Market announcement
AS BALTIKA
LEI code
48510000I3W254YEMG75
General information
Categories
Half-yearly financial report
Unique data record identifier
8170
Attachments
Submission date and time
17.07.2020 10:30:00
Content of announcement in Estonian
Title
Baltika auditeerimata majandustulemused, teine kvartal ja kuus kuud 2020
Message
Baltika Grupp lõpetas teise kvartali 3 965 tuhande euro suuruse puhaskasumiga,
mis sisaldab 4 620 tuhande euro ulatuses 19. juunil 2020 kinnitatud
saneerimiskavast tulenevat võlausaldajate nõuete ümberkujundamisest tekkinud
äritulu ja 1 320 tuhande euro ulatuses 2019. a lõpu seisuga moodustatud
tootmishoonete rendilepingutest tuleneva vara kasutusõiguse allahindluse tagasi
keeramist. Eelmise aasta sama perioodi kahjum oli 616 tuhat eurot. Teise
kvartali regulaarsed majandustulemused on tugevalt mõjutatud ülemaailmsest
COVID-19 pandeemiast. Kõige teravamalt avaldas COVID-19 teises kvartalis mõju
Baltika Grupi tegevusele Eestis, kus valitsuse otsusega avati poed 11. mail,
Leedus avati poed 25. aprillist ja Lätis olid kuni 11. maini kauplused avatud
lühendatud tööajaga nädala sees ja suletud nädalavahetusel.
Grupi teise kvartali müügitulu oli 3 707 tuhat eurot, vähenedes 65% võrreldes
eelmise aasta sama perioodiga. Väga tugevat müügitulemust näitas E-pood, kus
müügitulu COVID-19 kriisi tingimustes kasvas 41% võrreldes eelmise aastaga.
Kõige tugevama tulemuse E-poes tegid brändidest Monton ja Ivo Nikkolo ja seda
just maikuus, kus tehti väga mitmeid erikampaaniaid ja -pakkumisi, mis
meelitasid kliente ostma. Teise kvartali jaeäri müügitulu vähenes 68% ning
äriklientide müük langes 84%, mis on seotud strateegilise otsusega väljuda
sellest müügikanalist.
Kvartali brutokasum oli 1 822 tuhat eurot, vähenedes eelmise aasta sama
perioodiga võrreldes 3 926 tuhande euro võrra (2 kv 2019: 5 748 tuhat eurot).
Ettevõtte brutokasumi marginaal oli teises kvartalis 49,2%, mis on 5,7
protsendipunkti võrra madalam eelmise aasta teise kvartali marginaalist (2 kv
2019: 54,9%). Brutokasumi vähenemine on tingitud järsust müügitulu vähenemisest
ning brutomarginaali kukkumine on seotud COVID-19 ajal tehtud sügavatest
allahindluse pakkumistest.
Grupi turustus- ja üldhalduskulud olid teises kvartalis 3 524 tuhat eurot,
vähenedes 40% ehk 2 389 tuhat eurot võrreldes eelmise aasta sama perioodiga.
Turustus- ja üldhalduskulude järjepidev ning oluline vähendamine on üks osa
Baltika Grupi käimasolevast restruktureerimisplaanist ning COVID-19 kriisi
jooksul on ettevõte astunud radikaalseid samme, et võrreldes esialgu
planeerituga püsikulusid kiirendatud tempos ja proportsionaalselt müükide
kaotusega vähendada.
Esimesel poolaastal vähenes Grupi müügitulu 50% võrreldes eelmise aasta sama
perioodiga ja oli 9 844 tuhat eurot. Jaemüük vähenes 52% ja äriklientide
müügitulu 80%, samal ajal e-poe müügitulu kasvas 15%. Grupp lõpetas poolaasta
1 491 tuhande euro suuruse puhaskasumiga, mis sisaldab 4 620 tuhande euro
ulatuses 19. juunil 2020 kinnitatud saneerimiskavast tulenevat võlausaldajate
nõuete ümberkujundamisest tekkinud äritulu ja 1 320 tuhande euro ulatuses
2019. a lõpu seisuga moodustatud tootmishoonete rendilepingutest tuleneva vara
kasutusõiguse allahindluse tagasi keeramist. Eelmise aasta võrreldav tulemus oli
puhaskahjum 2 058 tuhat eurot. Poolaasta nõrk regulaarne äritulemus on seotud
ülemaailmse COVID-19 pandeemia välja kuulutamisega ning sellest tulenenud
poodide sulgemisega ligi kaheks kuuks.
Baltika turustus- ja üldhalduskulud olid esimese poolaasta kokkuvõttes 8 516
tuhat eurot vähenedes 3 024 tuhat eurot võrreldes eelmise aasta sama perioodiga.
1 100 tuhat eurot ehk 36% kulude vähenemisest 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 oli ca 50% eesmärgist (900 tuhat eurot)
saavutatud ning 2020. a esimese poolaasta lõpuks on ülejäänud 50% eesmärgist
edukalt saavutatud.
Konsolideeritud finantsseisundi aruanne
30.06.2020 31.12.2019
--------------------------------------------------------------------------
VARA
Käibevara
Raha ja raha ekvivalendid 1 400 264
Nõuded ostjatele ja muud nõuded 327 621
Varud 7 253 7 644
Müügiootel põhivara 0 28
Käibevara kokku 8 980 8 557
Põhivara
Edasilükkunud tulumaksuvara 281 281
Muu pikaajaline vara 235 222
Materiaalne põhivara 1 429 1 683
Vara kasutusõigus 11 537 16 040
Immateriaalne põhivara 549 536
Põhivara kokku 14 031 18 762
VARA KOKKU 23 011 27 319
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Võlakohustused 31 1 731
Rendikohustis 3 972 5 383
Võlad hankijatele ja muud kohustused 6 050 4 118
Lühiajalised kohustused kokku 10 053 11 232
Pikaajalised kohustused
Võlakohustused 3 448 488
Rendikohustis 8 041 12 396
Pikaajalised kohustused kokku 11 489 12 884
KOHUSTUSED KOKKU 21 542 26 116
OMAKAPITAL
Aktsiakapital nimiväärtuses 5 408 5 408
Ülekurss 0 0
Reservid 820 4 045
Eelmiste perioodide jaotamata kasum (-kahjum) -6 250 -341
Aruandeperioodi puhaskasum (-kahjum) 1 491 -5 909
OMAKAPITAL KOKKU 1 469 3 203
KOHUSTUSED JA OMAKAPITAL KOKKU 23 011 27 319
Konsolideeritud koondkasumiaruanne
2 kv 2020 2 kv 2019 6k 2020 6k 2019
-------------------------------------------------------------------------------
Müügitulu 3 707 10 463 9 844 19 733
Kliendiboonuste eraldis 0 0 0 0
Müügitulu peale kliendiboonuste eraldist 3 707 10 463 9 844 19 733
Müüdud kaupade kulu -1 885 -4 715 -5 275 -9 551
Brutokasum 1 822 5 748 4 569 10 182
Turustuskulud -2 806 -5 026 -7 006 -10 055
Üldhalduskulud -718 -887 -1 510 -1 485
Muud äritulud (-kulud) 5 841 -68 5 878 49
Ärikasum (-kahjum) 4 139 -233 1 931 -1 309
Finantskulud -174 -383 -440 -749
Kasum (-kahjum) enne maksustamist 3 965 -616 1 491 -2 058
Tulumaks 0 0 0 0
Aruandeperioodi puhaskasum (-kahjum) 3 965 -616 1 491 -2 058
Aruandeperioodi koondkasum (-kahjum) 3 965 -616 1 491 -2 058
Tava puhaskahjum aktsia kohta EUR
aruandeperioodi puhaskahjumist 0.07 -0.03 0.03 -0.07
Lahustatud puhaskahjum aktsia kohta EUR
aruandeperioodi puhaskahjumist 0.07 -0.03 0.03 -0.07
Flavio Perini
Juhatuse liige, tegevjuht
[email protected] (mailto:[email protected])
Content of announcement in English
Title
Baltika’s Unaudited Financial Results, Second Quarter and 6 Months of 2020
Message
Baltika Group ended the second quarter with a net profit of 3,965 thousand euros, which includes operating income in amount of 4,620 thousand euros connected with restructuring of creditors' claims in accordance to the restructuring plan approved on 19 June 2020 and the reversal of the impairment of the right to use the property arising from the lease agreements for the production buildings in the amount of 1,320 thousand euros, which was formed in the end of 2019. The loss for the same period last year was 616 thousand euros. The recurring financial results of the second quarter have been strongly affected by the global COVID-19 pandemic. In the second quarter, COVID-19 had the strongest impact on Baltika Group's operations in Estonia, where stores were opened by a government decision on 11 May, in Lithuania from 25 April and in Latvia until 11 May stores were open part-time and closed during weekends. The Group's sales revenue for the second quarter was 3,707 thousand euros, decreasing by 65% compared to the same period last year. The E-shop showed a very strong sales result, where the sales revenue in the conditions of the COVID-19 crisis increased by 41% compared to the previous year. The strongest results in the E-shop were made by Monton and Ivo Nikkolo, especially in May, where a number of special campaigns and offers were made, which attracted customers to buy. Retail sales revenue in the second quarter decreased by 68% and sales to business customers decreased by 84%, which is related to the strategic decision to exit this sales channel. The gross profit for the quarter was 1,822 thousand euros, decreasing by 3,926 thousand euros compared to the same period of the previous year (Q2 2019: 5,748 thousand euros). The company's gross profit margin was 49.2% in the second quarter, which is 5.7 percentage points lower than the margin of the second quarter of the previous year (Q2 2019: 54.9%). The decrease in gross profit is driven by the sharp decrease in sales revenue and the decrease in gross margin is related to the deep discount offers made during COVID-19 crises. The Group's distribution and administrative expenses in the second quarter were 3,524 thousand euros, decreasing by 40% i.e 2,389 thousand euros compared to the same period last year. Consistent and significant reduction in distribution and administrative expenses is a part of Baltika Group's ongoing restructuring plan, and during the COVID-19 crisis the company has taken radical steps to reduce fixed costs at an accelerated tempo and in proportion with the lost sales. In the first half of the year, the Group's sales revenue decreased by 50% compared to the same period last year and amounted to 9,844 thousand euros. Retail sales decreased by 52% and sales revenue of business customers by 80%, while sales revenue of the e-store increased by 15%. The Group ended the half- year with a net profit of 1,491 thousand euros, which includes operating income in amount of 4,620 thousand euros connected with restructuring of creditors' claims in accordance to the restructuring plan approved on 19 June 2020 and the reversal of the impairment of the right to use the property arising from the lease agreements for the production buildings in the amount of 1,320 thousand euros, which was formed in the end of 2019. The comparable result of the previous year was a net loss of 2,058 thousand euros. The weak recurring financial results for the first half of the year is related to the global COVID- 19 pandemic and the consequent closure of stores for almost two months. Baltika's distribution and administrative expenses in the first half of the year totalled 8,516 thousand euros, decreasing by 3,024 thousand euros compared to the same period last year. 1,100 thousand euros i.e 36% of the decrease was driven by the decrease of recurring fixed costs of Baltika's head office. One of the goals of the company's restructuring plan announced in March 2019 was to reduce Baltika Group's fixed costs by 2 million euros by the end of 2020. Restructuring activities started in April-May and by the end of 2019 about 50% of the target (900 thousand euros) was achieved and by the end of the first half of 2020 the remaining 50% of the target has been successfully achieved. Consolidated statement of financial position 30 June 2020 31 Dec 2019 ------------------------------------------------------------------ ASSETS Current assets Cash and cash equivalents 1,400 264 Trade and other receivables 327 621 Inventories 7,253 7,644 Assets classified as held for sale 0 28 Total current assets 8,980 8,557 Non-current assets Deferred income tax asset 281 281 Other non-current assets 235 222 Property, plant and equipment 1,429 1,683 Right-of-use assets 11,537 16,040 Intangible assets 549 536 Total non-current assets 14,031 18,762 TOTAL ASSETS 23,011 27,319 LIABILITIES AND EQUITY Current liabilities Borrowings 31 1,731 Lease liabilities 3,972 5,383 Trade and other payables 6,050 4,118 Total current liabilities 10,053 11,232 Non-current liabilities Borrowings 3,448 488 Lease liabilities 8,041 12,396 Total non-current liabilities 11,489 12,884 TOTAL LIABILITIES 21,542 24,116 EQUITY Share capital at par value 5,408 5,408 Share premium 0 0 Reserves 820 4,045 Retained earnings -6,250 -341 Net profit (loss) for the period 1,491 -5,909 TOTAL EQUITY 1,469 3,203 TOTAL LIABILITIES AND EQUITY 23,011 27,319 Consolidated statement of comprehensive income 2Q 2020 2Q 2019 6m 2020 6m 2019 ------------------------------------------------------------------------------- Revenue 3,707 10,463 9,844 19,733 Client bonus provision 0 0 0 0 Revenue after client bonus provision 3,707 10,463 9,844 19,733 Cost of goods sold -1,885 -4,715 -5,275 -9,551 Gross profit 1,822 5,748 4,569 10,182 Distribution costs -2,806 -5,026 -7,006 -10,055 Administrative and general expenses -718 -887 -1,510 -1,485 Other operating income (-expense) 5,841 -68 5,878 49 Operating profit (loss) 4,139 -233 1,931 -1,309 Finance costs -174 -383 -440 -749 Profit (loss) before income tax 3,965 -616 1,491 -2,058 Income tax expense 0 0 0 0 Net profit (loss) for the period 3,965 -616 1,491 -2,058 Total comprehensive income (loss) for the period 3,965 -616 1,491 -2,058 Basic earnings per share from net loss for the period, EUR 0.07 -0.03 0.03 -0.07 Diluted earnings per share from net loss for the period, EUR 0.07 -0.03 0.03 -0.07 Flavio Perini Member of the Management Board, CEO [email protected] (mailto:[email protected])