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AS Silvano Fashion Group
Kategooria
Majandusaasta aruanne
Kuupäev
25.04.2008 09:54:44
Pealkiri
SFG: 2007 aasta auditeeritud majandustulemused
Teade
2007.aasta auditeeritud majandustulemused 25.04.2008
Kontserni tegevustulemused
KASUM
2007. aasta oli uue kontserni tegutsemise esimene täisaasta. Kontsern keskendus
mõlema ärisegmendi -naistepesu ja naisterõivaste - jaekaubanduse kiirele
laiendamisele. 2007. aastal laiendas Kontsern märgatavalt oma tegutsemist Vene,
Leedu ja Ukraina turgudel ning uued kauplused avati ka Eestis, Valgevenes ja
Poolas. Uute kaupluste käivitamisperiood ja kaupluste tegevuskulud on Venemaal
tunduvalt suuremad kui Balti riikides või Poolas ning see mõjutab ka Kontserni
jaemüügi üldtulemusi. Lisaks sellele tegi Kontsern parema müügiefektiivsuse
saavutamiseks ümberkorraldusi Oblicie kontseptsiooni kaupluste kujunduses.
Kiirem kulude kasv on seotud ka Venemaa jaemüügiettevõtete osatähtsuse
suurenemisega Kontserni kaupluste kogumahus. Esimesel poolaastal teatas Kontsern
oma edukast tegutsemisest Balti riikides, kuid seoses piirkonna üldise
majanduslangusega aasta teisel poolel halvenesid ka Kontserni majandusnäitajad.
Kontserni 2007. aasta müügitulud ulatusid 1 542 miljoni kroonini, kasvades
eelmise aastaga võrreldes 3,7 korda. Seoses 2006. aastal toimunud omandamisega
kajastavad 2006. aasta võrreldavad arvandmed nii endise PTA Grupp ASi kogu 2006.
aasta tegevuse tulemusi kui ka konsolideeritud ettevõtte AS Silvano Fashion
Group 2006. aasta 4. kvartali tulemusi. Majandustulemuste paranemisele aitas
oluliselt kaasa naistepesu ja naisterõivaste müügi kasv meie peamistel
müügiturgudel Balti riikides, Venemaal, Valgevenes ja Ukrainas.
Kontserni ärikasumiks kujunes 321,5 miljonit krooni, mis on 4,1 korda suurem kui
2006. aasta ärikasum. Kontserni ärirentaablus suurenes aastaga 18,8%lt 20,8%ni.
2007. aastal suurendas Ettevõte oma aktsiaosalust Milavitsa SP ZAO-s. Selle
tulemusena tekkis äriühendusest negatiivne firmaväärtus kokku 89,4 miljonit
krooni, mis kajastati 2007. aasta raamatupidamises tuluna.
Emaettevõtte aktsionäride osaks kontserni puhaskasumist kujunes 186,9 miljonit
krooni (2006: 44,9 miljonit krooni). Puhasrentaablus kasvas aastaga 10,6%lt
12,1%ni.
Kontserni omakapitali rentaabluseks kujunes 2007. aastal 31,5% (2006: 19,3%).
Koguvara rentaablus kasvas aastaga 10,4%lt 19,7%ni. '
BILANSS
2007. aasta 31. detsembri seisuga ulatus kontserni varade maht 1 089,6
miljoni kroonini (31.12.2006: 812,1 miljonit krooni). Bilansis kajastatud
varad ja kohustused on suurenenud peamiselt seoses jaekaubanduse laiendamisega.
Nõuded ostjate vastu on jäänud tavatasemele arvestades asjaolu, et SFG
tütarfirmad Milavitsa SP ZAO ja AS Lauma Lingerie müüvad oma tooteid valdavalt
krediidimüügi lepingu tingimustel.
Varude maht suurenes aastaga 107,3 miljoni krooni võrra ulatudes aasta lõpuks
337,5 miljoni kroonini. Varude mahu kasv tuleneb peamiselt jaekaubandusvõrgu
laiendamisest. Seoses laiendamisega on Kontsern teinud kaupluste rendimaksete
ettemakseid, mis kajastuvad bilansis mitmesuguste nõuete ja ettemakstud kulude
kasvus.
Materiaalse ja immateriaalse põhivara maht kasvas 85,7 miljoni krooni võrra,
millest 43,8 miljonit tuleneb jaemüügitegevuse kasvust.
Lühiajaliste kohustuste maht on aastaga suurenenud 44,1 miljoni krooni võrra.
Maksuvõlad, muud lühiajalised võlad, sealhulgas võlgnevused töövõtjatele, ja
eraldised jäid eeldatavale tasemele ulatudes 66,6 miljoni kroonini.
Lühi- ja pikaajaliste võlakohustuste mahuks kujunes 10,2 miljonit krooni
langedes aastaga 29,2 miljoni krooni võrra. Aasta jooksul saadi laene 20,9
miljonit krooni ja tasuti laene 36,2 miljonit krooni, mis hõlmab ka
kapitalirendi kohustusi summas 10,9 miljonit krooni.
Omakapital kasvas aasta jooksul 238,4 miljoni krooni võrra ulatudes 870,1
miljoni kroonini. Aktsiaemissiooni tulemusena suurenes SFG aktsiakapital 20,5
miljoni krooni ja ülekurss 140,3 miljoni krooni võrra.
MÜÜK
Müük ärisegmentide lõikes
--------------------------------------------------------------------------------
| Mln krooni | 2007 | 2006 | Muutus |
--------------------------------------------------------------------------------
| Naisterõivad | 155,7 | 111,1 | +40,8% |
--------------------------------------------------------------------------------
| Naistepesu | 1 347,4 | 270,2 | +397,7% |
--------------------------------------------------------------------------------
| Allhanketeenused ja muud | 39,3 | 41,4 | -3,8% |
| müügitulud | | | |
--------------------------------------------------------------------------------
| Kokku | 1 542,4 | 422,7 | +265,2% |
--------------------------------------------------------------------------------
Müük turgude lõikes
2007. aastal oli meie peatähelepanu suunatud endiselt Ida-Euroopa turgudele,
peamiselt keskendusime Balti riikide, Venemaa, Valgevene ja Ukraina turgudele.
Majanduskeskkond arenes 2007. aastal Kontserni kõikidel turgudel. Sisemajanduse
koguprodukt (SKP) kasvas Eestis 7,1%, Leedus 8,7% ja Lätis 8,1%. Suur
sisenõudlus on mõjutanud Balti turgude viimaste aastate arenguid ning seoses
majanduskasvuga on suurenenud ka klientide ostujõud. 2007. aasta teisest poolest
hakkas majanduse kasv Balti riikides aga aeglustuma. Majandusanalüütikud
loodavad, et 2008. aasta teisel poolaastal või hiljemalt 2009. aastal hakkab
majandus taastuma. 2007. aastal jätkus majanduskasv Venemaal (8,1%) ja Ukrainas
(7,3%). Analüütikute arvates on Venemaa järgmiste aastate majandusväljavaated
head ja ennustatav SKP kasv on 5-6% aastas.
Jaemüük
2007. aastal kasvas jaemüügi kogumaht eelmise aastaga võrreldes 2,2 korda
ulatudes 280,0 miljoni kroonini.
Jaemüüki teostasime Eestis, Lätis, Venemaal, Valgevenes, Poolas, Leedus ja
Ukrainas. 2007. aasta lõpuks oli Kontsernil kokku 115 jaemüügikauplust
kogupinnaga 12 454 ruutmeetrit.
Naisterõivaid müüdi Eestis, Lätis, Leedus, Venemaal ja Ukrainas. Aastalõpu
seisuga tegutses Kontserni alluvuses 30 naisterõivaste kauplust müügipinnaga
kokku 5 741 ruutmeetrit (2006: 2 688 ruutmeetrit).
Naistepesu müüdi Venemaal, Valgevenes, Lätis, Leedus, Ukrainas ja Poolas.
Aastalõpu seisuga oli Kontsernil 85 naistepesu kauplust kogupinnaga 6 713
ruutmeetrit.
Majandusaasta jooksul avati 60 uut kauplust: 17 PTA kaubamärgi all tegutsevat
naisterõivaste kauplust (9 kauplust Venemaal, 4 Leedus, 3 Ukrainas ja 1 kauplus
Eestis) ning 22 naistepesu kauplust Oblicie kaubamärgi all (20 kauplust
Venemaal, 1 Poolas ja 1 Ukrainas). Leedus omandati 16 naistepesu kauplust,
Valgevenes avati 3 kauplust Milavitsa nime all. Poolas suleti 2 Splendo kauplust
ja avati 4 uut kauplust.
Kaupluste arv 31. detsembri seisuga:
2007 2006
Eesti 8 7
Läti 6 6
Poola 10 7
Valgevene 23 20
Venemaa 44 15
Leedu 20 -
Ukraina 4 -
Kauplusi kokku 115 55
Müügipind kokku, m2 12 454 6 997
2007. aastal kasvas naisterõivaste jaemüügitulu 46% võrra ulatudes 118,9 miljoni
kroonini. Jaemüügi kasvule aitas kaasa võrreldavate pindade (like-for-like)
suurenenud müük ja märgatavalt tõusnud kaupluste arv. Naisterõivaste
võrreldavate pindade jaemüük kasvas 9%. Balti riikides kasvas PTA jaemüügitulu
22%, millele aitas kaasa laienemine Leedu turule. Kuivõrd Venemaa ja Ukraina on
naisterõivaste osas Ettevõtte jaoks uued turud, siis eelmise aasta vastavad
võrdlusandmed puuduvad.
Oblicie naistepesu jaemüügiketi võrreldavate pindade kasvust ligikaudu 40%
moodustavad kauplused, mis on tegutsenud üle aasta. Naistepesu segmendis oli
meie põhieesmärgiks jaekaubanduse kiire laiendamine peamiselt Venemaal. Uutele
turgudele suunatud tavapärastele hooajalistele turunduskampaaniatele lisaks
pöörasime oma turundustegevuses suurt tähelepanu kampaaniatele, mis mõeldud
tegevuse laiendamiseks Venemaa turul.
--------------------------------------------------------------------------------
| Turg | PTA | Oblicie | Muud | Kokku | Müügipind, |
| | kauplused | kauplused | kauplused | | m2 |
--------------------------------------------------------------------------------
| Venemaa | 11 | 33 | - | 44 | 4 849 |
--------------------------------------------------------------------------------
| Ukraina | 3 | 1 | - | 4 | 522 |
--------------------------------------------------------------------------------
| Eesti | 8 | - | - | 8 | 1 759 |
--------------------------------------------------------------------------------
| Läti | 4 | - | 2 | 6 | 1 169 |
--------------------------------------------------------------------------------
| Leedu | 4 | - | 16 | 20 | 1 626 |
--------------------------------------------------------------------------------
| Valgevene | - | - | 23 | 23 | 2 041 |
--------------------------------------------------------------------------------
| Poola | - | 1 | 9 | 10 | 488 |
--------------------------------------------------------------------------------
| Kokku | 30 | 35 | 50 | 115 | 12 454 |
--------------------------------------------------------------------------------
Hulgimüük
Hulgimüük moodustas 79,3% kontserni müügituludest ulatudes 1 223,6 miljoni
kroonini. Peamisteks naistepesu hulgimüügi piirkondadeks olid Venemaa, Ukraina,
Balti riigid ja Valgevene. Naisterõivaste hulgimüügi turu moodustasid peamiselt
Soome ja Balti riigid. 2007. aastal kasvas naisterõivaste hulgimüügist saadud
müügitulu 28,9% võrra ulatudes 43,8 miljoni kroonini. Enamus meie naistepesu
hulgimüügi partneritest asub Venemaal.
Investeeringud
2007. aastal oli SFG investeeringute kogumaht 150,9 miljonit krooni, millest
investeeringud jaekaubandusse moodustasid 43,8 miljonit krooni, samuti
investeeriti tootmisefektiivsuse säilitamiseks vajalike seadmete soetamisse.
Infotehnoloogia arendamiseks tehtud investeeringud ulatusid 9,4 miljoni
kroonini.
Personal
2007. aasta detsembri lõpu seisuga oli Kontserni töötajate arv 3 581 inimest,
neist 552 oli hõivatud jaekaubanduses ja 2 243 inimest tegeles tootmisega.
Ülejäänud inimesed töötasid hulgikaubanduses, administratsioonis ja
tugiüksustes. Keskmine töötajate arv 2007. aastal oli 3 450.
Töötajatele maksti 2007. aastal töötasusid kokku summas 294,2 miljonit krooni.
Juhatuse liikmetele maksti tasusuid kokku 3,6 miljonit krooni. Neli juhatuse
liiget tegutsevad ka portfelliettevõtete juhtidena.
Arengusuunad 2008. aastaks
Kontserni üldine strateegia näeb ette jaekaubanduse laiendamist. Strateegia
elluviimiseks on koostatud laiendamise plaan, mille kohaselt keskendutakse kahe
peamise jaemüügiketi arendamisele, nimelt Oblicie müügikett naistepesu
turustamiseks ja PTA müügikett naisterõivaste turustamiseks. Lisaks eelpool
nimetatuile jätkub jaemüük ka Lauma ja Milavitsa kaubamärgi all tegutsevates
jaemüügikauplustes.
Järgnevatel aastatel keskendub Kontsern jaekaubanduse laiendamisele Venemaal,
Ukrainas, Balti riikides ja Valgevenes. 2008. aastal on plaanis avada 60 uut
kauplust.
Lisaks jätkab Kontsern olemasolevate kaupluste jaemüügi efektiivsuse tõstmist
kasvatades inimeste teadlikkust meie kaubamärkidest ja suurendades kaubamärkide
tuntust, laiendades kollektsioonide tootevalikut, viies läbi tarbijale suunatud
tootekampaaniad ja muid turundusüritusi.
2008. aastal suunatakse investeeringud valdavalt jaekaubanduse arendamisse.
Plaanide kohaselt ulatuvad meie investeeringud jaekaubanduse laiendamisse 40,7
miljoni kroonini. Investeeringuteks tootmisse on planeeritud üle 36,0 miljoni
krooni.
Kontserni tootmisettevõtted keskenduvad peamiselt oma kaubamärkide all
toodetavate kaupade valmistamisele. Allhanketeenuste müügi osakaal väheneb
seoses suurenenud omavajadustega. Suur osa Lauma Lingerie tootmisest plaanitakse
üle viia Valgevenesse ja Hiinasse.
Põhilised arvnäitajad
Kontserni majandustulemusi iseloomustavad olulisemad finantsnäitajad ja
suhtarvud on järgmised:
--------------------------------------------------------------------------------
| Olulisemad finantsnäitajad | 2007 | 2006 | Muutus |
--------------------------------------------------------------------------------
| Müügitulu, tuh. EEK | 1 542 | 422 682 | 1 119 |
| | 438 | | 756 |
--------------------------------------------------------------------------------
| Äritulud, tuh. EEK | 1 648 | 435 393 | 1 212 |
| | 232 | | 839 |
--------------------------------------------------------------------------------
| Ärikasum/ -kahjum enne põhivara kulumit ja | 360 086 | 90 990 | 269 096 |
| finantstulusid/ -kulusid (EBITDA), tuh. EEK | | | |
--------------------------------------------------------------------------------
| Ärikasum/ -kahjum (EBIT), tuh. EEK | 321 548 | 79 321 | 242 227 |
--------------------------------------------------------------------------------
| Ärirentaablus, % | 20,8% | 18,8% | - |
--------------------------------------------------------------------------------
| Perioodi kasum/ -kahjum, tuh. EEK | 186 914 | 44 990 | 141 924 |
--------------------------------------------------------------------------------
| Puhasrentaablus, % | 12,1% | 10,6% | - |
--------------------------------------------------------------------------------
| Koguvara rentaablus (ROA), % | 19,7% | 10,4% | - |
--------------------------------------------------------------------------------
| Omakapitali rentaablus (ROE), % | 31,5% | 19,3% | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), EEK | 4,81 | 4,08 | 0,73 |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 3,64 | 3,63 | - |
--------------------------------------------------------------------------------
| Maksevõime kordaja | 2,07 | 2,28 | - |
--------------------------------------------------------------------------------
Suhtarvude arvutamisel kasutatud valemid:
Ärirentaablus = ärikasum/ müügitulu
Puhasrentaablus = puhaskasum (emaettevõtte osa)/ müügitulu
Koguvara rentaablus (ROA) = puhaskasum (emaettevõtte osa)/ keskmine koguvara
Omakapitali rentaablus (ROE) = puhaskasum (emaettevõtte osa)/ keskmine
omakapital
Tulu aktsia kohta (EPS) = puhaskasum (emaettevõtte osa)/ kaalutud keskmine
lihtaktsiate arv
Lühiajalise kohustuste kattekordaja = käibevara/ lühiajalised kohustused
Maksevõime kordaja = (käibevara - varud)/ lühiajalised kohustused
Dmitry Ditchkovsky
Juhatuse esimees
25. aprill 2008
Konsolideeritud bilanss
--------------------------------------------------------------------------------
| Tuhandetes kroonides | | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| AKTIVA | | | |
--------------------------------------------------------------------------------
| Põhivara | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | 246 541 | 172 281 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | 27 976 | 16 551 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | 22 954 | 0 |
--------------------------------------------------------------------------------
| Kapitaliosaluse meetodil | | 876 | 78 |
| kajastatavad | | | |
| investeeringud | | | |
--------------------------------------------------------------------------------
| Müügivalmis finantsvara | | 8 480 | 1 772 |
--------------------------------------------------------------------------------
| Mitmesugused nõuded | | 595 | 2 349 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 307 422 | 193 031 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Käibevara | | | |
--------------------------------------------------------------------------------
| Varud | | 337 528 | 230 255 |
--------------------------------------------------------------------------------
| Maksude ettemaksed | | 24 471 | 31 568 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | 158 531 | 111 729 |
--------------------------------------------------------------------------------
| Mitmesugused nõuded | | 29 713 | 10 680 |
--------------------------------------------------------------------------------
| Ettemaksed | | 51 680 | 34 414 |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | 180 233 | 200 460 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 782 156 | 619 106 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 089 578 | 812 137 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PASSIVA | | | |
--------------------------------------------------------------------------------
| Omakapital | | | |
--------------------------------------------------------------------------------
| Aktsiakapital nimiväärtuses | | 400 000 | 379 472 |
--------------------------------------------------------------------------------
| Ülekurss | | 223 293 | 83 011 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 1 046 | 1 046 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv | | -76 512 | -10 710 |
--------------------------------------------------------------------------------
| Akumuleeritud kasum/ kahjum | | 185 927 | -987 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele kuuluv omakapital | | 733 754 | 451 832 |
--------------------------------------------------------------------------------
| Vähemusosalus | | 136 313 | 179 808 |
--------------------------------------------------------------------------------
| Omakapital kokku | | 870 067 | 631 640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | 4 068 | 9 544 |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksu kohustus | | 201 | 201 |
--------------------------------------------------------------------------------
| Muud pikaajalised kohustused | | 360 | 0 |
--------------------------------------------------------------------------------
| Pikaajalised eraldised | | 139 | 139 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 4 768 | 9 884 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | 25 160 | 29 907 |
--------------------------------------------------------------------------------
| Võlad tarnijatele | | 122 888 | 87 534 |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksu võlg | | 3 192 | 5 976 |
--------------------------------------------------------------------------------
| Muud maksuvõlad | | 23 486 | 19 369 |
--------------------------------------------------------------------------------
| Muud lühiajalised võlad | | 17 430 | 10 366 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | 22 462 | 17 461 |
--------------------------------------------------------------------------------
| Viitvõlad | | 125 | 0 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 214 743 | 170 613 |
--------------------------------------------------------------------------------
| Kohustused kokku | | 219 511 | 180 497 |
--------------------------------------------------------------------------------
| PASSIVA KOKKU | | 1 089 578 | 812 137 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne
--------------------------------------------------------------------------------
| Tuhandetes kroonides | | 2007 | 2006 |
--------------------------------------------------------------------------------
| Äritulud | | | |
--------------------------------------------------------------------------------
| Müügitulu | | 1 542 438 | 422 682 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | | -870 780 | -242 847 |
--------------------------------------------------------------------------------
| Brutokasum | | 671 658 | 179 835 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | | 105 794 | 12 711 |
--------------------------------------------------------------------------------
| Turustuskulud | | -213 958 | -59 085 |
--------------------------------------------------------------------------------
| Üldhalduskulud | | -170 552 | -42 019 |
--------------------------------------------------------------------------------
| Muud ärikulud | | -71 394 | -12 121 |
--------------------------------------------------------------------------------
| Ärikasum | | 321 548 | 79 321 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | |
--------------------------------------------------------------------------------
| Finantstulud | | 18 047 | 3 544 |
--------------------------------------------------------------------------------
| Finantskulud | | -3 630 | -1 371 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | 14 417 | 2 173 |
--------------------------------------------------------------------------------
| Kasum/ kahjum kapitaliosaluse | | 988 | 44 |
| meetodil | | | |
| kajastatud investeeringutest | | | |
--------------------------------------------------------------------------------
| Kasum/ kahjum enne tulumaksu | | 336 953 | 81 538 |
--------------------------------------------------------------------------------
| Tulumaks | | -92 943 | -19 362 |
--------------------------------------------------------------------------------
| Puhaskasum/ -kahjum | | 244 010 | 62 176 |
--------------------------------------------------------------------------------
| sealhulgas | | | |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele kuuluv osa | | 186 914 | 44 990 |
| puhaskasumist | | | |
--------------------------------------------------------------------------------
| Vähemusosalusele kuuluv osa puhaskasumist | | 57 096 | 17 186 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulu aktsia kohta | | | |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia kohta (kroonides) | | 4,81 | 4,08 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | | 4,81 | 4,08 |
| (kroonides) | | | |
--------------------------------------------------------------------------------
Pealkiri
SFG: Audited financial results 2007
Teade
Audited financial result 2007 25.04.2008
Business results
PROFITS
2007 was the first full year of new group operations. The Group was
concentrating on rapid retail expansion of both business segments - lingerie and
women's apparel. In 2007, the Group rapidly expanded in the Russian, Lithuanian
and Ukrainian markets, with new shops also opened in Estonia, Belarus and
Poland. Start-up periods of new stores in Russia are longer and store operating
expenses are much higher than in the Baltics or Poland, which affects the
Group's overall retail performance results. In addition, the Group rearranged
store formats for the Oblicie concept to improve sales efficiency. The faster
expenditure growth is also explained by an increase of Russian retail operations
in the Group's overall store portfolio. The Baltic operations posted a
development in the first half of the year but the Group's results in the region
decreased following the general decline in the Baltic economies in the second
half of the year.
SFG ended 2007 with consolidated net sales of EEK 1.542 million, representing a
3.7-fold increase on 2006. Following the acquisition in 2006, the comparable
results for 2006 comprise former PTA Grupp AS operations for the whole 2006 and
consolidated AS Silvano Fashion Group results for the 4th quarter 2006. The
results were boosted by growth in the Baltic, Russian, Belorussian and Ukrainian
lingerie and women's apparel markets, which are our primary sales markets.
Consolidated operating profit amounted to EEK 321.5 million, representing a
4.1-fold increase on 2006. The consolidated operating margin reached 20.8% (up
from 18.8% in 2006).
In 2007, the Group increased its shareholding in Milavitsa SP ZAO, resulting in
gains from the business combination booked in 2007 totalling EEK 89.4 million.
Consolidated net profit attributable to equity holders amounted to EEK 186.9
million (up from EEK 44.9 million in 2006) and the net margin was 12.1% (up from
10.6% in 2006).
In 2007, the Group's return on equity was 31.5% (up from 19.3% in 2006) and
return on assets was 19.7% (up from 10.4% in 2006).
BALANCE SHEET
At 31 December 2007, consolidated assets amounted to EEK 1,089.6 million (up
from EEK 812.1 million at 31 December 2006). The increases in both assets and
liabilities are mainly related to retail expansion.
Trade receivables remained at the ordinary level, given that the subsidiaries
Milavitsa SP ZAO and AS Lauma Lingerie sell their products mostly on credit.
Inventories increased by EEK 107.3 million to reach EEK 337.5 million at 31
December 2007. The inventory growth results primarily from the retail expansion.
Due to the expansion of the retail network, the Group made rental prepayments
for store premises, which increased other receivables and prepayments.
Property, plant and intangibles increased by EEK 85.7 million, of which 43.8
million represents the retail growth.
Current liabilities increased by 44.1 million. Tax liabilities, other payables,
including payables to employees, and provisions amounted to EEK 66.6 million,
remaining at the expected level.
Current and non-current loans and borrowings dropped by EEK 10.2 million to
EEK 29.2 million. Loans received and loans repaid during the period amounted to
EEK 20.9 million and EEK 36.2 million respectively. This includes finance lease
liabilities of EEK 10.9 million.
Equity grew by EEK 238.4 million to reach EEK 870.1 million. As a result of the
share issue, SFG's share capital increased by EEK 20.5 million and the share
premium grew by EEK 140.3 million.
SALES
Sales by business segments
--------------------------------------------------------------------------------
| In millions of EEK | 2007 | 2006 | Change |
--------------------------------------------------------------------------------
| Women's apparel | 155.7 | 111.1 | +40.8% |
--------------------------------------------------------------------------------
| Lingerie | 1,347.4 | 270.2 | +397.7% |
--------------------------------------------------------------------------------
| Subcontracting services and other sales | 39.3 | 41.4 | -3.8% |
--------------------------------------------------------------------------------
| Total | 1,542.4 | 422.7 | +265.2% |
--------------------------------------------------------------------------------
Sales by markets
In 2007, we continued our focus on East European markets, mainly the Baltic
states, Russia, Belarus and Ukraine.
In 2007, the economic environment grew in all markets of the Group. In 2007, the
GDP growth for the Baltics stood at 7.1% in Estonia, 8.7% in Lithuania and 8.1%
in Latvia. In the past few years, the Baltic markets were driven by strong
domestic demand and the economic growth increased the purchasing power of
customers. Starting from the second half of 2007, the Baltic economies faced a
slow-down, and the analysts expect that recovery will start in the second half
of 2008, or 2009 at the latest. In 2007, Russia and Ukraine posted 8.1% and 7.3%
economic growth, respectively. According to the analysts, the economic outlook
for Russia for the coming years is positive and the GDP growth is forecasted at
5-6% a year.
Retail operations
Total retail sales of the Group in 2007 amounted to EEK 280.0 million,
representing a 2.2‑fold increase on 2006.
Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Poland,
Lithuania and Ukraine. At the end of 2007, the Group operated 115 retail outlets
with a total area of 12,454 square metres.
Women's apparel was retailed in Estonia, Latvia, Lithuania, Russia and Ukraine.
At the end of 2007, the Group operated 30 women's apparel stores with a total
sales area of 5,741 square metres (up from 2,688 square metres in 2006).
Lingerie was retailed in Russia, Belarus, Latvia, Lithuania, Ukraine and Poland.
At the end of 2007, the Group operated 85 lingerie stores with a total area of
6,713 square metres.
in 2007, 60 new stores were opened: 17 women's apparel stores operating under
the PTA brand (9 in Russia, 4 in Lithuania, 1 in Estonia and 3 in Ukraine) and
22 lingerie stores under the Oblicie brand (20 in Russia, 1 in Poland and 1 in
Ukraine). 16 lingerie stores were acquired in Lithuania. 3 stores under the
Milavitsa name were opened in Belarus. In Poland, 2 Splendo stores were closed
and 4 new stores opened.
The number of stores at 31 December:
2007 2006
Estonia 8 7
Latvia 6 6
Poland 10 7
Belarus 23 20
Russia 44 15
Lithuania 20 -
Ukraine 4 -
Total stores 115 55
Total sales area, sq m 12,454 6,997
In 2007, women's apparel retail revenue increased by 46%, amounting to EEK 118.9
million. The retail increase was supported by the sales increase in the
like-for-like spaces and by the considerably greater number of stores. The
increase in retail of women's apparel in the like-for-like spaces was 9%. In the
Baltics, PTA retail revenue growth was 22%. The growth in the Baltics was
supported by expansion into the Lithuanian market. As Russia and Ukraine are new
markets for women's apparel, comparable figures are not available.
The like-for-like increase in the Oblicie lingerie retail chain is about 40% for
stores operating longer than one year. The major objective in the lingerie
business was rapid retail expansion mainly in Russia. In addition to the general
seasonal marketing campaigns directed to the new markets, marketing operations
were focused on campaigns supporting the expansion on the Russian market.
--------------------------------------------------------------------------------
| Market | PTA | Oblicie | Other | Total | Sales area, |
| | stores | stores | stores | | sq m |
--------------------------------------------------------------------------------
| Russia | 11 | 33 | - | 44 | 4,849 |
--------------------------------------------------------------------------------
| Ukraine | 3 | 1 | - | 4 | 522 |
--------------------------------------------------------------------------------
| Estonia | 8 | - | - | 8 | 1,759 |
--------------------------------------------------------------------------------
| Latvia | 4 | - | 2 | 6 | 1,169 |
--------------------------------------------------------------------------------
| Lithuania | 4 | - | 16 | 20 | 1,626 |
--------------------------------------------------------------------------------
| Belarus | - | - | 23 | 23 | 2,041 |
--------------------------------------------------------------------------------
| Poland | - | 1 | 9 | 10 | 488 |
--------------------------------------------------------------------------------
| Total | 30 | 35 | 50 | 115 | 12,454 |
--------------------------------------------------------------------------------
Wholesale
In 2007, wholesale amounted to EEK 1,223.6 million, representing 79.3% of the
Group's total revenue. The main wholesale regions were Russia, Ukraine, the
Baltic states and Belarus for lingerie, and Finland and the Baltic states for
women's apparel. in 2007, revenue from wholesale of women's apparel increased by
28.9%, amounting to EEK 43.8 million. Most of the lingerie wholesale partners
are located in Russia.
Investment
In 2007, the Group's investments totalled EEK 150.9 million. A total of EEK 43.8
million was invested in retail operations, while other investments were made in
plant and facilities to maintain effective production. Investments in IT
development totalled EEK 9.4 million.
Personnel
At the end of December 2007, the Group employed a staff of 3,581, including 552
in retail and 2,243 in production. The rest are employed in wholesale,
administration and support operations. The average number of employees in 2007
was 3,450.
The total salaries and wages for 2007 amounted to EEK 294.2 million. The
remuneration paid to members of the Management Board totalled EEK 3.6 million.
Four members of the Management Board also serve as executives for the portfolio
companies.
Outlook for 2008
The Group's overall strategy foresees expansion of retail operations. The Group
has adopted an expansion plan according to which development efforts will be
focused on the two main retail chains - Oblicie to market lingerie and PTA to
market women's apparel. In addition, the Group will continue operating monobrand
retail stores under Lauma and Milavitsa.
In the coming years, the Group will focus its retail expansion on Russia,
Ukraine, Baltic states and Belarus. 60 new stores are to be opened in 2008.
Other important objectives include improving the store retail sales efficiency
by enhancing brand awareness and recognition, supplementing our collections, and
performing consumer campaigns and other marketing events.
Most of the capital expenditure will go towards developing retail operations.
According to our plan, capital investments in retail expansion will amount to
EEK 40.7 million. Our planned investments in plant will amount to EEK 36.0
million.
Our manufacturing entities will focus on manufacturing our own brand products.
Sales of subcontracting services will decline because of an increase in our own
needs. A substantial part of Lauma Lingerie production is to be shifted to
Belarus and China.
Selected financial data
The Group's operating results are best summarised in the following figures and
ratios:
--------------------------------------------------------------------------------
| Key figures and ratios | 2007 | 2006 | Change |
--------------------------------------------------------------------------------
| Sales revenue, in thousands of EEK | 1,542,438 | 422,682 | 1,119,756 |
--------------------------------------------------------------------------------
| Revenue, in thousands of EEK | 1,648,232 | 435,393 | 1,212,839 |
--------------------------------------------------------------------------------
| EBITDA, in thousands of EEK | 360,086 | 90,990 | 269,096 |
--------------------------------------------------------------------------------
| EBIT, in thousands of EEK | 321,548 | 79,321 | 242,227 |
--------------------------------------------------------------------------------
| Operating margin, % | 20.8% | 18.8% | - |
--------------------------------------------------------------------------------
| Profit/loss for the period, in thousands | 186,914 | 44,990 | 141,924 |
| of EEK | | | |
--------------------------------------------------------------------------------
| Net margin, % | 12.1% | 10.6% | - |
--------------------------------------------------------------------------------
| ROA, % | 19.7% | 10.4% | - |
--------------------------------------------------------------------------------
| ROE, % | 31.5% | 19.3% | - |
--------------------------------------------------------------------------------
| EPS, in EEK | 4.81 | 4.08 | 0.73 |
--------------------------------------------------------------------------------
| Current ratio | 3.64 | 3.63 | - |
--------------------------------------------------------------------------------
| Quick ratio | 2.07 | 2.28 | - |
--------------------------------------------------------------------------------
Underlying formulas:
Operating margin = operating profit / sales revenue
Net margin = net profit attributable to parent equity holders / sales revenue
ROA (return on assets) = net profit attributable to parent equity holders /
average total assets
ROE (return on equity) = net profit attributable to parent equity holders /
average equity
EPS (earnings per share) = net profit attributable to parent equity holders /
weighted average number of ordinary shares
Current ratio = current assets / current liabilities
Quick ratio = (current assets - inventories) / current liabilities
Dmitry Ditchkovsky
Chairman of the Management Board
25 April 2008
Consolidated balance sheet
As at 31 December
--------------------------------------------------------------------------------
| In thousands of EEK | | 2007 | 2006 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | | 246,541 | 172,281 |
--------------------------------------------------------------------------------
| Intangible assets | | 27,976 | 16,551 |
--------------------------------------------------------------------------------
| Investment property | | 22,954 | 0 |
--------------------------------------------------------------------------------
| Investments in equity accounted investees | | 876 | 78 |
--------------------------------------------------------------------------------
| Available-for-sale financial assets | | 8,480 | 1,772 |
--------------------------------------------------------------------------------
| Other receivables | | 595 | 2,349 |
--------------------------------------------------------------------------------
| Total non-current assets | | 307,422 | 193,031 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | | 337,528 | 230,255 |
--------------------------------------------------------------------------------
| Prepaid taxes | | 24,471 | 31,568 |
--------------------------------------------------------------------------------
| Trade receivables | | 158,531 | 111,729 |
--------------------------------------------------------------------------------
| Other receivables | | 29,713 | 10,680 |
--------------------------------------------------------------------------------
| Prepayments | | 51,680 | 34,414 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 180,233 | 200,460 |
--------------------------------------------------------------------------------
| Total current assets | | 782,156 | 619,106 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1,089,578 | 812,137 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Share capital at par value | | 400,000 | 379,472 |
--------------------------------------------------------------------------------
| Share premium | | 223,293 | 83,011 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | 1,046 | 1,046 |
--------------------------------------------------------------------------------
| Translation reserve | | -76,512 | -10,710 |
--------------------------------------------------------------------------------
| Retained earnings | | 185,927 | -987 |
--------------------------------------------------------------------------------
| Total equity attributable to | | 733,754 | 451,832 |
| equity holders | | | |
| of the parent | | | |
--------------------------------------------------------------------------------
| Minority interest | | 136,313 | 179,808 |
--------------------------------------------------------------------------------
| Total equity | | 870,067 | 631,640 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | | 4,068 | 9,544 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | | 201 | 201 |
--------------------------------------------------------------------------------
| Other liabilities | | 360 | 0 |
--------------------------------------------------------------------------------
| Provisions | | 139 | 139 |
--------------------------------------------------------------------------------
| Total non-current liabilities | | 4,768 | 9,884 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | | 25,160 | 29,907 |
--------------------------------------------------------------------------------
| Trade payables | | 122,888 | 87,534 |
--------------------------------------------------------------------------------
| Corporate income tax liability | | 3,192 | 5,976 |
--------------------------------------------------------------------------------
| Other tax liabilities | | 23,486 | 19,369 |
--------------------------------------------------------------------------------
| Other payables | | 17,430 | 10,366 |
--------------------------------------------------------------------------------
| Provisions | | 22,462 | 17,461 |
--------------------------------------------------------------------------------
| Accrued expenses | | 125 | 0 |
--------------------------------------------------------------------------------
| Total current liabilities | | 214,743 | 170,613 |
--------------------------------------------------------------------------------
| Total liabilities | | 219,511 | 180,497 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | | 1 089,578 | 812,137 |
--------------------------------------------------------------------------------
Consolidated income statement
--------------------------------------------------------------------------------
| In thousands of EEK | | | 2006 |
| | | 2007 | |
--------------------------------------------------------------------------------
| Revenue | | | |
--------------------------------------------------------------------------------
| Sales revenue | | 1,542,438 | 422,682 |
--------------------------------------------------------------------------------
| Costs of goods sold | | -870,780 | -242,847 |
--------------------------------------------------------------------------------
| Gross Profit | | 671,658 | 179,835 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | | 105,794 | 12,711 |
--------------------------------------------------------------------------------
| Distribution costs | | -213,958 | -59,085 |
--------------------------------------------------------------------------------
| Administrative costs | | -170,552 | -42,019 |
--------------------------------------------------------------------------------
| Other operating expenses | | -71,394 | -12,121 |
--------------------------------------------------------------------------------
| Operating profit | | 321,548 | 79,321 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finance income and expenses | | | |
--------------------------------------------------------------------------------
| Finance income | | 18,047 | 3,544 |
--------------------------------------------------------------------------------
| Finance expenses | | -3,630 | -1,371 |
--------------------------------------------------------------------------------
| Net finance income | | 14,417 | 2,173 |
--------------------------------------------------------------------------------
| Share of profit of equity accounted | | 988 | 44 |
| investees | | | |
--------------------------------------------------------------------------------
| Profit before tax | | 336,953 | 81,538 |
--------------------------------------------------------------------------------
| Income tax expense | | -92,943 | -19,362 |
--------------------------------------------------------------------------------
| Profit for the period | | 244,010 | 62,176 |
--------------------------------------------------------------------------------
| Attributable to | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | | 186,914 | 44,990 |
--------------------------------------------------------------------------------
| Minority interest | | 57,096 | 17,186 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | |
--------------------------------------------------------------------------------
| Basic earnings per share (in EEK) | | 4,81 | 4.08 |
--------------------------------------------------------------------------------
| Diluted earnings per share (in EEK) | | 4,81 | 4.08 |
--------------------------------------------------------------------------------