Börsiteade
AS Silvano Fashion Group
LEI kood
529900JNG41RRJKJYB65
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
2834
Manused
Esitamise kuupäev ja aeg
11.08.2010 17:19:00
Teate sisu eesti keeles
Pealkiri
2010. aasta II kvartali ja 6 kuu konsolideeritud vahearuanne
Teade
Tegevusaruanne
Äritulemused
Kontserni peamistel turgudel on aasta algusest saadik jätkunud elavnemine.
Majanduslik olukord Kontserni võtmeturul, Venemaal, on paranemas. Klientide
ostuvõime kasvab ja tööpuudus väheneb; Vene rubla euro ja Ameerika dollari
suhtes on tugevnenud (võrreldes aasta algusega oli Vene rubla kaalutud keskmine
tõus valuutakorvi suhtes 9,4%). Nafta ja gaasi hindade tõus aitab kaasa Venemaa
eelarve täitmisele. Kõige selle tulemusena on 2009.a. lõpust alates lõpptarbija
turul jaemüügihinnad kasvanud. Kontserni 2010.a. I poolaasta käive Venemaal
ületas eelmise aasta sama perioodi näitajat 28,7%.
Veebruaris Ukrainas toimunud presidendivalimised stabiliseerisid mõnevõrra
olukorda riigis ning vähendasid Ukraina turul valitsenud ebakindlust. Kuigi
Venemaaga võrreldes jääb Ukraina majanduse taastumine tagasihoidlikumaks, võib
sealgi täheldada elavnemise märke.
Valgevene turg püsis kogu 2009. aasta jooksul stabiilne ega nõrgenenud ka 2010.
aasta I poolaastal. 2010. aastaks prognoositakse Valgevene SKT 12%-list tõusu.
Võrreldes 2009. aasta II kvartaliga kasvas 2010.a. II kvartalis jaemüük
Valgevenes kohalikus vääringus väljendatuna 59,6% ja eurovääringus 60,1%.
Kuigi Balti riikides, kus majandus 2009. aastal kõige tõsisemalt kannatada sai,
valitseb endiselt raske olukord, kasvas 2010.a. II kvartalis Lauma Lingerie
käive Baltimaades 2009. aasta sama perioodiga võrreldes 59,9%.
Üldiselt kinnitavad 2010.a. I poolaasta käibe tase ja turusituatsioon juhtkonna
prognoosi majandustegevuse elavnemise kohta. 2010. aasta II kvartalis kasvas
käive 2009.a. sama perioodiga võrreldes 30,8%.
Juhtkonna hinnangul on turud pärast 2008. aasta olulist langust jõudnud
stabiliseerumisfaasi ning tarbijate ostukäitumine on kohandunud uutele
turutingimustele. Tuginedes 2010. aasta I poolaasta käibe näitajatele ning
II poolaastaks saadud tellimustele prognoosib juhtkond 2010. aastaks umbes
20%-list aastakäibe kasvu.
Aruandeperioodi lõpu seisuga tegutses Kontserni ja tema frantsiisipartnerite
alluvuses 369 Milavitsa ja Lauma Lingerie pesukauplust, neist 49 kauplust haldab
Kontsern ise ja ülejäänuid frantsiisipartnerid. Jaemüügi osas keskendub Kontsern
varasest enam frantsiisimüügi edendamisele ning toetamisele koostöös
olemasolevate ja uute äripartneritega.
Majandustulemused
Kontserni 2010. aasta I poolaasta käive jätkuvatest tegevusvaldkondadest ulatus
731 682 tuhande kroonini (46 763 tuhat eurot), suurenedes eelmise aasta sama
perioodiga võrreldes 28,6%. Hulgimüügi kogukäive jätkuvatest
tegevusvaldkondadest kasvas 42,4% võrra, samas jaemüügi käive jätkuvatest
tegevusvaldkondadest vähenes 11,0%, seda peamiselt tänu vähetulemuslike
kaupluste sulgemisele ja Kontserni turustusmudeli ümberkorraldustele, mille
juhtkond 2009. aastal läbi viis. Jaemüügi käibe langus vastab seega juhtkonna
hinnangutele ning tuleneb 2009. aastal vastu võetud ümberkorraldusotsustest
seoses Kontsernile kuuluvate kahjumlike tegevusvaldkondade tegevuse
järk-järgulise lõpetamisega Venemaal. Selle tulemusena vähenes jaemüügi osakaal
kogukäibes 7,7% võrra moodustades 17,2% 2010. aasta I poolaasta kogukäibest.
Kontserni jätkuvate tegevusvaldkondade 6 kuu brutorentaablus vähenes 40,6%?ni
võrreldes eelmise aasta sama perioodi 44,7%?ga. Brutorentaabluse languse
peamisteks põhjusteks on Euroopa Liidust imporditavatelt materjalidelt makstava
tollilõivu suurenemine pärast Valgevene Venemaa tolliliiduga ühinemist ning
jaemüügi osakaalu vähenemine kogukäibes.
Konsolideeritud ärikasum jätkuvatest tegevusvaldkondadest moodustas 139 725
tuhat krooni (8 930 tuhat eurot) võrreldes 2009. aasta I poolaasta 30 775
tuhande krooniga (1 967 tuhat eurot). Konsolideeritud käibe ärirentaablus
jätkuvatest tegevusvaldkondadest oli 19,1% (2009.a. I poolaasta: 5,4%).
2009. aasta ärikasumile ja käibe ärirentaablusele avaldasid negatiivset mõju
ühekordsed kulud.
2010.a. I poolaasta konsolideeritud puhaskasum valuutakursi muutustest oli
13 221 tuhat krooni (845 tuhat eurot), mis tulenes peamiselt 2010.a. I kvartalis
eurodes ja Ameerika dollarites sooritatud ettevõttesisestest laenutehingutest.
Seoses SP ZAO Milavitsa kahjumiga valuutakursi muutustest oli 2010.a.
II kvartali konsolideeritud puhaskahjum valuutakursi muutustest 7 198 tuhat
krooni (460 tuhat eurot). SP ZAO Milavitsa kahjum oli seotud Valgevene rubla
ajutise tugevnemisega 2010.a. II kvartalis, kuna ettevõtte varade saldod olid
fikseeritud välisvaluutades.
Tegelik maksumäär paranes eelmise aasta vastavate perioodidega võrreldes
oluliselt ning 2010.a. II kvartalis oli see 19,2% ja 2010.a. I poolaastal 22,2%.
Kuigi seadusega kehtestatud maksumäärad Valgevenes ja Venemaal ei muutunud,
paranes tegelik maksumäär seoses suletud kahjumittootvate valdkondade, Kontserni
suurima tütarettevõtte SP ZAO Milavitsa vähenenud kasumlikkuse ning Venemaa
eelmiste aastate maksukahjumi kasutamisega.
2010.a. I poolaastal oli omanikele jaotatav konsolideeritud puhaskasum
jätkuvatest tegevusvaldkondadest 96 555 tuhat krooni (6 171 tuhat eurot), samas
kui 2009.a. I poolaastal ulatus omanikele jaotatav konsolideeritud puhaskahjum
15 772 tuhande kroonini (1 008 tuhat eurot); omanikele jaotatav puhasrentaablus
jätkuvatest tegevusvaldkondadest oli 13,2% (võrdluseks: 2009.a. I poolaastal oli
rentaablus ?2,8%).
2010.a. I poolaastal oli Kontserni omakapitali tootlus 17,3% (2009.a.
I poolaasta: -9,1%) ning varade tootlus 10,4% (2009.a. I poolaaasta: ?5,1%).
Finantsseisund
Seisuga 30. juuni 2010 ulatus konsolideeritud varade maht 1 000 241 tuhande
kroonini (63 927 tuhat eurot), seega võrreldes seisuga 31. detsember 2009 oli
kasv 17,6%.
Materiaalse ja immateriaalse põhivara saldod kasvasid 2009. aasta 31.
detsembriga võrreldes 7 588 tuhande krooni võrra (485 tuhat eurot), peamiselt
seoses valuutakursi muutuste mõjuga summas 19 088 tuhat krooni (1 220 tuhat
eurot), kuna aasta algusega võrreldes oli Valgevene rublades fikseeritud varade
eurodes väljendatud baasväärtus seisuga 30. juuni 2010 tõusnud. Aruandeperioodi
amortisatsioonikulu oli 13 707 tuhat krooni (876 tuhat eurot).
Võrreldes 31. detsembriga 2009 kasvasid nõuded ostjate vastu 55 234 tuhande
krooni võrra (3 530 tuhat eurot) ja moodustasid 2010. aasta 30. juuni seisuga
186 852 tuhat krooni (11 942 tuhat eurot). Varude saldo vähenes 4 615 tuhande
krooni võrra (295 tuhat eurot) ning ulatus 2010. aasta 30. juuni seisuga
261 674 tuhande kroonini (16 724 tuhat eurot). Ostjatelt laekumata arvete kasv
ja varude saldo vähenemine vastas ärivaldkonna hooajatrendile.
Valuutakursi muutused avaldasid positiivset mõju Kontserni omakapitalile ning
2010.a. I poolaastal suurenes valuutakursi muutuste reserv 37 818 tuhat krooni
(2 417 tuhat eurot). Omanikele kuuluv omakapital suurenes 134 373 tuhande krooni
võrra (8 588 tuhat eurot) ulatudes 30. juuni 2010 seisuga 624 229 tuhande
kroonini (39 896 tuhat eurot).
Nagu juhtkond oli eeldanud, vähenesid lühiajalised kohustused 2010.a.
I poolaastal 18 289 tuhande krooni võrra (1 169 tuhat eurot).
2010.a. I poolaastal paranes Kontserni likviidsuspositsioon laenusaldode ja
nendega seotud tähtaegade osas. Lühi- ja pikaajalised laenukohustused vähenesid
20 982 tuhande krooni võrra (1 341 tuhat eurot) ulatudes 2010. aasta 30. juuni
seisuga 7 260 tuhande kroonini (464 tuhat eurot). 2010.a. I poolaastal võeti
laene summas 8 308 tuhat krooni (531 tuhat eurot) ja maksti tagasi summas
29 588 tuhat krooni (1 891 tuhat eurot), sh tasuti kapitalirendikohustusi summas
751 tuhat krooni (48 tuhat eurot). 2010.a. II kvartalis arveldas Kontsern AS?i
Lauma Lingerie krediidiliini, mis seisuga 31. märts 2010 oli 14 473 tuhat krooni
(925 tuhat eurot).
2009. aastal loobus Kontsern kahjumlikust naisterõivaste ärivaldkonnast ja müüs
aktsiad oma endises 100%?lises tütarettevõttes PTA Grupp AS. Võõrandamise
kuupäeva seisuga kehtisid Kontserni poolt Danske Bank A/S Eesti filiaalile
väljastatud garantiid PTA Grupp AS-i laenude ja garantiilimiitide tagamiseks.
Seisuga 30. juuni 2010 olid Danske Bank A/S Eesti filiaalilt SFG käenduse
tagatisel saadud PTA Grupp AS-i laenude ja garantiide saldod vastavalt
6 916 tuhat krooni (442 tuhat eurot) ja 3 567 tuhat krooni ( 228 tuhat eurot).
Maksukohustused ja muud kohustused, sh võlad töövõtjatele, moodustasid 81 528
tuhat krooni (5 210 tuhat eurot). Seisuga 30. juuni 2010 moodustasid eraldised
7 604 tuhat krooni (486 tuhat eurot), sh Venemaa jaemüügi valdkondade
ümberkorraldamiseks loodud eraldiste jääk summas 735 tuhat krooni (47 tuhat
eurot). 2010.a. II kvartalis viidi Venemaa jaemüügi ümberkorraldamine suures
osas lõpule ning juhtkonna hinnangul ei ole Venemaa jaemüügi valdkondadega
seoses ette näha uusi eraldisi ega mahakandmisi.
Käive
--------------------------------------------------------------------------------
| | 6 | 6 kuud | Muutus | 6 kuud | 6 kuud | Muutus | 6 kuud | 6 kuud |
| | kuud | 2009 | tuhand | 2010 | 2009 | tuhand | 2010 | 2009 |
| | 2010 | tuhand | etes | tuhand | tuhand | etes | protse | protse |
| | tuhan | etes | krooni | etes | etes | eurode | nt | nt |
| | detes | krooni | des | eurode | eurode | s | käibes | käibes |
| | kroon | des | | s | s | | t | t |
| | ides | | | | | | | |
--------------------------------------------------------------------------------
| Hulgi | 602 | 422 | 179 | 38 482 | 27 032 | 11 450 | 82,3% | 74,3% |
| müük | 112 | 958 | 154 | | | | | |
--------------------------------------------------------------------------------
| Jaemü | 126 | 141 | -15 | 8 053 | 9 052 | -999 | 17,2% | 24,9% |
| ük | 002 | 633 | 631 | | | | | |
--------------------------------------------------------------------------------
| Muud | 3 568 | 4 475 | -907 | 228 | 286 | -58 | 0,5% | 0,8% |
| tegev | | | | | | | | |
| us-va | | | | | | | | |
| ldkon | | | | | | | | |
| nad | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 731 | 569 | 162 | 46 763 | 36 370 | 10 393 | 100,0% | 100,0% |
| | 682 | 066 | 616 | | | | | |
--------------------------------------------------------------------------------
Käive turgude lõikes
2010.a. I poolaastal keskendus Kontsern peamiselt Balti, Venemaa, Valgevene ja
Ukraina turgudele.
Kogukäive turgude lõikes
--------------------------------------------------------------------------------
| | 6 | 6 kuud | Muutus | 6 kuud | 6 kuud | Muutus | 6 kuud | 6 kuud |
| | kuud | 2009 | tuhand | 2010 | 2009 | tuhand | 2010 | 2009 |
| | 2010 | tuhand | etes | tuhand | tuhand | etes | protse | protse |
| | tuhan | etes | krooni | etes | etes | eurode | nt | nt |
| | detes | krooni | des | eurode | eurode | s | käibes | käibes |
| | kroon | des | | s | s | | t | t |
| | ides | | | | | | | |
--------------------------------------------------------------------------------
| Venem | 429 | 334 | 95 726 | 27 472 | 21 354 | 6 118 | 58,7% | 58,7% |
| aa | 844 | 118 | | | | | | |
--------------------------------------------------------------------------------
| Valge | 188 | 144 | 43 607 | 12 036 | 9 249 | 2 787 | 25,7% | 25,4% |
| vene | 322 | 715 | | | | | | |
--------------------------------------------------------------------------------
| Balti | 41 | 30 589 | 11 219 | 2 672 | 1 955 | 717 | 5,7% | 5,4% |
| maad | 808 | | | | | | | |
--------------------------------------------------------------------------------
| Ukrai | 37 | 29 541 | 7 557 | 2 371 | 1 888 | 483 | 5,1% | 5,2% |
| na | 098 | | | | | | | |
--------------------------------------------------------------------------------
| Muud | 34 | 30 103 | 4 507 | 2 212 | 1 924 | 288 | 4,8% | 5,3% |
| turud | 610 | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 731 | 569 | 162 | 46 763 | 36 370 | 10 393 | 100,0% | 100,0% |
| | 682 | 066 | 616 | | | | | |
--------------------------------------------------------------------------------
Suur osa 2010.a. I poolaastal naistepesu müügist teenitud tulust saadi Venemaa
turult (429 844 tuhat krooni, s.o 27 472 tuhat eurot), mis moodustas 58,7%
naistepesu müügi kogukäibest 2010.a. I poolaastal (2009.a. I poolaasta: 334 118
tuhat krooni, s.o 21 354 tuhat eurot). Venemaa käibe näitaja hõlmab nii jae- kui
ka hulgimüüki. Naistepesu müügimahu suuruselt teine piirkond oli Valgevene, kus
käive ulatus 188 322 tuhande kroonini (12 036 tuhat eurot), mis moodustas 25,7%
naistepesu müügi käibest (sh nii jae- kui ka hulgimüük); 2009.a. I poolaasta
vastav näitaja oli 144 715 tuhat krooni (9 249 tuhat eurot).
Kuigi majanduse olukord mõjutas endiselt käivet suurematel turgudel, olid
2010.a. I poolaasta müüginäitajad koguste osas siiski suuremad võrreldes 2009.
aasta sama perioodiga.
Kõige märgatavam oli käibe kasv Venemaa ja Ukraina turgudel, samas kui Valgevene
müügitegevus oli suhteliselt stabiilne näidates pisikest kasvutendentsi. Pärast
2009. aasta keerulist IV kvartalit ületasid 6 kuu käibe üldtulemused veidi
juhtkonna ootusi.
2009. aasta lõpus muutis Milavitsa oma müügistrateegiat ning 2010.a.
I poolaastal rakendati muudetud strateegiat Venemaal ja Ukrainas. Vastavalt on
tehtud muudatused ka Kontserni eesmärkidesse seoses kontrolli suurendamisega oma
turustamis- ning organisatsiooni struktuuri üle.
Käibe kasvu tagamiseks jätkas Milavitsa turundusalase tegevuse laiendamist
Valgevenes, Ukrainas ja Venemaal ning võttis tarvitusele meetmed uute
frantsiisikaupluste avamise toetamiseks. Turunduses ja frantsiisikaubanduses
jätkusid ühisprogrammid edasimüüjate ja turustajatega.
Aruandeperioodil paranes märgatavalt kriisis tugevalt kannatada saanud Lauma
Lingerie käive peamistel turgudel. Hiljuti asus ettevõttes tööle uus
märkimisväärsete valdkonna-alaste kogemustega müügi- ja turundusjuht.
Pesu tootemarkide lõikes moodustas Milavitsa põhitootemargi müügist saadud tulu
73,3% 2010.a. I poolaastal naistepesu müügist saadud kogutulust (2009.a.
I poolaasta: 76,2%) ulatudes 533 705 tuhande kroonini (34 110 tuhat eurot).
Lauma Lingerie põhitootemargi müügikäive moodustas 8,1% (2009.a. I poolaasta:
5,2%) naistepesu kogukäibest ulatudes 58 972 tuhande kroonini (3 769 tuhat
eurot). Ülejäänud tootemargid, st Alisee, Aveline, Hidalgo ja Laumelle
moodustasid 2010.a. I poolaastal kokku 18,6% naistepesu müügi kogukäibest
(2009.a. I poolaasta: 18,6%) ulatudes 135 437 tuhande kroonini (8 656 tuhat
eurot).
Hulgimüük
2010.a. I poolaastal ulatus hulgimüügi tulu 602 112 tuhande kroonini (38 482
tuhat eurot), mis moodustas 82,3% Kontserni kogu müügitulust (2009.a.
I poolaasta: 74,3%). Peamised hulgimüügipiirkonnad olid Venemaa, Valgevene,
Ukraina ja Balti riigid. Hoolimata eeldatavalt raskest aasta algusest võis juba
2010.a. I kvartalis täheldada järk-järgulist müügikäibe paranemist. Ka II
kvartalis hulgimüügi tulemused paranesid ning võrreldes 2009.a. sama perioodiga
olid muutused positiivsed.
Laiendati tegevust väljapool põhiturge eesmärgiga mitmekesistada Kontserni
müügitegevust eeskätt Lääne-Euroopa riikides. Mõnel turul osaleb Kontsern
müügiagentide vahendusel, teisi turge teenindavad kohalikud edasimüüjad. Samuti
otsib Kontsern võimalusi jaemüüja kaubamärgi all tootmiseks, kus see
otstarbekaks osutub.
Jaemüük
2010.a. I poolaastal moodustas Kontserni naistepesu jaemüügikäive kokku 126 002
tuhat krooni (8 053 tuhat eurot), seega võrreldes 2009.a. I poolaastaga oli
langus 11,0%.
Jaemüük toimus Valgevenes, Venemaal ja Lätis. 2010.a. I poolaasta lõpul oli
Kontsernil 49 oma jaemüügipunkti kogupindalaga 4 126 ruutmeetrit. 2010. aasta
30. juuni seisuga tegutses Milavitsa tootemargi all 310 kauplust, mida haldasid
Milavitsa äripartnerid Venemaal, Valgevenes, Ukrainas, Moldovas, Kasahstanis,
Usbekistanis, Kõrgõzstanis, Lätis, Aserbaidžaanis, Armeenias ja Küprosel. Neist
47 kauplust avati 2010.a. I poolaastal. Mõned vähetulemuslikud kauplused suleti
või paigutati ümber. Seisuga 30. juuni 2010 tegutses ka 10 Lauma Lingerie
jaemüügikauplust, mida haldasid Lauma Lingerie äripartnerid Leedus, Lätis,
Eestis ja Venemaal. Neist 6 kauplust avati 2010.a. I poolaastal.
2010. aasta 6 kuuga avati 6 uut Kontsernile kuuluvat naistepesu kauplust, sh 2
Milavitsa tootemargi all tegutsevat kauplust Valgevenes ja 4 Lauma Lingerie
tootemargi all tegutsevat kauplust Lätis. Suleti kolm vähetulemuslikku kauplust
Venemaal ning 18 kauplust anti üle Milavitsa äripartneritele vastavalt
strateegiale, mille kohaselt suunatakse tähelepanu oma jaemüügiketilt Milavitsa
frantsiisivõrgustiku väljaarendamisele ja lõpetatakse kahjumit tootvad
jaemüügivaldkonnad Venemaal.
Kontsernile kuuluvate kaupluste arv:
--------------------------------------------------------------------------------
| | 30.06.2010 | 31.12.2009 |
--------------------------------------------------------------------------------
| Läti | 9 | 5 |
--------------------------------------------------------------------------------
| Valgevene | 40 | 38 |
--------------------------------------------------------------------------------
| Venemaa | 0 | 21 |
--------------------------------------------------------------------------------
| Kaupluseid kokku | 49 | 64 |
--------------------------------------------------------------------------------
| Müügipind kokku, | 4 126 | 5 523 |
| ruutmeetrites | | |
--------------------------------------------------------------------------------
Milavitsa Valgevene jaemüügiketis rakendati terve rida meetmeid müügi
edendamiseks. Kontsernile kuuluvad jaemüügikauplused Valgevenes jäävad endiselt
üheks Kontserni edasise müügiarendustegevuse prioriteetidest Valgevenes.
Peamiselt tänu viimase aasta jooksul avatud arvukatele uutele kauplustele kasvas
üldine jaemüügitegevus Valgevenes 2009. aasta sama perioodiga võrreldes
kohalikus vääringus väljendatuna 47,6% ja eurovääringus 40,0%. Tänu kõrgele
käibele mais ja juunis kasvas ka võrreldavate poepindade käive ruutmeetri kohta.
Balti riikides vähenes jaemüügi käive 2009.a. I poolaastaga võrreldes 52,6%
võrra, ulatudes 5 445 tuhande kroonini (348 tuhat eurot). Käibe vähenemine Balti
turgudel on seletatav Leedu jaemüügivaldkonnast loobumisega 2009.aasta
novembris.
2009.a. II poolaastal langetati seoses naistepesu jaemüügigaVenemaal
strateegiline otsus suunata tähelepanu oma jaemüügiketilt Milavitsa
frantsiisivõrgustiku väljaarendamisele ning sellega lõpetati kahjumit tootev
jaemüügivaldkond Venemaal. Selle tulemusena viidi Kontserni enda Oblicie
kauplused Milavitsa tootemargi alla ja alustati kaupluste üleandmist Milavitsa
äripartneritele ning vähetulemuslikud kauplused suleti. 2010.a. I poolaasta
jooksul anti kõik ülejäänud 21 kauplust üle äripartneritele või suleti. 2010.
aasta 30. juuni seisuga ei ole Kontsernil enam ühtegi oma jaemüügikauplust
Venemaal. Ülalnimetatud frantsiisi arendamise strateegia elluviimiseks on tehtud
muudatusi Kontserni Venemaa tegevusvaldkonna struktuuris ja juhtimises
(muuhulgas loodi eraldi frantsiisiosakond).
Kontserni kauplused kontseptsioonide lõikes
--------------------------------------------------------------------------------
| Turg | Milavitsa | Lauma | Kokku | Müügipind, |
| | kauplused | Lingerie | | ruutmeetrites |
| | | kauplused | | |
--------------------------------------------------------------------------------
| Valgevene | 40 | 0 | 40 | 3 566 |
--------------------------------------------------------------------------------
| Läti | 0 | 9 | 9 | 560 |
--------------------------------------------------------------------------------
| Kokku | 40 | 9 | 49 | 4 126 |
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonnad
2009.a. I poolaastal kajastatud lõpetatud tegevusvaldkondade majandustulemused
hõlmavad PTA tegevust (naisterõivaste ärivaldkond) 2009.a. I poolaastal. PTA
tegevusvaldkondade majandustulemused on koondatud konsolideeritud kasumiaruande
ühele reale ‘Kahjum lõpetatud tegevusvaldkondadest'.
Tootmine, sisseostmine, hanked ja logistika
Seoses suure turunõudlusega suurendasid Kontserni tootmisettevõtted oma tootmis-
ja hankemahtusid nii 2010. aasta I kui ka II kvartalis.
2010.a. II kvartalis oli SP ZAO Milavitsa tootmise kogumaht 4 363 tuhat ühikut,
seega võrreldes eelmise aasta sama perioodiga oli tõus 49%. Lauma Lingerie
tootmise kogumaht 2010.a. II kvartalis oli 217,8 tuhat ühikut, seega võrreldes
eelmise aasta sama perioodiga oli kasv 160%. Et valmistuda 2010. aasta
tootmismahtude tõusuks, suurendati 2010.a. II kvartalis SP ZAO Milavitsa
tootmisvõimsusi I kvartaliga võrreldes 3,7% võrra.
Investeeringud
2010.a. I poolaastal moodustas Kontserni investeeringute kogumaht 8 700 tuhat
krooni (556 tuhat eurot), kusjuures 3 286 tuhat krooni (210 tuhat eurot)
investeeriti jaemüüki. Ülejäänud investeeringud tehti tootmise efektiivsuse
säilitamiseks vajalikesse seadmetesse ja hoonetesse.
Personal
2010. aasta 30. juuni seisuga oli Kontsernil 3 141 töötajat, neist 420 inimest
töötas jaemüügivõrgus ja 1 988 tootmises. Ülejäänud töötajad tegutsesid
hulgimüügi-, haldus- ja tugiteenuste valdkondades.
2010.a. I poolaasta palgakulu oli kokku 145 310 tuhat krooni (9 287 tuhat
eurot). Juhatuse liikmetele makstud töötasud moodustas kokku 3 630 tuhat krooni
(233 tuhat eurot). Juhatuse liikmed töötavad ka Kontserni tütarettevõtete
juhtidena.
Olulisemad sündmused 2010.a. I poolaastal
Muutused nõukogu koosseisus
AS-i Silvano Fashion Group aktsionäride erakorraline üldkoosolek toimus 5.
märtsil 2010 Tallinnas. Koosolek otsustas tagasi kutsuda SFG nõukogu liikmed
Indrek Rahumaa ja Priit Põldoja ning valida nõukogusse Risto Mägi, Stephan
Balkin, Otto Tamme ja Sven Kunsing.
Nõukogu liikme tagasiastumine
24. märtsil 2010 esitas nõukogu liige Sven Kunsing SFG-le avalduse nõukogu
liikmest tagasiastumiseks ning palus avalduse edastada SFG järgmisele
korralisele üldkoosolekule. 28. juunil 2010 toimunud aktsionäride üldkoosolekul
kinnitasid ettevõtte aktsionärid Sven Kunsingu avalduse nõukogu liikmest
tagasiastumiseks.
Kontserni tütarettevõtte SP ZAO Milavitsa aktsiate tagasiostu programm
21. mail 2010 kiitis Kontserni emaettevõtte heaks Kontserni suurima
tütarettevõtte SP ZAO Milavitsa aktsiate tagasiostu programmi. Vastavalt
programmi tingimustele võib ajavahemikul juuni 2010 kuni veebruar 2011 tagasi
osta kuni 1 967 SP ZAO Milavitsa aktsiat, mis moodustab kuni 20% kõikidest SP
ZAO Milavitsa aktsiatest. Aktsiate tagasiostu eesmärgiks on aktsiad seejärel
tühistada. SP ZAO Milavitsa aktsia hinnaks pakutakse 3 000 000 Valgevene rubla
ühe aktsia kohta. Seisuga 2. august 2010 kuulub SP ZAO Milavitsa omandusse
112 SP ZAO Milavitsa aktsiat, mis moodustab 1,14% kõigist SP ZAO Milavitsa
aktsiatest. Kontserni juhtkonna hinnangul SFG osalus aktsiakapitalis pärast
tagasiostu programmi lõppu oluliselt ei suurene. Juhul kui SP ZAO Milavitsa
aktsionäride üldkoosolek otsustab SP ZAO Milavitsa poolt tagasiostetud aktsiad
tühistada, toimub aktsiate tagasiostu programmist tulenev muutus AS-i SFG
aktsiakapitali osaluses 2011.a. I poolaastal.
Muutused juhatuse koosseisus
5. juunil 2010 lõppesid Dmitry Ditchkovsky ja Sergei Kusonski volitused SFG
juhatuse liikmena. D. Ditchkovsky ja S. Kusonski jätkavad töölepingute alusel
tööd oma endistel ametipositsioonidel SFG juhtkonnas.
5. augustil 2010 otsustas AS-i Silvano Fashion Group nõukogu suurendada juhatuse
liikmete arvu kolmeni ning SFG juhatuse uueks liikmeks valiti Märt Meerits.
Aktsionäride üldkoosoleku otsused
Aktsionäride üldkoosolek toimus 28. juunil 2010. Muu hulgas langetas üldkoosolek
järgmised otsused:
Kinnitada otsus maksta dividendidena välja 30 985 744 krooni (1 980 350 eurot),
millest 21. septembril 2010 makstakse igale ettevõtte aktsionärile 0,78233
krooni (0,05 eurot) aktsia kohta. Nimekiri aktsionäridest, kellel on õigus
dividende saada, fikseeriti aktsionäride registri alusel seisuga 23.59
15. juulil 2010 (väärtpaberi omanike nimekirja fikseerimise päev).
Valida Ants Susi ettevõtte nõukogu liikmeks. 1997. aastast töötab Ants Susi
Eesti ettevõtte OÜ Baltsped juhatuse liikmena. OÜ Baltsped on rahvusvaheliste
veoautotranspordi- ja ekspedeerimisteenustega tegelev ettevõte. Ants Susi on
AS-i Esmar nõukogu liige ja OÜ Callada Invest juhatuse liige ning kuulub Läti
ettevõtte Spedline SIA ja Leedu ettevõtte Spedline UAB juhatusse.
Kinnitada ettevõtte uus põhikiri.
Vähendada 393 000 ettevõttele kuuluva oma aktsia tühistamise teel ettevõtte
aktsiakapitali 3 930 000 krooni võrra, s.o 396 070 000 kroonini. Aktsiakapitali
vähendamise eesmärgiks oli tõsta ettevõtte allesjäänud aktsiate väärtust.
Aktsiakapitali vähendamine kantakse äriregistrisse eeldatavasti 2010. aasta
septembri lõpus.
Valikulised finantsandmed
Kontserni tulemusi iseloomustavad alltoodud näitajad ja suhtarvud:
--------------------------------------------------------------------------------
| Peamised näitajad ja suhtarvud | I | I | Muutus |
| | poolaasta | poolaasta | |
| | 2010 | 2009 | |
--------------------------------------------------------------------------------
| Netokäive jätkuvatest | 731 682 | 569 066 | 162 616 |
| tegevusvaldkondadest (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Puhaskasum/-kahjum jätkuvatest | 96 555 | -15 772 | 112 327 |
| tegevusvaldkondadest, ettevõtte omanike | | | |
| osa (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Kasum enne intresse, makse ja | 153 651 | 49 286 | 104 365 |
| amortisatsiooni (EBITDA) jätkuvatest | | | |
| tegevusvaldkondadest (tuhat krooni) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi ja makse (EBIT) | 139 725 | 30 775 | 108 950 |
| jätkuvatest tegevusvaldkondadest (tuhat | | | |
| krooni) | | | |
--------------------------------------------------------------------------------
| Netokäive jätkuvatest | 46 763 | 36 370 | 10 393 |
| tegevusvaldkondadest (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Puhaskasum/-kahjum jätkuvatest | 6 171 | -1 008 | 7 179 |
| tegevusvaldkondadest, ettevõtte omanike | | | |
| osa (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Kasum enne intresse, makse ja | 9 820 | 3 150 | 6 670 |
| amortisatsiooni (EBITDA) jätkuvatest | | | |
| tegevusvaldkondadest (tuhat eurot) | | | |
--------------------------------------------------------------------------------
| Kasum enne intressi ja makse (EBIT) | 8 930 | 1 967 | 6 963 |
| jätkuvatest tegevusvaldkondadest (tuhat | | | |
| eurot) | | | |
--------------------------------------------------------------------------------
| Käibe ärirentaablus jätkuvatest | 19,1% | 5,4% | - |
| tegevusvaldkondadest, % | | | |
--------------------------------------------------------------------------------
| Puhasrentaablus jätkuvatest | 13,2% | -2,8% | - |
| tegevusvaldkondadest, ettevõtte omanike | | | |
| osa, % | | | |
--------------------------------------------------------------------------------
| ROA, % | 10,4% | -5,1% | - |
--------------------------------------------------------------------------------
| ROE, % | 17,3% | -9,1% | - |
--------------------------------------------------------------------------------
| Kasum/kahjum aktsia kohta (EPS), | 2,44 | -1,31 | - |
| kroonides | | | |
--------------------------------------------------------------------------------
| Kasum/kahjum aktsia kohta (EPS), | 0,16 | -0,08 | - |
| eurodes | | | |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 3,8 | 2,8 | - |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 2,5 | 1,5 | - |
--------------------------------------------------------------------------------
Suhtarvude arvutamisel kasutatud valemid:
Käibe ärirentaablus jätkuvatest tegevusvaldkondadest = ärikasum jätkuvatest
tegevusvaldkondadest/müügitulu
Puhasrentaablus jätkuvatest tegevusvaldkondadest = puhaskasum jätkuvatest
tegevusvaldkondadest, ettevõtte omanike osa/ müügitulu
ROA (varade tootlus) = puhaskasum, ettevõtte omanike osa/ keskmine koguvara
ROE (omakapitali tootlus) = puhaskasum, ettevõtte omanike osa/ keskmine
omakapital, ettevõtte omanike osa
EPS (kasum aktsia kohta) = puhaskasum, ettevõtte omanike osa/ perioodi kaalutud
keskmine lihtaktsiate arv
Lühiajaliste kohustuste kattekordaja = käibevara/ lühiajalised kohustused
Likviidsuskordaja = (käibevara - varud)/ lühiajalised kohustused
Konsolideeritud finantsseisundi aruanne
Auditeerimata
--------------------------------------------------------------------------------
| | 30.06. | 31.12. | 30.06. | 30.06.2 | 31.12.2 | 30.06.2 |
| | 2010 | 2009 | 2009 | 010 | 009 | 009 |
--------------------------------------------------------------------------------
| | tuhand | tuhand | tuhand | tuhande | tuhande | tuhande |
| | etes | etes | etes | tes | tes | tes |
| | krooni | krooni | krooni | eurodes | eurodes | eurodes |
| | des | des | des | | | |
--------------------------------------------------------------------------------
| VARAD | | | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 175 | 168 | 199 | 11 231 | 10 753 | 12 753 |
| põhivara | 727 | 248 | 541 | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 9 028 | 8 919 | 6 149 | 577 | 570 | 393 |
| põhivara | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteer | 22 124 | 20 090 | 19 683 | 1 414 | 1 284 | 1 258 |
| ingud | | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse | 1 095 | 2 175 | 2 018 | 70 | 139 | 129 |
| meetodil | | | | | | |
| kajastatavad | | | | | | |
| investeeringud | | | | | | |
--------------------------------------------------------------------------------
| Müügivalmis | 6 243 | 5 664 | 6 744 | 399 | 362 | 431 |
| finantsvara | | | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | 20 826 | 18 119 | 0 | 1 331 | 1 158 | 0 |
| tulumaksuvara | | | | | | |
--------------------------------------------------------------------------------
| Muud nõuded | 10 233 | 9 920 | 29 369 | 654 | 634 | 1 877 |
--------------------------------------------------------------------------------
| Põhivara kokku | 245 | 233 | 263 | 15 676 | 14 900 | 16 841 |
| | 276 | 135 | 504 | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | | |
--------------------------------------------------------------------------------
| Varud | 261 | 266 | 274 | 16 724 | 17 019 | 17 526 |
| | 674 | 289 | 222 | | | |
--------------------------------------------------------------------------------
| Ettemakstud | 798 | 7 260 | 6 572 | 51 | 464 | 420 |
| tulumaks | | | | | | |
--------------------------------------------------------------------------------
| Muud maksunõuded | 20 904 | 22 875 | 10 874 | 1 336 | 1 462 | 695 |
--------------------------------------------------------------------------------
| Nõuded ostjate | 186 | 131 | 168 | 11 942 | 8 412 | 10 769 |
| vastu | 852 | 618 | 498 | | | |
--------------------------------------------------------------------------------
| Muud nõuded | 9 607 | 18 260 | 31 700 | 614 | 1 167 | 2 026 |
--------------------------------------------------------------------------------
| Ettemaksed | 9 419 | 9 529 | 13 268 | 602 | 609 | 848 |
--------------------------------------------------------------------------------
| Raha ja raha | 264 | 153 | 63 776 | 16 911 | 9 838 | 4 076 |
| ekvivalendid | 600 | 931 | | | | |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 1 111 | 7 526 | 0 | 71 | 481 | 0 |
--------------------------------------------------------------------------------
| Käibevara kokku | 754 | 617 | 568 | 48 251 | 39 452 | 36 360 |
| | 965 | 288 | 910 | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | 1 000 | 850 | 832 | 63 927 | 54 352 | 53 201 |
| | 241 | 423 | 414 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | -7 041 | -7 041 | -450 | -450 | -450 |
--------------------------------------------------------------------------------
| Kohustuslik | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 |
| reservkapital | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | -148 | -186 | -168 | -9 505 | -11 922 | -10 790 |
| muutuste reserv | 721 | 539 | 827 | | | |
--------------------------------------------------------------------------------
| Jaotamata kasum | 155 | 59 097 | 45 907 | 9 948 | 3 777 | 2 934 |
| | 652 | | | | | |
--------------------------------------------------------------------------------
| Ettevõtte omanikele | 624 | 489 | 494 | 39 896 | 31 308 | 31 597 |
| kuuluv omakapital | 229 | 856 | 378 | | | |
--------------------------------------------------------------------------------
| Mittekontrolliv | 170 | 136 | 127 | 10 893 | 8 701 | 8 170 |
| osalus | 438 | 141 | 833 | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 794 | 625 | 622 | 50 789 | 40 009 | 39 767 |
| | 667 | 997 | 211 | | | |
--------------------------------------------------------------------------------
| Pikaajalised | | | | | | |
| kohustused | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 4 944 | 4 052 | 7 260 | 316 | 259 | 464 |
--------------------------------------------------------------------------------
| Edasilükkunud | 0 | 0 | 266 | 0 | 0 | 17 |
| tulumaksu | | | | | | |
| kohustused | | | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | 0 | 1 455 | 0 | 0 | 93 | 0 |
--------------------------------------------------------------------------------
| Eraldised | 0 | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Pikaajalised | 4 944 | 5 507 | 7 526 | 316 | 352 | 481 |
| kohustused kokku | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | | | |
| kohustused | | | | | | |
--------------------------------------------------------------------------------
| Laenukohustused | 2 316 | 24 190 | 40 650 | 148 | 1 546 | 2 598 |
--------------------------------------------------------------------------------
| Võlad tarnijatele | 109 | 123 | 96 806 | 6 978 | 7 925 | 6 187 |
| | 182 | 999 | | | | |
--------------------------------------------------------------------------------
| Ettevõtte tulumaksu | 12 095 | 3 552 | 6 446 | 773 | 227 | 412 |
| võlg | | | | | | |
--------------------------------------------------------------------------------
| Muud maksuvõlad | 23 032 | 24 831 | 22 390 | 1 472 | 1 587 | 1 431 |
--------------------------------------------------------------------------------
| Muud võlad | 21 295 | 14 270 | 16 163 | 1 361 | 912 | 1 033 |
--------------------------------------------------------------------------------
| Eraldised | 7 604 | 3 395 | 19 746 | 486 | 217 | 1 262 |
--------------------------------------------------------------------------------
| Edasilükkunud | 0 | 0 | 16 | 0 | 0 | 1 |
| tulumaksu kohustus | | | | | | |
--------------------------------------------------------------------------------
| Viitvõlad | 24 988 | 24 033 | 38 | 1 597 | 1 536 | 2 |
--------------------------------------------------------------------------------
| Tulevaste | 118 | 649 | 422 | 7 | 41 | 27 |
| perioodide tulu | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | 200 | 218 | 202 | 12 822 | 13 991 | 12 953 |
| kohustused kokku | 630 | 919 | 677 | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | 205 | 224 | 210 | 13 138 | 14 343 | 13 434 |
| | 574 | 426 | 203 | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | 1 000 | 850 | 832 | 63 927 | 54 352 | 53 201 |
| OMAKAPITAL KOKKU | 241 | 423 | 414 | | | |
--------------------------------------------------------------------------------
2010. aasta 6 kuu konsolideeritud kasumiaruanne
Auditeerimata
--------------------------------------------------------------------------------
| | I | I | I | I poolaasta |
| | poolaasta | poolaasta | poolaasta | 2009 |
| | 2010 | 2009 | 2010 | tuhandetes |
| | tuhandetes | tuhandetes | tuhandetes | eurodes |
| | kroonides | kroonides | eurodes | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jätkuvad | | | | |
| tegevusvaldkonnad | | | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulu | 731 682 | 569 066 | 46 763 | 36 370 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | -434 678 | -314 950 | -27 781 | -20 129 |
--------------------------------------------------------------------------------
| Brutokasum | 297 004 | 254 116 | 18 982 | 16 241 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud äritulud | 5 821 | 17 289 | 372 | 1 105 |
--------------------------------------------------------------------------------
| Turustuskulud | -74 321 | -92 722 | -4 750 | -5 926 |
--------------------------------------------------------------------------------
| Üldhalduskulud | -66 576 | -80 033 | -4 255 | -5 115 |
--------------------------------------------------------------------------------
| Muud ärikulud | -22 203 | -67 875 | -1 419 | -4 338 |
--------------------------------------------------------------------------------
| Ärikasum/-kahjum | 139 725 | 30 775 | 8 930 | 1 967 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressikulud | -1 001 | -6 008 | -64 | -384 |
--------------------------------------------------------------------------------
| Kasum/kahjum | 13 221 | 11 954 | 845 | 764 |
| valuutakursimuutustest | | | | |
--------------------------------------------------------------------------------
| Muud | 5 537 | 6 572 | 354 | 420 |
| fianantstulud/-kulud | | | | |
--------------------------------------------------------------------------------
| Finantstulud/-kulud | 17 757 | 12 518 | 1 135 | 800 |
| kokku | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum/kahjum | -1 220 | -422 | -78 | -27 |
| kapitaliosaluse | | | | |
| meetodil kajastatud | | | | |
| investeeringutest | | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | 156 262 | 42 871 | 9 987 | 2 740 |
--------------------------------------------------------------------------------
| Tulumaks | -34 626 | -45 703 | -2 213 | -2 921 |
--------------------------------------------------------------------------------
| Kasum/kahjum | 121 636 | -2 832 | 7 774 | -181 |
| jätkuvatest | | | | |
| tegevusvaldkondadest | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lõpetatud | | | | |
| tegevusvaldkonnad | | | | |
--------------------------------------------------------------------------------
| Kahjum lõpetatud | 0 | -36 034 | 0 | -2 303 |
| tegevusvaldkondadest | | | | |
| (miinus tulumaks) | | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi | 121 636 | -38 866 | 7 774 | -2 484 |
| kasum/kahjum | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sealhulgas | | | | |
--------------------------------------------------------------------------------
| Ettevõtte omanike osa | 96 555 | -51 806 | 6 171 | -3 311 |
| kasumist/kahjumist | | | | |
--------------------------------------------------------------------------------
| Mittekontrolliva | 25 081 | 12 940 | 1 603 | 827 |
| osaluse osa | | | | |
| kasumist/kahjumist | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum aktsia kohta | | | | |
--------------------------------------------------------------------------------
| Tava kasum/kahjum | 2,44 | -1,31 | 0,16 | -0,08 |
| aktsia kohta | | | | |
| (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum/kahjum | 2,44 | -1,31 | 0,16 | -0,08 |
| aktsia kohta | | | | |
| (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Jätkuvad | | | | |
| tegevusvaldkonnad | | | | |
--------------------------------------------------------------------------------
| Tava kasum/kahjum | 2,44 | -0,40 | 0,16 | -0,03 |
| aktsia kohta | | | | |
| (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum/kahjum | 2,44 | -0,40 | 0,16 | -0,03 |
| aktsia kohta | | | | |
| (kroonides/eurodes) | | | | |
--------------------------------------------------------------------------------
Baiba Gegere
Aktsiaseltsi Silvano Fashion Group juhatuse liige
Tel +375 172880770
E-post [email protected]
Asukoht: Tulika 15/17, Tallinn 10613, Eesti
Teate sisu inglise keeles
Pealkiri
Consolidated interim report for Q2 and 6 months 2010
Teade
Management Report Business results From the beginning of the year the Group's major markets have continued to recover. Economic situation in Russia, the Group's key market, is improving. The consumers' purchasing power is improving and unemployment rate is decreasing; Russian Rouble strengthened against USD and Euro (weighted average growth of the Russian Rouble was 9.4% against a multi-currency basket since the beginning of the year). Oil and gas prices continue to support the fulfilment of Russian budget. As a result, retail sales in the end customer market have been growing since the end of 2009. The Group's sales in Russia in H1 2010 were 28.7% above respective period in prior year. In Ukraine, presidential elections in February brought certain stability and alleviated some of the uncertainty that existed in the market. The signs of Ukrainian economy recovery are not as strong as in Russia; however, the recovery currently appears to be gaining momentum. The Belarusian market has been stable during 2009 and has not weakened in H1 2010. The Belarusian economy's GDP growth is forecast at a 12% rate for 2010. In Q2 2010 retail operations in Belarus demonstrated an increase of 59.6% in local currency terms and 60.1% in EUR terms as compared to Q2 2009. Despite the difficult situation that remains prevalent in the Baltics, where economy suffered the most in 2009, Lauma Lingerie's Q2 2010 sales in the Baltic countries increased by 59.9 % as compared to Q2 2009. In general, H1 2010 sales level and market situation confirmed management forecast of business recovery. Q2 2010 sales demonstrated a 30.8% increase as compared to Q2 2009. The opinion of the management of the Group is that after a significant drop in 2008 the markets have entered into the stabilization phase and that consumers have adjusted their purchasing patterns to the new market conditions. Based on H1 2010 sales and orders collected for H2 2010, the management estimates 2010 sales growth at around 20% on annual basis. At the end of the reporting period the Group and its franchising partners operated 369 Milavitsa and Lauma lingerie outlets, including 49 stores operated directly by the Group and the rest by franchising partners. The Group's retail focus has been shifted towards the promotion and support of franchising in cooperation with existing and new partners. Financial performance The Group's sales from continuing operations amounted to EEK 731,682 thousand (EUR 46,763 thousand) in H1 2010, representing a 28.6% increase as compared to the respective period in the previous year. Overall wholesale sales from continuing operations increased by 42.4%, while retail sales from continuing operations presented a decrease of 11.0%, mainly due to closures of underperforming stores and the restructuring of the Group's distribution model that was carried out by the management in 2009. Decrease in retail sales is thus in line with management expectations and follows the restructuring decisions taken in 2009 when loss-making own retail operations in Russia were gradually discontinued. As the result, the proportion of retail sales in total sales decreased by 7.7% and came at 17.2% of total sales in H1 2010. The Group's gross margin from continuing operations in the 6 months' period decreased and was 40.6%, as compared to 44.7% in the respective period in the previous year. Decrease in gross margin is mainly explained by higher customs duties on materials imported by the Group from the EU after Belarus joining the Customs Union with Russia and by the decline of the proportion of retail sales in total sales. The consolidated operating profit from continuing operations amounted to EEK 139,725 thousand (EUR 8,930 thousand), compared to EEK 30,775 thousand (EUR 1,967 thousand) in H1 2009. The consolidated operating margin from continuing operations was 19.1% (5.4% in H1 2009). The operating profit and the operating margin in 2009 were adversely influenced by one-off expenses. Consolidated net profit from foreign exchange rate fluctuations amounted to EEK 13,221 thousand (EUR 845 thousand) in H1 2010 and was mainly accrued in Q1 2010 and related to the intra-croup borrowings in EUR and USD. Consolidated net loss from foreign exchange rate fluctuations amounted to EEK 7,198 thousand (EUR 460 thousand) in Q2 2010 and related to foreign exchange rate fluctuation loss of SP ZAO Milavitsa caused by a temporary appreciation of Belarusian Rouble in Q2 2010 while the asset balances of the company were denominated in foreign currencies. Effective tax rate in Q2 2010 and H1 2010 amounted to 19.2% and 22.2% respectively and improved significantly as compared to the respective periods in the previous year. While statutory tax rates in Belarus and Russia remained unchanged the improvement of the effective tax rate is caused by the terminated loss making operations, lowering the profitability of the Group's largest subsidiary SP ZAO Milavitsa and use of tax loss of prior years in Russia. Consolidated net profit from continuing operations attributable to equity holders amounted to EEK 96,555 thousand (EUR 6,171 thousand) in H1 2010, compared to net loss of EEK 15,772 thousand (EUR 1,008 thousand) in H1 2009; net margin from continuing operations attributable to equity holders was 13.2% (up from a negative margin of 2.8% in H1 2009). In H1 2010, the Group's return on equity amounted to 17.3% (-9.1% in H1 2009) and return on assets was 10.4% (-5.1% in H1 2009). Financial position As of 30 June 2010 consolidated assets amounted to EEK 1,000,241 thousand (EUR 63,927 thousand) representing an increase of 17.6% as compared to the position as of 31 December 2009. Property, plant and intangibles balances increased by EEK 7,588 thousand (EUR 485 thousand) as compared to 31 December 2009, the key reason being the impact of the foreign exchange rate in the amount of EEK 19,088 thousand (EUR 1,220 thousand) which is explained by BYR asset base value increase in EUR terms as of 30 June 2010 as compared to the beginning of the year. Depreciation and amortisation charge for the period amounted to EEK 13,707 thousand (EUR 876 thousand). Trade receivables increased by EEK 55,234 thousand (EUR 3,530 thousand) as compared to 31 December 2009 and amounted to EEK 186,852 thousand (EUR 11,942 thousand) as of 30 June 2010. Inventory balance decreased by EEK 4,615 thousand (EUR 295 thousand) and amounted to EEK 261,674 thousand (EUR 16,724 thousand) as of 30 June 2010. Increase in trade debtors and decrease in stock balance was in line with the seasonality trend of the business. Foreign exchange fluctuations had a positive impact on the Group's equity, in the form of a positive change in the currency translation reserve in the amount of EEK 37,818 thousand (EUR 2,417 thousand) for H1 2010. Equity attributable to equity holders increased by EEK 134,373 thousand (EUR 8,588 thousand) and amounted to EEK 624,229 thousand (EUR 39,896 thousand) as of 30 June 2010. Current liabilities decreased by EEK 18,289 thousand (EUR 1,169 thousand) in H1 2010, in line with management expectations. The liquidity position of the Group improved in H1 2010 with respect to the total balance of borrowings and related maturities. Current and non-current loans and borrowings decreased by EEK 20,982 thousand (EUR 1,341 thousand) to EEK 7,260 thousand (EUR 464 thousand) as of 30 June 2010. Loans received and loans repaid in H1 2010 amounted to EEK 8,308 thousand (EUR 531 thousand) and EEK 29,588 thousand (EUR 1,891 thousand) respectively, including finance lease liabilities repaid in the amount of EEK 751 thousand (EUR 48 thousand). In Q2 2010 the Group settled an overdraft facility of AS Lauma Lingerie that amounted to EEK 14,473 thousand (EUR 925 thousand) as of 31 March 2010. In 2009 the Group divested its loss making apparel business line through the sale of shares in its former 100% subsidiary PTA Grupp AS. At the date of disposal the Group had outstanding guarantees issued to Danske Bank A/S Estonian branch securing certain borrowings and guarantee limits of PTA Grupp AS. As of 30 June 2010 PTA Grupp AS's balance of borrowings and guarantees from Danske Bank A/S Estonian branch that were secured by a surety provided by SFG amounted respectively to EEK 6,916 thousand (EUR 442 thousand) and EEK 3,567 thousand (EUR 228 thousand). Tax liabilities and other payables, including payables to employees, amounted to EEK 81,528 thousand (EUR 5,210 thousand). Provisions amounted to EEK 7,604 thousand (EUR 486 thousand) as of 30 June 2010 and included residual provisions for the restructuring of Russian retail operations in the amount of EEK 735 thousand (EUR 47 thousand). Majority of Russian retail restructuring initiatives were finalized in Q2 2010 and the management does not anticipate any further provisions or write-offs related to Russian retail operations. Sales Sales by business segments -------------------------------------------------------------------------------- | | 6 | 6 | Change | 6 | 6 | Change | 6 | 6 | | | month | months | EEK | months | months | EUR | months | months | | | s | 2009 | thousa | 2010 | 2009 | thousa | 2010 | 2009 | | | 2010 | EEK | nd | EUR | EUR | nd | percen | percen | | | EEK | thousa | | thousa | thousa | | tage | tage | | | thous | nd | | nd | nd | | from | from | | | and | | | | | | sales | sales | -------------------------------------------------------------------------------- | Whole | 602,1 | 422,95 | 179,15 | 38,482 | 27,032 | 11,450 | 82.3% | 74.3% | | sale | 12 | 8 | 4 | | | | | | -------------------------------------------------------------------------------- | Retai | 126,0 | 141,63 | -15,63 | 8,053 | 9,052 | -999 | 17.2% | 24.9% | | l | 02 | 3 | 1 | | | | | | -------------------------------------------------------------------------------- | Other | 3,568 | 4,475 | -907 | 228 | 286 | -58 | 0.5% | 0.8% | | opera | | | | | | | | | | tions | | | | | | | | | -------------------------------------------------------------------------------- | Total | 731,6 | 569,06 | 162,61 | 46,763 | 36,370 | 10,393 | 100.0% | 100.0% | | | 82 | 6 | 6 | | | | | | -------------------------------------------------------------------------------- Sales by markets In H1 2010, the Group focused mainly on the Baltic, Russian, Belarusian and Ukrainian markets. Total sales by markets -------------------------------------------------------------------------------- | | 6 | 6 | Change | 6 | 6 | Change | 6 | 6 | | | month | months | EEK | months | months | EUR | months | months | | | s | 2009 | thousa | 2010 | 2009 | thousa | 2010 | 2009 | | | 2010 | EEK | nd | EUR | EUR | nd | percen | percen | | | EEK | thousa | | thousa | thousa | | tage | tage | | | thous | nd | | nd | nd | | from | from | | | and | | | | | | sales | sales | -------------------------------------------------------------------------------- | Russi | 429,8 | 334,11 | 95,726 | 27,472 | 21,354 | 6,118 | 58.7% | 58.7% | | a | 44 | 8 | | | | | | | -------------------------------------------------------------------------------- | Belar | 188,3 | 144,71 | 43,607 | 12,036 | 9,249 | 2,787 | 25.7% | 25.4% | | us | 22 | 5 | | | | | | | -------------------------------------------------------------------------------- | Balti | 41,80 | 30,589 | 11,219 | 2,672 | 1,955 | 717 | 5.7% | 5.4% | | cs | 8 | | | | | | | | -------------------------------------------------------------------------------- | Ukrai | 37,09 | 29,541 | 7,557 | 2,371 | 1,888 | 483 | 5.1% | 5.2% | | ne | 8 | | | | | | | | -------------------------------------------------------------------------------- | Other | 34,61 | 30,103 | 4,507 | 2,212 | 1,924 | 288 | 4.8% | 5.3% | | marke | 0 | | | | | | | | | ts | | | | | | | | | -------------------------------------------------------------------------------- | Total | 731,6 | 569,06 | 162,61 | 46,763 | 36,370 | 10,393 | 100.0% | 100.0% | | | 82 | 6 | 6 | | | | | | -------------------------------------------------------------------------------- The majority of lingerie sales revenue in H1 2010 in the amount of EEK 429,844 thousand (EUR 27,472 thousand) was generated in the Russian market, accounting for 58.7% of all lingerie sales in H1 2010 as compared to EEK 334,118 thousand (EUR 21,354 thousand) in H1 2009. Sales in Russia comprise both retail sales and wholesale. The second largest region for lingerie sales was Belarus, where sales reached EEK 188,322 thousand (EUR 12,036 thousand), contributing 25.7% of lingerie sales (both retail and wholesale) as compared to EEK 144,715 thousand (EUR 9,249 thousand) in H1 2009. Although still affected by the economic situation, sales in the major markets demonstrated a positive trend in terms of pieces sold in H1 2010 as compared to the respective period in 2009. The most considerable sales growth took place on the Russian and Ukranian markets, while Belarussian operations were relatively stable showing a slight increase. Overall sales results in 6 months were slightly above management's expectations after a difficult Q4 2009. Changes in the sales strategy introduced by Milavitsa in late 2009 were implemented in H1 2010 in Russia and Ukraine. The Group's aims to increase control over its distribution and its organizational structure have been adjusted accordingly. To support the growth of sales, Milavitsa continued conducting additional marketing activities in Belarus, Ukraine and Russia and implementing supportive measures in the opening of new franchised stores. Joint programs with dealers and distributors were continued in H1 2010 in the fields of marketing and franchising. Lauma Lingerie experienced a sharp recovery in sales in their major markets after being affected by the crisis. A new sales and marketing manager with considerable experience in the industry has recently joined the company. In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for 73.3% of total lingerie sales revenue in H1 2010 (H1 2009: 76.2%) and amounted to EEK 533,705 thousand (EUR 34,110 thousand). The sales of “Lauma Lingerie” core brand accounted for 8.1% of total lingerie sales (H1 2009: 5.2%) and amounted to EEK 58,972 thousand (EUR 3,769 thousand). Other brands such as “Alisee”, “Aveline”, “Hidalgo” and “Laumelle” comprised 18.6% of total lingerie sales in H1 2010 (H1 2009: 18.6%), amounting to EEK 135,437 thousand (EUR 8,656 thousand). Wholesale In H1 2010, wholesale revenue amounted to EEK 602,112 thousand (EUR 38,482 thousand), representing 82.3% of the Group's total revenue (H1 2009: 74.3%). The main wholesale regions were Russia, Belarus, Ukraine and the Baltic States. Gradual improvements in sales were observed already in Q1 2010 despite the expectations of the difficult start of the year. Wholesale results in Q2 continued improving compared to the same period of 2009 demonstrating a positive trend. Additional activities were introduced in the non-core markets targeted at the diversification of the Group's sales towards the western European countries. Some markets will be approached through sales agents, while others will be served by local dealers. The Group will also seek private label production opportunities where practical. Retail operations Total lingerie retail sales of the Group in H1 2010 amounted to EEK 126,002 thousand (EUR 8,053 thousand), representing a 11.0% decrease as compared to H1 2009. Retail operations were conducted in Belarus, Russia and Latvia. At the end of H1 2010 the Group operated 49 own retail outlets with a total area of 4,126 square meters. As of 30 June 2010, there were 310 Milavitsa branded shops operated by Milavitsa trading partners in Russia, Belarus, Ukraine, Moldavia, Kazakhstan, Uzbekistan, Kirgizstan, Latvia, Azerbaijan, Armenia, and Cyprus, of which 47 shops were opened in H1 2010. Some underperforming shops were closed or relocated. Additionally, as of 30 June 2010, there were 10 Lauma Lingerie retail outlets operated by Lauma Lingerie trading partners in Lithuania, Latvia, Estonia and Russia, of which 6 were opened in H1 2010. In 6 months 2010 6 new own lingerie stores were opened, including 2 under Milavitsa brand name in Belarus and 4 stores under Lauma Lingerie brand name in Latvia. Three underperforming stores were closed in Russia and 18 stores were transferred to Milavitsa's trading partners in the course of the strategy to shift focus from own retail chain towards the development of Milavitsa franchise network, thus terminating the loss making own retail operations in Russia. Number of own stores as of: -------------------------------------------------------------------------------- | | 30.06.2010 | 31.12.2009 | -------------------------------------------------------------------------------- | Latvia | 9 | 5 | -------------------------------------------------------------------------------- | Belarus | 40 | 38 | -------------------------------------------------------------------------------- | Russia | 0 | 21 | -------------------------------------------------------------------------------- | Total stores | 49 | 64 | -------------------------------------------------------------------------------- | Total sales area, sq m | 4,126 | 5,523 | -------------------------------------------------------------------------------- A number of sales promotions were conducted in the Milavitsa retail chain in Belarus. Own retail operations in Belarus remain one of the key priorities for the Group's further sales development in the country. Overall retail operations in the country demonstrated a 47.6% growth in local currency terms and a 40.0% growth in EUR terms as compared to the same period in 2009 mainly due to the number of new shops opened in the recent year. Sales per square meter in the like-for-like shops have increased as well due to high sales in May and June. In the Baltics, retail sales decreased by 52.6% as compared to H1 2009 and amounted to EEK 5,445 thousand (EUR 348 thousand). Decrease in sales in the Baltics is explained by the divestment of Lithuanian retail operations in November 2009. In respect of lingerie retail in Russia the strategic decision to shift focus from own retail chain towards the development of Milavitsa franchise network was made in H2 2009, that resulted in the termination of the loss making own retail operations in Russia. As the result, the Group's own Oblicie stores were rebranded to Milavitsa and a transfer of stores to Milavitsa's trading partners commenced while non-performing stores were closed. During H1 2010 all 21 remaining stores were either transferred to trading partners or closed. As of 30 June 2010 the Group didn't operate any own retail stores in Russia. Certain structural and management changes have been made in the Group's Russian operations (including the establishment of a separate franchise department) to implement the selected franchise development strategy. Own stores by concept -------------------------------------------------------------------------------- | Market | Milavitsa | Lauma | Total | Sales area, | | | stores | Lingerie | | sq m | | | | stores | | | -------------------------------------------------------------------------------- | Belarus | 40 | 0 | 40 | 3,566 | -------------------------------------------------------------------------------- | Latvia | 0 | 9 | 9 | 560 | -------------------------------------------------------------------------------- | Total | 40 | 9 | 49 | 4,126 | -------------------------------------------------------------------------------- Discontinued operations Discontinued operations' reported results in H1 2009 include operations of PTA (apparel business line) for H1 2009. Results of PTA operations are presented in the consolidated income statement as a single line item under ‘Loss from discontinued operations'. Production, sourcing, purchasing and logistics Due to the high demand on the market, similarly to Q1 2010, in Q2 2010 the Group's manufacturing companies increased their production and purchasing volumes. The total volume of production in SP ZAO Milavitsa amounted to 4,363 thousand pieces in Q2 2010, representing a 49% increase as compared to the respective period in the previous year. The total production volume in Lauma Lingerie amounted to 217.8 thousand pieces in Q2 2010, showing an increase of 160% as compared to the respective period in the previous year. Production capacities in SP ZAO Milavitsa in Q2 2010 increased by 3.7% compared to Q1 2010 in order to prepare for increased production volumes in 2010. Investment In H1 2010, the Group's investments totalled EEK 8,700 thousand (EUR 556 thousand) with investments into retail amounting to EEK 3,286 thousand (EUR 210 thousand). Other investments were made in equipment and facilities to maintain effective production. Personnel As of 30 June 2010, the Group employed 3,141 employees including 420 in retail and 1,988 in production. The rest were employed in wholesale, administration and support operations. Total salaries and wages in H1 2010 amounted to EEK 145,310 thousand (EUR 9,287 thousand). The remuneration of the members of the Management Board totalled EEK 3,630 thousand (EUR 233 thousand). The members of the Management Board also serve as executives for the Group's subsidiaries. Key Events in H1 2010 Changes in the Supervisory Board The extraordinary general meeting of shareholders of AS Silvano Fashion Group was held on 5 March 2010, in Tallinn. The meeting resolved to recall members of the Supervisory Board of SFG Mr. Indrek Rahumaa and Mr. Priit Põldoja and to elect Mr. Risto Mägi, Mr. Stephan Balkin, Mr. Otto Tamme and Mr. Sven Kunsing to the Supervisory Board. Resignation of a Member of the Supervisory Board On 24 March 2010 a member of the Supervisory Board Mr. Sven Kunsing presented to SFG an application for his resignation from the position of a supervisory board member, and requested that the application would be provided to the next ordinary general meeting of SFG. The shareholders of the Company acknowledged Sven Kunsing's resignation from the supervisory board on the Annual General Meeting held on 28 June 2010. Share buy-back program of the Group's subsidiary SP ZAO Milavitsa On 21 May 2010 the parent company of the Group approved the share buy-back program of the Group's largest subsidiary SP ZAO Milavitsa. The terms of the program permit a buy-back of up to 1,967 shares of SP ZAO Milavitsa, representing up to 20% of all shares in SP ZAO Milavitsa, in the period between June 2010 and February 2011 with the objective of subsequent cancellation of shares; the offered price per share of SP ZAO Milavitsa is 3,000,000 BYR. As at 2 August 2010, 112 shares have been acquired by SP ZAO Milavitsa constituting 1.14% of all shares in SP ZAO Milavitsa. The management of the Group does not expect that the shareholding of SFG will increase significantly after the completion of the buy-back program. Changes in AS SFG's shareholding as the result of share buy-back will take place in H1 2011, provided the Annual General Meeting of SP ZAO Milavitsa will resolve to cancel the shares that were repurchased by SP ZAO Milavitsa. Changes in the Management Board On 5 June 2010 the term of office of Dmitry Ditchkovsky and Sergei Kusonski as Management Board members of SFG expired. Mr. Ditchkovski and Mr. Kusonski will continue to work in the same positions in the management of SFG under employment agreements. On 5 August 2010 the Supervisory Board of AS Silvano Fashion Group decided to increase the number of the Management Board members to three members and to elect Märt Meerits as the new management board member of SFG. The resolutions of the Annual General Meeting The Annual General Meeting was held on 28 June 2010. Apart from other decisions, the resolutions of the general meeting included: Approval of a distribution of EEK 30,985,744 (EUR 1,980,350) as dividends, of which EEK 0.78233 (EUR 0.05) per share will be paid to the shareholders of the Company on 21 September 2010. The list of shareholders entitled to receive dividends (the dividend record date) has been fixed on the basis of the shareholders' register as of 23.59 on 15 July 2010. Election of Ants Susi as the supervisory board member of the Company. Ants Susi has worked as a management board member of Estonian company OÜ Baltsped since 1997. OÜ Baltsped provides international carrier transportation and freight forwarding services. He is a member of the supervisory board of AS Esmar and a member of the management board of OÜ Callada Invest. In addition, he is a member of the management board of a Latvian company Spedline SIA and a Lithuanian company Spedline UAB. Approval of the new Articles of Association of the Company. Decision to reduce the share capital of the Company by EEK 3,930,000 to EEK 396,070,000 by way of cancelling 393,000 own shares owned by the Company. The share capital was reduced for the purpose of increasing the value of all remaining shares of the Company; the registration of the share capital reduction is anticipated in the end of September 2010. Selected financial data The Group's operating results are summarised in the following figures and ratios: -------------------------------------------------------------------------------- | Key figures and ratios | H1 2010 | H1 2009 | Change | -------------------------------------------------------------------------------- | Net sales from continuing operations (EEK | 731,682 | 569,066 | 162,616 | | thousand) | | | | -------------------------------------------------------------------------------- | Net profit from continuing operations, | 96,555 | -15,772 | 112,327 | | attributable to owners of the Company (EEK | | | | | thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 153,651 | 49,286 | 104,365 | | depreciation (EBITDA) from continuing | | | | | operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes (EBIT) | 139,725 | 30,775 | 108,950 | | from continuing operations (EEK thousand) | | | | -------------------------------------------------------------------------------- | Net sales from continuing operations (EUR | 46,763 | 36,370 | 10,393 | | thousand) | | | | -------------------------------------------------------------------------------- | Net profit from continuing operations, | 6,171 | -1,008 | 7,179 | | attributable to owners of the Company (EUR | | | | | thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest, taxes and | 9,820 | 3,150 | 6,670 | | depreciation (EBITDA) from continuing | | | | | operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes (EBIT) | 8,930 | 1,967 | 6,963 | | from continuing operations (EUR thousand) | | | | -------------------------------------------------------------------------------- | Operating margin from continuing | 19.1% | 5.4% | - | | operations, % | | | | -------------------------------------------------------------------------------- | Net margin from continuing operations | 13.2% | -2.8% | - | | attributable to owners of the Company, % | | | | -------------------------------------------------------------------------------- | ROA, % | 10.4% | -5.1% | - | -------------------------------------------------------------------------------- | ROE, % | 17.3% | -9.1% | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EEK | 2.44 | -1.31 | - | -------------------------------------------------------------------------------- | Earnings per share (EPS), in EUR | 0.16 | -0.08 | - | -------------------------------------------------------------------------------- | Current ratio | 3.8 | 2.8 | - | -------------------------------------------------------------------------------- | Quick ratio | 2.5 | 1.5 | - | -------------------------------------------------------------------------------- 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 owners of the Company / sales revenue ROA (return on assets) = net profit attributable to owners of the Company/ average total assets ROE (return on equity) = net profit attributable to owners of the Company/ average equity attributable to equity holders of the Company EPS (earnings per share) = net profit attributable to owners of the Company/ weighted average number of ordinary shares Current ratio = current assets / current liabilities Quick ratio = (current assets - inventories) / current liabilities Consolidated statement of financial position Unaudited -------------------------------------------------------------------------------- | | 30.06. | 31.12. | 30.06. | 30.06.2 | 31.12.2 | 30.06.2 | | | 2010 | 2009 | 2009 | 010 | 009 | 009 | -------------------------------------------------------------------------------- | | EEK | EEK | EEK | EUR | EUR | EUR | | | thousa | thousa | thousa | thousan | thousan | thousan | | | nd | nd | nd | d | d | d | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 175,72 | 168,24 | 199,54 | 11,231 | 10,753 | 12,753 | | equipment | 7 | 8 | 1 | | | | -------------------------------------------------------------------------------- | Intangible assets | 9,028 | 8,919 | 6,149 | 577 | 570 | 393 | -------------------------------------------------------------------------------- | Investment property | 22,124 | 20,090 | 19,683 | 1,414 | 1,284 | 1,258 | -------------------------------------------------------------------------------- | Investments in | 1,095 | 2,175 | 2,018 | 70 | 139 | 129 | | equity accounted | | | | | | | | investees | | | | | | | -------------------------------------------------------------------------------- | Available-for-sale | 6,243 | 5,664 | 6,744 | 399 | 362 | 431 | | financial assets | | | | | | | -------------------------------------------------------------------------------- | Deferred tax asset | 20,826 | 18,119 | 0 | 1,331 | 1,158 | 0 | -------------------------------------------------------------------------------- | Other receivables | 10,233 | 9,920 | 29,369 | 654 | 634 | 1,877 | -------------------------------------------------------------------------------- | Total non-current | 245,27 | 233,13 | 263,50 | 15,676 | 14,900 | 16,841 | | assets | 6 | 5 | 4 | | | | -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 261,67 | 266,28 | 274,22 | 16,724 | 17,019 | 17,526 | | | 4 | 9 | 2 | | | | -------------------------------------------------------------------------------- | Corporate income | 798 | 7,260 | 6,572 | 51 | 464 | 420 | | tax asset | | | | | | | -------------------------------------------------------------------------------- | Other tax | 20,904 | 22,875 | 10,874 | 1,336 | 1,462 | 695 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Trade receivables | 186,85 | 131,61 | 168,49 | 11,942 | 8,412 | 10,769 | | | 2 | 8 | 8 | | | | -------------------------------------------------------------------------------- | Other receivables | 9,607 | 18,260 | 31,700 | 614 | 1,167 | 2,026 | -------------------------------------------------------------------------------- | Prepayments | 9,419 | 9,529 | 13,268 | 602 | 609 | 848 | -------------------------------------------------------------------------------- | Cash and cash | 264,60 | 153,93 | 63,776 | 16,911 | 9,838 | 4,076 | | equivalents | 0 | 1 | | | | | -------------------------------------------------------------------------------- | Assets classified | 1,111 | 7,526 | 0 | 71 | 481 | 0 | | as held for sale | | | | | | | -------------------------------------------------------------------------------- | Total current | 754,96 | 617,28 | 568,91 | 48,251 | 39,452 | 36,360 | | assets | 5 | 8 | 0 | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1,000, | 850,42 | 832,41 | 63,927 | 54,352 | 53,201 | | | 241 | 3 | 4 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | | | EQUITY | | | | | | | -------------------------------------------------------------------------------- | Equity | | | | | | | -------------------------------------------------------------------------------- | Share capital at | 400,00 | 400,00 | 400,00 | 25,565 | 25,565 | 25,565 | | per value | 0 | 0 | 0 | | | | -------------------------------------------------------------------------------- | Share premium | 223,29 | 223,29 | 223,29 | 14,271 | 14,271 | 14,271 | | | 3 | 3 | 3 | | | | -------------------------------------------------------------------------------- | Own shares | -7,041 | -7,041 | -7,041 | -450 | -450 | -450 | -------------------------------------------------------------------------------- | Statutory capital | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 | | reserve | | | | | | | -------------------------------------------------------------------------------- | Translation reserve | -148,7 | -186,5 | -168,8 | -9,505 | -11,922 | -10,790 | | | 21 | 39 | 27 | | | | -------------------------------------------------------------------------------- | Retained earnings | 155,65 | 59,097 | 45,907 | 9,948 | 3,777 | 2,934 | | | 2 | | | | | | -------------------------------------------------------------------------------- | Total equity | 624,22 | 489,85 | 494,37 | 39,896 | 31,308 | 31,597 | | attributable to | 9 | 6 | 8 | | | | | equity holders of | | | | | | | | the Company | | | | | | | -------------------------------------------------------------------------------- | Non-controlling | 170,43 | 136,14 | 127,83 | 10,893 | 8,701 | 8,170 | | interest | 8 | 1 | 3 | | | | -------------------------------------------------------------------------------- | Total equity | 794,66 | 625,99 | 622,21 | 50,789 | 40,009 | 39,767 | | | 7 | 7 | 1 | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Loans and | 4,944 | 4,052 | 7,260 | 316 | 259 | 464 | | borrowings | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 0 | 0 | 266 | 0 | 0 | 17 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0 | 1,455 | 0 | 0 | 93 | 0 | -------------------------------------------------------------------------------- | Provisions | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total non-current | 4,944 | 5,507 | 7,526 | 316 | 352 | 481 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | | | -------------------------------------------------------------------------------- | Loans and | 2,316 | 24,190 | 40,650 | 148 | 1,546 | 2,598 | | borrowings | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 109,18 | 123,99 | 96,806 | 6,978 | 7,925 | 6,187 | | | 2 | 9 | | | | | -------------------------------------------------------------------------------- | Corporate income | 12,095 | 3,552 | 6,446 | 773 | 227 | 412 | | tax payable | | | | | | | -------------------------------------------------------------------------------- | Other tax payable | 23,032 | 24,831 | 22,390 | 1,472 | 1,587 | 1,431 | -------------------------------------------------------------------------------- | Other payables | 21,295 | 14,270 | 16,163 | 1,361 | 912 | 1,033 | -------------------------------------------------------------------------------- | Provisions | 7,604 | 3,395 | 19,746 | 486 | 217 | 1,262 | -------------------------------------------------------------------------------- | Deferred tax | 0 | 0 | 16 | 0 | 0 | 1 | | liability | | | | | | | -------------------------------------------------------------------------------- | Accrued expenses | 24,988 | 24,033 | 38 | 1,597 | 1,536 | 2 | -------------------------------------------------------------------------------- | Deferred income | 118 | 649 | 422 | 7 | 41 | 27 | -------------------------------------------------------------------------------- | Total current | 200,63 | 218,91 | 202,67 | 12,822 | 13,991 | 12,953 | | liabilities | 0 | 9 | 7 | | | | -------------------------------------------------------------------------------- | Total liabilities | 205,57 | 224,42 | 210,20 | 13,138 | 14,343 | 13,434 | | | 4 | 6 | 3 | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 1,000, | 850,42 | 832,41 | 63,927 | 54,352 | 53,201 | | AND EQUITY | 241 | 3 | 4 | | | | -------------------------------------------------------------------------------- Consolidated income statement for 6 months 2010 Unaudited -------------------------------------------------------------------------------- | | H1 2010 | H1 2009 | H1 2010 | H1 2009 | | | EEK | EEK | EUR | EUR | | | thousand | thousand | thousand | thousand | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Revenue | | | | | -------------------------------------------------------------------------------- | Sales revenue | 731,682 | 569,066 | 46,763 | 36,370 | -------------------------------------------------------------------------------- | Costs of goods sold | -434,678 | -314,950 | -27,781 | -20,129 | -------------------------------------------------------------------------------- | Gross Profit | 297,004 | 254,116 | 18,982 | 16,241 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 5,821 | 17,289 | 372 | 1,105 | -------------------------------------------------------------------------------- | Distribution costs | -74,321 | -92,722 | -4,750 | -5,926 | -------------------------------------------------------------------------------- | Administrative expenses | -66,576 | -80,033 | -4,255 | -5,115 | -------------------------------------------------------------------------------- | Other operating expenses | -22,203 | -67,875 | -1,419 | -4,338 | -------------------------------------------------------------------------------- | Operating profit / loss | 139,725 | 30,775 | 8,930 | 1,967 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income and finance | | | | | | costs | | | | | -------------------------------------------------------------------------------- | Interest expenses | -1,001 | -6,008 | -64 | -384 | -------------------------------------------------------------------------------- | Gains/losses on conversion | 13,221 | 11,954 | 845 | 764 | | of foreign currencies | | | | | -------------------------------------------------------------------------------- | Other financial income / | 5,537 | 6,572 | 354 | 420 | | expenses | | | | | -------------------------------------------------------------------------------- | Net finance income/ (costs) | 17,757 | 12,518 | 1,135 | 800 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of equity | -1,220 | -422 | -78 | -27 | | accounted investees | | | | | -------------------------------------------------------------------------------- | Profit before tax | 156,262 | 42,871 | 9,987 | 2,740 | -------------------------------------------------------------------------------- | Income tax expense | -34,626 | -45,703 | -2,213 | -2,921 | -------------------------------------------------------------------------------- | Profit / (loss) from | 121,636 | -2,832 | 7,774 | -181 | | continuing operations | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Discontinued operations | | | | | -------------------------------------------------------------------------------- | Loss from discontinued | 0 | -36,034 | 0 | -2,303 | | operations (net of income | | | | | | tax) | | | | | -------------------------------------------------------------------------------- | Profit / (loss) for the | 121,636 | -38,866 | 7,774 | -2,484 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | -------------------------------------------------------------------------------- | Owners of the Company | 96,555 | -51,806 | 6,171 | -3,311 | -------------------------------------------------------------------------------- | Non-controlling interest | 25,081 | 12,940 | 1,603 | 827 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 2.44 | -1.31 | 0.16 | -0.08 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 2.44 | -1.31 | 0.16 | -0.08 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 2.44 | -0.40 | 0.16 | -0.03 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 2.44 | -0.40 | 0.16 | -0.03 | | (EEK/EUR) | | | | | -------------------------------------------------------------------------------- Baiba Gegere Aktsiaselts Silvano Fashion Group management board member Tel +375 172880770 E-mail: [email protected] Address: Tulika 15/17, Tallinn 10613, Estonia