Börsiteade
AS BALTIKA
LEI kood
48510000I3W254YEMG75
Üldandmed
See on parandusteade.
Eelmine versioon
Baltika auditeerimata majandustulemused, kolmas kvartal ja 9 kuud 2014
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
4693
Manused
Esitamise kuupäev ja aeg
30.10.2014 10:20:32
Teate sisu inglise keeles
Pealkiri
CORRECTION: Baltika’s unaudited financial results, third quarter and 9 months of 2014
Teade
Prior announcement referred to 9 months of 2014 result as profit when correct
is loss. Amended announcement follows.
Baltika’s third-quarter profit was 151 thousand euros, that is 763 thousand
euros improvement compared to continued operations loss of same period in prior
year (-612 thousand euros). Results of all operations showed improvement to
comparative period by 935 thousand euros.
Baltika’s continued operations third quarter sales increased by 17% and it was
with 14,648 thousand euros the best third quarter in last five years. Strategic
objective is placing greater focus on the development of other sales channels
and increase sales through wholesale and franchise and also in e-store. As a
result other channels sales growths are high - wholesale and franchise growth
was 56% and e-channel 85%. The quarter was also strong in retail, where sales
revenue grew by 12%, totalling with 12,664 thousand euros.
Third quarter was successful for all of Baltika’s markets. The economic
situation in Baltic countries remained stable although consumer confidence
showed rather signs of weakening. In spite of the economic situation
influencing the business and stronger competition, Baltic countries showed
double-digit growth numbers (+14%), good results owing mainly to collections
sales success. Likewise, the sales in Russia, with its unstable economic
environment, showed in third quarter 6% growth figures despite of the average
sales area decrease by 6%.
Company gross profit margin in the third quarter was 49% that is on the same
level as in the same period prior year. Thereby taking separately retail, there
has been an improvement in gross margin by 1.8 percentage points. Gross margin
remained on the same level due to increase of proportion from 8% to 12% of
wholesale and franchise channel that has lower gross margin.
With the good sales in both retail and through other channels the third quarter
resulted in 151 thousand euros net profit. Together with the discontinued
operations the nine months net loss was 1,683 thousand euros, which includes
the loss from allowance for assets in Ukraine of 1,095 thousand euros. Three
quarters continued operations net loss was 354 thousand euros, which is 55
thousand euros better result than in the same period prior year.
Highlights of the period until the date of release of this quarterly report
-- AS Baltika announces that public offering of bonds, decided on the Annual
general meeting of shareholders held on 28 April 2014, was exercised in
July in full, i.e. all 600 offered bonds in the total amount of 3,000,000
euros. 3-year bonds carry 6.5% interest p.a. Each bond will give its owner
the right to subscribe 10,000 shares of the Company with the subscription
price of 0.50 euros. Total of 691 shares were subscribed for which means
over-subscription of 1.15 times. The bonds were issued on 28 July and
oversubscribed bonds were cancelled.
-- Baltika launched new bonus program AndMore in the second quarter in Estonia
and Lithuania, in October in Latvia. This allows using program advantages
in all of Baltika’s six different brand stores instead of current by only
one brand. Bonus program offers clients among other two times longer return
period and personalised offers and discounts.
-- Season opening event took place on 7th of August at port Noblessner and
brought new records with attendance numbers. More than 800 guests from
Estonia and abroad were there to see new season collections of both Baltika
own brands and one operated under franchise.
-- E-com expanded in August from solely Monton brand to representing all
Baltika brands. E-store andmorefashion.com, with new technical solution,
provides shopping opportunity for wider customer circle and was already
noted by Estonian Traders Association in the Trade Action of the Year
contest.
-- AS Baltika signed in the beginning of September franchise agreement with
Russian company “Gold Button” to open Baltika’s brands stores in Russia.
Retail company “Gold Button” already operates in Moscow under franchise
agreement brands Eterna (7 stores), Tom Farr (12 stores) and Savage (5
stores). Partner has opened by the end of October flagship stores in Moscow
for all the planned brands – Baltman, Ivo Nikkolo, Monton and Bastion.
-- Baltika Group closed in third quarter 4 stores in Russia: Mosaic stores in
Krasnodar Mega, Ufa Mega, Jekaterinburg Mega centres in August and Monton
store in Ufa Semja shopping centre in September. In addition to stores in
Russia, Bastion store was also closed in July in Estonia, Viru Keskus
shopping centre. Baltika’s franchise stores line saw addition of two new
stores in September. Franchise partner Gold Button opened first Baltman
store in Russia in Moscow and franchise partner Mirworld opened first
Monton store in Tenerife.
Consolidated statement of financial position
30 Sep 2014 31 Dec 2013
----------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 455 852
Trade and other receivables 2,156 1,514
Inventories 13,967 13,751
Total current assets 16,578 16,117
Non-current assets
Deferred income tax asset 494 494
Other non-current assets 785 1,013
Property, plant and equipment 2,823 3,023
Intangible assets 3,681 3,693
Total non-current assets 7,783 8,223
TOTAL ASSETS 24,361 24,340
EQUITY AND LIABILITIES
Current liabilities
Borrowings 2,244 3,158
Trade and other payables 5,805 7,503
Total current liabilities 8,049 10,661
Non-current liabilities
Borrowings 7,004 2,171
Other liabilities 34 0
Total non-current liabilities 7,038 2,171
TOTAL LIABILITIES 15,087 12,832
EQUITY
Share capital at par value 8,159 8,159
Share premium 778 684
Reserves 1,182 1,182
Retained earnings 2,573 2,471
Net profit (loss) for the period -1,683 102
Currency translation differences -1,735 -1,090
TOTAL EQUITY 9,274 11,508
TOTAL LIABILITIES AND EQUITY 24,361 24,340
Consolidated statement of profit and loss
Q3 2014 Q3 2013 9M 2014 9M 2013
--------------------------------------------------------------------------------
Continuing operations
Revenue 14,648 12,545 39,789 36,932
Cost of goods sold -7,467 -6,375 -19,360 -17,200
Gross profit 7,181 6,170 20,429 19,732
Distribution costs -6,173 -5,913 -18,217 -17,454
Administrative and general expenses -694 -686 -2,162 -2,128
Other operating income 22 3 34 47
Other operating expenses -49 -59 -116 -186
Operating profit (loss) 287 -485 -32 11
Finance costs -125 -119 -296 -412
Profit (loss) before income tax 162 -604 -328 -401
Income tax expense -11 -8 -26 -8
Net profit (loss) from continuing operations 151 -612 -354 -409
Net loss for the period from discontinued 0 -172 -1,329 -354
operations
Net profit (loss) for the period 151 -784 -1,683 -763
Basic earnings per share, EUR 0.00 -0.02 -0.04 -0.02
Continuing operations 0.00 -0.02 -0.01 -0.01
Discontinued operations 0.00 0.00 -0.03 -0.01
Diluted earnings per share, EUR 0.00 -0.02 -0.04 -0.02
Continuing operations 0.00 -0.01 -0.01 -0.01
Discontinued operations 0.00 0.00 -0.03 -0.01
Maigi Pärnik
Member of the Management Board
[email protected]