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AS Silvano Fashion Group
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Kuupäev
27.05.2008 16:26:14
Pealkiri
2008. aasta I kvartali konsolideeritud vahearuanne
Teade
Kasum
2008. aasta I kvartali lõpus oli AS-i Silvano Fashion Group ja tema
tütarettevõtete (edaspidi „kontsern”) netokäive 428,8 miljonit krooni (27,4
miljonit eurot), mis tähendab 2007. aasta I kvartaliga võrreldes 16,4%-list
kasvu. Kontserni müügikäibe brutorentaablus oli 2008. aasta I kvartalis 44,8%
võrrelduna 2007. aasta I kvartali 41,2%ga. Konsolideeritud ärikasum oli 55,5
miljonit krooni (3,6 miljonit eurot), mis tähendab 2007. aasta I kvartaliga
võrreldes 12,0%-list langust. Konsolideeritud müügikäibe ärirentaablus oli 13,0%
(võrrelduna 2007. aasta I kvartali 17,1%-ga).
Konsolideeritud puhaskasum oli 14,0 miljonit krooni (0,9 miljonit eurot)
võrrelduna 2007. aasta I kvartali 33,5 miljoni krooniga (2,1 miljoni euroga) ja
puhas kasumimäär oli 3,3% (võrrelduna 2007. aasta I kvartali 9,1%-ga).
2008. aasta I kvartalis oli kontserni omakapitali tootlus 1,9% (võrrelduna 2007.
aasta I kvartali 7,1%-ga) ja varade tootlus 1,3% (võrrelduna 2007. aasta I
kvartali 4,0%-ga).
Käibe oluline kasv ja kasumlikkuse vähenemine 2007. aasta I kvartaliga võrreldes
on seotud kontserni jaemüügivõrgu kiire laiendamisega (vt allpool) ja kooskõlas
juhtkonna ootustega.
Bilanss
31. märtsi 2008. aasta seisuga olid konsolideeritud varad 1117 miljonit krooni
(71,4 miljonit eurot), võrreldes 1090 miljoni krooniga (69,6 miljoni euroga) 31.
detsembril 2007. Nii varade kui ka kohustuste kasv on seotud jaemüügivõrgu
laiendamisega.
Arvestades asjaolu, et tütarettevõtted SP ZAO Milavitsa ja AS Lauma Lingerie
müüvad enamiku oma toodetest krediiti,, püsisid nõuded ostjate vastu stabiilsel
tasemel.
Varud kerkisid 19,8 miljonit krooni (1,3 miljonit eurot), moodustades 31. märtsi
2008. aasta seisuga 357,3 miljonit krooni (22,8 miljonit eurot). Varude kasv
tulenes peamiselt jaemüügivõrgu laiendamisest. Jaemüügivõrgu laiendamise tõttu
tegi kontsern kauplusepindade eest rendimakseid ja tasus ettemakseid, mis
suurendasid muid nõudeid ja ettemakseid.
Materiaalne ja immateriaalne põhivara kasvas 4,3 miljonit krooni (0,3 miljonit
eurot).
Lühiajalised kohustused suurenesid 36,1 miljonit krooni (2,3 miljonit eurot).
Maksukohustused, muud võlad, sh võlad töötajatele ja eraldised moodustasid 86,6
miljonit kooni (5,5 miljonit eurot) ning jäid prognoositud tasemele.
Lühi- ja pikaajalised kohustused vähenesid 5,8 miljonit krooni (0,4 miljonit
eurot) 23,4 miljoni kroonini (1,5 miljoni euroni). See hõlmab
kapitalirendikohustusi 7,8 miljoni krooni (0,5 miljoni euro) ulatuses.
Valuutakursi muutuste tõttu vähenes omakapital 11,9 miljonit krooni (0,8
miljonit eurot), moodustades 721,8 miljonit krooni (46,1 miljonit eurot).
Käive
Käive segmentide lõikes
--------------------------------------------------------------------------------
| | 2008 | 2007 | Muut | 2008. | 2007.a | Muutus | 2008.a | 2007.a |
| | .a | .a | us | a | . | milj | 3 kuud | 3 kuud |
| | 3 ku | 3 ku | milj | 3 kuud | 3 kuud | eurode | protsen | protsen |
| | ud | ud | kr | milj | milj | s | t | t |
| | milj | milj | | eurode | eurode | | käibest | käibest |
| | kr | kr | | s | s | | | |
--------------------------------------------------------------------------------
| Naisterõ | 43,4 | 36,8 | 6,6 | 2,8 | 2,3 | 0,5 | 10,2% | 9,7% |
| ivad | | | | | | | | |
--------------------------------------------------------------------------------
| Naistepe | 367, | 320, | 47,0 | 23,4 | 20,6 | 2,8 | 85,4% | 87,3% |
| su | 2 | 2 | | | | | | |
--------------------------------------------------------------------------------
| Allhange | 18,2 | 11,5 | 6,7 | 1,2 | 0,7 | 0,5 | 4,4% | 3,0% |
| ja muu | | | | | | | | |
| käive | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 428, | 368, | 60,3 | 27,4 | 23,6 | 3,8 | 100,0% | 100,00% |
| | 8 | 5 | | | | | | |
--------------------------------------------------------------------------------
Käive turgude lõikes
2008. aastal keskendusime jätkuvalt Ida-Euroopa turgudele, eeskätt Balti
riikidele, Venemaale, Valgevenele ja Ukrainale.
Kogukäive turgude lõikes
--------------------------------------------------------------------------------
| | 2008. | 2007. | Muut | 2008. | 2007. | Muutus | 2008.a | 2007.a |
| | a | a | us | a | a | milj | 3 kuud | 3 kuud |
| | 3 kuu | 3 kuu | milj | 3 kuu | 3 kuu | eurode | protsen | protsent |
| | d | d | kr | d | d | s | t | käibest |
| | milj | milj | | milj | milj | | käibest | |
| | kr | kr | | eurod | eurod | | | |
| | | | | es | es | | | |
--------------------------------------------------------------------------------
| Eesti | 37,1 | 49,0 | -11, | 2,4 | 3,1 | -0,7 | 8,8% | 13,3% |
| | | | 9 | | | | | |
--------------------------------------------------------------------------------
| Soome | 14,9 | 16,3 | -1,4 | 1,0 | 1,0 | 0,0 | 3,6% | 4,4% |
--------------------------------------------------------------------------------
| Läti | 10,8 | 11,9 | -1,1 | 0,7 | 0,7 | 0,0 | 2,6% | 3,3% |
--------------------------------------------------------------------------------
| Valgev | 70,2 | 53,0 | 17,2 | 4,5 | 3,4 | 1,1 | 16,4% | 14,4% |
| ene | | | | | | | | |
--------------------------------------------------------------------------------
| Ukrain | 35,1 | 26,3 | 8,8 | 2,2 | 1,6 | 0,6 | 8,0% | 7,1% |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| Venema | 223,5 | 178,0 | 45,5 | 14,3 | 11,3 | 3,0 | 52,2% | 48,3% |
| a | | | | | | | | |
--------------------------------------------------------------------------------
| Muud | 37,2 | 34,0 | 3,2 | 2,3 | 2,5 | -0,2 | 8,4% | 9,2% |
| turud | | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | 428,8 | 368,5 | 60,3 | 27,4 | 23,6 | 3,8 | 100,0% | 100,0% |
--------------------------------------------------------------------------------
Naisterõivad
Naisterõivaste käibe kasvu tõukas tagant peamiselt PTA jaemüügiketi laienemine.
2008. aasta I kvartalis moodustas jaemüük 84,6% naisterõivaste segmendi
kogutulust. Balti riikide müügimaht kasvas 2,6%, kerkides 22,1 miljoni kroonini
(1,4 miljonit eurot). Venemaa müügitulu oli 10,9 miljonit krooni (0,7 miljonit
eurot) ja Ukraina müügitulu 3,4 miljonit krooni (0,2 miljonit eurot).
Naistepesu
Oluline osa naistepesu müügitulust saadi 2008. aasta I kvartalis Venemaa turult
(212,6 miljonit krooni (13,6 miljonit eurot), mis moodustab 57,9% kogu
naistepesu müügist 2008. aasta I kvartalis). Venemaa käive hõlmab nii jae- kui
ka hulgimüüki. Naistepesu müügis oli suuruselt teine piirkond Valgevene, kus
müügitulu oli 70,2 miljonit krooni (4,5 miljonit eurot), mis moodustas 19,1%
kogu naistepesu müügitulust (sh nii jae- kui ka hulgimüük). Balti riikides
aeglustus naistepesu müük peamiselt piirkonna märkimisväärse majanduslanguse
tõttu (oluliselt suurem inflatsioon), mis tõi kaasa tarbijate kulutuste teatava
vähenemise.
2008. aasta I kvartalis andis naistepesu tootemarkide kogukäibest 78,6%
Milavitsa müük, s.o 288,6 miljonit krooni (18,4 miljonit eurot). Põhitootemark
Lauma andis naistepesu kogukäibest 6,0%, s.o 22,0 miljonit krooni (1,4 miljonit
eurot). Ülejäänud tootemargid nagu Alisee, Aveline, Laumelle, Lauma Aqua ja
Laumelle Aqua andsid 2008. aasta I kvartalis kokku 15,4% naistepesu kogukäibest,
s.o 56,5 miljonit krooni (3,6 miljonit eurot).
Jaekaubandus
2008. aasta I kvartalis oli kontserni jaemüügikäive kokku 91,4 miljonit krooni
(5,8 miljonit eurot), mis tähendab 2007. aasta I kvartaliga võrreldes 2,9%-list
tõusu.
Jaemüügitegevus toimus Eestis, Lätis, Venemaal, Valgevenes, Poolas, Leedus ja
Ukrainas. 2008. aasta I kvartali lõpu seisuga oli kontsernil 120 jaemüügipunkti
kogupindalaga 13111 ruutmeetrit.
Naisterõivaid müüdi Eestis, Lätis, Leedus, Venemaal ja Ukrainas. 2008. aasta I
kvartali lõpu seisuga oli kontsernil 31 naisterõivaste kauplust kogupindalaga
5905 ruutmeetrit.
Naistepesu müüdi Venemaal, Valgevenes, Lätis, Leedus, Ukrainas ja Poolas. 2008.
aasta I kvartali lõpu seisuga oli kontsernil 89 naistepesu kauplust
kogupindalaga 7206 ruutmeetrit.
2008. aasta I kvartalis avati kuus uut kauplust: üks PTA kaubamärgi all tegutsev
naisterõivaste kauplus Ukrainas, üks Oblicie kaubamärgi all tegutsev kauplus
Venemaal, kolm Milavitsa nime all tegutsevat kauplust Valgevenes, sh
renoveeritud Milavitsa esinduskauplus Minskis, ja üks Lauma Lingerie kaubamärgi
all tegutsev kauplus Lätis. Üks Milavitsa kauplus suleti.
Kaupluste arv 31. märtsi seisuga:
31.03.2008 31.12.2007
Eesti 8 8
Läti 7 6
Poola 10 10
Valgevene 25 23
Venemaa 45 44
Leedu 20 20
Ukraina 5 4
Kauplusi kokku 120 115
Müügipinda kokku, ruutmeetrites 13 111 12 454
2008. aasta I kvartalis kasvas naisterõivaste jaemüügikäive 2007. aasta I
kvartaliga võrreldes 54%, kerkides 36,4 miljoni kroonini (2,3 miljoni euroni).
Võrreldavate kaubanduspindade kogukasv oli aga -6%, eeskätt Balti riikide käibe
languse tõttu. 2008. aasta I kvartalis oli võrreldavate toodete käibe kasv
Venemaal 72%, Eestis -7%, Lätis -16%. Balti riikide tulemusi mõjutas üldine
makromajanduslik olukord. Erinevalt 2007. aasta I kvartalist pärssis
kevadkollektsioonide müüki külm ja lumine ilm märtsis.
Võrreldavate kaubanduspindade kasv Oblicie naistepesu jaemüügiketis oli üle ühe
aasta tegutsenud kaupluste puhul ligikaudu 40%, andes tunnistust kontserni
jaemüügitegevuse jätkuvast elujõulisest laienemisest. Naistepesuäris oli peamine
eesmärk jaemüügivõrgu kiire laiendamine eeskätt Venemaal. Lisaks uutele
turgudele suunatud üldistele hooajalistele turunduskampaaniatele keskendati
turundustegevus kampaaniatele, mis toetasid laienemist Vene turul. Kaupluste
avamise kiirust mõjutas Venemaal tavaliseks kujunenud kaubanduskeskuste avamise
venimine. Olemasolevad kauplused täitsid täielikult kõik nendele pandud
kvartaalsed ootused.
Kauplused kontseptsioonide lõikes
--------------------------------------------------------------------------------
| Turg | PTA | Oblicie | Milavits | Muud | Kokku | Müügipind, |
| | kaupl. | kaupl. | a | kaupl. | | ruut- |
| | | | kaupl. | | | meet |
| | | | | | | rit |
--------------------------------------------------------------------------------
| Venemaa | 11 | 34 | - | - | 45 | 4932 |
--------------------------------------------------------------------------------
| Ukraina | 4 | 1 | - | - | 5 | 686 |
--------------------------------------------------------------------------------
| Eesti | 8 | - | - | - | 8 | 1759 |
--------------------------------------------------------------------------------
| Läti | 4 | - | - | 3 | 7 | 1196 |
--------------------------------------------------------------------------------
| Leedu | 4 | - | - | 16 | 20 | 1626 |
--------------------------------------------------------------------------------
| Valgevene | - | - | 25 | - | 25 | 2424 |
--------------------------------------------------------------------------------
| Poola | - | 1 | - | 9 | 10 | 488 |
--------------------------------------------------------------------------------
| Kokku | 31 | 36 | 25 | 28 | 120 | 13 111 |
--------------------------------------------------------------------------------
Hulgimüük
2008. aasta I kvartalis oli kontserni hulgimüügikäive kokku 319,2 miljonit
krooni (20,4 miljonit eurot), mis moodustab 74,5% kontserni kogukäibest (2007.
aasta I kvartalis 91,0%). Peamised hulgimüügipiirkonnad olid Venemaa, Ukraina,
Balti riigid ja Valgevene naistepesu puhul ning Soome ja Balti riigid
naisterõivaste puhul. 2008. aasta I kvartalis vähenes naisterõivaste
hulgimüügikäive 2007. aasta I kvartaliga võrreldes 29,5%, moodustades 7,1
miljonit krooni (0,5 miljonit eurot). Naistepesu hulgimüük suurenes 2008.aasta I
kvartalis 2007.aasat I kvartaliga võrreldes 10,3%, sest rohkem rõhku hakati
panema jaemüügitegevusele. Enamik naistepesu hulgimüügipartnereid asub Venemaal.
Investeeringud
Kontserni investeeringud olid 2008. aasta I kvartalis 29,5 miljonit krooni (1,9
miljonit eurot). 12,2 miljonit krooni (0,8 miljonit eurot) investeeriti jaemüüki
ning ülejäänu põhivarasse, et tagada efektiivne tootmine.
Personal
2008. aasta märtsi lõpu seisuga oli kontsernil 3616 töötajat, sh 668
jaemüügivõrgus ja 2235 tootmises. Ülejäänud on hulgimüügi-, haldus- ja
tugipersonal. 2008. aasta I kvartalis oli töötajate keskmine arv 3543.
Palkade kogusumma oli 2008. aasta I kvartalis 92,1 miljonit krooni (5,9 miljonit
eurot). Juhatuse liikmetele makstud töötasu oli 1 miljon krooni (0,1 miljonit
eurot). Neli juhatuse liiget töötab ka kontserni tütarettevõtete juhina.
Valikulised finantsandmed
Kontserni tulemusi iseloomustavad kõige paremini alltoodud näitajad ja
suhtarvud:
--------------------------------------------------------------------------------
| Peamised näitajad ja suhtarvud | 31.03.200 | 31.03.2007 | Muutus |
| | 8 | | |
--------------------------------------------------------------------------------
| Netokäive (miljonit krooni) | 428,8 | 368,5 | 60,3 |
--------------------------------------------------------------------------------
| Puhastulu, mida on võimalik jaotada | 14,0 | 33,5 | -19,5 |
| aktsionäride vahel (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Enne intresse, makse ja amortisatsiooni | 67,1 | 73,0 | -5,9 |
| saadud tulu (EBITDA) (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Enne intresse ja makse saadud tulu (EBIT) | 55,5 | 63,1 | -7,6 |
| (miljonit krooni) | | | |
--------------------------------------------------------------------------------
| Netokäive (miljonit eurot) | 27,4 | 23,6 | 3,8 |
--------------------------------------------------------------------------------
| Puhastulu, mida on võimalik jaotada | 0,9 | 2,1 | -1,2 |
| aktsionäride vahel (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Enne intresse, makse ja amortisatsiooni | 4,3 | 4,7 | -0,4 |
| saadud tulu (EBITDA) (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Enne intresse ja makse saadud tulu (EBIT) | 3,6 | 4,0 | -0,4 |
| (miljonit eurot) | | | |
--------------------------------------------------------------------------------
| Müügikäibe ärirentaablus, % | 13,0% | 17,1% | - |
--------------------------------------------------------------------------------
| Puhas kasumimäär, % | 3,3% | 9,1% | - |
--------------------------------------------------------------------------------
| Varade tootlus (ROA), % | 1,3% | 4,0% | - |
--------------------------------------------------------------------------------
| Omakapitali tootlus (ROE), % | 1,9% | 7,1% | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), krooni | 0,35 | 0,88 | - |
--------------------------------------------------------------------------------
| Tulu aktsia kohta (EPS), eurot | 0,02 | 0,06 | - |
--------------------------------------------------------------------------------
| Lühiajaliste kohustuste kattekordaja | 3,2 | 3,5 | - |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 1,8 | 2,2 | - |
--------------------------------------------------------------------------------
Valemid:
Ärirentaablus = ärikasum / netokäive
Puhas kasumimäär = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / müügitulu
Varade tootlus (ROA) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / keskmine koguvara
Omakapitali tootlus (ROE) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / keskmine omakapital
Tulu aktsia kohta (EPS) = puhaskasum, mida on võimalik jaotada emaettevõtte
aktsionäride vahel / perioodi kaalutud keskmine lihtaktsiate arv
Lühiajaliste kohustuste kattekordaja = käibevara / lühiajalised kohustused
Likviidsuskordaja = (käibevara - varud) / lühiajalised kohustused
Sergei Kusonski
tegevjuht, juhatuse liige
Bilanss
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 31.03. | 31.03. | 31.12.0 | 31.03.0 | 31.03.0 | 31.12.0 |
| | | 08 | 07 | 7 | 8 | 7 | 7 |
--------------------------------------------------------------------------------
| | | tuhand | tuhand | tuhande | tuhande | tuhande | tuhande |
| | | etes | etes | tes | tes | tes | tes |
| | | krooni | krooni | kroonid | eurodes | eurodes | eurodes |
| | | des | des | es | | | |
--------------------------------------------------------------------------------
| VARAD | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | | | | |
--------------------------------------------------------------------------------
| Materiaalne | | 251 84 | 195 09 | 246 541 | 16 096 | 12 469 | 15 757 |
| põhivara | | 8 | 7 | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | | 26 959 | 16 538 | 27 976 | 1 723 | 1 057 | 1 788 |
| põhivara | | | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainves | | 21 389 | 0 | 22 954 | 1 367 | 0 | 1 467 |
| teeringud | | | | | | | |
--------------------------------------------------------------------------------
| Kapitaliosaluse | | 1 017 | 78 | 876 | 65 | 5 | 56 |
| meetodil | | | | | | | |
| kajastatavad | | | | | | | |
| investeeringud | | | | | | | |
--------------------------------------------------------------------------------
| Müügivalmis | | 7 933 | 1 768 | 8 480 | 507 | 113 | 542 |
| finantsvara | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 4 788 | 4 617 | 595 | 306 | 295 | 38 |
| lühiajalised | | | | | | | |
| nõuded | | | | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | | 313 93 | 218 09 | 307 422 | 20 064 | 13 939 | 19 648 |
| | | 4 | 8 | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | | | |
--------------------------------------------------------------------------------
| Varud | | 357 32 | 229 11 | 337 528 | 22 837 | 14 643 | 21 572 |
| | | 1 | 4 | | | | |
--------------------------------------------------------------------------------
| Maksude | | 26 834 | 6 399 | 24 471 | 1 715 | 409 | 1 564 |
| ettemaksed | | | | | | | |
--------------------------------------------------------------------------------
| Nõuded ostjate | | 202 95 | 232 86 | 158 531 | 12 971 | 14 883 | 10 132 |
| vastu | | 2 | 8 | | | | |
--------------------------------------------------------------------------------
| Muud | | 45 938 | 20 588 | 29 713 | 2 936 | 1 316 | 1 899 |
| lühiajalised | | | | | | | |
| nõuded | | | | | | | |
--------------------------------------------------------------------------------
| Ettemakstud | | 60 005 | 37 649 | 51 680 | 3 835 | 2 406 | 3 303 |
| teenused | | | | | | | |
--------------------------------------------------------------------------------
| Raha ja selle | | 109 62 | 109 18 | 180 233 | 7 006 | 6 978 | 11 519 |
| ekvivalendid | | 0 | 2 | | | | |
--------------------------------------------------------------------------------
| Käibevara kokku | | 802 67 | 635 80 | 782 156 | 51 300 | 40 635 | 49 989 |
| | | 0 | 0 | | | | |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 1 116 | 853 89 | 1 089 5 | 71 364 | 54 574 | 69 637 |
| | | 604 | 8 | 78 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | | | | | |
| OMAKAPITAL | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | | | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 400 00 | 379 47 | 400 000 | 25 565 | 24 252 | 25 565 |
| nimiväärtuses | | 0 | 2 | | | | |
--------------------------------------------------------------------------------
| Ülekurss | | 223 29 | 83 011 | 223 293 | 14 271 | 5 305 | 14 271 |
| | | 3 | | | | | |
--------------------------------------------------------------------------------
| Kohustuslik | | 1 046 | 1 046 | 1 046 | 67 | 67 | 67 |
| reservkapital | | | | | | | |
--------------------------------------------------------------------------------
| Valuutakursi | | -102 5 | -23 05 | -76 512 | -6 551 | -1 473 | -4 890 |
| muutuste reserv | | 01 | 7 | | | | |
--------------------------------------------------------------------------------
| Eelmiste | | 199 96 | 50 457 | 185 927 | 12 780 | 3 225 | 11 883 |
| perioodide | | 2 | | | | | |
| jaotamata tulem | | | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | | 721 80 | 490 92 | 733 754 | 46 132 | 31 376 | 46 896 |
| omanikele | | 0 | 9 | | | | |
| kuuluv | | | | | | | |
| aktsiakapital | | | | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 140 22 | 170 48 | 136 313 | 8 962 | 10 896 | 8 712 |
| | | 5 | 5 | | | | |
--------------------------------------------------------------------------------
| Omakapital | | 862 02 | 661 41 | 870 067 | 55 094 | 42 272 | 55 608 |
| kokku | | 5 | 4 | | | | |
--------------------------------------------------------------------------------
| Pikaajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 3 035 | 8 058 | 4 068 | 194 | 515 | 260 |
--------------------------------------------------------------------------------
| Maksude | | 201 | 203 | 201 | 13 | 13 | 13 |
| tagasinõuded | | | | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | | 360 | 0 | 360 | 23 | 0 | 23 |
--------------------------------------------------------------------------------
| Eraldised | | 133 | 141 | 139 | 8 | 9 | 9 |
--------------------------------------------------------------------------------
| Kokku | | 3 729 | 8 402 | 4 768 | 238 | 537 | 305 |
| pikaajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | | | | |
| kohustused | | | | | | | |
--------------------------------------------------------------------------------
| Laenud | | 20 403 | 25 692 | 25 160 | 1 304 | 1 642 | 1 608 |
--------------------------------------------------------------------------------
| Võlad | | 143 71 | 103 58 | 122 888 | 9 185 | 6 620 | 7 854 |
| tarnijatele | | 6 | 0 | | | | |
--------------------------------------------------------------------------------
| Ettevõtte | | 8 621 | 6 665 | 3 192 | 551 | 426 | 204 |
| tulumaksu | | | | | | | |
| kohustus | | | | | | | |
--------------------------------------------------------------------------------
| Muud | | 28 917 | 21 013 | 23 486 | 1 848 | 1 343 | 1 501 |
| maksukohustused | | | | | | | |
--------------------------------------------------------------------------------
| Muud võlad | | 27 397 | 16 167 | 17 430 | 1 751 | 1 033 | 1 113 |
--------------------------------------------------------------------------------
| Eraldised | | 21 671 | 10 965 | 22 462 | 1 385 | 701 | 1 436 |
--------------------------------------------------------------------------------
| Viitvõlad | | 125 | 0 | 125 | 8 | 0 | 8 |
--------------------------------------------------------------------------------
| Lühiajalised | | 250 85 | 184 08 | 214 743 | 16 032 | 11 765 | 13 724 |
| kohustused | | 0 | 2 | | | | |
| kokku | | | | | | | |
--------------------------------------------------------------------------------
| Kokku | | 254 57 | 192 48 | 219 511 | 16 270 | 12 302 | 14 029 |
| kohustused | | 9 | 4 | | | | |
--------------------------------------------------------------------------------
| OMAKAPITAL JA | | 1 116 | 853 89 | 1 089 5 | 71 364 | 54 574 | 69 637 |
| KOHUSTUSED | | 604 | 8 | 78 | | | |
| KOKKU | | | | | | | |
--------------------------------------------------------------------------------
Kasumiaruanne, I kvartal
Konsolideeritud, auditeerimata
--------------------------------------------------------------------------------
| | | 2008 | 2007 | 2008 | 2007 |
| | | I kv | I kv | I kv | I kv |
| | | tuhandete | tuhandete | tuhandetes | tuhandetes |
| | | s | s | eurodes | eurodes |
| | | kroonides | kroonides | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Realiseerimise | 12 | 428 795 | 368 526 | 27 405 | 23 553 |
| netokäive | | | | | |
--------------------------------------------------------------------------------
| Müüdud kaupade kulu | | -236 639 | -216 784 | -15 124 | -13 855 |
--------------------------------------------------------------------------------
| Brutokasum | | 192 156 | 151 742 | 12 281 | 9 698 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Muud tegevustulud | | 4 287 | 3 003 | 274 | 192 |
--------------------------------------------------------------------------------
| Turustuskulud | | -68 923 | -40 088 | -4 405 | -2 562 |
--------------------------------------------------------------------------------
| Kantseleikulud | | -54 356 | -43 624 | -3 474 | -2 788 |
--------------------------------------------------------------------------------
| Muud tegevuskulud | | -17 618 | -7 918 | -1 126 | -506 |
--------------------------------------------------------------------------------
| Ärikasum | | 55 546 | 63 115 | 3 550 | 4 034 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intressikulud | | -657 | -788 | -42 | -50 |
--------------------------------------------------------------------------------
| Kasum/kahjum | | -3 052 | -131 | -195 | -9 |
| valuutakursi | | | | | |
| muutustest | | | | | |
--------------------------------------------------------------------------------
| Muud | | 2 723 | 3 760 | 174 | 240 |
| finantstulud/-kulud | | | | | |
--------------------------------------------------------------------------------
| Finantstulud/-kulud | | -986 | 2 841 | -63 | 181 |
| kokku | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Osa kapitaliosaluse | | 188 | 0 | 12 | 0 |
| meetodil | | | | | |
| kajastatavate | | | | | |
| investeerimisobjektid | | | | | |
| e kasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | | 54 748 | 65 956 | 3 499 | 4 215 |
--------------------------------------------------------------------------------
| Ettevõtte tulumaks | | -28 117 | -23 835 | -1 797 | -1 523 |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | | 26 631 | 42 121 | 1 702 | 2 692 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Emaettevõtte | | 14 035 | 33 473 | 897 | 2 139 |
| omanikule kuuluv osa | | | | | |
| puhaskasumist | | | | | |
--------------------------------------------------------------------------------
| Vähemusaktsionäridele | | 12 596 | 8 648 | 805 | 553 |
| kuuluv osa | | | | | |
| puhaskasumist | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulu aktsia kohta | | | | | |
--------------------------------------------------------------------------------
| Tavapuhaskasum aktsia | 10 | 0,35 | 0,88 | 0,02 | 0,06 |
| kohta | | | | | |
| (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum | 10 | 0,35 | 0,88 | 0,02 | 0,06 |
| aktsia kohta | | | | | |
| (kroonides/eurodes) | | | | | |
--------------------------------------------------------------------------------
Pealkiri
Consolidated interim report for Q1 2008
Teade
Profits
AS Silvano Fashion Group and its subsidiaries (the “Group”) ended the first
quarter of 2008 with consolidated net sales of EEK 428.8 million (EUR 27.4
million), representing a 16.4% increase on the first quarter of 2007. The
Group's gross margin in the first quarter of 2008 reached 44.8% compared to
41.2% in the first quarter of 2007. Consolidated operating profit amounted to
EEK 55.5 million (EUR 3.6 million), representing a 12.0% decline compared to Q1
2007. The consolidated operating margin reached 13.0% (down from 17.1% in Q1
2007).
Consolidated net profit attributable to equity holders amounted to EEK 14.0
million (EUR 0.9 million), compared to EEK 33.5 million (EUR 2.1 million in Q1
2007), and the net margin was 3.3% (down from 9.1% in Q1 2007).
In Q1 2008, the Group's return on equity was 1.9% (down from 7.1% in Q1 2007)
and return on assets was 1.3% (down from 4.0% in Q1 2007).
The substantial increase in sales and the decline in profitability compared to
Q1 2007 are a function of the rapid expansion of the Group's retail network (as
detailed below), and is in line with the management's expectations.
Balance sheet
At 31 March 2008, consolidated assets amounted to EEK 1,117 million (EUR 71.4
million), up from EEK 1,090 million (EUR 69.6 million) at 31 December 2007. The
increases in both assets and liabilities are related mainly to retail expansion.
Trade receivables remained stable, given that the subsidiaries SP ZAO Milavitsa
and AS Lauma Lingerie sell their products mostly on credit.
Inventories increased by EEK 19.8 million (EUR 1.3 million) to reach EEK 357.3
million (EUR 22.8 million) at 31 March 2008. The growth in inventory results
primarily from the retail expansion. Due to the expansion of the retail network,
the Group made rental prepayments and deposits for store premises, which
increased other receivables and prepayments.
Property, plant and intangibles increased by EEK 4.3 million (EUR 0.3 million).
Current liabilities increased by EEK 36.1 million (EUR 2.3 million). Tax
liabilities, other payables, including payables to employees, and provisions
amounted to EEK 86.6 million (EUR 5.5 million), remaining at the expected level.
Current and non-current loans and borrowings decreased by EEK 5.8 million (EUR
0.4 million) to EEK 23.4 million (EUR 1.5 million). This includes finance lease
liabilities of EEK 7.8 million (EUR 0.5 million.)
Equity declined by EEK 11.9 million (EUR 0.8 million) to reach EEK 721.8 million
(EUR 46.1 million) due to an increase currency translation differences.
Sales
Sales by business segments
--------------------------------------------------------------------------------
| | 3 | 3 | Chang | 3 | 3 | Change | 3 | 3 |
| | month | month | e | month | months | EUR | month | months |
| | s | s | EEK | s | 2007 | millio | s | 2007 |
| | 2008 | 2007 | milli | 2008 | EUR | n | 2008 | perc. |
| | EEK | EEK | on | EUR | millio | | perc. | from |
| | milli | milli | | milli | n | | from | sales |
| | on | on | | on | | | sales | |
--------------------------------------------------------------------------------
| Women's | 43.4 | 36.8 | 6.6 | 2.8 | 2.3 | 0.5 | 10.2% | 9.7% |
| apparel | | | | | | | | |
--------------------------------------------------------------------------------
| Lingerie | 367.2 | 320.2 | 47.0 | 23.4 | 20.6 | 2.8 | 85.4% | 87.3% |
--------------------------------------------------------------------------------
| Subcontra | 18.2 | 11.5 | 6.7 | 1.2 | 0.7 | 0.5 | 4.4% | 3.0% |
| cting | | | | | | | | |
| services | | | | | | | | |
| and other | | | | | | | | |
| sales | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 428.8 | 368.5 | 60.3 | 27.4 | 23.6 | 3.8 | 100.0 | 100.00 |
| | | | | | | | % | % |
--------------------------------------------------------------------------------
Sales by markets
In 2008, we continued our focus on East European markets, mainly the Baltic
states, Russia, Belarus and Ukraine.
Total sales by markets
--------------------------------------------------------------------------------
| | 3 | 3 | Chan | 3 | 3 | Chang | 3 months | 3 months |
| | mont | mont | ge | month | month | e | 2008 | 2007 |
| | hs | hs | EEK | s | s | EUR | percenta | percenta |
| | 2008 | 2007 | mill | 2008 | 2007 | milli | ge from | ge from |
| | EEK | EEK | ion | EUR | EUR | on | sales | sales |
| | mill | mill | | milli | milli | | | |
| | ion | ion | | on | on | | | |
--------------------------------------------------------------------------------
| Estonia | 37.1 | 49.0 | -11. | 2.4 | 3.1 | -0.7 | 8.8% | 13.3% |
| | | | 9 | | | | | |
--------------------------------------------------------------------------------
| Finland | 14.9 | 16.3 | -1.4 | 1.0 | 1.0 | 0.0 | 3.6% | 4.4% |
--------------------------------------------------------------------------------
| Latvia | 10.8 | 11.9 | -1.1 | 0.7 | 0.7 | 0.0 | 2.6% | 3.3% |
--------------------------------------------------------------------------------
| Belarus | 70.2 | 53.0 | 17.2 | 4.5 | 3.4 | 1.1 | 16.4% | 14.4% |
--------------------------------------------------------------------------------
| Ukraine | 35.1 | 26.3 | 8.8 | 2.2 | 1.6 | 0.6 | 8.0% | 7.1% |
--------------------------------------------------------------------------------
| Russia | 223. | 178. | 45.5 | 14.3 | 11.3 | 3.0 | 52.2% | 48.3% |
| | 5 | 0 | | | | | | |
--------------------------------------------------------------------------------
| Other | 37.2 | 34.0 | 3.2 | 2.3 | 2.5 | -0.2 | 8.4% | 9.2% |
| markets | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 428. | 368. | 60.3 | 27.4 | 23.6 | 3.8 | 100.0% | 100.0% |
| | 8 | 5 | | | | | | |
--------------------------------------------------------------------------------
Women' s apparel
The main driver of growth for women's apparel sales was the expansion of the PTA
retail chain. In Q1 2008, retail sales were 84,6% from the total revenue of the
women's apparel segment. Sales volume in the Baltics increased by 2.6%,
amounting to EEK 22.1 million (EUR 1.4 million). Sales revenue in Russia was EEK
10,9 million (EUR 0,7 million) and in Ukraine EEK 3.4 million (EUR 0.2million).
Lingerie
The majority of lingerie sales revenue in Q1 2008 was earned on the Russian
market (amounting to EEK 212.6 million (EUR 13.6 million), amounting to 57.9% of
all lingerie sales volume for Q1 2008). Sales in Russia comprise both retail
sales and wholesale. The second biggest region of lingerie sales is Belarus,
amounting to EEK 70.2 million (EUR 4.5 million) contributing 19.1% of all
lingerie sales revenue (also comprising both retail sales and wholesale). There
was slowdown in lingerie sales in the Baltics mainly caused by a noticeable
economic recession (significantly higher inflation) in the region which resulted
in some stagnation in consumer spendings.
In terms of lingerie brands, the sales of “Milavitsa” core brand accounted for
78.6% of total lingerie sales revenue in Q1 2008 and amounted to EEK 288.6
million (EUR 18.4 million). The sales of “Lauma” core brand accounted for 6.0%
of total lingerie sales and amounted to EEK 22.0 million (EUR 1.4 million).
Other brands such as “Alisee”, “Aveline”, “Laumelle”, “Lauma Aqua” and “Laumelle
Aqua” comprised 15.4% of total lingerie sales in Q1 2008, amounting to EEK 56.5
million (EUR 3.6 million).
Retail operations
Total retail sales of the Group in Q1 2008 amounted to EEK 91.4 million (EUR 5.8
million), representing a 2.9-fold increase on Q1 2007.
Retail operations were conducted in Estonia, Latvia, Russia, Belarus, Poland,
Lithuania and Ukraine. At the end of Q1 2008, the Group operated 120 retail
outlets with a total area of 13,111 square metres.
Women's apparel was retailed in Estonia, Latvia, Lithuania, Russia and Ukraine.
At the end of Q1 2008, the Group operated 31 women's apparel stores with a total
sales area of 5,905 square metres.
Lingerie was retailed in Russia, Belarus, Latvia, Lithuania, Ukraine and Poland.
At the end of Q1 2008, the Group operated 89 lingerie stores with a total area
of 7,206 square metres.
in Q1 2008, 6 new stores were opened: 1 women's apparel store operating under
the PTA brand in Ukraine, and 1 lingerie store under the Oblicie brand in
Russia, 3 stores under the Milavitsa name in Belarus, including the flagship
Milavitsa store opened in Minsk after renovation, and 1 store under the Lauma
Lingerie brand in Latvia. One Milavitsa store was closed.
The number of stores at 31 March:
31.03.2008 31.12.2007
Estonia 8 8
Latvia 7 6
Poland 10 10
Belarus 25 23
Russia 45 44
Lithuania 20 20
Ukraine 5 4
Total stores 120 115
Total sales area, sq m 13,111 12,454
In Q1 2008, women's apparel retail revenue compared to Q1 2007 increased by 54%,
amounting to EEK 36.4 million (EUR 2.3 million).Total like-for-like growth was
-6% mainly because of drop of sales in Baltics. Like-for-like growth in Russia
was +72%, in Estonia -7% and in Latvia -16% in Q1 2008. Results in Baltics are
influenced by overall macro economical situation. Cold and snowy weather in
March did not support sales of spring collections differently from Q1 2007.
The like-for-like increase in the Oblicie lingerie retail chain is about 40% for
stores operating longer than one year, offering strong evidence to the viability
of the continuing expansion of the Group's operations into the retail sector.
The major objective in the lingerie business was rapid retail expansion, mainly
in Russia. In addition to the general seasonal marketing campaigns directed to
new markets, marketing operations were focused on campaigns supporting the
expansion on the Russian market. The pace of store openings was caused by delays
in shopping centre openings which has become a regular practice in Russia. The
existing shops are fully met their quarterly expectations.
Stores by concept
--------------------------------------------------------------------------------
| Market | PTA | Oblicie | Milavits | Other | Total | Sales |
| | stores | stores | a stores | stores | | area, |
| | | | | | | sq m |
--------------------------------------------------------------------------------
| Russia | 11 | 34 | - | - | 45 | 4,932 |
--------------------------------------------------------------------------------
| Ukraine | 4 | 1 | - | - | 5 | 686 |
--------------------------------------------------------------------------------
| Estonia | 8 | - | - | - | 8 | 1,759 |
--------------------------------------------------------------------------------
| Latvia | 4 | - | - | 3 | 7 | 1,196 |
--------------------------------------------------------------------------------
| Lithuania | 4 | - | - | 16 | 20 | 1,626 |
--------------------------------------------------------------------------------
| Belarus | - | - | 25 | - | 25 | 2,424 |
--------------------------------------------------------------------------------
| Poland | - | 1 | - | 9 | 10 | 488 |
--------------------------------------------------------------------------------
| Total | 31 | 36 | 25 | 28 | 120 | 13,111 |
--------------------------------------------------------------------------------
Wholesale
In Q1 2008, wholesale amounted to EEK 319.2 million (EUR 20.4 million),
representing 74.5% of the Group's total revenue (Q1 2007: 91.0%). The main
wholesale regions were Russia, Ukraine, the Baltic states and Belarus for
lingerie, and Finland and the Baltic states for women's apparel. in Q1 2008,
revenue from wholesale of women's apparel decreased by 29.5% compared to Q1
2007, amounting to EEK 7.1 million (EUR 0.5 million). Lingerie wholesale in Q1
2008 increased by 10.3% compared to Q1 2007, as focus is being shifted to retail
operations. Most of the lingerie wholesale partners are located in Russia.
Investment
In Q1 2008, the Group's investments totalled EEK 29.5 million (EUR 1.9 million).
A total of EEK 12.2 million (EUR 0.8 million) was invested in retail operations,
while other investments were made in plant and facilities to maintain effective
production.
Personnel
At the end of March 2008, the Group employed a staff of 3,616 including 668 in
retail and 2,235 in production. The rest are employed in wholesale,
administration and support operations. The average number of employees in Q1
2008 was 3,543.
The total salaries and wages for Q1 2008 amounted to EEK 92.1 million (EUR 5.9
million). The remuneration paid to members of the Management Board totalled EEK
1.0 million (EUR 0.1 million). Four members of the Management Board also serve
as executives for the Group's subsidiaries.
Selected financial data
The Group's operating results are best summarised in the following figures and
ratios:
--------------------------------------------------------------------------------
| Key figures and ratios | 31.03.200 | 31.03.2007 | Change |
| | 8 | | |
--------------------------------------------------------------------------------
| Net sales (EEK million) | 428.8 | 368.5 | 60.3 |
--------------------------------------------------------------------------------
| Net income, attributable to shareholders | 14.0 | 33.5 | -19.5 |
| (EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 67.1 | 73.0 | -5.9 |
| depreciation (EBITDA) ( EEK million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes (EBIT) | 55.5 | 63.1 | -7.6 |
| (EEK million) | | | |
--------------------------------------------------------------------------------
| Net sales (EUR million) | 27.4 | 23.6 | 3.8 |
--------------------------------------------------------------------------------
| Net income attributable to shareholders | 0.9 | 2.1 | -1.2 |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest, taxes and | 4.3 | 4.7 | -0.4 |
| depreciation (EBITDA) ( EUR million) | | | |
--------------------------------------------------------------------------------
| Earnings before interest and taxes (EBIT) | 3.6 | 4.0 | -0.4 |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Operating margin, % | 13.0% | 17.1% | - |
--------------------------------------------------------------------------------
| Net margin, % | 3.3% | 9.1% | - |
--------------------------------------------------------------------------------
| ROA, % | 1.3% | 4.0% | - |
--------------------------------------------------------------------------------
| ROE, % | 1.9% | 7.1% | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EEK | 0.35 | 0.88 | - |
--------------------------------------------------------------------------------
| Earnings per share (EPS), in EUR | 0.02 | 0.06 | - |
--------------------------------------------------------------------------------
| Current ratio | 3.2 | 3.5 | - |
--------------------------------------------------------------------------------
| Quick ratio | 1.8 | 2.2 | - |
--------------------------------------------------------------------------------
Underlying formulas:
Operating margin = operating profit / sales revenue
Net margin = net profit attributable to equity holders of the parent / sales
revenue
ROA (return on assets) = net profit attributable to equity holders of the parent
/ average total assets
ROE (return on equity) = net profit attributable to equity holders of the parent
/ average equity
EPS (earnings per share) = net profit attributable to equity holders of the
parent / weighted average number of ordinary shares
Current ratio = current assets / current liabilities
Quick ratio = (current assets - inventories) / current liabilities
Sergei Kusonski
CEO, Member of the Management Board
Balance Sheet
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 31.03 | 31.03. | 31.12. | 31.03. | 31.03. | 31.12. |
| | | .08 | 07 | 07 | 08 | 07 | 07 |
--------------------------------------------------------------------------------
| | | EEK | EEK | EEK | EUR | EUR | EUR |
| | | thous | thousa | thousa | thousa | thousa | thousa |
| | | ands | nds | nds | nds | nds | nds |
--------------------------------------------------------------------------------
| ASSETS | | | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | | 251,8 | 195,09 | 246,54 | 16,096 | 12,469 | 15,757 |
| equipment | | 48 | 7 | 1 | | | |
--------------------------------------------------------------------------------
| Intangible assets | | 26,95 | 16,538 | 27,976 | 1,723 | 1,057 | 1,788 |
| | | 9 | | | | | |
--------------------------------------------------------------------------------
| Investment property | | 21,38 | 0 | 22,954 | 1,367 | 0 | 1,467 |
| | | 9 | | | | | |
--------------------------------------------------------------------------------
| Investments in | | 1,017 | 78 | 876 | 65 | 5 | 56 |
| equity accounted | | | | | | | |
| investees | | | | | | | |
--------------------------------------------------------------------------------
| Available-for-sale | | 7,933 | 1,768 | 8,480 | 507 | 113 | 542 |
| financial assets | | | | | | | |
--------------------------------------------------------------------------------
| Other receivables | | 4,788 | 4,617 | 595 | 306 | 295 | 38 |
--------------------------------------------------------------------------------
| Total non-current | | 313,9 | 218,09 | 307,42 | 20,064 | 13,939 | 19,648 |
| assets | | 34 | 8 | 2 | | | |
--------------------------------------------------------------------------------
| Current assets | | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | 357,3 | 229,11 | 337,52 | 22,837 | 14,643 | 21,572 |
| | | 21 | 4 | 8 | | | |
--------------------------------------------------------------------------------
| Prepaid taxes | | 26,83 | 6,399 | 24,471 | 1,715 | 409 | 1,564 |
| | | 4 | | | | | |
--------------------------------------------------------------------------------
| Trade receivables | | 202,9 | 232,86 | 158,53 | 12,971 | 14,883 | 10,132 |
| | | 52 | 8 | 1 | | | |
--------------------------------------------------------------------------------
| Other receivables | | 45,93 | 20,588 | 29,713 | 2,936 | 1,316 | 1,899 |
| | | 8 | | | | | |
--------------------------------------------------------------------------------
| Prepayments | | 60,00 | 37,649 | 51,680 | 3,835 | 2,406 | 3,303 |
| | | 5 | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | 109,6 | 109,18 | 180,23 | 7,006 | 6,978 | 11,519 |
| equivalents | | 20 | 2 | 3 | | | |
--------------------------------------------------------------------------------
| Total current assets | | 802,6 | 635,80 | 782,15 | 51,300 | 40,635 | 49,989 |
| | | 70 | 0 | 6 | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 1 116 | 853,89 | 1,089, | 71,364 | 54,574 | 69,637 |
| | | ,604 | 8 | 578 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND | | | | | | | |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | | | | | |
--------------------------------------------------------------------------------
| Share capital at par | | 400,0 | 379,47 | 400,00 | 25,565 | 24,252 | 25,565 |
| value | | 00 | 2 | 0 | | | |
--------------------------------------------------------------------------------
| Share premium | | 223,2 | 83,011 | 223,29 | 14,271 | 5,305 | 14,271 |
| | | 93 | | 3 | | | |
--------------------------------------------------------------------------------
| Statutory capital | | 1,046 | 1,046 | 1,046 | 67 | 67 | 67 |
| reserve | | | | | | | |
--------------------------------------------------------------------------------
| Translation reserve | | -102, | -23,05 | -76,51 | -6,551 | -1,473 | -4,890 |
| | | 501 | 7 | 2 | | | |
--------------------------------------------------------------------------------
| Retained earnings | | 199,9 | 50,457 | 185,92 | 12,780 | 3,225 | 11,883 |
| | | 62 | | 7 | | | |
--------------------------------------------------------------------------------
| Total equity | | 721,8 | 490,92 | 733,75 | 46,132 | 31,376 | 46,896 |
| attributable to | | 00 | 9 | 4 | | | |
| equity holders of | | | | | | | |
| the parent | | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | 140,2 | 170,48 | 136,31 | 8,962 | 10,896 | 8,712 |
| | | 25 | 5 | 3 | | | |
--------------------------------------------------------------------------------
| Total equity | | 862,0 | 661,41 | 870,06 | 55,094 | 42,272 | 55,608 |
| | | 25 | 4 | 7 | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | | 3,035 | 8,058 | 4,068 | 194 | 515 | 260 |
--------------------------------------------------------------------------------
| Deferred tax | | 201 | 203 | 201 | 13 | 13 | 13 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | | 360 | 0 | 360 | 23 | 0 | 23 |
--------------------------------------------------------------------------------
| Provisions | | 133 | 141 | 139 | 8 | 9 | 9 |
--------------------------------------------------------------------------------
| Total non-current | | 3,729 | 8,402 | 4,768 | 238 | 537 | 305 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | | 20,40 | 25,692 | 25,160 | 1,304 | 1,642 | 1,608 |
| | | 3 | | | | | |
--------------------------------------------------------------------------------
| Trade payables | | 143,7 | 103,58 | 122,88 | 9,185 | 6,620 | 7,854 |
| | | 16 | 0 | 8 | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | 8,621 | 6,665 | 3,192 | 551 | 426 | 204 |
| liability | | | | | | | |
--------------------------------------------------------------------------------
| Other tax | | 28,91 | 21,013 | 23,486 | 1,848 | 1,343 | 1,501 |
| liabilities | | 7 | | | | | |
--------------------------------------------------------------------------------
| Other payables | | 27,39 | 16,167 | 17,430 | 1,751 | 1,033 | 1,113 |
| | | 7 | | | | | |
--------------------------------------------------------------------------------
| Provisions | | 21,67 | 10,965 | 22,462 | 1,385 | 701 | 1,436 |
| | | 1 | | | | | |
--------------------------------------------------------------------------------
| Accrued expenses | | 125 | 0 | 125 | 8 | 0 | 8 |
--------------------------------------------------------------------------------
| Total current | | 250,8 | 184,08 | 214,74 | 16,032 | 11,765 | 13,724 |
| liabilities | | 50 | 2 | 3 | | | |
--------------------------------------------------------------------------------
| Total liabilities | | 254,5 | 192,48 | 219,51 | 16,270 | 12,302 | 14,029 |
| | | 79 | 4 | 1 | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | | 1 116 | 853,89 | 1 089, | 71,364 | 54,574 | 69,637 |
| AND EQUITY | | ,604 | 8 | 578 | | | |
--------------------------------------------------------------------------------
Income Statement-Q1
Consolidated, unaudited
--------------------------------------------------------------------------------
| | | 2008 | 2007 | 2008 | 2007 |
| | | Q1 | Q1 | Q1 | Q1 |
| | | EEK | EEK | EUR | EUR |
| | | thousan | thousand | thousand | thousand |
| | | ds | s | s | s |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 12 | 428,795 | 368,526 | 27,405 | 23,553 |
--------------------------------------------------------------------------------
| Costs of goods sold | | -236,63 | -216,784 | -15,124 | -13,855 |
| | | 9 | | | |
--------------------------------------------------------------------------------
| Gross Profit | | 192,156 | 151,742 | 12,281 | 9,698 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | | 4,287 | 3,003 | 274 | 192 |
--------------------------------------------------------------------------------
| Distribution costs | | -68,923 | -40,088 | -4,405 | -2,562 |
--------------------------------------------------------------------------------
| Administrative expenses | | -54,356 | -43,624 | -3,474 | -2,788 |
--------------------------------------------------------------------------------
| Other operating expenses | | -17,618 | -7,918 | -1,126 | -506 |
--------------------------------------------------------------------------------
| Operating profit | | 55,546 | 63,115 | 3,550 | 4,034 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest expenses | | -657 | -788 | -42 | -50 |
--------------------------------------------------------------------------------
| Gains/losses on conversion | | -3,052 | -131 | -195 | -9 |
| of foreign currencies | | | | | |
--------------------------------------------------------------------------------
| Other financial income / | | 2,723 | 3,760 | 174 | 240 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total financial income / | | -986 | 2,841 | -63 | 181 |
| expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share of profit of equity | | 188 | 0 | 12 | 0 |
| accounted investees | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before corporate | | 54,748 | 65,956 | 3,499 | 4,215 |
| income tax | | | | | |
--------------------------------------------------------------------------------
| Corporate income tax | | -28,117 | -23,835 | -1,797 | -1,523 |
--------------------------------------------------------------------------------
| Net profit for period | | 26,631 | 42,121 | 1,702 | 2,692 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit attributable to | | 14,035 | 33,473 | 897 | 2,139 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net profit attributable to | | 12,596 | 8,648 | 805 | 553 |
| minority shareholders | | | | | |
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| Earnings per share | | | | | |
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| Basic earnings per share | 10 | 0.35 | 0.88 | 0.02 | 0.06 |
| (EEK/EUR) | | | | | |
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| Diluted earnings per share | 10 | 0.35 | 0.88 | 0.02 | 0.06 |
| (EEK/EUR) | | | | | |
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