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AS Silvano Fashion Group
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Poolaastaaruanne
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Kuupäev
21.08.2009 18:00:00
Pealkiri
2009. aasta II kvartali ja 6 kuu konsolideeritud vahearuanne
Teade
Äritulemused 2009. aasta II kvartalis parandasid hooajalised faktorid tarbimisnõudlust peamistel Silvano Fashion Group'i (edaspidi “SFG” või “äriühing”, koos kõigi tütarettevõtetega „kontsern“) pesuturgudel. Majandus kontserni põhiturgudel (Venemaa, Valgevene ja Ukraina) näitas stabiliseerumise märke ja kerget taastumist pärast kasvu tõsist aeglustumist 2008. aasta IV kvartalis ja 2009. aasta I kvartalis. Siiski jääb nõudlus 2008. aasta tasemele märkimisväärselt alla. Juhtkonna hinnangul on nõudlus 2009. aasta esimesel poolel langenud 2008. aasta sama perioodiga võrreldes rõivaturul umbes 30% ja pesuturul 25% võrra. 2009. aasta II kvartalis suurenes müük jätkuvates tegevusvaldkondades 27,9%, võrreldes 2009. aasta I kvartaliga, jäädes samas 27,8% madalamale, kui 2008. aasta I kvartalis. Jaemüügitegevus Valgevenes kasvas 13,7%, võrreldes 2008. aasta I kvartaliga. Venemaal saavutas kontsern jaemüügi kasvu, võrreldes 2008. aasta vastava perioodiga. Pesu jaemüük Balti riikides vähenes 15,4%, võrreldes 2008. aasta I kvartaliga. 2008. aastal otsustas kontserni juhatus viia Oblicie pesukauplused Venemaal teise kaubamärgi alla ja keskenduda Milavitsa naistepesu jaemüügiketi arendamisele, seda peamiselt frantsiisimise kaudu. 2009. aasta II kvartalis viidi 17 Oblicie kauplust Milavitsa kaubamärgi alla, suurendades otsetelt opereeritavate Milavitsa kaupluste arvu Venemaal 21-ni. Ülejäänud Oblicie kauplused viiakse teise kaubamärgi alla 2009. aasta III kvartalis. Juhatus leiab, et teise kaubamärgi alla viimine suurendab Milavitsa kaubamärgi panust Venemaa naistepesu jaemüügi ja hulgimüügi üldisesse tulemuslikkusesse ning arendab ja edendab Milavitsa kaubamärki Venemaal. II kvartalis sulges kontsern 3 pesukauplust ja jätkab ebaefektiivsete kaupluste sulgemist aasta teises pooles, eesmärgiga viia kahjumiga töötavate kaupluste arvu nullini. Praeguse prognoosi järgi suletakse aasta lõpuks Venemaal kokku ligikaudu 18 kauplust ja Venemaa jaemüügitegevuse ümberstruktureerimine jätkub 2009. aasta II pooles. Turu suurenenud ebaselguse ja järsult langenud nõudluse tõttu 2008. aasta IV kvartalis ja 2009. aasta I kvartalis vähendasid kontserni tootmisettevõtted 2009. aasta I poolaastal oma tootmis- ja hankemahte. Tootmis- ja hankemahtude ning tootmise planeerimise protsessi muudatuste tulemusena suutis kontsern vähendada varud pärast eelnenud 6 kuu vältel toimunud lao ületäitumist 30. juuniks 2009 normaalsele tasemele. Finantstulemused Kontserni käive oli 30. juunil 2009 lõppenud kuuekuulisel perioodil 569 066 tuhat krooni (36 370 tuhat eurot), mis tähendab eelmise aasta sama perioodiga võrreldes 30,1% suurust langust. Üldine hulgimüük jätkuvatest tegevusvaldkondadest langes 34,7%, kusjuures jaemüük kahanes 7,2% võrra. Jaemüügi osakaal kogu käibest suurenes 5,8% võrra ja jõudis 2009. aasta I poolaastal 24,9%-ni kogu müügimahust. Kontserni käive jätkuvatest tegevusvaldkondadest 2009. aasta II kvartalis moodustas 319 394 tuhat krooni (20 413 tuhat eurot), andes tulemuseks languse 27,8% võrreldes eelmise aasta sama perioodiga. Kontserni kuuekuulise perioodi jätkuvate tegevusvaldkondade müügikäibe brutorentaablus paranes pisut, olles 44,7%, võrreldes 43,6%-ga eelmise aasta samal perioodil. 2009. aasta II kvartalis täheldati positiivseid tulemusi peamiselt müügihindade tõusu tõttu põhiturgudel pärast kohalike valuutade devalveerimist, kusjuures Valgevene rubla devalveerimine avaldas kaupade maksumusele kasulikku mõju. Konsolideeritud ärikasum jätkuvatest tegevusvaldkondadest oli 30 775 tuhat krooni (1 967 tuhat eurot), mis tähendab 2008. aasta I poolaastaga võrreldes 75,1%-list langust. Konsolideeritud müügikäibe ärirentaablus jätkuvates tegevusvaldkondades oli 5,4% (2008. aasta I poolaastal 15,2%). 2009. aasta I poolaastal jätkas kontsern Venemaa jaemüügivõrgu ümberkujundamist. Venemaa äritegevuse ümberkujundamisega seotud ühekordsed kulud olid 2009. aasta I poolaastal 32 216 tuhat krooni (2 059 tuhat eurot), sealhulgas 2009. aasta I kvartalis 13 863 tuhat krooni (886 tuhat eurot) ja 2009. aasta II kvartalis 18 353 tuhat krooni (1 173 tuhat eurot), ning osaliselt on need seotud varasematel perioodidel alustatud tegevustega. Kontsern jätkab ebaefektiivsete kaupluste sulgemist aasta teises pooles, ning praeguse prognoosi järgi suletakse aasta lõpuks veel 18 kauplust. 30. juuni 2009 seisuga moodustasid Venemaa jaemüügiketi ümberkujundamisega seotud tulevase kahjumi katmiseks ettenähtud vahendid 9 294 tuhat krooni (594 tuhat eurot). Venemaa jaemüügivõrgu tegevuskahjum koos ühekordsete kuludega moodustas 30. juunil 2009 lõppenud 6 kuu pikkusel perioodil 52 213 tuhat krooni (3337 tuhat eurot). Juhtkonna ettepanekul loodi provisjon antud laenude kogusummas 20 215 tuhat krooni (1 292 tuhat eurot), tuginedes laenu sissenõutavuse analüüsile 2009. aasta I poolaastal. Provisjoniga seotud kulud on kajastatud 2009. aasta I poolaasta muudes tegevuskuludes jätkuvatest tegevusvaldkondadest. Juhtkond jätkab jõupingutusi laenu tagasisaamiseks ning 2009. aasta II kvartalis on tehtud mõningaid edusamme laenu ümberstruktureerimiseks. Kokku moodustasid ümberkorraldamise ja laenude provisioneerimisega seotud ühekordsed jätkuva tegevuse kulud 2009. aasta II kvartalis 22 797 tuhat krooni (1 457 tuhat eurot) ning 30. juunil 2009 lõppenud 6 kuu pikkusel perioodil 52 432 tuhat krooni (3 351 tuhat eurot). Selle tulemusena moodustas konsolideeritud normaliseeritud ärikasum jätkuvast tegevusest 30. juunil 2009 lõppenud 6 kuu pikkusel perioodil 83 209 tuhat krooni (5 318 tuhat eurot), mis oli 32,6% vähem, kui 2008. aasta I poolaastal. Konsolideeritud normaliseeritud müügikäibe ärirentaablus jätkuvast tegevusest oli 14.6% (2008. aasta I poolaastal 15,2%). 30. juunil 2009 viis kontsern lõpule PTA Grupp AS (“PTA”) aktsiate müügitehingu (mis moodustavad 100% PTA aktsiakapitalist) PTA Holding OÜ-le kogusumma eest 15 224 tuhat krooni (973 tuhat eurot), kaasaarvatud 7 401 tuhat krooni (473 tuhat eurot), mis tasuti tehingu lõpuleviimisel kontserni teatud kohustuste ülevõtmisega, ning ülejäänud ostuhinna osa kuulub tasumisele sularahas hiljemalt 31. detsembriks 2011, koos kogunenud intressiga kuni summa täieliku tasumiseni. Tehingu tulemuseks oli kahjum 23 845 tuhat krooni (1 524 tuhat eurot) kontserni konsolideeritud tulemustes 2009. aasta II kvartalis (Lisa 15). Tehingu täiendavad üksikasjad on toodud peatükis ‘Olulised sündmused'. Vastavalt rahvusvahelise finantsaruandluse standardite nõuetele loetakse müüdud PTA tegevus (rõivatööstuse ärisegment) nüüd finantsaruandluse kontekstis lõpetatud tegevuseks. Sellest tulenevalt ei ole PTA finantstulemused müügitulude ja kulude hulka konsolideeritud, vaid selle asemel on konsolideeritud kahjum PTA äritegevusest summas 12 189 tuhat krooni (779 tuhat eurot) 30. juunil 2009 lõppenud 6 kuu pikkusel perioodil ja müügitehingust tulenev kahjum toodud eraldi konsolideeritud kasumiaruandes kahjumina lõpetatud tegevusest kogusummas 36 034 tuhat krooni (2 303 tuhat eurot). Konsolideeritud puhaskasum valuutakursi muutustest oli 30. juunil 2009 lõppenud kuuekuulisel perioodil 11 954 tuhat krooni (764 tuhat eurot). SP ZAO Milavitsa sai valuutakursi muutustest 34 313 tuhande krooni (2 193 tuhat euro) suuruse kasumi, mida põhjustas peamiselt kontsernisisene kauplemine eurodes 2009. aasta I kvartalis, 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 jätkuvast äritegevusest oli 45 703 tuhat krooni (2 921 tuhat eurot) ja tegelik maksumäär kontserni jaoks suurenes märkimisväärselt. Tulumaksukulud olid oodatust suuremad Milavitsa maksustatava valuutakursi muutumisest saadud tulu tõttu. Siiski on kõrge tegelik maksumäär tingitud ajutiselt kahjumis olevate tütarettevõtete kahjumist aruandlusperioodil, ülalpool kirjeldatud maksustatavast summast mittemahaarvatavatest ühekordsetest kuludest ja teistest maksustatavast summast mittemahaarvatavatest kuludest Valgevenes (peamiselt töötajate palgad). Konsolideeritud aktsionäridele omistatav puhaskahjum jätkuvast äritegevusest oli 15 772 tuhat krooni (1 008 tuhat eurot), samas kui 2008. aasta I poolaastal oli puhaskasum 41 369 tuhat krooni (2 644 tuhat eurot); puhas kasumimäär jätkuvast äritegevusest oli -2,8% (kuhu see langes 2008. aasta I poolaasta positiivselt kasumimääralt 5,1%). Konsolideeritud normaliseeritud puhaskasum jätkuvast äritegevusest, mida on võimalik jaotada aktsionäride vahel, oli 32 420 tuhat krooni (2 072 tuhat eurot), samas kui 2008. aasta I poolaastal oli puhaskasum 41 369 tuhat krooni (2 644 tuhat eurot); puhas kasumimäär jätkuvast äritegevusest oli 5,7% (2008. aasta I poolaastal 5,1%). 2009. aasta I poolaastal oli kontserni omakapitali tootlus negatiivne ja selle suurus oli -9,1% (2008. aasta I poolaastal 4,4%) ning varade tootlus oli -5,1% (2008. aasta I poolaastal 2,9%). Finantsseisund 30. juuni 2009. aasta seisuga oli konsolideeritud varasid 832 414 tuhande krooni (53 201 tuhande euro) väärtuses, mis tähendab 31. detsembri 2008. aasta seisuga võrreldes 31,1% suurust langust. Koguvarabaasi väärtust eurodes mõjutas märkimisväärselt Valgevene rubla devalveerumine, mis odavnes euro suhtes 2009. aasta I poolaastal 29,3% võrra, vähendades nii Valgevenes asuvate varade väärtust eurodes väljendatuna. Lisaks sellele ei ole PTA finantsseisund PTA müügitehingu lõpuleviimise tõttu 30. juunil 2009 ja seonduva kahjumi täieliku realiseerimise tõttu 30. juuni 2009. aasta seisuga konsolideeritud, mis põhjustab kontserni varade lisanduva vähenemise. Materiaalse ja immateriaalse põhivara saldo vähenes 31. detsembri 2008. aastaga võrreldes 103 925 tuhande krooni (6 642 tuhande euro) võrra; selle peamine põhjus oli välisvaluuta kursi mõju 54 732 tuhande krooni (3 498 tuhande euro) suuruse summa ulatuses ja PTA müük 23 360 tuhande krooni (1 493 tuhande euro) suuruse summa eest. Nõuded ostjate vastu on püsinud 31. detsembri 2008. aasta tasemel ja moodustasid 30. juunil 2009. aastal 168 498 tuhat krooni (10 769 tuhat eurot). Võtmeklientide maksedistsipliin Venemaal 2009. aasta I poolaastal paranes. Varude saldo vähenes 160 190 tuhande krooni (10 238 tuhande euro) võrra ja nende suurus oli 30. juuni 2009. aasta seisuga 274 222 tuhat krooni (17 526 tuhat eurot). See oli osaliselt seotud PTA võõrandamisega; siiski saavutati olulisem langus muutustega tootmise planeerimises, et kohaneda müügimahtude vähenemisest tuleneva käibekapitali uue tasemega, ning Valgevene rubla devalveerimisega, mis odavnes euro suhtes 2009. aasta I poolaastal 29,3%, vähendades Valgevenes paiknevate varude väärtust eurodes. Välisvaluuta kursi muutused avaldasid samuti kontserni omakapitalile halba mõju negatiivse kursimuutusena summas 110 741 tuhat krooni (7 077 tuhat eurot). Üldkokkuvõttes vähenes aktsionäridele omistatav omakapital 146 869 tuhande krooni (9 386 tuhande euro) võrra ning see oli 30. juuni 2009. aasta seisuga 494 378 tuhat krooni (31 597 tuhat eurot). Lühiajalised kohustused vähenesid kuuekuulise perioodi jooksul 202 774 tuhande krooni (12 960 tuhande euro) võrra, vastates juhtkonna prognoosidele. Kontserni likviidsus paranes 2009. aasta II kvartalis laenude ja seonduvate tähtaegade tasakaalu osas. Lühi- ja pikaajalised laenud vähenesid II kvartalis 94 756 tuhande krooni (6 056 tuhande euro) võrra 47 910 tuhande kroonini (3 062 tuhande euroni) 30. juuni 2009. aasta seisuga. Kuuekuulise perioodi jooksul saadud ja tagasimakstud laenude summa oli vastavalt 92 362 tuhat krooni (5 903 tuhat eurot) ja 153 414 tuhat krooni (9 805 tuhat eurot), hõlmates 3 317 tuhande krooni (212 tuhande euro) suuruseid tagasi makstud kapitalirendikohustusi. PTA laenujääk summas 31 606 tuhat krooni (2 020 tuhat eurot) jäi PTA müügitehingu tulemusena konsolideeritud finantsseisundist välja. Juulis 2009 pikendati Lauma Lingerie AS-i krediidilimiiti Läti Unicredit Bank'ist, vähendades seejuures limiiti 31 293 tuhandelt kroonilt (2 000 tuhandelt eurolt) 26 599 tuhandele kroonile (1 700 tuhandele eurole) kuni jaanuarini 2010 ning 21 905 tuhande kroonile (1 400 tuhandele eurole) pärast seda kuupäeva. Teave praeguste laenude tähtaegade kohta on toodud koondfinantsaruande lisas nr 8. Maksukohustused ja muud võlad koos võlgadega töötajate ees olid 45 741 tuhat krooni (2 923 tuhat eurot). Eraldisi oli 30. juuni 2009. aasta seisuga 19 746 tuhat krooni (1 262 tuhat eurot) ning need hõlmasid reserve Vene jaemüügiketi ümberkujundamiseks 2 895 tuhande krooni (185 tuhande euro) suuruses summas. Käive jätkuvast äritegevusest Naisterõivastega seotud tegevus lõpetati täielikult alates 30. juunist 2009 pärast PTA müüki 2009. aasta I poolaasta lõpus, ning see ei kuulu enam kontserni jätkuva äritegevuse hulka. Jätkuv äritegevus hõlmab naistepesu tootmist ja müüki. Käive segmentide lõikes -------------------------------------------------------------------------------- | | 2009. | 2008. | Muutu | 2009. | 2008. | Muutus | 2009. | 2008. | | | a | a | s | a | a | tuhande | a | a | | | 6 | 6 | tuhan | 6 | 6 | tes | 6 | 6 | | | kuud | kuud | detes | kuud | kuud | eurodes | kuud | kuud | | | tuhan | tuhan | kroon | tuhan | tuhand | | protse | protse | | | detes | detes | ides | detes | etes | | nt | nt | | | kroon | kroon | | eurod | eurode | | käibes | käibes | | | ides | ides | | es | s | | t | t | -------------------------------------------------------------------------------- | Naistep | 556 | 792 | -235 | 35 | 50 625 | -15 061 | 97,8% | 97,3% | | esu | 455 | 110 | 655 | 564 | | | | | -------------------------------------------------------------------------------- | Allhang | 12 | 22 | -9 | 806 | 1 422 | -616 | 2,2% | 2,7% | | e ja | 611 | 249 | 638 | | | | | | | muu | | | | | | | | | | käive | | | | | | | | | -------------------------------------------------------------------------------- | Kokku | 569 | 814 | -245 | 36 | 52 047 | -15 677 | 100,0% | 100,0% | | | 066 | 359 | 293 | 370 | | | | | -------------------------------------------------------------------------------- Käive turgude lõikes 2009. aasta I poolaastal keskendus kontsern eeskätt Balti riikide, Venemaa, Valgevene ja Ukraina turule. Kogukäive turgude lõikes -------------------------------------------------------------------------------- | | 2009. | 2008. | Muutus | 2009. | 2008. | Muutu | 2009. | 2008. | | | a | a | tuhand | a | a | s | a | a | | | 6 | 6 | etes | 6 | 6 | tuhan | 6 | 6 | | | kuud | kuud | krooni | kuud | kuud | detes | kuud | kuud | | | tuhan | tuhan | des | tuhand | tuhand | eurod | protse | protse | | | detes | detes | | etes | etes | es | nt | nt | | | kroon | kroon | | eurode | eurode | | käibes | käibes | | | ides | ides | | s | s | | t | t | -------------------------------------------------------------------------------- | Eesti | 14 | 39 | -24 | 919 | 2 499 | -1 | 2,5% | 4,8% | | | 379 | 101 | 722 | | | 580 | | | -------------------------------------------------------------------------------- | Soome | 78 | 219 | -141 | 5 | 14 | -9 | 0,0% | 0,0% | -------------------------------------------------------------------------------- | Läti | 3 536 | 8 731 | -5 195 | 226 | 558 | -332 | 0,6% | 1,1% | -------------------------------------------------------------------------------- | Valgeve | 144 | 160 | -16 | 9 249 | 10 276 | -1 | 25,4% | 19,7% | | ne | 715 | 784 | 069 | | | 027 | | | -------------------------------------------------------------------------------- | Ukraina | 29 | 65 | -35 | 1 888 | 4 164 | -2 | 5,2% | 8,0% | | | 541 | 152 | 611 | | | 276 | | | -------------------------------------------------------------------------------- | Venemaa | 334 | 466 | -132 | 21 354 | 29 802 | -8 | 58,8% | 57,3% | | | 117 | 300 | 183 | | | 448 | | | -------------------------------------------------------------------------------- | Muud | 42 | 74 | -31 | 2 729 | 4 734 | -2 | 7,5% | 9,1% | | turud | 700 | 072 | 372 | | | 005 | | | -------------------------------------------------------------------------------- | Kokku | 569 | 814 | -245 | 36 370 | 52 047 | -15 | 100,0% | 100,0% | | | 066 | 359 | 293 | | | 677 | | | -------------------------------------------------------------------------------- Oluline osa naistepesu müügitulust (325 997 tuhat krooni ehk 20 835 tuhat eurot) saadi 2009. aasta I poolaastal Venemaa turult, mis moodustab 58,6% kogu naistepesu müügist 2009. aasta I poolaastal, võrreldes 440 436 tuhande krooniga (28 149 tuhande euroga) 2008. aasta samal ajavahemikul. Venemaa käive hõlmab nii jae- kui ka hulgimüüki. Naistepesu müügis oli suuruselt teine piirkond Valgevene, kus müügitulu oli 144 715 tuhat krooni (9 249 tuhat eurot), mis moodustas 26,0% kogu naistepesu müügitulust (sh nii jae- kui ka hulgimüük), võrrelduna 160 784 tuhande krooniga (10 276 tuhande euroga) 2008. aasta I poolaastal. Käivet suurtel turgudel, sealhulgas Venemaal ja Ukrainas, mõjutas tugevalt majanduslik olukord ja kohalike valuutade devalveerumine, kuid siiski ilmutas see võrreldes esimese kvartaliga positiivseid jooni, peamiselt rakendatud meetmete ja nõudluse hooajalise suurenemise tagajärjel. Selle tulemusena suurenes 2009. aasta II kvartali käive võrreldes esimese kvartaliga märkimisväärselt, jäädes siiski alla eelmise aasta samale perioodile. Hulgimüük hakkas paranema, sest paljud kontserni Venemaa ja Ukraina hulgimüügipartnerid realiseerisid oma liigseid laovarusid, viies need normaalsele tasandile pärast ladude ületäitmist 2008. aasta IV kvartalis, mille põhjustas üldise majanduskriisi poolt tekitatud nõudluse järsk langus. Käibe vähenemine Valgevenes on võrreldes Venemaa, Ukraina ja Balti riikidega väiksem, mis põhjustab Valgevene turu osakaalu kasvu kogukäibes. Kontsern jätkas ärikohtumisi Venemaa ja Ukraina äripartneritega, et arutada käibe vähenemist ja tutvustada uusi kollektsioone. Turul on rakendatud terve rida meetmeid, sealhulgas turundustegevuse intensiivistamine Valgevenes, Ukrainas ja Venemaal ning tugimeetmete rakendamine frantsiisikaupluste avamisel. Edasimüüjaid ja turustajaid motiveeriti müügitegevust suurendama, pakkudes vastu soodsaid hinnavõimalusi. Milavitsa on kasutusele võtnud uue tellimuste käsitlemise ja reserveerimise süsteemi, et anda äripartneritele parem juurdepääs oma varudele ning kiirendada pakkimist ja tarnimist. Selle tulemusena kasvas Milavitsa käive pisut müüdud ühikute osas võrreldes juuniga 2008. Juunis 2009 toimusid muudatused kontserni Venemaa äritegevuse tippjuhtkonnas, et viia sellel põhiturul ellu uut müügistrateegiat ja parandada Venemaa tütarettevõtete juhtpositsioone kontsernis. Pesumarkidest andis põhitootemark Milavitsa 2009.aasta I poolaastal 75,9% naistepesu kogumüügitulust (2008. aasta I poolaastal 76,8%), s.o. 422 348 tuhat krooni (26 993 tuhat eurot). Põhitootemark Lauma andis naistepesu kogukäibest 5,2% (2008. aasta I poolaastal 5,8%), s. o. 28 931 tuhat krooni (1 849 tuhat eurot). Ülejäänud tootemargid nagu Alisee, Aveline, Hidalgo, Laumelle, Lauma Aqua ja Laumelle Aqua andsid 2009. aasta I poolaastal kokku 18,9% naistepesu kogukäibest (2008. aasta I poolaastal 17,4%), s. o. 105 176 tuhat krooni (6 722 tuhat eurot). Hulgimüük 2009. aasta I poolaastal oli hulgimüügikäive 422 958 tuhat krooni (27 032 tuhat eurot), moodustades 74,3% kontserni kogutulust (2008. aasta I poolaastal: 79,6%). Peamised hulgimüügiregioonid olid Venemaa, Valgevene, Ukraina ja Balti riigid. 2009. aasta II kvartalis täheldati järkjärgulist paranemist, kusjuures naistepesu hulgimüügikäive kasvas 2009. aasta I kvartaliga võrreldes 34,0%, kuna paljud Milavitsa Venemaa ja Ukraina hulgimüügipartnerid olid kohandanud oma töökapitali taseme vastavaks uute turu- ja müügioludega, mille põhjustas kriis 2008. aasta lõpus. Enamik naistepesu hulgimüügipartnereid asub Venemaal, kontserni põhiturul. Lauma Lingerie müügikäive peamistel turgudel vähenes järsult, kuna seda mõjutas kriis rohkem, põhjuseks kõrgem hinnapositsioon ja turustuspartnerite puudumine jooksvate turunõuete täitmiseks. Turu reaalsusega kohanemiseks tehti ettevõtte juhtkonnas mõningaid muudatusi. Lauma Lingerie rakendab praegu uuendatud müügistrateegiat põhiturgude osas, mille hulka kuuluvad Venemaa, Ukraina ja Balti riigid. Jaekaubandus 2009. aasta I poolaastal oli kontserni naistepesu jaemüügikäive kokku 133 497 tuhat krooni (8 532 tuhat eurot), mis tähendab 2008. aasta vastava perioodiga võrreldes 7,3%-list langust. Naistepesu jaemüügitegevus toimus Lätis, Venemaal, Valgevenes, Leedus ja Ukrainas. 2009. aasta I poolaasta lõpu seisuga oli kontsernil 90 jaemüügipunkti kogupindalaga 7 487 ruutmeetrit. 2009. aasta I poolaastal avati üheksa uut naistepesu kauplust, sealhulgas viis 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. 19 vähetulemuslikku kauplust suleti: 12 PTA kauplust Venemaal, kolm Oblicie kauplust Venemaal, üks Milavitsa kauplus Venemaal ja kaks Milavitsa kauplust Valgevenes, 1 Amadea kauplus Leedus. 17 Oblicie kauplust Venemaal viidi üle Milavitsa kaubamärgi alla. Kaupluste arv seisuga: -------------------------------------------------------------------------------- | | 30.06.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Läti | 4 | 3 | -------------------------------------------------------------------------------- | Poola | 0 | 7 | -------------------------------------------------------------------------------- | Valgevene | 31 | 28 | -------------------------------------------------------------------------------- | Venemaa | 37 | 52 | -------------------------------------------------------------------------------- | Leedu | 18 | 16 | -------------------------------------------------------------------------------- | Kauplusi kokku | 90 | 106 | -------------------------------------------------------------------------------- | Müügipinda kokku, | 7 487 | 9 549 | | ruutmeetrites | | | -------------------------------------------------------------------------------- Valgevenes suleti kaks vähetulemuslikku kauplust ja avati viis uut Milavitsa kauplust, mis andis juurde jaemüügikäibe kasvule riigis. Milavitsa jaemüügiketis rakendati mitmeid müügiedendusmeetmeid. Balti riikides oli pesu jaemüügi maht 2008. aasta I poolaastaga võrreldes 15,4% väiksem, kokku 11 485 tuhat krooni (734 tuhat eurot). Leedus avati esimene Yamamay frantsiisikauplus koostöös Itaalia partneriga. Kokku avati Balti riikides neli uut naistepesu kauplust (kolm Leedus ja üks Lätis). Naistepesu jaemüügi osas Venemaal oli 2009. aasta II kvartalis kontserni peatähelepanu suunatud Oblicie kaupluste üleviimisele Milavitsa kaubamärgi alla, vähetulemuslike kaupluste sulgemisele, ning müügitulemuste parandamisele. Selle tulemusena suleti 1 pesukauplus ja 17 kauplust viidi uue kaubamärgi alla. Tänu erinevatele turundus- ja müügimeetmetele saavutas kontsern teatud müügikasvu, võrreldes 2008. aasta sama perioodiga. Kontsern jätkab vähetulemuslike kaupluste sulgemist või nende ümberpaigutamist parematesse asukohtadesse; praeguse prognoosi kohaselt suletakse 2009. aasta II poolaastal ligikaudu 18 kauplust või antakse üle äripartneritele. Kõik senised Oblicie kauplused viiakse üle Milavitsa kaubamärgi alla 2009. aasta III kvartalis. Balti riikides jätkus tarbijate nõudluse üldine langus, mis mõjutas praktiliselt kõiki jaemüügi segmente. Naistepesu jaemüük vähenes järsult võrreldes 2008. aasta II kvartaliga. Kontsern sulges ühe vähetulemusliku kaupluse Leedus. Täiendavalt kaalutakse veel paari kaupluse sulgemist 2009. aasta III kvartalis. Kauplused kontseptsioonide lõikes -------------------------------------------------------------------------------- | Turg | Milavitsa | Oblicie | Muud | Kokku | Müügipind, | | | kauplused | kauplused | kauplused | | ruutmeetrit | -------------------------------------------------------------------------------- | Venemaa | 21 | 15 | 1 | 37 | 3 350 | -------------------------------------------------------------------------------- | Läti | - | - | 4 | 4 | 273 | -------------------------------------------------------------------------------- | Leedu | - | - | 18 | 18 | 1 009 | -------------------------------------------------------------------------------- | Valgevene | 31 | - | - | 31 | 2 855 | -------------------------------------------------------------------------------- | Kokku | 52 | 15 | 23 | 90 | 7 487 | -------------------------------------------------------------------------------- Lõpetatud tegevus Lõpetatud tegevuse hulka kuulub PTA tegevus 30. juunil 2009 lõppenud kuuekuulisel perioodil. PTA tegevuse tulemused on toodud konsolideeritud kasumiaruandes ühel real jaotuses ‘Lõpetatud tegevuste kahjum'. Käive lõpetatud tegevusest turgude lõikes -------------------------------------------------------------------------------- | | 2009. | 2008. | Muutus | 2009. | 2008. | Muutu | 2009. | 2008. | | | a | a | tuhand | a | a | s | a | a | | | 6 | 6 | etes | 6 | 6 | tuhan | 6 | 6 | | | kuud | kuud | krooni | kuud | kuud | detes | kuud | kuud | | | tuhan | tuhan | des | tuhand | tuhand | eurod | protse | protse | | | detes | detes | | etes | etes | es | nt | nt | | | kroon | kroon | | eurode | eurode | | käibes | käibes | | | ides | ides | | s | s | | t | t | -------------------------------------------------------------------------------- | Eesti | 37 | 37 | 141 | 2 388 | 2 379 | 9 | 47,5% | 37,3% | | | 364 | 223 | | | | | | | -------------------------------------------------------------------------------- | Soome | 8 308 | 18 | -10 | 531 | 1 200 | -669 | 10,6% | 18,7% | | | | 776 | 468 | | | | | | -------------------------------------------------------------------------------- | Läti | 12 | 14 | -1 815 | 782 | 898 | -116 | 15,6% | 14,0% | | | 236 | 051 | | | | | | | -------------------------------------------------------------------------------- | Ukraina | 10 | 9 497 | 1 409 | 697 | 607 | 90 | 13,9% | 9,5% | | | 906 | | | | | | | | -------------------------------------------------------------------------------- | Venemaa | - | 14 | -14 | - | 911 | -911 | 0,0% | 14,2% | | | | 254 | 254 | | | | | | -------------------------------------------------------------------------------- | Muud | 9 779 | 6 353 | 3 426 | 625 | 406 | 219 | 12,4% | 6,3% | | turud | | | | | | | | | -------------------------------------------------------------------------------- | Kokku | 78 | 100 | -21 | 5 023 | 6 401 | -1 | 100,0% | 100,0% | | | 593 | 154 | 561 | | | 378 | | | -------------------------------------------------------------------------------- 2009. aasta I poolaastal vähenes naisterõivaste müügitulu 21,5% võrreldes 2008. aasta I poolaastaga, moodustades 78 593 tuhat krooni (5 023 tuhat eurot). Balti riikides suurenes müügitulu 3,0%, moodustades 59 379 tuhat krooni (3 795 tuhat eurot). Ukrainas suurenes müügitulu 14,8% jaemüügi laienemise tõttu, moodustades 10 906 tuhat krooni (697 tuhat eurot). Müük Soome vähenes 55,8% hulgimüügi vähenemise tõttu, moodustades 8 308 tuhat krooni (531 tuhat eurot). 2009. aasta I poolaastal vähenes naisterõivaste hulgimüük 87,4%, moodustades 3 114 tuhat krooni (199 tuhat eurot). 2009. aasta I poolaastal suurenes naisterõivaste jaemüügitulu võrreldes 2008. aasta I poolaastaga 15,9%, moodustades 64 558 tuhat krooni (4 126 tuhat eurot). Jaemüük suurenes Balti riikides ja Ukrainas ning vähenes Venemaal. Balti riikides suurenes jaemüük 6,1% ning moodustas 31 786 tuhat krooni (2 032 tuhat eurot). Ukrainas suurenes jaemüük 15,0% ning moodustas 10 912 tuhat krooni (697 tuhat eurot). Jaemüügi kasvule Balti riikides ja Ukrainas aitas kaasa kaupluste arvu suurenemine. Balti riikide ja Ukraina teatav naisterõivaste jaemüügi kasv oli positiivne 1,0% müügikampaaniate mõju tõttu. Kaupluste arv (lõpetatud tegevus) järgmise kuupäeva seisuga: -------------------------------------------------------------------------------- | | 30.06.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Eesti | 11 | 11 | -------------------------------------------------------------------------------- | Läti | 6 | 4 | -------------------------------------------------------------------------------- | Leedu | 6 | 5 | -------------------------------------------------------------------------------- | Ukraina | 6 | 7 | -------------------------------------------------------------------------------- | Poola | 0 | 1 | -------------------------------------------------------------------------------- | Kauplusi kokku | 29 | 28 | -------------------------------------------------------------------------------- | Müügipinda kokku, | 5 464 | 5 017 | | ruutmeetrites | | | -------------------------------------------------------------------------------- 2009. aasta I poolaasta lõpus hõlmas lõpetatud naisterõivaste müügitegevus 29 kauplust kogumüügipinnaga 5 464 ruutmeetrit. Avati 3 uut naisterõivaste kauplust, neist 2 PTA kauplust Lätis ja 1 PTA kauplus Leedus. Tootmine, sisseostmine, hanked ja logistika Turul suurenenud ebakindluse ja järsult langenud nõudluse tõttu 2008. aasta IV kvartalis ja 2009. aasta I kvartalis vähendasid kontserni tootmisettevõtted 2009. aasta I poolaastal oma tootmist ja hankemahtu. Lisaks sellele tehti muudatusi tootmise planeerimise protsessis, et kohandada seda muutunud oludega, nii näiteks hakati kontserni suurimas tootmisega tegelevas tütarettevõttes SP ZAO Milavitsa tootmist planeerima kvartali asemel igakuiselt. Tänu muudatustele tootmises ja hankemahtudes ning tootmise planeerimise protsessid suutis kontsern vähendada varud 30. juuniks 2009 normaalsele tasemele, pärast eelnenud 6 kuud kestnud lao ületäitumist. Selle tulemusena paranes kontserni kapitalipositsioon märkimisväärselt ja õigeaegsed tarned klientidele on nüüd tagatud. Mis puudutab sisseostmist, siis vähenes koostööpartnerite arv 2009. aasta I kvartalis SP ZAO Milavitsa-l 30,8% võrra ning jäi sellele tasemele püsima. Lauma Lingerie vähendas 2009. aasta I kvartalis oma koostööpartnerite arvu 25,0% võrra ning jätkas II kvartalis vähendamist veelgi. SP ZAO Milavitsa tootmise kogumaht oli 2009. aasta I poolaastal 6 756 tuhat eset, mis tähendab eelmise aasta sama perioodiga võrreldes 32,4% suurust langust. Lauma Lingerie tootmise kogumaht oli 30. juunil 2009 lõppend kuuekuulisel perioodil 326 tuhat eset, mis tähendas eelmise aastaga võrreldes 69,3%-list langust. Suuremas osas jäid SP ZAO Milavitsa 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. Lisaks sellele on SP ZAO Milavitsa alustanud tarneahela juhtimissüsteemi juurutamist IFS tarkvara baasil. Investeeringud Kontserni investeeringud jätkuvasse tegevusse olid 2009. aasta I poolaastal 20 372 tuhat krooni (1 302 tuhat eurot), kusjuures 12 376 tuhat krooni (791 tuhat eurot) investeeriti jaemüüki, sellest 1 314 tuat krooni (84 tuhat eurot) 2009. aasta II kvartalis. Ülejäänu investeeriti põhivarasse, et tagada efektiivne tootmine. Personal 2009. aasta juuni lõpu seisuga oli kontsernil 3 231 töötajat, sh 544 jaemüügivõrgus ja 2 687 tootmises. Ülejäänud töötajad moodustasid hulgimüügi-, haldus- ja tugipersonal. 2009. aasta I poolaastal oli töötajate keskmine arv 3 598. Palkade kogusumma oli 2009. aasta I poolaastal 146 890 tuhat krooni (9 388 tuhat eurot). Juhatuse liikmetele makstud töötasu oli 5 210 tuhat krooni (333 tuhat eurot). Neli juhatuse liiget töötab ka kontserni tütarettevõtete juhina. Tähtsamad sündmused 2009. aasta I poolaastal PTA Grupp AS aktsiate müük 30. juunil 2009 sõlmis kontsern lepingu kõikide kontsernile kuuluvate PTA aktsiate müügiks (mis moodustas 100% PTA aktsiakapitalist) PTA Holding OÜ-le koguhinnaga 15 224 tuhat krooni (973 tuhat eurot). Tehing viidi lõpule allakirjutamisel. 7 401 tuhat krooni (473 tuhat eurot) tasuti tehingu lõpuleviimise kuupäeval kontserni teatud kohustuste ülevõtmisega, ning 7 823 tuhat krooni (500 tuhat eurot) tasutakse rahas hiljemalt 31. detsembriks 2011, arvestades intressi kuni täieliku tasumiseni. Ostuhinna tasumise kohustuse tagatiseks on aktsiapant 100% PTA aktsiatele kontserni kasuks. PTA tegutseb naisterõivaste tootmise, jae- ja hulgimüügiga „PTA“ kaubamärgi all. Rõivaettevõtte müügi järel keskendub kontsern oma põhitegevusele - naistepesu tootmisele ja müügile. Müük võimaldab kontsernil suunata finants- ja juhtimisvahendid ümber oma põhitegevusse ning parandada juhtimise efektiivsust. Lisaks sellele eeldatakse pikemas perspektiivis positiivset mõju kontserni netokasumile, kuna PTA netokahjum 30. juunil 2009 lõppenud kuuekuulisel perioodil moodustas 12 189 tuhat krooni (779 tuhat eurot). Võõrandamise kuupäeva seisuga oli PTA-l kaks laenu ja arvelduskrediit Danske Bank A/S Eesti filiaalilt, mille tagatiseks on SFG käendus. Käenduslepingut pärast PTA müügitehingut ei lõpetatud ning laenude ja krediidilimiidi saldo moodustas 30. juuni 2009. aasta seisuga 30 104 tuhat krooni (1 924 tuhat eurot); siiski on SFG vastutus Danske Bank A/S Eesti filiaalile omakorda tagatud kommertspandiga PTA varade üle. PTA Holding OÜ on seotud Peeter Lariniga (PTA juhatuse liige), kes on juhatuse liige ja aktsionär äriühingus PTA Holding OÜ. Seetõttu oli tegemist tehinguga seotud osapoolega Tallinna Börsi reeglite tähenduses. Tehing ei olnud oluline tehing seotud osapoolega Tallinna Börsi reeglite tähenduses. Muutused juhatuse koosseisus 29. mail 2009 otsustas kontserni nõukogu kutsuda tagasi sensed juhatuse liikmed Hr. Dmitry Podolinski ja Hr. Peeter Larini, ning nimetada uueks kontserni juhatuse liikmeks Hr. Norberto Rodrigueze. Hr. Rodriguez liitus kontserni juhtkonnaga logistikadirektorina oktoobris 2007. Tema peamisteks vastutusaladeks on äriühingu logistikastrateegia arendamine ja elluviimine. Hetkel on Hr. Rodrigues ka Milavitsa asepeadirektor, vastutades logistika, IT, kvaliteedijuhtimise ja teiste äriprotsesside eest. Muutused juhatuse koosseisus on osa meetmete kompleksist, mille eesmärgiks on kontserni organisatsioonilise struktuuri kohandamine muutuvate turuoludega. Splendo Polska Sp. z o.o. müük SFG-le kuuluvate Splendo Polska Sp. z o.o., 6 jaemüügipunktiga Poola jaemüügiga tegeleva tütarettevõtte, aktsiate (90% aktsiakapitalist) müügitehingu lõpuleviimist ei toimunud 2009. aasta II kvartalis, kuna tehingu vastaspool ei suutnud oma kohustusi õigeaegselt täita, ning leping anti üle teisele ostjale algse lepinguga samaväärsetel tingimustel. SFG eesmärgiks on anda omandiõigus uuele ostjale üle augusti jooksul. Seisuga 30. juuni 2009 kirjendatakse investeeringut ettevõttesse Splendo Polska Sp. z o.o. kui investeeringut müügiks (täieliku eraldisega) ja tehinguga seotud kahjum on täielikult provisioneeritud 31. detsembri 2008 seisuga. Võttes arvesse Splendo Polska Sp. z o.o. müügi kohta sõlmitud lepingut, ei ole Splendo Polska Sp. z o.o. äritegevuse tulemusi 30. juuni 2009 seisuga konsolideeritud kontserni finantstulemuste ja finantsseisundi hulka. Valikulised finantsandmed Kontserni tulemusi iseloomustavad kõige paremini alltoodud näitajad ja suhtarvud: -------------------------------------------------------------------------------- | Peamised näitajad ja suhtarvud | 30.06.2009 | 30.06.2008 | Muutus | -------------------------------------------------------------------------------- | Netokäive jätkuvast äritegevusest | 569 066 | 814 359 | -245 293 | | (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Puhastulu jätkuvast äritegevusest, | -15 772 | 41 369 | -57 141 | | mida on võimalik jaotada aktsionäride | | | | | vahel (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Enne intresse, makse ja | 49 286 | 142 948 | -93 662 | | amortisatsiooni saadud tulu jätkuvast | | | | | äritegevusest (EBITDA) (tuhat krooni) | | | | -------------------------------------------------------------------------------- | Enne intresse ja makse saadud tulu | 30 775 | 123 484 | -92 709 | | (EBIT) jätkuvast äritegevusest (tuhat | | | | | krooni) | | | | -------------------------------------------------------------------------------- | Netokäive jätkuvast äritegevusest | 36 370 | 52 047 | -15 677 | | (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Puhastulu jätkuvast äritegevusest, | -1 008 | 2 644 | -3 652 | | mida on võimalik jaotada aktsionäride | | | | | vahel (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Enne intresse, makse ja | 3 150 | 9 137 | -5 987 | | amortisatsiooni saadud tulu jätkuvast | | | | | äritegevusest (EBITDA) (tuhat eurot) | | | | -------------------------------------------------------------------------------- | Enne intresse ja makse saadud tulu | 1 967 | 7 892 | -5 925 | | (EBIT) jätkuvast äritegevusest (tuhat | | | | | eurot) | | | | -------------------------------------------------------------------------------- | Müügikäibe ärirentaablus jätkuvast | 5,4% | 15,2% | - | | äritegevusest, % | | | | -------------------------------------------------------------------------------- | Puhas kasumimäär jätkuvast | -2,8% | 5,1% | - | | äritegevusest, % | | | | -------------------------------------------------------------------------------- | Varade tootlus (ROA), % | -5,1% | 2,9% | - | -------------------------------------------------------------------------------- | Omakapitali tootlus (ROE), % | -9,1% | 4,4% | - | -------------------------------------------------------------------------------- | Tulu aktsia kohta (EPS), krooni | -1,31 | 0,80 | - | -------------------------------------------------------------------------------- | Tulu aktsia kohta (EPS), eurot | -0,08 | 0,05 | - | -------------------------------------------------------------------------------- | Lühiajaliste kohustuste kattekordaja | 2,8 | 3,4 | - | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,5 | 1,9 | - | -------------------------------------------------------------------------------- Valemid: Ärirentaablus jätkuvast äritegevusest = ärikasum jätkuvast äritegevusest / netokäive Puhas kasumimäär jätkuvast äritegevusest = emaettevõtte aktsionäridele omistatav puhaskasum jätkuvast äritegevusest / 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 21. august 2009 Bilanss Konsolideeritud, auditeerimata -------------------------------------------------------------------------------- | | 30.06. | 30.06. | 31.12. | 30.06. | 30.06.2 | 31.12.2 | | | 2009 | 2008 | 2008 | 2009 | 008 | 008 | -------------------------------------------------------------------------------- | | Tuhand | Tuhand | Tuhand | Tuhand | Tuhande | Tuhande | | | etes | etes | etes | etes | tes | tes | | | krooni | krooni | krooni | eurode | eurodes | eurodes | | | des | des | des | s | | | -------------------------------------------------------------------------------- | VARAD | | | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 199 | 268 | 293 | 12 753 | 17 153 | 18 760 | | | 541 | 386 | 530 | | | | -------------------------------------------------------------------------------- | Immateriaalne | 6 149 | 26 599 | 16 085 | 393 | 1 700 | 1 028 | | põhivara | | | | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeri | 19 683 | 21 514 | 23 141 | 1 258 | 1 375 | 1 479 | | ngud | | | | | | | -------------------------------------------------------------------------------- | Kapitaliosaluse | 2 018 | 2 144 | 2 879 | 129 | 137 | 184 | | meetodil | | | | | | | | kajastatavad | | | | | | | | investeeringud | | | | | | | -------------------------------------------------------------------------------- | Müügivalmis | 6 744 | 8 027 | 8 716 | 431 | 513 | 557 | | finantsvara | | | | | | | -------------------------------------------------------------------------------- | Muud pikaajalised | 29 369 | 814 | 26 051 | 1 877 | 52 | 1 665 | | nõuded | | | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 263 | 327 | 370 | 16 841 | 20 930 | 23 673 | | | 504 | 484 | 402 | | | | -------------------------------------------------------------------------------- | Käibevara | | | | | | | -------------------------------------------------------------------------------- | Varud | 274 | 369 | 434 | 17 526 | 23 588 | 27 764 | | | 222 | 072 | 412 | | | | -------------------------------------------------------------------------------- | Maksude ettemaksed | 17 446 | 29 431 | 62 070 | 1 115 | 1 881 | 3 967 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | 168 | 206 | 168 | 10 769 | 13 224 | 10 738 | | | 498 | 911 | 013 | | | | -------------------------------------------------------------------------------- | Muud lühiajalised | 31 700 | 44 484 | 42 277 | 2 026 | 2 843 | 2 702 | | nõuded | | | | | | | -------------------------------------------------------------------------------- | Ettemakstud teenused | 13 268 | 48 645 | 49 209 | 848 | 3 109 | 3 145 | -------------------------------------------------------------------------------- | Raha ja selle | 63 776 | 140 | 82 129 | 4 076 | 8 968 | 5 249 | | ekvivalendid | | 319 | | | | | -------------------------------------------------------------------------------- | Käibevara kokku | 568 | 838 | 838 | 36 360 | 53 613 | 53 565 | | | 910 | 862 | 110 | | | | -------------------------------------------------------------------------------- | VARAD KOKKU | 832 | 1 166 | 1 208 | 53 201 | 74 543 | 77 238 | | | 414 | 346 | 512 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA | | | | | | | | OMAKAPITAL | | | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 400 | 400 | 400 | 25 565 | 25 565 | 25 565 | | nimiväärtuses | 000 | 000 | 000 | | | | -------------------------------------------------------------------------------- | Ülekurss | 223 | 223 | 223 | 14 271 | 14 271 | 14 271 | | | 293 | 293 | 293 | | | | -------------------------------------------------------------------------------- | Oma aktsiad | -7 041 | 0 | -7 041 | -450 | 0 | -450 | -------------------------------------------------------------------------------- | Kohustuslik | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 | | reservkapital | | | | | | | -------------------------------------------------------------------------------- | Valuutakursi | -168 | -99 | -58 | -10 | -6 338 | -3 713 | | muutuste reserv | 827 | 157 | 086 | 790 | | | -------------------------------------------------------------------------------- | Eelmiste perioodide | 45 907 | 218 | 82 035 | 2 934 | 13 937 | 5 243 | | jaotamata tulem | | 065 | | | | | -------------------------------------------------------------------------------- | Emaettevõtte | 494 | 743 | 641 | 31 597 | 47 502 | 40 983 | | aktsionäridele | 378 | 247 | 247 | | | | | omistatav omakapital | | | | | | | | kokku | | | | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 127 | 165 | 141 | 8 170 | 10 547 | 9 074 | | | 833 | 025 | 977 | | | | -------------------------------------------------------------------------------- | Omakapital kokku | 622 | 908 | 783 | 39 767 | 58 049 | 50 057 | | | 211 | 272 | 224 | | | | -------------------------------------------------------------------------------- | Pikaajalised | | | | | | | | kohustused | | | | | | | -------------------------------------------------------------------------------- | Laenud | 7 260 | 9 529 | 18 197 | 464 | 609 | 1 163 | -------------------------------------------------------------------------------- | Maksude tagasinõuded | 266 | 203 | 201 | 17 | 13 | 13 | -------------------------------------------------------------------------------- | Muud kohustused | 0 | 188 | 1 314 | 0 | 12 | 84 | -------------------------------------------------------------------------------- | Eraldised | 0 | 125 | 125 | 0 | 8 | 8 | -------------------------------------------------------------------------------- | Pikaajalised | 7 526 | 10 045 | 19 837 | 481 | 642 | 1 268 | | kohustused kokku | | | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | | | | | | | kohustused | | | | | | | -------------------------------------------------------------------------------- | Laenud | 40 650 | 63 087 | 116 | 2 598 | 4 032 | 7 430 | | | | | 254 | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele | 96 806 | 110 | 167 | 6 187 | 7 078 | 10 734 | | | | 747 | 951 | | | | -------------------------------------------------------------------------------- | Ettevõtte tulumaksu | 6 446 | 8 308 | 4 006 | 412 | 531 | 256 | | kohustus | | | | | | | -------------------------------------------------------------------------------- | Muud maksukohustused | 22 390 | 15 881 | 18 150 | 1 431 | 1 015 | 1 160 | -------------------------------------------------------------------------------- | Viitmaksukohustus | 16 | 0 | 0 | 1 | 0 | 0 | -------------------------------------------------------------------------------- | Muud võlad | 16 163 | 24 111 | 27 584 | 1 033 | 1 541 | 1 763 | -------------------------------------------------------------------------------- | Eraldised | 19 746 | 25 864 | 70 817 | 1 262 | 1 653 | 4 526 | -------------------------------------------------------------------------------- | Viitvõlad | 38 | 31 | 689 | 2 | 2 | 44 | -------------------------------------------------------------------------------- | Viittulu | 422 | 0 | 0 | 27 | 0 | 0 | -------------------------------------------------------------------------------- | Lühiajalised | 202 | 248 | 405 | 12 953 | 15 852 | 25 913 | | kohustused kokku | 677 | 029 | 451 | | | | -------------------------------------------------------------------------------- | Kohustused kokku | 210 | 258 | 425 | 13 434 | 16 494 | 27 181 | | | 203 | 074 | 288 | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA | 832 | 1 166 | 1 208 | 53 201 | 74 543 | 77 238 | | OMAKAPITAL KOKKU | 414 | 346 | 512 | | | | -------------------------------------------------------------------------------- Kasumiaruanne - I poolaasta Konsolideeritud, auditeerimata -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | | | I p/a | I p/a | I p/a | I p/a | | | Tuhandet | Tuhandet | Tuhandete | Tuhandete | | | es | es | s | s | | | kroonide | kroonide | eurodes | eurodes | | | s | s | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jätkuv tegevus | | | | | -------------------------------------------------------------------------------- | Müügitulu | 569 066 | 814 359 | 36 370 | 52 047 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -314 950 | -458 946 | -20 129 | -29 332 | -------------------------------------------------------------------------------- | Brutokasum | 254 116 | 355 413 | 16 241 | 22 715 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 17 289 | 9 920 | 1 105 | 634 | -------------------------------------------------------------------------------- | Turustuskulud | -92 722 | -116 364 | -5 926 | -7 437 | -------------------------------------------------------------------------------- | Üldhalduskulud | -80 033 | -92 205 | -5 115 | -5 893 | -------------------------------------------------------------------------------- | Muud ärikulud | -67 875 | -33 280 | -4 338 | -2 127 | -------------------------------------------------------------------------------- | Ärikasum | 30 775 | 123 484 | 1 967 | 7 892 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intressikulud | -6 008 | -642 | -384 | -41 | -------------------------------------------------------------------------------- | Kasum/kahjum valuutakursi | 11 954 | -1 408 | 764 | -90 | | muutustest | | | | | -------------------------------------------------------------------------------- | Muud finantstulud/-kulud | 6 572 | 5 257 | 420 | 336 | -------------------------------------------------------------------------------- | Finantstulud/-kulud kokku | 12 518 | 3 207 | 800 | 205 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Osa kapitaliosaluse meetodil | -422 | 1 330 | -27 | 85 | | kajastatavate | | | | | | investeerimisobjektide | | | | | | kasumist | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne ettevõtte tulumaksu | 42 871 | 128 021 | 2 740 | 8 182 | -------------------------------------------------------------------------------- | Ettevõtte tulumaks | -45 703 | -56 625 | -2 921 | -3 619 | -------------------------------------------------------------------------------- | Kasum jätkuvast äritegevusest | -2 832 | 71 396 | -181 | 4 563 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lõpetatud tegevus | | | | | -------------------------------------------------------------------------------- | Kasum / (kahjum) lõpetatud | -36 034 | -9 231 | -2 303 | -590 | | tegevusest (neto tulumaksuta) | | | | | -------------------------------------------------------------------------------- | Perioodi kasum | -38 866 | 62 165 | -2 484 | 3 973 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtte omanikule kuuluv | -51 806 | 32 138 | -3 311 | 2 054 | | osa puhaskasumist | | | | | -------------------------------------------------------------------------------- | Vähemusaktsionäridele kuuluv | 12 940 | 30 027 | 827 | 1 919 | | osa puhaskasumist | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulu aktsia kohta | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | -1,31 | 0,08 | -0,08 | 0,05 | | (kroonides/eurodes) | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | -1,31 | 0,08 | -0,08 | 0,05 | | kohta (kroonides/eurodes) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Jätkuv tegevus | | | | | -------------------------------------------------------------------------------- | Tavapuhaskasum aktsia kohta | -0,40 | 1,03 | -0,03 | 0,07 | | (kroonides/eurodes) | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | -0,40 | 1,03 | -0,03 | 0,07 | | kohta (kroonides/eurodes) | | | | | -------------------------------------------------------------------------------- Koondkasumiaruanne - I poolaasta Konsolideeritud, auditeerimata -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | | | I p/a | I p/a | I p/a | I p/a | | | Tuhandet | Tuhandet | Tuhandete | Tuhandete | | | es | es | s | s | | | kroonide | kroonide | eurodes | eurodes | | | s | s | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Perioodi kasum | -38 866 | 62 165 | -2 484 | 3 973 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Välisvaluutade kursimuutused | -137 715 | -29 515 | -8 801 | -1 887 | | tegevuse puhul välisriikides | | | | | -------------------------------------------------------------------------------- | Tütarettevõtte realiseerimine | 16 820 | 0 | 1 075 | 0 | -------------------------------------------------------------------------------- | Perioodi muu koondkasum/kahjum | -120 895 | -29 515 | -7 726 | -1 887 | -------------------------------------------------------------------------------- | Koondkasum kokku | -159 751 | 32 650 | -10 210 | 2 086 | -------------------------------------------------------------------------------- | Emaettevõtte omanikule kuuluv | -146 869 | 9 493 | -9 386 | 606 | | osa koondkasumist | | | | | -------------------------------------------------------------------------------- | Vähemusaktsionäridele kuuluv | -12 892 | 23 157 | -824 | 1 480 | | osa koondkasumist | | | | | --------------------------------------------------------------------------------
Pealkiri
Consolidated interim report for Q2 and 6 months of 2009
Teade
Business results In Q2 2009, seasonal factors improved consumer demand in the major lingerie markets of Silvano Fashion Group (“SFG” or the “Company”, and together with its subsidiaries the “Group”). The economy in the key markets of the Group (Russia, Belarus and Ukraine) revealed signs of stabilization and slight recovery after the serious slowdown of growth in Q4 2008 and Q1 2009. However, demand remains considerably below 2008 levels. The management estimates that in the first half of 2009 the apparel market demand has decreased by approximately 30% and lingerie market by 25% compared to the respective period in 2008. Overall Q2 2009 demonstrated a 27.9% increase in sales from continuing operations compared to Q1 2009 while being 27.8% lower than in Q2 2008. Retail operations in Belarus were 13.7% up compared to H1 2008. The Group achieved a like-for-like increase in retail sales in Russia as compared to the respective period in 2008. Lingerie retail performance in the Baltic countries decreased by 15.4% compared to H1 2008. In 2008, the management of the Group decided to rebrand Oblicie lingerie stores in Russia and to focus on the development of Milavitsa lingerie retail chain mainly through franchising. In Q2 2009, 17 Oblicie shops were rebranded to Milavitsa increasing the number of Milavitsa stores in direct operations in Russia to 21. The remaining Oblicie stores will be rebranded in Q3 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. The Group closed 3 lingerie stores in Q2 and will continue closing inefficient stores in the second half of the year targeting to have zero loss making stores in operations. The current estimate is that a total of approximately 18 shops will be closed by the end of the year in Russia and that the restructuring of Russian retail operations will be continued in the second half of 2009. Due to increased uncertainty in the marketplace and sharply falling demand in Q4 2008 and Q1 2009, the Group's manufacturing companies reduced their production and purchasing volumes in H1 2009. As the result of the adjustments in production and sourcing volumes as well as in the production planning process, the Group was able to decrease inventories to normal levels by 30 June 2009, after being overstocked over prior 6 months. Financial performance The Group's sales from continuing operations amounted to EEK 569,066 thousand (EUR 36,370 thousand) in the 6 months' period ended 30 June 2009, representing a 30.1% decline as compared to the respective period in the previous year. Overall wholesales from continuing operations decreased by 34.7%, while retail continuing operations presented a decrease of 7.2%. The proportion of retail sales in total sales increased by 5.8% and reached 24.9% of total sales in H1 2009. The Group's sales from continuing operations in Q2 2009 amounted to EEK 319,394 thousand (EUR 20,413 thousand) with resulting decrease of 27,8% as compared to the respective period in prior year. The Group's gross margin from continuing operations in the 6 months' period improved slightly and was 44.7%, as compared to 43.6% in the respective period in the previous year. Positive effect was observed in Q2 2009 mainly due to the increased sales prices in key markets after devaluation of local currencies while benefiting from devaluation impact of Belorussian Rouble in respect of cost of goods. The consolidated reported operating profit from continuing operations amounted to EEK 30,775 thousand (EUR 1,967 thousand), representing a 75.1% decline compared to H1 2008. The consolidated reported operating margin from continuing operations was 5.4% (15.2% in H1 2008). In H1 2009 the Group continued with the restructuring of Russian retail operations. One-off expenses related to restructuring of Russian operations in H1 2009 amounted to EEK 32,216 thousand (EUR 2,059 thousand), including EEK 13,863 thousand (EUR 886 thousand) in Q1 2009 and EEK 18,353 thousand (EUR 1,173 thousand) in Q2 2009, and partially related to initiatives started in prior periods. The Group will continue closing inefficient stores in the second half of the year with current estimate of 18 more shops to be closed by the end of the year. As of 30 June 2009, provisions to cover future restructuring losses related to Russian retail chain restructuring in future amounted to EEK 9,826 thousand (EUR 628 thousand). The operating loss of Russian retail operations including the one-off expenses amounted to EEK 52,213 thousand (EUR 3,337 thousand) in 6 months period ended 30 June 2009. Loan receivables in the amount of EEK 20,215 thousand (EUR 1,292 thousand) was fully provided based on the management's assessment of the recoverability of the loan in H1 2009. The expenses related to the provision have been recognized in other operating expenses from continuing operations in H1 2009. The management will continue the actions to recover the loan balance and certain progress on the loan restructuring have been reached in Q2 2009. In total one-off continuing operating losses related to restructuring and loan write-off amounted to EEK 22,797 thousand (EUR 1,457 thousand) in Q2 2009 and to EEK 52,432 thousand (EUR 3,351 thousand) in the 6 months' period ended 30 June 2009. As the result, consolidated normalised operating profit from continuing operations amounted to EEK 83,209 thousand (EUR 5,318 thousand) for the 6 months' period ended 30 June 2009, representing a 32.6% decline compared to H1 2008. The consolidated normalised operating margin from continuing operations reached 14.6% (15.2% in H1 2008). On 30 June 2009 the Group closed the transaction for the sale of all shares in PTA Gruup AS (“PTA”) held by the Group (which represent 100% of the share capital of PTA) to PTA Holding OÜ for total consideration of EEK 15,224 thousand (EUR 973 thousand), including EEK 7,401 thousand (EUR 473 thousand) paid upon closing by way of taking over certain liabilities of the Group and the remaining part of the purchase price being payable in cash by 31 December 2011 at the latest and carrying interest until full payment. The transaction resulted in a EEK 23,845 thousand (EUR 1,524 thousand) loss in the consolidated results of the Group in Q2 2009 (Note 15). Further details of the transaction are provided in section ‘Key events'. In accordance with the requirements of the International Financial Reporting Standards, the sold PTA operations (apparel business line) are now regarded as discontinued operations for the purposes of financial reporting. Accordingly, PTA's financial performance is not consolidated in sales and expenses, but instead the consolidated loss from PTA's business operations in the amount of EEK 12,189 thousand (EUR 779 thousand) for the 6 months' period ended 30 June 2009 and the loss generated by the sales transaction are recorded separately in the consolidated income statement as a loss from discontinued operations in the total amount of EEK 36,034 thousand (EUR 2,303 thousand). Consolidated net profit from foreign exchange rate fluctuations amounted to EEK 11,954 thousand (EUR 764 thousand) in the 6 months' period ended 30 June 2009. SP ZAO Milavitsa accrued a foreign exchange gain in the amount of EEK 34,313 thousand (EUR 2,193 thousand) that was mainly caused mainly by EUR-denominated intercompany trading in Q1 2009, 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 from continuing operations amounted to EEK 45,703 thousand (EUR 2,921 thousand) and effective tax rate for the Group increased significantly. Income tax expense was higher than anticipated due to taxable foreign exchange gains in Milavitsa. However, high overall effective tax rate is the temporary result of loss making subsidiaries' net loss position for the reporting period, non-tax deductable one-off expenses discussed above and other non-tax deductable expenses in Belarus (mainly employee remuneration). Consolidated reported net loss from continuing operations attributable to equity holders amounted to EEK 15,772 thousand (EUR 1,008 thousand), compared to net profit of EEK 41,369 thousand (EUR 2,644 thousand) in H1 2008; reported net margin from continuing operations was -2.8% (down from a positive margin of 5.1% in H1 2008). Consolidated normalised net profit from continuing operations, attributable to equity holders amounted to EEK 32,420 thousand (EUR 2,072 thousand), compared to a net profit of EEK 41,369 thousand (EUR 2,644 thousand) in H1 2008; normalised net margin from continuing operations was 5.7% (5.1% in H1 2008). In H1 2009 the Group's return on equity was negative and amounted to -9.1% (4.4% in H1 2008) and return on assets was -5.1% (2.9% in H1 2008). Financial position As of 30 June 2009 consolidated assets amounted to EEK 832,414 thousand (EUR 53,201 thousand) representing a decrease of 31.1% 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 29.3% in H1 2009, decreasing the value of assets based in Belarus in EUR terms. Furthermore, due to the closing of the PTA sales transaction on 30 June 2009 and the full recognition of the related disposal loss, the financial position of PTA is not consolidated as of 30 June 2009, causing a further decrease in the assets of the Group. Property, plant and intangibles balances decreased by EEK 103,925 thousand (EUR 6,642 thousand) as compared to 31 December 2008, the key reason being the impact of the foreign exchange rate in the amount of EEK 54,732 thousand (EUR 3,498 thousand) and the sale of PTA in the amount of EEK 23,360 thousand (EUR 1,493 thousand). Trade receivables have remained at the level of 31 December 2008 and as of 30 June 2009 amounted to EEK 168,498 thousand (EUR 10,769 thousand). Payment discipline of key customers in Russia improved during H1 2009. Inventory balance decreased by EEK 160,190 thousand (EUR 10,238 thousand) and amounted to EEK 274,222 thousand (EUR 17,526 thousand) as at 30 June 2009. This was partially related to disposal of PTA; however, a major decrease was achieved by changes in the production planning to adjust to the new level of the working capital resulting from decreasing sales volumes and devaluation of the Belorussian Rouble which depreciated against the Euro by 29.3% in H1 2009, decreasing the value of inventories based in Belarus in EUR terms. 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 110,741 thousand (EUR 7,077 thousand). On the overall basis, equity attributable to equity holders decreased by EEK 146,869 thousand (EUR 9,386 thousand) and amounted to EEK 494,378 thousand (EUR 31,597 thousand) as of 30 June 2009. Current liabilities decreased by EEK 202,774 thousand (EUR 12,960 thousand) in the 6 months' period, in line with management expectations. The liquidity position of the Group improved during Q2 2009 with respect to the total balance of borrowings and related maturities. Current and non-current loans and borrowings decreased by EEK 94,756 thousand (EUR 6,056 thousand) in Q2 to EEK 47,910 thousand (EUR 3,062 thousand) as of 30 June 2009. Loans received and loans repaid during the 6 months' period amounted to EEK 92,362 thousand (EUR 5,903 thousand) and EEK 153,414 thousand (EUR 9,805 thousand) respectively, including finance lease liabilities repaid in the amount of EEK 3,317 thousand (EUR 212 thousand). PTA loan balance in the amount of EEK 31,606 thousand (EUR 2,020 thousand) was eliminated from consolidated financial position as the result of the PTA sales transaction. In July 2009 a credit line facility of Lauma Lingerie AS was prolonged with Unicredit Bank in Latvia, decreasing the available facility's limit with the bank from EEK 31,293 thousand (EUR 2,000 thousand) to EEK 26,599 thousand (EUR 1,700 thousand) until January 2010 and to EEK 21,905 thousand (EUR 1,400 thousand) after that date. Information on the maturity of current borrowings is presented in Note 8 to the summarized financial statements. Tax liabilities and other payables, including payables to employees, amounted to EEK 45,741 thousand (EUR 2,923 thousand). Provisions amounted to EEK 19,746 thousand (EUR 1,262 thousand) as of 30 June 2009 and included provisions for the restructuring of Russian retail operations in the amount of EEK 2,895 thousand (EUR 185 thousand). Sales from continuing operations Women's apparel operations were fully divested as of 30 June 2009 after the sale of PTA in the end of H1 2009 and are no longer part of continuing operations of the Group. Continuing operations include production and sales of women lingerie. Sales by business segments -------------------------------------------------------------------------------- | | 6 | 6 | Change | 6month | 6 | Change | 6 | 6 | | | month | months | EEK | s 2009 | months | EUR | months | months | | | s | 2008 | thousa | EUR | 2008 | thousa | 2009 | 2008 | | | 2009 | EEK | nd | thousa | EUR | nd | percen | percen | | | EEK | thousa | | nd | thousa | | tage | tage | | | thous | nd | | | nd | | from | from | | | and | | | | | | sales | sales | -------------------------------------------------------------------------------- | Linge | 556,4 | 792,11 | -235,6 | 35,564 | 50,625 | -15,06 | 97.8% | 97.3% | | rie | 55 | 0 | 55 | | | 1 | | | -------------------------------------------------------------------------------- | Subco | 12,61 | 22,249 | -9,638 | 806 | 1,422 | -616 | 2.2% | 2.7% | | ntrac | 1 | | | | | | | | | ting | | | | | | | | | | servi | | | | | | | | | | ces | | | | | | | | | | and | | | | | | | | | | other | | | | | | | | | | sales | | | | | | | | | -------------------------------------------------------------------------------- | Total | 569,0 | 814,35 | -245,2 | 36,370 | 52,047 | -15,67 | 100.0% | 100.0% | | | 66 | 9 | 93 | | | 7 | | | -------------------------------------------------------------------------------- Sales by markets In H1 2009, the Group focused mainly on the Baltic, Russian, Belarussian and Ukrainian markets. Total sales by markets -------------------------------------------------------------------------------- | | 6 | 6 | Change | 6 | 6 | Change | 6 | 6 | | | month | months | EEK | months | months | EUR | months | months | | | s | 2008 | thousa | 2009 | 2008 | thousa | 2009 | 2008 | | | 2009 | EEK | nd | EUR | EUR | nd | percen | percen | | | EEK | thousa | | thousa | thousa | | tage | tage | | | thous | nd | | nd | nd | | from | from | | | and | | | | | | sales | sales | -------------------------------------------------------------------------------- | Eston | 14,37 | 39,101 | -24,72 | 919 | 2,499 | -1,580 | 2.5% | 4.8% | | ia | 9 | | 2 | | | | | | -------------------------------------------------------------------------------- | Finla | 78 | 219 | -141 | 5 | 14 | -9 | 0.0% | 0.0% | | nd | | | | | | | | | -------------------------------------------------------------------------------- | Latvi | 3,536 | 8,731 | -5,195 | 226 | 558 | -332 | 0.6% | 1.1% | | a | | | | | | | | | -------------------------------------------------------------------------------- | Belar | 144,7 | 160,78 | -16,06 | 9,249 | 10,276 | -1,027 | 25.4% | 19.7% | | us | 15 | 4 | 9 | | | | | | -------------------------------------------------------------------------------- | Ukrai | 29,54 | 65,152 | -35,61 | 1,888 | 4,164 | -2,276 | 5.2% | 8.0% | | ne | 1 | | 1 | | | | | | -------------------------------------------------------------------------------- | Russi | 334,1 | 466,30 | -132,1 | 21,354 | 29,802 | -8,448 | 58.8% | 57.3% | | a | 17 | 0 | 83 | | | | | | -------------------------------------------------------------------------------- | Other | 42,70 | 74,072 | -31,37 | 2,729 | 4,734 | -2,005 | 7.5% | 9.1% | | marke | 0 | | 2 | | | | | | | ts | | | | | | | | | -------------------------------------------------------------------------------- | Total | 569,0 | 814,35 | -245,2 | 36,370 | 52,047 | -15,67 | 100.0% | 100.0% | | | 66 | 9 | 93 | | | 7 | | | -------------------------------------------------------------------------------- The majority of lingerie sales revenue in H1 2009 in the amount of EEK 325,997 thousand (EUR 20,835 thousand) was generated in the Russian market, accounting for 58.6% of all lingerie sales in H1 2009 as compared to EEK 440,436 thousand (EUR 28,149 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 144,715 thousand (EUR 9,249 thousand), contributing 26.0% of lingerie sales (both retail and wholesale) as compared to EEK 160,784 thousand (EUR 10,276 thousand) in H1 2008. Sales in the major markets, including Russia and Ukraine, although still affected by the economic situation and devaluation of the local currencies, demonstrated a positive trend compared to the first quarter mainly due to undertaking actions supported by seasonal increase in customer demand. As the result, sales in Q2 2009 improved significantly as compared to Q1 2009; however, were still lower as compared to the respective period in prior year. Wholesale operations started improving as many of the Group's Russian and Ukrainian wholesales partners realized their excess stock levels reducing them to the normal operational levels after being overstocked in Q4 2008 after a sharp decrease in demand caused by the overall economic crisis. Sales decrease in Belarus is smaller compared to the reduction in sales in Russia, Ukraine and the Baltic countries leading to the growing share of the Belarussian market in the total sales. The Group continued conducting business meetings with its trading partners in Russia and Ukraine in order to address the slowdown in sales and promote new collections. A number of actions have been introduced to the market including additional marketing activities in Belarus, Ukraine and Russia and supportive measures in the opening of the franchised stores. Dealers and distributors were motivated to increase their sales activities in the exchange for favorable pricing opportunities. A new order processing and reservation system has been introduced by Milavitsa in order to allow trading partners a broader access to its stock and speed up packing and delivery. As the result Milavitsa had a slight increase over its June 2008 sales in terms of units sold. Changes in the top management of the Group's Russian operations took place in June 2009 in order to execute a new sales strategy in that core market and improve corporate governance of the Russian subsidiaries of the Group. In terms of lingerie brands, the sales of “Milavitsa” core brands accounted for 75.9% of total lingerie sales revenue in H1 2009 (H1 2008: 76.8%) and amounted to EEK 422,348 thousand (EUR 26,993 thousand). The sales of “Lauma” core brand accounted for 5.2% of total lingerie sales (H1 2008: 5.8%) and amounted to EEK 28,931 thousand (EUR 1,849 thousand). Other brands such as “Alisee”, “Aveline”, “Hidalgo”, “Laumelle”, “Lauma Aqua” and “Laumelle Aqua” comprised 18.9% of total lingerie sales in H1 2009 (H1 2008: 17.4%), amounting to EEK 105,176 thousand (EUR 6,722 thousand). Wholesale In H1 2009, wholesale amounted to EEK 422,958 thousand (EUR 27,032 thousand), representing 74.3% of the Group's total revenue (H1 2008: 79.6%). The main wholesale regions were Russia, Belarus, Ukraine and the Baltic States. Gradual improvements were observed in Q2 2009 whith an increase in lingerie wholesales of 34.0% as compared to Q1 2009 as many of the Milavitsa's Russian and Ukrainian wholesales partners had adjusted their working capital levels to the new market and trading circumstances caused by crisis at the end of 2008. Most of the lingerie wholesale partners are located in Russia, a key market for the Group. Lauma Lingerie experienced a sharp reduction in sales in their major markets being affected by the crisis to a greater extent due to its higher pricing positioning and unavailability of the distribution partners to meet the current market conditions. Certain changes in the management of the company were made to address the market realities. Lauma Lingerie is in process of implementation of the revised sales strategy in respect to the core markets, including Russia, Ukraine and Baltics. Retail operations Total lingerie retail sales of the Group in H1 2009 amounted to EEK 133,497 thousand (EUR 8,532 thousand), representing a 7.3% decrease as compared to the respective period in 2008. Lingerie retail operations were conducted in Latvia, Russia, Belarus, Lithuania and Ukraine. At the end of H1 2009 the Group operated 90 retail outlets with a total area of 7,487 square meters. In H1 2009 9 new stores in the lingerie business were opened, including 5 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. 19 underperforming stores were closed: 12 PTA stores in Russia, 3 Oblicie stores in Russia, 1 Milavitsa store in Russia and 2 Milavitsa stores in Belarus, 1 Amadea line store in Lithuania. 17 Oblicie stores in Russia were rebranded to Milavitsa name. Number of stores as at: -------------------------------------------------------------------------------- | | 30.06.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Latvia | 4 | 3 | -------------------------------------------------------------------------------- | Poland | 0 | 7 | -------------------------------------------------------------------------------- | Belarus | 31 | 28 | -------------------------------------------------------------------------------- | Russia | 37 | 52 | -------------------------------------------------------------------------------- | Lithuania | 18 | 16 | -------------------------------------------------------------------------------- | Total stores | 90 | 106 | -------------------------------------------------------------------------------- | Total sales area, sq m | 7,487 | 9,549 | -------------------------------------------------------------------------------- In Belarus, two ineffective stores were closed and 5 new “Milavitsa” stores were opened, adding to the growth of the retail sales in the country. A number of sales promotions were conducted in the Milavitsa retail chain. In the Baltics, lingerie retail sales decreased by 15.4% as compared to H1 2008, amounting to EEK 11,485 thousand (EUR 734 thousand). 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). In respect to lingerie retail in Russia, in Q2 2009 the Group's main focus was on rebranding of Oblicie stores to Milavitsa stores, closing poor performing stores, and improving of sales performance. As a result, 1 lingerie store was closed, 17 stores were rebranded. Due to a number of marketing and sales activities the Group achieved a like-for-like increase in sales as compared to the respective period in 2008. The Group will continue closing inefficient stores or relocating them to the better locations; current estimate is that approximately 18 shops will be closed or transferred to the trading partners in H2 2009. All of the remaining Oblicie stores will be rebranded into Milavitsa stores in Q3 2009. In the Baltics, the overall consumer market demand continued to deteriorate which affected practically all retail segments. Lingerie retail sales sharply decreased as compared to Q2 2008. The Group closed one inefficient store in Lithuania. Few more stores to be considered for closing in Q3 2009. Stores by concept -------------------------------------------------------------------------------- | Market | Milavitsa | Oblicie | Other | Total | Sales area, | | | stores | stores | stores | | sq m | -------------------------------------------------------------------------------- | Russia | 21 | 15 | 1 | 37 | 3,350 | -------------------------------------------------------------------------------- | Latvia | - | - | 4 | 4 | 273 | -------------------------------------------------------------------------------- | Lithuania | - | - | 18 | 18 | 1,009 | -------------------------------------------------------------------------------- | Belarus | 31 | - | - | 31 | 2,855 | -------------------------------------------------------------------------------- | Total | 52 | 15 | 23 | 90 | 7,487 | -------------------------------------------------------------------------------- Discontinued operations Discontinued operations results include operations of PTA for 6 months period ended 30 June 2009. Operational results of PTA operations are presented in the consolidated income statement as a single line item under ‘Loss from discontinued operations'. Sales from discontinued operations by markets -------------------------------------------------------------------------------- | | 6 | 6 | Change | 6 | 6 | Change | 6 | 6 | | | month | months | EEK | months | months | EUR | months | months | | | s | 2008 | thousa | 2009 | 2008 | thousa | 2009 | 2008 | | | 2009 | EEK | nd | EUR | EUR | nd | percen | percen | | | EEK | thousa | | thousa | thousa | | tage | tage | | | thous | nd | | nd | nd | | from | from | | | and | | | | | | sales | sales | -------------------------------------------------------------------------------- | Eston | 37,36 | 37,223 | 141 | 2,388 | 2,379 | 9 | 47.5% | 37.3% | | ia | 4 | | | | | | | | -------------------------------------------------------------------------------- | Finla | 8,308 | 18,776 | -10,46 | 531 | 1,200 | -669 | 10.6% | 18.7% | | nd | | | 8 | | | | | | -------------------------------------------------------------------------------- | Latvi | 12,23 | 14,051 | -1,815 | 782 | 898 | -116 | 15.6% | 14.0% | | a | 6 | | | | | | | | -------------------------------------------------------------------------------- | Ukrai | 10,90 | 9,497 | 1,409 | 697 | 607 | 90 | 13.9% | 9.5% | | ne | 6 | | | | | | | | -------------------------------------------------------------------------------- | Russi | - | 14,254 | -14,25 | - | 911 | -911 | 0.0% | 14.2% | | a | | | 4 | | | | | | -------------------------------------------------------------------------------- | Other | 9,779 | 6,353 | 3,426 | 625 | 406 | 219 | 12.4% | 6.3% | | marke | | | | | | | | | | ts | | | | | | | | | -------------------------------------------------------------------------------- | Total | 78,59 | 100,15 | -21,56 | 5,023 | 6,401 | -1,378 | 100.0% | 100.0% | | | 3 | 4 | 1 | | | | | | -------------------------------------------------------------------------------- In H1 2009, women's apparel revenue decreased by 21.5% compared to H1 2008, amounting to EEK 78,593 thousand (EUR 5,023 thousand). In the Baltics, revenue increased by 3.0%, amounting to EEK 59,379 thousand (EUR 3,795 thousand). Revenue in Ukraine increased by 14.8% due to retail expansion, amounting to EEK 10,906 thousand (EUR 697 thousand). Sales to Finland decreased by 55.8% due to a decrease in wholesale sales amounting EEK 8,308 thousand (EUR 531 thousand). in H1 2009, wholesale of women's apparel decreased by 87.4% amounting to EEK 3,114 thousand (EUR 199 thousand). In H1 2009 women's apparel retail revenue increased by 15.9% compared to H1 2008 amounting to EEK 64,558 thousand (EUR 4,126 thousand). Retail sales increased in the Baltics and Ukraine and decreased in Russia. Retail sales in the Baltics increased by 6.1% and amounted to EEK 31,786 thousand (EUR 2,032 thousand). Retail sales in Ukraine increased by 15.0% and amounted to EEK 10,912 thousand (EUR 697 thousand). Growth of retail sales in the Baltics and Ukraine was driven by the increase in the number of stores. The Baltics and Ukraine like-for-like apparel retail growth was a positive 1.0% due to the influence of sale campaigns. Number of stores (discontinued operations) as of: -------------------------------------------------------------------------------- | | 30.06.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | Estonia | 11 | 11 | -------------------------------------------------------------------------------- | Latvia | 6 | 4 | -------------------------------------------------------------------------------- | Lithuania | 6 | 5 | -------------------------------------------------------------------------------- | Ukraine | 6 | 7 | -------------------------------------------------------------------------------- | Poland | 0 | 1 | -------------------------------------------------------------------------------- | Total stores | 29 | 28 | -------------------------------------------------------------------------------- | Total sales area, sq m | 5,464 | 5,017 | -------------------------------------------------------------------------------- At the end of H1 2009 discontinued apparel operations included 29 stores with a total sales area of 5,464 square meters. 3 new stores in the apparel business were opened, including 2 PTA shops in Latvia and 1 PTA shop in Lithuania. Production, sourcing, purchasing and logistics Due to increased uncertainty in the marketplace and sharply falling demand in Q4 2008 and Q1 2009 the Group's manufacturing companies reduced their production and purchasing volumes in H1 2009. In addition, adjustments in the production planning process were made to adjust for changing circumstances, For example the Group's largest production subsidiary SP ZAO Milavitsa switched from quarterly production planning to monthly planning. As the result of the adjustments in production and sourcing volumes as well as in the production planning process the Group was able to decrease inventories to normal levels by 30 June 2009, after being overstocked over prior 6 months. Consequently, the Group's working capital position was improved significantly and timely deliveries to the customers are now secured. In respect of sourcing, the number of cooperation partners decreased by 30.8% in SP ZAO Milavitsa over Q1 2009 and remained at that level. Lauma Lingerie decreased the number of its cooperation partners by 25.0% in Q1 2009 and continued with a further decrease in Q2 2009. The total volume of production in SP ZAO Milavitsa amounted to 6,756 thousand pieces in H1 2009, representing a 32.4% decrease as compared to the respective period in prior year. The total production volumes in Lauma Lingerie amounted to 326 thousand pieces in the 6 months' period ended 30 June 2009, showing a decrease of 69.3% as compared to 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 were the major source for the production output decrease. In respect of logistics, a new warehouse complex Machuliszhi in Belarus with total storage capacity of 1,032 thousand pieces of garments was put into operation in Q1 2009. Furthermore, SP ZAO Milavitsa has started to implement a supply chain management system on the basis of IFS software application. Investment In H1 2009 the Group's investments in continuing operations totalled EEK 20,372 thousand (EUR 1,302 thousand) with investments into retail amounting to EEK 12,376 thousand (EUR 791 thousand), including EEK 1,314 thousand (EUR 84 thousand) in Q2 2009. Other investments were made in equipment and facilities to maintain effective production. Personnel At the end of June 2009, the Group employed 3,231 employees including 544 in retail and 2,687 in production. The rest were employed in wholesale, administration and support operations. The average number of employees in H1 2009 was 3,598. The total salaries and wages for H1 2009 amounted to EEK 146,890 thousand (EUR 9,388 thousand). The remuneration paid to members of the Management Board totalled EEK 5,210 thousand (EUR 333 thousand). Four members of the Management Board also serve as executives for the Group's subsidiaries. Key Events in H1 2009 Sale of shares in PTA Grupp AS On 30 June 2009 the Group entered into an agreement for the sale of all shares in PTA held by the Group (which represented 100% of the share capital of PTA) to PTA Holding OÜ for a total consideration of EEK 15,224 thousand (EUR 973 thousand). The transaction was performed immediately upon signing. EEK 7,401 thousand (EUR 473 thousand) was paid on the date of the closing of the transaction by way of taking over certain liabilities of the Group and EEK 7,823 thousand (EUR 500 thousand) will be paid in cash by 31 December 2011 at the latest, carrying interest until full payment. The obligation to pay the purchase price is secured by a share pledge over 100% of all shares in PTA in favour of the Group. PTA operates in the field of manufacture, retail and wholesale of women's apparel under the „PTA“ trademark. With the sale of the apparel business, the Group will focus on its core business - manufacturing and sale of lingerie. The sale will enable the Group to reallocate financial and managerial resources to its core operations and improve the efficiency of management. Furthermore, in the long term the effect on the Group's net profit is expected to be positive, as PTA made a net loss of EEK 12,189 thousand (EUR 779 thousand) in 6 months period ended 30 June 2009. As at the date of disposal PTA had two loans and an overdraft from Danske Bank A/S Estonian branch outstanding which are secured by a surety provided by SFG. The surety agreement was not terminated after PTA sales transaction and balance of loans and credit line amounted to EEK 30,104 thousand (EUR 1,924 thousand) as of 30 June 2009; however, the liability of the Group to Danske Bank A/S Estonian branch is in turn secured by a commercial pledge over PTA's assets. PTA Holding OÜ is related to Peeter Larin (a member of the management board in PTA), who is a member of the management board and a shareholder in PTA Holding OÜ. Therefore, the transaction was made with a related party within the meaning of the Tallinn Stock Exchange rules. The transaction was not a material transaction with a related party within the meaning of the Tallinn Stock Exchange rules. Changes in the composition of the Management Board On 29 May 2009, the Supervisory Board of the Group resolved to recall the current members of the Management Board Mr. Dmitry Podolinski and Mr. Peeter Larin and to appoint Mr. Norberto Rodriguez as the new member of the Management Board of the Group. Mr. Rodriguez joined the Group's management team as a Chief Logistics Officer in October 2007. His main responsibilities include the development and implementation of the corporate strategy in logistics. Currently Mr. Rodrigues also serves as a Deputy General Director at Milavitsa being responsible for logistics, IT, quality management and other business processes. Changes in the Management Board form a part of a complex of measures aimed at adjusting the Group's organizational structure to the changing market conditions. Splendo Polska Sp. z o.o. disposal The closing of the agreement for the sale of the Company's shares (90% of the share capital) in Splendo Polska Sp. z o.o., a Polish retail subsidiary operating 6 retail outlets, did not take place during Q2 2009 due to the failure by the other party to perform its obligations on time, and the agreement was transferred to a different purchaser on terms not worse than the original agreement. The Company aims to transfer title to the new purchaser within the month of August. The investment into Splendo Polska Sp. z o.o. is accounted for as the investment held for sale (fully provided) as of 30 June 2009 and a loss related to the transaction was fully provided as of 31 December 2008. Considering the signed agreement for the transfer 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 30 June 2009. Selected financial data The Group's operating results are best summarised in the following figures and ratios: -------------------------------------------------------------------------------- | Key figures and ratios | 30.06.20 | 30.06.20 | Change | | | 09 | 08 | | -------------------------------------------------------------------------------- | Net sales from continuing operations (EEK | 569,066 | 814,359 | -245,29 | | thousand) | | | 3 | -------------------------------------------------------------------------------- | Net income from continuing operations, | -15,772 | 41,369 | -57,141 | | attributable to shareholders (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 49,286 | 142,948 | -93,662 | | depreciation (EBITDA) from continuing | | | | | operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes (EBIT) | 30,775 | 123,484 | -92,709 | | from continuing operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Net sales from continuing operations (EUR | 36,370 | 52,047 | -15,677 | | thousand) | | | | -------------------------------------------------------------------------------- | Net income from continuing operations, | -1,008 | 2,644 | -3,652 | | attributable to shareholders (EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 3,150 | 9,137 | -5,987 | | depreciation (EBITDA) from continuing | | | | | operations ( EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes (EBIT) | 1,967 | 7,892 | -5,925 | | from continuing operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Operating margin from continuing operations, | 5.4% | 15.2% | - | | % | | | | -------------------------------------------------------------------------------- | Net margin from continuing operations, % | -2.8% | 5.1% | - | -------------------------------------------------------------------------------- | ROA, % | -5.1% | 2.9% | - | -------------------------------------------------------------------------------- | ROE, % | -9.1% | 4.4% | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EEK | -1.31 | 0.80 | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EUR | -0.08 | 0.05 | - | -------------------------------------------------------------------------------- | Current ratio | 2.8 | 3.4 | - | -------------------------------------------------------------------------------- | Quick ratio | 1.5 | 1.9 | - | -------------------------------------------------------------------------------- Underlying formulas: Operating margin from continuing operations = operating profit from continuing operations / sales revenue Net margin from continuing operations = net profit from continuing operations, 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 21 August 2009 Balance Sheet Consolidated, unaudited -------------------------------------------------------------------------------- | | 30.06.2 | 30.06.2 | 31.12.2 | 30.06.20 | 30.06.20 | 31.12.20 | | | 009 | 008 | 008 | 09 | 08 | 08 | -------------------------------------------------------------------------------- | | EEK | EEK | EEK | EUR | EUR | EUR | | | thousan | thousan | thousan | thousand | thousand | thousand | | | d | d | d | | | | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Property, | 199,541 | 268,386 | 293,530 | 12,753 | 17,153 | 18,760 | | plant and | | | | | | | | equipment | | | | | | | -------------------------------------------------------------------------------- | Intangible | 6,149 | 26,599 | 16,085 | 393 | 1,700 | 1,028 | | assets | | | | | | | -------------------------------------------------------------------------------- | Investment | 19,683 | 21,514 | 23,141 | 1,258 | 1,375 | 1,479 | | property | | | | | | | -------------------------------------------------------------------------------- | Investments | 2,018 | 2,144 | 2,879 | 129 | 137 | 184 | | in equity | | | | | | | | accounted | | | | | | | | investees | | | | | | | -------------------------------------------------------------------------------- | Available-for | 6,744 | 8,027 | 8,716 | 431 | 513 | 557 | | -sale | | | | | | | | financial | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Other long | 29,369 | 814 | 26,051 | 1,877 | 52 | 1,665 | | term | | | | | | | | receivables | | | | | | | -------------------------------------------------------------------------------- | Total | 263,504 | 327,484 | 370,402 | 16,841 | 20,930 | 23,673 | | non-current | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 274,222 | 369,072 | 434,412 | 17,526 | 23,588 | 27,764 | -------------------------------------------------------------------------------- | Prepaid taxes | 17,446 | 29,431 | 62,070 | 1,115 | 1,881 | 3,967 | -------------------------------------------------------------------------------- | Trade | 168,498 | 206,911 | 168,013 | 10,769 | 13,224 | 10,738 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Other | 31,700 | 44,484 | 42,277 | 2,026 | 2,843 | 2,702 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Prepayments | 13,268 | 48,645 | 49,209 | 848 | 3,109 | 3,145 | -------------------------------------------------------------------------------- | Cash and cash | 63,776 | 140,319 | 82,129 | 4,076 | 8,968 | 5,249 | | equivalents | | | | | | | -------------------------------------------------------------------------------- | Total current | 568,910 | 838,862 | 838,110 | 36,360 | 53,613 | 53,565 | | assets | | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 832,414 | 1,166,3 | 1,208,5 | 53,201 | 74,543 | 77,238 | | | | 46 | 12 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | | | | AND EQUITY | | | | | | | -------------------------------------------------------------------------------- | Equity | | | | | | | -------------------------------------------------------------------------------- | Share capital | 400,000 | 400,000 | 400,000 | 25,565 | 25,565 | 25,565 | | at par value | | | | | | | -------------------------------------------------------------------------------- | Share premium | 223,293 | 223,293 | 223,293 | 14,271 | 14,271 | 14,271 | -------------------------------------------------------------------------------- | Own shares | -7,041 | 0 | -7,041 | -450 | 0 | -450 | -------------------------------------------------------------------------------- | Statutory | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 | | capital | | | | | | | | reserve | | | | | | | -------------------------------------------------------------------------------- | Translation | -168,82 | -99,157 | -58,086 | -10,790 | -6,338 | -3,713 | | reserve | 7 | | | | | | -------------------------------------------------------------------------------- | Retained | 45,907 | 218,065 | 82,035 | 2,934 | 13,937 | 5,243 | | earnings | | | | | | | -------------------------------------------------------------------------------- | Total equity | 494,378 | 743,247 | 641,247 | 31,597 | 47,502 | 40,983 | | attributable | | | | | | | | to equity | | | | | | | | holders of | | | | | | | | the parent | | | | | | | -------------------------------------------------------------------------------- | Minority | 127,833 | 165,025 | 141,977 | 8,170 | 10,547 | 9,074 | | interest | | | | | | | -------------------------------------------------------------------------------- | Total equity | 622,211 | 908,272 | 783,224 | 39,767 | 58,049 | 50,057 | -------------------------------------------------------------------------------- | Non-current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Loans and | 7,260 | 9,529 | 18,197 | 464 | 609 | 1,163 | | borrowings | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 266 | 203 | 201 | 17 | 13 | 13 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 188 | 1,314 | 0 | 12 | 84 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Provisions | 0 | 125 | 125 | 0 | 8 | 8 | -------------------------------------------------------------------------------- | Total | 7,526 | 10,045 | 19,837 | 481 | 642 | 1,268 | | non-current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Loans and | 40,650 | 63,087 | 116,254 | 2,598 | 4,032 | 7,430 | | borrowings | | | | | | | -------------------------------------------------------------------------------- | Trade | 96,806 | 110,747 | 167,951 | 6,187 | 7,078 | 10,734 | | payables | | | | | | | -------------------------------------------------------------------------------- | Corporate | 6,446 | 8,308 | 4,006 | 412 | 531 | 256 | | income tax | | | | | | | | liability | | | | | | | -------------------------------------------------------------------------------- | Other tax | 22,390 | 15,881 | 18,150 | 1,431 | 1,015 | 1,160 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 16 | 0 | 0 | 1 | 0 | 0 | | liability | | | | | | | -------------------------------------------------------------------------------- | Other | 16,163 | 24,111 | 27,584 | 1,033 | 1,541 | 1,763 | | payables | | | | | | | -------------------------------------------------------------------------------- | Provisions | 19,746 | 25,864 | 70,817 | 1,262 | 1,653 | 4,526 | -------------------------------------------------------------------------------- | Accrued | 38 | 31 | 689 | 2 | 2 | 44 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Deferred | 422 | 0 | 0 | 27 | 0 | 0 | | income | | | | | | | -------------------------------------------------------------------------------- | Total current | 202,677 | 248,029 | 405,451 | 12,953 | 15,852 | 25,913 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Total | 210,203 | 258,074 | 425,288 | 13,434 | 16,494 | 27,181 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | TOTAL | 832,414 | 1,166,3 | 1,208,5 | 53,201 | 74,543 | 77,238 | | LIABILITIES | | 46 | 12 | | | | | AND EQUITY | | | | | | | -------------------------------------------------------------------------------- Income Statement - H1 Consolidated, unaudited -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | | | H1 | H1 | H1 | H1 | | | EEK | EEK | EUR | EUR | | | thousan | thousand | thousand | thousand | | | d | (restated | | (restated) | | | | ) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Net sales | 569,066 | 814,359 | 36,370 | 52,047 | -------------------------------------------------------------------------------- | Costs of goods sold | -314,95 | -458,946 | -20,129 | -29,332 | | | 0 | | | | -------------------------------------------------------------------------------- | Gross Profit | 254,116 | 355,413 | 16,241 | 22,715 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 17,289 | 9,920 | 1,105 | 634 | -------------------------------------------------------------------------------- | Distribution costs | -92,722 | -116,364 | -5,926 | -7,437 | -------------------------------------------------------------------------------- | Administrative expenses | -80,033 | -92,205 | -5,115 | -5,893 | -------------------------------------------------------------------------------- | Other operating expenses | -67,875 | -33,280 | -4,338 | -2,127 | -------------------------------------------------------------------------------- | Operating profit | 30,775 | 123,484 | 1,967 | 7,892 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest expenses | -6,008 | -642 | -384 | -41 | -------------------------------------------------------------------------------- | Gains/losses on conversion | 11,954 | -1,408 | 764 | -90 | | of foreign currencies | | | | | -------------------------------------------------------------------------------- | Other financial income / | 6,572 | 5,257 | 420 | 336 | | expenses | | | | | -------------------------------------------------------------------------------- | Total financial income / | 12,518 | 3,207 | 800 | 205 | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | -422 | 1,330 | -27 | 85 | | accounted investees | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before corporate | 42,871 | 128,021 | 2,740 | 8,182 | | income tax | | | | | -------------------------------------------------------------------------------- | Corporate income tax | -45,703 | -56,625 | -2,921 | -3,619 | -------------------------------------------------------------------------------- | Profit from continuing | -2,832 | 71,396 | -181 | 4,563 | | operations | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Discontinued operations | | | | | -------------------------------------------------------------------------------- | Profit / (loss) of | -36,034 | -9,231 | -2,303 | -590 | | discontinued operation | | | | | | (net of income tax) | | | | | -------------------------------------------------------------------------------- | Profit for the period | -38,866 | 62,165 | -2,484 | 3,973 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | -51,806 | 32,138 | -3,311 | 2,054 | | parent company | | | | | -------------------------------------------------------------------------------- | Net profit attributable to | 12,940 | 30,027 | 827 | 1,919 | | minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | -1.31 | 0.08 | -0.08 | 0.05 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | -1.31 | 0.08 | -0.08 | 0.05 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | -0.40 | 1.03 | -0.03 | 0.07 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | -0.40 | 1.03 | -0.03 | 0.07 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- Statement of comprehensive income - H1 Consolidated, unaudited -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | | | H1 | H1 | H1 | H1 | | | EEK | EEK | EUR | EUR | | | thousa | thousan | thousan | thousand | | | n | d | d | | -------------------------------------------------------------------------------- | Profit for the period | -38,86 | 62,165 | -2,484 | 3,973 | | | 6 | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Foreign currency translation | -137,7 | -29,515 | -8,801 | -1,887 | | differences for foreign operations | 05 | | | | -------------------------------------------------------------------------------- | Disposal of subsidiary | 16,820 | 0 | 1,075 | 0 | -------------------------------------------------------------------------------- | Other comprehensive income for the | -120,8 | -29,515 | -7,726 | -1,887 | | period | 85 | | | | -------------------------------------------------------------------------------- | Total comprehensive income | -159,7 | 32,650 | -10,210 | 2,086 | | | 51 | | | | -------------------------------------------------------------------------------- | Comprehensive income attributable to | -146,8 | 9,493 | -9,386 | 606 | | parent company | 59 | | | | -------------------------------------------------------------------------------- | Comprehensive income attributable to | -12,89 | 23,157 | -824 | 1,480 | | minority shareholders | 2 | | | | --------------------------------------------------------------------------------