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AS BALTIKA
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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24.04.2008 09:00:00
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BALTIKA MAJANDUSTULEMUSED, I KVARTAL 2008
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TULEMUSTE LÜHIKOKKUVÕTE, I kv 2008 - Müügitulu 266 miljonit krooni - Jaemüük 226 miljonit krooni, aastane kasv 6% - Brutorentaablus 52.0% - Ärikahjum 7.3 miljonit krooni - Puhaskahjum 11.0 miljonit krooni - Müügipinna aastane kasv 15% Juhatuse esimees Meelis Milder: „Selle aasta esimene kvartal tõestas, et Baltika edu on otseselt seotud kiire müügikasvuga. Pärast kiiret laienemist otsustasime 2007. aasta teisel poolel ja käesoleva aasta esimesel poolel tegeleda põhiliselt loodud jaesüsteemi tegevusefektiivsuse tõstmisega ning aeglustasime sellega seoses uute poodide avamise tempot. See vaieldamatult vajalik tegevus on andnud oodatud tulemusi - meie suurte turgude efektiivsusnäitajad on oluliselt paranenud ja seda hoolimata esimese kvartali äärmiselt ebasoodsast kauplemiskliimast: kohalikus valuutas tõusis võrreldavate poodide müük Vene turul 11%, Poolas 6% ja Ukrainas koguni 14%. Samas on ka taktikaliselt põhjendatud kasvu aeglustamisel oma lühiajaline hind - rõivaste jaeäris on kõige keerulisemas kvartalis ilma müügikasvuta väga keeruline kasumit teenida. Ka ei suutnud me ette näha mitmete negatiivsete asjaolude üheaegset toimet selle aasta alguses: tavalisest vähemaktiivsem allahindlusperiood jaanuaris, külm ilm ja kauplemist mittesoosiv pühadekalender märtsis, ostjate üldise tarbimiskindluse vähenemine Balti turgudel ning rubla ja grivna kursi oluline alanemine euro suhtes läbi kogu perioodi. Nii jäimegi kokkuvõttes miinusesse. Usun, et selle aasta keerulisim periood on meie jaoks möödas. Kiirem kasv algab siiski teisel poolaastal, kui oleme plaaninud avada 14-18 uut poodi ehk üle 4000 ruutmeetri kaubanduspinda.“ Baltika Grupi 2008. aasta esimese kvartali müügitulu ulatus 266.1 miljoni kroonini (17.0 miljoni euroni) jäädes eelmise aastaga võrreldes samale tasemele. Esimese kvartali jaemüük suurenes 5.6% ning hulgimüük vähenes 19.3%. Kvartali brutorentaablus ulatus 52.0%-ni. Baltika Grupp teenis esimeses kvartalis ärikahjumit 7.3 miljonit krooni (0.5 miljonit eurot) ja puhaskahjumit 11.0 miljonit krooni (0.7 miljonit eurot). Esimeses kvartalis avas Baltika kolm uut kauplust ning aastatagusega võrreldes kasvas Grupi müügipind 15% võrra. MÜÜGITULUD Müük ärisegmenditi -------------------------------------------------------------------------------- | EEK mln | 1 kv 2008 | 1 kv 2007 | +/- | -------------------------------------------------------------------------------- | Jaemüük | 225.5 | 213.6 | 5.6% | -------------------------------------------------------------------------------- | Hulgimüük | 40.1 | 49.6 | -19.3% | -------------------------------------------------------------------------------- | Muu | 0.5 | 3.1 | -85.3% | -------------------------------------------------------------------------------- | Kokku | 266.1 | 266.3 | -0.1% | -------------------------------------------------------------------------------- 1 EUR = 15.6466 EEK JAEMÜÜK Esimese kvartali müügile avaldas suurimat mõju nõrgaks jäänud müügiga märts, mis peaks rõivakaubanduses olema kvartali tugevaim müügikuu, mil allahindlushooaeg on läbi ning algab uue hooaja kollektsioonide müük. Märtsikuu müük kannatas külma ilma ja lihavõtete-aegse madala ostuaktiivsuse tõttu. Esimese kvartali jaemüük kasvas eelmise aastaga võrreldes 5.6% ning ulatus 225.5 miljoni kroonini (14.4 miljoni euroni). Esimese kvartali keskmine müügipind suurenes eelmise aasta sama perioodiga võrreldes 20% ning müügiefektiivsus (müük/m2) vähenes 12% võrra. Grupi keskmisele müügiefektiivsusele avaldavad jätkuvalt mõju müügipinna laienemine, avatud poodide pindade suurenemine ning uute kaupluste madalam müügiefektiivsus käivitumisperioodil. Ka võrreldavate poodide müük ei toetanud esimeses kvartalis üldist müügiefektiivsust - see langes 4.5%. Esimeses kvartalis alanes võrreldavate poodide müük Baltikumis samas kui Kesk- ja Ida-Euroopa suurtel turgudel võrreldavate poodide müük tõusis. Balti riikide majandused on hetkel aeglustumisfaasis, mis põhjustab ka tagasihoidlikuma tarbimise antud turgudel. Turgude lõikes tõusis Grupi suurimaks jaeturuks esmakordselt Leedu, mis ületas napilt Eestit. Suuruselt kolmas jaeturg on Venemaa. Kõige kiiremat kasvu näitas esimeses kvartalis Baltika üks väiksemaid turge - Poola (+15%). Baltikumis kasvasid müügid Lätis ja Leedus, kus toimus ka 2007. aastal kõige suurem müügipinna kasv. Eestis jäid müügid eelmise aastaga võrreldes pea samale tasemele. Jaemüük turgude lõikes -------------------------------------------------------------------------------- | EEK mln | 1 kv 2008 | 1 kv 2007 | +/- | Osakaal, 1 kv | | | | | | 2008 | -------------------------------------------------------------------------------- | Leedu | 52.3 | 47.9 | 9% | 23% | -------------------------------------------------------------------------------- | Eesti | 51.8 | 52.3 | -1% | 23% | -------------------------------------------------------------------------------- | Venemaa | 40.9 | 39.7 | 3% | 18% | -------------------------------------------------------------------------------- | Ukraina | 37.5 | 37.4 | 0% | 17% | -------------------------------------------------------------------------------- | Läti | 33.2 | 29.6 | 12% | 15% | -------------------------------------------------------------------------------- | Poola | 7.7 | 6.7 | 15% | 3% | -------------------------------------------------------------------------------- | Tšehhi | 2.1 | 0 | - | 1% | -------------------------------------------------------------------------------- | Kokku | 225.5 | 213.6 | 6% | 100% | -------------------------------------------------------------------------------- 1 EUR = 15.6466 EEK Brändide lõikes moodustas Montoni müük esimese kvartali jaemüügist 55% ehk 125 miljonit krooni (8.0 miljonit eurot) kasvades aastaga 6%. Mosaici müük moodustas jaemüügist 33%, ulatus 74 miljoni kroonini (4.7 miljoni euroni) ning kasvas eelmise aastaga võrreldes 11%. Baltmani müük vähenes esimeses kvartalis 15% ulatudes 18 miljoni kroonini (1.2 miljoni euroni). Ivo Nikkolo müük kasvas esimeses kvartalis 53% ning ulatus 6.5 miljoni kroonini (0.4 miljoni euroni). POED JA MÜÜGIPIND 2008. aasta märtsi lõpu seisuga oli Baltika Grupil 124 kauplust müügipinnaga 23,964 ruutmeetrit. Jaesüsteemi netokasvuks kujunes aasta jooksul kuus kauplust ja üle 3,000 ruutmeetri, mille tulemusena suurenes Baltika Grupi poolt opereeritav müügipind aastaga 15% võrra. Poed turgude lõikes -------------------------------------------------------------------------------- | | 31.03.2008 | 31.03.2007 | -------------------------------------------------------------------------------- | Leedu | 29 | 26 | -------------------------------------------------------------------------------- | Eesti | 29 | 28 | -------------------------------------------------------------------------------- | Venemaa | 21 | 24 | -------------------------------------------------------------------------------- | Ukraina | 22 | 22 | -------------------------------------------------------------------------------- | Läti | 16 | 13 | -------------------------------------------------------------------------------- | Poola | 5 | 5 | -------------------------------------------------------------------------------- | Tšehhi | 2 | - | -------------------------------------------------------------------------------- | Poed kokku | 124 | 118 | -------------------------------------------------------------------------------- | Müügipind kokku, m2 | 23,964 | 20,901 | -------------------------------------------------------------------------------- Esimeses kvartalis avati kolm ning suleti seitse kauplust. Kaks avamist toimus Ukrainas ja üks Tšehhis Ostrava linnas. Viimane tähistab Baltika Grupi teise kaupluse avamist Tšehhi turul ning Grupi sisenemist uude linna. Sulgemised toimusid Venemaal (3), Ukrainas (2), Leedus (1) ja Eestis (1). Teises kvartalis ei toimu ühtegi sulgemist ning avatakse kaks poodi. Üks kauplus on juba avatud Venemaal Kaliningradis ning teine avatakse Eestis Narvas. Mõlemad on Baltikale uued linnad. Esimesel poolaastal on Grupi peaeesmärk kaupluste portfelli korrastamine. Kokku avatakse viis ja suletakse seitse kauplust. Teisel poolaastal on poodide avamisi planeeritud 14-18 ning aasta lõpuks peaks Grupi poodide arv ulatuma 140-145-ni. HULGIMÜÜK Esimese kvartali hulgimüük ulatus 40.1 miljoni kroonini (2.6 miljoni euroni) vähenedes eelmise aastaga võrreldes 19.3%. Hulgimüügi vähenemine on plaanipärane - esimesel poolaastal on planeeritud hulgimüügi vähenemine 15-20% võrreldes eelmise aastaga. Teisel poolaastal peaks hulgimüük jääma eelmise aastaga samale tasemele. KASUM Aasta esimest kvartalit iseloomustab jaanuaris ning veebruaris toimuv hooajalõpu allahindlus. Sel aastal kujunes nõrgaks ka märtsikuu, mis avaldas tuntavat mõju ettevõtte kasumlikkusele. Lisaks avaldas tulemustele negatiivset mõju Vene rubla ja Ukraina grivna nõrgenemine Eesti krooni suhtes ja sellest tulenev kahjum valuutakursside muutustest. Grupi esimese kvartali tulemusi mõjutab jätkuvalt ka laienemine ning selle mõjud, eriti uute kaupluste madalam müügiefektiivsus käivitumisperioodil. Esimese kvartali brutomarginaal ulatus 52.0%-ni (1 kv 2007: 52.5%) ning brutokasum jäi praktiliselt samale tasemele kui eelmisel aastal ulatudes 138.4 miljoni kroonini (8.8 miljoni euroni). Tulenevalt valitsevast majanduskeskkonnast on ettevõte keskendunud võimalike kulude kärpimisele, mille tulemusena jäid esimese kvartali üldhalduskulud samale tasemele kui eelmisel aastal. Turustuskulud kasvasid seoses uute kaupluste lisandumisega eelmise aastaga võrreldes 16.6%. Valuutakursside muutused avaldasid ettevõtte tulemustele selle aasta esimeses kvartalis märkimisväärset negatiivset mõju. Muudes ärikuludes ja finantskuludes sisalduv valuutakursside muutustest teenitud kahjum ulatus 8.4 miljoni kroonini (537 tuhande euroni). 2007. aasta esimeses kvartalis saadi valuutakursside muutustest kahjumit kokku 1.2 miljonit krooni (76 tuhat eurot). 2008. aasta esimeses kvartalis teenis Baltika ärikahjumit 7.3 miljonit krooni (0.5 miljonit eurot). 2007. aasta esimese kvartali ärikasum ulatus 24.1 miljoni kroonini (1.5 miljoni euroni). Esimeses kvartalis teeniti tulu kinnisvarainvesteeringu ümberhindlusest summas 11.25 miljonit krooni (0.7 miljonit eurot), mis on kajastatud muude äritulude all. 2007. aasta esimese kvartali ärikasum sisaldas muude äritulude all tulu põhivara müügist summas 16.2 miljonit krooni (1.0 miljonit eurot). Vastavalt Rahvusvahelistele Finantsaruandluse Standarditele (IFRS) kajastab Baltika oma finantsaruannetes kinnisvarainvesteeringute ümberhindlust, mis tuleneb aadressil Veerenni 24, Tallinn asuva ja ettevõttele kuuluva kinnistu arendamisest. Sõltumatu eksperdi hinnangul ulatub kogu Veerenni 24 kinnistu väärtus arendusprojekti esimese etapi lõpuks 235 miljoni kroonini (15.0 miljoni euroni). Seda eeldusel, et kogu kinnistu detailplaneering on kinnitatud. Veerenni 24 arendusprojekti kohta on esitatud ülevaade lõigus „Kinnisvaraarendus“. Võrreldes eelmise aastaga Grupi finantskulud esimeses kvartalis kahekordistusid ning ulatusid 3.8 miljoni kroonini (241 tuhande euroni). Põhiline osa finantskulude kasvust tulenes valuutakursi muutustest teenitud kahjumi suurenemisest. Intressikulud kasvasid esimeses kvartalis 34.1% võrra. Kokku teeniti 2008. aasta esimese kolme kuuga kahjumit (peale makse ja vähemusosalust) 11.0 miljonit krooni (0.7 miljonit eurot). 2007. aastal teeniti samal perioodil 21.7 miljonit krooni (1.4 miljonit eurot) kasumit. BILANSS 2008. aasta 31. märtsi seisuga ulatus Baltika konsolideeritud bilansimaht 667 miljoni kroonini (42.6 miljoni euroni) kasvades aastaga 7%. Grupi nõuded ostjatele on aastaga vähenenud 25 miljoni krooni (1.6 miljoni euro) võrra ulatudes kvartali lõpu seisuga 71 miljoni kroonini (4.6 miljoni euroni). Võlad hankijatele suurenesid aastaga 5 miljoni krooni (0.3 miljoni euro) võrra 85 miljoni kroonini (5.4 miljoni euroni). Märtsi lõpus ulatusid varud 229 miljoni kroonini (14.7 miljoni euroni) kasvades aastaga 11%. Grupi varude käibekordaja (müügitulu/keskmised varud) oli 5.18 (31. märts 2007: 5.44). Esimese kvartali lõpus ulatusid Grupi võlakohustused 199 miljoni kroonini (12.7 miljoni euroni), sealhulgas olid pangalaenud kokku 135 miljonit krooni (8.6 miljonit eurot) ja arvelduskrediit 52 miljonit krooni (3.3 miljonit eurot). Ülejäänud võlakohustused moodustasid kapitalirendi kohustused (11 miljonit krooni/0.7 miljonit eurot) ja muud kohustused (1 miljon krooni/0.1 miljonit eurot). Aasta jooksul on võlakoormus suurenenud 29 miljoni krooni (1.8 miljoni euro) võrra. Grupi netovõla (Intressi kandvad võlakohustused-Raha ja pangakontod) suhe omakapitali oli märtsi lõpu seisuga 56.9%. Aasta tagasi oli vastav näitaja 35.6%. INVESTEERINGUD 2008. aasta esimeses kvartalis ulatusid Grupi investeeringud 22.3 miljoni kroonini/1.4 miljoni euroni (1 kv 2007: 23.8 miljonit krooni/1.5 miljonit eurot). Jaekaubandusse investeeriti 9.7 miljonit krooni (0.6 miljonit eurot), kinnisvaraarendusse 7.9 miljonit krooni (0.5 miljonit eurot), infotehnoloogiasse 2.7 miljonit krooni (0.2 miljonit eurot) ning tootmisse 2.0 miljonit krooni (0.1 miljonit eurot). KINNISVARAARENDUS Baltika rajab Tallinna kesklinna disaini- ja loovettevõtete kontoreid koondava büroo- ja ärikvartali - Baltika Kvartali. 2008. aasta alguses käivitus Baltika Kvartali esimene etapp, mille käigus ehitatakse endine õmblusvabriku hoone ümber viie korruse ning 10 000-ruutmeetrise üldpinnaga büroo- ja ärihooneks. Uues hoones võtab suurima pinna Baltika peakontor ning eksperimentaalkauplus. Ülejäänud pinnad üüritakse välja. Arenduse esimene etapp valmib 2009. aasta mais ning selle maksumuseks kujuneb kuni 160 miljonit krooni (10 miljonit eurot). Arenduse teises etapis on kavas täiendava hoone rajamine senise Baltika sisehoovi territooriumile. Teise etapi ajakava selgub peale esimese etapi lõpetamist. TÖÖTAJAD Baltika Grupis töötas 2008. aasta märtsi lõpu seisuga 1,951 (31. märts 2007: 2,017) inimest, sealhulgas jaekaubanduses 967 (968), tootmises 763 (847) ning peakontoris 221 (202) inimest. Väljaspool Eestit töötas 781 (792) inimest ehk 40% Grupi töötajatest. Kolme kuu keskmine töötajate arv Grupis oli 1,956 (1 kv 2007: 1,949). Baltika Grupi töötajatele maksti 2008. aasta esimeses kvartalis kokku töötasusid summas 56.1 miljonit krooni/3.6 miljonit eurot (1 kv 2007: 40.2 miljonit krooni/2.6 miljonit eurot). Sealhulgas ulatusid nõukogu ja juhatuse liikmete tasud 1.16 miljoni kroonini/74 tuhande euroni (1 kv 2007: 1.30 miljonit krooni/83 tuhat eurot). OSALUSE SUURENDAMINE TOOTMISETTEVÕTTES 2008. aasta esimese kvartali jooksul suurendas AS Baltika oma osalust tütarettevõttes AS Virulane 10,67%-i võrra 93,30%-ni. AS Virulane põhitegevusalaks on rõivaste tootmine. KONTSERNI PÕHILISED ARVNÄITAJAD (I kv 2008) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.03.2007 | +/- | -------------------------------------------------------------------------------- | Müügitulu (EEK mln) | 266.1 | 266.3 | -0.1% | -------------------------------------------------------------------------------- | Jaemüük (EEK mln) | 225.5 | 213.6 | 5.6% | -------------------------------------------------------------------------------- | Jaemüügi osakaal müügituludes | 85% | 80% | | -------------------------------------------------------------------------------- | Poodide arv | 124 | 118 | 5.1% | -------------------------------------------------------------------------------- | Müügipind (m2) | 23,964 | 20,901 | 14.7% | -------------------------------------------------------------------------------- | Töötajate arv (perioodi lõpp) | 1,951 | 2,017 | -3.3% | -------------------------------------------------------------------------------- | Brutorentaablus | 52.0% | 52.5% | | -------------------------------------------------------------------------------- | Ärirentaablus | -2.7% | 9.0% | | -------------------------------------------------------------------------------- | Maksueelse kasumi rentaablus | -4.2% | 8.3% | | -------------------------------------------------------------------------------- | Puhasrentaablus | -4.1% | 8.1% | | -------------------------------------------------------------------------------- | Likviidsuskordaja | 1.7 | 2.0 | -15.0% | -------------------------------------------------------------------------------- | Varude käibekordaja | 5.18 | 5.44 | -4.8% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 60.9% | 52.3% | | -------------------------------------------------------------------------------- | Omakapitali tootlus | 1.8% | 35.7% | | -------------------------------------------------------------------------------- | Koguvarade tootlus | 0.9% | 17.8% | | -------------------------------------------------------------------------------- 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 (emaettevõtja osa)/Müügitulu Likviidsuskordaja = Käibevara/Lühiajalised kohustused Varude käibekordaja = Müügitulu/Keskmised varud* Võla ja omakapitali suhe = Intressi kandvad võlakohustused/Omakapital Omakapitali tootlus = Puhaskasum (emaettevõtja osa)/Keskmine omakapital* Koguvarade tootlus = Puhaskasum (emaettevõtja osa)/Keskmised koguvarad* *12 kuu keskmine KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 1 kv 2008 | 1 kv 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 266,056 | 266,330 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -127,630 | -126,430 | -------------------------------------------------------------------------------- | Brutokasum | 138,426 | 139,900 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -137,315 | -117,788 | -------------------------------------------------------------------------------- | Üldhalduskulud | -12,862 | -12,887 | -------------------------------------------------------------------------------- | Muud äritulud | 12,032 | 16,278 | -------------------------------------------------------------------------------- | Muud ärikulud | -7,554 | -1,431 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -7,273 | 24,072 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -3,778 | -1,836 | -------------------------------------------------------------------------------- | Intressikulud, neto | -2,474 | -1,845 | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutustest, neto | -1,593 | 13 | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | 289 | -4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum (kahjum) enne tulumaksu | -11,051 | 22,236 | -------------------------------------------------------------------------------- | Tulumaks | -443 | -422 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -11,494 | 21,814 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | -11,023 | 21,662 | | (kahjumist) | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis (kahjumis) | -471 | 152 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, EEK | -0.59 | 1.16 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta, EEK | -0.59 | 1.16 | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 1 kv 2008 | 1 kv 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 17,004 | 17,022 | -------------------------------------------------------------------------------- | Müüdud kaupade kulu | -8,157 | -8,080 | -------------------------------------------------------------------------------- | Brutokasum | 8,847 | 8,941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -8,776 | -7,528 | -------------------------------------------------------------------------------- | Üldhalduskulud | -822 | -824 | -------------------------------------------------------------------------------- | Muud äritulud | 769 | 1,040 | -------------------------------------------------------------------------------- | Muud ärikulud | -483 | -91 | -------------------------------------------------------------------------------- | Ärikasum (kahjum) | -465 | 1,538 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud (kulud) | -241 | -117 | -------------------------------------------------------------------------------- | Intressikulud, neto | -158 | -118 | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutustest, neto | -102 | 1 | -------------------------------------------------------------------------------- | Muud finantstulud (kulud), neto | 18 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum (kahjum) enne tulumaksu | -706 | 1,421 | -------------------------------------------------------------------------------- | Tulumaks | -28 | -27 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -735 | 1,394 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | -704 | 1,385 | | (kahjumist) | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis (kahjumis) | -30 | 9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta, EUR | -0.04 | 0.07 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta, EUR | -0.04 | 0.07 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 13,287 | 31,494 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 117,987 | 113,563 | -------------------------------------------------------------------------------- | Varud | 229,395 | 220,698 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 0 | 500 | -------------------------------------------------------------------------------- | Käibevara kokku | 360,669 | 366,255 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 5,897 | 5,897 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 7,886 | 11,448 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 22,540 | 11,250 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 211,120 | 203,098 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 59,056 | 58,409 | -------------------------------------------------------------------------------- | Põhivara kokku | 306,499 | 290,102 | -------------------------------------------------------------------------------- | VARAD KOKKU | 667,168 | 656,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 74,193 | 100,167 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 137,554 | 129,364 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 211,747 | 229,531 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 125,098 | 84,319 | -------------------------------------------------------------------------------- | Muud kohustused | 1,108 | 1,086 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 2,075 | 2,075 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 128,281 | 87,480 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 340,028 | 317,011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 186,449 | 186,449 | -------------------------------------------------------------------------------- | Ülekurss | 0 | 0 | -------------------------------------------------------------------------------- | Reservid | 26,133 | 26,133 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 108,722 | 67,949 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -11,023 | 40,773 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 11,050 | 8,131 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 321,331 | 329,435 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 5,809 | 9,911 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 327,140 | 339,346 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 667,168 | 656,357 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | 849 | 2,013 | -------------------------------------------------------------------------------- | Nõuded ostjatele ja muud nõuded | 7,541 | 7,258 | -------------------------------------------------------------------------------- | Varud | 14,661 | 14,105 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 0 | 32 | -------------------------------------------------------------------------------- | Käibevara kokku | 23,051 | 23,408 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu vara | 377 | 377 | -------------------------------------------------------------------------------- | Muud pikaajalised varad | 504 | 732 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 1,441 | 719 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 13,493 | 12,980 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3,774 | 3,733 | -------------------------------------------------------------------------------- | Põhivara kokku | 19,589 | 18,541 | -------------------------------------------------------------------------------- | VARAD KOKKU | 42,640 | 41,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 4,742 | 6,402 | -------------------------------------------------------------------------------- | Võlad hankijatele ja muud kohustused | 8,791 | 8,268 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 13,533 | 14,670 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Võlakohustused | 7,995 | 5,389 | -------------------------------------------------------------------------------- | Muud kohustused | 71 | 69 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksu kohustus | 133 | 133 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 8,199 | 5,591 | -------------------------------------------------------------------------------- | KOHUSTUSED KOKKU | 21,732 | 20,261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 11,916 | 11,916 | -------------------------------------------------------------------------------- | Ülekurss | 0 | 0 | -------------------------------------------------------------------------------- | Reservid | 1,670 | 1,670 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 6,949 | 4,343 | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum (kahjum) | -704 | 2,606 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 706 | 520 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 20,537 | 21,055 | | omakapital kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 371 | 633 | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 20,908 | 21,688 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 42,640 | 41,949 | -------------------------------------------------------------------------------- Ülle Järv Finantsdirektor, Juhatuse liige +372 630 2741 Lisainformatsioon: Triin Palge Investorsuhete juht +372 630 2886 triin.palge@baltikagroup.com
Pealkiri
BALTIKA'S FINANCIAL RESULTS, 1 QUARTER 2008
Teade
FINANCIAL HIGHLIGHTS, Q1 2008 - Revenue 266 million kroons - Retail sales 226 million kroons, 6% growth yoy - Gross margin 52.0% - Operating loss 7.3 million kroons - Net loss 11.0 million kroons - Sales area 15% growth yoy Chairman of the Management Board, Meelis Milder: “The first quarter of this year proved that Baltika's success is directly related to fast sales growth. After rapid expansion we decided that in the second half of 2007 and in the first half of this year we will slow down the opening of new stores in order to focus on reinforcing the efficiency of our existing retail system. Now we are experiencing the first results - the efficiency indicators of our large markets have improved considerably despite unfavourable business conditions in the first quarter: comparable store sales in local currency grew by 11% in Russia, 6% in Poland and even by 14% in Ukraine. At the same time there is a price to be paid for slowing down growth - it is very complicated in the clothing retail business to earn profit without sales growth in the most complicated quarter of the calendar year. In addition, we did not foresee the negative effect of a combination of factors at the beginning of this year such as a less active than usual discounted sales period in January, late spring and negative calendar effects in March, slowing down consumption in the Baltic markets and considerable weakening of the rouble and hryvnia against the euro. This is how we ended up with a minus. We believe that the most difficult period of the year should now be over for Baltika. Growth is expected to accelerate during the second half of the year when we plan to open 14-18 new stores and add more than 4,000 square metres of sales space.” In the first quarter of 2008, the Group's revenues remained stable at 266.1 million kroons (17.0 million euros) compared with a year ago. Retail sales improved by 5.6% and wholesale revenues declined by 19.3% yoy. The period's gross margin was 52.0%. In Q1 2008, Baltika Group earned operating loss of 7.3 million kroons (0.5 million euros) and net loss of 11.0 million kroons (0.7 million euros). The Group opened three stores, increasing its sales area by 15% yoy. REVENUE Revenue by business segment -------------------------------------------------------------------------------- | EEK million | Q1 2008 | Q1 2007 | +/- | -------------------------------------------------------------------------------- | Retail | 225.5 | 213.6 | 5.6% | -------------------------------------------------------------------------------- | Wholesale | 40.1 | 49.6 | -19.3% | -------------------------------------------------------------------------------- | Other | 0.5 | 3.1 | -85.3% | -------------------------------------------------------------------------------- | Total | 266.1 | 266.3 | -0.1% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 RETAIL The main impact on the first quarter sales came from weak sales in March, which should be the strongest month of the quarter in fashion retailing. In March, discounted sales period is over and the sales of the new season's collections start. This year, however, cold weather in combination with low customer activity during Easter holidays had a negative impact on March sales. Compared with the prior year, retail sales for the first quarter grew by 5.6% amounting to 225.5 million kroons (14.4 million euros). The Group's average sales area of the first quarter grew by 20% yoy and the average sales efficiency (sales per square metre) declined by 12%. Efficiency is continually affected by sales area expansion - new stores have more space and in the start-up period their efficiency is generally lower. Additionally, the Group's average sales efficiency was not supported by comparable store sales which decreased by 4.5% during the period. Sales in comparable stores decreased in the Baltic markets while in big Central and Eastern European markets comparable store sales improved in the first quarter. Baltic economies are currently in a cooling phase and so is the consumption. Lithuania became the Group's largest retail market in the first quarter of 2008 surpassing barely Estonia. The third-largest retail market was Russia. The fastest growing market in the first quarter was Poland with 15% yoy sales growth. Among the Baltic countries, the sales grew in Latvia and Lithuania where the Group's sales area expanded the most in 2007. Sales in Estonia remained stable compared with a year ago. Retail sales by market -------------------------------------------------------------------------------- | EEK million | Q1 2008 | Q1 2007 | +/- | Percentage, Q1 | | | | | | 2008 | -------------------------------------------------------------------------------- | Lithuania | 52.3 | 47.9 | 9% | 23% | -------------------------------------------------------------------------------- | Estonia | 51.8 | 52.3 | -1% | 23% | -------------------------------------------------------------------------------- | Russia | 40.9 | 39.7 | 3% | 18% | -------------------------------------------------------------------------------- | Ukraine | 37.5 | 37.4 | 0% | 17% | -------------------------------------------------------------------------------- | Latvia | 33.2 | 29.6 | 12% | 15% | -------------------------------------------------------------------------------- | Poland | 7.7 | 6.7 | 15% | 3% | -------------------------------------------------------------------------------- | Czech Republic | 2.1 | 0 | - | 1% | -------------------------------------------------------------------------------- | Total | 225.5 | 213.6 | 6% | 100% | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 In terms of brands, the largest contributor is Monton that accounted for 55% of the Group's retail sales for the first quarter of 2008. The sales of Monton amounted to 125 million kroons (8.0 million euros), 6% up on the prior year. Retail sales of Mosaic increased by 11% yoy to 74 million kroons (4.7 million euros) contributing 33% to the Group's retail revenue. Retail sales of Baltman declined by 15% yoy to 18 million kroons (1.2 million euros). The sales of the Ivo Nikkolo brand expanded by 53% yoy and totalled 6.5 million kroons (0.4 million euros). STORES AND SALES AREA At the end of March 2008 the Group had 124 stores with a total sales area of 23,964 square metres. Compared with March 2007, the net growth of the retail system was six stores and ca 3,000 square metres as a result of which the sales area operated by the Group increased by 15% yoy. Stores by market -------------------------------------------------------------------------------- | | 31.03.2008 | 31.03.2007 | -------------------------------------------------------------------------------- | Lithuania | 29 | 26 | -------------------------------------------------------------------------------- | Estonia | 29 | 28 | -------------------------------------------------------------------------------- | Russia | 21 | 24 | -------------------------------------------------------------------------------- | Ukraine | 22 | 22 | -------------------------------------------------------------------------------- | Latvia | 16 | 13 | -------------------------------------------------------------------------------- | Poland | 5 | 5 | -------------------------------------------------------------------------------- | Czech Republic | 2 | - | -------------------------------------------------------------------------------- | Total stores | 124 | 118 | -------------------------------------------------------------------------------- | Total sales area, m2 | 23,964 | 20,901 | -------------------------------------------------------------------------------- In the first quarter, the Group opened three and closed seven stores. Two stores were opened in Ukraine and one in the Czech Republic in the city of Ostrava. The latter represents the second opening in the Czech market and entry into a new city. Stores were closed in Russia (3), Ukraine (2), Lithuania (1) and Estonia (1). In the second quarter, there will be no closings while two more stores will be opened. One of the stores has already been opened in Kaliningrad, Russia and the other one will be opened in Narva, Estonia. Both openings represent entry into a new city. The Group's main objective of the first half-year is to streamline the store portfolio - a total of five stores will be opened and seven closed. In the second half of the year, the Group intends to open 14-18 stores taking the total number of stores to 140-145 by the end of 2008. WHOLESALE Wholesale revenue for the first quarter amounted to 40.1 million kroons (2.6 million euros), 19.3% down from the prior year. The decline in wholesale revenue was planned - wholesale revenues are expected to decline by 15-20% yoy. In the second half of the year, wholesale revenues should remain at the level of the prior year. EARNINGS AND MARGINS The first quarter of the year is characterised by the end of season clearance sale in January and February. This year, March sales were also weak having a significant impact on the Group's first quarter profitability. Additionally, the first quarter results were influenced by the weakening of the Russian rouble and Ukrainian hryvnia against the Estonian kroon and resulting foreign exchange losses. The results are also affected by retail space expansion, especially lower efficiency of new stores in the start-up period. The Group's gross margin for the first quarter of 2008 was 52.0% (Q1 2007: 52.5%) and gross profit remained almost stable at 138.4 million kroons (8.8 million euros) compared with a year ago. Stemming from the current situation, the Group is focusing on cutting costs as a result of which the first quarter administrative and general expenses remained at the same level if compared with the prior year. Distribution costs increased in connection with the opening of new stores by 16.6% yoy. The first quarter results were adversely affected by exchange rate fluctuations - the period's other operating expenses and financial expenses include foreign exchange losses of 8.4 million kroons (537 thousand euros). In the first quarter of 2007, foreign exchange losses totalled 1.2 million kroons (76 thousand euros). Baltika Group ended the first quarter of 2008 with operating loss of 7.3 million kroons (0.5 million euros). Operating profit for the first quarter of 2007 amounted to 24.1 million kroons (1.5 million euros). Consolidated operating profit for the first quarter includes gains from revaluation of investment property of 11.25 million kroons (0.7 million euros) recognised in other operating income. In Q1 2007, gains from sale of non-current assets totalled 16.2 million kroons (1.0 million euros). In accordance with International Financial Reporting Standards (IFRS), Baltika recognises in its financial statements gains resulting from changes in the fair value of investment property located at Veerenni 24, Tallinn which is currently being developed. Based on the fair value estimation by an independent expert, the total value of the Veerenni 24 property is 235 million kroons (15.0 million euros) once the first phase of the construction is complete and the detailed plan of the whole property is confirmed. Please see section “Real estate development” for an overview of the Veerenni 24 project. Compared with the prior year, the Group's financial expenses doubled in the first quarter of 2008 amounting to 3.8 million kroons (241 thousand euros). Financial expenses grew primarily on account of foreign exchange losses. Interest expenses increased by 34.1% compared to the same period in 2007. The Group's net loss for the first quarter of 2008 (after tax and minority interest) amounted to 11.0 million kroons (0.7 million euros). In Q1 2007, the Group's net profit was 21.7 million kroons (1.4 million euros). BALANCE SHEET At 31 March 2008, the Group's consolidated balance sheet total was 667 million kroons (42.6 million euros), a 7% increase yoy. During the year, the Group's trade receivables decreased by 25 million kroons (1.6 million euros) to 71 million kroons (4.6 million euros) by the end of the first quarter. During the same period, trade payables grew by 5 million kroons (0.3 million euros) amounting to 85 million kroons (5.4 million euros) at 31 March 2008. At the end of March inventories stood at 229 million kroons (14.7 million euros), up 11% yoy. Inventory turnover ratio (revenue/average inventories) was 5.18 compared with 5.44 a year ago. At 31 March 2008, the Group's borrowings totalled 199 million kroons (12.7 million euros), including bank loans of 135 million kroons (8.6 million euros) and overdraft facility of 52 million kroons (3.3 million euros). The remainder of borrowings was made up of finance lease liabilities of 11 million kroons (0.7 million euros) and other liabilities of 1 million kroons (0.1 million euros). The borrowings have increased by 29 million kroons (1.8 million euros) over the year. At the end of March 2008, the Group's net debt (interest-bearing liabilities less cash and bank balances) to equity ratio was 56.9% against 35.6% a year ago. INVESTMENTS The Group's investments for the first quarter of 2008 totalled 22.3 million kroons/1.4 million euros (Q1 2007: 23.8 million kroons/1.5 million euros). Investments in the retail business amounted to 9.7 million kroons (0.6 million euros), in real estate development 7.9 million kroons (0.5 million euros), in information technology 2.7 million kroons (0.2 million euros) and in production activities 2.0 million kroons (0.1 million euros). REAL ESTATE DEVELOPMENT Baltika establishes an office and business quarter, the Baltika Quarter, a project that is expected to unite the design and creative companies in the centre of Tallinn. In the beginning of 2008, Baltika launched the first phase of the Baltika Quarter involving reconstruction of the former sewing factory into a five-storey and 10,000 square metre business centre. The largest premises of the new centre will be occupied by Baltika's headquarters and a unique experimental store. The rest of the space will be let. The first phase of the development project should be completed in May 2009 and the total cost of the project is estimated to be approximately 160 million kroons (10 million euros). The second phase of the project includes constructing of an additional building on the territory of Baltika's courtyard. The time schedule of the second phase will be determined after the completion of the first phase. PEOPLE At the end of March 2008, Baltika Group employed 1,951 (31 March 2007: 2,017) people including 967 (968) in the retail business, 763 (847) in production operations and 221 (202) in the head office. The number of people employed outside Estonia was 781 (792), i.e., 40% of all employees. The three months' average number of employees was 1,956 (Q1 2007: 1,949). The Group's employee remuneration expenses for the first quarter of 2008 totalled 56.1 million kroons/3.6 million euros (Q1 2007: 40.2 million kroons/2.6 million euros). Payments made to members of the supervisory council and management board totalled 1.16 million kroons/74 thousand euros (Q1 2007: 1.30 million kroons/83 thousand euros). INCREASING OWNERSHIP IN A SUBSIDIARY In the first quarter of 2008, AS Baltika acquired an additional stake of 10.67% of the share capital of its subsidiary AS Virulane and increased its ownership to 93.30%. The core business of AS Virulane is apparel manufacturing. KEY FIGURES OF THE GROUP (Q1 2008) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.03.2007 | +/- | -------------------------------------------------------------------------------- | Revenue (EEK million) | 266.1 | 266.3 | -0.1% | -------------------------------------------------------------------------------- | Retail sales (EEK million) | 225.5 | 213.6 | 5.6% | -------------------------------------------------------------------------------- | Share of retail sales in revenue | 85% | 80% | | -------------------------------------------------------------------------------- | Number of stores | 124 | 118 | 5.1% | -------------------------------------------------------------------------------- | Sales area (m2) | 23,964 | 20,901 | 14.7% | -------------------------------------------------------------------------------- | Number of employees (end of | 1,951 | 2,017 | -3.3% | | period) | | | | -------------------------------------------------------------------------------- | Gross margin | 52.0% | 52.5% | | -------------------------------------------------------------------------------- | Operating margin | -2.7% | 9.0% | | -------------------------------------------------------------------------------- | EBT margin | -4.2% | 8.3% | | -------------------------------------------------------------------------------- | Net margin | -4.1% | 8.1% | | -------------------------------------------------------------------------------- | Current ratio | 1.7 | 2.0 | -15.0% | -------------------------------------------------------------------------------- | Inventory turnover | 5.18 | 5.44 | -4.8% | -------------------------------------------------------------------------------- | Debt to equity ratio | 60.9% | 52.3% | | -------------------------------------------------------------------------------- | Return on equity | 1.8% | 35.7% | | -------------------------------------------------------------------------------- | Return on assets | 0.9% | 17.8% | | -------------------------------------------------------------------------------- EUR 1 = EEK 15.6466 Definitions of key ratios Gross margin = (Revenue-Cost of goods sold)/Revenue Operating margin = Operating profit/Revenue EBT margin = Profit before income tax/Revenue Net margin = Net profit (attributable to parent)/Revenue Current ratio = Current assets/Current liabilities Inventory turnover = Revenue/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) -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 266,056 | 266,330 | -------------------------------------------------------------------------------- | Cost of goods sold | -127,630 | -126,430 | -------------------------------------------------------------------------------- | Gross profit | 138,426 | 139,900 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -137,315 | -117,788 | -------------------------------------------------------------------------------- | Administrative and general expenses | -12,862 | -12,887 | -------------------------------------------------------------------------------- | Other operating income | 12,032 | 16,278 | -------------------------------------------------------------------------------- | Other operating expenses | -7,554 | -1,431 | -------------------------------------------------------------------------------- | Operating profit (loss) | -7,273 | 24,072 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -3,778 | -1,836 | -------------------------------------------------------------------------------- | Interest expenses, net | -2,474 | -1,845 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -1,593 | 13 | -------------------------------------------------------------------------------- | Other financial income (expenses), net | 289 | -4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -11,051 | 22,236 | -------------------------------------------------------------------------------- | Income tax | -443 | -422 | -------------------------------------------------------------------------------- | Net profit (loss) | -11,494 | 21,814 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) attributable to equity | -11,023 | 21,662 | | holders of the parent company | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable to minority | -471 | 152 | | shareholders | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EEK | -0.59 | 1.16 | -------------------------------------------------------------------------------- | Diluted earnings per share, EEK | -0.59 | 1.16 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 17,004 | 17,022 | -------------------------------------------------------------------------------- | Cost of goods sold | -8,157 | -8,080 | -------------------------------------------------------------------------------- | Gross profit | 8,847 | 8,941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution costs | -8,776 | -7,528 | -------------------------------------------------------------------------------- | Administrative and general expenses | -822 | -824 | -------------------------------------------------------------------------------- | Other operating income | 769 | 1,040 | -------------------------------------------------------------------------------- | Other operating expenses | -483 | -91 | -------------------------------------------------------------------------------- | Operating profit (loss) | -465 | 1,538 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income (expenses) | -241 | -117 | -------------------------------------------------------------------------------- | Interest expenses, net | -158 | -118 | -------------------------------------------------------------------------------- | Foreign exchange losses, net | -102 | 1 | -------------------------------------------------------------------------------- | Other financial income (expenses), net | 18 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) before income tax | -706 | 1,421 | -------------------------------------------------------------------------------- | Income tax | -28 | -27 | -------------------------------------------------------------------------------- | Net profit (loss) | -735 | 1,394 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit (loss) attributable to equity | -704 | 1,385 | | holders of the parent company | | | -------------------------------------------------------------------------------- | Net profit (loss) attributable to minority | -30 | 9 | | shareholders | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, EUR | -0.04 | 0.07 | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | -0.04 | 0.07 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EEK thousand) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 13,287 | 31,494 | -------------------------------------------------------------------------------- | Trade and other receivables | 117,987 | 113,563 | -------------------------------------------------------------------------------- | Inventories | 229,395 | 220,698 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 0 | 500 | -------------------------------------------------------------------------------- | Total current assets | 360,669 | 366,255 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 5,897 | 5,897 | -------------------------------------------------------------------------------- | Other non-current assets | 7,886 | 11,448 | -------------------------------------------------------------------------------- | Investment property | 22,540 | 11,250 | -------------------------------------------------------------------------------- | Property, plant and equipment | 211,120 | 203,098 | -------------------------------------------------------------------------------- | Intangible assets | 59,056 | 58,409 | -------------------------------------------------------------------------------- | Total non-current assets | 306,499 | 290,102 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 667,168 | 656,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 74,193 | 100,167 | -------------------------------------------------------------------------------- | Trade and other payables | 137,554 | 129,364 | -------------------------------------------------------------------------------- | Total current liabilities | 211,747 | 229,531 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 125,098 | 84,319 | -------------------------------------------------------------------------------- | Other liabilities | 1,108 | 1,086 | -------------------------------------------------------------------------------- | Deferred income tax liability | 2,075 | 2,075 | -------------------------------------------------------------------------------- | Total non-current liabilities | 128,281 | 87,480 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 340,028 | 317,011 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 186,449 | 186,449 | -------------------------------------------------------------------------------- | Share premium | 0 | 0 | -------------------------------------------------------------------------------- | Reserves | 26,133 | 26,133 | -------------------------------------------------------------------------------- | Retained earnings | 108,722 | 67,949 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -11,023 | 40,773 | -------------------------------------------------------------------------------- | Currency translation differences | 11,050 | 8,131 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 321,331 | 329,435 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 5,809 | 9,911 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 327,140 | 339,346 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 667,168 | 656,357 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (unaudited, in EUR thousand) -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and bank | 849 | 2,013 | -------------------------------------------------------------------------------- | Trade and other receivables | 7,541 | 7,258 | -------------------------------------------------------------------------------- | Inventories | 14,661 | 14,105 | -------------------------------------------------------------------------------- | Non-current assets held for sale | 0 | 32 | -------------------------------------------------------------------------------- | Total current assets | 23,051 | 23,408 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred income tax asset | 377 | 377 | -------------------------------------------------------------------------------- | Other non-current assets | 504 | 732 | -------------------------------------------------------------------------------- | Investment property | 1,441 | 719 | -------------------------------------------------------------------------------- | Property, plant and equipment | 13,493 | 12,980 | -------------------------------------------------------------------------------- | Intangible assets | 3,774 | 3,733 | -------------------------------------------------------------------------------- | Total non-current assets | 19,589 | 18,541 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 42,640 | 41,949 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 4,742 | 6,402 | -------------------------------------------------------------------------------- | Trade and other payables | 8,791 | 8,268 | -------------------------------------------------------------------------------- | Total current liabilities | 13,533 | 14,670 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 7,995 | 5,389 | -------------------------------------------------------------------------------- | Other liabilities | 71 | 69 | -------------------------------------------------------------------------------- | Deferred income tax liability | 133 | 133 | -------------------------------------------------------------------------------- | Total non-current liabilities | 8,199 | 5,591 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 21,732 | 20,261 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital at par value | 11,916 | 11,916 | -------------------------------------------------------------------------------- | Share premium | 0 | 0 | -------------------------------------------------------------------------------- | Reserves | 1,670 | 1,670 | -------------------------------------------------------------------------------- | Retained earnings | 6,949 | 4,343 | -------------------------------------------------------------------------------- | Net profit (loss) for the period | -704 | 2,606 | -------------------------------------------------------------------------------- | Currency translation differences | 706 | 520 | -------------------------------------------------------------------------------- | Total equity attributable to equity holders | 20,537 | 21,055 | | of the parent company | | | -------------------------------------------------------------------------------- | Minority interest | 371 | 633 | -------------------------------------------------------------------------------- | TOTAL EQUITY | 20,908 | 21,688 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 42,640 | 41,949 | -------------------------------------------------------------------------------- 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