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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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28.04.2009 16:10:00
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BALTIKA MAJANDUSTULEMUSED, I KVARTAL 2009
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TULEMUSTE LÜHIKOKKUVÕTE, I kv 2009 - Müügitulu 221 miljonit krooni (-16,9%) - Jaemüük 194 miljonit krooni (-14,2%) - Brutorentaablus 42,9% - Ärikahjum 55,1 miljonit krooni - Puhaskahjum 62,6 miljonit krooni - Müügipinna aastane kasv 13% Baltika Grupi 2009. aasta esimese kvartali müügitulu ulatus 221,0 miljoni kroonini (14,1 miljoni euroni) vähenedes eelmise aastaga võrreldes 16,9%. Esimese kvartali jaemüük vähenes 14,2%. Püsivate valuutakursside korral oli jaemüügi vähenemine 5,5%. Kvartali brutorentaablus langes 42,9%-le. Baltika Grupp teenis esimeses kvartalis ärikahjumit 55,1 miljonit krooni (3,5 miljonit eurot) ja puhaskahjumit 62,6 miljonit krooni (4,0 miljonit eurot). Esimeses kvartalis avas Baltika viis uut kauplust ning aastatagusega võrreldes kasvas Grupi müügipind 13% võrra. MÜÜGITULUD Müük ärisegmenditi -------------------------------------------------------------------------------- | EEK mln | 1 kv 2009 | 1 kv 2008 | +/- | -------------------------------------------------------------------------------- | Jaemüük | 193,5 | 225,5 | -14,2% | -------------------------------------------------------------------------------- | Hulgimüük | 27,3 | 40,1 | -32,0% | -------------------------------------------------------------------------------- | Muu | 0,2 | 0,5 | -52,2% | -------------------------------------------------------------------------------- | Kokku | 221,0 | 266,1 | -16,9% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK JAEMÜÜK Üldise majanduslanguse ja tarbimise vähenemise tagajärjel vähenes Baltika esimese kvartali jaemüük eelmise aastaga võrreldes 14,2% ning ulatus 193,5 miljoni kroonini (12,4 miljoni euroni). Müügile avaldavad negatiivset mõju ka Ukraina, Venemaa, Poola ja Tšehhi valuutade nõrgenemine Eesti krooni suhtes. Jaemüügi langus püsivate valuutakursside korral oli 5,5%. Võrreldavate poodide müük kahanes esimeses kvartalis 18%. Turgude lõikes olid Baltikumi ning Ida- ja Kesk-Euroopa turgudel esimeses kvartalis vastupidised trendid. Kui jätta poodide avamised kõrvale ja vaadelda ainult võrreldavate poodide müüke, näitavad kõik Balti riigid esimeses kvartalis sarnast müügi languse trendi. Teistsugune trend valitseb aga Baltika Ida- ja Kesk-Euroopa turgudel, kus kohalike valuutade arvestuses näitasid nii Ukraina, Venemaa kui Poola esimeses kvartalis müügikasvu - vastavalt 20%, 9% ja 16%. Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 1 kv 2009 | 1 kv 2008 | +/- | Osakaal, 1 kv | | | | | | 2009 | -------------------------------------------------------------------------------- | Leedu | 46,6 | 52,3 | -11% | 24% | -------------------------------------------------------------------------------- | Eesti | 41,5 | 51,8 | -20% | 21% | -------------------------------------------------------------------------------- | Venemaa | 36,7 | 40,9 | -10% | 19% | -------------------------------------------------------------------------------- | Ukraina | 32,2 | 37,5 | -14% | 17% | -------------------------------------------------------------------------------- | Läti | 25,7 | 33,2 | -23% | 13% | -------------------------------------------------------------------------------- | Poola | 7,1 | 7,7 | -8% | 4% | -------------------------------------------------------------------------------- | Tšehhi | 3,7 | 2,1 | 76% | 2% | -------------------------------------------------------------------------------- | Kokku | 193,5 | 225,5 | -14% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Brändide lõikes moodustas Montoni müük esimese kvartali jaemüügist 54% ehk 105 miljonit krooni (6,7 miljonit eurot) vähenedes aastaga 16%. Mosaici müük moodustas jaemüügist 35%, ulatus 67 miljoni kroonini (4,3 miljoni euroni) ning vähenes eelmise aastaga võrreldes 11%. Baltmani müük vähenes 31% võrra 13 miljoni kroonini (0,8 miljoni euroni). Ainukesena kasvas esimeses kvartalis Ivo Nikkolo müük (+31%) ning ulatus 9 miljoni kroonini (0,6 miljoni euroni). POED JA MÜÜGIPIND 2009. aasta märtsi lõpu seisuga oli Baltika Grupil 133 kauplust müügipinnaga 27 042 ruutmeetrit. Jaesüsteemi netokasvuks kujunes aasta jooksul üheksa kauplust ja üle 3000 ruutmeetri, mille tulemusena suurenes Baltika Grupi poolt opereeritav müügipind aastaga 13% võrra. Poed turgude lõikes -------------------------------------------------------------------------------- | | 31.03.2009 | 31.03.2008 | -------------------------------------------------------------------------------- | Leedu | 33 | 29 | -------------------------------------------------------------------------------- | Eesti | 31 | 29 | -------------------------------------------------------------------------------- | Venemaa | 23 | 21 | -------------------------------------------------------------------------------- | Ukraina | 22 | 22 | -------------------------------------------------------------------------------- | Läti | 16 | 16 | -------------------------------------------------------------------------------- | Poola | 6 | 5 | -------------------------------------------------------------------------------- | Tšehhi | 2 | 2 | -------------------------------------------------------------------------------- | Poed kokku | 133 | 124 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 27 042 | 23 964 | -------------------------------------------------------------------------------- Esimeses kvartalis avati viis kauplust - kolm Leedus ja kaks Eestis. Sulgemisi oli kuus ning need toimusid Leedus (3), Ukrainas (2) ja Eestis (1). Suures osas oli sulgemiste põhjuseks poe üleviimine teise asukohta ühe linna piires. Teises kvartalis on planeeritud avada kümme kauplust ning enamus neist Tallinnas, sest Baltika avab kõik oma neli brändipoodi nii Rocca al Mare kaubanduskeskuses kui peagi valmivas Baltika Kvartali büroo- ja ärihoones. Vastavalt sõlmitud kokkuleppele võtab Baltika teises kvartalis üle oma Venemaa hulgipartneri Uurali piirkonnas asuva seitsme poe opereerimise. Kauplused asuvad Jekaterinburgis, Ufas, Permis ja Tjumenis. Poodide ülevõtmine toimub kooskõlas strateegilise otsusega vähendada hulgimüügipartnerist tulenevat riski ning liikuda jaemüügiga ka Venemaa Siberi-Uurali piirkonda. Poolaasta lõpuks ulatub Baltika Grupi poolt opereeritav jaepind ligikaudu 30 000 ruutmeetrini. HULGIMÜÜK Esimese kvartali hulgimüük ulatus 27,3 miljoni kroonini (1,7 miljoni euroni) vähenedes eelmise aastaga võrreldes 32,0%. Samas võib tõdeda, et 2008. aastal sõlmitud koostööleping Euroopa juhtiva kaubamajade ketiga Peek&Cloppenburg on alanud edukalt. Mosaici kollektsioon on klientide poolt hästi vastu võetud, Baltika on saanud uued tellimused sügis-talviseks hooajaks ning lisaks suurendatakse kaubamajade arvu, kus Mosaici kollektsiooni müüakse, 13-lt 17-le. Seoses Venemaa hulgipartnerilt ülevõetavate poodidega ning senise hulgimüügi klassifitseerimisega jaemüügiks väheneb 2009. aasta hulgimüügi prognoos 70-80 miljoni kroonini (4,5-5,1 miljoni euroni). Esialgne prognoos oli 90-100 miljonit krooni (5,8-6,4 miljonit eurot). KASUM 2009. aasta tulemuste peamised mõjutajad on majanduslangus ja valuutade devalveerimine. Aasta esimest kvartalit iseloomustab jaanuaris ning veebruaris toimuv hooajalõpu allahindlus. Tulenevalt järsust müügilangusest ja planeeritust suuremast hooajalõpu varude tasemest toimus esimeses kvartalis varude realiseerimine sügavamate allahindlustega ning tavalisest pikema perioodi jooksul. See mõjutas tuntavalt kvartali brutorentaablust - esimese kvartali brutomarginaal langes 42,9%-le (1 kv 2008: 52,0%) ning brutokasum vähenes aastatagusega võrreldes 31,4% ulatudes 94,9 miljoni kroonini (6,1 miljoni euroni). Agressiivsema allahindluse teiseks peamiseks eesmärgiks on likviidsuse tekitamine uue hooaja kaupade sisseostu finantseerimiseks. Lisaks jätkus 2008. aasta novembris alanud valuutade devalveerimise negatiivne mõju ettevõtte marginaalidele. Eesti Panga valuutakursside järgi nõrgenesid esimese kvartali keskmised kursid eelmise aastaga võrreldes järgmiselt: Ukraina grivna 28,7%, Poola zlott 20,2%, Vene rubla 18,0% ja Tšehhi kroon 7,4%. Esimesel poolaastal keskendub Grupp varude taseme vähendamisele ning tegevuskulude kärpimisele vastavaks langenud müügitasemetele. Käivitunud on tegevus- ja juhtimiskulude kokkuhoiu programm ning toimub kõigi ettevõtte äriprotsesside efektiivsemaks muutmine. Rahalises kokkuhoius ning töötajate arvus realiseeruvad järgnevalt loetletud meetmed alates teisest poolaastast. Tööjõukulude kärpimiseks on kasutatud mitmeid abinõusid: Grupi peakontorist on koondatud 25 töötajat ning jaesüsteemist üle 40 inimese; Grupi kõikide juhtide, peakontori ning turgude kontorite töötajate palkasid vähendati alates 1. aprillist 10% võrra. Logistikakeskuses viidi sisse osaline tööaeg. Ettevõtte tootmisüksustes viiakse läbi töö ümberstruktureerimine, tootmisliinide ümberkorraldamine ning töö tasustamise aluste muutmine; töötajate arvu vähendatakse vastavalt töömahu vähenemisele. Esimese kvartali lõpuks on Grupi tootmisettevõtetest koondatud ligi 100 inimest. Aasta lõpuks on plaanis üks tootmistsehh sulgeda ning koondada Tallinnas asuv tootmine ühte vabrikusse. Kulude kokkuhoiu tulemusena on eesmärgiks saavutada omatootmise toodete tööjõukulude vähenemine 20% võrra. Üheks tähtsamaks valdkonnaks Grupi jaesüsteemi kulude vähendamise protsessis on poodide opereerimiskulude ning sealhulgas rendikulude vähendamine. Selles vallas on edu juba saavutatud - keskmised poe opereerimiskulud ruutmeetrile vähenesid esimeses kvartalis eelmise aastaga võrreldes 15%. Selleks viidi kauplustes läbi töö tasustamise aluste ning töö efektiivsemaks muutmine. Jätkuvad läbirääkimised kaubanduskeskustega rendilepingute suhtes; eesmärgiks on ettevõtte rendikulude vähendamine kuni 20%. Lisaks toimub jaesüsteemis ebaefektiivsete poodide sulgemine. Kulude kärpimise tulemusena vähenesid esimese kvartali üldhalduskulud eelmise aastaga võrreldes 11,9%. Turustuskulud vähenesid vaatamata müügipinna kasvule 4,3% võrra. 2009. aasta esimeses kvartalis teenis Baltika ärikahjumit 55,1 miljonit krooni (3,5 miljonit eurot). 2008. aasta esimese kvartali ärikahjum ulatus 7,3 miljoni kroonini (0,5 miljoni euroni). 2008. aasta esimeses kvartalis teenis Grupp tulu ka kinnisvarainvesteeringu ümberhindlusest summas 11,25 miljonit krooni (0,7 miljonit eurot), mis on kajastatud muude äritulude all. 2009. aastal sarnaseid tulusid ei olnud. Esimese kvartali finantskulud suurenesid 93,0% ulatudes 7,3 miljoni kroonini (0,5 miljoni euroni). Põhiline osa finantskulude kasvust tulenes valuutakursi muutustest teenitud kahjumi suurenemisest. Seoses laenukoormuse suurenemisega kasvasid intressikulud eelmise aastaga võrreldes 26,2%. Kokku teeniti 2009. aasta esimese kolme kuuga kahjumit (peale makse ja vähemusosalust) 62,6 miljonit krooni (4,0 miljonit eurot). 2008. aastal teeniti samal perioodil kahjumit 11,0 miljonit krooni (0,7 miljonit eurot). BILANSS 2009. aasta 31. märtsi seisuga ulatus Baltika konsolideeritud bilansimaht 784 miljoni kroonini (50,1 miljoni euroni) jäädes aasta lõpuga võrreldes samale tasemele. Grupi nõuded ostjatele ja muud nõuded vähenesid 2008. aasta lõpuga võrreldes 5 miljoni krooni (0,3 miljoni euro) võrra ulatudes esimese kvartali lõpus 93 miljoni kroonini (6,0 miljoni euroni). Võlad hankijatele ja muud kohustused suurenesid samal perioodil 22 miljoni krooni (1,4 miljoni euro) võrra 230 miljoni kroonini (14,7 miljoni euroni). Varud ulatusid märtsi lõpus 277 miljoni kroonini (17,7 miljoni euroni) vähenedes aasta lõpuga võrreldes 4%. Esimese kvartali lõpus ulatusid Grupi võlakohustused 322 miljoni kroonini (20,6 miljoni euroni), sealhulgas olid pangalaenud kokku 313 miljonit krooni (20,0 miljonit eurot) ja kapitalirendi kohustused 9 miljonit krooni (0,6 miljonit eurot). Aasta lõpuga võrreldes on võlakoormus suurenenud 49 miljoni krooni (3,2 miljoni euro) võrra. Põhiliselt on laenukoormus suurenenud seoses uue kontorihoone ehitusega, mis finantseeritakse täielikult pangalaenuga. Märtsi lõpu seisuga ulatus ehitusega seotud laen 94 miljoni kroonini (6,0 miljoni euroni). Uus kontorihoone valmib plaanipäraselt mai lõpuks. Seoses ehituslaenuga on ka Grupi netovõla (Intressi kandvad võlakohustused-Raha ja pangakontod) suhe omakapitali suurenenud ning oli märtsi lõpu seisuga 137,8%. 2008. aasta lõpus oli vastav näitaja 88,2%. INVESTEERINGUD 2009. aasta esimeses kvartalis ulatusid Grupi investeeringud 37,0 miljoni kroonini/2,4 miljoni euroni (1 kv 2008: 22,3 miljonit krooni/1,4 miljonit eurot). Kinnisvaraarendusse (Baltika Kvartali I etappi) investeeriti 31,3 miljonit krooni (2,0 miljonit eurot), jaekaubandusse 4,2 miljonit krooni (0,3 miljonit eurot) ning muud investeeringud ulatusid 1,5 miljoni kroonini (0,1 miljoni euroni). INIMESED Baltika Grupis töötas 2009. aasta märtsi lõpu seisuga 1902 (31. märts 2008: 1951) inimest, sealhulgas jaekaubanduses 939 (967), tootmises 758 (763) ning peakontoris 205 (221) inimest. Väljaspool Eestit töötas 756 (781) inimest ehk 40% Grupi töötajatest. Kolme kuu keskmine töötajate arv Grupis oli 1938 (1 kv 2008: 1956). Baltika Grupi töötajatele maksti 2009. aasta esimeses kvartalis kokku töötasusid 53,4 miljonit krooni/3,4 miljonit eurot (1 kv 2008: 56,1 miljonit krooni/3,6 miljonit eurot). Sealhulgas ulatusid nõukogu ja juhatuse liikmete tasud 1,05 miljoni kroonini/67 tuhande euroni (1 kv 2008: 1,16 miljonit krooni/74 tuhat eurot). KONTSERNI PÕHILISED ARVNÄITAJAD (I kv 2009) -------------------------------------------------------------------------------- | | 31.03.2009 | 31.03.2008 | +/- | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 221,0 | 266,1 | -16,9% | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 193,5 | 225,5 | -14,2% | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 88% | 85% | | -------------------------------------------------------------------------------- | Poodide arv | 133 | 124 | 7,3% | -------------------------------------------------------------------------------- | Müügipind (m2) | 27 042 | 23 964 | 12,8% | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1 902 | 1 951 | -2,5% | -------------------------------------------------------------------------------- | Brutorentaablus | 42,9% | 52,0% | | -------------------------------------------------------------------------------- | Ärirentaablus | -24,9% | -2,7% | | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | -28,2% | -4,2% | | -------------------------------------------------------------------------------- | Puhasrentaablus | -28,3% | -4,1% | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,1 | 1,7 | -35,3% | -------------------------------------------------------------------------------- | Varude käibekordaja | 4,48 | 5,18 | -13,5% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 140,4% | 60,9% | | -------------------------------------------------------------------------------- | Omakapitali tootlus | -28,1% | 1,8% | | -------------------------------------------------------------------------------- | Koguvarade tootlus | -11,7% | 0,9% | | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Suhtarvude valemid Brutorentaablus = (Müügitulu-Müüdud kaupade kulu)/Müügitulu Ärirentaablus = Ärikasum/Müügitulu Maksueelse kasumi rentaablus = Kasum enne tulumaksu/Müügitulu Puhasrentaablus = Puhaskasum (emaettevõtja osa)/Müügitulu Likviidsuskordaja = Käibevara/Lühiajalised kohustused Varude käibekordaja = Müügitulu/Keskmised varud* Võla ja omakapitali suhe = Intressi kandvad võlakohustused/Omakapital Omakapitali tootlus = Puhaskasum (emaettevõtja osa)/Keskmine omakapital* Koguvarade tootlus = Puhaskasum (emaettevõtja osa)/Keskmised koguvarad* *12 kuu keskmine KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 1 kv 2009 | 1 kv 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 221 017 | 266 056 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -126 091 | -127 630 | -------------------------------------------------------------------------------- | Brutokasum | 94 926 | 138 426 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -131 382 | -137 315 | -------------------------------------------------------------------------------- | Üldhalduskulud | -11 334 | -12 862 | -------------------------------------------------------------------------------- | Muud äritulud | 11 | 12 032 | -------------------------------------------------------------------------------- | Muud ärikulud | -7 319 | -7 554 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -55 098 | -7 273 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -7 293 | -3 778 | -------------------------------------------------------------------------------- | Intressikulud, neto | -3 122 | -2 474 | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutustest, neto | -4 166 | -1 593 | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | -5 | 289 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum (kahjum) enne tulumaksu | -62 391 | -11 051 | -------------------------------------------------------------------------------- | Tulumaks | -151 | -443 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -62 542 | -11 494 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | -62 563 | -11 023 | | kasumist (kahjumist) | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis (kahjumis) | 21 | -471 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, EEK | -3,36 | -0,59 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta, | -3,36 | -0,59 | | EEK | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 1 kv 2009 | 1 kv 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 14 126 | 17 004 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -8 059 | -8 157 | -------------------------------------------------------------------------------- | Brutokasum | 6 067 | 8 847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -8 397 | -8 776 | -------------------------------------------------------------------------------- | Üldhalduskulud | -724 | -822 | -------------------------------------------------------------------------------- | Muud äritulud | 1 | 769 | -------------------------------------------------------------------------------- | Muud ärikulud | -468 | -483 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -3 521 | -465 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -466 | -241 | -------------------------------------------------------------------------------- | Intressikulud, neto | -200 | -158 | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutustest, neto | -266 | -102 | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | 0 | 18 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum (kahjum) enne tulumaksu | -3 988 | -706 | -------------------------------------------------------------------------------- | Tulumaks | -10 | -28 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -3 997 | -735 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | -3 999 | -704 | | kasumist (kahjumist) | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis (kahjumis) | 1 | -30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, EUR | -0,21 | -0,04 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta, | -0,21 | -0,04 | | EUR | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 31.03.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 5 910 | 8 671 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 93 266 | 98 369 | -------------------------------------------------------------------------------- | Varud | 277 002 | 288 431 | -------------------------------------------------------------------------------- | Käibevara kokku | 376 178 | 395 471 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 5 547 | 5 547 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 8 460 | 6 103 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 165 353 | 134 098 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 169 636 | 180 580 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 58 586 | 59 604 | -------------------------------------------------------------------------------- | Põhivara kokku | 407 582 | 385 932 | -------------------------------------------------------------------------------- | VARAD KOKKU | 783 760 | 781 403 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 119 819 | 103 967 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 230 263 | 207 946 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 350 082 | 311 913 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 201 959 | 168 388 | -------------------------------------------------------------------------------- | Muud kohustused | 304 | 0 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 2 196 | 2 196 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 204 459 | 170 584 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 554 541 | 482 497 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 186 449 | 186 449 | -------------------------------------------------------------------------------- | Reservid | 26 133 | 26 133 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 89 953 | 108 722 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -62 563 | -18 947 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | -13 277 | -7 165 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 226 695 | 295 192 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 2 524 | 3 714 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 229 219 | 298 906 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 783 760 | 781 403 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 31.03.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 378 | 554 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 5 961 | 6 287 | -------------------------------------------------------------------------------- | Varud | 17 704 | 18 434 | -------------------------------------------------------------------------------- | Käibevara kokku | 24 042 | 25 275 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 355 | 355 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 541 | 390 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 10 568 | 8 570 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 10 842 | 11 541 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 744 | 3 809 | -------------------------------------------------------------------------------- | Põhivara kokku | 26 049 | 24 666 | -------------------------------------------------------------------------------- | VARAD KOKKU | 50 091 | 49 941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 7 658 | 6 645 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 14 716 | 13 290 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 22 374 | 19 935 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 12 908 | 10 762 | -------------------------------------------------------------------------------- | Muud kohustused | 19 | 0 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 140 | 140 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 13 067 | 10 902 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 35 442 | 30 837 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 11 916 | 11 916 | -------------------------------------------------------------------------------- | Reservid | 1 670 | 1 670 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 5 749 | 6 949 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -3 999 | -1 211 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | -849 | -458 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 14 488 | 18 866 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 161 | 237 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 14 650 | 19 104 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 50 091 | 49 941 | -------------------------------------------------------------------------------- Ülle Järv Finantsdirektor, Juhatuse liige +372 630 2741
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BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2009
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FINANCIAL HIGHLIGHTS, Q1 2009 - Revenue 221 million kroons (-16.9% yoy) - Retail sales 194 million kroons (-14.2% yoy) - Gross margin 42.9% - Operating loss 55.1 million kroons - Net loss 62.6 million kroons - Sales area 13% growth yoy In the first quarter of 2009, the Group's revenues totalled 221.0 million kroons (14.1 million euros), a 16.9% decrease compared with a year ago. First quarter retail revenue declined by 14.2%. At constant exchange rates, retail revenue contracted by 5.5%. The period's gross margin was 42.9%. In Q1 2009, Baltika Group earned operating loss of 55.1 million kroons (3.5 million euros) and net loss of 62.6 million kroons (4.0 million euros). The Group opened five stores, increasing its sales area by 13% yoy. REVENUE Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q1 2009 | Q1 2008 | +/- | -------------------------------------------------------------------------------- | Retail | 193.5 | 225.5 | -14.2% | -------------------------------------------------------------------------------- | Wholesale | 27.3 | 40.1 | -32.0% | -------------------------------------------------------------------------------- | Other | 0.2 | 0.5 | -52.2% | -------------------------------------------------------------------------------- | Total | 221.0 | 266.1 | -16.9% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL Owing to the overall economic downturn and a decline in consumer spending, Baltika's first quarter retail revenue decreased by 14.2% to 193.5 million kroons (12.4 million euros) compared with a year ago. Sales were further undermined by the weakening of the Ukrainian, Russian, Polish and Czech currencies against the Estonian kroon. At constant exchange rates, retail revenue contracted by 5.5%. Comparable store revenue shrank by 18% compared with a year ago. The Baltic and Eastern and Central European markets followed opposite trends. Leaving aside the opening of new stores, comparable store revenues in all the Baltic countries slumped equally. Baltika's Eastern and Central European markets, on the other hand, posted growth figures - in local currencies the Ukrainian, Russian and Polish revenues for the first quarter grew by 20%, 9% and 16% respectively. Retail sales by market -------------------------------------------------------------------------------- | EEK million | Q1 2009 | Q1 2008 | +/- | Percentage, Q1 | | | | | | 2009 | -------------------------------------------------------------------------------- | Lithuania | 46.6 | 52.3 | -11% | 24% | -------------------------------------------------------------------------------- | Estonia | 41.5 | 51.8 | -20% | 21% | -------------------------------------------------------------------------------- | Russia | 36.7 | 40.9 | -10% | 19% | -------------------------------------------------------------------------------- | Ukraine | 32.2 | 37.5 | -14% | 17% | -------------------------------------------------------------------------------- | Latvia | 25.7 | 33.2 | -23% | 13% | -------------------------------------------------------------------------------- | Poland | 7.1 | 7.7 | -8% | 4% | -------------------------------------------------------------------------------- | Czech Republic | 3.7 | 2.1 | 76% | 2% | -------------------------------------------------------------------------------- | Total | 193.5 | 225.5 | -14% | 100% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 In terms of brands, the largest contributor is Monton that accounted for 54% of the Group's retail sales for the first quarter of 2009. The sales of Monton amounted to 105 million kroons (6.7 million euros), 16% down on the prior year. Retail sales of Mosaic decreased by 11% yoy to 67 million kroons (4.3 million euros) contributing 35% to the Group's retail revenue. Retail sales of Baltman declined by 31% yoy to 13 million kroons (0.8 million euros). Only the sales of the Ivo Nikkolo brand expanded (+31% yoy) in the first quarter and totalled 9 million kroons (0.6 million euros). STORES AND SALES AREA At the end of March 2009 the Group had 133 stores with a total sales area of 27,042 square metres. Compared with March 2008, the net growth of the retail system was nine stores and ca 3,000 square metres as a result of which the sales area operated by the Group increased by 13% yoy. Stores by market -------------------------------------------------------------------------------- | | 31.03.2009 | 31.03.2008 | -------------------------------------------------------------------------------- | Lithuania | 33 | 29 | -------------------------------------------------------------------------------- | Estonia | 31 | 29 | -------------------------------------------------------------------------------- | Russia | 23 | 21 | -------------------------------------------------------------------------------- | Ukraine | 22 | 22 | -------------------------------------------------------------------------------- | Latvia | 16 | 16 | -------------------------------------------------------------------------------- | Poland | 6 | 5 | -------------------------------------------------------------------------------- | Czech Republic | 2 | 2 | -------------------------------------------------------------------------------- | Total stores | 133 | 124 | -------------------------------------------------------------------------------- | Total sales area, sqm | 27,042 | 23,964 | -------------------------------------------------------------------------------- In the first quarter, Baltika opened five stores - three in Lithuania and two in Estonia - and closed six - three in Lithuania, two in Ukraine and one in Estonia. The main reason for the closures was the transfer of the store to a new location in the same city. According to plan, in the second quarter ten stores will be launched, most of them in Tallinn, Estonia, because Baltika will open all four of its brand stores both in the Rocca al Mare shopping centre and the office and business centre in the Baltika Quarter, which will soon be completed. According to an agreement, in the second quarter Baltika will take over the operation of seven stores belonging to its Russian wholesale partner in the Ural region. The stores are located in Ekaterinburg, Ufa, Perm and Tjumen in Russia. The takeover is aligned with the Group's strategic decisions to mitigate the risks arising from reliance on a wholesale partner and to expand retail operations to the Siberia-Ural region in Russia. By the end of the first half-year, the retail area operated by Baltika Group will grow to approximately 30,000 square metres. WHOLESALE First quarter wholesale revenues totalled 27.3 million kroons (1.7 million euros), a 32.0% decrease compared with a year ago. However, the cooperation contract signed in 2008 with one of the leading European department store chains Peek&Cloppenburg has got off to a good start. The Mosaic collection has been well received by the customers - new orders have been placed for the autumn-winter season and the number of department stores offering the Mosaic collection will be increased from 13 to 17. In connection with the takeover of stores from the Russian wholesale partner and the reclassification of the business involved from wholesaling to retailing, the wholesale revenue forecast for 2009 has been lowered to 70-80 million kroons (4.5-5.1 million euros). The initial forecast was 90-100 million kroons (5.8-6.4 million euros). EARNINGS AND MARGINS The Group's performance in 2009 has been strongly influenced by the economic recession and the devaluation of currencies. The first quarter is typically characterized by the seasonal discounts offered in January and February. Due to a deep sales slump and higher than anticipated inventory levels, the discounts provided in the first quarter of 2009 were larger than usual and extended over a longer period. This had a marked impact on profitability - the gross margin for the first quarter dropped to 42.9% (Q1 2008: 52.0%) and gross profit for the period decreased by 31.4% to 94.9 million kroons (6.1 million euros) compared with a year ago. Another reason for more aggressive discounting was the need to generate liquidity for financing purchases for the new season. In addition, margins were adversely impacted by the devaluation of currencies that began in November 2008. According to the exchange rates quoted by the Bank of Estonia, compared with a year ago the average exchange rates for the first quarter weakened as follows: the Ukrainian hryvnia 28.7%, the Polish zloty 20.2%, the Russian rouble 18.0% and the Czech koruna 7.4%. In the first half-year, Baltika will focus on reducing inventories and adjusting operating expenses to the lower revenue levels. The Group has launched a programme for cutting operating and management expenses and streamlining all processes. The savings and rightsizing measures described below should yield benefits in the second half of the year. In order to reduce personnel expenses, the Group has laid off 25 people from the head office and 40 retail staff across the markets. Effective from 1 April, the salaries of all managers and office personnel were reduced by 10%. The logistics centre has been transferred to shorter work time. At production units, work will be reorganised, production lines will be readjusted and the basis for remuneration will be changed. The number of staff will be reduced in line with shrinkage in production volumes. By the end of the first quarter, the Group had laid off approximately 100 production staff. According to plan, by the end of the year one factory will be closed and all production operations in Tallinn, Estonia, will be transferred to a single factory. The target is to reduce labour costs in manufacturing by 20%. In cutting the costs of the retail system, it is essential to reduce store operating expenses including rental costs. In this area, some success has already been achieved - in the first quarter the average store operating expenses per square metre decreased by 15% compared with a year ago. This was achieved by changing the basis of employee remuneration and improving work efficiency. The Group is continuing negotiations with shopping centres regarding its leases; the target is to reduce rental costs by up to 20%. Additionally, some inefficient stores in the retail system will be closed. Thanks to decisive cost-cutting, administrative and general expenses for the first quarter decreased by 11.9% compared with a year ago and distribution costs declined 4.3% despite growth in the sales area. Baltika ended the first quarter of 2009 with an operating loss of 55.1 million kroons (3.5 million euros). For comparison, operating loss for the first quarter of 2008 amounted to 7.3 million kroons (0.5 million euros). In the first quarter of 2008, the Group also benefited from gain on the revaluation of investment property of 11.25 million kroons (0.7 million euros), which was recognised in other operating income. In 2009, there has been no similar income. Financial expenses for the first quarter grew by 93.0% to 7.3 million kroons (0.5 million euros), mainly on account of an increase in foreign exchange losses. The growth in borrowings expanded interest expenses by 26.2% compared with a year ago. The consolidated net loss for the first three months of 2009 (after tax and minority interest) amounted to 62.6 million kroons (4.0 million euros). The loss for the first quarter of 2008 amounted to 11.0 million kroons (0.7 million euros). BALANCE SHEET At 31 March 2009, Baltika's consolidated assets amounted to 784 million kroons (50.1 million euros), remaining at the same level as at the end of 2008. Trade and other receivables decreased by 5 million kroons (0.3 million euros) compared with the end of 2008, amounting to 93 million kroons (6.0 million euros) at 31 March. Trade and other payables grew within the same period by 22 million kroons (1.4 million euros) to 230 million kroons (14.7 million euros). At the end of March, inventories totalled 277 million kroons (17.7 million euros), 4% down from the end of 2008. At the end of the first quarter, the Group's borrowings totalled 322 million kroons (20.6 million euros), comprising bank loans of 313 million kroons (20.0 million euros) and finance lease liabilities of 9 million kroons (0.6 million euros). Compared with the end of the previous financial year, the debt burden has grown by 49 million kroons (3.2 million euros). The rise is largely attributable to the construction of a new office building, which is being financed solely with a bank loan. At the end of March, borrowings related to the construction of the office building amounted to 94 million kroons (6.0 million euros). The new office building will be completed on schedule by the end of May 2009. The construction loan has increased the Group's net debt (interest-bearing liabilities less cash and bank balances) to equity ratio to 137.8%. At the end of 2008 the corresponding figure was 88.2%. INVESTMENT The Group's investments for the first quarter of 2009 totalled 37.0 million kroons/2.4 million euros (Q1 2008: 22.3 million kroons/1.4 million euros). Investments in real estate development (phase I of the Baltika Quarter) amounted to 31.3 million kroons (2.0 million euros), in the retail business 4.2 million kroons (0.3 million euros) and in other activities 1.5 million kroons (0.1 million euros). PEOPLE At the end of March 2009, Baltika Group employed 1,902 (31 March 2008: 1,951) people including 939 (967) in the retail business, 758 (763) in production operations and 205 (221) in the head office. The number of people employed outside Estonia was 756 (781), i.e., 40% of all employees. The three months' average number of employees was 1,938 (Q1 2008: 1,956). The Group's employee remuneration expenses for the first quarter of 2009 totalled 53.4 million kroons/3.4 million euros (Q1 2008: 56.1 million kroons/3.6 million euros). Payments made to members of the supervisory council and management board totalled 1.05 million kroons/67 thousand euros (Q1 2008: 1.16 million kroons/74 thousand euros). KEY FIGURES OF THE GROUP (Q1 2009) -------------------------------------------------------------------------------- | | 31.03.2009 | 31.03.2008 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 221.0 | 266.1 | -16.9% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 193.5 | 225.5 | -14.2% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 88% | 85% | | -------------------------------------------------------------------------------- | Number of stores | 133 | 124 | 7.3% | -------------------------------------------------------------------------------- | Sales area (sqm) | 27,042 | 23,964 | 12.8% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,902 | 1,951 | -2.5% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 42.9% | 52.0% | | -------------------------------------------------------------------------------- | Operating margin | -24.9% | -2.7% | | -------------------------------------------------------------------------------- | EBT margin | -28.2% | -4.2% | | -------------------------------------------------------------------------------- | Net margin | -28.3% | -4.1% | | -------------------------------------------------------------------------------- | Current ratio | 1.1 | 1.7 | -35.3% | -------------------------------------------------------------------------------- | Inventory turnover | 4.48 | 5.18 | -13.5% | -------------------------------------------------------------------------------- | Debt to equity ratio | 140.4% | 60.9% | | -------------------------------------------------------------------------------- | Return on equity | -28.1% | 1.8% | | -------------------------------------------------------------------------------- | Return on assets | -11.7% | 0.9% | | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Definitions of key ratios Gross margin = (Revenue-Cost of goods sold)/Revenue Operating margin = Operating profit/Revenue EBT margin = Profit before income tax/Revenue Net margin = Net profit (attributable to parent)/Revenue Current ratio = Current assets/Current liabilities Inventory turnover = Revenue/Average inventories* Debt to equity ratio = Interest-bearing liabilities/Equity Return on equity (ROE) = Net profit (attributable to parent)/Average equity* Return on assets (ROA) = Net profit (attributable to parent)/Average total assets* *Based on 12-month average CONSOLIDATED INCOME STATEMENT (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 221,017 | 266,056 | -------------------------------------------------------------------------------- | Cost of goods sold | -126,091 | -127,630 | -------------------------------------------------------------------------------- | Gross profit | 94,926 | 138,426 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -131,382 | -137,315 | -------------------------------------------------------------------------------- | Administrative and general expenses | -11,334 | -12,862 | -------------------------------------------------------------------------------- | Other operating income | 11 | 12,032 | -------------------------------------------------------------------------------- | Other operating expenses | -7,319 | -7,554 | -------------------------------------------------------------------------------- | Operating profit (loss) | -55,098 | -7,273 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -7,293 | -3,778 | -------------------------------------------------------------------------------- | Interest expenses, net | -3,122 | -2,474 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -4,166 | -1,593 | -------------------------------------------------------------------------------- | Other financial income (expenses), | -5 | 289 | | net | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -62,391 | -11,051 | -------------------------------------------------------------------------------- | Income tax | -151 | -443 | -------------------------------------------------------------------------------- | Net profit (loss) | -62,542 | -11,494 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) attributable to | -62,563 | -11,023 | | equity holders of the parent company | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable to | 21 | -471 | | minority shareholders | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | -3.36 | -0.59 | -------------------------------------------------------------------------------- | Diluted earnings per share, EEK | -3.36 | -0.59 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 14,126 | 17,004 | -------------------------------------------------------------------------------- | Cost of goods sold | -8,059 | -8,157 | -------------------------------------------------------------------------------- | Gross profit | 6,067 | 8,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -8,397 | -8,776 | -------------------------------------------------------------------------------- | Administrative and general expenses | -724 | -822 | -------------------------------------------------------------------------------- | Other operating income | 1 | 769 | -------------------------------------------------------------------------------- | Other operating expenses | -468 | -483 | -------------------------------------------------------------------------------- | Operating profit (loss) | -3,521 | -465 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -466 | -241 | -------------------------------------------------------------------------------- | Interest expenses, net | -200 | -158 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -266 | -102 | -------------------------------------------------------------------------------- | Other financial income (expenses), | 0 | 18 | | net | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -3,988 | -706 | -------------------------------------------------------------------------------- | Income tax | -10 | -28 | -------------------------------------------------------------------------------- | Net profit (loss) | -3,997 | -735 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) attributable to | -3,999 | -704 | | equity holders of the parent company | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable to | 1 | -30 | | minority shareholders | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | -0.21 | -0.04 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | -0.21 | -0.04 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | 31.03.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 5,910 | 8,671 | -------------------------------------------------------------------------------- | Trade and other receivables | 93,266 | 98,369 | -------------------------------------------------------------------------------- | Inventories | 277,002 | 288,431 | -------------------------------------------------------------------------------- | Total current assets | 376,178 | 395,471 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 5,547 | 5,547 | -------------------------------------------------------------------------------- | Other non-current assets | 8,460 | 6,103 | -------------------------------------------------------------------------------- | Investment property | 165,353 | 134,098 | -------------------------------------------------------------------------------- | Property, plant and equipment | 169,636 | 180,580 | -------------------------------------------------------------------------------- | Intangible assets | 58,586 | 59,604 | -------------------------------------------------------------------------------- | Total non-current assets | 407,582 | 385,932 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 783,760 | 781,403 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 119,819 | 103,967 | -------------------------------------------------------------------------------- | Trade and other payables | 230,263 | 207,946 | -------------------------------------------------------------------------------- | Total current liabilities | 350,082 | 311,913 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 201,959 | 168,388 | -------------------------------------------------------------------------------- | Other liabilities | 304 | 0 | -------------------------------------------------------------------------------- | Deferred income tax liability | 2,196 | 2,196 | -------------------------------------------------------------------------------- | Total non-current liabilities | 204,459 | 170,584 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 554,541 | 482,497 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 186,449 | 186,449 | -------------------------------------------------------------------------------- | Reserves | 26,133 | 26,133 | -------------------------------------------------------------------------------- | Retained earnings | 89,953 | 108,722 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -62,563 | -18,947 | -------------------------------------------------------------------------------- | Currency translation differences | -13,277 | -7,165 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 226,695 | 295,192 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 2,524 | 3,714 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 229,219 | 298,906 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 783,760 | 781,403 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | 31.03.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 378 | 554 | -------------------------------------------------------------------------------- | Trade and other receivables | 5,961 | 6,287 | -------------------------------------------------------------------------------- | Inventories | 17,704 | 18,434 | -------------------------------------------------------------------------------- | Total current assets | 24,042 | 25,275 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 355 | 355 | -------------------------------------------------------------------------------- | Other non-current assets | 541 | 390 | -------------------------------------------------------------------------------- | Investment property | 10,568 | 8,570 | -------------------------------------------------------------------------------- | Property, plant and equipment | 10,842 | 11,541 | -------------------------------------------------------------------------------- | Intangible assets | 3,744 | 3,809 | -------------------------------------------------------------------------------- | Total non-current assets | 26,049 | 24,666 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 50,091 | 49,941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 7,658 | 6,645 | -------------------------------------------------------------------------------- | Trade and other payables | 14,716 | 13,290 | -------------------------------------------------------------------------------- | Total current liabilities | 22,374 | 19,935 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 12,908 | 10,762 | -------------------------------------------------------------------------------- | Other liabilities | 19 | 0 | -------------------------------------------------------------------------------- | Deferred income tax liability | 140 | 140 | -------------------------------------------------------------------------------- | Total non-current liabilities | 13,067 | 10,902 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 35,442 | 30,837 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 11,916 | 11,916 | -------------------------------------------------------------------------------- | Reserves | 1,670 | 1,670 | -------------------------------------------------------------------------------- | Retained earnings | 5,749 | 6,949 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -3,999 | -1,211 | -------------------------------------------------------------------------------- | Currency translation differences | -849 | -458 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 14,488 | 18,866 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 161 | 237 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 14,650 | 19,104 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 50,091 | 49,941 | -------------------------------------------------------------------------------- Ülle Järv CFO, Member of the Management Board +372 630 2741