Market announcement
AS BALTIKA
LEI code
48510000I3W254YEMG75
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
9369
Attachments
Submission date and time
28.02.2022 11:40:00
Content of announcement in Estonian
Title
PARANDUSTEADE BALTIKA AUDITEERIMATA MAJANDUSTULEMUSTE, NELJANDA KVARTALI JA 12 KUU 2021 KOHTA
Message
Käesolevaga esitab Baltika korrigeeritud finantsaruande teate, lisades teate lõppu võrdlevate tabelitena bilansi ja kasumiaruande. Baltika Grupp lõpetas neljanda kvartali 890 tuhande euro suuruse puhaskahjumiga. Eelmise aasta sama perioodi kahjum oli 1 352 tuhat eurot. Vaatamata COVID-19 jätkuvale pandeemiale paranesid kvartali tulemused 462 tuhande euro võrra aastate võrdluses seoses Baltika Grupi tugeva fookusega püsikulude vähendamiseks, mille tulemusena vähenesid turustus- ja üldhalduskulud 694 tuhande euro võrra. Aastalõpu tulemus sisaldab 2022 aastal suletavate poodide kulude reservi summas 90 tuhat eurot, edasilükkunud tulumaksu reservi kulu 60 tuhat eurot ja varude reservi summas 100 tuhat eurot. Grupi neljanda kvartali müügitulu oli 2 614 tuhat eurot, vähenedes 34% võrreldes eelmise aasta sama perioodiga, mil jaemüük vähenes 30% seoses 27 kaupluse sulgemise tõttu ja e-poodide müük vähenes 65%. Müügimahu vähenemise teine peamine põhjus on seotud asjaoluga, et Grupp otsustas edasise strateegiana kaubelda ainult ühe naisterõivabrändiga (uus Ivo Nikkolo) ja loobuda täielikult meeste rõivaste müügist. Lisaks kehtestati Lätis COVID-19 tõttu neljandas kvartalis täiendavaid piiranguid, mille tulemusena suleti kauplused oktoobri keskpaigast kuni novembri keskpaigani ja seejärel novembri keskpaigast kuni 21. detsembrini nädalavahetusel. Kvartali brutokasum oli 1 671 tuhat eurot, vähenedes eelmise aasta sama perioodiga võrreldes 25% ehk 551 tuhande euro võrra (4 kv 2020: 2 222 tuhat eurot). Ettevõtte brutokasumi marginaal oli neljandas kvartalis 63,9%, mis on 8 protsendipunkti võrra kõrgem eelmise aasta neljanda kvartali marginaalist (4 kv 2020: 55,9%). Positiivne brutomarginaali kasv on tingitud sellest et Baltika Grupp müüs suuremas proportsioonis täishinnaga uusi tooteid ja vähem allahindlusega tooteid. Grupi turustus- ja üldhalduskulud olid neljandas kvartalis 2 289 tuhat eurot, vähenedes 23% ehk 694 tuhat eurot võrreldes eelmise aasta sama perioodiga. Kulude vähenemine on seotud jaeturu kulude vähenemisega. Poodide sulgemistega ja muu äritegevusega seotud ühekordsed kulud olid 12 kuu jooksul summas 877 tuhat eurot. Turustus- ja üldhalduskulude järjepidev ning oluline vähendamine on üks osa Baltika Grupi käimasolevast restruktureerimisplaanist, mille tulemusena on peakontori turustus- ja üldhalduskulud vähenenud 240 tuhande euro võrra. Brutokasum 12 kuu 2021 kokkuvõttes oli 6 120 tuhat eurot, eelmise aasta sama perioodi summa oli 9 676 tuhat eurot (vähenemine 36,8%) ja suurim langus oli jaanuar kuni mai kui enamus kauplused olid osa perioodist suletud seoses COVID- 19 pandeemiaga. Neljanda kvartali tulemust mõjutas enim kaupluste sulgemine Läti turul. Baltika turustus- ja üldhalduskulud olid 12 kuu kokkuvõttes 9 551 tuhat eurot, vähenedes 34,5% ehk 5 036 tuhat eurot tulenevalt strateegilisest otsusest sulgeda 27 kahjumlikku kauplust kogu Baltikumis. Muu äritulu oli neljas kvartalis kokku summas 59 tuhat eurot, mis sisaldab peamiselt Läti valitsuse poolt eraldatud toetusega suletud poodide kulude katteks summas 56 tuhat eurot. Aasta finantskulud olid summas 330 tuhat eurot ja tulumaksukulu 65 tuhat eurot seoses edasilükkunud tulumaksu reservi muutusega summas 80 tuhat eurot. Aasta puhaskahjum oli 2 900 tuhat eurot (eelmise aasta sama perioodi võrreldav summa oli 376 tuhat eurot). Lisaks olid kogu Grupi poodide sulgemistega seotud tegevuskulud ligikaudu 30% suuremad kui see, palju sai ettevõte erinevate toetusmeetmetega, mis omakorda avaldas negatiivset mõju meie aasta tulemustele hinnanguliselt 500 tuhat eurot. Eelmise aasta kasum sisaldas ühekordset saneerimise mõju summas 5 905 tuhat eurot Baltika Grupp lõpetas aasta 614 tuhande euroga raha ja raha ekvivalentidena, kasutades aasta lõpu seisuga panga arvelduskrediiti summas 1 985 tuhat eurot (3 000 tuhat eurose limiidist). Baltika jätkab strateegia elluviimist - arendab kaasaegseid kvaliteetseid tooteid oma naistemoe brändis Ivo Nikkolo, mis on kättesaadav nii Eestis, Lätis, Leedus kui ka Baltika e-poes. Tugev fookus on kindlasti ka aksessuaaridel, kus lai valik kvaliteetseid tooteid on saadaval kõikides poodides. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Lisa 31.12.2021 31.12.2020 VARA Käibevara Raha ja raha ekvivalendid 3 614 1 427 Nõuded ostjatele ja muud nõuded 4 696 318 Varud 5 2 491 3 467 Käibevara kokku 3 801 5 212 Põhivara Edasilükkunud tulumaksuvara 80 140 Muu pikaajaline vara 4 172 111 Materiaalne põhivara 6 855 1 218 Vara kasutusõigus 8 5 956 9 199 Immateriaalne põhivara 7 631 597 Põhivara kokku 7 694 11 265 VARA KOKKU 11 495 16 477 KOHUSTUSED JA OMAKAPITAL Lühiajalised kohustused Võlakohustused 9 364 252 Rendikohustis 8 1 692 3 127 Võlad hankijatele ja muud kohustused 10,11 2 438 3 019 Lühiajalised kohustused kokku 4 494 6 398 Pikaajalised kohustused Võlakohustused 9 2 425 874 Rendikohustis 8 4 264 6 493 Pikaajalised kohustused kokku 6 689 7 367 KOHUSTUSED KOKKU 11 183 13 765 OMAKAPITAL Aktsiakapital nimiväärtuses 12 5 408 5 408 Reservid 12 4 431 3 931 Eelmiste perioodide jaotamata kasum (-kahjum) -6 627 -6 250 Aruandeperioodi puhaskasum (-kahjum) -2 900 -377 OMAKAPITAL KOKKU 312 2 712 KOHUSTUSED JA OMAKAPITAL KOKKU 11 495 16 477 KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE Lisa 4 kv 2021 4 kv 2020 12k 2021 12k 2020 Müügitulu 13,14 2 614 3 978 11 770 19 480 Kliendiboonuste eraldis 11,14 0 250 0 250 Müügitulu peale kliendiboonuste eraldist 2 614 4 228 11 770 19 730 Müüdud kaupade kulu 15 -943 -2 006 -5 650 -10 054 Brutokasum 1 671 2 222 6 120 9 676 Turustuskulud 16 -1 960 -2 575 -8 084 -12 234 Üldhalduskulud 17 -329 -408 -1 467 -2 353 Muud äritulud (-kulud) 18 -128 -318 926 5 442 Ärikasum (-kahjum) -746 -1 079 -2 505 531 Finantskulud 19 -79 -126 -330 -761 Kasum (-kahjum) enne maksustamist -825 -1 205 -2 835 -230 Tulumaks -65 -147 -65 -147 Aruandeperioodi puhaskasum (- kahjum) -890 -1 352 -2 900 -377 Tava puhaskahjum aktsia kohta, EUR aruandeperioodi puhaskahjumist 20 -0,01 -0,03 -0,05 -0,01 Lahustatud puhaskahjum aktsia kohta, EUR aruandeperioodi puhaskahjumist 20 -0,01 -0,03 -0,05 -0,01 Flavio Perini Juhatuse esimees, tegevjuht [email protected] (mailto:[email protected])
Content of announcement in English
Title
Notice of correction to Baltika’s Unaudited Financial Results, Fourth Quarter and 12 months of 2021
Message
Baltika hereby submits a statement of adjusted financial statement, with the balance sheet and income statement appended as comparison tables. Baltika Group ended the fourth quarter with a net loss of 890 thousand euros. The loss for the same period last year was 1,352 thousand euros. Despite the ongoing pandemic of COVID-19, the quarter results have improved 462 thousand euros year-over-year due to Baltika Group's strong focus on fixed costs reduction, which led to operating expense decreasing by 694 thousand euros. The year-end result includes a reserve for the expense of closing stores in 2022 in the amount of 90 thousand euros, reduction of deferred tax assets reserve in the amount of 60 thousand euros, stock provision of 100 thousand euros. The Group's sales revenue for the fourth quarter was 2,614 thousand euros, decreasing by 34% compared to the same period last year with a drop of 30% in retail sales due to 27 store closures and decreased 65% in e-store sales. For the sake of transparency, another main reason for the decline in sales was related to the fact that our Group decided as going forward strategy to trade with only one womenswear brand (new Ivo Nikkolo) and to fully discontinue menswear. Additionally, in the fourth-quarter further restrictions due to COVID- 19 were forced in Latvia with the full store closures from mid-October till mid- November and then with the weekend closures from mid of November till 21 December. The gross profit for the quarter was 1,671 thousand euros, decreasing by 25% i.e. 551 thousand euros compared to the same period of the previous year (Q4 2020: 2,222 thousand euros). The company's gross profit margin was 63.9% in the fourth quarter, which is 8 percentage points higher than the margin of the same quarter of the previous year (Q4 2020: 55,9%). The positive increase in gross profit margin is due to Baltika Group selling more full-price stock to end customers with lower volumes of discounted items. The Group's distribution and administrative expenses in the fourth quarter were 2,289 thousand euros, decreasing by 23% i.e. 694 thousand euros compared to the same period last year. The majority of this relevant cost saving came from a reduction in retail operational costs. One-off costs related to the closure of stores and other non-recurring expenses related to business activities during the 12 months amounted to 877 thousand euros. Consistent and significant reductions in distribution and administrative expenses is a part of Baltika Group's ongoing restructuring plan, a focus area, which has led head office expenses to decrease by 240 thousand euros. 12 months total gross profit amounts to 6,120 thousand euros, compared to the prior year 9,676 thousand euros (decreasing 36,8%) and the largest decline was from January till May, when most stores were closed for part of the period due to the COVID-19 pandemic. The result of the fourth quarter was most affected by the closure of stores in the Latvian market. Operating expenses in the 12 months amounted to 9,551 thousand euros, decreasing by 34,5% that is 5,036 thousand euros due to the strategic decision to close 27 unprofitable stores throughout the Baltics. Other operating income totalled 59 thousand euros in the fourth quarter, which is mainly the Latvian government's business support for closed stores of 56 thousand euros. The financial expenses for the year were 330 thousand euros and the income tax expense was 65 thousand euros due to the change in the deferred tax reserve in the amount of 80 thousand euros. The net loss for the year was 2,900 thousand euros (the amount for the same period last year was 376 thousand euros). In addition, Group´s lockdown-related operating expenses were approximately 30% higher than what Group has received through various support schemes with a negative impact on our yearly result estimated at around 500 thousand euros. Last year's profit included a one-off positive reorganization impact in the amount of 5,905 thousand euros. Baltika Group ended the year with cash and cash equivalents of 614 thousand euros, using the bank's overdraft facility in the amount of 1,985 thousand euros (out of the limit of 3,000 thousand euros) at the end of the year. Baltika will continue to implement the strategy - develops modern high-quality products in its women's fashion brand Ivo Nikkolo, which is available in Estonia, Latvia, Lithuania, and in our e-store. There is a strong focus on accessories, where a wide range of quality products is available in all stores. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 31 Dec 2021 31 Dec 2020 ASSETS Current assets Cash and cash equivalents 3 614 1,427 Trade and other receivables 4 696 318 Inventories 5 2,491 3,467 Total current assets 3,801 5,212 Non-current assets Deferred income tax asset 80 140 Other non-current assets 4 172 111 Property, plant and equipment 6 855 1,218 Right-of-use assets 8 5,956 9,199 Intangible assets 7 631 597 Total non-current assets 7,694 11,265 TOTAL ASSETS 14,495 16,477 LIABILITIES AND EQUITY Current liabilities Borrowings 9 364 252 Lease liabilities 8 1,692 3,127 Trade and other payables 10,11 2,438 3,019 Total current liabilities 4,494 6,398 Non-current liabilities Borrowings 9 2,425 874 Lease liabilities 8 4,264 6,493 Total non-current liabilities 6,689 7,367 TOTAL LIABILITIES 11,183 13,765 EQUITY Share capital at par value 12 5,408 5,408 Reserves 12 4,431 3,931 Retained earnings -6,627 -6,250 Net profit (loss) for the period -2,900 -377 TOTAL EQUITY 312 2,712 TOTAL LIABILITIES AND EQUITY 11,495 16,477 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE INCOME Note 4Q 2021 4Q 2020 12m 2021 12m 2020 Revenue 13,14 2,614 3,978 11,770 19,480 Client bonus provision 11,14 0 250 0 250 Revenue after client bonus provision 2,614 4,228 11,770 19,730 Cost of goods sold 15 -943 -2,006 -5,650 -10,054 Gross profit 1,671 2,222 6,120 9,676 Distribution costs 16 -1,960 -2,575 -8,084 -12,234 Administrative and general expenses 17 -329 -408 -1,467 -2,353 Other operating income (-expense) 18 -128 -318 926 5,442 Operating profit (loss) -746 -1,079 -2,505 531 Finance costs 19 -79 -126 -330 -761 Profit (loss) before income tax -825 -1,205 -2,835 -230 Income tax expense -65 -147 -65 -147 Net profit (loss) for the period -890 -1,352 -2,900 -377 Total comprehensive income (loss) for the period -890 -1,352 -2,900 -377 Basic earnings per share from net profit (loss) for the period, EUR 20 -0,01 -0,03 -0,05 -0,01 Diluted earnings per share from net profit (loss) for the period, EUR 20 -0,01 -0,03 -0,05 -0,01 Flavio Perini Chairman of Management Board, CEO [email protected] (https://www.globenewswire.com/Tracker?data=kFHNBackukURPkBgqkS4_rE3af1hnX2WFHbG 2wSR7vUxnJNNRHOWQAi9OIFKOeGU6s1b1ExNNPSWUeCwF6zC8DKwnyXrybbeLrWnrHmC6Ex_WNr6PO5H fTM0arK691F9)