Market announcement
AS BALTIKA
LEI code
48510000I3W254YEMG75
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
7821
Attachments
Submission date and time
28.02.2020 16:00:00
Content of announcement in Estonian
Title
Baltika auditeerimata majandustulemused, neljas kvartal ja kaksteist kuud 2019
Message
Baltika Grupp lõpetas neljanda kvartali 2 609 tuhande euro suuruse
puhaskahjumiga, mis sisaldab Eesti tootmisüksustes tootmise lõpetamisega ja
restruktureerimisega seotud ühekordseid allahindluseid ligi 2 400 tuhat eurot
ning 119 tuhande euro ulatuses uue raamatupidamisstandardi - IFRS 16 negatiivset
mõju. Eelmise aasta sama perioodi kahjum oli 3 450 tuhat eurot, sisaldades
ühekordseid kulusid summas ligi 3 600 tuhat eurot (Ida-Euroopa
frantsiisipartnerite nõuete allahindlus ja restruktureerimisplaaniga seotud
ühekordsed kulud). Neljanda kvartali regulaarne äritulemus (v.a ühekordsed kulud
ja IFRS 16 mõju) jääb eelmise aasta tasemele olles tugevalt mõjutatud müügi
langusest, mida tasakaalustas regulaarsete püsikulude oluline vähendamine.
Grupi neljanda kvartali müügitulu oli 10 139 tuhat eurot, vähenedes 17%
võrreldes eelmise aasta sama perioodiga. Suurima osatähtsusega (91%) müügikanal,
jaemüük, vähenes 17% ja oli 9 294 tuhat eurot. Müügitulu vähenes kõigil kolmel
Baltikumi turul, mille peamiseks põhjuseks oli järsk üleriiete ja kudumite
müükide langus sooja talve tõttu ning Bastioni brändi sulgemine.
Baltika Grupi e-poe Andmorefashion.com neljanda kvartali müügitulu kasvas
võrreldes eelmise aasta sama perioodiga 15% ja oli 542 tuhat eurot. Äriklientide
müügitulu oli neljandas kvartalis 228 tuhat eurot, vähenedes aastatagusega
võrreldes 62%. Äriklientide müügitulu vähenemine on ootuspärane, kuna
äriklientide müügikanalist järk-järguline väljumine on üks osa Baltika Grupi
käimasolevast restruktureerimisplaanist.
Grupi turustuskulud olid neljandas kvartalis 4 745 tuhat eurot, vähenedes 22%
ehk 1 330 tuhat eurot võrreldes eelmise aasta sama perioodiga. Turustus- ja
üldhalduskulude järjepidev ning oluline vähendamine on üks osa Baltika Grupi
käimasolevast restruktureerimisplaanist.
2019 12 kuud
Ettevõtte kaheteistkümne kuu puhaskahjumiks kujunes 5 909 tuhat eurot,
sisaldades Baltika Grupi käimasoleva restruktureerimisplaaniga seotud
ühekordseid kulusid ligi 2 700 tuhat eurot ja IFRS 16 negatiivset mõju summas
408 tuhat eurot. Eelmise aasta puhaskahjum oli 5 119 tuhat eurot.
Kaheteistkümne kuu kokkuvõttes vähenes Baltika müügitulu 11% ja oli 39 630 tuhat
eurot. Müügitulu kasvu näitas e-pood 21%-ga, jaemüük vähenes 7% ning
äriklientide müük vähenes 62%. Ettevõtte brutokasum oli 19 191 tuhat eurot, mis
on 2 345 tuhande euro võrra vähem kui 2018. aastal. 2019. aasta brutokasumi
vähenemine on tingitud Baltikumi jaemüügi kahanemisest, eriti neljanda kvartali
nõrgast tulemusest, mida mõjutas soojast talvest tingitud üleriiete ja kudumite
nõudluse järsk vähenemine. Brutokasumile avaldas negatiivset mõju ka Baltika
tootmisettevõtte Baltika Tailor OÜ sulgemine, mille likvideerimiskulud ulatusid
2019. aastal 675 tuhande euroni.
Baltika turustus- ja üldhalduskulud (v.a ühekordsed kulud ja IFRS 16 mõju)
vähenesid kaheteistkümne kuu kokkuvõttes 1 708 tuhat eurot, millest suure osa
ehk 900 tuhat eurot moodustas Baltika peakontori regulaarsete püsikulude
vähendus. Märtsis 2019 avalikustatud ettevõtte restruktureerimisplaani üks
eesmärke oli vähendada 2020. aasta lõpuks Baltika Grupi püsikulusid 2 miljoni
euro võrra. Restruktureerimistegevustega alustati aprill-mai ja 2019. aasta
lõpuks on ca 50% eesmärgist saavutatud. 2020. aastal jätkatakse plaanipäraselt
2 miljoni euro püsikulude vähendamisega.
Ühekordsed kulud ja IFRS 16 mõju
Grupi ühekordsed kulud olid 2019. aastal ligi 2 700 tuhat eurot, millest 1 363
tuhat eurot moodustavad restruktureerimisplaani elluviimisega seotud ühekordsed
kulud. Baltika Tailor OÜ tegevuse lõpetamise käigus vähendati aasta jooksul
töötajate arvu 336 võrra ja likvideerimisega kaasnenud ühekordsed kulud ulatusid
2019. aastal 675 tuhande euroni. Täiendavalt restruktureeriti tegevusi nii
peakontoris kui ka jaeturgudel, millega kaasnesid ühekordsed kulud 2019. aastal
688 tuhat eurot. Aasta jooksul vähenes Grupi töötajate arv kokku 446 inimese
võrra.
Lisaks hinnati ühekordsete kuludena neljandas kvartalis alla IFRS16 standardi
esmasel rakendamisel finantsseisundi aruandes kajastatud Eesti tootmisüksuste
vara kasutusõigus summas 1 330 tuhat eurot. Seisuga 31. detsember 2019 bilansis
olevad vara kasutusõigused ja rendikohustused on arvele võetud 1. jaanuaril
2019 standardi IFRS 16 esmarakendamisel. Seoses tootmisüksuste sulgemisega ei
kasuta Grupp antud vara enam enda äritegevuseks, mistõttu hinnati vara väärtus
vastavaks võimalikele edaspidistele kasutusvõimalustele.
Alates 1. jaanuarist 2019 rakendus IFRS 16 ?Rendilepingud", mis muudab
rendilepingute kajastamist selliselt, et järelejäänud rendilepingute kehtivuse
perioodi rendimaksed kajastatakse finantsseisundi aruandes nüüdisväärtuses
varade ja kohustustena ning kasumiaruandes ei kajastata enam perioodi
rendimakseid vaid amortisatsiooni- ja intressikulu. 31.12.19 seisuga kasvas
põhivara (ehk lihtsustatult rendimaksed lepingu kehtivusperioodi lõpuni
nüüdisväärtuses) 16 040 tuhande euro võrra ja samal ajal kasvas lühiajaline
rendimaksete kohustus 5 383 tuhande euro ning pikaajaline rendimaksete kohustus
12 396 tuhande euro võrra.
Kohustusliku uue raamatupidamisstandardi IFRS 16 mõju kasumiaruandele on näha
alljärgnevas tabelis.
4 kv 2019 2019
-----------------------------------------------------------------
Rendikulude vähenemine 1 702 6 578
Amortisatsioonikulu suurenemine -1 601 -6 149
Ärikasumi suurenemine 101 429
Arvestuslik intressikulu rendikohustuselt -220 -837
-----------------------------------------------------------------
Puhaskasumi vähenemine kokku -119 -408
Omakapital
Neljanda kvartali lõpu seisuga ei vasta ettevõtte omakapital äriseaduse
nõuetele. Aruandeperioodi lõpuks oli Grupi omakapital 1 203 tuhat eurot.
Selleks, et seadusega vastavuses olla, peaks omakapital olema vähemalt 2 704
tuhat eurot. Grupi juhtkond tegeleb omakapitali seadusega vastavusse viimisega.
Kvartaliaruande avalikustamiseni toimunud perioodi olulisemad sündmused
* 1. novembril 2019 otsustas AS Baltika OÜ Baltika Tailor ainuosanikuna
lõpetada ettevõtte tegevus ning alustada ettevõtte likvideerimismenetlust.
* 16. detsembril 2019 allkirjastati AS Baltika ja KJK Fund SICAV-SIF
(likvideerimisel) laenulepingu muudatus, mille kohaselt laen summas 2 045
tuhat eurot ei kanna intressi ning ei ole fikseeritud laenu tagastamise
tähtaega. Tagasimaksmise kuupäev lepitakse kokku poolte vahel, kuid see ei
ole varasem kui 2022. aasta mai.
* Jaanuaris 2020 kiitis AS Baltika nõukogu 23.01.2020 toimunud koosolekul
heaks plaanitavad muudatused grupi struktuuris. Ettevõtte
restruktureerimisplaani üks osa on muuta grupi juhtimine tõhusamaks ning
selle eesmärgil muudetakse grupi struktuur selgemaks ja õhemaks. Nõukogu
otsustas likvideerida AS Baltika tütarettevõtte Baltika Sweden AB (mitte
tegutsev). Lisaks otsustati, et AS Baltika ostab 0,15 miljoni euro eest
tütarettevõtte OÜ Baltika Retail (valdusfirma) käest 100%-lise osaluse OÜ-s
Baltman, mis juhib Baltikumi jaeturu ettevõtteid SIA Baltika Latvija ja UAB
Baltika Lietuva.
Konsolideeritud finantsseisundi aruanne
31.12.2019 31.12.2018
--------------------------------------------------------------------------
VARA
Käibevara
Raha ja raha ekvivalendid 264 428
Nõuded ostjatele ja muud nõuded 621 866
Varud 7 644 10 707
Müügiootel põhivara 28 0
Käibevara kokku 8 557 12 001
Põhivara
Edasilükkunud tulumaksuvara 281 286
Muu pikaajaline vara 222 287
Materiaalne põhivara 1 683 1 878
Vara kasutusõigus 16 040 0
Immateriaalne põhivara 536 543
Põhivara kokku 18 762 2 994
VARA KOKKU 27 319 14 995
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Võlakohustused 1 731 7 829
Rendikohustis 5 383 0
Võlad hankijatele ja muud kohustused 4 118 5 934
Lühiajalised kohustused kokku 11 232 13 763
Pikaajalised kohustused
Võlakohustused 2 488 1 165
Rendikohustis 12 396 0
Pikaajalised kohustused kokku 14 884 1 165
KOHUSTUSED KOKKU 26 116 14 928
OMAKAPITAL
Aktsiakapital nimiväärtuses 5 408 4 079
Reservid 2 045 1 107
Eelmiste perioodide jaotamata kasum (-kahjum) -341 0
Aruandeperioodi puhaskasum (-kahjum) -5 909 -5 119
OMAKAPITAL KOKKU 1 203 67
KOHUSTUSED JA OMAKAPITAL KOKKU 27 319 14 995
Konsolideeritud kasumi- ja koondkasumiaruanne
4 kv 2019 4 kv 2018 2019 2018
-------------------------------------------------------------------------------
Müügitulu 10 139 12 281 39 630 44 691
Kliendiboonuste eraldis 81 0 81 0
Müügitulu peale kliendiboonuste eraldist 10 220 12 281 39 711 44 691
Müüdud kaupade kulu -5 694 -6 693 -20 520 -23 155
Brutokasum 4 526 5 588 19 191 21 536
Turustuskulud -4 745 -6 075 -19 588 -21 579
Üldhalduskulud -644 -642 -2 672 -2 375
Nõuete allahindluse kulu -152 -2 229 -31 -2 229
Muud äritulud (-kulud) -1 267 -40 -1 412 -16
Ärikasum (-kahjum) -2 282 -3 398 -4 512 -4 663
Finantskulud -321 -149 -1 391 -553
Kasum (-kahjum) enne maksustamist -2 603 -3 547 -5 903 -5 216
Tulumaks -6 97 -6 97
Aruandeperioodi puhaskasum (-kahjum) -2 609 -3 450 -5 909 -5 119
Aruandeperioodi koondkasum (-kahjum) -2 609 -3 450 -5 909 -5 119
Tava puhaskahjum aktsia kohta, EUR
aruandeperioodi puhaskahjumist -0,05 -0,08 -0,16 -0,13
Lahustatud puhaskahjum aktsia kohta, EUR
aruandeperioodi puhaskahjumist -0,05 -0,08 -0,16 -0,13
Maigi Pärnik-Pernik
Juhatuse liige
[email protected] (mailto:[email protected])
Content of announcement in English
Title
Baltika’s Unaudited Financial Results, Fourth Quarter and 12 Months of 2019
Message
Baltika Group ended the fourth quarter with the loss of 2,609 thousand euros
which includes extraordinary impairment loss of 2,400 thousand euros related to
Group's lease contract for production units and restructuring plan and a
negative impact of 119 thousand euros on the new accounting standard IFRS 16.
Last year's same period result was net loss in the amount of 3,450 thousand
euros, including non-recurring costs in amount of 3,600 thousand euros
(allowance for impairment, particularly for Eastern European franchise partners
and non-recurring costs related with restructuring plan). Fourth quarter regular
net results (excluding non-recurring costs and IFRS 16 impact) remained at last
year's level, which was strongly driven by the decrease of sales which was
offset by significant decrease in recurring fixed costs.
In the fourth quarter, Group's sales revenue decreased 17% compared with the
last year same period and was 10,139 thousand euros. Channel, with the biggest
share (91%), retail, decreased 17% and was 9,294 thousand euros. Sales revenue
decreased in all three Baltics market which was mainly driven by the sharp
decrease of outerwear and knitwear sales due to warm winter and also due to the
closure of Bastion brand.
The fourth quarter sales revenue of Baltika Group e-store Andmorefashion.com
increased by 15% compared to the same period last year and was 542 thousand
euros. The sales revenue of business customers decreased by 62% compared to the
fourth quarter of last year and was 228 thousand euros. The sharp decline in
business customers` sales was expected, as the gradual exit from business
customer sales channel is part of Baltika Group's ongoing restructuring plan.
The Group's distribution expenses in the fourth quarter were 4,745 thousand
euros decreasing by 22%, i.e 1 330 thousand euros compared to the same period
last year. A consistent and significant reduction in distribution and
administrative expenses is a part of Baltika Group's ongoing restructuring plan.
2019 12 months
Company ended the twelve months with the loss of 5,909 thousand euros, including
non-recurring costs related to Baltika's ongoing restructuring plan in the
amount of 2,700 thousand euros and negative impact of IFRS 16 in the amount of
408 thousand euros. Last year loss was 5,119 thousand euros.
In twelve months total, Baltika's sales decreased by 11% and was 39,630 thousand
euros. E-commerce showed a 21% increase in sales, retail decreased by 7% and
business customers sales decreased by 62%. The gross profit of the company was
19,191 thousand eurot, which is 2,345 thousand euros less than in 2018. The
decline in gross profit in 2019 was due to the decrease in retail sales in the
Baltics, especially in the fourth quarter, which was affected by the sharp
decrease in demand for outerwear and knitwear due to the warmer winter. Gross
profit was also negatively affected by the closure of Baltika's production
company Baltika Tailor OÜ, which liquidation costs totalled to 675 thousand
euros in 2019.
Baltika's distribution and administrative expenses (excluding non-recurring
costs and the impact of IFRS 16) decreased for the twelve months by 1,708
thousand euros, of which majority i.e 900 thousand euros was driven by the
decrease of recurring fixed costs in Baltika's head office. Baltika Group`s
restructuring plan which was disclosed in March 2019 set out as one of its goals
to reduce Baltika Group's fixed costs by 2 million euros by the end of 2020. The
activities related with restructuring started in April-May and by the end of
2019 about 50% of the target was met. In 2020, fixed costs of 2 million euros
will continue to be reduced according to the plan.
Non-recurring costs and IFRS 16 impact
The Group's non-recurring costs in 2019 were approximately 2,700 thousand euros,
of which 1,363 thousand euros were non-recurring costs related to the
implementation of the restructuring plan. During the termination of Baltika
Tailor OÜ operations the number of employees was reduced by 336 and the non-
recurring costs related with liquidation amounted to 675 thousand euros in
2019. In addition, operations at both headquarter and retail markets were
restructured, resulting in a non-recurring costs of 688 thousand euros in 2019.
During the year, the number of Group employees decreased by 446 people.
In addition, in the fourth quarter the extraordinary impairment loss of 1,330
thousand euros related to Group's lease contract for production unit was made
related to the discontinuation of production in the Group's Estonian units. As
of 31 December 2019, the assets right of use and lease liabilities in the
statement of financial position are recognized from 1st of January 2019 when
IFRS 16 standard was first applied. Due to the closure of the production units,
the Group no longer uses these assets for its own business activities, therefore
the value of the assets has been estimated in accordance to the possible future
uses.
As of 1 January 2019, IFRS 16, "Leases", amended the recognition of lease
contracts so that the rent payments for the remaining term of the lease period
are recognized in the statement of financial position at their present value as
both assets and liabilities, and period rent expenses are not recognized in
income statement, instead of that the depreciation and interest expense are
recognized in the income statement. As at 31.12.19, fixed assets (i.e all lease
payments at their present value, up to the end of the contract term) increased
by 16,040 thousand euros and at the same time short-term lease liabilities
increased by 5,383 thousand euros and long-term lease liabilities by 12,396
thousand euros.
The impact of the mandatory new accounting standard IFRS 16 on the income
statement is shown in the table below.
4Q 2019 2019
----------------------------------------------------------------------
Decrease in rent expenses 1,702 6,578
Increase in depreciation -1,601 -6,149
Increase in operating profit 101 429
Calculated interest expense on lease liabilities -220 -837
----------------------------------------------------------------------
Decrease in the net profit -119 -408
Equity
As of the end of the fourth quarter, the equity of the company does not comply
with the requirements of the Commercial Code. At the end of the reporting
period, the Group's equity was 1,203 thousand euros. In order to comply with the
law, the equity should be at least 2,704 thousand euros. The Management of the
Group is working on meeting the net asset requirement set out in the Commercial
Code.
Highlights of the period until the date of release of this quarterly report
* On 1(st) of November 2019 AS Baltika, as the sole shareholder of OÜ Baltika
Tailor, decided to dissolve the company and to start with the liquidation
proceedings.
* On 16(th) of December 2019, an amendment to the loan agreement of AS Baltika
and KJK Fund SICAV-SIF (under liquidation) was signed, according to which
the loan in the amount of 2,045 thousand euros is non-interest bearing and
has no fixed maturity date. The repayment date will be agreed by the parties
but will not be earlier than May 2022.
* On January 2020 The Supervisory Board of AS Baltika meeting hold on 23(th)
of January 2020 approved the plan to reorganise group structure. Part of the
company`s restructuring plan is to change group management more efficient.
In order to achieve that group structure will be changed more flat and lean.
Supervisory Board decided to liquidate AS Baltika's subsidiary Baltika
Sweden AB (dormant). In addition, it was decided that AS Baltika acquires
100% shareholding in OÜ Baltman, a subsidiary of OÜ Baltika Retail (holding
company) for 0.15 million euros. OÜ Baltman manages the Baltics retail
companies SIA Baltika Latvija and UAB Baltika Lietuva.
Consolidated statement of financial position
31 Dec 2019 31 Dec 2018
-----------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 264 428
Trade and other receivables 621 866
Inventories 7,644 10,707
Assets classified as held for sale 28 0
Total current assets 8,557 12,001
Non-current assets
Deferred income tax asset 281 286
Other non-current assets 222 287
Property, plant and equipment 1,683 1,878
Right-of-use assets 16,040 0
Intangible assets 536 543
Total non-current assets 18,762 2,994
TOTAL ASSETS 27,319 14,995
LIABILITIES AND EQUITY
Current liabilities
Borrowings 1,731 7,829
Lease liabilities 5,383 0
Trade and other payables 4,118 5,934
Total current liabilities 11,232 13,763
Non-current liabilities
Borrowings 2,488 1,165
Lease liabilities 12,396 0
Total non-current liabilities 14,884 1,165
TOTAL LIABILITIES 26,116 14,928
EQUITY
Share capital at par value 5,408 4,079
Share premium 0 0
Reserves 2,045 1,107
Retained earnings -341 0
Net profit (loss) for the period -5,909 -5,119
TOTAL EQUITY 1,203 67
TOTAL LIABILITIES AND EQUITY 27,319 14,995
Consolidated statement of profit and loss and comprehensive income
4Q 2019 4Q 2018 2019 2018
-------------------------------------------------------------------------------
Revenue 10,139 12,281 39,630 44,691
Client bonus provision 81 0 81 0
Revenue after client bonus provision 10,220 12,281 39,711 44,691
Cost of goods sold -5,694 -6,693 -20,520 -23,155
Gross profit 4,526 5,588 19,191 21,536
Distribution costs -4,745 -6,075 -19,588 -21,579
Administrative and general expenses -644 -642 -2,672 -2,375
Impairment loss of trade receivables -152 -2,229 -31 -2,229
Other operating income (-expense) -1,267 -40 -1,412 -16
Operating profit (loss) -2,282 -3,398 -4,512 -4,663
Finance costs -321 -149 -1,391 -553
Profit (loss) before income tax -2,603 -3,547 -5,903 -5,216
Income tax expense -6 97 -6 0
Net profit (loss) for the period -2,609 -3,450 -5,909 -5,119
Total comprehensive income (loss) for the
period -2,609 -3,450 -5,909 -5,119
Basic earnings per share from net loss for the
period, EUR -0.05 -0.08 -0.16 -0.13
Diluted earnings per share from net loss for
the period, EUR -0.05 -0.08 -0.16 -0.13
?
Maigi Pärnik-Pernik
Member of the Management Board
[email protected]