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AS Silvano Fashion Group
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
26.05.2009 17:30:00
Pealkiri
2009. aasta I kvartali konsolideeritud vahearuanne
Teade
Äritulemused
2009. aasta I kvartalis jätkus tarbijate nõudluse langus kõigil Silvano Fashion
Group'i (edaspidi „SFG“ või „ettevõte“, koos kõigi tütarettevõtetega „kontsern“)
turgudel. Juhtkonna hinnangul on nõudlus 2008. aasta sama perioodiga võrreldes
langenud rõivaturul umbes 30% ja pesuturul 25% võrra. Seega on jaemüügi kasvaval
osatähtsusel kontserni äritegevuses tarbijatepoolse väiksema nõudluse ja
kasvavate turustamiskulude tõttu negatiivne mõju kasumlikkusele.
Venemaal, mis on oluline kontserni jaemüügitegevuse laiendamise piirkond, esines
jaemüügis Vene rublades väljendatuna väike langus. Naisterõivaste müügi
tulemuslikkus Balti riikides on 2008. aasta I kvartali tasemel. 2008. aastal
otsustas kontserni juhatus sulgeda PTA naisterõivaste kauplused Venemaal ja
keskenduda naistepesu jaemüügiketi arendamisele, seda peamiselt frantsiisimise
kaudu. 2009. aasta I kvartalis suleti Venemaal 11 PTA kauplust. Ülejäänud kaks
kauplust suletakse 2009. aasta II kvartalis. PTA jätkab oma jaemüügitegevust
Eestis, Lätis, Leedus ja Ukrainas. PTA Ukraina tütarettevõte kujundati 2009.
aasta I kvartalis ümber ja selle tegevuskulud on märkimisväärselt langenud.
Lähemas tulevikus on kavas jätkata Ukrainas naisterõivaste müüki olemasolevas
kuues kaupluses.
Jätkuva majanduslanguse ja kaupluste antud hetke tulemuslikkuse tõttu otsustas
juhatus, et 2009. aasta esimeses pooles suletakse osa Oblicie kaubamärgi all
tegutsevatest kauplustest. Kaks kauplust on juba suletud ja veel kaheksa
kauplust suletakse või antakse üle kaubanduspartneritele 2009. aasta II ja III
kvartalis. Ülejäänud kauplusi kujundatakse praegu ümber Milavitsa kontseptsiooni
kauplusteks ning see viiakse lõpule 2009. aasta teises pooles. Juhatus leiab, et
teise kaubamärgi alla viimine suurendab Milavitsa kaubamärgi osa Venemaa
naistepesu jaemüügi ja hulgimüügi üldises tulemuslikkuses ning arendab ja
reklaamib Milavitsa kaubamärki Venemaal.
Finantstulemused
Kontserni käive oli 31. märtsil 2009 lõppenud kolmekuulisel perioodil 288 179
tuhat krooni (18 418 tuhat eurot), mis tähendab eelmise aasta sama perioodiga
võrreldes 32,8% suurust langust. Üldine hulgi- ja muu müük langes 42,7% võrra,
kusjuures jaemüük kasvas 3,8% võrra. Jaemüügi osakaal kogu käibest suurenes
12,1% võrra ja jõudis 2009. aasta I kvartalis 33,4%-ni kogu müügimahust.
Kontserni kolmekuulise perioodi müügikäibe brutorentaablus langes ja oli 41,4%
(eelmise aasta samal perioodil 44,8%), seda peamiselt jaemüügi käibe
brutorentaabluse languse tõttu. Langust põhjustasid esiteks turunduskampaaniad,
mille käigus pakuti allahindlusi eesmärgiga parandada nõudlust ja langevat
käibekapitali taset jaemüügis, ning teiseks see, et kontsern ei saanud tõsta
hindu kohe pärast kohalike valuutade devalveerumist Valgevenes ja Venemaal.
Konsolideeritud ärikahjum oli 8 997 tuhat krooni (575 tuhat eurot), mis tähendab
2008. aasta I kvartaliga võrreldes 116,2%-list langust. Konsolideeritud
müügikäibe ärirentaablus oli -3,1% (2008. aasta I kvartalis 13,0%).
2009. aasta I kvartalis jätkas kontsern Venemaa jaemüügivõrgu ümberkujundamist.
Venemaa äritegevusega seotud ühekordsed kulud olid 2009. aasta I kvartalis 13
863 tuhat krooni (886 tuhat eurot) ning osaliselt on need seotud varasematel
perioodidel alustatud tegevustega. 31. märtsi 2009. aasta seisuga moodustas
jaemüügiketi ümberkujundamisega seotud tulevase kahjumi katmiseks 20 059 tuhat
krooni (1 282 tuhat eurot). Lisaks fikseeriti juhtkonna ettepanekul tagastatava
laenu kogusumma suurus 15 772 tuhat krooni (1 008 tuhat eurot). Selle eraldisega
seotud kulud on kajastatud 2009. aasta I kvartali muudes tegevuskuludes.
Juhtkond jätkab jõupingutusi laenu tagasisaamiseks.
Võttes arvesse ümberkujundamiskulusid ja laenu mahakandmise kulusid, oli
konsolideeritud kohandatud ärikasum 20 638 tuhat krooni (1 319 tuhat eurot), mis
tähendab 2008. aasta I kvartaliga võrreldes 62,8% suurust langust.
Konsolideeritud kohandatud müügikäibe ärirentaablus oli 7,2% (2008. aasta I
kvartalis 13,0%).
Konsolideeritud puhaskahjum valuutakursi muutustest oli 31. märtsil 2009
lõppenud kolmekuulisel perioodil 892 tuhat krooni (57 tuhat eurot). Milavitsa
sai valuutakursi muutustest 24 471 tuhande krooni (1 564 tuhat euro) suuruse
kasumi, mida põhjustas peamiselt firmadevaheline kauplemine eurodes, samal ajal
kui Venemaa äritegevus sai valuutakursi muutustest kahjumit. Alates 2009. aasta
aprillist on kogu Venemaa-suunaline kauplemine väljendatud Vene rublades, et
minimeerida kontserni sees realiseerimata kasumit ja kahjumit valuutakursi
muutustest.
Ettevõtte tulumaksu suurus oli 20 418 tuhat krooni (1 305 tuhat eurot) ja
tegelik maksumäär kontserni jaoks suurenes. Kõrget tegelikku maksumäära
põhjustas Milavitsa maksustatava tulu suurenemine valuutakursi muutumistest
saadud kasumi võrra ja kasvanud maksustatavast summast mittemahaarvatavad kulud
(peamiselt töötajate palgad).
Konsolideeritud puhaskahjum, mida on võimalik jaotada aktsionäride vahel, oli 38
960 tuhat krooni (2 490 tuhat eurot), samas kui 2008. aasta I kvartalis oli
puhaskasum 14 035 tuhat krooni (897 tuhat eurot); puhas kasumimäär oli -13,5%
(kuhu see langes 2008. aasta I kvartali positiivselt kasumimääralt 3,3%).
Konsolideeritud kohandatud puhaskahjum, mida on võimalik jaotada aktsionäride
vahel, oli 11 547 tuhat krooni (738 tuhat eurot), samas kui 2008. aasta I
kvartalis oli puhaskasum 14 035 tuhat krooni (897 tuhat eurot); puhas kasumimäär
oli -4,0% (kuhu see langes 2008. aasta I kvartali positiivselt kasumimääralt
3,3%).
2009. aasta I kvartalis oli kontserni omakapitali tootlus negatiivne ja selle
suurus oli -6,6% (2008. aasta I kvartalis 1,9%) ning varade tootlus oli -3,4%
(2008. aasta I kvartalis 1,3%).
Finantsseisund
31. märtsi 2009. aasta seisuga oli konsolideeritud varasid 1 063 327 tuhande
krooni (67 959 tuhande euro), mis tähendab 31. detsembri 2008. aasta seisuga
võrreldes 12,0% suurust langust. Koguvarabaasi väärtust eurodes mõjutas
märkimisväärselt Valgevene rubla devalveerumine, mis odavnes euro suhtes 2009.
aasta I kvartalis 21,5% võrra, vähendades nii Valgevenes asuvate varade väärtust
eurodes väljendatuna.
Materiaalse ja immateriaalse põhivara saldo vähenes 31. detsembri 2008. aastaga
võrreldes 51 978 tuhande krooni (3 322 tuhande euro) võrra; selle peamine põhjus
oli välisvaluuta kursi mõju 44 844 tuhande krooni (2 866 tuhande euro) suuruse
summa ulatuses.
Nõuded ostjate vastu suurenesid 2009. aasta I kvartalis 2 566 tuhande krooni
(164 tuhande euro) võrra. Võtmeklientide maksedistsipliin Venemaal 2009. aasta I
kvartalis paranes. Varude saldo vähenes 41 150 tuhande krooni (2 630 tuhande
euro) võrra ja selle suurus oli 31. märtsi 2009. aasta seisuga 393 262 tuhat
krooni (25 134 tuhat eurot). Kohalikus valuutas väljendatuna aga jäi varude
saldo 31. detsembri 2008. aasta tasemele ning see on vastavalt hinnangule
kontserni äritegevuseks vajalikust kõrgem. Juhtkond eeldab, et 2009. aasta II
kvartalis varude tase järk-järgult väheneb, ning rakendab vastavaid meetmeid.
Välisvaluuta kursi muutused avaldasid samuti kontserni omakapitalile halba mõju
negatiivse kursimuutusena summas 80 489 tuhat krooni (5 144 tuhat eurot).
Splendo Polska Sp. z o.o. müümise tulemusena kõrvaldati soetamise järel
kogunenud kahjum kontserni konsolideeritud omakapitalist, mis tõi kaasa 15 678
tuhat krooni (1 002 tuhande euro) suuruse positiivse panuse põhivarasse.
Üldkokkuvõttes vähenes aktsionäridele omistatav omakapital 103 771 tuhande
krooni (6 632 tuhande euro) võrra ning see oli 31. märtsi 2009. aasta seisuga
537 476 tuhat krooni (34 351 tuhat eurot).
Lühiajalised kohustused vähenesid kolmekuulise perioodi jooksul 19 715 tuhande
krooni (1 260 tuhande euro) võrra, jäädes oodatud tasemele.
Lühi- ja pikaajalised laenud suurenesid 8 215 tuhande krooni (525 tuhande euro)
võrra 142 666 tuhande kroonini (9 118 tuhande euroni). Kolmekuulise perioodi
jooksul saadud ja tagasimakstud laenude summa oli vastavalt 47 362 tuhat krooni
(3 027 tuhat eurot) ja 31 543 tuhat krooni (2 016 tuhat eurot), hõlmates 1 705
tuhande krooni (109 tuhande euro) suuruseid kapitalirendikohustusi. 2009. aasta
märtsis pikendati PTA Grupi 5 007 tuhande krooni (320 tuhande euro) suurust
arvelduskrediiti Sampo Pangast kuni 2010. aasta aprillini ja 9 998 tuhande
krooni (639 tuhande euro) suurust laenu kuni 2010. aasta märtsini. Lisaks
sellele pikendati Lauma Lingerie AS-i krediidiliini Läti Unicredit Bank'ist kuni
2009. aasta juulini, vähendades seejuures kasutuslimiiti 39 117 tuhandelt
kroonilt (2 500 tuhandelt eurolt) 31 293 tuhandele kroonile (2 000 tuhandele
eurole). Teave praeguste laenude tähtaegade kohta on toodud koondfinantsaruande
lisas nr 8.
Kontserni osad äriüksused vajavad lisafinantseerimist, mida varem andis
emaettevõte AS Silvano Fashion Group. 2009. aasta I kvartalis piirati
emaettevõtte poolset tütarettevõtete finantseerimist ning rahavoogude haldamine
kontserni kuuluvate ettevõtete vahel muutus olulisemaks. Kontserni üldiselt
tugevale finantsseisundile vaatamata on olemas teatavad väljakutsed kontserni
äriüksuste finantseerimisele kapitali repatrieerimine piirangute tõttu Valgevene
Vabariigis, mille tõttu on maksimaalne laenamise ja kaubanduse finantseerimise
tähtaeg 180 päeva.
Maksukohustused ja muud võlad koos võlgadega töötajate ees olid 77 513 tuhat
krooni (4 954 tuhat eurot). Eraldisi oli 31. märtsi 2009. aasta seisuga 36 143
tuhat krooni (2 310 tuhat eurot) ning need hõlmasid reserve Vene jaemüügiketi
ümberkujundamiseks 20 059 tuhande krooni (1 282 tuhande euro) suuruses summas.
Käive
Käive segmentide lõikes
--------------------------------------------------------------------------------
| | 2009. | 2008. | Muutus | 2009. | 2008. | Muutus | 2009. | 2008. |
| | a | a | tuhand | a | a | tuhand | a | a |
| | 3 | 3 | etes | 3 | 3 | etes | 3 | 3 |
| | kuud | kuud | krooni | kuud | kuud | eurode | kuud | kuud |
| | tuhand | tuhand | des | tuhand | tuhand | s | prots | prots |
| | etes | etes | | etes | etes | | ent | ent |
| | krooni | krooni | | eurode | eurode | | käibe | käibe |
| | des | des | | s | s | | st | st |
--------------------------------------------------------------------------------
| Naiste | 36 926 | 43 435 | -6 509 | 2 360 | 2 776 | -416 | 12,8% | 10,1% |
| rõivad | | | | | | | | |
--------------------------------------------------------------------------------
| Naiste | 240 | 367 | -126 | 15 400 | 23 468 | -8 068 | 83,6% | 85,6% |
| pesu | 958 | 194 | 236 | | | | | |
--------------------------------------------------------------------------------
| Allhan | 10 295 | 18 166 | -7 871 | 658 | 1 161 | -503 | 3,6% | 4,3% |
| ge ja | | | | | | | | |
| muu | | | | | | | | |
| käive | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 288 | 428 | -140 | 18 418 | 27 405 | -8 987 | 100,0 | 100,0 |
| | 179 | 795 | 616 | | | | % | % |
--------------------------------------------------------------------------------
Käive turgude lõikes
2009. aasta I kvartalis keskendus kontsern eeskätt Balti riikide, Venemaa,
Valgevene ja Ukraina turule.
Kogukäive turgude lõikes
--------------------------------------------------------------------------------
| | 2009. | 2008. | Muutus | 2009. | 2008. | Muutus | 2009. | 2008. |
| | a | a | tuhand | a | a | tuhand | a | a |
| | 3 | 3 | etes | 3 | 3 | etes | 3 | 3 |
| | kuud | kuud | krooni | kuud | kuud | eurode | kuud | kuud |
| | tuhand | tuhand | des | tuhand | tuhand | s | prots | prots |
| | etes | etes | | etes | etes | | ent | ent |
| | krooni | krooni | | eurode | eurode | | käibe | käibe |
| | des | des | | s | s | | st | st |
--------------------------------------------------------------------------------
| Eesti | 25 473 | 37 114 | -11 | 1 628 | 2 372 | -744 | 8,8% | 8,7% |
| | | | 641 | | | | | |
--------------------------------------------------------------------------------
| Soome | 6 118 | 14 943 | -8 825 | 391 | 955 | -564 | 2,1% | 3,5% |
--------------------------------------------------------------------------------
| Läti | 6 525 | 10 812 | -4 287 | 417 | 691 | -274 | 2,3% | 2,5% |
--------------------------------------------------------------------------------
| Valgev | 70 723 | 70 175 | 548 | 4 520 | 4 485 | 35 | 24,5% | 16,4% |
| ene | | | | | | | | |
--------------------------------------------------------------------------------
| Ukrain | 15 819 | 35 080 | -19 | 1 011 | 2 242 | -1 231 | 5,5% | 8,2% |
| a | | | 261 | | | | | |
--------------------------------------------------------------------------------
| Venema | 142 | 223 | -81 | 9 082 | 14 281 | -5 199 | 49,3% | 52,1% |
| a | 102 | 449 | 347 | | | | | |
--------------------------------------------------------------------------------
| Muud | 21 419 | 37 222 | -15 | 1 369 | 2 379 | -1 010 | 7,5% | 8,6% |
| turud | | | 803 | | | | | |
--------------------------------------------------------------------------------
| Kokku | 288 | 428 | -140 | 18 418 | 27 405 | -8 987 | 100,0 | 100,0 |
| | 179 | 795 | 616 | | | | % | % |
--------------------------------------------------------------------------------
Naisterõivad
2009. aasta I kvartalis vähenes naisterõivaste segmendi tulu 2008. aasta I
kvartaliga võrreldes 15,0% võrra, moodustades 36 926 tuhat krooni (2 360 tuhat
eurot). Balti riikides vähenes müügitulu 1,2% võrra, moodustades 25 598 tuhat
krooni (1 636 tuhat eurot). Ukrainas suurenes müügitulu jaemüügiketi laienemise
tõttu 25,8% võrra, ulatudes 4 428 tuhande kroonini (283 tuhande euroni). Venemaa
müügitulu vähenes 34,8% võrra, moodustades 7 088 tuhat krooni (453 tuhat eurot),
ning seda ainult PTA kaupuste sulgemise tõttu Venemaal 2009. aasta I kvartalis.
Käive Soome langes hulgimüügi mahu vähenemise tõttu 63,6% võrra, moodustades 1
612 tuhat krooni (103 tuhat eurot).
Naistepesu
Oluline osa naistepesu müügitulust (135 014 tuhat krooni ehk 8 629 tuhat eurot)
saadi 2009. aasta I kvartalis Venemaa turult, mis moodustab 56,0% kogu
naistepesu müügist 2009. aasta I kvartalis, võrreldes 212 575 tuhande krooniga
(13 586 euroga) 2008. aasta samal ajavahemikul. Venemaa käive hõlmab nii jae-
kui ka hulgimüüki. Naistepesu müügis oli suuruselt teine piirkond Valgevene, kus
müügitulu oli 70 723 tuhat krooni (4 520 tuhat eurot), mis moodustas 29,4% kogu
naistepesu müügitulust (sh nii jae- kui ka hulgimüük), võrrelduna 70 175 tuhande
krooniga (4 485 tuhande euroga) 2008. aasta I kvartalis.
Käivet suurtel turgudel, sealhulgas Venemaal, Valgevenes ja Ukrainas, mõjutas
tugevalt majanduslik olukord ja kohalike valuutade devalveerumine. Seetõttu oli
käive 2009. aasta I kvartalis 2008. aasta I kvartaliga võrreldes väiksem.
Hulgimüük vähenes jaemüügiga võrreldes rohkem. Seda põhjustas osaliselt asjaolu,
et paljudel Milavitsa Venemaa ja Ukraina hulgimüügipartneritel olid 2008. aasta
IV kvartalis üldise majanduskriisi poolt tekitatud nõudluse langemise tõttu
üleliigsed laovarud ning nad pidid need 2009. aasta I kvartalis realiseerima.
Kontsern on oma Venemaa ja Ukraina äripartneritega pidanud mitmeid koosolekuid
käibe vähenemise asjus. Turul on rakendatud terve rida meetmeid, sealhulgas
turundustegevuse intensiivistamine Valgevenes, soodsad hinnad Venemaal,
frantsiisikaupluste avamise toetamine, uus jaemüügistruktuur Ukrainas jm.
Pesumarkidest andis põhitootemark Milavitsa 2009.aasta I kvartalis 72,9%
naistepesu kogumüügitulust (2008. aasta I kvartalis 78,6%), s. o. 175 758 tuhat
krooni (11 233 tuhat eurot). Põhitootemark Lauma andis naistepesu kogukäibest
4,5% (2008. aasta I kvartalis 6,0%), s. o. 10 796 tuhat krooni (690 tuhat
eurot). Ülejäänud tootemargid nagu Alisee, Aveline, Laumelle, Lauma Aqua ja
Laumelle Aqua andsid 2009. aasta I kvartalis kokku 22,6% naistepesu kogukäibest
(2008. aasta I kvartalis 15,4%), s. o. 54 404 tuhat krooni (3 477 tuhat eurot).
Jaekaubandus
2009. aasta I kvartalis oli kontserni jaemüügikäive kokku 94 866 tuhat krooni (6
063 tuhat eurot), mis tähendab 2008. aasta vastava perioodiga võrreldes
3,8%-list tõusu.
Jaemüügitegevus toimus Eestis, Lätis, Venemaal, Valgevenes, Leedus ja Ukrainas.
2009. aasta I kvartali lõpu seisuga oli kontsernil 119 jaemüügipunkti
kogupindalaga 12 545 ruutmeetrit.
2009. aasta I kvartalis avati seitse uut naistepesu kauplust, sealhulgas kolm
Milavitsa nime all tegutsevat kauplust Valgevenes, üks Yamamay ja kaks Jockey
kaubamärgi all tegutsevat kauplust Leedus ja üks Lauma Lingerie kaubamärgi all
tegutsev kauplus Lätis. 15 vähetulemuslikku kauplust suleti: 11 PTA kauplust
Venemaal, üks Oblicie kauplus Venemaal ja üks Oblicie kauplus Poolas, üks
Milavitsa kauplus Venemaal ja üks Milavitsa kauplus Valgevenes.
Kaupluste arv seisuga:
31.03.2009 31.12.2008
Eesti 11 11
Läti 8 7
Poola 0 8
Valgevene 30 28
Venemaa 39 52
Leedu 24 21
Ukraina 7 7
Kauplusi kokku 119 134
Müügipinda kokku, ruutmeetrites 12 545 14 566
Naisterõivaste jaemüügitegevus toimus Eestis, Lätis, Leedus, Venemaal ja
Ukrainas. 2009. aasta I kvartali lõpu seisuga oli kontsernil 26 naisterõivaste
kauplust kogumüügipindalaga 5 051 ruutmeetrit. 2009. aasta I kvartalis vähenes
naisterõivaste jaemüügi tulu 2008. aasta I kvartaliga võrreldes 5,2% võrra,
moodustades 34 955 tuhat krooni (2 234 tuhat eurot). Jaemüügi käive suurenes
Balti riikides ja Ukrainas ning vähenes Venemaal. Balti riikides suurenes
jaemüük 7,8% võrra, moodustades 24 972 tuhat krooni (1 596 tuhat eurot).
Ukrainas suurenes jaemüük 25,8% võrra, moodustades 4 428 tuhat krooni (283 tuhat
eurot). Jaemüügi kasvu Balti riikides ja Ukrainas põhjustas jaemüügivõrgu
laiendamine. 2009. aasta I kvartali lõpu seisuga oli PTA-l Balti riikides ja
Ukrainas 24 kauplust, samas kui 2008. aasta I kvartali lõpus oli neid 20. Üldine
võrreldav jaemüügi kasv oli majanduskriisi mõju tõttu negatiivne, -4%.
Kontserni naistepesu müügitegevus toimus Venemaal, Valgevenes, Lätis, Leedus,
Ukrainas ja Eestis. 2009. aasta I kvartali lõpu seisuga oli kontsernil 93
naistepesu kauplust kogupindalaga 7 494 ruutmeetrit.
Venemaa naistepesuäri osas keskendus kontsern 2009. aasta I kvartalis peamiselt
halbade tulemustega kaupluste sulgemisele, rendilepingute muutmise üle
rendileandjatega läbirääkimiste pidamisele ja müügi tulemuslikkuse
parandamisele. Selle tõttu suleti kaks naistepesu kauplust. Kuna enamik
rendilepinguid on sõlmitud eurodes või USA dollarites, siis ei suurendanud Vene
rubla devalveerumine märkimisväärselt renditasusid rublades väljendatuna.
Kõigile rendileandjatele tehti ettepanek rendihinna vähendamiseks või euro või
USA dollari vahetuskursi fikseerimiseks. Üldine tarbimisturu nõudlus halvenes
jätkuvalt, mis mõjutas praktiliselt kõiki jaemüügisegmente. Mõned jaemüügifirmad
on alustanud kaupluste sulgemist. Nende kaubanduskeskuste võrreldav
külastatavus, kus tegutsevad kontserni poed, vähenes eelmise aasta sama
perioodiga võrreldes 15% võrra. Tänu aga kontserni poolt läbi viidud tervele
reale turundus- ja müügikampaaniatele oli võrreldav müügikäibe suurenemine 2008.
aasta sama perioodiga võrreldes 23% Vene rublades ja 17% müüdud esemete arvus
väljendatuna. Ostude arv jäi samaks ning keskmine ostude summa Vene rublades ja
müüdud artiklite arv kasvasid. Käibe suurenemist mõjutas ainult osaliselt
valuuta devalveerumisest põhjustatud hindade kasv. Kontsern jätkab
ebaefektiivsete kaupluste sulgemist või nende ümberkolimist parematesse
asukohtadesse. Enamus kauplusi muudetakse 2009. aasta II ja III kvartalis
Milavitsa kauplusteks.
Valgevenes suleti üks ebaefektiivne kauplus ja avati kolm uut Milavitsa
kauplust, mis andis oma panuse jaemüügikäibe kasvu riigis.
Balti riikides oli pesu jaemüügi maht 2008. aasta I kvartaliga võrreldes
stabiilne. Leedus avati esimene Yamamay frantsiisikauplus koostöös Itaalia
partneriga. Kokku avati Balti riikides neli uut naistepesu kauplust (kolm Leedus
ja üks Lätis).
Kauplused kontseptsioonide lõikes
--------------------------------------------------------------------------------
| Turg | PTA | Oblicie | Milavitsa | Muud | Kokku | Müügipind, |
| | kauplus | kauplus | kauplused | kauplused | | ruutmeetri |
| | ed | ed | | | | t |
--------------------------------------------------------------------------------
| Venemaa | 2 | 33 | 4 | - | 39 | 3 445 |
--------------------------------------------------------------------------------
| Ukraina | 6 | 1 | - | - | 7 | 994 |
--------------------------------------------------------------------------------
| Eesti | 9 | 1 | - | 1 | 11 | 2 120 |
--------------------------------------------------------------------------------
| Läti | 4 | - | - | 4 | 8 | 1 123 |
--------------------------------------------------------------------------------
| Leedu | 5 | - | - | 19 | 24 | 2 033 |
--------------------------------------------------------------------------------
| Valgeve | - | - | 30 | - | 30 | 2 830 |
| ne | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 26 | 35 | 34 | 24 | 119 | 12 545 |
--------------------------------------------------------------------------------
Hulgimüük
2009. aasta I kvartalis oli hulgimüügikäive kokku 183 018 tuhat krooni (11 697
tuhat eurot), mis moodustab 63,5% kontserni kogukäibest (2008. aasta I kvartalis
74,5%). Peamised hulgimüügipiirkonnad olid Venemaa, Valgevene, Ukraina ja Balti
riigid naistepesu ning Soome ja Balti riigid naisterõivaste puhul. 2009. aasta I
kvartalis vähenes naisterõivaste hulgimüügikäive 69,5%, moodustades 2 237 tuhat
krooni (143 tuhat eurot). Hulgimüügikäibe vähenemine Balti riikides oli
plaanikohane, kuna toimus PTA jaemüügiketi laienemine.
Naistepesu hulgimüük vähenes 2009. aasta I kvartalis 2008. aasta I kvartaliga
võrreldes 42,2% võrra, moodustades 180 781 tuhat krooni (11 554 tuhat eurot).
Enamik naistepesu hulgimüügipartnereid asub Venemaal. Hulgimüük vähenes
majanduskriisi tõttu Venemaal, Ukrainas, Valgevenes ja mõnedes teistes riikides.
Hulgimüügi vähenemist põhjustas osaliselt ka asjaolu, et paljudel Milavitsa
Venemaa ja Ukraina hulgimüügipartneritel olid 2008. aasta IV kvartalis kriisi
poolt tekitatud nõudluse langemise tõttu üleliigsed laovarud ning nad pidid need
2009. aasta I kvartalis realiseerima.
Milavitsa frantsiisikauplusi, mida teenindatakse hulgimüügipartnerite kaudu,
mõjutas kriis märksa vähem kui hulgimüügitarneid mittekontrollitavale
jaemüügiturule (avaturud, kioskid, kaubamajad jmt).
Tootmine, sisseostmine, hanked ja logistika
Turul suurenenud ebakindluse ja langenud nõudluse tõttu vähendasid kontserni
tootmisettevõtted 2009. aasta I kvartalis oma tootmist ja hankemahtu. Lisaks
sellele tehti muudatusi tootmise planeerimise protsessis, et kohandada seda
muutunud oludega, nii näiteks hakati suurimas tootmisega tegelevas
tütarettevõttes SP ZAO Milavitsa tootmist planeerima kvartali asemel igakuiselt.
Mis puudutab sisseostmist, siis vähenes koostööpartnerite arv 2009. aasta I
kvartalis ettevõttel SP ZAO Milavitsa 30,8% võrra ja ettevõttel Lauma Lingerie
25,0% võrra. Tootmise kogumaht ettevõttes SP ZAO Milavitsa oli 2009. aasta I
kvartalis 3 829 tuhat eset, mis tähendab eelmise aasta sama perioodiga võrreldes
21,4% suurust langust. Laias laastus jäid ettevõttes SP ZAO Milavitsa
kasutatavad oma tootmisvõimsused 2008. aasta tasemele ning tootmise languse
peamine allikas on koostööpartnerite käest sisse ostetud tootmisvõimsused.
Logistika osas alustas 2009. aasta I kvartalis Valgevenes tööd uus laokompleks
Machuliszhi, mille kogumahutavus on 1 032 tuhat pesutoodet.
Investeeringud
Kontserni investeeringud olid 2009. aasta I kvartalis 13 223 tuhat krooni (845
tuhat eurot), kusjuures 11 844 tuhat krooni (757 tuhat eurot) investeeriti
jaemüüki ning ülejäänu põhivarasse, et tagada efektiivne tootmine.
Personal
2009. aasta märtsi lõpu seisuga oli kontsernil 3 718 töötajat, sh 654
jaemüügivõrgus ja 2 288 tootmises. Ülejäänud on hulgimüügi-, haldus- ja
tugipersonal. 2009. aasta I kvartalis oli töötajate keskmine arv 3 680.
Palkade kogusumma oli 2009. aasta I kvartalis 92 894 tuhat krooni (5 937 tuhat
eurot). Juhatuse liikmetele makstud töötasu oli 2 097 tuhat krooni (134 tuhat
eurot). Neli juhatuse liiget töötab ka kontserni tütarettevõtete juhina.
Tähtsamad sündmused 2009. aasta I kvartalis
Organisatsiooniline struktuur ja kontserni juhtimine
2009. aasta veebruaris kiitis ettevõtte juhatus heaks muudatused kontserni
juhtimisstruktuuris. Nende muudatuste eesmärk oli optimeerida
juhtimisstruktuuri, et lahendada integratsiooni-, koordinatsiooni- ja
kommunikatsiooniprobleemid, mis ilmnesid senise juhtimisstruktuuri raames. 2009.
aasta märtsis moodustati Milavitsas uus kolmeliikmeline nõukogu (varem oli
nõukogus liikmeid seitse).
Lisaks sellele moodustati 2009. aasta märtsis kriisijuhtimiskomitee, kuhu
kuuluvad kontserni nõukogu ja juhatuse liikmed ning suuremate tütarettevõtete
juhatuste osad liikmed. Koosolekuid peetakse iga nädal, et tegeleda õigeaegselt
uutest majandus- ja nõudlusoludest tulenevatele väljakutsetega.
Kriisijuhtimiskomitees arutatakse kontserni kõiki peamisi tegevusi, sealhulgas
Venemaa jaemüüki, Lauma Lingerie integratsiooni, naisterõivaste segmenti,
kontserni finantsolukorda, rahahaldust ja muid küsimusi.
Splendo Polska Sp. z o.o. müügitehing
12. veebruaril 2009 sõlmis ettevõte lepingu kõigi oma aktsiate müügiks (90%
aktsiakapitalist) Poola jaemüügiga tegelevas tütarettevõttes Splendo Polska Sp.
z o.o., millel on kuus jaemüügipunkti. Selle aruande koostamise päevaks ei ole
tehing veel lõpule viidud ning poolte vahel jätkuvad läbirääkimised tehingu
formaalsuste viimistlemiseks. Eeldusel, et need formaalsused lahendatakse, ootab
juhtkond tehingu lõpuleviimist 2009. aasta II kvartalis.
Seisuga 31. märts 2009 kirjendatakse investeeringut ettevõttesse Splendo Polska
Sp. z o.o. kui investeeringut müügiks (täieliku eraldisega) ja tehinguga seotud
kahjumi on täielikult peegeldatud 31. detsembri 2008. aasta seisuga. Võttes
arvesse Splendo Polska Sp. z o.o. müügi kohta sõlmitud lepingut, ei ole Splendo
Polska Sp. z o.o. äritegevuse tulemusi 31. märtsi 2009. aasta seisuga
konsolideeritud kontserni finantstulemuste ja finantsseisundi hulka. Splendo
Polska Sp. z o.o. 2009. aasta I kvartali äritegevuse puhaskahjum oli 31. märtsi
2009. aasta seisuga 1 174 tuhat krooni (75 tuhat eurot) ja koguvara 7 620 tuhat
krooni (487 tuhat eurot).
Valikulised finantsandmed
Kontserni tulemusi iseloomustavad kõige paremini alltoodud näitajad ja
suhtarvud:
--------------------------------------------------------------------------------
| Peamised näitajad ja suhtarvud | 31.03.2009 | 31.03.2008 | Muutus |
--------------------------------------------------------------------------------
| Netokäive (tuhat krooni) | 288 179 | 428 795 | -140 616 |
--------------------------------------------------------------------------------
| Puhastulu, mida on võimalik jaotada | -38 960 | 14 035 | -52 995 |
| aktsionäride vahel (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Enne intresse, makse ja | 2 172 | 67 171 | -64 999 |
| amortisatsiooni saadud tulu (EBITDA) | | | |
| (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Enne intresse ja makse saadud tulu | -8 997 | 55 546 | -64 543 |
| (EBIT) (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Netokäive (tuhat eurot) | 18 418 | 27 405 | -8 987 |
--------------------------------------------------------------------------------
| Puhastulu, mida on võimalik jaotada | -2 490 | 897 | -3 387 |
| aktsionäride vahel (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Enne intresse, makse ja | 139 | 4 293 | -4 154 |
| amortisatsiooni saadud tulu (EBITDA) | | | |
| (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Enne intresse ja makse saadud tulu | -575 | 3 550 | -4 125 |
| (EBIT) (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Müügikäibe ärirentaablus, % | -3,1% | 13,0% | - |
--------------------------------------------------------------------------------
| Puhas kasumimäär, % | -13,5% | 3,3% | - |
--------------------------------------------------------------------------------
| Varade tootlus (ROA), % | -3,4% | 1,3% | - |
--------------------------------------------------------------------------------
| Omakapitali tootlus (ROE), % | -6,6% | 1,9% | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), krooni | -0,98 | 0,35 | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), eurot | -0,06 | 0,02 | - |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 2,0 | 3,2 | - |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 1,0 | 1,8 | - |
--------------------------------------------------------------------------------
Valemid:
Ärirentaablus = ärikasum / netokäive
Puhas kasumimäär = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / müügitulu
Varade tootlus (ROA) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / keskmine koguvara
Omakapitali tootlus (ROE) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / keskmine omakapital
Tulu aktsia kohta (EPS) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / perioodi kaalutud keskmine lihtaktsiate arv
Lühiajaliste kohustuste kattekordaja = käibevara / lühiajalised kohustused
Likviidsuskordaja = (käibevara - varud) / lühiajalised kohustused
____________________________
Dmitry Ditchkovsky
Juhatuse esimees
26. mai 2009
Bilanss
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 31.03. | 31.03. | 31.12.2 | 31.03.2 | 31.03.2 | 31.12.2 |
| | | 2009 | 2008 | 008 | 009 | 008 | 008 |
--------------------------------------------------------------------------------
| | | tuhand | tuhand | tuhande | tuhande | tuhande | tuhande |
| | | etes | etes | tes | tes | tes | tes |
| | | krooni | krooni | kroonid | eurodes | eurodes | eurodes |
| | | des | des | es | | | |
--------------------------------------------------------------------------------
| VARAD | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | | 246 | 251 | 293 530 | 15 733 | 16 096 | 18 760 |
| põhivara | | 168 | 848 | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | | 11 469 | 26 959 | 16 085 | 733 | 1 723 | 1 028 |
| põhivara | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainves | | 21 060 | 21 389 | 23 141 | 1 346 | 1 367 | 1 479 |
| teeringud | | | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse | | 720 | 1 017 | 2 879 | 46 | 65 | 184 |
| meetodil | | | | | | | |
| kajastatavad | | | | | | | |
| investeeringud | | | | | | | |
--------------------------------------------------------------------------------
| Müügivalmis | | 7 182 | 7 933 | 8 716 | 459 | 507 | 557 |
| finantsvara | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 954 | 4 788 | 17 477 | 61 | 306 | 1 117 |
| lühiajalised | | | | | | | |
| nõuded | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 287 | 313 | 361 828 | 18 378 | 20 064 | 23 125 |
| | | 553 | 934 | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | | | |
--------------------------------------------------------------------------------
| Varud | | 393 | 357 | 434 412 | 25 134 | 22 837 | 27 764 |
| | | 262 | 321 | | | | |
--------------------------------------------------------------------------------
| Maksude | | 43 419 | 26 834 | 62 070 | 2 775 | 1 715 | 3 967 |
| ettemaksed | | | | | | | |
--------------------------------------------------------------------------------
| Nõuded ostjate | | 170 | 202 | 168 013 | 10 902 | 12 971 | 10 738 |
| vastu | | 579 | 952 | | | | |
--------------------------------------------------------------------------------
| Muud | | 58 581 | 45 938 | 50 851 | 3 744 | 2 936 | 3 250 |
| lühiajalised | | | | | | | |
| nõuded | | | | | | | |
--------------------------------------------------------------------------------
| Ettemakstud | | 37 348 | 60 005 | 49 209 | 2 387 | 3 835 | 3 145 |
| teenused | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja selle | | 72 585 | 109 | 82 129 | 4 639 | 7 006 | 5 249 |
| ekvivalendid | | | 620 | | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 775 | 802 | 846 684 | 49 581 | 51 300 | 54 113 |
| | | 774 | 670 | | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 063 | 1 116 | 1 208 | 67 959 | 71 364 | 77 238 |
| | | 327 | 604 | 512 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | | | | | |
| OMAKAPITAL | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 400 | 400 | 400 000 | 25 565 | 25 565 | 25 565 |
| nimiväärtuses | | 000 | 000 | | | | |
--------------------------------------------------------------------------------
| Ülekurss | | 223 | 223 | 223 293 | 14 271 | 14 271 | 14 271 |
| | | 293 | 293 | | | | |
--------------------------------------------------------------------------------
| Oma aktsiad | | -7 041 | 0 | -7 041 | -450 | 0 | -450 |
--------------------------------------------------------------------------------
| Kohustuslik | | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 |
| reservkapital | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | -138 | -102 | -58 086 | -8 857 | -6 551 | -3 713 |
| muutuste reserv | | 575 | 501 | | | | |
--------------------------------------------------------------------------------
| Eelmiste | | 58 753 | 199 | 82 035 | 3 755 | 12 780 | 5 243 |
| perioodide | | | 962 | | | | |
| jaotamata tulem | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | | 537 | 721 | 641 247 | 34 351 | 46 132 | 40 983 |
| aktsionäridele | | 476 | 800 | | | | |
| omistatav | | | | | | | |
| omakapital | | | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 122 | 140 | 141 977 | 7 804 | 8 962 | 9 074 |
| | | 106 | 225 | | | | |
--------------------------------------------------------------------------------
| Omakapital | | 659 | 862 | 783 224 | 42 155 | 55 094 | 50 057 |
| kokku | | 582 | 025 | | | | |
--------------------------------------------------------------------------------
| Pikaajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 13 081 | 3 035 | 18 197 | 836 | 194 | 1 163 |
--------------------------------------------------------------------------------
| Maksude | | 203 | 201 | 201 | 13 | 13 | 13 |
| tagasinõuded | | | | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | | 4 600 | 360 | 1 314 | 294 | 23 | 84 |
--------------------------------------------------------------------------------
| Eraldised | | 125 | 133 | 125 | 8 | 8 | 8 |
--------------------------------------------------------------------------------
| Pikaajalised | | 18 009 | 3 729 | 19 837 | 1 151 | 238 | 1 268 |
| kohustused | | | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 129 | 20 403 | 116 254 | 8 282 | 1 304 | 7 430 |
| | | 585 | | | | | |
--------------------------------------------------------------------------------
| Võlad | | 147 | 143 | 167 951 | 9 422 | 9 185 | 10 734 |
| tarnijatele | | 423 | 716 | | | | |
--------------------------------------------------------------------------------
| Ettevõtte | | 7 135 | 8 621 | 4 006 | 456 | 551 | 256 |
| tulumaksu | | | | | | | |
| kohustus | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 32 373 | 28 917 | 18 150 | 2 069 | 1 848 | 1 160 |
| maksukohustused | | | | | | | |
--------------------------------------------------------------------------------
| Muud võlad | | 32 670 | 27 397 | 27 584 | 2 088 | 1 751 | 1 763 |
--------------------------------------------------------------------------------
| Eraldised | | 36 018 | 21 671 | 70 817 | 2 302 | 1 385 | 4 526 |
--------------------------------------------------------------------------------
| Viitvõlad | | 532 | 125 | 689 | 34 | 8 | 44 |
--------------------------------------------------------------------------------
| Lühiajalised | | 385 | 250 | 405 451 | 24 653 | 16 032 | 25 913 |
| kohustused | | 736 | 850 | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| Kohustused | | 403 | 254 | 425 288 | 25 804 | 16 270 | 27 181 |
| kokku | | 745 | 579 | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | 1 063 | 1 116 | 1 208 | 67 959 | 71 364 | 77 238 |
| OMAKAPITAL | | 327 | 604 | 512 | | | |
| KOKKU | | | | | | | |
--------------------------------------------------------------------------------
Kasumiaruanne, I kvartal
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 2009 | 2008 | 2009 | 2008 |
| | | I | I | I kvartal | I kvartal |
| | | kvartal | kvartal | tuhandete | tuhandete |
| | | tuhandet | tuhandet | s | s |
| | | es | es | eurodes | eurodes |
| | | kroonide | kroonide | | |
| | | s | s | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | | 288 179 | 428 795 | 18 418 | 27 405 |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | | -168 936 | -236 639 | -10 797 | -15 124 |
--------------------------------------------------------------------------------
| Brutokasum | | 119 243 | 192 156 | 7 621 | 12 281 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | | 11 516 | 4 287 | 736 | 274 |
--------------------------------------------------------------------------------
| Turustuskulud | | -63 353 | -68 923 | -4 049 | -4 405 |
--------------------------------------------------------------------------------
| Üldhalduskulud | | -48 270 | -54 356 | -3 085 | -3 474 |
--------------------------------------------------------------------------------
| Muud ärikulud | | -28 133 | -17 618 | -1 798 | -1 126 |
--------------------------------------------------------------------------------
| Ärikasum | | -8 997 | 55 546 | -575 | 3 550 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intressikulud | | -3 442 | -657 | -220 | -42 |
--------------------------------------------------------------------------------
| Kasum/kahjum valuutakursi | | -892 | -3 052 | -57 | -195 |
| muutustest | | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud/-kulud | | 1 048 | 2 723 | 67 | 174 |
--------------------------------------------------------------------------------
| Finantstulud/-kulud kokku | | -3 286 | -986 | -210 | -63 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Osa kapitaliosaluse | | -1 831 | 188 | -117 | 12 |
| meetodil kajastatavate | | | | | |
| investeerimisobjektide | | | | | |
| kasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne ettevõtte | | -14 114 | 54 748 | -902 | 3 499 |
| tulumaksu | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaks | | -20 418 | -28 117 | -1 305 | -1 797 |
--------------------------------------------------------------------------------
| Perioodi puhaskasum/kahjum | | -34 532 | 26 631 | -2 207 | 1 702 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtte omanikule | | -38 960 | 14 035 | -2 490 | 897 |
| kuuluv osa puhaskasumist | | | | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele | | 4 428 | 12 596 | 283 | 805 |
| kuuluv osa puhaskasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulu aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia | | -0,98 | 0,35 | -0,06 | 0,02 |
| kohta (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum | | -0,98 | 0,35 | -0,06 | 0,02 |
| aktsia kohta | | | | | |
| (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
Koondkasumiaruanne I kvartal
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 2009| 2008| 2009| 2008|
| | | I kvartal| I kvartal| I kvartal| I kvartal|
| | | tuhandetes| tuhandetes| tuhandetes| tuhandetes|
| | | kroonides| kroonides| eurodes| eurodes|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Perioodi kasum | | -34 | 26 631 | -2 207 | 1 702 |
| | | 532 | | | |
--------------------------------------------------------------------------------
| Muu koondkasum | | | | | |
--------------------------------------------------------------------------------
| Välisvaluutade kursimuutusid | | -104 | -34 | -6 704 | -2 177 |
| välistehingute puhul | | 898 | 063 | | |
--------------------------------------------------------------------------------
| Tütarettevõtte realiseerimine | | 16 820 | 0 | 1 075 | 0 |
--------------------------------------------------------------------------------
| Perioodi muu koondkasum/kahjum | | -88 | -34 | -5 629 | -2 177 |
| | | 078 | 063 | | |
--------------------------------------------------------------------------------
| Koondkasum kokku | | -122 | -7 432 | -7 836 | -475 |
| | | 610 | | | |
--------------------------------------------------------------------------------
| Emaettevõtte omanikule kuuluv osa | | -103 | -11 | -6 632 | -764 |
| koondkasumist | | 771 | 954 | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele kuuluv osa | | -18 | 4 522 | -1 204 | 289 |
| koondkasumist | | 839 | | | |
--------------------------------------------------------------------------------
Pealkiri
Consolidated interim report for Q1 2008
Teade
Business results
In Q1 2009, consumer demand continued to weaken in all of Silvano Fashion
Group's (“SFG” or the “Company”, and together with its subsidiaries the “Group”)
markets. Management estimates that the apparel market demand has decreased by
approximately 30% and lingerie market by 25% as compared to the respective
period in 2008. Accordingly, the growing proportion of retail operations in the
Group's business has a negative effect on profitability due to lower consumer
demand and growing distribution expenses.
Retail operations in Russia, the major region for the retail expansion of the
Group, demonstrated a minor increase in sales in Russian Rouble terms. Apparel
retail performance in the Baltic countries is at the level of Q1 2008. In 2008,
the management of the Group decided to close PTA apparel stores in Russia and to
focus on the development of lingerie retail chain mainly through franchising. In
Q1 2009, 11 PTA shops were closed in Russia. The remaining 2 shops will be
closed in Q2 2009. PTA will continue its retail operations in Estonia, Latvia,
Lithuania and Ukraine. The Ukrainian subsidiary of PTA has been restructured in
Q1 2009 and the operational costs have significantly decreased. For the
observable future, it is planned to continue Ukrainian apparel operations with
existing 6 stores.
Due to the continuing economic downturn and based on the stores' performance up
to date, the management decided that selected Oblicie stores will be closed in
the first half of 2009. 2 lingerie shops were closed and 8 more shops will be
closed or passed over to trading partners in Q2 - Q3 2009. The remaining stores
are currently being rebranded into “Milavitsa” concept stores and the rebranding
will be finalized in the second half of 2009. The management believes that the
rebranding will increase the contribution of “Milavitsa” brand name towards the
overall performance of Russian lingerie retail and wholesale operations and will
develop and promote the Milavitsa brand in Russia.
Financial performance
The Group's sales amounted to EEK 288,179 thousand (EUR 18,418 thousand) in the
3 months' period ended 31 March 2009, representing a 32.8% decline as compared
to the respective period in the previous year. Overall wholesale and other sales
decreased by 42.7%, while retail operations presented a growth of 3.8%. The
proportion of retail sales in total sales increased by 12.1% and reached 33.4%
of total sales in Q1 2009.
The Group's gross margin in the 3 months' period deteriorated and was 41.4%, as
compared to 44.8% in the respective period in the previous year, mainly due to
the decrease in retail gross margin profitability. The decrease is explained
firstly by promotion campaigns offering discounts that were aimed towards
improving demand and decreasing working capital levels in retail operations, and
secondly by the Group's inability to increase prices immediately after the
devaluation of national currencies in Belarus and Russia.
The consolidated reported operating loss amounted to EEK 8,997 thousand (EUR 575
thousand), representing a 116.2% decline compared to Q1 2008. The consolidated
reported operating margin was -3.1% (13.0% in Q1 2008).
In Q1 2009 the Group continued with the restructuring of Russian retail
operations. One-off expenses related to Russian operations in Q1 2009 amounted
to EEK 13,863 thousand (EUR 886 thousand) and partially related to initiatives
started in prior periods. As at 31 March 2009 provision to cover future losses
related to the retail chain restructuring amounted to EEK 20,059 thousand (EUR
1,282 thousand). In addition, the loan receivable in the amount of EEK 15,772
thousand (EUR 1,008 thousand) was fully provisioned based on the management's
assessment of the recoverability of the loan. The expenses related to the
provision have been recognized in other operating expenses in Q1 2009. The
management will continue the actions to recover the loan balance.
Considering restructuring expenses and loan write-off expenses, consolidated
normalised operating profit amounted to EEK 20,638 thousand (EUR 1,319
thousand), representing a 62.8% decline compared to Q1 2008. The consolidated
normalised operating margin reached 7.2% (13.0% in Q1 2008).
Consolidated net loss from foreign exchange rate fluctuations amounted to EEK
892 thousand (EUR 57 thousand) in the 3 months' period ended 31 March 2009.
Milavitsa accrued a foreign exchange gain in the amount of EEK 24,471 thousand
(EUR 1,564 thousand) that was mainly caused by intercompany trading in EUR
terms, while Russian operations suffered a loss from foreign exchange rate
fluctuations. Starting from April 2009, all trading to Russia is Russian Rouble
denominated to minimise unrealized foreign exchange gains and losses within the
Group.
Corporate income tax amounted to EEK 20,418 thousand (EUR 1,305 thousand) and
effective tax rate for the Group increased. High effective tax rate is the
result of Milavitsa's taxable profits being increased by foreign exchange gains,
and increased non-tax deductable expenses (mainly employee remuneration).
Consolidated reported net loss attributable to equity holders amounted to EEK
38,960 thousand (EUR 2,490 thousand), compared to net profit of EEK 14,035
thousand (EUR 897 thousand) in Q1 2008; reported net margin was -13,5% (down
from a positive margin of 3.3% in Q1 2008). Consolidated normalised net loss
attributable to equity holders amounted to EEK 11,547 thousand (EUR 738
thousand), compared to net profit of EEK 14,035 thousand (EUR 897 thousand) in
Q1 2008; normalised net margin was -4.0% (down from a positive margin of 3.3% in
Q1 2008).
In Q1 2009 the Group's return on equity was negative and amounted to -6.6% (1.9%
in Q1 2008) and return on assets was -3.4% (1.3% in Q1 2008).
Financial position
As of 31 March 2009 consolidated assets amounted to EEK 1,063,327 thousand (EUR
67,959 thousand) representing a decrease of 12.0% as compared to the position as
of 31 December 2008. The value of total asset base in EUR terms was
significantly impacted by the devaluation of the Belorussian Rouble which
depreciated against the Euro by 21.5% in Q1 2009, decreasing the value of assets
based in Belarus in EUR terms.
Property, plant and intangibles balances decreased by EEK 51,978 thousand
(EUR 3,322 thousand) as compared to 31 December 2008, the key reason being the
impact of the foreign exchange rate in the amount of EEK 44,844 thousand (EUR
2,866 thousand).
Trade receivables have increased by EEK 2,566 thousand (EUR 164 thousand) in Q1
2009. Payment discipline of key customers in Russia improved during Q1 2009.
Inventory balance decreased by EEK 41,150 thousand (EUR 2,630 thousand) and
amounted to EEK 393,262 thousand (EUR 25,134 thousand) as at 31 March 2009.
However, in local currency terms, the inventory balance remained at the level of
31 December 2008 and is assessed to be above the level required for the Group's
trading. The management anticipates that the level of inventories will gradually
decrease in Q2 2009, and is taking appropriate measures.
Foreign exchange fluctuations also left a negative impact on the Group's equity,
in the form of a negative change in currency translation difference in the
amount of EEK 80,489 thousand (EUR 5,144 thousand). As the result of Splendo
Polska Sp. z o.o. disposal, post acquisition retained loss was eliminated from
the Group's consolidated equity, resulting in a positive contribution to equity
in the amount of EEK 15,678 thousand (EUR 1,002 thousand). On the overall basis,
equity attributable to equity holders decreased by EEK 103,771 thousand (EUR
6,632 thousand) and amounted to EEK 537,476 thousand (EUR 34,351 thousand) as of
31 March 2009.
Current liabilities decreased by EEK 19,715 thousand (EUR 1,260 thousand) in the
3 months' period, remaining at the expected level.
Current and non-current loans and borrowings increased by EEK 8,215 thousand
(EUR 525 thousand) to EEK 142,666 thousand (EUR 9,118 thousand). Loans received
and loans repaid during the 3 months' period amounted to EEK 47,362 thousand
(EUR 3,027 thousand) and EEK 31,543 thousand (EUR 2,016 thousand) respectively,
including finance lease liabilities of EEK 1,705 thousand (EUR 109 thousand). In
March 2009 an overdraft facility of PTA Grupp AS with Sampo Pank in the amount
of EEK 5,007 thousand (EUR 320 thousand) was prolonged to April 2010 and loan
facility in the amount of EEK 9,998 thousand (EUR 639 thousand) was prolonged
until March 2010. Furthermore, in April 2009 a credit line facility of Lauma
Lingerie AS was prolonged until July 2009 with Unicredit Bank in Latvia,
decreasing the available facility's limit with the bank from EEK 39,117 thousand
(EUR 2,500 thousand) to EEK 31,293 thousand (EUR 2,000 thousand). Information on
maturity of current borrowings is presented in Note 8 to the summarized
financial statements.
Certain operational units of the Group require additional financing that was
previously provided by the Parent company, AS Silvano Fashion Group. In Q1 2009
financing by the Parent company towards subsidiaries was limited and cash flow
management between companies within the Group increased in its importance.
Despite strong overall financial position of the Group certain challenges exist
in the Group's operational units financing considering the capital repatriation
limitations of the Republic of Belarus limiting the maximum period of lending
and trade financing to 180 days.
Tax liabilities, other payables, including payables to employees, amounted to
EEK 77,513 thousand (EUR 4,954 thousand). Provisions amounted to EEK 36,143
thousand (EUR 2,310 thousand) as of 31 March 2009 and included provisions for
the restructuring of Russian retail operations in the amount of EEK 20,059
thousand (EUR 1,282 thousand).
Sales
Sales by business segments
--------------------------------------------------------------------------------
| | 3 | 3 | Chang | 3 | 3 | Chang | 3 | 3 |
| | month | month | e | month | month | e | months | months |
| | s | s | EEK | s | s | EUR | 2009 | 2008 |
| | 2009 | 2008 | thous | 2009 | 2008 | thous | percent | percent |
| | EEK | EEK | and | EUR | EUR | and | age | age |
| | thous | thous | | thous | thous | | from | from |
| | and | and | | and | and | | sales | sales |
--------------------------------------------------------------------------------
| Women's | 36,92 | 43,43 | -6,50 | 2,360 | 2,776 | -416 | 12.8% | 10.1% |
| apparel | 6 | 5 | 9 | | | | | |
--------------------------------------------------------------------------------
| Lingerie | 240,9 | 367,1 | -126, | 15,40 | 23,46 | -8,06 | 83.6% | 85.6% |
| | 58 | 94 | 236 | 0 | 8 | 8 | | |
--------------------------------------------------------------------------------
| Subcontr | 10,29 | 18,16 | -7,87 | 658 | 1,161 | -503 | 3.6% | 4.3% |
| acting | 5 | 6 | 1 | | | | | |
| services | | | | | | | | |
| and | | | | | | | | |
| other | | | | | | | | |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 288,1 | 428,7 | -140, | 18,41 | 27,40 | -8,98 | 100.0% | 100.0% |
| | 79 | 95 | 616 | 8 | 5 | 7 | | |
--------------------------------------------------------------------------------
Sales by markets
In Q1 2009, the Group mainly focused on the Baltic, Russian, Belorussian and
Ukrainian markets.
Total sales by markets
--------------------------------------------------------------------------------
| | 3 | 3 | Chang | 3 | 3 | Chang | 3 | 3 |
| | month | month | e | month | month | e | months | months |
| | s | s | EEK | s | s | EUR | 2009 | 2008 |
| | 2009 | 2008 | thous | 2009 | 2008 | thous | percent | percent |
| | EEK | EEK | and | EUR | EUR | and | age | age |
| | thous | thous | | thous | thous | | from | from |
| | and | and | | and | and | | sales | sales |
--------------------------------------------------------------------------------
| Estonia | 25,47 | 37,11 | -11,6 | 1,628 | 2,372 | -744 | 8.8% | 8.7% |
| | 3 | 4 | 41 | | | | | |
--------------------------------------------------------------------------------
| Finland | 6,118 | 14,94 | -8,82 | 391 | 955 | -564 | 2.1% | 3.5% |
| | | 3 | 5 | | | | | |
--------------------------------------------------------------------------------
| Latvia | 6,525 | 10,81 | -4,28 | 417 | 691 | -274 | 2.3% | 2.5% |
| | | 2 | 7 | | | | | |
--------------------------------------------------------------------------------
| Belarus | 70,72 | 70,17 | 548 | 4,520 | 4,485 | 35 | 24.5% | 16.4% |
| | 3 | 5 | | | | | | |
--------------------------------------------------------------------------------
| Ukraine | 15,81 | 35,08 | -19,2 | 1,011 | 2,242 | -1,23 | 5.5% | 8.2% |
| | 9 | 0 | 61 | | | 1 | | |
--------------------------------------------------------------------------------
| Russia | 142,1 | 223,4 | -81,3 | 9,082 | 14,28 | -5,19 | 49.3% | 52.1% |
| | 02 | 49 | 47 | | 1 | 9 | | |
--------------------------------------------------------------------------------
| Other | 21,41 | 37,22 | -15,8 | 1,369 | 2,379 | -1,01 | 7.5% | 8.6% |
| markets | 9 | 2 | 03 | | | 0 | | |
--------------------------------------------------------------------------------
| Total | 288,1 | 428,7 | -140, | 18,41 | 27,40 | -8,98 | 100.0% | 100.0% |
| | 79 | 95 | 616 | 8 | 5 | 7 | | |
--------------------------------------------------------------------------------
Women's apparel
In Q1 2009, women's apparel revenue decreased by 15.0% compared to Q1 2008,
amounting to EEK 36,926 thousand (EUR 2,360 thousand). In the Baltics, revenue
decreased by 1.2%, amounting to EEK 25,598 thousand (EUR 1,636 thousand).
Revenue in Ukraine increased by 25.8% due to retail expansion, amounting to EEK
4,428 thousand (EUR 283 thousand). Revenue in Russia decreased by 34.8%
amounting to EEK 7,088 thousand (EUR 453 thousand) entirely due to closing of
PTA Russian stores during Q1 2009. Sales to Finland decreased by 63.6% due to a
decrease in wholesale sales amounting EEK 1,612 thousand (EUR 103 thousand).
Lingerie
The majority of lingerie sales revenue in Q1 2009 in the amount of EEK 135,014
thousand (EUR 8,629 thousand) was generated in the Russian market, accounting
for 56.0% of all lingerie sales in Q1 2009 as compared to EEK 212,575 thousand
(EUR 13,586 thousand) in the respective period in 2008. Sales in Russia comprise
both retail sales and wholesale. The second largest region for lingerie sales
was Belarus where sales reached EEK 70,723 thousand (EUR 4,520 thousand),
contributing 29.4% of lingerie sales (both retail and wholesale) as compared to
EEK 70,175 thousand (EUR 4,485 thousand) in Q1 2008.
Sales in the major markets, including Russia, Belarus, and Ukraine, were heavily
affected by the economic situation and devaluation of the local currencies. As
the result, sales in Q1 2009 were lower as compared to Q1 2008. Wholesale
operations decreased to a larger extent as compared to the decrease in the
retail operations. This was partially caused by the fact that many of the
Milavitsa's Russian and Ukrainian wholesale partners were overstocked in Q4 of
2008 due to a sharp decrease in demand caused by the overall economic crisis and
had to realize their excess stocks in Q1 2009.
The Group has conducted several meetings with its trading partners in Russia and
Ukraine in order to address the slowdown in sales. A number of actions have been
introduced to the market including additional marketing activity in Belarus,
favorable pricing in Russia, support in opening franchising stores, new
wholesales structure in Ukraine and other.
In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for
72.9% of total lingerie sales revenue in Q1 2009 (Q1 2008: 78.6%) and amounted
to EEK 175,758 thousand (EUR 11,233 thousand). The sales of “Lauma” core brand
accounted for 4.5% of total lingerie sales (Q1 2008: 6.0%) and amounted to EEK
10,796 thousand (EUR 690 thousand). Other brands such as “Alisee”, “Aveline”,
“Laumelle”, “Lauma Aqua” and “Laumelle Aqua” comprised 22.6% of total lingerie
sales in Q1 2009 (Q1 2008: 15.4%), amounting to EEK 54,404 thousand (EUR 3,477
thousand).
Retail operations
Total retail sales of the Group in Q1 2009 amounted to EEK 94,866 thousand (EUR
6,063 thousand), representing a 3.8% increase as compared to the respective
period in 2008.
Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Lithuania
and Ukraine. At the end of Q1 2009 the Group operated 119 retail outlets with a
total area of 12,545 square meters.
In Q1 2009 7 new stores in the lingerie business were opened, including 3 under
Milavitsa name in Belarus, 1 under Yamamay and 2 under Jockey brand names in
Lithuania and 1 store under Lauma Lingerie brand name in Latvia. 15
underperforming stores were closed: 11 PTA stores in Russia, 1 Oblicie store in
Russia and 1 Oblicie store in Poland, 1 Milavitsa store in Russia and 1
Milavitsa store in Belarus.
Number of stores as at:
31.03.2009 31.12.2008
Estonia 11 11
Latvia 8 7
Poland 0 8
Belarus 30 28
Russia 39 52
Lithuania 24 21
Ukraine 7 7
Total stores 119 134
Total sales area, sq m 12,545 14,566
Women's apparel retail operations were conducted in Estonia, Latvia, Lithuania,
Russia and Ukraine. At the end of Q1 2009 the Group operated 26 women's apparel
stores with a total sales area of 5,051 square meters. In Q1 2009 women's
apparel retail revenue decreased by 5.2% compared to Q1 2008 amounting to EEK
34,955 thousand (EUR 2,234 thousand). Retail sales increased in the Baltics and
Ukraine and decreased in Russia. Retail sales in the Baltics increased by 7.8%
and amounted to EEK 24,972 thousand (EUR 1,596 thousand). Retail sales in
Ukraine increased by 25.8% and amounted to EEK 4,428 thousand (EUR 283
thousand). Growth of retail sales in the Baltics and Ukraine was driven by the
retail expansion. At the end of Q1 2009 PTA operated 24 stores in the Baltics
and Ukraine as compared to 20 stores at the end of Q1 2008. Overall
like-for-like apparel retail growth was a negative 4.0% due to the influence of
economic crisis.
The Group's lingerie sales operations were performed in Russia, Belarus, Latvia,
Lithuania, Ukraine, and Estonia. At the end of Q1 2009, the Group operated 93
lingerie stores with a total area of 7,494 square meters.
In respect to lingerie retail in Russia, in Q1 2009 the Group's main focus was
on closing poor-performing stores, renegotiation of lease agreements with
lessors and the improvement of sales performance. As a result, 2 lingerie stores
were closed. As most of the rental contracts were denominated in EUR or USD
terms, the devaluation of the Russian Rouble did not increase the rent charges
in Russian Ruble terms significantly. All of the lessors were approached for
rent reduction or fixing of EUR or USD exchange rate. The overall consumer
market demand continued to deteriorate which affected practically all retail
segments. Some of the retail companies have initiated store closings. The
like-for-like traffic in the shopping centers where the Group's stores are
operating decreased by 15% as compared to the respective period in the previous
year. However, due to a number of marketing and sales actions performed by the
Group, the like-for-like increase in sales was 23% in Russian Rouble terms and
17% in pieces, as compared to the respective period in 2008. The number of
checks remained stable and the average check went up in Russian Rouble terms and
in pieces. The sales increase was only partially affected by the price increase
caused by the currency devaluation. The Group will continue closing inefficient
stores or relocating them to better locations. Most of the stores will be
rebranded into “Milavitsa” stores in Q2 - Q3 2009.
In Belarus, one ineffective store was closed and 3 new “Milavitsa” stores were
opened, adding to the growth of the retail sales in the country.
In the Baltics, lingerie retail sales were stable as compared to Q1 2008. The
first franchised Yamamay shop was opened in Lithuania in cooperation with the
Italian partner. Altogether, 4 new lingerie shops were opened in the Baltics (3
in Lithuania, and 1 in Latvia).
Stores by concept
--------------------------------------------------------------------------------
| Market | PTA | Oblici | Milavitsa | Other | Total | Sales |
| | store | e | stores | stores | | area, |
| | s | stores | | | | sq m |
--------------------------------------------------------------------------------
| Russia | 2 | 33 | 4 | - | 39 | 3,445 |
--------------------------------------------------------------------------------
| Ukraine | 6 | 1 | - | - | 7 | 994 |
--------------------------------------------------------------------------------
| Estonia | 9 | 1 | - | 1 | 11 | 2,120 |
--------------------------------------------------------------------------------
| Latvia | 4 | - | - | 4 | 8 | 1,123 |
--------------------------------------------------------------------------------
| Lithuan | 5 | - | - | 19 | 24 | 2,033 |
| ia | | | | | | |
--------------------------------------------------------------------------------
| Belarus | - | - | 30 | - | 30 | 2,830 |
--------------------------------------------------------------------------------
| Total | 26 | 35 | 34 | 24 | 119 | 12,545 |
--------------------------------------------------------------------------------
Wholesale
In Q1 2009, wholesale amounted to EEK 183,018 thousand (EUR 11,697 thousand),
representing 63.5% of the Group's total revenue (Q1 2008: 74.5%). The main
wholesale regions were Russia, Belarus, Ukraine and the Baltic States for
lingerie and Finland and the Baltic states for women's apparel. in Q1 2009,
wholesale of women's apparel decreased by 69.5% amounting to EEK 2,237 thousand
(EUR 143 thousand). Decrease in the Baltics wholesales operations was in line
with the planned, as PTA retail chain was expanding.
Lingerie wholesale in Q1 2009 decreased by 42.2% compared to Q1 2008, amounting
to EEK 180,781 thousand (EUR 11,554 thousand). Most of the lingerie wholesale
partners are located in Russia. Wholesale operations decreased in Russia,
Ukraine, Belarus and some other countries due to the crisis in the economy. The
decrease in the wholesales operations was also partially caused by the fact that
many of the Milavitsa Russian and Ukrainian wholesales partners were overstocked
in Q4 of 2008 due to the sharp decrease in demand caused by the crisis and had
to realize their excess stocks in Q1 2009.
Milavitsa franchised stores which are being serviced through wholesale partners
were affected by the crisis to a much lesser degree, as compared to purely
wholesales deliveries ending in the uncontrolled retail (open markets, kiosks,
department stores, other).
Production, sourcing, purchasing and logistics
Due to increased uncertainty in the marketplace and falling demand the Group's
manufacturing companies reduced their production and purchasing volumes in Q1
2009. In addition, adjustments in the production planning process were made to
adjust for changing circumstances, e.g. change of quarterly production planning
to monthly planning in largest production subsidiary SP ZAO Milavitsa was
introduced.
In respect to sourcing number of cooperation partners decreased by 30.8% in SP
ZAO Milavitsa and by 25.0% in Lauma Lingerie in Q1 2009. Total volume of
production in SP ZAO Milavitsa amounted to 3,829 thousand pieces in Q1 2009
representing a 21.4% decrease as compared to the respective period in prior
year. In broad terms available own production capacities in SP ZAO Milavitsa
remained at the level of 2008 while outsourced production capacities with
cooperation partners being the major source for the production output decrease.
In respect to logistics a new warehouse complex Machuliszhi in Belarus with
total storage capacity of 1,032 thousand pieces of garments started its
operations in Q1 2009.
Investment
In Q1 2009 the Group's investments totalled EEK 13,223 thousand (EUR 845
thousand) with investments into retail amounting to EEK 11,844 thousand (EUR 757
thousand) while other investments were made in equipment and facilities to
maintain effective production.
Personnel
At the end of March 2009, the Group employed a staff of 3,718 including 654 in
retail and 2,288 in production. The rest were employed in wholesale,
administration and support operations. The average number of employees in Q1
2009 was 3,680.
The total salaries and wages for Q1 2009 amounted to EEK 92,894 thousand (EUR
5,937 thousand). The remuneration paid to members of the Management Board
totalled EEK 2,097 thousand (EUR 134 thousand). Four members of the Management
Board also serve as executives for the Group's subsidiaries.
Key Events in Q1 2009
Organizational structure and the Group's management
In February 2009, the Company's Management Board approved changes to the
management structure of the Group. The changes were aimed at the optimization of
the management structure addressing integration, coordination, and
communications issues that were identified within the existing governance
structure. In March 2009, the new Supervisory board was formed in Milavitsa with
3 supervisory board members (7 members previously).
Furthermore, a crisis management committee (CMC) was established in March 2009
with the participation of the Group's supervisory board members, management
board members and selected members of the management boards of the largest
subsidiaries. Meetings are held weekly with the objective to timely address the
challenges arising from the new economic and demand realities. All of the
Group's primary activities are reviewed in the CMC, including Russian retail
operations, Lauma Lingerie integration, apparel operations, the Group's
financial situation, cash management and other issues.
Splendo Polska Sp. z o.o. disposal transaction
On 12 February 2009 the Company entered into agreement for the sale of all of
its shares (90% of the share capital) in Splendo Polska Sp. z o.o., a Polish
retail subsidiary operating 6 retail outlets. The closing has not taken place at
the date of this report and discussions are continuing between the parties to
finalise the closing formalities. Provided that such formalities are resolved,
the Management anticipates that the closing of transaction will be completed in
Q2 2009.
The investment into Splendo Polska Sp. z o.o. is accounted for as the investment
held for sale (fully provisioned) as of 31 March 2009 and a loss related to the
transaction was fully provided as of 31 December 2008. Considering the signed
agreement for the sale of Splendo Polska Sp. z o.o. shares the operating results
of Splendo Polska Sp. z o.o. were not consolidated in the Group's financial
results and financial position as of 31 March 2009. Net loss of Splendo Polska
Sp. z o.o. operations in Q1 2009 amounted to EEK 1,174 thousand (EUR 75
thousand) and total assets amounted to EEK 7,620 thousand (EUR 487 thousand) as
of 31 March 2009.
Selected financial data
The Group's operating results are best summarised in the following figures and
ratios:
--------------------------------------------------------------------------------
| Key figures and ratios | 31.03.2009 | 31.03.2008 | Change |
--------------------------------------------------------------------------------
| Net sales (EEK thousand) | 288,179 | 428,795 | -140,616 |
--------------------------------------------------------------------------------
| Net income, attributable to | -38,960 | 14,035 | -52,995 |
| shareholders (EEK thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 2,172 | 67,171 | -64,999 |
| depreciation (EBITDA) (EEK thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes | -8,997 | 55,546 | -64,543 |
| (EBIT) (EEK thousand) | | | |
--------------------------------------------------------------------------------
| Net sales (EUR thousand) | 18,418 | 27,405 | -8,987 |
--------------------------------------------------------------------------------
| Net income attributable to shareholders | -2,490 | 897 | -3,387 |
| (EUR thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 139 | 4,293 | -4,154 |
| depreciation (EBITDA) ( EUR thousand) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes | -575 | 3,550 | -4,125 |
| (EBIT) (EUR thousand) | | | |
--------------------------------------------------------------------------------
| Operating margin, % | -3.1% | 13.0% | - |
--------------------------------------------------------------------------------
| Net margin, % | -13.5% | 3.3% | - |
--------------------------------------------------------------------------------
| ROA, % | -3.4% | 1.3% | - |
--------------------------------------------------------------------------------
| ROE, % | -6.6% | 1.9% | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EEK | -0.98 | 0.35 | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EUR | -0.06 | 0.02 | - |
--------------------------------------------------------------------------------
| Current ratio | 2.0 | 3.2 | - |
--------------------------------------------------------------------------------
| Quick ratio | 1.0 | 1.8 | - |
--------------------------------------------------------------------------------
Underlying formulas:
Operating margin = operating profit / sales revenue
Net margin = net profit attributable to equity holders of the parent / sales
revenue
ROA (return on assets) = net profit attributable to equity holders of the parent
/ average total assets
ROE (return on equity) = net profit attributable to equity holders of the parent
/ average equity
EPS (earnings per share) = net profit attributable to equity holders of the
parent / 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
26 May 2009
Balance Sheet
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 31.03. | 31.03. | 31.12. | 31.03. | 31.03.2 | 31.12.2 |
| | | 2009 | 2008 | 2008 | 2009 | 008 | 008 |
--------------------------------------------------------------------------------
| | | EEK | EEK | EEK | EUR | EUR | EUR |
| | | thousa | thousa | thousa | thousa | thousan | thousan |
| | | nds | nds | nds | nds | ds | ds |
--------------------------------------------------------------------------------
| ASSETS | | | | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Property, plant | | 246,16 | 251,84 | 293,53 | 15,733 | 16,096 | 18,760 |
| and equipment | | 8 | 8 | 0 | | | |
--------------------------------------------------------------------------------
| Intangible assets | | 11,469 | 26,959 | 16,085 | 733 | 1,723 | 1,028 |
--------------------------------------------------------------------------------
| Investment | | 21,060 | 21,389 | 23,141 | 1,346 | 1,367 | 1,479 |
| property | | | | | | | |
--------------------------------------------------------------------------------
| Investments in | | 720 | 1,017 | 2,879 | 46 | 65 | 184 |
| equity accounted | | | | | | | |
| investees | | | | | | | |
--------------------------------------------------------------------------------
| Available-for-sal | | 7,182 | 7,933 | 8,716 | 459 | 507 | 557 |
| e financial | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Other receivables | | 954 | 4,788 | 17,477 | 61 | 306 | 1,117 |
--------------------------------------------------------------------------------
| Total non-current | | 287,55 | 313,93 | 361,82 | 18,378 | 20,064 | 23,125 |
| assets | | 3 | 4 | 8 | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | 393,26 | 357,32 | 434,41 | 25,134 | 22,837 | 27,764 |
| | | 2 | 1 | 2 | | | |
--------------------------------------------------------------------------------
| Prepaid taxes | | 43,419 | 26,834 | 62,070 | 2,775 | 1,715 | 3,967 |
--------------------------------------------------------------------------------
| Trade receivables | | 170,57 | 202,95 | 168,01 | 10,902 | 12,971 | 10,738 |
| | | 9 | 2 | 3 | | | |
--------------------------------------------------------------------------------
| Other receivables | | 58,581 | 45,938 | 50,851 | 3,744 | 2,936 | 3,250 |
--------------------------------------------------------------------------------
| Prepayments | | 37,348 | 60,005 | 49,209 | 2,387 | 3,835 | 3,145 |
--------------------------------------------------------------------------------
| Cash and cash | | 72,585 | 109,62 | 82,129 | 4,639 | 7,006 | 5,249 |
| equivalents | | | 0 | | | | |
--------------------------------------------------------------------------------
| Total current | | 775,77 | 802,67 | 846,68 | 49,581 | 51,300 | 54,113 |
| assets | | 4 | 0 | 4 | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 063, | 1 116, | 1 208, | 67,959 | 71,364 | 77,238 |
| | | 327 | 604 | 512 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND | | | | | | | |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | | | | | |
--------------------------------------------------------------------------------
| Share capital at | | 400,00 | 400,00 | 400,00 | 25,565 | 25,565 | 25,565 |
| par value | | 0 | 0 | 0 | | | |
--------------------------------------------------------------------------------
| Share premium | | 223,29 | 223,29 | 223,29 | 14,271 | 14,271 | 14,271 |
| | | 3 | 3 | 3 | | | |
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| Own shares | | -7,041 | 0 | -7,041 | -450 | 0 | -450 |
--------------------------------------------------------------------------------
| Statutory capital | | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 |
| reserve | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | -138,5 | -102,5 | -58,08 | -8,857 | -6,551 | -3,713 |
| reserve | | 75 | 01 | 6 | | | |
--------------------------------------------------------------------------------
| Retained earnings | | 58,753 | 199,96 | 82,035 | 3,755 | 12,780 | 5,243 |
| | | | 2 | | | | |
--------------------------------------------------------------------------------
| Total equity | | 537,47 | 721,80 | 641,24 | 34,351 | 46,132 | 40,983 |
| attributable to | | 6 | 0 | 7 | | | |
| equity holders of | | | | | | | |
| the parent | | | | | | | |
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| Minority interest | | 122,10 | 140,22 | 141,97 | 7,804 | 8,962 | 9,074 |
| | | 6 | 5 | 7 | | | |
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| Total equity | | 659,58 | 862,02 | 783,22 | 42,155 | 55,094 | 50,057 |
| | | 2 | 5 | 4 | | | |
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| Non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Loans and | | 13,081 | 3,035 | 18,197 | 836 | 194 | 1,163 |
| borrowings | | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | 203 | 201 | 201 | 13 | 13 | 13 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | | 4,600 | 360 | 1,314 | 294 | 23 | 84 |
--------------------------------------------------------------------------------
| Provisions | | 125 | 133 | 125 | 8 | 8 | 8 |
--------------------------------------------------------------------------------
| Total non-current | | 18,009 | 3,729 | 19,837 | 1,151 | 238 | 1,268 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Loans and | | 129,58 | 20,403 | 116,25 | 8,282 | 1,304 | 7,430 |
| borrowings | | 5 | | 4 | | | |
--------------------------------------------------------------------------------
| Trade payables | | 147,42 | 143,71 | 167,95 | 9,422 | 9,185 | 10,734 |
| | | 3 | 6 | 1 | | | |
--------------------------------------------------------------------------------
| Corporate income | | 7,135 | 8,621 | 4,006 | 456 | 551 | 256 |
| tax liability | | | | | | | |
--------------------------------------------------------------------------------
| Other tax | | 32,373 | 28,917 | 18,150 | 2,069 | 1,848 | 1,160 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Other payables | | 32,670 | 27,397 | 27,584 | 2,088 | 1,751 | 1,763 |
--------------------------------------------------------------------------------
| Provisions | | 36,018 | 21,671 | 70,817 | 2,302 | 1,385 | 4,526 |
--------------------------------------------------------------------------------
| Accrued expenses | | 532 | 125 | 689 | 34 | 8 | 44 |
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| Total current | | 385,73 | 250,85 | 405,45 | 24,653 | 16,032 | 25,913 |
| liabilities | | 6 | 0 | 1 | | | |
--------------------------------------------------------------------------------
| Total liabilities | | 403,74 | 254,57 | 425,28 | 25,804 | 16,270 | 27,181 |
| | | 5 | 9 | 8 | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1 063, | 1 116, | 1 208, | 67,959 | 71,364 | 77,238 |
| AND EQUITY | | 327 | 604 | 512 | | | |
--------------------------------------------------------------------------------
Income statement Q1
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 2009 | 2008 | 2009 | 2008 |
| | | Q1 | Q1 | Q1 | Q1 |
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousand | thousand | thousand |
| | | ds | s | s | s |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | 288,179 | 428,795 | 18,418 | 27,405 |
--------------------------------------------------------------------------------
| Costs of goods sold | | -168,93 | -236,639 | -10,797 | -15,124 |
| | | 6 | | | |
--------------------------------------------------------------------------------
| Gross Profit | | 119,243 | 192,156 | 7,621 | 12,281 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | | 11,516 | 4,287 | 736 | 274 |
--------------------------------------------------------------------------------
| Distribution costs | | -63,353 | -68,923 | -4,049 | -4,405 |
--------------------------------------------------------------------------------
| Administrative expenses | | -48,270 | -54,356 | -3,085 | -3,474 |
--------------------------------------------------------------------------------
| Other operating expenses | | -28,133 | -17,618 | -1,798 | -1,126 |
--------------------------------------------------------------------------------
| Operating profit | | -8,997 | 55,546 | -575 | 3,550 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest expenses | | -3,442 | -657 | -220 | -42 |
--------------------------------------------------------------------------------
| Gains/losses on conversion of | | -892 | -3,052 | -57 | -195 |
| foreign currencies | | | | | |
--------------------------------------------------------------------------------
| Other financial income / | | 1,048 | 2,723 | 67 | 174 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total financial income / | | -3,286 | -986 | -210 | -63 |
| expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of profit of equity | | -1,831 | 188 | -117 | 12 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before corporate | | -14,114 | 54,748 | -902 | 3,499 |
| income tax | | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | -20,418 | -28,117 | -1,305 | -1,797 |
--------------------------------------------------------------------------------
| Net profit / loss for period | | -34,532 | 26,631 | -2,207 | 1,702 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to | | -38,960 | 14,035 | -2,490 | 897 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net profit attributable to | | 4,428 | 12,596 | 283 | 805 |
| minority shareholders | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | -0.98 | 0.35 | -0.06 | 0.02 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | -0.98 | 0.35 | -0.06 | 0.02 |
| (EEK/EUR) | | | | | |
--------------------------------------------------------------------------------
Statement of comprehensive income Q1
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 2009| 2008| 2009| 2008|
| | | Q1| Q1| Q1| Q1|
| | | EEK| EEK| EUR| EUR|
| | | thousands|thousands|thousands|thousands|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | -34,53 | 26,63 | -2,207 | 1,702 |
| | | 2 | 1 | | |
--------------------------------------------------------------------------------
| Other comprehensive income | | | | | |
--------------------------------------------------------------------------------
| Foreign currency translation | | -104,8 | -34,0 | -6,704 | -2,177 |
| differences for foreign operations | | 98 | 63 | | |
--------------------------------------------------------------------------------
| Disposal of subsidiary | | 16,820 | 0 | 1,075 | 0 |
--------------------------------------------------------------------------------
| Other comprehensive income for the | | -88,07 | -34,0 | -5,629 | -2,177 |
| period | | 8 | 63 | | |
--------------------------------------------------------------------------------
| Total comprehensive income | | -122,6 | -7,43 | -7,836 | -475 |
| | | 10 | 2 | | |
--------------------------------------------------------------------------------
| Comprehensive income attributable to | | -103,7 | -11,9 | -6,632 | -764 |
| parent company | | 71 | 54 | | |
--------------------------------------------------------------------------------
| Comprehensive income attributable to | | -18,83 | 4,522 | -1,204 | 289 |
| minority shareholders | | 9 | | | |
--------------------------------------------------------------------------------