp
expen
an>
ses</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2 186</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 577</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-5 652</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-4 981</span></span>
style
style
="font
="font
-size:
-size:
10pt;"
10pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
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Helve
Helve
tica,
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sans-
sans-
serif;
serif;
">Admi
">
nistra
</spa
tive
n></sp
expen
an>
ses</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">206</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">62</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">597</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">496</span></span>
style
style
="font
="font
-size:
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10pt;"
10pt;"
><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
l,
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tica,
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sans-
sans-
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">Othe
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r
</spa
opera
n></sp
ting
an>
incom
e</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-402</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-764</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1 043</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 922</span></span>
style
style
="font
="font
-size:
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10pt;"
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><span
><span
style
style
="font
="font
-famil
-famil
y:Aria
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l,
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Helve
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tica,
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">Othe
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</spa
opera
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ting
an>
expen
ses</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2 803</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">5 779</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10 659</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16 649</span></span>
style
style
="font
="font
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10pt;"
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><span
><span
style
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="font
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-famil
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y:Aria
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l,
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Helve
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">Oper
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</spa
profi
n></sp
t</spa
an>
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style=
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><span
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>
</spa
</span
n></sp
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an>
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style=
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size:1
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><span
<span
style
style=
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">Curr
>
ency
</span
excha
></spa
nge
n>
incom
e/(exp
ense)<
/span>
</span
>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">171</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">313</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">420</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">721</span></span>
style
style
="font
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-size:
10pt;"
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><span
><span
style
style
="font
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-famil
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y:Aria
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l,
l,
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">Othe
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r
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finan
n></sp
ce
an>
incom
e/(exp
enses)
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">311</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">585</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-80</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">398</span></span>
style
style
="font
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y:Aria
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">Net
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finan
</spa
cial
n></sp
incom
an>
e</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style
="font
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><span
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</spa
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an>
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-2</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9</span></span>
style
style
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><span
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-famil
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it
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(loss
n></sp
) from
an>
assoc
iates
using
equit
y
metho
d</spa
n></sp
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style=
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><span
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>
</spa
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an>
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3 112</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6 365</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">10 578</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">17 056</span></span>
style
style
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-famil
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">Prof
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it
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befor
n></sp
e tax
an>
and
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monet
ary
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ion</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
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n></sp
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an>
an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-1 954</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 249</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-4 768</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-3 904</span></span>
style
style
="font
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me tax
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expen
n></sp
se</sp
an>
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">1 158</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">5 116</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5 810</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">13 152</span></span>
style
style
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an>
gain/
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ary
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ion</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span>
style
style=
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an>
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">2 444</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">-1 704</span></span> <span <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3 425</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-1 405</span></span>
style
style
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style
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monet
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ion</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3 602</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3 412</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 235</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">11 747</span></span>
style
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an>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
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style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;"> </span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;"> </span></span>
style
style
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n></sp
:</sp
an>
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pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">3 406</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3 093</span></span> <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8 431</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">10 709</span></span>
style
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Equit
</spa
y
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holde
an>
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Paren
t
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ny</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">196</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">319</span></span> <span <span style="font-size:10pt;"><span
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style="font-family:Arial, Helvetica, sans-serif;">0.22</span></span> <span
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<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Business environment </span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The new economic reality, clouted by punishing sanctions, armed
conflicts, falling consumer sentiment, weaker currencies and probably an
endless list of other factors that can be outlined to reason the companies’
financial strength (or weakness). Nevertheless, the economic situation is the
same for all market participants, starting from the consumers and ending with
companies satisfying the consumer needs. The economy is also the same for
competitors. Therefore we believe that the crisis-like situation is the stress
test for the companies on the markets, their business models and their ability
to generate profit to their shareholders.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Our economic environment starts from the wallet of our customers.
This wallet has shown the tendency to contract, especially where imported goods
are concerned. For the clarity reasons, we have outlined the table with the
movement of most important currencies to us similar to the previous report (see
the appended report).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">What described the environment during Q3 was the erosion of
expectations for the stabilization of the economic environment, or perhaps,
some political intent (that, indeed, took place in case of Ukraine) to stop the
non-economic factors influencing the consumers’ ability to spend. Therefore,
the consumer weakness in our main consumer markets – Russia, Belarus, Ukraine
and Kazakhstan – continued. Looking beyond Q3 (until the end of the year), what
we need to factor in is that our main market – Russia – continues to be
challenging due to weakening of Russia’s Rouble. Therefore our expectation that
currencies would not be an issue for the second half of the FY 2014 proved
ungrounded.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In this environment, the company continuously focuses on the
profitability of the business. This, in first order, means strict control of
the operating expenses and secondly, managing the profitability of the sales
(which, to our concern, has been weaker in Q3 due to currency exposure and due
to hyperinflation effect on gross margin).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s sales in Q3 2014 were above the benchmark in Q3 2013,
the net sales reached 32 479 thousand EUR, compared to 29 865 thousand EUR a
year ago. The corresponding numbers for 9 months of 2014 were 87 139 thousand
EUR against 98 812 thousand EUR for 9 months of 2013. The wholesale segment
affected both the increase in net sales in Q3 and the decrease in 9 months of
2014.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The wholesale segment contributed 25 043 thousand EUR in Q3 2014
(24 338 thousand EUR in Q3 2013), which translates into 68 450 thousand EUR in
9 months of 2014 (81 900 thousand EUR in 9 months of 2013). The retail segment
contributed 7 295 thousand EUR during Q3 2014 (5 431 thousand EUR in Q3 2013),
and correspondingly 18 065 thousand EUR for the same period in 2014 (16 614
thousand EUR a year ago). The Company conducted clearance sale in Q3 in its
stores it operates in Belarus that has positively affected the sales, but
negatively the margins.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Measured by the sales volume, the Q3 sales dynamics year-to-year
between the main markets was as follows: Russia 17 037 thousand EUR (17 087
thousand EUR in Q3 2013), Belarus 10 980 thousand EUR (8 029 thousand EUR in
Q3, 2013), Ukraine 1 183 thousand EUR (1 982 thousand EUR in Q3, 2013), the
Baltic States 898 thousand EUR (723 thousand EUR in Q3, 2013), the other
markets contributed 2 380 thousand EUR (2 044 thousand EUR in Q3,
2013).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The net profit to shareholders of the Parent company stood at 3
406 thousand Euros in Q3 2014 compared to 3 093 thousand EUR in Q3, 2013. The
corresponding net profit for 9 months of 2014 was 8 431 thousand EUR compared
to 10 709 thousand EUR a year ago. The Group’s EBITDA reached 13 025 thousand
EUR in 9 months of 2014 compared to 18 501 thousand EUR in the corresponding
period of 2013.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The economic outlook for most of our major markets will most
likely deteriorate due to non-economic factors (sanctions) and their
corresponding effect on the real economies (energy prices, currencies,
inflation). For Russia, the real effect is a result of falling energy prices
(oil, gas and mineral products, consisting between half to two thirds of the
government’s budget income), maturing foreign debt (outflow of capital), and
weaker currency (-17% against Euro and -24% against USD from beginning of year,
all fuelling import-related inflationary environment). The real economy’s
growth in 2014 is questionable. As of end of Q3 2014 the total store count is
382 units in Russia.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Belarus economic growth is stalling because of cooling economic
climate of its main export market – Russia. The country has managed targeted
inflation policy rather well that also has created some stability for the
currency (Belarus Rouble weakened by 2.2% against Euro during 9 months of
2014). There are a total of 54 stores operated directly by the Group and 5
franchise stores. The Group’s sales revenue in Belarus reached 26 491 thousand
EUR for 9 months of 2014 compared to 24 587 thousand EUR for the same period a
year ago.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Negative information flow regarding Ukraine is continuously on the
radar of global media. The currency stabilized in Q3 2014 after dropping 49%
against Euro from the beginning of the year. For the Group, the 9 months of
2014 net sales dropped to 3 848 thousand EUR compared to 7 141 thousand EUR for
the same period a year ago. We have very vague visibility about the outlook for
2014. There are 97 franchise stores in total in the country as of end of Q3
2014.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">In the Baltics, the Group primarily operates via own stores and
franchise partners. The Group operates 9 own stores, complemented by 33 partner
stores in the region. The sales in the Baltic countries aggregated 2 489
thousand EUR for 9 months of 2014, compared to 2 015 thousand EUR for the same
period a year ago.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">On the store openings, during 9 months of 2014 net increase
(including openings and store closures primarily due to relocations) for
Milavitsa stores were 4 units and 3 openings under the Lauma Lingerie brand.
The Group therefore operated directly and via franchise a total of 686 stores.
Total geography of our franchise partners covers more than 20 countries,
including Milavitsa and Lauma Lingerie branded stores.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Financial performance</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group`s sales amounted to 87 139 thousand EUR during 9 months
of 2014, representing a 11.8% decrease as compared to the same period of
previous year. Overall, wholesales decreased by 16.4% and retail sales
increased by 8.7%.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Group’s reported gross profit margin during 9 months of 2014
decreased year-to-year to 33.89%, reported gross margin was 35.60% in the
respective period of previous year. Consolidated operating profit for 9 months
of 2014 amounted to 10 659 thousand EUR, compared to 16 649 thousand EUR in 9
months of 2013. The consolidated operating profit margin was 12.2% for 9 months
of 2014 (16.8% in 9 months of 2013). Consolidated EBITDA for 9 months of 2014
was 13 025 thousand EUR, which is 14.9% in margin terms (18 501 thousand EUR
and 18.7% for 9 months of 2013).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">During Q3 of 2014 the Group distributed profit from subsidiaries
to the Parent company, which brought additional 0.5 million EUR in tax
expenses. The total tax expense stood at 4 768 thousand EUR for 9 months of
2014 compared to 3 904 thousand EUR during the corresponding period of the last
year. In order to reflect changed economic reality during Q3 the Group made a
provision in trade receivables in the amount of 1,3 million EUR, additional
write-down of inventory were performed as well.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Currency exchange losses in 9 months of 2014 amounted to 500
thousand EUR (323 thousand EUR in 9 months of 2013). Gain on net monetary
position, which is highly dependent on inflation rate in Belarus and exchange
rates` movements, increased by 4 830 thousand EUR compared to 9 months of 2013.
As a result consolidated net profit attributable to equity holders of the
Parent company for 9 months of 2014 amounted to 8 431 thousand EUR, compared to
10 709 thousand EUR in 9 months of 2013, net profit margin attributable to
equity holders of the Parent company for 9 months of 2014 was 9.7% against
10.8% in 9 months of 2013.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Financial position</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">As of 30 September 2014 consolidated assets amounted to 79 114
thousand EUR representing an increase by 3.2% as compared to the position as of
31 December 2013.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Trade and other receivables decreased by 74 thousand EUR as
compared to 31 December 2013 and amounted to 10 772 thousand EUR as of 30
September 2014. Inventory balance decreased by 981 thousand EUR and amounted to
23 892 thousand EUR as of 30 September 2014. Changes in trade debtors and stock
balance were in line with the seasonality trend of the business.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Equity attributable to equity holders of the Parent company
increased by 6 034 thousand EUR and amounted to 58 404 thousand EUR as of 30
September 2014.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Current liabilities decreased by 354 thousand EUR during 9 months
of 2014. Current and non-current loans and borrowings decreased by 79 thousand
EUR to zero balance as of 30 September 2014.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Sales structure</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Sales by markets</span></span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">Change</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 months 2014 <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 months 2013
style style= style=
% from sales</span></span>
% from sales</span></span>
="font "font- "font-
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10pt;" 0pt;"> 0pt;">
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of span>< span><
EUR</ /span> /span>
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-18.5%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">54.6%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">59.1%</span></span>
style style= style=
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><span <span <span
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ia</sp 582</s 375</s
an></s pan></ pan></
pan> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7.7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">30.4%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">24.9%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
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">Bela >26 >24
rus</s 491</s 587</s
pan></ pan></ pan></
span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-0.7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3.7%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">3.3%</span></span>
style style= style=
="font "font- "font-
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><span <span <span
style style= style=
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<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-46.1%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4.4%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">7.2%</span></span>
style style= style=
="font "font- "font-
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><span <span <span
style style= style=
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ine</s 848</s 141</s
pan></ pan></ pan></
span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-13.8%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1.9%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.9%</span></span>
style style= style=
="font "font- "font-
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><span <span <span
style style= style=
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ova</s 628</s 888</s
pan></ pan></ pan></
span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">23.5%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.9%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">2.0%</span></span>
style style= style=
="font "font- "font-
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><span <span <span
style style= style=
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span> span> span>
<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">19.9%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2.2%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">1.6%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
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an></s
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<span <span <span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">-11.8%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">100.0%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">100.0%</span></span>
style style= style=
="font "font- "font-
-size: size:1 size:1
10pt;" 0pt;"> 0pt;">
><span <span <span
style style= style=
="font "font- "font-
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l</spa 139</s 812</s
n></sp pan></ pan></
an> span> span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The majority of lingerie sales revenue during 9 months of 2014 in
the amount of 47 582 thousand EUR was generated in Russia, accounting for 54.6%
of total sales. The second largest market was Belarus, where sales reached 26
491 thousand EUR, contributing 30.4% of lingerie sales (both retail and
wholesale).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Sales by business segments</span></span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9 months <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 months <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Change</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">9 months 2014 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">9 months 2013
style
2014</span></span>
2013</span></span>
% from sales</span></span>
%
from sales</span></span>
="font
-size:
10pt;"
><span
style
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serif;
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thous
ands
of
EUR</
span><
/span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">68 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">81 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-16.4%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">78.6%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">82.9%</span></span>
style
450</span></span>
900</span></span>
="font
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10pt;"
><span
style
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sans-
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">Whol
esale<
/span>
</span
>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">18 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">16 <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">8.7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">20.7%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">16.8%</span></span>
style
065</span></span>
614</span></span>
="font
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10pt;"
><span
style
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tica,
sans-
serif;
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il</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">624</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">298</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">109.4%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">0.7%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">0.3%</span></span>
style
="font
-size:
10pt;"
><span
style
="font
-famil
y:Aria
l,
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sans-
serif;
">Othe
r
opera
tions<
/span>
</span
>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">87 <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">98 <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">-11.8%</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">100.0%</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">100.0%</span></span>
style
139</span></span>
812</span></span>
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<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">During 9 months of 2014 wholesale revenue amounted to 68 450
thousand EUR, representing 78.6% of the Group’s total revenue (9 months of
2013: 82.9%). The main wholesale regions were Russia, Ukraine, Belarus,
Kazakhstan and Moldova.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Total lingerie retail sales of the Group in 9 months of 2014
amounted to 18 065 thousand EUR, representing 20.7% of the Group’s total
revenue (9 months of 2014: 16.8%).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">As of 30 September 2014 there were altogether 686 Milavitsa and
Lauma branded shops. Own retail operations were conducted in Belarus and
Latvia. As of the end of 9 months of 2014 the Group operated 63 own retail
outlets. As of 30 September 2014, there were 584 Milavitsa branded shops
operated by Milavitsa trading partners in Russia, Ukraine, Moldova, Kazakhstan,
Uzbekistan, Kyrgyzstan, Azerbaijan, Armenia, Germany, South Africa, Lithuania,
Estonia, Georgia, United Arab Emirates, Iran, Slovenia, Belgium and Italy.
Additionally, as of 30 September 2014, there were 39 Lauma Lingerie retail
outlets operated by Lauma Lingerie trading partners in Estonia, Latvia,
Lithuania, Russia, Ukraine, Saudi Arabia and Albania.</span></span>
<span style="font-size:10pt;"><strong style="font-size: 11pt;">Own & franchise
store locations, geography </span>
<span <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
<span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica,
style
sans-serif;">Own</span></span>
sans-serif;">Franchise</span></span>
sans-serif;">Total</span></span>
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</spa
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an>
--------------------------------------------------------------------------------
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<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">382</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">382</span></span>
style
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style
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">Russ
ia</sp
an></s
pan>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">97</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">97</span></span>
style
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10pt;"
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style
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sans-
serif;
">Ukra
ine</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">54</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">5</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">59</span></span>
style
="font
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10pt;"
><span
style
="font
-famil
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sans-
serif;
">Bela
rus</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">9</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">33</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">42</span></span>
style
="font
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10pt;"
><span
style
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sans-
serif;
">Balt
ics</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">39</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">39</span></span>
style
="font
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10pt;"
><span
style
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sans-
serif;
">Kaza
khstan
</span
></spa
n>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">26</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">26</span></span>
style
="font
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10pt;"
><span
style
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serif;
">Mold
ova</s
pan></
span>
<span <span style="font-size:10pt;"><span style="font-family:Arial,
Helvetica, sans-serif;">0</span></span> <span style="font-size:10pt;"><span
style="font-family:Arial, Helvetica, sans-serif;">41</span></span> <span
style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">41</span></span>
style
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10pt;"
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serif;
">Othe
r
regio
ns</sp
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pan>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Investments</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">During 9 months of 2014 the Group’s investments into property,
plant and equipment totalled 258 thousand EUR. Investments were made into
equipment and facilities to maintain effective production for future
periods.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Personnel</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">As of 30 September 2014, the Group employed 2 811 employees
including 472 in retail. The rest were employed in production, wholesale,
administration and support operations.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Total salaries and related taxes during 9 months of 2014 amounted
to 18 621 thousand EUR. The remuneration of key management of the Group,
including the key executives of the subsidiaries, totalled 905 thousand
EUR.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Decisions made by governing bodies during 9 months
2014</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">On 30 June 2014 Silvano Fashion Group held its regular Annual
General Meeting of Shareholders. The Meeting adopted following
decisions.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· The Meeting approved the 2013 Annual Report.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· The Meeting decided to distribute dividends in the amount
0.10 EUR per share (record date 14.07.2014, paid out on
15.07.2014).</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· The Meeting decided to re-appoint AS
PricewaterhouseCoopers as the Group`s auditor for financial year
2014.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· The Meeting decided to cancel the 400 000 own shares
acquired within the own share buy-back programme as approved by the
shareholders of AS Silvano Fashion Group on 28th of June 2013.</span></span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">· The Meeting decided to adopt a share buy-back program in
the following: effective period until 30.06.2015; maximum number of shares to
be acquired not more than 1 000 000; maximum share price 2.00 EUR per
share.</span></span><span style="font-family:Arial, Helvetica,
sans-serif;font-size:10pt;"> </span>
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">On October 16, 2014, the Company announced Extraordinary General
Meeting that was held on November 7, 2014 and decided to amend the earlier
profit distribution proposal, resulting in additional dividend in amount of
0.20 Euros per share.</span></span>
Aleksei Kadõrko
Chief Financial Officer
Silvano Fashion Group
[email protected]