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26.02.2008 09:00:00
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AUDITEERIMATA MAJANDUSTULEMUSED, 4. KVARTAL JA 2007. AASTA
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TULEMUSTE LÜHIKOKKUVÕTE, 2007. aasta - Müügitulu 1 152 miljonit krooni, aastane kasv 28% - Jaemüügi aastane kasv 34% - Võrreldavate poodide müügikasv 3% - Brutomarginaal 55,3% - Ärikasum 64,6 miljonit krooni - Ärirentaablus 5,6% - Puhaskasum 40,8 miljonit krooni - Puhasrentaablus 3,5% - Avatud 24 poodi - Müügipinna aastane netokasv 24% Juhatuse esimees Meelis Milder: „Baltika Grupi 2007. aasta tulemustele hinnangu andmiseks tuleb need paigutada Grupi kolmeaastase (2006-2008) strateegia konteksti. Strateegia, mille lõppeesmärgid on defineeritud aastaks 2008. Kuigi meil ei ole põhjust olla rahul möödunud aasta kasumlikkusega, oleme me veendunud, et see „vahepealne“ aasta oli oluline paljude strateegiliste ja taktikaliste ülesannete lahendamisel. 2007. aastal muutsime me Ivo Nikkolo jaeketi rahvusvaheliseks sisenedes Leedu turule ning lõime Ivo Nikkolole uue poekontseptsiooni, mis sai hea vastuvõtu. Turule tulid strateegias kavandatud uued tootegrupid: Montoni jalanõud ja teksa-kontseptsioon Spiced M, Mosaic täienes lasterõivaste kollektsiooniga, sh esimesest müügipäevast peale väga eduka Lotte by Mosaic alambrändiga. Positiivsed arengud toimusid Kesk-Euroopa turgudel: meie Poola kauplused jõudsid aasta lõikes esmakordselt kasumisse ning me sisenesime Tšehhi turule. Märkimist väärib veel aasta jooksul toimunud üleminek uuele ülekontsernilisele infosüsteemile Navision ja kesklinnas paiknenud tootmise üleviimine. Kõik need tegevused olid suunatud ettevõtte sisulise väärtuse kasvule. 2007. aastal ilmnesid küll eelneva aasta kiirest laienemisest tingitud probleemid suurtel turgudel efektiivsuse juhtimisega, kuid oleme need probleemid fikseerinud ja tegeleme väga tõsiselt nende lahendamisega. Vene turu tulemuslikkuse tõstmisele ei aidanud kindlasti kaasa ka riikidevaheliste poliitiliste suhete halvenemine ning tagasilöögid kaubaveo korraldamisel. 2008. aasta alguse madalast vanade varude tasemest tingitud vähenenud müügikäibed jaanuaris on nüüdseks asendunud uue kevadkollektsiooni kasvavate müükidega. Prognoosime siiski, et pööre kasumlikkuses on saavutatav teisel poolaastal. Oma juubeliaastal - Baltika tähistab sel aastal oma 80-ndat sünnipäeva - loodame saavutada käibeks 1,3 miljardit krooni ning liikuda brutokasumlikkuses edasi juba saavutatud healt 55,3%-selt tasemelt. Kindlasti oleme aga mitte üksnes kaks korda suuremad, kui seda strateegiat alustades, vaid ka hoopis tugevamad ja targemad järgmist kasvustrateegiat alustama!“ Baltika Grupi müügitulud kasvasid 2007. aastal 28,0%, kusjuures jaemüügis saavutati 34,1%-ne kasv. Aasta brutorentaabluseks saavutati 55,3% võrreldes 54,5%-ga 2006. aastal. Grupp teenis 2007. aastal 64,6 miljoni krooni (4,1 miljoni euro) suuruse ärikasumi ning ärirentaablus ulatus 5,6%-ni. Puhaskasum kahanes 53,3% võrra ulatudes 40,8 miljoni kroonini (2,6 miljoni euroni) ning puhasrentaablus oli 3,5%. Baltika neljanda kvartali konsolideeritud müügitulu oli kokku 307,4 miljonit krooni (19,6 miljonit eurot) kasvades eelmise aastaga võrreldes 9,3%, sh jaekäive kasvas 14,7%. Neljanda kvartali brutorentaablus oli 58,1% (4 kv 2006: 57,4%) ning ärirentaablus 3,3% (4 kv 2006: 12,9%). Grupi neljanda kvartali puhaskasum ulatus 1,6 miljoni kroonini (0,1 miljoni euroni). MÜÜGITULUD Müük segmenditi -------------------------------------------------------------------------------- | EEK mln | 4 kv | 4 kv | +/- | 2007 | 2006 | +/- | | | 2007 | 2006 | | | | | -------------------------------------------------------------------------------- | Jaemüük | 284,6 | 248,1 | 14,7% | 987,3 | 736,4 | 34,1% | -------------------------------------------------------------------------------- | Hulgimüük | 22,0 | 29,8 | -26,3% | 144,7 | 150,6 | -3,9% | -------------------------------------------------------------------------------- | Allhange | 0,3 | 0 | - | 14,4 | 0 | - | -------------------------------------------------------------------------------- | Muu | 0,6 | 3,3 | -82,2% | 5,1 | 12,5 | -59,1% | -------------------------------------------------------------------------------- | Kokku | 307,4 | 281,2 | 9,3% | 1 151,5 | 899,5 | 28,0% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK JAEMÜÜK Baltika jaemüük kasvas 2007. aastal 34,1% võrra ning ulatus 987,3 miljoni kroonini (63,1 miljoni euroni). Võrreldavate poodide müük kasvas samal perioodil 3%. Kiire kasvu tulemusena tõusis jaemüügi osakaal müügituludes 86%-ni võrreldes 82%-ga 2006. aastal. 2007. aastal jätkus jaeketi laienemine, mille tulemusena Grupi aasta keskmine müügipind suurenes 2006. aastaga võrreldes 50%. Samal ajal alanes keskmine müügiefektiivsus (müük/m2) 10% võrra. Müügiefektiivsusele avaldab mõju kiire laienemine, sest uutel poodidel on suurem pind ning käivitumisperioodil tavaliselt madalam müügiefektiivsus. Väljaspool Baltika koduturgu, Balti riike, on poodide käivitumisperiood osutunud ka keskmisest pikemaks. 2006. aastal ning eriti aasta lõpus avati palju uusi kauplusi Venemaal ja Ukrainas, kus uute kaubanduskeskuste käivitumine ja seetõttu ka poodide käivitumine võib võtta hinnanguliselt vähemalt 18-24 kuud. 2007. aasta neljandas kvartalis kasvas jaemüük eelmise aastaga võrreldes 14,7% ning oli kokku 284,6 miljonit krooni (18,2 miljonit eurot). POED JA MÜÜGIPIND 2007. aasta lõpu seisuga oli Baltikal 128 kauplust seitsmes riigis müügipinnaga 24 290 ruutmeetrit. Aasta jooksul avati 20, suleti neli poodi ning neli poodi viidi samas kaubanduskeskuses üle suuremale pinnale. Jaesüsteemi netokasvuks kujunes 16 kauplust ja pea 4 700 ruutmeetrit, mille tulemusena suurenes Baltika Grupi poolt opereeritav müügipind 2007. aasta jooksul 24% võrra. Turgude lõikes avati kõige rohkem uusi poode Leedus - kokku kaheksa. Lätis avati kolm uut poodi ning neli poodi viidi suuremale pinnale. Nii Ukrainas kui Venemaal avati aasta jooksul kolm poodi ning Eestis kaks. Aasta lõpus lisandus Grupile uus turg - Tšehhi, kus avati üks kauplus. Sulgemised toimusid Venemaal (2) ja Ukrainas (2). Poed turgude lõikes -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Eesti | 30 | 28 | -------------------------------------------------------------------------------- | Läti | 16 | 13 | -------------------------------------------------------------------------------- | Leedu | 30 | 22 | -------------------------------------------------------------------------------- | Ukraina | 22 | 21 | -------------------------------------------------------------------------------- | Venemaa | 24 | 23 | -------------------------------------------------------------------------------- | Poola | 5 | 5 | -------------------------------------------------------------------------------- | Tšehhi | 1 | 0 | -------------------------------------------------------------------------------- | Poed kokku | 128 | 112 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 24 290 | 19 594 | -------------------------------------------------------------------------------- Kõige enam avati eelmisel aastal Montoni ja Mosaici poode. 2007. aasta lõpuks oli Baltika jaeketis 52 Mosaici, 50 Montoni, 16 Baltmani, 6 Ivo Nikkolo ja 4 vabrikupoodi. Neljandas kvartalis avas Baltika neli poodi ning sulges ühe. Teiste hulgas avati Prahas Palladiumi keskuses Montoni esinduskauplus, mis tähistab Baltika Grupi sisenemist Tšehhi turule. ÜLEVAADE TURGUDEST Kuigi 2007. aasta tõi kaasa majanduskasvu aeglustumise Balti riikides, jätkus Baltika jaeturgudel siiski kiire majanduslik areng. Baltika koduturul ehk Balti riikides ulatus majanduskasv 2007. aasta kokkuvõttes 7-10%-ni. Balti riigid on hetkel aeglustumisfaasis ning läbivad hinnanguliselt majandustsükli põhja 2008. aastal. Baltikumi majanduskasvu on viimastel aastatel toitnud sisenõudlus, mis on ka majanduskasvu aeglustumise põhjuseks. Laenupakkumise piiramine ja tõusvad intressimäärad on põhjustanud tagasihoidlikuma tarbimise ja investeeringute kasvu. Analüütikute prognooside kohaselt järgneb tarbimiskasvu tugevnemine ja majanduse kosumine Balti riikides hiljemalt 2009. aastal ning edaspidi jätkavad Baltimaad kasvamist keskmiselt 6% aastas. Venemaal ja Ukrainas oli 2007. aasta majanduskasv samuti tugev - esialgsel hinnangul 7-8% ringis. Ka Venemaal on olulisim majanduse ergutaja kodumaine nõudlus, mida stimuleeris kiiresti kasvav ehitustegevus, aga ka kaubandus, majutus ja finantssektor. Venemaa majanduse lähituleviku väljavaated loetakse positiivseteks ning lähiaastate sisemajanduse kogutoodangu kasvuprognoosid ületavad 6%-i. Kõik Baltika jaeturud peaksid lähitulevikus jätkama kiiremat kasvu kui nn vana Euroopa. Ida- ja Kesk-Euroopa ning eriti Venemaa pakuvad suurt potentsiaali ning muutuvad järjest populaarsemateks sihtkohtadeks ka rahvusvahelistele jaekettidele. Kinnisvaraarendus- ja konsultatsioonifirma Cushman & Wakefield poolt läbi viidud 2007. aasta rahvusvaheliste jaekaubandusfirmade küsitlus selgitas välja 20 Euroopa linna, mida loetakse järgneva viie aasta jooksul kõige atraktiivsemateks laienemise sihtkohtadeks. Nimekirja juhtis Moskva, millele järgnesid Peterburi ja Praha. Kõikides nendes linnades on Baltika esindatud. Atraktiivseimate sihtkohtade hulka kuulus veelgi linnasid, kus Baltika on oma poed avanud, nagu Tallinn, Kiiev, Varssavi, Riia ja Vilnius. Maade lõikes peeti kõige atraktiivsemaks sihtkohaks Venemaad. Venemaa oli 2007. aastal ka Baltika Grupi kõige kiiremini kasvav turg ning tõusis 18%-se osakaaluga Grupi suuruselt kolmandaks jaeturuks. Baltika suurimaks jaeturuks oli 2007. aastal jätkuvalt Eesti. Suuruselt teine turg oli Leedu, mis mõne kuu lõikes juba Eestit müügimahult ka edestas. Balti riigid kokku moodustasid Grupi 2007. aasta jaemüügist 63% (2006: 66%) ning Venemaa ja Ukraina 34% (2006: 29%). Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 2007 | 2006 | +/- | Osakaal, 2007 | -------------------------------------------------------------------------------- | Eesti | 247,7 | 202,2 | 23% | 25% | -------------------------------------------------------------------------------- | Läti | 144,7 | 105,7 | 37% | 15% | -------------------------------------------------------------------------------- | Leedu | 231,9 | 178,8 | 30% | 23% | -------------------------------------------------------------------------------- | Ukraina | 156,8 | 128,5 | 22% | 16% | -------------------------------------------------------------------------------- | Venemaa | 173,7 | 86,7 | 100% | 18% | -------------------------------------------------------------------------------- | Poola | 29,8 | 34,5 | -14% | 3% | -------------------------------------------------------------------------------- | Tšehhi | 2,7 | 0 | - | 0% | -------------------------------------------------------------------------------- | Kokku | 987,3 | 736,4 | 34% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Kõige suurem müügipinna kasv toimus 2007. aastal Lätis ja Leedus. Leedus avati kõige rohkem uusi poode - kokku kaheksa, mille tagajärjel müügipind suurenes 43% võrra. Leedu turule siseneti Ivo Nikkolo kaubamärgiga, mille poed olid siiani ainult Eestis. Nüüd on Ivo Nikkolo kauplused ka Vilniuses ja Kaunases. Leedu turul jätkatakse laienemist ka 2008. ning 2009. aastal, mil seal valmivad mitmed uued kaubanduskeskused. Baltika jaemüük ulatus Leedus 2007. aastal 231,9 miljoni kroonini (14,8 miljoni euroni) kasvades eelmise aastaga võrreldes 30%. Tugevaimat jaemüügi kasvu Balti riikide hulgas näitas Läti, kus jaemüük suurenes 37% võrra 144,7 miljoni kroonini (9,3 miljoni euroni). Lätis avati kolm uut poodi ning neli poodi viidi üle suuremale pinnale. Kuna kõik uued poed on suurema pinnaga kui vanad, siis kasvas müügipind Lätis koguni 73% võrra. Peamiselt said suurema pinna Montoni poed, mis annab võimaluse pakkuda klientidele kaubamärgi kollektsiooni täisvalikut. Riias asub nüüd ka Baltika Grupi suurim - 603-ruutmeetrine Montoni - pood. Riia on Baltikumi suurim linn, mis on nüüd Baltika kaubamärkidega paremini kaetud ning poed konkurentsis paremini nähtavad. Aasta lõpus siseneti Lätis ka uude linna, Valmierasse, kus avati kaks kauplust. Eestis ulatus jaemüük 2007. aastal 247,7 miljoni kroonini (15,8 miljoni euroni) kasvades eelmise aastaga võrreldes 23%. Aasta jooksul avati kaks uut poodi, sealhulgas Ivo Nikkolo uue kontseptsiooniga kauplus Tallinnas Viru Keskuses. Venemaal kasvas Baltika Grupi jaemüük 2007. aastal 100% võrra 173,7 miljoni kroonini (11,1 miljoni euroni). Jaemüügi kiire kasv tulenes Venemaal 2006. aastal toimunud suurest müügipinna laienemisest. Kuna uute poodide käivitumisperiood osutus keskmisest pikemaks, siis keskenduti 2007. aastal põhiliselt olemasolevate poodide müügiefektiivsuse tõstmisele. Aasta jooksul avati kolm poodi ning suleti kaks. 2008. aastal jätkub kaupluste võrgu korrastamine. Edaspidi keskendutakse Venemaal laienemisel kahele kaubamärgile, Montonile ja Mosaicile ning põhiliselt suurlinnadele, Moskvale ja Peterburile. Siiski lisandub 2008. aastal uue linnana Venemaal Kaliningrad. Kuigi Baltika arenguid Venemaa turul takistas 2007. aastal Eesti ja Vene riikide suhete poliitiline jahenemine aprillis, on Venemaa turul tulevikus jaekaubanduse seisukohalt väga suur potentsiaal. Venemaa on lähiaastatel Euroopa atraktiivseim sihtkoht rahvusvahelistele jaekettidele, sest turu maht on suur ning tarbimine tõusuteel. Ukrainas kasvas Baltika jaemüük 2007. aastal 22% ulatudes 156,8 miljoni kroonini (10,0 miljoni euroni). Seoses poliitiliselt ebastabiilse olukorraga ja kõrge inflatsiooniga oli areng aeglasem. Kuna regioonid on sellises olukorras nõrgemad, siis on ka mõju Baltika müügile tuntav, sest pealinnas Kiievis on Grupil suhteliselt vähem poode - kuus poodi 22-st Ukrainas asuvast poest. Seda põhjusel, et Kiievis pole viimastel aastatel avatud ühtegi uut tänapäevast arvestatava suurusega ostukeskust. Samuti ei avatud 2007. aastal tugevaid kaubanduskeskusi Grupi huviorbiidis olevates teistes Ukraina linnades. Kokku avas Baltika 2007. aastal Ukrainas kolm poodi ning sulges kaks, mille tagajärjel jäi Grupi müügipind aasta jooksul praktiliselt samaks. 2008. aastal muutub olukord keskuste arendamise osas paremaks ning on võimalus mõned uued poed avada. Poola turul jätkusid 2006. aastal alguse saanud positiivsed arengud. Turu kogumüük vähenes 2007. aastal ebaefektiivsete poodide sulgemise tõttu 14% võrra, kuid võrreldavate poodide müük kasvas samal perioodil 8%. Kokku oli Poola jaemüük 2007. aastal 29,8 miljonit krooni (1,9 miljonit eurot). Uusi poode aasta jooksul ei avatud. Poola turul keskendutakse edasisele efektiivsuse tõstmisele. 2007. aastal lisandus Baltikale uus jaeturg - Tšehhi. Praha kesklinnas Palladiumi keskuses avati oktoobri lõpus 500-ruutmeetrise müügipinnaga Montoni esinduspood. Palladium on Praha uusim ostu- ning ärikeskus. Tšehhi on väga konkurentsitihe turg, kuid Montoni algus on olnud edukas - avatud pood kuulub müügimahult Grupi kümne parima poe hulka. Järgnevatel aastatel on plaanis Tšehhis järk-järgult laieneda. 2008. aastal on plaanis avada Tšehhis kaks kauplust. ÜLEVAADE BRÄNDIDEST Brändide lõikes moodustab kõige suurema osa Baltika jaemüügist Montoni kaubamärk, mille osakaal tõusis 2007. aastal 55%-ni. Mosaici müük moodustas Grupi jaemüügist 31% ja Baltman 9%. 2006. aasta septembris omandatud kaubamärgi Ivo Nikkolo müük moodustas jaemüügist 3%. Ülejäänud 2% jaemüügist andsid põhiliselt vabrikupoed. Monton 2007. aastal sai Montoni kaubamärk viie aastaseks. Selle ajaga on Monton kasvanud edukaks rahvusvaheliseks moebrändiks. 2007. aastal ulatus Montoni jaemüük 543 miljoni kroonini (34,7 miljoni euroni) kasvades eelmise aastaga võrreldes 41% ning olles sellega Baltika kõige suurema kasvuga bränd nii müügi kui jaepinna lõikes. Peamine müügikasv tuli Venemaalt, mis tõusis aastaga Montoni suurimaks turuks ning edestas varem suurimateks jaeturgudeks olnud Leedut ja Eestit. Aastaga lisandus Montoni jaeportfelli kümme uuendatud jaekeskkonnaga kauplust, kasvatades kaubamärgi poodide arvu 2007. aasta lõpuks 50-le. 2007. aastal tõi Monton turule kaks uut tootegruppi. Aasta teisel poolel lisati kollektsiooni jalanõud ning lansseeriti teksabrändi Spiced M kollektsioon. Esimest piloot-hooaega jalanõude müügis võib lugeda igati õnnestunuks, mil saadi ka väärtuslik kogemus tulevasteks hooaegadeks. Edukalt jätkus ka 2006. aastal turule toodud pesu ja rannarõivaste müük, mis 2007. aastal kahekordistus. Need numbrid tõestavad, et Monton suudab edukalt turule tuua uusi tootegruppe ning kliendid võtavad need kiirelt omaks. Lisaks trendikatele toodetele püüab Monton klientidele pakkuda ka head teenindust, mugavat ostukeskkonda ning innovaatilist kommunikatsiooni. Montoni poekeskkondade uuendamisel loodi 2007. aastal Baltika sisekujundajate poolt põnevaid lahendusi. Innovaatilisi turunduslahendusi võib aga mainida mitmeid - juunis tõi Monton müügile meeste aluspüksid spetsiaalse kondoomitaskuga, augustis avati Montoni teksanäitus ja oktoobris said kliendid imetleda taevas pildistatud moefotosid. Montoni 2008. aasta peamisteks eesmärkideks on jätkata kasumlikku laienemist, panna uued tootegrupid efektiivselt tööle ning muuta brändisisene töö veel efektiivsemaks ja tulemuslikumaks. Mosaic 2007. aasta kujunes Mosaici brändile korrastumise aastaks. Veebruaris täitus Mosaici esimene tegevusaasta peale nimevahetust ning sellega oli kätte jõudnud aeg täpsustada brändi suundumused. Kõige olulisem samm oli brändi repositsioneerimine - brändi fokusseeriti täpsemalt sihtkliendi vajadustele. Mosaici jaemüük ulatus 2007. aastal 311 miljoni kroonini (19,9 miljoni euroni) kasvades aastaga 29%. Müügikasvu tagasid nii kaupluste arvu suurenemine kui ka põhikollektsioonide arendused ning lasterõivaste turuletoomine. Suurim kasv toimus Mosaici meestekollektsiooni müügis, mis näitas, et planeeritud kollektsiooni arengusuund on end ka kliendi silmis õigustanud. 2007. aasta aprillis toodi Mosaici kaubamärgi all turule lasterõivad. Aasta lõpuks opereeriti lasteriietega 11 suuremas poes peamiselt Balti turul. Lastekollektsiooni osatähtsuseks Mosaici müügis kujunes esimesel aastal 2%, mis eeldab järgnevatel aastatel olulist kasvu. Koos lasterõivaste lansseerimisega toodi turule ka lastekollektsiooni alambränd Lotte by Mosaic, kuhu kuuluvad Eestis ülipopulaarse multifilmitegelase Lotte nimega rõivad ja aksessuaarid lastele. Lotte by Mosaic kollektsiooni tooted on saanud väga positiivse vastuvõtu just Eesti turul. Edaspidi on eesmärgiks võetud kasvatada antud kollektsiooni müüki ka Lätis ja Leedus. 2007. aastal avati Baltika jaeturgudel kokku üheksa uut Mosaici poodi, mis tõstis poodide arvu 52-le. Lähtuvalt brändi kasvust ning poekeskkonna arengust on uued kauplused suuremad võimaldades kollektsiooni kliendile paremini esitleda. 2008. aasta eesmärgiks on arendada välja Mosaici uus poekeskkond, mis aitab brändil tugevdada oma positsiooni rahvusvahelises moekaubanduses. Oluline tähelepanu on suunatud Mosaici lasterõivaste kollektsiooni ning sealhulgas Lotte by Mosaic kollektsiooni edasiarendamisele. Baltman Baltman on Baltika pikima ajalooga bränd, mille eesmärgiks on areneda koos kliendiga. 2007. aastal ulatus Baltmani jaemüük 92 miljoni kroonini (5,9 miljoni euroni) ning kasvas eelmise aastaga võrreldes 14%. Aasta jooksul avati kaks uut poodi Leedus ning aasta lõpuks oli Baltmanil 16 kauplust. 2007. aastal pöörati tootearenduse seisukohalt erilist tähelepanu Baltmani ülikondade sobivusele erinevatele figuuritüüpidele ning laiendati pakkumist eelkõige nooremale kliendile. Erilise tähelepanu all olid kvaliteetne sisetöö ja viimistlusmaterjalid. Väga hästi on meeste poolt vastu võetud uued innovaatilise kangaviimistlusega, nano-viimistlusega, travel sarja tooted. 2007. aastal alustati ka temperatuuritundlikust klimeo kangast ülikondade turundamist. Baltmani eesmärk on olla mitte ainult rõivapood, vaid täita kõikidel turgudel ärirõivaste konsultandi usaldusväärset rolli. 2008. aastal töötatakse selle nimel, et jätkuks Baltmani kollektsiooni kvalitatiivne areng - märksõnadeks on siinkohal innovaatilisus, efektiivsus ja usaldusväärsus. Ivo Nikkolo 2007. aasta oli Ivo Nikkolo esimene täisaasta Baltika Grupi koosseisus ning kaubamärgi jaemüügiks kujunes 25 miljonit krooni (1,6 miljonit eurot). Brändi eesmärgiks oli välja töötada rahvusvaheliselt läbilöögivõimeline kollektsioon. Kuna premium segmendis, kuhu Ivo Nikkolo kuulub, on väga oluline tagada tipptasemel toodete kvaliteet, siis pöörati suurt tähelepanu naiste formaalsete rõivaste arendusele rakendades olemasolevat Baltika tootmisbaasi, parimate kangatootjate kvaliteetseid kangaid ning disainerite brändiomast käekirja. 2007. aastal kujunes oluliseks Ivo Nikkolo poodide avamine väljaspool Eestit. Kolmest uuest kauplusest avati kaks Leedus ja üks Eestis. Kõik poed avati Baltika poolt spetsiaalselt Ivo Nikkolo jaoks välja töötatud uue poekontseptsiooniga, mis sarnaneb pigem lounge´ile kui poele. Eesmärgiks on pakkuda klientidele mugavat ja meeleolukat ostukeskkonda tähtsustades eriti kliendikeskset teenindust. Tallinnas Viru Keskuses avatud Ivo Nikkolo kauplus leidis keskuse üürnike esinduse poolt äramärkimist kui Viru Keskuse kõige kliendisõbralikum ostukeskkond. 2008. aastal jätkub Ivo Nikkolol töö kollektsiooniga. Kõrge kvaliteet ja disainerlik käekiri jõukohase hinnaga kasvatavad kindlasti Ivo Nikkolo brändi austajate hulka. HULGIMÜÜK Baltika kollektsioonide hulgimüük moodustas Grupi müügituludest 2007. aastal 13% ning ulatus 144,7 miljoni kroonini (9,3 miljoni euroni) vähenedes eelmise aastaga võrreldes 3,9% võrra. Hulgimüügi vähenemine oli planeeritud ning see oli seotud konservatiivsema müügipoliitikaga Vene hulgipartnerile. Baltika üks suurimaid hulgimüügipartnereid on Vene ettevõte, mis opereerib Siberi ja Uurali piirkonnas ligikaudu 30 Baltika kaubamärke müüvat poodi. Teised hulgimüügipartnerid on kaubamajad Soomes ja Baltikumis, nagu Stockmann ja Tallinna Kaubamaja Grupp. Kaubamajadele müüakse hulgi peamiselt Mosaici, Baltmani ja Ivo Nikkolo kollektsioone, kusjuures Mosaici kaubamärk moodustab poole kogu Baltika hulgimüügist. Montonit müüakse hulgi ainult Venemaa äripartnerile. Neljas kvartal on sesoonselt madal hulgimüügiperiood. Kvartali hulgimüük oli kokku 22,0 miljonit krooni (1,4 miljonit eurot) ning selle osakaal kogumüügis 7%. Eelmise aastaga võrreldes vähenes hulgimüük aasta viimases kvartalis 26,3%. KASUM 2007. aasta oli Baltika Grupi kolmeaastase strateegilise perioodi teine aasta, mis järgnes kiirele laienemisele 2006. aastal. Kui vaadelda aasta alguse ja lõpu seisu, siis suurenes ettevõtte müügipind 2006. aastal hüppeliselt, seda eriti viimases kvartalis. Kui aga jälgida Grupi keskmist müügipinda, mida ettevõttel tuleb aasta jooksul opereerida ja varudega varustada, siis selle kasv oli 2007. aasta lõikes palju suurem (50%) kui 2006. aastal (30%). Sellest tulenevalt ilmnevad laienemise mõjud just 2007. aastal. Kiire laienemise mõjud on järgmised: uute poodide müügiefektiivsus on sissetöötatud poodide omast tavaliselt madalam ning suhteliselt palju uusi poode kaupluste üldises portfellis alandab Grupi keskmist müügiefektiivsust. Lisaks mõjutab Baltika keskmist müügiefektiivsust poeformaatide suurenemine. Grupi keskmine müügiefektiivsus ehk müük ruutmeetrile kahanes 2007. aastal 10% võrra. Samal ajal kajastuvad poodide opereerimiskulud täies mahus, mis avaldab survet ettevõtte kasumlikkusele. Baltika Grupp laienes 2006. aastal hüppeliselt Venemaa ja Ukraina turgudel, kus võrreldes Baltikumiga on uute poodide käivitumisperiood pikem ning poodide opereerimiskulud kõrgemad. Lisaks otseselt müügipinna suurenemisest tulenevast kulude kasvust, kasvasid Grupi keskmised poodide opereerimiskulud ruutmeetrile 2007. aastal 7% võrra, sh rendikulud ruutmeetrile 13% võrra, mis tuleneb Vene jaesüsteemi osakaalu suurenemisest Grupi poodide portfellis. Müügipinna suurendamine ei ole üksnes seotud nende pindade opereerimiskuludega, vaid vajab ka suuremat meeskonda peakontoris ning jätkuva kasvu tagamine nõuab uute projektide finantseerimist. 2007. aasta kujunes kohandumise aastaks, mil keskenduti juba olemasoleva jaesüsteemi efektiivsuse tõstmisele. Uute poodide avamise tempo oli mõõdukam, sealhulgas vähendati oluliselt uute poodide avamist Venemaal ja Ukrainas, kus avati kokku kuus poodi. Balti riigid näitasid tugevat arengut aasta esimesel poolel, kuid aasta teine pool tõi kaasa tarbimiskasvu vähenemise, mis mõjutas ka Baltika müüke neil turgudel. Poola olemasolevates poodides jätkus positiivne trend ning aasta kokkuvõttes jõudsid Poola poed kasumisse. 2007. aasta kokkuvõttes suutis ettevõte brutomarginaali tõsta 55,3%-ni võrreldes eelmise aasta 54,5%-se tasemega. Neljanda kvartali brutorentaablus ulatus 58,1%-ni (4 kv 2006: 57,4%). 2007. aasta brutokasum oli kokku 636,7 miljonit krooni (40,7 miljonit eurot) kasvades eelmise aastaga võrreldes 29,8%. Turustuskulud kasvasid 2007. aastal 49,1% võrra ning üldhalduskulud suurenesid eelmise aastaga võrreldes 26,0%. Üldhalduskulusid suurendasid 2007. aastal ka ühekordse iseloomuga tootmise uude vabrikusse ümberkolimise kulud summas 3,82 miljonit krooni (0,24 miljonit eurot). 2007. aastal avaldasid valuutakursside muutused ettevõttele negatiivset mõju. Muud ärikulud sisaldavad 2007. aastal valuutakursside muutusest teenitud kahjumit summas 9,94 miljonit krooni (0,64 miljonit eurot). 2006. aastal saadi valuutakursside muutustest kahjumit 4,71 miljonit krooni (0,30 miljonit eurot). Baltika ärikasum sisaldab 2007. aastal muude äritulude all ka tulusid kinnisvara müügist ja ümberhindlusest summas 25,12 miljonit krooni (1,61 miljonit eurot). Esimeses kvartalis teeniti hoonestusõiguse ja logistikakeskuse müügist tulu 16,22 miljonit krooni (1,04 miljonit eurot). Kolmandas ja neljandas kvartalis saadi tulu kinnisvara ümberhindlusest vastavalt 6,77 miljonit krooni (0,43 miljonit eurot) ning 2,13 miljonit krooni (0,14 miljonit eurot). 2006. aastal saadi kinnisvara müügist ja ümberhindlusest tulu 11,89 miljonit krooni (0,76 miljonit eurot). 2007. aasta ärirentaabluseks kujunes 5,6% võrreldes 10,8%-ga 2006. aastal. Grupi 2007. aasta ärikasum ulatus 64,6 miljoni kroonini (4,1 miljoni euroni) vähenedes eelmise aastaga võrreldes 33,7%. Grupi 2007. aasta finantskulud ulatusid 11,5 miljoni kroonini (0,7 miljoni euroni) kasvades aastaga 90,9%. Põhilise osa finantskuludest moodustavad intressikulud (9,0 miljonit krooni/0,6 miljonit eurot), mis kasvasid eelmise aastaga võrreldes 57,9% võrra. Intressikulude kasv on toimunud nii laenukoormuse suurenemise kui ka Euribori tõusu tulemusena. Finantskulusid suurendas ka kahjum valuutakursside muutusest. Baltika Grupi 2007. aasta kasum enne tulumaksu ulatus 53,0 miljoni kroonini (3,4 miljoni euroni) vähenedes eelmise aastaga võrreldes 41,9%. Kokku teeniti 2007. aastal puhaskasumit (peale makse ja vähemusosalust) 40,8 miljonit krooni (2,6 miljonit eurot), mis on 53,3% vähem kui eelmisel aastal. 2007. aasta puhasrentaabluseks kujunes 3,5% (2006: 9,7%). Neljanda kvartali puhaskasum oli 1,6 miljonit krooni (0,1 miljonit eurot) ning puhasrentaablus 0,5% (4 kv 2006: 11,1%). 2007. aastal oli Baltika omakapitali tootluseks 13,1% (2006: 35,9%) ning Grupi koguvarade tootluseks 6,5% (2006: 18,3%). BILANSS 2007. aasta 31. detsembri seisuga ulatus Baltika konsolideeritud bilansimaht 656,4 miljoni kroonini (41,9 miljoni euroni) kasvades aastaga 10% võrra. Grupi nõuded ostjatele vähenesid aasta jooksul 15,3 miljoni krooni (1,0 miljoni euro) võrra ulatudes aasta lõpus 71,1 miljoni kroonini (4,5 miljoni euroni). Põhiliselt toimus nõuete vähenemine Venemaa partnerile hulgimüügi mahtude vähendamise tagajärjel, mida tehti Vene riskide maandamiseks. Ka võlad hankijatele vähenesid aastaga 24,2 miljonit krooni (1,5 miljonit eurot) ning ulatusid aasta lõpus 72,3 miljoni kroonini (4,6 miljoni euroni). Grupi varud ulatusid 2007. aasta lõpus 220,7 miljoni kroonini (14,1 miljoni euroni) kasvades aastaga 20,0 miljoni krooni (1,3 miljoni euro) ehk 10% võrra. Grupi varude juhtimise efektiivsus jäi aasta jooksul praktiliselt samale tasemele - varude käibekordaja oli 5,30 (2006: 5,38). 2007. aasta lõpu seisuga ulatusid Grupi võlakohustused 184,5 miljoni kroonini (11,8 miljoni euroni), sh olid pangalaenud kokku 145,5 miljonit krooni (9,3 miljonit eurot). Ülejäänud võlakohustused moodustasid võlakirjad (29,7 miljonit krooni/1,9 miljonit eurot) ja kapitalirendi kohustused (9,3 miljonit krooni/0,6 miljonit eurot). Aasta jooksul on võlakoormus suurenenud 37,1 miljoni krooni (2,4 miljoni euro) võrra, kusjuures pangalaenud 40,4 miljonit krooni (2,6 miljonit eurot). Baltika Grupi laenukoormus on suurenenud seoses jaesüsteemi laiendamiseks tehtavate investeeringute ning äritegevuse finantseerimisega. Grupi netovõlg (Intressi kandvad võlakohustused-Raha ja pangakontod) oli aasta lõpus kokku 153,0 miljonit krooni (9,8 miljonit eurot) ning netovõla suhe omakapitali 45,1%. 2006. aasta lõpus oli antud näitaja 44,3%. Baltika Grupi omakapital kasvas 2007. aastal 35,1 miljoni krooni (2,2 miljoni euro) võrra ja ulatus aasta lõpu seisuga 339,3 miljoni kroonini (21,7 miljoni euroni). Omakapitalis toimusid muudatused seoses aktsiakapitali suurendamisega fondiemissiooni teel, mis viidi läbi jaotamata kasumi ja ülekursi arvelt. Aktsiakapital suurenes 124,3 miljoni krooni (7,9 miljoni euro) võrra 186,4 miljoni kroonini (11,9 miljoni euroni). INVESTEERINGUD 2007. aastal ulatusid Baltika Grupi investeeringud 102,9 miljoni kroonini (6,6 miljoni euroni). 2006. aastal tehti investeeringuid 130,4 miljoni krooni (8,3 miljoni euro) ulatuses. Jaekaubandusse investeeriti 2007. aastal 69,9 miljonit krooni (4,5 miljonit eurot), infotehnoloogiasse 13,6 miljonit krooni (0,8 miljonit eurot) ja tootmisse 12,8 miljonit krooni (0,8 miljonit eurot). Ühisettevõtte OÜ Baltika Tailori 50%-lise osa tagasiostmise maksumuseks kujunes 5,6 miljonit krooni (0,4 miljonit eurot). Muudeks investeeringuteks kulus 1,0 miljonit krooni (0,1 miljonit eurot). TOOTMINE 2007. aasta lõpu seisuga kuulub Baltika Gruppi kaks tootmisettevõtet: OÜ Baltika Tailor (100%) ja AS Virulane (82,66%). 2007. aastal jätkas Baltika kontrolli suurendamist Gruppi kuuluvates tootmisettevõtetes ning ühendas kaks ettevõtet - OÜ Baltika Tailori ja AS Elina. Kõrge kvaliteediga, paindlik ja kiire reageerimisega tootmine on oluliseks osaks muidu jaekaubandusele keskenduva Grupi vertikaalses ärimudelis. 2007. aasta sügisel valmis Baltika Tailori uus õmblusvabrik. Tegemist on Baltimaade moodsaima õmblusvabrikuga, kuna see on projekteeritud just õmblusvabriku vajadustest lähtuvalt. Uus vabrik on Grupi viimane osa Tallinna kesklinnast Lasnamäe Tööstusparki üle viidud tootmis- ja logistikakompleksist. Eelnevalt, 2006. aasta suvel avati samas kohas logistikakeskus, mille läbilaskevõime on vanast oluliselt suurem. Uus kompleks, kus logistika ja tootmine on omavahel ühendatud, võimaldab Baltikal turu nõudlusele efektiivsemalt ja kiiremini vastata. TÖÖTAJAD Baltika Grupis töötas 2007. aasta lõpu seisuga 1 983 (31. detsember 2006: 1 915) inimest, sealhulgas jaekaubanduses 986 (857), tootmises 773 (866) ning peakontoris 224 (192) inimest. Aasta jooksul suurenes Grupi töötajate arv 68 võrra. Kõige suurem kasv toimus jaekaubanduses (+129). Samal ajal tootmises töötajate arv vähenes seoses uue vabriku käivitamise ja töö ümberkorraldamisega. Grupi aasta keskmine töötajate arv oli 1 982 (2006: 1 777). 2007. aasta lõpu seisuga töötas väljaspool Eestit 40% Grupi töötajatest. Töötajate osakaal Eestis on suurem, sest siin asub ettevõtte peakontor ning tootmine. Baltika Grupi töötajatele maksti 2007. aastal kokku töötasusid summas 200,1 miljonit krooni (12,8 miljonit eurot). Nõukogu ja juhatuse liikmete tasud ulatusid kokku 4,8 miljoni kroonini (0,3 miljoni euroni). PERSPEKTIIVID JA EESMÄRGID 2008. AASTAKS 2008. aasta on Baltika kolme-aastase strateegilise perioodi viimane aasta. Strateegia tulemusena oli kavandatud saavutada perioodi lõpuks kiire ja kasumlik kasv. 2006. aasta alguses fikseeriti 2008. aastaks järgmised finantseesmärgid: - müügitulude kahekordistumine võrreldes 2005. aastaga, mis tähendab 1,36 miljardi kroonise (87 miljoni eurose) müügitulu saavutamist; - brutorentaablus vähemalt 52%; - omakapitali tootlus vähemalt 30%. 2008. aasta täiendavateks märksõnadeks on efektiivsuse tõstmine, seda eeskätt suurtel turgudel nagu Venemaa ja Ukraina, kiire kasvu taastumine jaesüsteemis teisel poolaastal ning kinnisvaraarendus. Tulenevalt ettevõtte praegusest arengufaasist võib 2008. aasta jaotada kaheks pooleks, mille eesmärgid ja perspektiivid on järgmised: 1) Müügitulud ja müügipind - Esimesel poolaastal on peaeesmärk müügiefektiivsuse tõstmine ning kaupluste portfelli korrastamine: nii poodide avamisi kui sulgemisi on kokku 5-6, mistõttu jääb poolaasta lõpuks Grupi poodide arv 2007. aasta lõpu tasemele, jaemüügi kasvuks planeeritakse 10-12%, hulgimüük väheneb võrreldes eelmise aastaga 15-20%. - Teisel poolaastal on planeeritud jaesüsteemi kiire kasvu taastumine: poodide avamisi on kavas 14-18, jaemüügi kasv peaks ulatuma 20-25%-ni, hulgimüük jääb eelmise aasta tasemele. - 2008. aasta kokkuvõttes on müügitulude eesmärk 1,3 miljardit krooni/83 miljonit eurot (kasv 13%) ning sellega on 2006. aastal seatud eesmärk praktiliselt saavutatud. - Grupi poodide arv aasta lõpus ulatub 140-145-ni. Kuigi poodide arv 2008. aasta lõpus ei vasta täpselt seatud eesmärgile (160+), on uued poed suurema formaadiga kui 2006. aasta alguses ette nähti ning müügipind vastab ettevõtte seatud eesmärgile ulatudes ümmarguselt 28 000 ruutmeetrini. - Jätkates laienemist Kesk- ja Ida-Euroopas teostatakse ettevalmistusi uutele turgudele sisenemiseks. 2) Kasumlikkus - Brutorentaablus jõudis eesmärgiks seatud tasemele juba 2006. aastal (54,5%) ja jätkas tõusu 2007. aastal (55,3%); ettevõte teeb pingutusi liikuda saavutatud kõrgelt tasemelt edasi olukorras, kus sisendhinnad tänu toorainehindade ja logistikakulude tõusule kasvavad. - Seoses planeeritust aeglasema arenguga 2007. aasta teisel ja 2008. aasta esimesel poolel, ei ole 2008. aastaks seatud omakapitali tootluse eesmärk põhitegevusest saavutatav. 3) Kinnisvaraarendus - 2008. aastal käivitus Baltikale kuuluva Tallinna kesklinna kinnistu (aadressil Veerenni 24) arendusprojekti esimene etapp, mille lõpp on planeeritud 2009. aasta mais. Projekti esimeses etapis toimub vabrikuhoone ümberehitus, mille käigus valmib ligi 10 000 ruutmeetrit kontori-, äri- ja teeninduspinda. Baltika hõivab valmivast ärikeskusest kuni 4 500 ruutmeetrit (peakontor ja kaubanduspinnad). Ülejäänud uued pinnad ning Baltika senise peakontori pinnad renditakse välja. Arenduse käigus plaanib ettevõte teenida erakorralist tulu seoses kinnistu väärtuse tõusuga. 4) Investeeringud - 2008. aasta põhilised investeeringud on planeeritud Baltika ärikeskuse esimese etapi arendamisse, uute poodide avamisse ja kaubavarude mahu suurendamisse. FINANTSTULEMUSTE AVALDAMINE 2008. AASTAL 2008. aastal avaldatakse AS Baltika konsolideeritud finantstulemused järgmistel kuupäevadel: 2007. a. auditeeritud aastaaruanne 26. märts 2008. a. 1. kvartali tulemused 24. aprill 2008. a. 2. kvartali tulemused 24. juuli 2008. a. 3. kvartali tulemused 23. oktoober Lisaks avaldab Baltika iga kuu alguses eelmise kuu müügitulemused. KONTSERNI PÕHILISED ARVNÄITAJAD (2007) -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | +/- | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 1 151,5 | 899,5 | 28,0% | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 987,3 | 736,4 | 34,1% | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 86% | 82% | | -------------------------------------------------------------------------------- | Poodide arv | 128 | 112 | 14,3% | -------------------------------------------------------------------------------- | Müügipind (m2) | 24 290 | 19 594 | 24,0% | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1 983 | 1 915 | 3,6% | -------------------------------------------------------------------------------- | Brutorentaablus | 55,3% | 54,5% | | -------------------------------------------------------------------------------- | Ärirentaablus | 5,6% | 10,8% | | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | 4,6% | 10,1% | | -------------------------------------------------------------------------------- | Puhasrentaablus | 3,5% | 9,7% | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1,6 | 1,5 | 6,7% | -------------------------------------------------------------------------------- | Varude käibekordaja | 5,30 | 5,38 | -1,5% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 54,4% | 48,5% | | -------------------------------------------------------------------------------- | Omakapitali tootlus | 13,1% | 35,9% | | -------------------------------------------------------------------------------- | Koguvarade tootlus | 6,5% | 18,3% | | -------------------------------------------------------------------------------- 1 EUR = 15,6466 EEK Suhtarvude valemid Brutorentaablus = (Müügitulu-Müüdud kaupade kulu)/Müügitulu Ärirentaablus = Ärikasum/Müügitulu Maksueelse kasumi rentaablus = Kasum enne tulumaksu/Müügitulu Puhasrentaablus = Puhaskasum (emaettevõtte osa)/Müügitulu Likviidsuskordaja = Käibevara/Lühiajalised kohustused Varude käibekordaja = Müügitulu/Keskmised varud* Võla ja omakapitali suhe = Intressi kandvad võlakohustused/Omakapital Omakapitali tootlus = Puhaskasum (emaettevõtte osa)/Keskmine omakapital* Koguvarade tootlus = Puhaskasum (emaettevõtte osa)/Keskmised koguvarad* *12 kuu keskmine KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 4 kv | 4 kv | 2007 | 2006 | | | 2007 | 2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 307 421 | 281 164 | 1 151 | 899 481 | | | | | 520 | | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -128 816 | -119 869 | -514 839 | -408 919 | -------------------------------------------------------------------------------- | Brutokasum | 178 605 | 161 295 | 636 681 | 490 562 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -143 016 | -115 433 | -522 620 | -350 471 | -------------------------------------------------------------------------------- | Üldhalduskulud | -21 597 | -11 642 | -60 911 | -48 334 | -------------------------------------------------------------------------------- | Muud äritulud | 2 904 | 4 873 | 25 219 | 12 482 | -------------------------------------------------------------------------------- | Muud ärikulud | -6 707 | -2 701 | -13 815 | -6 907 | -------------------------------------------------------------------------------- | Ärikasum | 10 189 | 36 392 | 64 554 | 97 332 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -3 587 | -4 753 | -11 523 | -6 037 | -------------------------------------------------------------------------------- | Finantstulud (kulud) | 0 | 0 | 0 | -234 | | investeeringult | | | | | | ühisettevõttesse | | | | | -------------------------------------------------------------------------------- | Finantstulud (kulud) muudelt | 0 | -1 568 | 0 | 322 | | investeeringutelt | | | | | -------------------------------------------------------------------------------- | Intressikulud | -2 579 | -1 846 | -9 049 | -5 730 | -------------------------------------------------------------------------------- | Kasum (kahjum) valuutakursi | -1 000 | -1 346 | -2 389 | -863 | | muutustest | | | | | -------------------------------------------------------------------------------- | Muud finantstulud (kulud) | -8 | 7 | -85 | 468 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne maksustamist | 6 602 | 31 639 | 53 031 | 91 295 | -------------------------------------------------------------------------------- | Tulumaks | -4 277 | -244 | -9 189 | -3 136 | -------------------------------------------------------------------------------- | Aruandeperioodi kasum | 2 325 | 31 395 | 43 842 | 88 159 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | 1 643 | 31 075 | 40 773 | 87 376 | | kasumist | | | | | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 682 | 320 | 3 069 | 783 | | (kahjumist) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, | 0,09 | 1,69 | 2,19 | 4,85 | | EEK | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 0,09 | 1,67 | 2,19 | 4,71 | | kohta, EEK | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 4 kv | 4 kv | 2007 | 2006 | | | 2007 | 2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 19 648 | 17 970 | 73 596 | 57 487 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -8 233 | -7 661 | -32 904 | -26 135 | -------------------------------------------------------------------------------- | Brutokasum | 11 415 | 10 309 | 40 691 | 31 353 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -9 140 | -7 378 | -33 402 | -22 399 | -------------------------------------------------------------------------------- | Üldhalduskulud | -1 380 | -744 | -3 893 | -3 089 | -------------------------------------------------------------------------------- | Muud äritulud | 186 | 311 | 1 612 | 798 | -------------------------------------------------------------------------------- | Muud ärikulud | -429 | -173 | -883 | -441 | -------------------------------------------------------------------------------- | Ärikasum | 651 | 2 326 | 4 126 | 6 221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -229 | -304 | -736 | -386 | -------------------------------------------------------------------------------- | Finantstulud (kulud) | 0 | 0 | 0 | -15 | | investeeringult | | | | | | ühisettevõttesse | | | | | -------------------------------------------------------------------------------- | Finantstulud (kulud) muudelt | 0 | -100 | 0 | 21 | | investeeringutelt | | | | | -------------------------------------------------------------------------------- | Intressikulud | -165 | -118 | -578 | -366 | -------------------------------------------------------------------------------- | Kasum (kahjum) valuutakursi | -64 | -86 | -153 | -55 | | muutustest | | | | | -------------------------------------------------------------------------------- | Muud finantstulud (kulud) | -1 | 0 | -5 | 30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne maksustamist | 422 | 2 022 | 3 389 | 5 835 | -------------------------------------------------------------------------------- | Tulumaks | -273 | -16 | -587 | -200 | -------------------------------------------------------------------------------- | Aruandeperioodi kasum | 149 | 2 007 | 2 802 | 5 634 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa | 105 | 1 987 | 2 606 | 5 584 | | kasumist | | | | | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 44 | 19 | 196 | 50 | | (kahjumist) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, | 0,01 | 0,11 | 0,14 | 0,31 | | EUR | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 0,01 | 0,11 | 0,14 | 0,30 | | kohta, EUR | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 31 494 | 12 584 | -------------------------------------------------------------------------------- | Nõuded ostjatele | 71 148 | 86 402 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemakstud kulud | 42 415 | 42 069 | -------------------------------------------------------------------------------- | Varud | 220 698 | 200 702 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 500 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 366 255 | 341 757 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 11 250 | 23 572 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 5 897 | 4 462 | -------------------------------------------------------------------------------- | Muud pikaajalised finantsvarad | 11 448 | 11 077 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 203 098 | 166 448 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 58 409 | 49 074 | -------------------------------------------------------------------------------- | Põhivara kokku | 290 102 | 254 633 | -------------------------------------------------------------------------------- | VARAD KOKKU | 656 357 | 596 390 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 100 167 | 88 179 | -------------------------------------------------------------------------------- | Võlad hankijatele | 72 345 | 96 535 | -------------------------------------------------------------------------------- | Maksuvõlad | 33 065 | 23 006 | -------------------------------------------------------------------------------- | Viitvõlad | 22 857 | 18 174 | -------------------------------------------------------------------------------- | Muud lühiajalised kohustused | 1 097 | 7 022 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 229 531 | 232 916 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised võlakohustused | 84 331 | 59 234 | -------------------------------------------------------------------------------- | Muud pikaajalised kohustused | 1 074 | 0 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 2 075 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 87 480 | 59 234 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 317 011 | 292 150 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 186 449 | 62 150 | -------------------------------------------------------------------------------- | Ülekurss | 0 | 59 088 | -------------------------------------------------------------------------------- | Reservid | 26 133 | 9 721 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 67 949 | 73 521 | -------------------------------------------------------------------------------- | Aruandeperioodi kasum | 40 773 | 87 376 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 8 131 | 4 319 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 329 435 | 296 175 | | omakapital | | | -------------------------------------------------------------------------------- | Vähemusosalus | 9 911 | 8 065 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 339 346 | 304 240 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 656 357 | 596 390 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 2 013 | 804 | -------------------------------------------------------------------------------- | Nõuded ostjatele | 4 547 | 5 522 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemakstud kulud | 2 711 | 2 689 | -------------------------------------------------------------------------------- | Varud | 14 105 | 12 827 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 32 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 23 408 | 21 842 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 719 | 1 507 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 377 | 285 | -------------------------------------------------------------------------------- | Muud pikaajalised finantsvarad | 732 | 708 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 12 980 | 10 638 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 733 | 3 136 | -------------------------------------------------------------------------------- | Põhivara kokku | 18 541 | 16 274 | -------------------------------------------------------------------------------- | VARAD KOKKU | 41 949 | 38 116 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 6 402 | 5 636 | -------------------------------------------------------------------------------- | Võlad hankijatele | 4 624 | 6 170 | -------------------------------------------------------------------------------- | Maksuvõlad | 2 113 | 1 470 | -------------------------------------------------------------------------------- | Viitvõlad | 1 461 | 1 162 | -------------------------------------------------------------------------------- | Muud lühiajalised kohustused | 70 | 449 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 14 670 | 14 886 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised võlakohustused | 5 390 | 3 786 | -------------------------------------------------------------------------------- | Muud pikaajalised kohustused | 69 | 0 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 133 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 5 591 | 3 786 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 20 261 | 18 672 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 11 916 | 3 972 | -------------------------------------------------------------------------------- | Ülekurss | 0 | 3 776 | -------------------------------------------------------------------------------- | Reservid | 1 670 | 621 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 4 343 | 4 699 | -------------------------------------------------------------------------------- | Aruandeperioodi kasum | 2 606 | 5 584 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 520 | 276 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 21 055 | 18 929 | | omakapital | | | -------------------------------------------------------------------------------- | Vähemusosalus | 633 | 515 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 21 688 | 19 444 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 41 949 | 38 116 | -------------------------------------------------------------------------------- Ülle Järv Finantsdirektor, Juhatuse liige +372 630 2741 Lisainformatsioon: Triin Palge Investorsuhete juht +372 630 2886 triin.palge@baltikagroup.com
Pealkiri
UNAUDITED CONSOLIDATED FINANCIAL RESULTS, Q4 AND 2007
Teade
FINANCIAL HIGHLIGHTS, 2007 - Net sales 1,152 million kroons, up 28% yoy - Retail sales 34% growth yoy - Comparable store sales 3% growth yoy - Gross margin 55.3% - Operating profit 64.6 million kroons - Operating margin 5.6% - Net profit 40.8 million kroons - Net margin 3.5% - Store openings 24 - Sales area 24% growth yoy Chairman of the Management Board Meelis Milder: “Baltika's results for 2007 should be evaluated in the context of the Group's three-year (2006-2008) strategy. A strategy, whose ultimate goals and targets have been set for 2008. Although there is no reason to be content with last year's profitability, we are convinced that the “interim” year was critical in resolving many strategic and tactical issues. In 2007, we internationalized the Ivo Nikkolo retail chain by penetrating the Lithuanian market and created a new, well-received store concept for Ivo Nikkolo. In line with the strategy, we launched new product groups: Monton footwear and jean concept Spiced M; Mosaic was supplemented with a collection of childrenswear including the Lotte by Mosaic sub-brand which was an instant success. Positive developments took place in the Central European markets: for the first time our Polish stores ended the year in a profit and we entered the Czech market. Other milestones included group-wide implementation of the new corporate information system Navision and relocation of our manufacturing operations from the centre of Tallinn. All those activities were aimed at adding real value to the company. Although in 2007 efficiency management issues emerged in large markets due to rapid expansion in the prior year, the problems have been identified and we are putting a lot of effort in resolving them. The profitability of our Russian operations was definitely not fostered by the deterioration in Estonian-Russian political relations and setbacks in the arrangement of transport. To date, January's slow sales which were caused by low inventory balances at the beginning of 2008 have been replaced by rising sales of the new spring collection. Nevertheless, we forecast that an improvement in profitability will be achieved in the second half of the year. In our jubilee year - Baltika is celebrating its 80th anniversary in 2008 - we expect to generate sales of 1.3 billion kroons (83 million euros) and to further improve the already fair gross margin of 55.3%. We will be not only twice as large as at the adoption of the current strategy but also stronger and wiser for implementing the next growth strategy!” In 2007, the net sales of Baltika Group grew by 28.0% while retail sales improved by 34.1%. The period's gross margin was 55.3% against 54.5% in 2006. The Group ended 2007 with a consolidated operating profit of 64.6 million kroons (4.1 million euros) and an operating margin of 5.6%. Consolidated net profit decreased by 53.3% to 40.8 million kroons (2.6 million euros) and the net margin was 3.5%. Consolidated net sales for the fourth quarter totalled 307.4 million kroons (19.6 million euros), up 9.3% yoy, fourth-quarter retail sales improving by 14.7% yoy. Q4 2007 gross margin was 58.1% (Q4 2006: 57.4%) and operating margin 3.3% (Q4 2006: 12.9%). Consolidated net profit for the fourth quarter amounted to 1.6 million kroons (0.1 million euros). SALES Sales by segment -------------------------------------------------------------------------------- | EEK million | Q4 2007 | Q4 2006 | +/- | 2007 | 2006 | +/- | -------------------------------------------------------------------------------- | Retail | 284.6 | 248.1 | 14.7% | 987.3 | 736.4 | 34.1% | -------------------------------------------------------------------------------- | Wholesale | 22.0 | 29.8 | -26.3% | 144.7 | 150.6 | -3.9% | -------------------------------------------------------------------------------- | Subcontracting | 0.3 | 0 | n/a | 14.4 | 0 | n/a | -------------------------------------------------------------------------------- | Other | 0.6 | 3.3 | -82.2% | 5.1 | 12.5 | -59.1% | -------------------------------------------------------------------------------- | Total | 307.4 | 281.2 | 9.3% | 1,151.5 | 899.5 | 28.0% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL In 2007, Baltika's retail sales grew 34.1% to 987.3 million kroons (63.1 million euros), while comparable store sales climbed by 3%. Rapid growth increased the proportion of retail revenue in total consolidated revenue to 86% compared with 82% in 2006. The retail network continued expanding and the annual average sales area grew by 50%. The average sales efficiency (sales per square metre), on the other hand, declined by 10%. Efficiency is affected by rapid expansion - new stores have more space and in the start-up period their efficiency is generally lower. Moreover, outside Baltika's home market, the Baltic countries, the start-up periods tend to be longer. In 2006 and particularly at the end of the year many new stores were opened in Russia and Ukraine, where the estimated start-up periods of new shopping centres and, consequently, new stores range from 18 to 24 months. Retail sales for the fourth quarter totalled 284.6 million kroons (18.2 million euros), a 14.7% improvement on the fourth quarter of 2006. STORES AND SALES AREA At the year-end, Baltika had 128 stores in seven countries and a total sales area of 24,290 square metres. During the year, 20 stores were opened, four were closed and four were relocated to larger premises in the same shopping centre. The net growth of the retail system was 16 stores and approximately 4,700 square metres, a 24% increase in the sales space operated by Baltika Group. In terms of markets, the largest number of stores was opened in Lithuania where eight new stores were launched. In Latvia, three stores were opened and four were relocated. Three new stores were opened in Russia and Ukraine each and two in Estonia. At the end of the year, the Group entered a new market - the Czech Republic, where one new store was opened. Two stores were closed in both Russia and Ukraine. Stores by market -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Estonia | 30 | 28 | -------------------------------------------------------------------------------- | Latvia | 16 | 13 | -------------------------------------------------------------------------------- | Lithuania | 30 | 22 | -------------------------------------------------------------------------------- | Ukraine | 22 | 21 | -------------------------------------------------------------------------------- | Russia | 24 | 23 | -------------------------------------------------------------------------------- | Poland | 5 | 5 | -------------------------------------------------------------------------------- | Czech Republic | 1 | 0 | -------------------------------------------------------------------------------- | Total stores | 128 | 112 | -------------------------------------------------------------------------------- | Total sales area, m2 | 24,290 | 19,594 | -------------------------------------------------------------------------------- The largest number of stores was opened under the Monton and Mosaic brands. At the end of 2007, Baltika's retail network included 52 Mosaic, 50 Monton, 16 Baltman, 6 Ivo Nikkolo and 4 factory outlet stores. In the fourth quarter, Baltika opened four stores and closed one. The opening of a Monton store in the Palladium Centre in Prague marked the Group's entry to the Czech market. MARKETS Although in 2007 annual economic growth in the Baltic countries slowed a bit, Baltika's retail markets sustained rapid development. The GDP growth in the Baltic countries amounted to 7-10% in 2007. Baltic economies are currently in a cooling phase and are expected to hit the bottom of their economic cycle in 2008. In the past few years, Baltic economic growth has been fuelled by strong domestic demand which is also a reason for the present deceleration. Curbing of the generous credit supply and rising interest rates are reducing the growth in consumption and investment. According to analysts, Baltic economies will recover and consumption is going to revive in 2009 at the latest. Thereafter, economic growth should level off at around 6% per year. Robust economic growth for 2007 was also posted by Ukraine and Russia - according to preliminary estimates 7-8%. Similarly to the Baltics, the main growth driver of Russian economy is domestic demand, prompted by a swift rise in the construction, retail, accommodation and financial sectors. The Russian economic outlook for the near future remains positive and gross domestic product should continue growing at above 6% per year. In general, all Baltika's retail markets should continue growing at a higher pace than the so-called old Europe. Thanks to their great potential, Central and Eastern Europe and Russia in particular are becoming increasingly popular destinations for international retail chains. In 2007, the real estate advisors of Cushman & Wakefield undertook research in order to identify international retail companies' 20 most attractive European expansion destinations in the next five years. Moscow ranked first, followed by St Petersburg and Prague. Baltika has secured a foothold in all these cities. Other attractive destinations where Baltika is already operating include Tallinn, Kiev, Warsaw, Riga and Vilnius. In terms of countries, the most attractive destination was Russia. In 2007, Russia was also Baltika's fastest growing market and became the third-largest one with 18% of sales. Estonia remained the largest retail market, followed by Lithuania which in some months already outperformed Estonia. The three Baltic countries accounted for 63% of the Group's retail sales (2006: 66%) and Russia and Ukraine for a combined 34% (2006: 29%). Retail sales by market -------------------------------------------------------------------------------- | EEK million | 2007 | 2006 | +/- | Percentage, 2007 | -------------------------------------------------------------------------------- | Estonia | 247.7 | 202.2 | 23% | 25% | -------------------------------------------------------------------------------- | Latvia | 144.7 | 105.7 | 37% | 15% | -------------------------------------------------------------------------------- | Lithuania | 231.9 | 178.8 | 30% | 23% | -------------------------------------------------------------------------------- | Ukraine | 156.8 | 128.5 | 22% | 16% | -------------------------------------------------------------------------------- | Russia | 173.7 | 86.7 | 100% | 18% | -------------------------------------------------------------------------------- | Poland | 29.8 | 34.5 | -14% | 3% | -------------------------------------------------------------------------------- | Czech Republic | 2.7 | 0 | n/a | 0% | -------------------------------------------------------------------------------- | Total | 987.3 | 736.4 | 34% | 100% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Sales space grew the most in Latvia and Lithuania. In Lithuania, Baltika opened the largest number of new stores (eight), increasing the sales area by 43%, and launched its Ivo Nikkolo concept, which was previously operated in Estonia only. Now there are Ivo Nikkolo stores also in Vilnius and Kaunas. Expansion will continue in 2008 and 2009 when several new shopping centres are completed. In 2007, Baltika's retail sales in Lithuania totalled 231.9 million kroons (14.8 million euros), a 30% improvement on the prior year. The strongest retail growth in the Baltics was achieved in Latvia where sales expanded by 37% to 144.7 million kroons (9.3 million euros). In the Latvian market, three stores were opened and four were relocated. Since all stores gained in size, the total sales area grew by 73%. Mostly Monton stores were transferred to larger premises where a full collection of the line can now be offered. Baltika's largest, 603-square metre Monton store is also located in Riga. Thanks to the expansion, the biggest city in the Baltics is better covered with Baltika's brands and the stores are more visible among the competition. At the end of the year, the Group opened two stores in yet another Latvian city - Valmiera. In Estonia, retail sales amounted to 247.7 million kroons (15.8 million euros), up 23% yoy. During the year, two new stores were launched including a new-concept Ivo Nikkolo store in Viru Centre in Tallinn. In Russia, Baltika's retail sales grew by 100% to 173.7 million kroons (11.1 million euros). Rapid growth may be attributed to significant expansion in 2006. As the start-up periods of new stores proved longer than average, Baltika focused on enhancing the efficiency of its existing stores. During the year, three stores were opened and two closed. In 2008, Baltika will continue streamlining the store network. Further expansion will be based on two brands, Monton and Mosaic, and aimed at two metropolises - Moscow and St Petersburg. Despite the above strategy, in 2008 Baltika is going to expand to Kaliningrad. Although in 2007 Baltika's development in Russia was hampered by political tensions in Russian-Estonian relations, caused by the events in April, Russia remains a market with huge potential. In the next few years, Russia will be the most attractive expansion destination for all major international retailers because the market is enormous and consumption is on the rise. Baltika's retail sales in Ukraine rose by 22% to 156.8 million kroons (10.0 million euros). Ukrainian results were adversely affected by the country's political instability and high inflation which have cooled consumption outside the capital. Only six out of the Group's 22 Ukrainian stores are in Kiev, the reason being that in the past few years no large modern shopping centres have been opened there. Nor were any attractive shopping centres opened in 2007 in other Ukrainian cities targeted by the Group. In 2007, three stores were opened and two closed. As a result, the Ukrainian sales area remained practically unchanged. In 2008, the development situation is going to improve and the Group expects to launch some new stores. In Poland, the positive developments that began in 2006 continued. Although total sales decreased by 14% owing to the closure of inefficient stores, comparable store sales improved by 8%. The Group's retail sales in Poland totalled 29.8 million kroons (1.9 million euros). No new stores were opened and in the forthcoming periods Baltika will focus on improving the efficiency of its existing stores. In 2007, Baltika penetrated a new retail market - the Czech Republic. At the end of October, a 500-square metre Monton store was launched in the Palladium Centre in Prague. The centrally located Palladium is the newest shopping and business centre in the Czech capital. Competition in the market is strong but Monton has got off to a good start - in terms of sales the recently launched store is among the ten best in the Group. The strategy for the Czech market is gradual expansion. Two new store openings are planned for 2008. BRANDS In terms of brands, the largest contributor is Monton which in 2007 accounted for 55% of the Group's retail sales. Other major brands, Mosaic and Baltman, generated 31% and 9% of retail sales respectively while Ivo Nikkolo which was acquired in 2006 accounted for 3%. The remaining 2% was generated by factory outlets. Monton In 2007, Monton turned five years old. Within that time, Monton has evolved into a successful international fashion brand. In 2007, retail sales of Monton totalled 543 million kroons (34.7 million euros), up 41% yoy, rendering it the Group's fastest growing brand both in terms of sales and retail space. The largest sales growth was achieved in Russia which became Monton's largest market, outstripping Lithuania and Estonia, the former largest retail markets. Over the year, Monton's retail portfolio was supplemented with ten stores with an upgraded retail environment, which increased the total number of Monton stores to 50. In 2007, Monton launched two new product groups. In the second half of the year, the collection was supplemented with footwear and the jean brand Spiced M was launched. The pilot season in footwear sales was a success, providing valuable experience for the future. Sales of lingerie and beachwear, which were launched in 2006, doubled. All this shows that Monton can successfully launch new product groups and its customers accept them readily. In addition to trendy products, Monton is committed to delivering excellent customer care, a relaxing shopping environment, and innovation in communication. During the year, Baltika's interior designers developed various exciting solutions for Monton's retail environment. In June, Monton launched men's underpants with a condom pocket, in August a jean exhibition was organised, and in October customers could admire fashion photos shot in the sky - all examples of innovative marketing solutions. In 2008, Monton is going to focus on sustaining profitable expansion, improving the efficiency of new product groups, and enhancing the efficiency and effectiveness of intra-brand efforts. Mosaic For Mosaic brand, the year 2007 was one of refocusing. The first full year under the new name ended in February, marking the time for further specifying the brand's identity and aims. The most important step was repositioning - the brand was more clearly focused on the needs of its target customer. In 2007, retail sales of Mosaic totalled 311 million kroons (19.9 million euros), a 29% improvement on 2006. Sales growth stemmed from an increase in the number of stores, the development of the base collections, and the launch of a children's collection. The largest growth occurred in the sales of the men's collection, indicating that the direction of the collection has met with the customer's approval. In April, Mosaic launched childrenswear. By the year-end, the collection was available at eleven largest stores, mostly in the Baltic market. Although in the first year, the children's collection accounted for 2% of Mosaic sales, the figure should rise considerably. Together with the children's collection, Mosaic launched its sub-brand Lotte by Mosaic which includes a range of children's clothes and accessories named after the highly popular Estonian cartoon character Lotte. The Lotte by Mosaic collection is especially popular in the Estonian market but the Group expects to increase sales of the sub-brand also in Latvia and Lithuania. In 2007, Mosaic opened nine new stores taking the total number of stores to 52. In view of the growth of the brand and the development of the store environment, new stores are more spacious, allowing better display of the collections. The main objective for 2008 is to develop a new store environment which would strengthen the position of the brand in international fashion retailing. The main development efforts will be related to the children's collection, including the Lotte by Mosaic collection. Baltman Baltman is Baltika's oldest brand whose motto is to develop with the customer. In 2007, retail sales of Baltman amounted to 92 million kroons (5.9 million euros), up 14%. During the year, Baltman opened two new stores in Lithuania, increasing the total number of its stores to 16. In the area of product development, a lot of effort was put in adjusting Baltman's suits to different types of figure and extending the range for the younger customer. Special attention was paid to the quality of inside works, fabrics and finishing. The travel line with its innovative nano-finishing has been extremely well received. In 2007, Baltman also launched suits made of the thermo-regulating Klimeo fabric. Baltman's aim is to be not only a clothes store but also a reliable businesswear advisor in all the markets where it operates. In 2008, Baltman will focus on sustaining the qualitative development of the collection. The keywords will be innovation, efficiency and reliability. Ivo Nikkolo For Ivo Nikkolo, 2007 was the first full year with Baltika Group. Retail sales of the brand totalled 25 million kroons (1.6 million euros). The main goal was to develop an internationally competitive collection. In the premium segment where Ivo Nikkolo is competing, product quality is essential. Therefore, the focus was on developing women's formal wear by combining the strengths of Baltika's existing production base, quality fabrics by the best manufacturers and the designers' brand specific style. The highlight of the year was the opening of Ivo Nikkolo stores outside Estonia. Two of the three new stores were opened in Lithuania while one was launched in Estonia. All new stores boast a completely new, specially developed retail concept, which bears more resemblance to a lounge than a store. The purpose was to create a relaxing, attractive, customer-focused atmosphere. The tenants' association of Viru Centre named the store opened in Viru Centre, Tallinn the most customer-friendly shopping environment in the whole shopping centre. In 2008, Ivo Nikkolo will continue developing the collection. Top quality and designer style at a reasonable price will undoubtedly increase the brand's customer base. WHOLESALE Wholesale of Baltika's collections accounted for 13% of the Group's consolidated revenue for 2007, yielding 144.7 million kroons (9.3 million euros) and posting a 3.9% decrease. The decline in wholesale revenue was planned, stemming from stricter sales policy in relations with Baltika's Russian partner. One of Baltika's largest wholesale partners is a Russian company which operates approximately 30 stores in Siberia and the Ural area which carry Baltika's brands. Other wholesale partners include department stores in Finland and the Baltic countries, such as Stockmann and Tallinn Department Store Group. Department stores are sold mostly Mosaic, Baltman and Ivo Nikkolo collections whereas Mosaic accounts for approximately one half of Baltika's wholesale revenue. Monton products are sold to the Russian business partner only. The fourth quarter is traditionally slow in the wholesale business. Fourth quarter wholesale revenue amounted to 22.0 million kroons (1.4 million euros), accounting for 7% of total revenue. Compared with the fourth quarter of 2006, wholesale revenue shrank by 26.3%. EARNINGS AND MARGINS The year 2007 was the second one in the Group's three-year strategy period, following the rapid expansion of 2006. A comparison of the two years' opening and closing figures indicates that in 2006 the Group's sales area expanded abruptly, especially in the last quarter. However, the growth in the average sales space which has to be operated and supplied with inventories was substantially larger in 2007 - 50% against 30% in 2006. Consequently, the impacts of expansion were stronger in 2007. The impacts of rapid expansion are the following: the sales efficiency of new stores is usually lower than that of established ones and a relatively large proportion of new stores in the overall store portfolio weaken the average sales efficiency. In addition, Baltika's average sales efficiency is affected by the expansion of its store formats. In 2007, the Group's average sales efficiency, i.e. sales per square metre declined by 10%. At the same time, the stores generate full operating expenses, putting pressure on the Group's profitability. In 2006, the Group expanded rapidly in the Russian and Ukrainian markets where the start-up periods of new stores are longer and store operating expenses are higher than in the Baltics. In addition to expense growth triggered by the enlargement of the Group's sales space, the average store operating expenses per square metre grew by 7% (including rental expenses per square metre rise of 13%) on account of an increase in the proportion of the Russian retail system in the Group's store portfolio. An enlargement in sales space does not only add to the operating expenses of stores but requires also a larger team at the head office while sustained growth assumes constant financing of new projects. 2007 proved a year of adjustment as the Group focused on improving the efficiency of its existing retail system. New stores were launched at a more moderate pace and the number of new stores opened in Russia and Ukraine was reduced significantly - to six altogether. The Baltic countries posted strong development in the first half of the year but the second half-year brought a decrease in the growth of consumption, affecting also Baltika's sales in those markets. Existing stores in Poland followed a positive trend, ending the year in a profit. The Group succeeded in raising the gross margin for 2007 to 55.3% (2006: 54.5%). The gross margin for the fourth quarter was 58.1% (Q4 2006: 57.4%). Consolidated gross profit for 2007 amounted to 636.7 million kroons (40.7 million euros), a 29.8% improvement on the prior year. Distribution costs for 2007 grew by 49.1% and the period's administrative and general expenses by 26.0%. Administrative and general expenses in 2007 included also non-recurring costs of 3.82 million kroons (0.24 million euros) incurred in connection with the relocation of manufacturing operations to a new factory. The Group's results were adversely affected by exchange rate fluctuations - the period's other operating expenses include foreign exchange losses of 9.94 million kroons (0.64 million euros). In 2006, foreign exchange losses totalled 4.71 million kroons (0.30 million euros). Consolidated operating profit for 2007 includes property divestment and revaluation gains of 25.12 million kroons (1.61 million euros) recognised in other operating income. In the first quarter, sales of building rights and a logistics centre generated gains of 16.22 million kroons (1.04 million euros). In the third and fourth quarters, property revaluation gains amounted to 6.77 million kroons (0.43 million euros) and 2.13 million kroons (0.14 million euros) respectively. In 2006, property divestment and revaluation gains totalled 11.89 million kroons (0.76 million euros). The Group's operating margin for 2007 was 5.6% compared with 10.8% for 2006. Consolidated operating profit amounted to 64.6 million kroons (4.1 million euros), 33.7% down from the prior year. Consolidated financial expenses for 2007 totalled 11.5 million kroons (0.7 million euros), a 90.9% rise on 2006. The largest financial expense item was interest expense (9.0 million kroons/0.6 million euros), which increased by 57.9% yoy. The growth in interest expense may be explained by an increase in the loan burden as well as a rise in Euribor. Financial expenses were also increased by a change in foreign exchange losses. The Group's profit before income tax amounted to 53.0 million kroons (3.4 million euros), 41.9% down from 2006. Consolidated net profit for 2007 (profit after tax and minority interest) amounted to 40.8 million kroons (2.6 million euros), a 53.3% decrease compared with 2006. The Group's net margin for 2007 was 3.5% (2006: 9.7%). The fourth quarter ended in a consolidated net profit of 1.6 million kroons (0.1 million euros) and a net margin of 0.5% (Q4 2006: 11.1%). In 2007, the Group's return on equity was 13.1% (2006: 35.9%) and return on assets was 6.5% (2006: 18.3%). BALANCE SHEET At 31 December 2007, Baltika's consolidated balance sheet total was 656.4 million kroons (41.9 million euros), a 10% increase yoy. During the year, the Group's trade receivables decreased by 15.3 million kroons (1.0 million euros) to 71.1 million kroons (4.5 million euros). The decline resulted mainly from a reduction in sales to the Russian wholesale partner, a measure adopted for hedging the Russian risks. Supplier payables followed a similar trend, declining by 24.2 million kroons (1.5 million euros) to 72.3 million kroons (4.6 million euros) at the year-end. At 31 December 2007, the Group's inventories totalled 220.7 million kroons (14.1 million euros), up 20.0 million kroons (1.3 million euros) or 10% yoy. Inventory management efficiency remained almost stable - the period's inventory turnover ratio was 5.30 (2006: 5.38). At the year-end, the Group's borrowings totalled 184.5 million kroons (11.8 million euros), including bank loans of 145.5 million kroons (9.3 million euros). The remainder of borrowings was made up of bonds (29.7 million kroons/1.9 million euros) and finance lease liabilities (9.3 million kroons/0.6 million euros). During the year, the Group's total debt burden increased by 37.1 million kroons (2.4 million euros); bank loans grew by 40.4 million kroons (2.6 million euros). Borrowings increased in connection with investments made in the expansion of the retail system and the financing of operating activities. At 31 December 2007, the Group's net debt (interest-bearing liabilities less cash and bank balances) equalled 153.0 million kroons (9.8 million euros) and the net debt to equity ratio was 45.1% against 44.3% at the end of 2006. In the reporting period, the Group's equity grew by 35.1 million kroons (2.2 million euros) to 339.3 million kroons (21.7 million euros). The equity structure changed in connection with a bonus issue performed to increase share capital at the expense of retained earnings and share premium. As a result of the bonus issue, share capital increased by 124.3 million kroons (7.9 million euros) to 186.4 million kroons (11.9 million euros). INVESTMENTS In 2007, the Group's investments totalled 102.9 million kroons (6.6 million euros). The corresponding figure for 2006 was 130.4 million kroons (8.3 million euros). Investments in the retail system and information technology amounted to 69.9 million kroons (4.5 million euros) and 13.6 million kroons (0.8 million euros) respectively while investments in manufacturing totalled 12.8 million kroons (0.8 million euros). Repurchase of the 50% share in joint venture OÜ Baltika Tailor cost 5.6 million kroons (0.4 million euros). Investments in other fixed assets amounted to 1.0 million kroons (0.1 million euros). MANUFACTURING At the end of 2007, Baltika Group included two manufacturing companies: OÜ Baltika Tailor (100%) and AS Virulane (82.66%). In 2007 Baltika continued tightening control over its manufacturing operations and combined two entities - OÜ Baltika Tailor and AS Elina. Manufacturing characterised by high quality, flexibility and prompt response to new requirements is an important part of the vertical business model of Baltika Group which is otherwise focused on the retail business. In autumn 2007, the new sewing factory of Baltika Tailor was completed. Owing to its special design, the state of the art factory is the most modern sewing facility in the Baltics. The sewing factory was the last part of the Group's manufacturing and logistics operations which was transferred from Tallinn's city centre to Lasnamäe Industrial Park in the suburbs of Tallinn. Previously, in the summer of 2006, a new higher-capacity logistics centre was opened in the new location. The new complex where logistics and manufacturing and connected allows Baltika to respond to changes in market demand with greater speed and efficiency. PERSONNEL At the end of 2007, Baltika Group employed 1,983 (31 December 2006: 1,915) people, including 986 (857) in the retail system, 773 (866) in manufacturing and 224 (192) at the head office. During the year, the number of employees grew by 68. The largest growth occurred in the retail system (+129). The number of people employed in manufacturing, on the other hand, declined in connection with the launch of the new factory and the restructuring of manufacturing operations. The period's average number of employees was 1,982 (2006: 1,777). At the end of 2007, 40% of the Group's employees were working outside Estonia. The proportion of people employed in Estonia is higher because the head office and manufacturing facilities are located here. The Group's employee remuneration expenses for 2007 totalled 200.1 million kroons (12.8 million euros). The remuneration of members of the supervisory council and management board amounted to 4.8 million kroons (0.3 million euros). OUTLOOK AND GOALS FOR 2008 The year 2008 is the last one in Baltika's three-year strategy period aimed at achieving rapid and profitable growth. At the beginning of 2006, the following financial targets were set for 2008: - a two-fold increase on the sales of 2005, i.e. revenue of 1.36 billion kroons (87 million euros); - gross margin at least 52%; - return on equity at least 30%. Other keywords of 2008 are efficiency improvement, especially in large markets such as Russia and Ukraine, restoring rapid growth in the retail system in the second half of the year, and real estate development. Because of the company's current development phase, the year may be divided into two parts which have the following goals and prospects: 1) Sales and sales area - The main objectives of the first half-year are to improve sales efficiency and to streamline the store portfolio. Around five to six stores will be opened and closed so that at the end of the period the number of stores will remain similar to the end of 2007. Retail revenues are expected to increase by 10-12% whereas wholesale revenues should decline by 15-20% yoy. - In the second half of the year, rapid retail growth should be restored: the Group intends to open 14-18 stores, retail revenues should grow at the rate of 20-25% and wholesale revenues should remain at the level of the prior year. - The revenue target for 2008 is 1.3 billion kroons (83 million euros), up 13%, which practically corresponds to the target set in 2006. - At the end of 2008, the number of stores will be 140-145. Although the figure does not comply with the target (160+), the new stores have a larger format than planned at the beginning of 2006 and the 2008 year-end sales area with its approximately 28,000 square metres corresponds to the Group's target. - While continuing expansion in Central and Eastern Europe, the Group will prepare for the penetration of new markets. 2) Profitability - The gross margin reached the targeted level (54.5%) in 2006 and continued rising in 2007 (55.3%). The Group will focus on improving the margin in a situation where input prices are on the rise owing to an increase in raw materials prices and logistics expenses. - Due to slower than expected development in the second half of 2007 and the first half of 2008, in the core business the targeted return on equity can not be achieved. 3) Real estate development - In 2008, the Group began developing its city centre property at Veerenni 24, Tallinn. In phase I, which should be completed in May 2009, the former factory building will be transformed into a business centre with approximately 10,000 square metres of office, commercial and service space. Baltika will occupy up to 4,500 square metres of the new centre for its head office and retail premises. The rest of the space as well as Baltika's current head office will be let. The company expects to earn income in connection with an increase in the value of the property. 4) Investments - According to plan, in 2008 the largest investments will be made in the development of phase I in Baltika's business centre, the opening of new stores and the increase of inventories. REPORTING CALENDAR IN 2008 In 2008, the consolidated financial results of AS Baltika will be published on the following dates: 2007 audited annual report March 26 2008 Q1 results April 24 2008 Q2 results July 24 2008 Q3 results October 23 In addition, in the beginning of every month the sales results of the preceding month will be published. KEY FIGURES OF THE GROUP (2007) -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | +/- | -------------------------------------------------------------------------------- | Net sales (EEK million) | 1,151.5 | 899.5 | 28.0% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 987.3 | 736.4 | 34.1% | -------------------------------------------------------------------------------- | Share of retail sales in net sales | 86% | 82% | | -------------------------------------------------------------------------------- | Number of stores | 128 | 112 | 14.3% | -------------------------------------------------------------------------------- | Sales area (m2) | 24,290 | 19,594 | 24.0% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,983 | 1,915 | 3.6% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 55.3% | 54.5% | | -------------------------------------------------------------------------------- | Operating margin | 5.6% | 10.8% | | -------------------------------------------------------------------------------- | EBT margin | 4.6% | 10.1% | | -------------------------------------------------------------------------------- | Net margin | 3.5% | 9.7% | | -------------------------------------------------------------------------------- | Current ratio | 1.6 | 1.5 | 6.7% | -------------------------------------------------------------------------------- | Inventory turnover | 5.3 | 5.38 | -1.5% | -------------------------------------------------------------------------------- | Debt to equity ratio | 54.4% | 48.5% | | -------------------------------------------------------------------------------- | Return on equity | 13.1% | 35.9% | | -------------------------------------------------------------------------------- | Return on assets | 6.5% | 18.3% | | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Definitions of key ratios Gross margin = (Net sales-COGS)/Net sales Operating margin = Operating profit/Net sales EBT margin = Profit before corporate income tax/Net sales Net margin = Net profit (attributable to parent)/Net sales Current ratio = Current assets/Current liabilities Inventory turnover = Net sales/Average inventories* Debt to equity ratio = Interest-bearing liabilities/Equity Return on equity (ROE) = Net profit (attributable to parent)/Average equity* Return on assets (ROA) = Net profit (attributable to parent)/Average total assets* *Based on 12-month average CONSOLIDATED INCOME STATEMENT (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | Q4 2007 | Q4 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 307,421 | 281,164 | 1,151,520 | 899,481 | -------------------------------------------------------------------------------- | Cost of goods sold | -128,816 | -119,869 | -514,839 | -408,919 | -------------------------------------------------------------------------------- | Gross profit | 178,605 | 161,295 | 636,681 | 490,562 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -143,016 | -115,433 | -522,620 | -350,471 | -------------------------------------------------------------------------------- | Administrative and general | -21,597 | -11,642 | -60,911 | -48,334 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | 2,904 | 4,873 | 25,219 | 12,482 | -------------------------------------------------------------------------------- | Other operating expenses | -6,707 | -2,701 | -13,815 | -6,907 | -------------------------------------------------------------------------------- | Operating profit | 10,189 | 36,392 | 64,554 | 97,332 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -3,587 | -4,753 | -11,523 | -6,037 | -------------------------------------------------------------------------------- | Share of joint venture results | 0 | 0 | 0 | -234 | -------------------------------------------------------------------------------- | Gains from other investments, | 0 | -1,568 | 0 | 322 | | net | | | | | -------------------------------------------------------------------------------- | Interest expenses, net | -2,579 | -1,846 | -9,049 | -5,730 | -------------------------------------------------------------------------------- | Foreign exchange gains, net | -1,000 | -1,346 | -2,389 | -863 | -------------------------------------------------------------------------------- | Other financial expenses, net | -8 | 7 | -85 | 468 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 6,602 | 31,639 | 53,031 | 91,295 | -------------------------------------------------------------------------------- | Income tax | -4,277 | -244 | -9,189 | -3,136 | -------------------------------------------------------------------------------- | Net profit | 2,325 | 31,395 | 43,842 | 88,159 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | 1,643 | 31,075 | 40,773 | 87,376 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | 682 | 320 | 3,069 | 783 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | 0.09 | 1.69 | 2.19 | 4.85 | -------------------------------------------------------------------------------- | Diluted earnings per share, | 0.09 | 1.67 | 2.19 | 4.71 | | EEK | | | | | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | Q4 2007 | Q4 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 19,648 | 17,970 | 73,596 | 57,487 | -------------------------------------------------------------------------------- | Cost of goods sold | -8,233 | -7,661 | -32,904 | -26,135 | -------------------------------------------------------------------------------- | Gross profit | 11,415 | 10,309 | 40,691 | 31,353 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -9,140 | -7,378 | -33,402 | -22,399 | -------------------------------------------------------------------------------- | Administrative and general | -1,380 | -744 | -3,893 | -3,089 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating income | 186 | 311 | 1,612 | 798 | -------------------------------------------------------------------------------- | Other operating expenses | -429 | -173 | -883 | -441 | -------------------------------------------------------------------------------- | Operating profit | 651 | 2,326 | 4,126 | 6,221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -229 | -304 | -736 | -386 | -------------------------------------------------------------------------------- | Share of joint venture results | 0 | 0 | 0 | -15 | -------------------------------------------------------------------------------- | Gains from other investments, | 0 | -100 | 0 | 21 | | net | | | | | -------------------------------------------------------------------------------- | Interest expenses, net | -165 | -118 | -578 | -366 | -------------------------------------------------------------------------------- | Foreign exchange gains, net | -64 | -86 | -153 | -55 | -------------------------------------------------------------------------------- | Other financial expenses, net | -1 | 0 | -5 | 30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income tax | 422 | 2,022 | 3,389 | 5,835 | -------------------------------------------------------------------------------- | Income tax | -273 | -16 | -587 | -200 | -------------------------------------------------------------------------------- | Net profit | 149 | 2,007 | 2,802 | 5,634 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit attributable to | 105 | 1,987 | 2,606 | 5,584 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable | 44 | 19 | 196 | 50 | | to minority shareholders | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.01 | 0.11 | 0.14 | 0.31 | -------------------------------------------------------------------------------- | Diluted earnings per share, | 0.01 | 0.11 | 0.14 | 0.30 | | EUR | | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 31,494 | 12,584 | -------------------------------------------------------------------------------- | Trade receivables | 71,148 | 86,402 | -------------------------------------------------------------------------------- | Other receivables and prepaid expenses | 42,415 | 42,069 | -------------------------------------------------------------------------------- | Inventories | 220,698 | 200,702 | -------------------------------------------------------------------------------- | Non-current assets available for sale | 500 | 0 | -------------------------------------------------------------------------------- | Total current assets | 366,255 | 341,757 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Investment property | 11,250 | 23,572 | -------------------------------------------------------------------------------- | Deferred income tax asset | 5,897 | 4,462 | -------------------------------------------------------------------------------- | Other non-current assets | 11,448 | 11,077 | -------------------------------------------------------------------------------- | Property, plant and equipment | 203,098 | 166,448 | -------------------------------------------------------------------------------- | Intangible assets | 58,409 | 49,074 | -------------------------------------------------------------------------------- | Total non-current assets | 290,102 | 254,633 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 656,357 | 596,390 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 100,167 | 88,179 | -------------------------------------------------------------------------------- | Supplier payables | 72,345 | 96,535 | -------------------------------------------------------------------------------- | Tax liabilities | 33,065 | 23,006 | -------------------------------------------------------------------------------- | Accrued expenses | 22,857 | 18,174 | -------------------------------------------------------------------------------- | Other short-term liabilities | 1,097 | 7,022 | -------------------------------------------------------------------------------- | Total current liabilities | 229,531 | 232,916 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Long-term borrowings | 84,331 | 59,234 | -------------------------------------------------------------------------------- | Other long-term liabilities | 1,074 | 0 | -------------------------------------------------------------------------------- | Deferred income tax liability | 2,075 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 87,480 | 59,234 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 317,011 | 292,150 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 186,449 | 62,150 | -------------------------------------------------------------------------------- | Share premium | 0 | 59,088 | -------------------------------------------------------------------------------- | Reserves | 26,133 | 9,721 | -------------------------------------------------------------------------------- | Retained earnings | 67,949 | 73,521 | -------------------------------------------------------------------------------- | Net profit for the period | 40,773 | 87,376 | -------------------------------------------------------------------------------- | Currency translation reserve | 8,131 | 4,319 | -------------------------------------------------------------------------------- | Total equity attributable to equity | 329,435 | 296,175 | | holders of the parent | | | -------------------------------------------------------------------------------- | Minority interest | 9,911 | 8,065 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 339,346 | 304,240 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 656,357 | 596,390 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 2,013 | 804 | -------------------------------------------------------------------------------- | Trade receivables | 4,547 | 5,522 | -------------------------------------------------------------------------------- | Other receivables and prepaid expenses | 2,711 | 2,689 | -------------------------------------------------------------------------------- | Inventories | 14,105 | 12,827 | -------------------------------------------------------------------------------- | Non-current assets available for sale | 32 | 0 | -------------------------------------------------------------------------------- | Total current assets | 23,408 | 21,842 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Investment property | 719 | 1,507 | -------------------------------------------------------------------------------- | Deferred income tax asset | 377 | 285 | -------------------------------------------------------------------------------- | Other non-current assets | 732 | 708 | -------------------------------------------------------------------------------- | Property, plant and equipment | 12,980 | 10,638 | -------------------------------------------------------------------------------- | Intangible assets | 3,733 | 3,136 | -------------------------------------------------------------------------------- | Total non-current assets | 18,541 | 16,274 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 41,949 | 38,116 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 6,402 | 5,636 | -------------------------------------------------------------------------------- | Supplier payables | 4,624 | 6,170 | -------------------------------------------------------------------------------- | Tax liabilities | 2,113 | 1,470 | -------------------------------------------------------------------------------- | Accrued expenses | 1,461 | 1,162 | -------------------------------------------------------------------------------- | Other short-term liabilities | 70 | 449 | -------------------------------------------------------------------------------- | Total current liabilities | 14,670 | 14,886 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Long-term borrowings | 5,390 | 3,786 | -------------------------------------------------------------------------------- | Other long-term liabilities | 69 | 0 | -------------------------------------------------------------------------------- | Deferred income tax liability | 133 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 5,591 | 3,786 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 20,261 | 18,672 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 11,916 | 3,972 | -------------------------------------------------------------------------------- | Share premium | 0 | 3,776 | -------------------------------------------------------------------------------- | Reserves | 1,670 | 621 | -------------------------------------------------------------------------------- | Retained earnings | 4,343 | 4,699 | -------------------------------------------------------------------------------- | Net profit for the period | 2,606 | 5,584 | -------------------------------------------------------------------------------- | Currency translation reserve | 520 | 276 | -------------------------------------------------------------------------------- | Total equity attributable to equity | 21,055 | 18,929 | | holders of the parent | | | -------------------------------------------------------------------------------- | Minority interest | 633 | 515 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 21,688 | 19,444 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 41,949 | 38,116 | -------------------------------------------------------------------------------- Ülle Järv CFO, Member of the Management Board +372 630 2741 Further information: Triin Palge Head of investor relations +372 630 2886 triin.palge@baltikagroup.com